Exhibit 10.1


 


FORM
OF AMENDMENT NO. 6 TO LOAN FINANCING AND SERVICING AGREEMENT (this “Amendment), dated as of March 25, 2021 (the
 “Sixth Amendment Effective Date”), among New Mountain Finance DB, L.L.C., as borrower (the
 “Borrower”), Deutsche Bank AG, New York Branch (“DBNY”), as facility agent (in such capacity,
the “Facility Agent”), New Mountain Finance Corporation, as equityholder (the “Equityholder”)
and as servicer (the “Servicer”), U.S. Bank National Association, as collateral agent (in such capacity, the
 “Collateral Agent”) and collateral custodian (in such capacity, the “Collateral Custodian”)
and DBNY, KeyBank National Association (“KeyBank”), Customers Bank (“Customers”),
Hitachi Capital America Corp. (“Hitachi”) and Citizens Bank, N.A. (“Citizens”), each as an
agent (an “Agent”) and as a committed lender (a “Lender”).


 


WHEREAS,
the parties hereto are party to the Loan Financing and Servicing Agreement, dated as of December 14, 2018 (as amended, supplemented,
amended and restated and otherwise modified from time to time, the “Loan Agreement”);


 


WHEREAS,
the Servicer, the Equityholder and the Borrower hereby request that the Facility Agent, the Lenders, the Collateral Agent and the Collateral
Custodian amend the Loan Agreement as set forth herein;


 


WHEREAS,
the Facility Agent and each Lender hereby request, direct and consent to the Collateral Agent and the Collateral Custodian amending the
Loan Agreement as set forth herein; and


 


WHEREAS,
the Borrower, the Servicer, the Facility Agent, each Lender, the Collateral Agent and the Collateral Custodian have agreed to amend
the Loan Agreement in accordance with Section 17.2 of the Loan Agreement and subject to the terms and conditions set forth herein.


 


NOW THEREFORE, in consideration
of the foregoing premises and the mutual agreements contained herein, and for 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:


 


ARTICLE I


 


Definitions


 


SECTION 1.1.     Defined
Terms. Terms used but not defined herein have the respective meanings given to such terms in the Loan Agreement.


 


ARTICLE II


 


Amendments


 


SECTION 2.1.     Amendments
to the Loan Agreement. As of the date of this Amendment, the Loan Agreement is hereby amended to delete the stricken text (indicated
textually in the same manner as the following example: stricken text) and to add the
bold and double-underlined text (indicated textually in the same manner as the following example: bold
and double-underlined text) as set forth on the pages of the Loan Agreement attached as Appendix hereto.


 






    1 


     


    

 


ARTICLE III


 


Conditions to Effectiveness


 


SECTION 3.1.     This
Amendment shall become effective as of the date first written above upon the satisfaction of the following conditions:


 


(a)            the
execution and delivery of this Amendment by the Borrower, the Servicer, the Equityholder, the Facility Agent, each Lender, the Collateral
Agent and the Collateral Custodian;


 


(b)            the
Facility Agent shall have received certified copies of the resolutions of the board of managers (or similar items) of the Borrower and
the Servicer approving this Amendment and the transactions contemplated hereby, certified by its secretary or assistant secretary or other
authorized officer;


 


(c)            the
Facility Agent shall have received a good standing certificate for each of the Borrower and the Servicer issued by the applicable official
body of its jurisdiction of organization;


 


(d)            the
Facility Agent shall have received the executed legal opinion of Schulte Roth & Zabel LLP, counsel to the Borrower and the Servicer,
in form and substance acceptable to the Facility Agent in its reasonable discretion covering such matters as the Facility Agent may reasonably
request; and


 


(e)            all
fees (including reasonable and documented fees, disbursements and other charges of counsel) due to the Lenders on or prior to the effective
date of this Amendment have been paid in full.


 


ARTICLE IV


 


Representations and Warranties


 


SECTION 4.1.     The
Borrower hereby represents and warrants to the Facility Agent and the Lenders that, as of the date first written above, (i) no Facility
Termination Event, Unmatured Event of Default, Servicer Default or Unmatured Servicer Default has occurred and is continuing and (ii) the
representations and warranties of the Borrower contained in the Loan Agreement are true and correct in all material respects on and as
of such day (other than any representation and warranty that is made as of a specific date).


 






    2 


     


    

 


ARTICLE V


 


Miscellaneous


 


SECTION 5.1.     Governing
Law. 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 LAW OF THE STATE OF NEW YORK.


 


SECTION 5.2.     Severability
Clause. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.


 


SECTION 5.3.     Ratification.
Except as expressly amended and waived hereby, the Loan Agreement is in all respects ratified and confirmed and all the terms, conditions
and provisions thereof shall remain in full force and effect. This Amendment shall form a part of the Loan Agreement for all purposes.


 


SECTION 5.4.     Counterparts;
Electronic Execution. The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall
constitute one and the same agreement. Counterparts may be executed and delivered via facsimile, electronic mail or other transmission
method and may be executed by electronic signature (including, without limitation, any .pdf file, .jpeg file, or any other electronic
or image file, or any “electronic signature” as defined under the U.S. Electronic Signatures in Global and National Commerce
Act or the New York Electronic Signatures and Records Act, which includes any electronic signature provided using Orbit, Adobe Sign,
DocuSign, or any other similar platform identified by the Borrower and reasonably available at no undue burden or expense to the Collateral
Agent or the Collateral Custodian) and any counterpart so delivered shall be valid, effective and legally binding as if such electronic
signatures were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes hereunder. Delivery
of an executed counterpart signature page of this Amendment by e-mail (.pdf) or facsimile shall be effective as delivery of a manually
executed counterpart of this Amendment.


 


SECTION 5.5.     Headings.
The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to alter or
affect the meaning or interpretation of any provisions hereof.


 


[Signature pages follow]


 






    3 


     


    

 


IN WITNESS WHEREOF, the parties
have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the day and year first above written.


 


	 	NEW MOUNTAIN FINANCE DB, L.L.C., as Borrower
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 



 


[Signature Page to Amendment No. 6 to
Loan Financing and Servicing Agreement]


 






     


     


    

 


		NEW MOUNTAIN FINANCE CORPORATION, as Equityholder and as Servicer
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 




 


[Signature Page to Amendment No. 6 to
Loan Financing and Servicing Agreement]


 






     


     


    

 


		DEUTSCHE BANK AG, NEW YORK BRANCH, as Facility Agent
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 




 


	 	By:	 
	 	 	Name:
	 	 	Title: 



 


[Signature Page to Amendment No. 6 to
Loan Financing and Servicing Agreement]


 






     


     


    

 


		DEUTSCHE BANK AG, NEW YORK BRANCH, as an Agent and as a Committed Lender
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 




 


		By:	 
	 	 	Name:
	 	 	Title: 




 


[Signature Page to Amendment No. 6 to
Loan Financing and Servicing Agreement]


 






     


     


    

 






	 	CUSTOMERS
BANK, as an Agent and as a Committed Lender
	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 


[Signature
Page to Amendment No. 6 to Loan Financing and Servicing Agreement]


 






     


     


    

 


	 	KEYBANK
NATIONAL ASSOCIATION, as an Agent and as a Committed Lender
	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


[Signature
Page to Amendment No. 6 to Loan Financing and Servicing Agreement]


 







     


     


    

 


	 	HITACHI CAPITAL AMERICA CORP., as an
    Agent and as a Committed Lender
	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


[Signature
Page to Amendment No. 6 to Loan Financing and Servicing Agreement]


 







     


     


    

 


	 	CITIZENS BANK, N.A., as an Agent and as a Committed Lender
	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


[Signature
Page to Amendment No. 6 to Loan Financing and Servicing Agreement]


 






     


     


    

 


	 	U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent
	 	 
	 	 
	 	By:	                 
	 	Name:
	 	Title:


 


	 	U.S.
BANK NATIONAL ASSOCIATION, as Collateral Custodian
	 	 
	 	 
	 	By:	               
	 	Name:
	 	Title:


 


[Signature
Page to Amendment No. 6 to Loan Financing and Servicing Agreement]


 






     


     


    

 


Appendix


 


Amendments to the Loan Agreement


 






     


     


    

 

CONFORMED THROUGH AMENDMENT NO. 6 DATED MARCH 25,
2021


EXECUTION
VERSION



 


LOAN FINANCING AND SERVICING AGREEMENT


 


dated as of December 14, 2018


 


NEW MOUNTAIN FINANCE DB, L.L.C.,

as Borrower


 


NEW MOUNTAIN FINANCE CORPORATION,

as Equityholder and as Servicer,


 


THE LENDERS FROM TIME TO TIME PARTIES HERETO,


 


DEUTSCHE BANK AG, NEW YORK BRANCH,

as Facility Agent


 


THE OTHER AGENTS PARTIES HERETO,


 


and


 


U.S. BANK NATIONAL ASSOCIATION,

as Collateral Agent and as Collateral Custodian


 






    


     


    

 


TABLE OF CONTENTS


 


Page


 


	Article I      DEFINITIONS	 	1
	 	 	 	 	 
	Section 1.1	 	Defined Terms	 	1
	 	 	 	 	 
	Section 1.2	 	Other Definitional Provisions	 	51
	 	 	 	 	 
	Article II      THE FACILITY, ADVANCE PROCEDURES AND NOTES	 	52
	 	 	 	 	 
	Section 2.1	 	Advances	 	52
	 	 	 	 	 
	Section 2.2	 	Funding of Advances	 	53
	 	 	 	 	 
	Section 2.3	 	Notes	 	54
	 	 	 	 	 
	Section 2.4	 	Repayment and Prepayments	 	54
	 	 	 	 	 
	Section 2.5	 	Permanent Reduction of Facility Amount	 	55
	 	 	 	 	 
	Section 2.6	 	Extension of Revolving Period	 	55
	 	 	 	 	 
	Section 2.7	 	Calculation of Discount Factor	 	55
	 	 	 	 	 
	Section 2.8	 	Increase in Facility Amount	 	57
	 	 	 	 	 
	Section 2.9	 	Defaulting Lenders	 	57
	 	 	 	 	 
	Article III      YIELD, UNDRAWN FEE, ETC	 	58
	 	 	 	 	 
	Section 3.1	 	Yield and Undrawn Fee	 	58
	 	 	 	 	 
	Section 3.2	 	Yield and Undrawn Fee Distribution Dates	 	58
	 	 	 	 	 
	Section 3.3	 	Yield Calculation	 	58
	 	 	 	 	 
	Section 3.4	 	Computation of Yield, Fees, Etc	 	59
	 	 	 	 	 
	Article IV      PAYMENTS; TAXES	 	59
	 	 	 	 	 
	Section 4.1	 	Making of Payments	 	59
	 	 	 	 	 
	Section 4.2	 	Due Date Extension	 	59
	 	 	 	 	 
	Section 4.3	 	Taxes	 	59



 






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	Article V      INCREASED COSTS, ETC	 	63
	 	 	 	 	 
	Section 5.1	 	Increased Costs, Capital Adequacy	 	63
	 	 	 	 	 
	Article VI      EFFECTIVENESS; CONDITIONS TO ADVANCES	 	65
	 	 	 	 	 
	Section 6.1	 	Effectiveness	 	65
	 	 	 	 	 
	Section 6.2	 	Advances and Reinvestments	 	67
	 	 	 	 	 
	Section 6.3	 	Transfer of Collateral Obligations and Permitted Investments	 	69
	 	 	 	 	 
	Article VII      ADMINISTRATION AND SERVICING OF COLLATERAL OBLIGATIONS	 	70
	 	 	 	 	 
	Section 7.1	 	Retention and Termination of the Servicer	 	70
	 	 	 	 	 
	Section 7.2	 	Resignation and Removal of the Servicer; Appointment of Successor Servicer	 	70
	 	 	 	 	 
	Section 7.3	 	Duties of the Servicer	 	72
	 	 	 	 	 
	Section 7.4	 	Representations and Warranties of the Servicer	 	73
	 	 	 	 	 
	Section 7.5	 	Covenants of the Servicer	 	75
	 	 	 	 	 
	Section 7.6	 	Payment of Certain Expenses by Servicer	 	79
	 	 	 	 	 
	Section 7.7	 	Collateral Reporting	 	79
	 	 	 	 	 
	Section 7.8	 	Notices	 	79
	 	 	 	 	 
	Section 7.9	 	Procedural Review of Collateral Obligations; Access to Servicer and Servicer’s Records	 	79
	 	 	 	 	 
	Section 7.10	 	Optional Sales	 	80
	 	 	 	 	 
	Section 7.11	 	Repurchase or Substitution of Warranty Collateral Obligations	 	82
	 	 	 	 	
	Section 7.12	 	Servicing of REO Assets	 	82
	 	 	 	 	 
	Article VIII      ACCOUNTS; PAYMENTS	 	84
	 	 	 	 	 
	Section 8.1	 	Accounts	 	84
	 	 	 	 	 
	Section 8.2	 	Excluded Amounts	 	86
	 	 	 	 	 
	Section 8.3	 	Distributions, Reinvestment and Dividends	 	86
	 	 	 	 	 
	Section 8.4	 	Fees	 	90
	 	 	 	 	 
	Section 8.5	 	Monthly Report	 	90



 






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	Article IX      REPRESENTATIONS AND WARRANTIES OF THE BORROWER	 	91
	 	 	 	 	 
	Section 9.1	 	Organization and Good Standing	 	91
	 	 	 	 	 
	Section 9.2	 	Due Qualification	 	91
	 	 	 	 	 
	Section 9.3	 	Power and Authority	 	91
	 	 	 	 	 
	Section 9.4	 	Binding Obligations	 	91
	 	 	 	 	 
	Section 9.5	 	Security Interest	 	92
	 	 	 	 	 
	Section 9.6	 	No Violation	 	93
	 	 	 	 	 
	Section 9.7	 	No Proceedings	 	93
	 	 	 	 	 
	Section 9.8	 	No Consents	 	93
	 	 	 	 	 
	Section 9.9	 	Solvency	 	93
	 	 	 	 	 
	Section 9.10	 	Compliance with Laws	 	93
	 	 	 	 	 
	Section 9.11	 	Taxes	 	93
	 	 	 	 	 
	Section 9.12	 	Monthly Report	 	94
	 	 	 	 	 
	Section 9.13	 	No Liens, Etc	 	94
	 	 	 	 	 
	Section 9.14	 	Information True and Correct	 	94
	 	 	 	 	 
	Section 9.15	 	Reserved	 	94
	 	 	 	 	 
	Section 9.16	 	Collateral	 	94
	 	 	 	 	 
	Section 9.17	 	Selection Procedures	 	94
	 	 	 	 	 
	Section 9.18	 	Indebtedness	 	95
	 	 	 	 	 
	Section 9.19	 	No Injunctions	 	95
	 	 	 	 	 
	Section 9.20	 	No Subsidiaries	 	95
	 	 	 	 	 
	Section 9.21	 	ERISA Matters	 	95
	 	 	 	 	 
	Section 9.22	 	Investment Company Status	 	95



 






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	Section 9.23	 	Set-Off, Etc	 	95
	 	 	 	 	 
	Section 9.24	 	Collections	 	95
	 	 	 	 	 
	Section 9.25	 	Value Given	 	96
	 	 	 	 	 
	Section 9.26	 	Use of Proceeds	 	96
	 	 	 	 	 
	Section 9.27	 	Separate Existence	 	96
	 	 	 	 	 
	Section 9.28	 	Transaction Documents	 	96
	 	 	 	 	 
	Section 9.29	 	EEA Financial Institution	 	96
	 	 	 	 	 
	Section 9.30	 	Anti-Terrorism, Anti-Money Laundering	 	97
	 	 	 	 	 
	Section 9.31	 	Anti-Bribery and Corruption	 	97
	 	 	 	 	 
	Section 9.32	 	AIFMD	 	98
	 	 	 	 	 
	Section 9.33	 	Similar Law	 	98
	 	 	 	 	 
	Article X      COVENANTS	 	98
	 	 	 	 	 
	Section 10.1	 	Protection of Security Interest of the Secured Parties	 	98
	 	 	 	 	 
	Section 10.2	 	Other Liens or Interests	 	99
	 	 	 	 	 
	Section 10.3	 	Costs and Expenses	 	99
	 	 	 	 	 
	Section 10.4	 	Reporting Requirements	 	100
	 	 	 	 	 
	Section 10.5	 	Separate Existence	 	100
	 	 	 	 	 
	Section 10.6	 	Hedging Agreements	 	103
	 	 	 	 	 
	Section 10.7	 	Tangible Net Worth	 	105
	 	 	 	 	 
	Section 10.8	 	Taxes	 	105
	 	 	 	 	 
	Section 10.9	 	Merger, Consolidation, Etc	 	106
	 	 	 	 	 
	Section 10.10	 	Deposit of Collections	 	106
	 	 	 	 	 
	Section 10.11	 	Indebtedness; Guarantees	 	106
	 	 	 	 	 
	Section 10.12	 	Limitation on Purchases from Affiliates	 	106
	 	 	 	 	 
	Section 10.13	 	Documents	 	106



 






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	Section 10.14	 	Preservation of Existence	 	106
	 	 	 	 	 
	Section 10.15	 	Limitation on Investments	 	106
	 	 	 	 	 
	Section 10.16	 	Distributions	 	107
	 	 	 	 	 
	Section 10.17	 	Performance of Borrower Assigned Agreements	 	107
	 	 	 	 	 
	Section 10.18	 	Further Assurances; Financing Statements	 	107
	 	 	 	 	 
	Section 10.19	 	Obligor Payment Instructions	 	108
	 	 	 	 	 
	Section 10.20	 	Delivery of Collateral Obligation Files	 	108
	 	 	 	 	 
	Section 10.21	 	Risk Retention	 	109
	 	 	 	 	 
	Section 10.22	 	Proceedings	 	110
	 	 	 	 	 
	Section 10.23	 	Officer’s Certificate	 	110
	 	 	 	 	 
	Section 10.24	 	Policies and Procedures for Sanctions	 	111
	 	 	 	 	 
	Section 10.25	 	Compliance with Sanctions	 	111
	 	 	 	 	 
	Section 10.26	 	Compliance with Anti-Money Laundering	 	111
	 	 	 	 	 
	Section 10.27	 	ERISA	 	111
	 	 	 	 	 
	Section 10.28	 	Ineligible Collateral	 	111
	 	 	 	 	 
	Article XI      THE COLLATERAL AGENT	 	111
	 	 	 	 	 
	Section 11.1	 	Appointment of Collateral Agent	 	111
	 	 	 	 	 
	Section 11.2	 	Monthly Reports	 	112
	 	 	 	 	 
	Section 11.3	 	Collateral Administration	 	112
	 	 	 	 	 
	Section 11.4	 	Removal or Resignation of Collateral Agent	 	115
	 	 	 	 	 
	Section 11.5	 	Representations and Warranties	 	116
	 	 	 	 	 
	Section 11.6	 	No Adverse Interest of Collateral Agent	 	116
	 	 	 	 	 
	Section 11.7	 	Reliance of Collateral Agent	 	116
	 	 	 	 	 
	Section 11.8	 	Limitation of Liability and Collateral Agent Rights	 	117
	 	 	 	 	 
	Section 11.9	 	Tax Reports	 	119
	 	 	 	 	 
	Section 11.10	 	Merger or Consolidation	 	119
	 	 	 	 	 
	Section 11.11	 	Collateral Agent Compensation	 	120
	 	 	 	 	 
	Section 11.12	 	Compliance with Applicable Anti-Bribery and Corruption, Anti-Terrorism and Anti-Money Laundering Regulations	 	120



 






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	Article XII      GRANT OF SECURITY INTEREST	 	120
	 	 	 	 	 
	Section 12.1	 	Borrower’s Grant of Security Interest	 	120
	 	 	 	 	 
	Section 12.2	 	Borrower Remains Liable	 	122
	 	 	 	 	 
	Section 12.3	 	Release of Collateral	 	122
	 	 	 	 	 
	Article XIII      EVENTs OF DEFAULT	 	123
	 	 	 	 	 
	Section 13.1	 	Events of Default	 	123
	 	 	 	 	 
	Section 13.2	 	Effect of Event of Default	 	125
	 	 	 	 	 
	Section 13.3	 	Rights upon Event of Default	 	126
	 	 	 	 	 
	Section 13.4	 	Collateral Agent May Enforce Claims Without Possession of Notes	 	127
	 	 	 	 	 
	Section 13.5	 	Collective Proceedings	 	127
	 	 	 	 	 
	Section 13.6	 	Insolvency Proceedings	 	127
	 	 	 	 	 
	Section 13.7	 	Delay or Omission Not Waiver	 	128
	 	 	 	 	
	Section 13.8	 	Waiver of Stay or Extension Laws	 	128
	 	 	 	 	 
	Section 13.9	 	Limitation on Duty of Collateral Agent in Respect of Collateral	 	128
	 	 	 	 	 
	Section 13.10	 	Power of Attorney	 	129
	 	 	 	 	 
	Article XIV      THE FACILITY AGENT	 	130
	 	 	 	 	 
	Section 14.1	 	Appointment	 	130
	 	 	 	 	 
	Section 14.2	 	Delegation of Duties	 	130
	 	 	 	 	 
	Section 14.3	 	Exculpatory Provisions	 	130
	 	 	 	 	 
	Section 14.4	 	Reliance by Note Agents	 	131



 






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	Section 14.5	 	Notices	 	131
	 	 	 	 	 
	Section 14.6	 	Non-Reliance on Note Agents	 	131
	 	 	 	 	 
	Section 14.7	 	Indemnification	 	132
	 	 	 	 	 
	Section 14.8	 	Successor Note Agent	 	132
	 	 	 	 	 
	Section 14.9	 	Note Agents in their Individual Capacity	 	133
	 	 	 	 	 
	Section 14.10	 	Borrower Audit	 	133
	 	 	 	 	 
	Section 14.11	 	Compliance with Applicable Anti-Bribery and Corruption, Anti-Terrorism and Anti-Money Laundering Regulations	 	133
	 	 	 	 	 
	Article XV      ASSIGNMENTS	 	134
	 	 	 	 	 
	Section 15.1	 	Restrictions on Assignments by the Borrower and the Servicer	 	134
	 	 	 	 	 
	Section 15.2	 	Documentation	 	134
	 	 	 	 	 
	Section 15.3	 	Rights of Assignee	 	134
	 	 	 	 	 
	Section 15.4	 	Assignment by Lenders	 	134
	 	 	 	 	 
	Section 15.5	 	Registration; Registration of Transfer and Exchange	 	135
	 	 	 	 	 
	Section 15.6	 	Mutilated, Destroyed, Lost and Stolen Notes	 	136
	 	 	 	 	 
	Section 15.7	 	Persons Deemed Owners	 	136
	 	 	 	 	 
	Section 15.8	 	Cancellation	 	137
	 	 	 	 	 
	Section 15.9	 	Participations; Pledge	 	137
	 	 	 	 	 
	Section 15.10	 	Reallocation of Advances	 	138
	 	 	 	 	 
	Article XVI      INDEMNIFICATION	 	138
	 	 	 	 	 
	Section 16.1	 	Borrower Indemnity	 	138
	 	 	 	 	 
	Section 16.2	 	Servicer Indemnity	 	139
	 	 	 	 	 
	Section 16.3	 	Contribution	 	139
	 	 	 	 	 
	Section 16.4	 	Taxes	 	140



 






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	Article XVII      MISCELLANEOUS	 	140
	 	 	 	 	 
	Section 17.1	 	No Waiver; Remedies	 	140
	 	 	 	 	 
	Section 17.2	 	Amendments, Waivers	 	140
	 	 	 	 	 
	Section 17.3	 	Notices, Etc	 	141
	 	 	 	 	 
	Section 17.4	 	Costs and Expenses	 	142
	 	 	 	 	 
	Section 17.5	 	Binding Effect; Survival	 	142
	 	 	 	 	 
	Section 17.6	 	Captions and Cross References	 	143
	 	 	 	 	 
	Section 17.7	 	Severability	 	143
	 	 	 	 	 
	Section 17.8	 	GOVERNING LAW	 	143
	 	 	 	 	 
	Section 17.9	 	Counterparts	 	143
	 	 	 	 	 
	Section 17.10	 	WAIVER OF JURY TRIAL	 	143
	 	 	 	 	 
	Section 17.11	 	No Proceedings	 	144
	 	 	 	 	 
	Section 17.12	 	Limited Recourse	 	144
	 	 	 	 	 
	Section 17.13	 	ENTIRE AGREEMENT	 	146
	 	 	 	 	 
	Section 17.14	 	Confidentiality	 	146
	 	 	 	 	 
	Section 17.15	 	Non-Confidentiality of Tax Treatment	 	147
	 	 	 	 	 
	Section 17.16	 	Replacement of Lenders	 	147
	 	 	 	 	 
	Section 17.17	 	Consent to Jurisdiction	 	148
	 	 	 	 	 
	Section 17.18	 	Option to Acquire Rating	 	148
	 	 	 	 	 
	Section 17.19	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	 	148
	 	 	 	 	 
	Section 17.20	 	Lender Representation	 	149



 






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	Article XVIII      COLLATERAL CUSTODIAN	 	149
	 	 	 	 	 
	Section 18.1	 	Designation of Collateral Custodian	 	149
	 	 	 	 	 
	Section 18.2	 	Duties of the Collateral Custodian	 	149
	 	 	 	 	 
	Section 18.3	 	Delivery of Collateral Obligation Files	 	151
	 	 	 	 	 
	Section 18.4	 	Collateral Obligation File Certification	 	152
	 	 	 	 	 
	Section 18.5	 	Release of Collateral Obligation Files	 	152
	 	 	 	 	 
	Section 18.6	 	Examination of Collateral Obligation Files	 	154
	 	 	 	 	 
	Section 18.7	 	Lost Note Affidavit	 	154
	 	 	 	 	 
	Section 18.8	 	Transmission of Collateral Obligation Files	 	155
	 	 	 	 	 
	Section 18.9	 	Merger or Consolidation	 	155
	 	 	 	 	 
	Section 18.10	 	Collateral Custodian Compensation	 	155
	 	 	 	 	 
	Section 18.11	 	Removal or Resignation of Collateral Custodian	 	155
	 	 	 	 	 
	Section 18.12	 	Limitations on Liability	 	156
	 	 	 	 	 
	Section 18.13	 	Collateral Custodian as Agent of Collateral Agent	 	157




 






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	EXHIBIT A	 	Form of Note
	EXHIBIT B	 	Audit Standards
	EXHIBIT C-1	 	Form of Advance Request
	EXHIBIT C-2	 	Form of Reinvestment Request
	EXHIBIT C-3	 	Form of Electronic Asset Approval Request
	EXHIBIT C-4	 	Form of Prepayment Notice
	EXHIBIT C-5	 	Form of Electronic Asset Approval Notice
	EXHIBIT D	 	Form of Monthly Report
	EXHIBIT E	 	Form of Joinder Agreement
	EXHIBIT F-1	 	Authorized Representatives
	EXHIBIT F-2	 	Request for Release and Receipt
	EXHIBIT F-3	 	Request for Release of Request for Release and Receipt
	EXHIBIT G-1	 	U.S. Tax Compliance Certificate (Foreign Lender - non-Partnerships)
	EXHIBIT G-2	 	U.S. Tax Compliance Certificate (Foreign Participant - non-Partnerships)
	EXHIBIT G-3	 	U.S. Tax Compliance Certificate (Foreign Participants - Partnerships)
	EXHIBIT G-4	 	U.S. Tax Compliance Certificate (Foreign Lenders - Partnerships)
	EXHIBIT H	 	Schedule of Collateral Obligations Certification
	EXHIBIT I	 	Form of Custodial Certification
	 	 	 
	SCHEDULE 1	 	Diversity Score Calculation
	SCHEDULE 2-A	 	Moody’s Industry Classification Group List
	SCHEDULE 2-B	 	S&P Industry Classifications
	SCHEDULE 3	 	Collateral Obligations
	SCHEDULE 4	 	Credit and Collection Policy
	SCHEDULE 5	 	Approved Valuation Firms
	SCHEDULE 6	 	Existing Indebtedness of the Servicer
	SCHEDULE 7	 	Pre-Approved List
	 	 	 
	ANNEX A	 	Notice Information
	ANNEX B	 	Commitments




 






    -x-


     


    

 


LOAN FINANCING AND SERVICING AGREEMENT


 


THIS LOAN FINANCING AND SERVICING
AGREEMENT is made and entered into as of December 14, 2018 among NEW MOUNTAIN FINANCE DB, L.L.C., a Delaware limited liability company
(the “Borrower”), NEW MOUNTAIN FINANCE CORPORATION, a Delaware corporation, as equityholder (in such capacity, together
with its successors and permitted assigns in such capacity, the “Equityholder”), the SERVICER (as hereinafter defined),
each LENDER (as hereinafter defined) FROM TIME TO TIME PARTY HERETO, the AGENTS for each LENDER GROUP (as hereinafter defined) from time
to time parties hereto (each such party, in such capacity, together with their respective successors and permitted assigns in such capacity,
an “Agent”), U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent and Collateral Custodian (each as hereinafter defined),
and DEUTSCHE BANK AG, NEW YORK BRANCH, as Facility Agent (in such capacity, together with its successors and permitted assigns in such
capacity, the “Facility Agent”).


 


RECITALS


 


WHEREAS, the Borrower desires
that each Lender extend financing on the terms and conditions set forth herein and also desires to retain the Servicer to perform certain
servicing functions related to the Collateral Obligations (as defined herein) on the terms and conditions set forth herein; and


 


WHEREAS, each Lender desires
to extend financing on the terms and conditions set forth herein and the Servicer desires to perform certain servicing functions related
to the Collateral Obligations on the terms and conditions set forth herein.


 


NOW, THEREFORE, based upon
the foregoing Recitals, the premises and the mutual agreements herein contained, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:


 


Article I


 


DEFINITIONS


 


Section 1.1     Defined
Terms. As used in this Agreement, the following terms have the following meanings:


 


“1940 Act”
means the Investment Company Act of 1940.


 


“Account”
means the Unfunded Exposure Account, the Principal Collection Account and the Interest Collection Account, together with any sub-accounts
deemed appropriate or necessary by the Securities Intermediary for convenience in administering such accounts.


 


“Account Collateral”
has the meaning set forth in Section 12.1(d).


 






    


     


    

 


“Account Control
Agreement” means the Securities Account Control Agreement, dated as of the Effective Date, by and among the Borrower, as pledgor,
the Collateral Agent on behalf of the Secured Parties, as secured party, and U.S. Bank National Association, as Securities Intermediary.


 


“Accrual Period”
means, with respect to any Distribution Date, the period from and including the previous Distribution Date (or, in the case of the first
Distribution Date, from and including the Effective Date) through and including the day preceding such Distribution Date.


 


“Adjusted Aggregate
Eligible Collateral Obligation Balance” means, as of any date, the Aggregate Eligible Collateral Obligation Amount minus the
Excess Concentration Amount on such date.


 


“Advance”
has the meaning set forth in Section 2.1(a).


 


“Advance Date”
has the meaning set forth in Section 2.1(a).


 


“Advance Rate”
means, with respect to any Eligible Collateral Obligation on any date of determination, (a) (i) that is a First Lien Loan and
not a Cov-Lite Loan, 75% or (ii) that is a First Lien Loan and a Cov-Lite Loan, 72.5%, (b) that is a Multiple of Revenue Recurring
Loan, 67.5%%, (c) that is a FILO Loan with an attaching Leverage Multiple that (i) exceeds 2.0x and is equal to or less than
2.5x, 50%, (ii) exceeds 1.5x and is equal to or less than 2.0x, 55% or (iii) exceeds 1.25x and is equal to or less than 1.5x,
60%, (d) that is a Second Lien Loan, 40%, or (e) otherwise, 40%.


 


“Advance Request”
has the meaning set forth in Section 2.2(a).


 


“Adverse Claim”
means any claim of ownership or any Lien, title retention, trust or other charge or encumbrance, or other type of preferential arrangement
having the effect or purpose of creating a Lien, other than Permitted Liens.


 


“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.


 


“Affected Person”
has the meaning set forth in Section 5.1.


 


“Affiliate”
of any Person means any other Person that directly or indirectly Controls, is Controlled by or is under common Control with such Person
(excluding any trustee under, or any committee with responsibility for administering, any employee benefit plan). For the purposes of
this definition, “Control” shall mean the possession, directly or indirectly (including through affiliated entities),
of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities,
by contract or otherwise, and the terms “Controlling” and “Controlled” shall have meanings correlative thereto.


 


“Agent”
has the meaning set forth in the Preamble.


 


“Aggregate Eligible
Collateral Obligation Amount” means, as of any date, the sum of the Collateral Obligation Amounts for all Eligible Collateral
Obligations.


 






    -2-


     


    

 


“Aggregate Funded
Spread” means, as of any date of determination, the sum of: (a) in the case of each Eligible Collateral Obligation (including,
for any Deferrable Collateral Obligation, only the required current cash pay interest thereon) that bears interest at a spread over a
London interbank offered rate based index, (i) the stated interest rate spread on each such Collateral Obligation above such index
(inclusive of any applicable LIBOR floor benefit or similar floor benefit) multiplied by (ii) the Principal Balance of each
such Collateral Obligation, plus (b) in the case of each Eligible Collateral Obligation (including, for any Deferrable Collateral
Obligation, only the required current cash pay interest thereon) that bears interest at a spread over an index other than a London interbank
offered rate based index, (A) the excess for each such Collateral Obligation of the sum of such spread for each such Collateral Obligation
and such index (inclusive of any applicable floor benefit) for each such Collateral Obligation over the LIBOR Rate for such applicable
period of time (which spread or excess may be expressed as a negative percentage) multiplied by (B) the Principal Balance
of each such Collateral Obligation.


 


“Aggregate Notional
Amount” means, as of any date of determination, an amount equal to the sum of the notional amounts or equivalent amounts of
all outstanding Hedging Agreements, Replacement Hedging Agreements and Qualified Substitute Arrangements, each as of such date.


 


“Aggregate Unfunded
Amount” means, as of any date of determination, the sum of the unfunded commitments and all other standby or contingent commitments
associated with each Variable Funding Asset included in the Collateral as of such date. The Aggregate Unfunded Amount shall not include
any commitments under Variable Funding Assets that have expired, terminated or been reduced to zero, and shall be reduced concurrently
with each documented reduction in commitments of the Borrower under such Variable Funding Assets.


 


“Aggregate Unfunded
Equity Amount” means, as of any date of determination, the sum of the Unfunded Exposure Equity Amounts of each Variable Funding
Asset included in the Collateral as of such date.


 


“Agreement”
means this Loan Financing and Servicing Agreement (including each annex, exhibit and schedule hereto), as it may be amended, restated,
supplemented or otherwise modified from time to time.


 


“AIF” has
the meaning given to the term under the AIFMD.


 


“AIFM”
has the meaning given to the term under the AIFMD.


 


“AIFMD”
means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and
amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No. 1060/2009 and (EU) No. 1095/2010, as the same may be
amended, supplemented, superseded or re-adopted from time to time (whether with or without qualification).


 






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“Alternate Base Rate”
means a fluctuating rate per annum as shall be in effect from time to time, which rate shall be at all times equal to the highest
of:


 


(a)            the
rate of interest announced publicly by DBNY in New York, New York, from time to time as DBNY’s base commercial lending rate;


 


(b)            1⁄2
of one percent above the Federal Funds Rate; and


 


(c)            0.


 


“Amount Available”
means, with respect to any Distribution Date, the sum of (a) the amount of Collections with respect to the related Collection Period
(excluding any Collections necessary to settle the acquisition of Eligible Collateral Obligations), plus (b) any investment income
earned on amounts on deposit in the Collection Account since the immediately prior Distribution Date (or since the Effective Date in the
case of the first Distribution Date).


 


“Anti-Bribery and
Corruption Laws” has the meaning set forth in Section 9.31(a).


 


“Anti-Money Laundering
Laws” has the meaning set forth in Section 9.30(b).


 


“Applicable Banking
Law” means, for any Person, all existing and future laws, rules, regulations and executive orders in effect from time to time
applicable to banking institutions, including, without limitation, those relating to anti-bribery and corruption, the funding of terrorist
activities and money laundering, including the Anti-Money Laundering Laws, the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act,
other applicable anti-bribery and corruption legislation, and Section 326 of the USA Patriot Act.


 


“Applicable Law”
means, for any Person, all existing and future laws, rules, regulations (including temporary and final income tax regulations), statutes,
treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Official Body applicable to such Person
and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or
quasi-judicial tribunal or agency of competent jurisdiction.


 


“Applicable Margin”
means (i) during the Revolving Period and unless an Event of Default has occurred and is continuing, 2.35% per annum, (ii) on
and after the end of the Revolving Period, the Applicable Margin shall be increased by 0.20% per annum and (iii) if an Event of Default
has occurred and is continuing, the Applicable Margin shall be increased by 2.00% per annum.


 


“Appraised Value”
means, with respect to any Asset Based Loan, the most recently calculated appraised value of the pro rata portion of the underlying
collateral securing such Collateral Obligation as determined by an Approved Valuation Firm.


 


“Approved Broker
Dealer” means (a) each of the following entities: Bank of America, NA, The Bank of Montreal, The Bank of New York Mellon,
N.A., The Bank of Nova Scotia, Barclays Bank plc, BNP Paribas, BTIG, LLC, Cantor Fitzgerald & Co., Citibank, N.A., Credit Suisse,
Deutsche Bank AG, Goldman Sachs & Co., HSBC Bank plc, Imperial Capital LLC, Jefferies & Co., Inc., JPMorgan
Chase Bank, N.A., Key Bank, N.A., Macquarie Bank, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Bank, Morgan Stanley &
Co., Natixis, Nomura Securities International, Inc., Oppenheimer & Co. Inc., PNC Bank, Royal Bank of Canada, The Royal Bank
of Scotland plc, Seaport Securities Corporation, Societe Generale, Stifel, Nicolaus & Co. Inc., SunTrust Bank, The Toronto-Dominion
Bank, UBS AG, U.S. Bank, National Association and Wells Fargo Bank, National Association (or, in each case, its principal broker-dealer
affiliate); and (b) any other dealer of recognized standing approved by the Facility Agent in its reasonable discretion at the request
of the Servicer.


 






    -4-


     


    

 



 


“Approved Valuation
Firm” means, with respect to any Collateral Obligation, any valuation firm (a) set forth on Schedule 5, (b) specified
on the related Asset Approval Request or Reinvestment Request and approved by the Facility Agent or (c) otherwise approved in writing
by the Facility Agent in its reasonable discretion; provided that no valuation firm may be used as an Approved Valuation Firm if
it is utilized by the Servicer or any of its Affiliates on a regular basis to determine valuations with respect to the assets owned by
the Equityholder or any other entity that is managed by the Equityholder, the Servicer or any of their respective Affiliates; provided
further that if such valuation firm is used in connection with a dispute right under Section 2.7, Lincoln International LLC,
Valuation Research Corporation or Duff & Phelps Corp. may be used without being subject to such above limitation so long as such
valuation firm did not provide the most recent appraisal on such asset with respect to the Borrower, Equityholder or any of its Affiliates
and any incremental costs or expenses incurred in connection with such valuation firm shall be paid by the Borrower.


 


“Asset Approval Request”
means an electronic notice to the Facility Agent in the form of an email that (a) either (i) is in the form of Exhibit C-3
or (ii) notifies the Facility Agent that the information required by Exhibit C-3 has been posted to the relevant data
site and (b) requests the approval of the Facility Agent, in its sole discretion, of one or more Collateral Obligations.


 


“Asset Approval Notice”
means an electronic notice containing the information from Exhibit C-5 and that provides the approval of the Facility Agent,
in its sole discretion, to the acquisition (or incremental pledge) of one or more Collateral Obligations.


 


“Asset Based Loan”
means any Loan where (i) the underwriting of such Loan was based primarily on the appraised value of the assets securing such Loan
and (ii) advances in respect of such Loan are governed by a borrowing base relating to the assets securing such Loan.


 


“Assigned Participation
Interest” means a Participation Interest acquired under the Master Participation Agreement.


 


“Asset Coverage Ratio”
means the ratio, determined on a consolidated basis based on the quarterly financial statements or annual financial statements, as applicable,
of the Servicer, without duplication, of (a) the fair market value of the total assets of the Servicer and its consolidated Subsidiaries
as required by, and as determined in accordance with, GAAP and Applicable Law and any orders of the Securities and Exchange Commission
issued to the Servicer, including the fair value of the portfolio investments of the Servicer and its consolidated Subsidiaries as determined
by the board of directors of the Servicer and reviewed by its auditors on a quarterly basis, less all liabilities (other than Indebtedness,
including Indebtedness hereunder) of the Servicer and its consolidated Subsidiaries, to (b) the aggregate amount of Indebtedness
of the Servicer and its consolidated Subsidiaries, in each case as determined pursuant to the 1940 Act and any orders of the Securities
and Exchange Commission issued to or with respect to the Servicer thereunder, including any exemptive relief granted by the Securities
and Exchange Commission with respect to exclusion of the indebtedness of any Subsidiary for purposes of the calculation of such ratio
under the 1940 Act.


 






    -5-


     


    

 


“Available Funds”
has the meaning set forth in Section 17.12.


 


“Average Life”
means, as of any day with respect to any Collateral Obligation, the quotient obtained by dividing (i) the sum of the products
of (a) the number of years (rounded up to the nearest one hundredth thereof) from such day to the respective dates of each successive
Scheduled Collateral Obligation Payment of principal on such Collateral Obligation (assuming, for purposes of this definition, the full
exercise of any option to extend the maturity date or otherwise lengthen the maturity schedule that is exercisable without the consent
of the Borrower) multiplied by (b) the respective amounts of principal of such Scheduled Collateral Obligation Payments by
(ii) the sum of all successive Scheduled Collateral Obligation Payments of principal on such Collateral Obligation.


 


“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Affected Resolution Authority in respect of any liability
of an Affected Financial Institution.


 


“Bail-In Legislation”
means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time
to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the
United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom
relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than
through liquidation, administration or other insolvency proceedings).


 


“Bankruptcy Code”
means the United States Bankruptcy Code, 11 U.S.C. § 101, et seq., as amended.


 


“Base Rate”
for any Advance means a rate per annum equal to the LIBOR Rate for such Advance or portion thereof; provided, that in the
case of


 


(a)           any
day on or after the first day on which a Committed Lender shall have notified the Facility Agent that the introduction of or any change
in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other Official Body asserts that it is
unlawful, for such Committed Lender to fund such Advance at the Base Rate set forth above (and such Committed Lender shall not have subsequently
notified the Facility Agent that such circumstances no longer exist), or


 


(b)            any
period in the event the LIBOR Rate is not reasonably available to any Lender for such period,


 


the “Base Rate” shall be a
floating rate per annum equal to the Alternate Base Rate in effect on each day of such period.


 






    -6-


     


    

 


“Basel III Regulation”
shall mean, with respect to any Affected Person, any rule, regulation or guideline applicable to such Affected Person and arising directly
or indirectly from (a) any of the following documents prepared by the Basel Committee on Banking Supervision of the Bank of International
Settlements: (i) Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring (December 2010),
(ii) Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems (June 2011), (iii) Basel III:
The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools (January 2013), or (iv) any document supplementing, clarifying
or otherwise relating to any of the foregoing, or (b) any accord, treaty, statute, law, rule, regulation, guideline or pronouncement
(whether or not having the force of law) of any governmental authority implementing, furthering or complementing any of the principles
set forth in the foregoing documents of strengthening capital and liquidity, in each case as from time to time amended, restated, supplemented
or otherwise modified. Without limiting the generality of the foregoing, “Basel III Regulation” shall include Part 6
of the European Union regulation 575/2013 on prudential requirements for credit institutions and investment firms (the “CRR”)
and any law, regulation, standard, guideline, directive or other publication supplementing or otherwise modifying the CRR.


 


“Beneficial Ownership
Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification
shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers
published in May 2018 to comply with the Financial Crimes Enforcement Network customer due diligence rules.


 


“Beneficial Ownership
Regulation” means 31 C.F.R. §1010.230.


 


“Benefit Plan Investor”
means (a) any “employee benefit plan” (as defined in Section 3(3) of Title I of ERISA) that is subject to the
fiduciary responsibility provisions of Title I of ERISA, (b) any “plan” as defined in Section 4975(e) of the
Code that is subject to Section 4975 of the Code, (c) any governmental or other plan or arrangement that is not subject to ERISA
or to Section 4975 of the Code but is subject to any law or restriction substantially similar to Section 406 of ERISA or Section 4975
of the Code or (d) any entity whose underlying assets include “plan assets” of the foregoing employee benefit plans or
plans (within the meaning of the DOL Regulations or otherwise).


 


“Borrower”
has the meaning set forth in the Preamble.


 


“Borrower Assigned
Agreements” has the meaning set forth in Section 12.1(c).


 


“Borrowing Base”
means, as of any date of determination, (i) the product of the lower of (a) the Weighted Average Advance Rate and (b) the
Maximum Portfolio Advance Rate multiplied by the Adjusted Aggregate Eligible Collateral Obligation Balance plus (ii) the amount
of Principal Collections on deposit in the Principal Collection Account plus (iii) the amount on deposit in the Unfunded Exposure
Account minus (iv) the Aggregate Unfunded Equity Amount.


 


“Broadly Syndicated
Loan” has the meaning set forth in Section 2.7.


 






    -7-


     


    

 


“Business Day”
means any day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York or the city in which the
Corporate Trust Office of the Collateral Agent or Collateral Custodian are located are authorized or obligated by law, executive order
or government decree to remain closed; provided that, when used in connection with the LIBOR Rate, the term “Business Day”
shall also exclude any day on which dealings in deposits in Dollars are not carried out in the London interbank market. All references
to any “day” or any particular day of any “calendar month” shall mean a calendar day unless otherwise specified.


 


“Capital Requirements
Regulation” means the European Union Capital Requirements Regulation (Regulation (EU) No 575/2013), as amended.


 


“Capped Fees/Expenses”
means, at any time, the Collateral Agent Fees and Expenses and the Collateral Custodian Fees and Expenses, in an aggregate amount not
to exceed the sum of (a) 0.02% per annum of the Aggregate Eligible Collateral Obligation Amount for the related Collection Period
and (b) $125,000 in any calendar year.


 


“Cause”
means, with respect to an Independent Member, (i) acts or omissions by such Independent Member that constitute willful disregard
of such Independent Member’s duties as set forth in the Borrower’s Constituent Documents, (ii) that such Independent
Member has engaged in or has been charged with, or has been convicted of, fraud or other acts constituting a crime under any law applicable
to such Independent Member, (iii) that such Independent Member is unable to perform his or her duties as Independent Member due to
death, disability or incapacity, or (iv) that such Independent Member no longer meets the definition of “Independent Member”.


 


“Change of Control”
means any of (a) the Equityholder shall no longer be the sole equityholder of the Borrower (free and clear of any liens) and (b) any
 “person” or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) shall become,
or obtain rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Exchange Act), directly or indirectly, of a percentage of the total voting power of all classes of Equity Securities
of the Servicer entitled to vote generally in the election of directors of 50% or more.


 


“Charges”
means (i) all material federal, state, county, city, municipal, local, foreign or other governmental Taxes (including Taxes owed
to the PBGC at the time due and payable); (ii) all levies, assessments, charges, or claims of any governmental entity or any claims
of statutory lienholders, the nonpayment of which could give rise by operation of law to a Lien on the Collateral Obligations or any other
property of the Borrower and (iii) any such taxes, levies, assessment, charges or claims which constitute a Lien or encumbrance on
any property of the Borrower.


 


“Code”
means the Internal Revenue Code of 1986, as amended.


 


“Collateral”
has the meaning set forth in Section 12.1.


 


“Collateral Agent”
means U.S. Bank National Association, solely in its capacity as collateral agent hereunder, together with its successors and permitted
assigns in such capacity.


 






    -8-


     


    

 


“Collateral Agent
and Collateral Custodian Fee Letter” means that certain letter agreement among the Collateral Agent, the Collateral Custodian,
the Securities Intermediary and the Borrower and hereby acknowledged by the Servicer and the Facility Agent, as the same may be amended,
supplemented or otherwise modified by the parties thereto with the consent of the Facility Agent.


 


“Collateral Agent
Fees and Expenses” has the meaning set forth in Section 11.11.


 


“Collateral Custodian”
means U.S. Bank National Association, solely in its capacity as collateral custodian hereunder, together with its successors and permitted
assigns in such capacity.


 


“Collateral Custodian
Fees and Expenses” has the meaning set forth in Section 18.10.


 


“Collateral Database”
has the meaning set forth in Section 11.3(a)(i).


 


“Collateral Market
Value” means the market value of any Broadly Syndicated Loan determined by the Servicer on a weekly basis, which shall be as
follows:


 


(a)            the
Approved Broker Dealer quote determined by IHS Markit Ltd., LoanX, Inc. or Thomson Reuters LPC; or


 


(b)            if
the quote described in clause (a) is not available:


 


(i)             if
three (3) or more Approved Broker Dealer quotes are available from IHS Markit Ltd., LoanX, Inc., Thomson Reuters LPC or from
another Approved Broker Dealer, the average of such dealer quotes will be used (disregarding both the highest Approved Broker Dealer quote
and the lowest Approved Broker Dealer quote available); or


 


(ii)            if
only two (2) such Approved Broker Dealer quotes can be obtained, the lower of the quotes of such two Approved Broker Dealer quotes
will be used.


 


“Collateral Obligation”
means a Loan or a Participation Interest owned by the Borrower, excluding the Retained Interest thereon.


 





 






    -9-


     


    

 


“Collateral Obligation
Amount” means for any Collateral Obligation, as of any date of determination, an amount equal to the product of (i) the
Discount Factor of such Collateral Obligation at such time multiplied by (ii) the Principal Balance of such Collateral Obligation
at such time; provided, that if the Effective LTV of any Asset Based Loan exceeds (as of such date of determination) the limit
for the applicable Loan type set forth below, then the Principal Balance component of “Collateral Obligation Amount” of such
Collateral Obligation will be automatically (and without any action by the Facility Agent) reduced by the amount necessary to cause such
Collateral Obligation to comply with the applicable limit set forth below (unless otherwise designated by the Facility Agent at the time
such Collateral Obligation is approved by the Facility Agent):


 


	Asset Based Loan Type (by collateral source)	 	Effective LTV Limit	 
	working capital	 	 	90	%
	fixed assets	 	 	75	%
	intellectual property	 	 	60	%




 


The Collateral Obligation
Amount of any Collateral Obligation that ceases to be or otherwise is not an Eligible Collateral Obligation shall be zero.


 


“Collateral Obligation
File” means, with respect to each Collateral Obligation as identified on the related Document Checklist, in each case in English,
(i)(A) if the Collateral Obligation includes a note, (x) an original, executed copy of the related promissory note, or (y) in
the case of a lost promissory note, a copy of the executed underlying promissory note accompanied by an original executed affidavit and
indemnity endorsed by the Borrower or the prior holder of record either in blank or to the Collateral Agent, in each case with respect
to clause (x) or clause (y) with an unbroken chain of endorsements from each prior holder of such promissory note to the Borrower
or to the Collateral Agent, or in blank, or (B) in the case of a noteless Collateral Obligation, a copy of each executed document
or instrument evidencing the assignment of such Collateral Obligation to the Borrower, (ii) paper or electronic copies of the related
loan agreement or any other material agreement (as determined by the Servicer in its reasonable discretion), (iii) paper or electronic
copies of the file-stamped (or the electronic equivalent of) UCC financing statements and continuation statements (including amendments
or modifications thereof) authorized by the Obligor thereof or by another Person on the Obligor’s behalf in respect of such Collateral
Obligation or evidence that such financing statements have been submitted for filing, in each case only to the extent reasonably available
to the Servicer, and (iv) any other document included on the related Document Checklist that is reasonably requested by the Facility
Agent and reasonably available to the Servicer.


 


“Collateral Quality
Tests” means, collectively or individually as the case may be, the Minimum Diversity Test, the Minimum Weighted Average Spread
Test, the Minimum Weighted Average Coupon Test and the Maximum Weighted Average Life Test.


 


“Collection Account”
means, collectively, the Principal Collection Account and the Interest Collection Account.


 


“Collection Period”
means, with respect to the first Distribution Date, the period from and including the Effective Date to and including the Determination
Date preceding the first Distribution Date; and thereafter, the period from but excluding the Determination Date preceding the previous
Distribution Date to and including the Determination Date preceding the current Distribution Date.


 


“Collections”
means the sum of all Interest Collections and all Principal Collections received with respect to the Collateral.


 


“Commercial Paper
Notes” means commercial paper notes or secured liquidity notes issued by a Conduit Lender in the commercial paper market from
time to time, in each case having a maturity of less than 90 days.


 






    -10-


     


    

 


“Commercial Paper
Rate” for Advances means, to the extent a Conduit Lender funds such Advances by issuing commercial paper, the sum of (i) the
weighted average of the rates at which commercial paper notes of such Conduit Lender issued to fund such Advances (which shall include
commissions of placement agents and dealers, incremental carrying costs incurred with respect to its commercial paper maturing on dates
other than those on which corresponding funds are received by the Conduit Lender and costs or other borrowings by the Conduit Lender
(other than under any related support facility)) may be sold by any placement agent or commercial paper dealer selected by such Conduit
Lender, as agreed in good faith between each such agent or dealer and such Conduit Lender; provided, that if the rate (or rates)
as agreed between any such agent or dealer and such Conduit Lender for any Advance is a discount rate (or rates), then such rate shall
be the rate (or if more than one rate, the weighted average of the rates) resulting from converting such discount rate (or rates) to
an interest-bearing equivalent rate per annum plus, without duplication (ii) any and all reasonable costs and expenses of any issuing
and paying agent or other Person responsible for the administration of such Conduit Lender’s commercial paper program in connection
with the preparation, completion, issuance, delivery or payment of commercial paper issued to fund the making or maintenance of any Advance.
Each Conduit Lender shall notify the Facility Agent of its Commercial Paper Rate applicable to any Advance promptly after the determination
thereof.


 


“Commitment”
means, for each Committed Lender, (a) prior to the Facility Termination Date, the commitment of such Committed Lender to make Advances
to the Borrower in an amount not to exceed, in the aggregate, the amount set forth opposite such Committed Lender’s name on Annex
B or pursuant to the assignment executed by such Committed Lender and its assignee(s) and delivered pursuant to Article XV
(as such Commitment may be reduced as set forth in Section 2.5 or increased as set forth in Section 2.8), and
(b) on and after the earlier to occur of (i) the Facility Termination Date and (ii) the end of the Revolving Period, such
Committed Lender’s pro rata share of all Advances outstanding.


 


“Committed Lenders”
means, for any Lender Group, the Person(s) executing this Agreement in the capacity of a “Committed Lender” for such
Lender Group (or an assignment hereof in accordance with Article XV) in accordance with the terms of this Agreement.


 


“Conduit Advance
Termination Date” means, with respect to a Conduit Lender, the date of the delivery by such Conduit Lender to the Borrower of
written notice that such Conduit Lender elects, in its sole discretion, to permanently cease funding Advances hereunder.


 


“Conduit Lender”
means any Person that shall become a party to this Agreement in the capacity as a “Conduit Lender” and any assignee of any
of the foregoing which is, in each case, a limited-purpose entity established to use the direct proceeds of the issuance of Commercial
Paper Notes to finance financial assets.


 


“Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.


 






    -11-


     


    

 


“Constituent Documents”
means, for any Person, its constituent or organizational documents, including: (a) in the case of any limited partnership, joint
venture, trust or other form of business entity, the limited partnership agreement, joint venture agreement, articles of association or
other applicable certificate or agreement of registration or formation and any agreement, instrument, filing or notice with respect thereto
filed in connection with its formation with the secretary of state or other department in the state or jurisdiction of its formation;
(b) in the case of any limited liability company, the certificate or articles of formation and operating agreement for such Person;
(c) in the case of a corporation or exempted company, the certificate or articles of incorporation or association and the bylaws
for such Person or its memorandum and articles of association; and (d) in the case of any trust, the trust deed, declaration of trust
or equivalent establishing such trust, in each such case as it may be restated, modified, amended or supplemented from time to time.


 


“Corporate Trust
Office” means the applicable designated corporate trust office of the Collateral Agent and the Securities Intermediary or the
office of the Collateral Custodian, as applicable, specified on Annex A hereto, or such other address within the United States
as it may designate from time to time by notice to the Facility Agent.


 


“Cost of Funds Rate”
means, for any Accrual Period and any Lender, the rate determined as set forth below:


 


(a)            with
respect to each Conduit Lender and each day of such Accrual Period, the lower of (x) such Conduit Lender’s Commercial Paper
Rate for such day and (y) the Base Rate plus 0.50%; provided that if and to the extent that, and only for so long as, a Conduit
Lender at any time determines in good faith that it is unable to raise or is precluded or prohibited from raising, or that it is not advisable
to raise, funds through the issuance of commercial paper notes in the commercial paper market of the United States to finance its making
or maintenance of its portion of any Advance or any portion thereof (which determination may be based on any allocation method employed
in good faith by such Conduit Lender), upon notice from such Conduit Lender to the Agent for its Lender Group and the Facility Agent,
such Conduit Lender’s portion of such Advance shall bear interest at a rate per annum equal to the Base Rate; and


 


(b)            with
respect to each Committed Lender, the Base Rate.


 


“Cov-Lite Loan”
means a Loan whose Underlying Instrument does not (i) contain any financial covenants or (ii) require the underlying Obligor
to comply with a Maintenance Covenant; provided that a Loan described in clause (i) or (ii) above which contains either
a cross-default provision to, or is pari passu with, another loan of the underlying Obligor forming part of the same loan facility
that requires the underlying Obligor to comply with a Maintenance Covenant, shall be deemed not to be a Cov-Lite Loan. For the avoidance
of doubt, a loan that is capable of being described in clause (i) or (ii) above only (x) until the expiration of a certain
period of time after the initial issuance thereof or (y) for so long as there is no funded balance in respect thereof, in each case
as set forth in the related Underlying Instruments, shall be deemed not to be a Cov-Lite Loan.


 


“Credit and Collection
Policy” means the credit and collection policies and practices (including underwriting parameters) of the Servicer relating
to Collateral Obligations set forth as Schedule 4, as the same may be modified, amended or supplemented from time to time
in compliance with Section 7.5(j).


 






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“Critical Component”
means, in respect of a weapons system referred to in the definition of Prohibited Defense Asset, a fundamental component used specifically
in the production of the weapon system or plays a direct role in the lethality of the weapon system.


 


“Cut-Off Date”
means, with respect to each Collateral Obligation, the date such Collateral Obligation becomes part of the Collateral.


 


“DBNY”
means Deutsche Bank AG, New York Branch, and its successors.


 


“Defaulted Collateral
Obligation” means any Collateral Obligation as to which any one of the following events has occurred:


 


(a)            any
Scheduled Collateral Obligation Payment or part thereof is unpaid more than two (2) Business Days beyond the grace period (if any)
permitted by the related Underlying Instrument; provided that such grace period shall not exceed five (5) Business Days;


 


(b)            an
Insolvency Event occurs with respect to the Obligor thereof, unless the related Loan is a DIP Loan;


 


(c)            the
occurrence of a default as to the payment of principal, interest and/or unutilized/commitment fees (as applicable) has occurred and is
continuing with respect to another debt obligation of the same Obligor secured by the same collateral which is either full recourse or
senior to or pari passu with in right of payment to such Collateral Obligation;


 


(d)            such
Collateral Obligation has (x) a rating by Standard & Poor’s of “CC” or below or “SD” or (y) a
Moody’s probability of default rating (as published by Moody’s) of “D” or “LD” or, in each case, had
such ratings before they were withdrawn by Standard & Poor’s or Moody’s, as applicable;


 


(e)            a
Responsible Officer of the Servicer or the Borrower has actual knowledge that such Collateral Obligation is pari passu or junior
in right of payment as to the payment of principal and/or interest to another debt obligation of the same Obligor which has (i) a
rating by Standard & Poor’s of “CC” or below or “SD” or (ii) a Moody’s probability of
default rating (as published by Moody’s) of “D” or “LD”, and in each case such other debt obligation remains
outstanding (provided that both the Collateral Obligation and such other debt obligation are full recourse obligations of the applicable
Obligor);


 


(f)             a
Responsible Officer of the Servicer or the Borrower has received written notice or has actual knowledge that a default has occurred under
the Underlying Instruments, any applicable grace period has expired and the holders of such Collateral Obligation have accelerated the
repayment of such Collateral Obligation (but only until such default is cured or waived) in the manner provided in the Underlying Instruments;


 


(g)             with
respect to any Related Collateral Obligation, an Affiliate of the Borrower that owns the related Variable Funding Asset fails to comply
with any funding obligation under such Variable Funding Asset; or


 






    -13-


     


    

 


(h)             the
Servicer determines, in its sole discretion, in accordance with the Credit and Collection Policy, that all or a portion of such Collateral
Obligation is not collectible or otherwise places such Collateral Obligation on non-accrual status.


 


“Defaulting Lender”
means any Lender that (i) has failed to fund any portion of the Advances required to be funded by it hereunder within one (1) Business
Day of the date required to be funded by it hereunder, (ii) has otherwise failed to pay over to the Facility Agent, the Collateral
Agent or any other Lender any other amount required to be paid by it hereunder within three (3) Business Days of the date when due,
unless such amount is the subject of a good faith dispute, (iii) has notified the Borrower, the Servicer, the Facility Agent, the
Collateral Agent or any other Lender that it does not intend to comply with any of its funding obligations under this Agreement or has
made a public statement to the effect that it does not intend to comply or has failed to comply with its funding obligations under this
Agreement or generally under other agreements in which it commits or is obligated to extend credit, (iv) has failed, within one
(1) Business Day after request by the Facility Agent, to confirm that it will comply with the terms of this Agreement relating to
its obligations to fund Advances under this Agreement, (v) has (or has a direct or indirect parent company that has) become or is
insolvent or has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian
appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding
or appointment, or (vi) has (or has a direct or indirect parent company that has) become the subject of a Bail-In Action.


 


“Deferrable Collateral
Obligation” means a Collateral Obligation that by its terms permits the deferral or capitalization of payment of accrued and
unpaid interest.


 


“Determination Date”
means the last calendar day of each month.


 


“DIP Loan”
means any Loan made to a debtor-in-possession pursuant to Section 364 of the Bankruptcy Code having the priority allowed by either
Section 364(c) or 364(d) of the Bankruptcy Code and fully secured by senior Liens.


 


“Discounted Collateral
Obligation” means any Eligible Collateral Obligation that has a Purchase Price below 90% (unless otherwise specified by the
Facility Agent in its sole discretion in its acknowledgment to the applicable Asset Approval Request).


 


“Discount Factor”
means, with respect to each Collateral Obligation and as of any date of determination, the value (expressed as a percentage of par) of
such Collateral Obligation as determined by the Facility Agent in its sole discretion in accordance with Section 2.7; provided
that the initial Discount Factor with respect to any Collateral Obligation acquired on the basis of a pre-approval evidenced by the Pre-Approved
List shall be as set forth on the Pre-Approved List.


 


“Distribution Date”
means the seventh (7th) Business Day of each month.


 


“Diversity Score”
means, as of any day, a single number that indicates collateral concentration in terms of both issuer and industry concentration, calculated
as set forth in Schedule 1 hereto, as such diversity scores shall be updated at the option of the Facility Agent in its sole
discretion if Moody’s publishes revised criteria.


 






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“Document Checklist”
means an electronic or hard copy list delivered by the Borrower (or by the Servicer on behalf of the Borrower) to the Collateral Custodian
that identifies each of the documents that have been included in or may be requested by the Facility Agent to be included in each Collateral
Obligation File whether such document is an original or a copy and whether a hard copy or electronic copy will be delivered to the Collateral
Custodian related to a Collateral Obligation and includes the name of the Obligor with respect to such Collateral Obligation, in each
case as of the related Funding Date.


 


“DOL Regulations”
means regulations promulgated by the U.S. Department of Labor at 29 C.F.R. § 2510.3 101, as modified by Section 3(42) of ERISA,
and at 29 C.F.R. § 2550.401c-1.


 


“Dollar(s)”
and the sign “$” mean lawful money of the United States of America.


 


“EBITDA”
means, with respect to any period and any Collateral Obligation, the meaning of “EBITDA,” “Adjusted EBITDA” or
any comparable definition in the Underlying Instruments for each such Collateral Obligation. In any case that “EBITDA,” “Adjusted
EBITDA” or such comparable definition is not defined in such Underlying Instruments, an amount, for the related Obligor and any
of its parents or Subsidiaries that are obligated with respect to such Collateral Obligation pursuant to its Underlying Instruments (determined
on a consolidated basis without duplication in accordance with GAAP) equal to earnings from continuing operations for such period plus
interest expense, income taxes, depreciation and amortization, plus any other non-cash charges and organization costs deducted in determining
earnings from continuing operations for such period, plus costs and expenses reducing earnings and other extraordinary non-recurring
costs and expenses for such period (to the extent deducted in determining earnings from continuing operations for such period), plus
any other items the Borrower and the Facility Agent mutually deem to be appropriate.


 


“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of
an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in
clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of
an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.


 


“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.


 


“EEA Resolution Authority”
means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including
any delegee) having responsibility for the resolution of any EEA Financial Institution.


 


“Effective Date”
has the meaning set forth in Section 6.1.


 


“Effective Equity”
means, as of any day, the greater of (x) the sum of the Principal Balances of all Eligible Collateral Obligations plus the
amount of Principal Collections on deposit in the Principal Collection Account plus all amounts on deposit in the Unfunded Exposure
Account minus the Unfunded Exposure Equity Amount minus the outstanding principal amount of all Advances and (y) $0.


 






    -15-


     


    

 


“Effective LTV”
means, with respect to any Asset Based Loan as of any date of determination, the result, expressed as a percentage, of (i) the Principal
Balance of such Collateral Obligation divided by (ii) the Appraised Value of such Collateral Obligation as of such date.


 


“Eligible Account”
means (i) a segregated trust account or (ii) a segregated direct deposit account, in each case, maintained with a securities
intermediary or trust company organized under the laws of the United States of America, or any of the States thereof, or the District
of Columbia, having a certificate of deposit, short term deposit or commercial paper rating of at least A-1 by Standard & Poor’s
and P-1 by Moody’s. In either case, such depository institution or trust company shall have been approved by the Facility Agent,
acting in its reasonable discretion, by written notice to the Servicer. DBNY and U.S. Bank National Association are deemed to be acceptable
securities intermediaries to the Facility Agent.


 


“Eligible Collateral
Obligation” means, on any Measurement Date, each Collateral Obligation that satisfies the following conditions (unless otherwise
added by the Facility Agent in its sole discretion in the related Asset Approval Notice or waived by (1) with respect to clause (a),
(h), (j), (q) or (aa), the Facility Agent in its sole discretion in the related Asset Approval Notice (notice of which shall be provided
to each Lender), (2) with respect to clause (kk), the Facility Agent and each Lender in writing in their respective sole discretion
or (3) with respect to any other clause, the Facility Agent and, other than with respect to the first two waivers in connection with
clause (p), (x), (dd) or (jj) in any twelve-month period, the Required Lenders in writing in their respective sole discretion (provided
that none of the foregoing clauses (p), (x), (dd) or (jj) may be waived more than once each in any twelve-month period without the consent
of the Required Lenders); provided that the Facility Agent may not impose any additional condition without the Borrower’s
prior written consent:


 


(a)           either
(i) the Facility Agent in its sole discretion has delivered an Asset Approval Notice with respect to such Collateral Obligation or
(ii) both (x) such Collateral Obligation is on the Pre-Approved List and (y) the Servicer has certified that, to its knowledge,
no material adverse change has occurred with respect to such Collateral Obligation during the period from the date of the most recent
audited financial statements included in the related Obligor Information to the Cut-Off Date;


 


(b)            as
of the related Cut-Off Date such Collateral Obligation is not a Defaulted Collateral Obligation;


 


(c)            such
Collateral Obligation is not an Equity Security and is not convertible into an Equity Security at the option of the applicable Obligor
or any Person other than the Borrower;


 


(d)            such
Collateral Obligation is not a Structured Finance Obligation;


 


(e)            such
Collateral Obligation is denominated in Dollars and is not convertible by the Obligor thereof into any currency other than Dollars;


 






    -16-


     


    

 


(f)            such
Collateral Obligation is not a single-purpose real estate based loan (unless the related real estate is a hotel, casino or other operating
company), a construction loan or a project finance loan;


 


(g)            such
Collateral Obligation is not a lease (including a financing lease);


 


(h)            if
such Collateral Obligation is a Deferrable Collateral Obligation, it provides for periodic payments of interest thereon in cash no less
frequently than semi-annually and the portion of interest required to be paid in cash under the terms of the related Underlying Instruments
results in the outstanding principal amount of such Collateral Obligation having an effective rate of current interest paid in cash on
such day of not less than (i) if such Deferrable Collateral Obligation is a Fixed Rate Collateral Obligation, 5.00% per annum
over the LIBOR Rate or (ii) otherwise, 7.00% per annum over the applicable index rate;


 


(i)             if
such Collateral Obligation is a Related Collateral Obligation, the Borrower represents that the applicable Affiliate of the Borrower,
Servicer or Equityholder has sufficient liquidity to meet the funding obligations of the related Variable Funding Asset;


 


(j)             unless
such Collateral Obligation is a DIP Loan, such Collateral Obligation is not incurred or issued in connection with a merger, acquisition,
consolidation, sale of all or substantially all of the assets of a Person, restructuring or similar transaction, which obligation or security
by its terms is required to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings
(other than any additional borrowing or refinancing if one or more financial institutions has provided the issuer of such obligation or
security with a binding written commitment to provide the same, so long as (i) such commitment is equal to the outstanding principal
amount of such Collateral Obligation and (ii) such committed replacement facility has a maturity of at least one year and cannot
be extended beyond such one year maturity pursuant to the terms thereof);


 


(k)            such
Collateral Obligation is not a trade claim and the value of such Collateral Obligation is not primarily derived from an insurance policy;


 


(l)             such
Collateral Obligation is not a bond or a Floating Rate Note;


 


(m)           the
Obligor with respect to such Collateral Obligation is an Eligible Obligor;


 


(n)            such
Collateral Obligation is not a purpose credit, advanced for the acquisition of Margin Stock;


 


(o)            such
Collateral Obligation is not a security or swap transaction that has payments associated with either payments of interest on and/or principal
of a reference obligation or the credit performance of a reference obligation;


 


(p)            such
Collateral Obligation provides for the periodic payment of cash interest;


 






    -17-


     


    

 


(q)            (i) if
such Collateral Obligation is not a Second Lien Loan, has a term to stated maturity that does not exceed seven (7) years or (ii) if
such Collateral Obligation is a Second Lien Loan, has a stated maturity that does not exceed eight (8) years;


 


(r)             as
of the related Cut-Off Date, such Collateral Obligation is not subject to substantial non-credit related risk, as determined by the Servicer
in accordance with the Servicing Standard;


 


(s)            the
acquisition of such Collateral Obligation will not cause the Borrower to be deemed to own 5.0% or more of any class of vested voting securities
of any Obligor or 25.0% or more of the total equity of any Obligor or any securities that are immediately convertible into or immediately
exercisable or exchangeable for 5.0% or more of any class of vested voting securities of any Obligor or 25.0% or more of the total equity
of any Obligor, in each case as determined by the Servicer;


 


(t)             the
Underlying Instrument for which does not contain confidentiality provisions that restrict the ability of the Facility Agent to exercise
its rights under the Transaction Documents, including, without limitation, its rights to review such debt obligation or Participation
Interest, the Underlying Instrument and related documents and credit approval file; provided that the Facility Agent agrees to
maintain the confidentiality of such information in accordance with the provisions of such Underlying Instruments;


 


(u)            the
acquisition of which is not in violation of Regulations T, U or X of the FRS Board;


 


(v)            such
Collateral Obligation is capable of being transferred to and owned by the Borrower (whether directly or by means of a security entitlement)
and of being pledged, assigned or novated by the owner thereof or of an interest therein, subject to customary qualifications and
approvals for instruments similar to such Collateral Obligation (i) to the Facility Agent, (ii) to any assignee of the Facility
Agent permitted or contemplated under this Agreement, (iii) to any Person at any foreclosure or strict foreclosure sale or other
disposition initiated by a secured creditor in furtherance of its security interest, and (iv) to commercial banks, financial institutions,
offshore and other funds (in each case, including transfer permitted by operation of the UCC);


 


(w)           the
proceeds of such Collateral Obligation will not be used to finance activities of the type engaged in by businesses classified under NAICS
Codes 2361 (Residential Building Construction), 2362 (Nonresidential Building Construction), 2371 (Utility System Construction), or 2372
(Land Subdivision);


 


(x)            the
Related Security for such Collateral Obligation is primarily located in the United States;


 


(y)            as
of the related Cut-Off Date, such Collateral Obligation does not have either (x) a public rating by Standard & Poor’s
of “CCC-” or below or (y) a Moody’s probability of default rating (as published by Moody’s) of “Caa3”
or below;


 






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(z)            as
of the related Cut-Off Date, such Collateral Obligation is not the subject of an offer, exchange or tender by the related Obligor;


 


(aa)          if
such Collateral Obligation is a Participation Interest (other than an Assigned Participation Interest), as of the related Cut-Off Date,
the seller thereof has (x) long-term unsecured ratings of at least “Baa1” by Moody’s and “BBB+” by
S&P and (y) short-term unsecured ratings of at least “A-1” by S&P and “P-1” by Moody’s;


 


(bb)         if
such Collateral Obligation is an Asset Based Loan, the related Underlying Instruments require delivery of a calculation of each related
borrowing base in reasonable detail to each lender not less frequently than monthly;


 


(cc)          the
proceeds of such Collateral Obligation will not be used to finance activities within the marijuana industry or the sale of firearms,
the development of adult entertainment, any form of betting and gambling or the making or collection of pay day loans, nor will they
be used to provide financing to any other industry which is illegal under Applicable Law at the time of acquisition of such Collateral
Obligation;


 


(dd)         if
such Collateral Obligation is a Multiple of Recurring Revenue Loan, (i) it is a First Lien Loan and (ii) as of the related Cut-Off
Date, the related Obligor has annualized Revenue of at least $20,000,000 (calculated using the most recent financial information of such
Obligor received by the Borrower prior to such Cut-Off Date);


 


(ee)          excluding
Multiple of Recurring Revenue Loans, the Obligor with respect to such Collateral Obligation has a trailing 4-quarter EBITDA as of the
applicable Cut-Off Date with respect thereto of at least $5,000,000;


 


(ff)           such
Collateral Obligation was originated or acquired in the ordinary course of the Equityholder’s business not primarily for personal,
family or household use;


 


(gg)         such
Collateral Obligation is an “instrument, ” a “general intangible” or a “payment intangible” (each
as defined under Article 9 of the UCC);


 


(hh)         such
Collateral Obligation and the relevant Underlying Instruments are in full force and effect, free and clear of any liens (other than Permitted
Liens);


 


(ii)           if
the Borrower, Equityholder, Servicer or any Affiliate thereof is the administrative agent with respect to such Collateral Obligation,
any payments made to the administrative agent with respect to such Collateral Obligation by any related Obligor are held by such administrative
agent in an account used only by such administrative agent for amounts received by it in its capacity as administrative agent and in which
no other funds received in any other capacity are co-mingled;


 


(jj)            if
such Collateral Obligation is an Assigned Participation Interest, such Assigned Participation Interest has been elevated to a full assignment
by the date that is forty-five (45) Business Days after the Effective Date;


 






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(kk)          such
Collateral Obligation does not have an Obligor in a Prohibited Industry; and


 


(ll)            such
Collateral Obligation is neither a Mezzanine Loan nor an Unsecured Loan.


 


“Eligible Obligor”
means, on any day, any Obligor that (i) is a Person (other than a natural person) that is duly organized and validly existing under
the laws of, the United States or any State thereof, (ii) is a legal operating entity or holding company, (iii) is not an Official
Body, (iv) except with respect to a DIP Loan, as of the related Cut-Off Date, is not insolvent, (v) is required to pay all maintenance,
repair, insurance, and sale and use taxes related to the related Collateral Obligation, (vi) is not an Affiliate of, or controlled
by, the Borrower, the Servicer or the Equityholder and (v) is not a Non-Sustainable Obligor.


 


“Enterprise Value
Loan” means any Loan that is not an Asset Based Loan.


 


“Environmental Laws”
means any and all foreign, federal, state and local laws, statutes, ordinances, rules, regulations, permits, licenses, approvals, interpretations
and orders of courts or any other Official Body, relating to the protection of human health or the environment, including requirements
pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing,
permitting, investigation or remediation of Hazardous Materials. Environmental Laws include the Comprehensive Environmental Response,
Compensation, and Liability Act (42 U.S.C. § 9601 et seq.), the Hazardous Material Transportation Act (49 U.S.C. § 331
et seq.), the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), the Federal Water Pollution
Control Act (33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances
Control Act (15 U.S.C. § 2601 et seq.), the Safe Drinking Water Act (42 U.S.C. § 300, et seq.), the
Environmental Protection Agency’s regulations relating to underground storage tanks (40 C.F.R. Parts 280 and 281), and the Occupational
Safety and Health Act (29 U.S.C. § 651 et seq.), and the rules and regulations thereunder, each as amended or supplemented
from time to time.


 


“Equityholder”
has the meaning set forth in the Preamble.


 


“Equity Interests”
has the meaning set forth in Section 10.21(a).


 


“Equity Security”
means any asset that is not a First Lien Loan, a FILO Loan, a Second Lien Loan or Permitted Investment.


 


“ERISA”
means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, including all regulations promulgated thereunder.


 


“ERISA Affiliate”
means any Person that, for purposes of Title IV of ERISA, is a member of the Borrower’s “controlled group” or is under
 “common control” with the Borrower, within the meaning of Section 414 of the Code.


 






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“ERISA Event”
means (a) the occurrence with respect to a Plan of a reportable event, within the meaning of Section 4043 of ERISA, unless
the thirty (30)-day notice requirement with respect thereto has been waived by the PBGC; (b) the application for a minimum funding
waiver with respect to a Plan; (c) the provision by the administrator of any Plan of a notice of intent to terminate such a Plan,
pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of
ERISA); (d) the cessation of operations at a facility of the Borrower or any ERISA Affiliate in the circumstances described in Section 4062(e) of
ERISA; (e) the withdrawal by the Borrower or any ERISA Affiliate from a Plan during a plan year for which it was a substantial employer,
as defined in Section 4001(a)(2) of ERISA; (f) the conditions set forth in Section 430(k) of the Code or Section 303(k)(1)(A) and
(B) of ERISA to the creation of a lien upon property or assets or rights to property or assets of the Borrower or any ERISA Affiliate
for failure to make a required payment to a Plan are satisfied; (g) the termination of a Plan by the PBGC pursuant to Section 4042
of ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA that constitutes grounds for the termination
of, or the appointment of a trustee to administer, a Plan; (h) any failure by any Plan to satisfy the minimum funding standards
of Sections 412 or 430 of the Code or Section 302 of ERISA, whether or not waived; (i) the determination that any Plan is or
is expected to be in “at-risk” status, within the meaning of Section 430 of the Code or Section 303 of ERISA, (j) the
receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA
Affiliate of any notice, concerning the imposition of liability with respect to the withdrawal or partial withdrawal from a Multiemployer
Plan or a determination that a Multiemployer Plan is, or is expected to be, “insolvent” (within the meaning of Section 4245
of ERISA), in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305
of ERISA), or terminated (within the meaning of Section 4041A or Section 4042 of ERISA); (k) the failure of the Borrower
or any ERISA Affiliate to pay when due (after expiration of any applicable grace period) any installment payment with respect to withdrawal
liability under Section 4201 of ERISA; (l) the Borrower or any ERISA Affiliate incurs any liability under Title IV of ERISA
with respect to any Plan (other than premiums due and not delinquent under Section 4007 of ERISA); or (m) the Borrower or any
ERISA Affiliate commits any act (or omission) which could give rise to the imposition of fines, penalties, taxes, or related charges
under ERISA or the Code.


 


“EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in
effect from time to time.


 


“EU Securitization
Regulation” means Regulation (EU) 2017/2402.


 


“EU Securitization
Rules” means the EU Securitization Regulation, together with any relevant regulatory and/or implementing technical standards
adopted by the European Commission in relation thereto, any relevant regulatory and/or implementing technical standards applicable in
relation thereto pursuant to any transitional arrangements made pursuant to the EU Securitization Regulation, and, in each case, any relevant
guidance published by the European Banking Authority, the European Securities and Markets Authority (or, in either case, any predecessor
or successor authority) or by the European Commission.


 


“Event of Default”
means any of the events described in Section 13.1.


 






    -21-


     


    

 


“Excess Concentration
Amount” means, as of the most recent Measurement Date (and after giving effect to all Eligible Collateral Obligations to be
purchased or sold by the Borrower on such date), the sum, without duplication, of the following amounts:


 


(a)           the
excess, if any and without duplication, of the sum of the Principal Balances of all Collateral Obligations that are Non-First Lien Loans
over 47.5% of the Excess Concentration Measure; provided, that no more than 37.5% of the Excess Concentration Measure may consist
of Second Lien Loans; provided further, that no more than 15% of the Excess Concentration Measure may consist of Second Lien Loans with
a stated maturity of greater than 7.25 years;


 


(b)           the
excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are obligations of any single Obligor over 5.0%
of the Excess Concentration Measure; provided that (i) the sum of the Principal Balances of all Collateral Obligations (other
than Second Lien Loans) that are obligations of the largest two Obligors may be up to 10.0% of the Excess Concentration Measure and (ii) the
sum of the Principal Balances of all Collateral Obligations (other than Second Lien Loans) that are obligations of the two largest Obligors
(other than the Obligors specified in clause (i)) may be up to 7.5% of the Excess Concentration Measure;


 


(c)           the
excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are obligations of Obligors in any single S&P
Industry Classification over 10.0% of the Excess Concentration Measure; provided, that (i) the sum of the Principal Balances
of all Collateral Obligations with Obligors in any one S&P Industry Classification may be up to 20.0% of the Excess Concentration
Measure, (ii) the sum of the Principal Balances of all Collateral Obligations with Obligors in any one S&P Industry Classification
(other than the S&P Industry Classification specified in clause (i)) may be up to 17.5% of the Excess Concentration Measure, (iii) the
sum of the Principal Balances of all Collateral Obligations with Obligors in any one S&P Industry Classification (other than the
S&P Industry Classifications specified in clauses (i) and (ii)) may be up to 15.0% of the Excess Concentration Measure and (iv) the
sum of the Principal Balances of all Collateral Obligations with Obligors in any one S&P Industry Classification (other than the
S&P Industry Classifications specified in clauses (i), (ii) and (iii)) may be up to 12.5% of the Excess Concentration Measure;
provided, further that the sum of the Collateral Obligation Amounts of all Eligible Collateral Obligations that are obligations
of Obligors in (x) the “Oil, Gas and Consumable Fuels” “Gas Utilities”, “Independent Power and Renewable
Electricity Producers” and “Energy, Equipment and Services” S&P Industry Classifications may not, in the aggregate,
exceed 10.0% of the Excess Concentration Measure and (y) the “Metals and Mining” S&P Industry Classifications may
not exceed 10.0% of the Excess Concentration Measure;


 


(d)            the
excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Fixed Rate Collateral Obligations that are
not subject to a qualifying Hedging Agreement pursuant to Section 10.6 over 10% of the Excess Concentration Measure;


 


(e)            the
excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Deferrable Collateral Obligations over 10%
of the Excess Concentration Measure;


 


(f)             the
excess, if any, of the sum of the Principal Balances of all Revolving Loans plus the sum of the unfunded commitments of all other Collateral
Obligations that are Variable Funding Assets over 10% of the Excess Concentration Measure;


 






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(g)            the
excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are DIP Loans over 10% of the Excess Concentration
Measure;


 


(h)            the
excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Participation Interests (excluding Assigned
Participation Interests for up to forty-five (45) Business Days immediately following the Effective Date) over 5% of the Excess Concentration
Measure;


 


(i)              the
excess, if any, of the sum of the Principal Balances of all Collateral Obligations (other than Second Lien Loans and Multiple of Recurring
Revenue Loans) with respect to which the Leverage Multiple (through the portion of the Collateral Obligation owned by the Borrower) is
greater than or equal to 6.00x over 30.0% of the Excess Concentration Measure;


 


(j)              the
excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Multiple of Recurring Revenue Loans over 35%
of the Excess Concentration Measure;


 


(k)             the
excess, if any, of the sum of the Principal Balances of Discounted Collateral Obligations over 20.0% of the Excess Concentration Measure;


 


(l)             the
excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are both Cov-Lite Loans and Multiple of Recurring
Revenue Loans over 15% of the Excess Concentration Measure; and


 


(m)            the
excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Cov-Lite Loans over 50% of the Excess Concentration
Measure.


 


“Excess Concentration
Measure” means, (i) prior to the end of the Ramp-up Period, the Target Portfolio Amount and (ii) thereafter, (x) the
aggregate Principal Balances of all Eligible Collateral Obligations plus (y) all amounts on deposit in the Principal Collection Account
plus (z) all amounts on deposit in the Unfunded Exposure Account.


 


“Excess Funds”
means, as of any date of determination with respect to any Conduit Lender, funds of such Conduit Lender not required, after giving effect
to all amounts on deposit in its commercial paper account, to pay or provide for the payment of (i) all of its matured and maturing
commercial paper notes on such date of such determination and (ii) the principal of and interest on all of its loans outstanding
on such date of such determination.


 


“Excluded Amounts”
means, as of any date of determination, (i) any amount deposited into the Collection Account with respect to any Collateral Obligation,
which amount is attributable to the reimbursement of payment by the Borrower of any Tax, fee or other charge imposed by any Official Body
on such Collateral Obligation or on any Related Security, (ii) any interest or fees (including origination, agency, structuring,
management or other up-front fees) that are for the account of the applicable Person from whom the Borrower purchased such Collateral
Obligation, (iii) any reimbursement of insurance premiums, (iv) any escrows relating to Taxes, insurance and other amounts in
connection with Collateral Obligations which are held in an escrow account for the benefit of the Obligor and the secured party pursuant
to escrow arrangements under Underlying Instruments and (v) any amount deposited into the Collection Account in error (including
any amounts relating to any portion of an asset sold by the Borrower and occurring after the date of such sale).


 






    -23-


     


    

 


“Excluded Liabilities”
means (i) with respect to the Borrower, Equityholder or Servicer, contingent obligations of such Person consisting of customary and
non-accrued indemnification, expenses, reimbursement or similar obligations contained in its organizational documents or Underlying Instruments
to the extent reasonable and customary, including obligations to partners, managers, agents, custodians, trustees, deposit banks, letter
of credit issuers, escrow agents and co-lenders and not otherwise prohibited hereunder and (ii) obligations under hedging agreements
of the type entered into pursuant to Section 10.06.


 


“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a
Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each
case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case
of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable
to or for the account of such Lender with respect to an applicable interest in the Obligations pursuant to a law in effect on the date
on which (i) such Lender acquires such interest in the Obligations (other than pursuant to Section 17.16) or (ii) such
Lender changes its lending office, except in each case to the extent that, pursuant to Section 4.3, amounts with respect
to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 4.3(f) and
(d) any U.S. withholding Taxes imposed under FATCA.


 


“Executive Officer”
means, with respect to the Borrower, the Servicer or the Equityholder, the Chief Executive Officer, the Chief Operating Officer of such
Person or any other Person included on the incumbency certificate of the Borrower, Servicer or Equityholder, as applicable, delivered
pursuant to Section 6.1(g) and, with respect to any other Person, the President, Chief Financial Officer or any Vice
President.


 


“Facility Agent”
has the meaning set forth in the Preamble.


 


“Facility Amount”
means (a) prior to the end of the Revolving Period, $280,000,000, unless this amount is permanently reduced pursuant to Section 2.5
or increased pursuant to Section 2.8, in which event it means such lower or higher amount and (b) from and after
the end of the Revolving Period, the aggregate principal amount of all the Advances outstanding.


 


“Facility Termination
Date” means the earliest of (i) the date that is five years after the Sixth Amendment Effective Date, (ii) the date
on which the term of the Equityholder’s existence ends and (iii) the effective date on which the facility hereunder is terminated
pursuant to Section 13.2.


 






    -24-


     


    

 



 


“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof,
any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection
with such sections of the Code and any legislation, law, regulation or practice enacted or promulgated pursuant to such intergovernmental
agreement.


 


“Federal Funds Rate”
means, for any period, the greater of (a) 0.0% and (b) a fluctuating rate per annum equal for each day during such period
to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published
for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or,
if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions
received by the Facility Agent from three federal funds brokers of recognized standing selected by it.


 


“Fee Letter”
has the meaning set forth in Section 8.4.


 


“Fees”
has the meaning set forth in Section 8.4.


 


“FILO Loan”
means any Loan that (i) becomes, by its terms, subordinate in right of payment to one or more other obligations of the related Obligor,
in each case issued under the same Underlying Instruments as such Loan, in any bankruptcy, reorganization, arrangement, insolvency, moratorium
or liquidation proceedings, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority
under Applicable Law (subject to liens permitted under the applicable Underlying Instruments that are reasonable for similar loans, and
liens accorded priority by law in favor of any Official Body), and (iii) the Servicer determines in good faith that the value of
the collateral or the enterprise value securing the Loan on or about the time of acquisition equals or exceeds the outstanding principal
balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral;
provided that any Loan that would otherwise be a FILO Loan hereunder but has, as of the most recent Determination Date, (x) a
Leverage Multiple that attaches below 1.25x or (y) leverage comprising of less than 25% of leverage of a FILO Loan, shall be deemed
to be a First Lien Loan for all purposes hereunder; provided, further, that any Loan that would otherwise be a FILO Loan
hereunder but has, as of the most recent Determination Date, a Leverage Multiple that attaches in excess of 2.5x shall be deemed to be
a Second Lien Loan for all purposes hereunder.


 


“First Lien Loan”
means any Loan that (i) is not (and is not permitted by its terms become) subordinate in right of payment to any obligation of the
related Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured
by a pledge of specified collateral, which security interest is validly perfected and first priority under Applicable Law (subject to
liens permitted under the applicable Underlying Instruments, and liens accorded priority by law in favor of any Official Body), and (iii) the
Servicer determines in good faith that the value of the collateral or the enterprise value securing the Loan on or about the time of origination
or acquisition equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans
of equal or higher seniority secured by the same collateral.


 






    -25-


     


    

 


“Fitch”
means Fitch Ratings, Inc., Fitch Ratings Ltd. and their subsidiaries, including Derivative Fitch Inc. and Derivative Fitch Ltd. and
any successor thereto.


 


“Fixed Rate Collateral
Obligation” means any Collateral Obligation that bears a fixed rate of interest.


 


“Floating Rate Note”
means a floating rate note issued pursuant to an indenture or equivalent document by a corporation, partnership, limited liability company,
trust or other person that is secured by a first or second priority perfected security interest or lien in or on specified collateral
securing the issuer’s obligations under such note.


 


“Foreign Lender”
means a Lender that is not a U.S. Person.


 


“FRS Board”
means the Board of Governors of the Federal Reserve System and, as applicable, the staff thereof.


 


“Funding Date”
means any Advance Date or any Reinvestment Date, as applicable.


 


“GAAP”
means generally accepted accounting principles in the United States, which are applicable to the circumstances as of any day.


 


“Hazardous Materials”
means all materials subject to any Environmental Law, including materials listed in 49 C.F.R. § 172.101, materials defined as
hazardous pursuant to § 101(14) of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended,
flammable, explosive or radioactive materials, hazardous or toxic wastes or substances, lead-based materials, petroleum or petroleum distillates
or asbestos or material containing asbestos, polychlorinated biphenyls, radon gas, urea formaldehyde and any substances classified as
being “in inventory”, “usable work in process” or similar classification that would, if classified as unusable,
be included in the foregoing definition.


 


“Hedge Breakage Costs”
means, with respect to each Hedge Counterparty upon the early termination of any Hedge Transaction with such Hedge Counterparty, the net
amount, if any, payable by the Borrower to such Hedge Counterparty for the early termination of that Hedge Transaction or any portion
thereof.


 


“Hedge Counterparty”
means (a) DBNY and its affiliates and (b) any other entity that (i) on the date of entering into any Hedge Transaction
(x) is an interest rate swap dealer that has been approved in writing by the Facility Agent, and (y) has a long-term unsecured
debt rating of not less than “A” by S&P, not less than “A2” by Moody’s and not less than “A”
by Fitch (if such entity is rated by Fitch) (the “Long-term Rating Requirement”) and a short-term unsecured debt rating
of not less than “A-1” by S&P, not less than “P-1” by Moody’s and not less than “Fl” by
Fitch (if such entity is rated by Fitch) (the “Short-term Rating Requirement”), and (ii) in a Hedging Agreement
(x) consents to the assignment hereunder of the Borrower’s rights under the Hedging Agreement to the Facility Agent on behalf
of the Secured Parties and (y) agrees that in the event that Moody’s, S&P or Fitch reduces its long-term unsecured debt
rating below the Long-term Rating Requirement or reduces it short-term debt rating below the Short-term Rating Requirement, it shall either
collateralize its obligations in a manner reasonably satisfactory to the Facility Agent, or transfer its rights and obligations under
each Hedging Agreement (excluding, however, any right to net payments or Hedge Breakage Costs under any Hedge Transaction, to the extent
accrued to such date or to accrue thereafter and owing to the transferring Hedge Counterparty as of the date of such transfer) to another
entity that meets the requirements of clauses (b)(i) and (b)(ii) hereof.


 






    -26-


     


    

 


“Hedge Transaction”
means each interest rate swap, index rate swap or interest rate cap transaction or comparable derivative arrangement between the Borrower
and a Hedge Counterparty that is entered into pursuant to Section 10.6 and is governed by a Hedging Agreement.


 


“Hedging Agreement”
means the agreement between the Borrower and a Hedge Counterparty that governs one or more Hedge Transactions entered into by the Borrower
and such Hedge Counterparty pursuant to Section 10.6, which agreement shall consist of a “Master Agreement” in
a form published by the International Swaps and Derivatives Association, Inc., together with a “Schedule” thereto, and
each “Confirmation” thereunder confirming the specific terms of each such Hedge Transaction or a “Confirmation”
that incorporates the terms of such a “Master Agreement” and “Schedule.”


 


“Increased Costs”
means, collectively, any increased cost, loss or liability owing to the Facility Agent and/or any other Affected Person under Article V.


 


“Indebtedness”
means, with respect to any Person, as of any day, without duplication: (i) all obligations of such Person for borrowed money; (ii) all
obligations of such Person evidenced by bonds, debentures, notes, deferrable securities or other similar instruments; (iii) all obligations
of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course
of business; (iv) all obligations of such Person as lessee under capital leases; (v) all non-contingent obligations of such
Person to reimburse or prepay any bank or other Person in respect of amounts paid under a letter of credit, banker’s acceptance
or similar instrument; (vi) all debt of others secured by a Lien on any asset of such Person, whether or not such debt is assumed
by such Person; and (vii) all debt of others guaranteed by such Person and other contingent obligations to purchase, to provide funds
for payment, to supply funds to invest in any Person or otherwise to assure a creditor against loss (in each case excluding any unfunded
commitments of the Borrower with respect to any Variable Funding Asset).


 


“Indemnified Amounts”
has the meaning set forth in Section 16.1.


 


“Indemnified Party”
has the meaning set forth in Section 16.1.


 


“Indemnified Taxes”
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of
the Borrower under any Transaction Document and (b) to the extent not otherwise described in clause (a), Other Taxes.


 


“Independent Accountants”
means a firm of nationally recognized independent certified public accountants.


 






    -27-


     


    

 


“Independent Member”
means, if not the Independent Manager as of the Effective Date, with respect to any Person, that such Person is an individual who has
prior experience as an independent director, independent manager, independent limited partner or independent member with at least three
years of employment experience and who is provided by CT Corporation, Corporation Service Company, Puglisi & Associates, National
Registered Agents, Inc., Wilmington Trust Company, Lord Securities Corporation or an Affiliate thereof or, if none of those companies
is then providing professional independent managers or members, another nationally-recognized company reasonably approved by the Facility
Agent, in each case that is not an Affiliate of the Borrower and that provides professional independent directors, managers, limited partners
and/or members and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent
Member and is not, and has never been, and will not while serving as Independent Member be, any of the following:


 


(a)            a
member, partner, equityholder, manager, director, officer or employee of the Borrower, the Equityholder, any of their respective equityholders
or Affiliates or any other single purpose bankruptcy remote entity managed or controlled by the Servicer or any of its Affiliates (other
than his or her service as an Independent Manager of the Borrower);


 


(b)            a
creditor, supplier or service provider (including provider of professional services) to the Borrower, the Equityholder, or any of their
respective equityholders or Affiliates (other than (x) his or her service as an Independent Manager of the Borrower and (y) a
nationally-recognized company that routinely provides professional independent directors, managers, limited partners and/or members and
other corporate services to the Borrower, the Equityholder or any of their respective Affiliates in the ordinary course of its business);


 


(c)            a
family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider;
or


 


(d)            a
Person that controls (whether directly, indirectly or otherwise) any of (a), (b) or (c) above.


 


“Insolvency Event”
means, with respect to any Person, (a) the entry of a decree or order for relief by a court having jurisdiction in the premises in
respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy,
winding-up, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation
of such Person’s affairs, or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in
effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 45 days;
(b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar
law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such
law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general
assignment for the benefit of creditors, or such Person shall admit in writing its inability to pay its debts as such debts become due,
or the taking of action by such Person in furtherance of any of the foregoing or (c) any analogous procedure or step is taken in
any jurisdiction to which such Person is subject.


 






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“Interest Collection
Account” means a segregated, non-interest bearing securities account (within the meaning of Section 8-501 of the UCC) number
191244-201, which is created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection
Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties,
which is established and maintained pursuant to Section 8.1(a).


 


“Interest Collections”
means, with respect to the Collateral following the applicable Cut-Off Date, (i) all payments and collections owing to or received
by the Borrower in its capacity as lender and attributable to interest on any Collateral Obligation or other Collateral, including scheduled
payments of interest and payments of interest relating to principal prepayments, all guaranty payments attributable to interest and proceeds
of any liquidations, sales, dispositions or securitizations attributable to interest on such Collateral Obligation or other Collateral,
(ii) all periodic payments received by the Borrower pursuant to any Hedging Agreement (other than the notional amount received upon
the early termination of any Hedge Transaction or any portion thereof), (iii) any commitment, ticking, upfront, underwriting, origination
or amendment fees received in respect of any Collateral Obligation and (iv) the earnings on Interest Collections in the Collection
Account that are invested in Permitted Investments, in each case other than Retained Interests; provided that, any amounts received
after the end of the Revolving Period in respect of any Defaulted Collateral Obligation will constitute Principal Collections (and not
Interest Collections) until the aggregate of all collections in respect of such Defaulted Collateral Obligation since it became a Defaulted
Collateral Obligation equals the outstanding principal balance of such Loan at the time it became a Defaulted Collateral Obligation.


 


“Interest Rate”
means, for any Accrual Period and any Lender, a rate per annum equal to the sum of (a) the Applicable Margin and (b) the
Cost of Funds Rate for such Accrual Period and such Lender.


 


“Investment Manager”
has the meaning set forth in Section 10.21(c).


 


“IRS” means
the United States Internal Revenue Service.


 


“Lender”
means each Conduit Lender, each Committed Lender and each Uncommitted Lender, as the context may require.


 


“Lender Group”
means each Lender and related Agent from time to time party hereto.


 


“Leverage Multiple”
means, with respect to any Collateral Obligation for the most recent relevant period of time for which the Borrower has received the financial
statements of the relevant Obligor, the ratio of (i) Indebtedness of the relevant Obligor (other than Indebtedness of such Obligor
that is junior in terms of payment or lien subordination (including unsecured Indebtedness) to Indebtedness of such Obligor held by the
Borrower) less unrestricted cash of the relevant Obligor to (ii)(x) if such Collateral Obligation is a Multiple of Recurring Revenue
Loans, Revenue of such Obligor or (y) otherwise, EBITDA of such Obligor.


 






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“LIBOR Rate”
shall mean, with respect to any Accrual Period, the greater of (a) 0.0% and (b) the rate per annum shown by the Bloomberg
Professional Service as the London interbank offered rate for deposits in Dollars for a period equal to three (3) months as of 11:00
a.m., London time, two Business Days prior to the first day of such Accrual Period; provided, that in the event no such rate is
shown, the LIBOR Rate shall be the rate per annum based on the rates at which Dollar deposits for a period equal to three (3) months
are displayed on page “LIBOR” of the Reuters Monitor Money Rates Service or such other page as may replace the LIBOR
page on that service for the purpose of displaying London interbank offered rates of major banks as of 11:00 a.m., London time, two
Business Days prior to the first day of such Accrual Period (it being understood that if at least two such rates appear on such page,
the rate will be the arithmetic mean of such displayed rates); provided, further, that in the event fewer than two such
rates are displayed, or if no such rate is relevant, the LIBOR Rate shall be a rate per annum at which deposits in Dollars are
offered by the principal office of the Facility Agent in London, England to prime banks in the London interbank market at 11:00 a.m. (London
time) two Business Days before the first day of such Accrual Period for delivery on such first day and for a period equal to three (3) months.


 


“Lien”
means any security interest, lien, charge, pledge, preference, equity or encumbrance of any kind, including Tax liens, mechanics’
liens and any liens that attach by operation of law.


 


“Loan”
means any commercial loan.


 


“Loan Register”
has the meaning set forth in Section 15.5(a).


 


“Loan Registrar”
has the meaning set forth in Section 15.5(a).


 


“Maintenance Covenant”
means a covenant by any borrower to comply with one or more financial covenants during each reporting period (but not less frequently
than quarterly), whether or not such borrower has taken any specified action; provided that a covenant that otherwise satisfies
the definition hereof and only applies when amounts are outstanding under the related loan shall be a Maintenance Covenant.


 


“Make-Whole Fee”
has the meaning set forth in the Fee Letter.


 


“Margin Stock”
means “Margin Stock” as defined under Regulation U issued by the FRS Board.


 


“Master Participation
Agreement” means the Master Participation and Assignment Agreement dated as of the Effective Date between the Borrower and the
Equityholder, as participation seller.


 


“Material Action”
means an action to institute proceedings to have the Borrower be adjudicated bankrupt or insolvent, to file any insolvency case or proceeding,
to institute proceedings under any applicable insolvency law, to seek relief under any law relating to relief from debts or the protection
of debtors, or consent to the institution of bankruptcy or insolvency proceedings against the Borrower or file a petition seeking, or
consent to, reorganization or relief with respect to the Borrower under any applicable federal or state law relating to bankruptcy, or
consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Borrower or a
substantial part of its property, or make any assignment for the benefit of creditors of the Borrower, or admit in writing the Borrower’s
inability to pay its debts generally as they become due, or take action in furtherance of any such action.


 






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“Material Adverse
Effect” means a material adverse effect on: (a) the assets, operations, properties, financial condition, or business of
the Borrower or the Servicer; (b) the ability of the Borrower or the Servicer to perform its obligations under this Agreement or
any of the other Transaction Documents; (c) the validity or enforceability of this Agreement, any of the other Transaction Documents,
or the rights and remedies of the Secured Parties hereunder or thereunder taken as a whole; or (d) on the collateral assignments
and security interests granted by the Borrower in this Agreement.


 


“Material Modification”
means any amendment or waiver of, or modification or supplement to, any Underlying Instrument governing a Collateral Obligation executed
or effected on or after the related Cut-Off Date which:


 


(a)            reduces
or forgives any or all of the principal amount due under such Collateral Obligation;


 


(b)            (i) waives
one or more interest payments, (ii) permits any interest due in cash to be deferred or capitalized and added to the principal amount
of such Collateral Obligation (other than any deferral or capitalization already allowed by the terms of any Deferrable Collateral Obligation
as of the related Cut-Off Date) or (iii) reduces the spread or coupon payable on such Collateral Obligation; provided that
no such reduction of 10% or less shall constitute a Material Modification if (x) the Servicer certifies that such reduction results
solely from an increase in the credit quality of the related Obligor and (y) no more than two (2) such reductions have occurred
with respect to such Collateral Obligation;


 


(c)            contractually
or structurally subordinates such Collateral Obligation by operation of (i) any priority of payment provisions, (ii) turnover
provisions, (iii) the transfer of assets in order to limit recourse to the related Obligor or (iv) the granting of Liens (other
than by the granting of Permitted Liens) on any of the collateral securing such Collateral Obligation, each that requires the consent
of the Borrower or any lenders thereunder;


 


(d)            either
(i) extends the maturity date of such Collateral Obligation past the maturity date as of the related Cut-Off Date or (ii) extends
the amortization schedule with respect thereto;


 


(e)            substitutes,
alters or releases (other than by the granting of Permitted Liens) the Related Security securing such Collateral Obligation and such substitution,
alteration or release, individually or in the aggregate and as determined in the Facility Agent’s sole discretion, materially and
adversely affects the value of such Collateral Obligation;


 


(f)             results
in any less financial information in respect of reporting frequency, scope or otherwise being provided with respect to the related Obligor
or reduces the frequency or total number of any appraisals required thereunder that, in each case, has an effect on the ability of the
Servicer or the Facility Agent (as determined by the Facility Agent in its reasonable discretion) to make any determinations or calculations
required or permitted hereunder;


 






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(g)            amends,
waives, forbears, supplements or otherwise modifies in any way the definition of “permitted lien” or “indebtedness”
(or any similar term) in a manner that is materially adverse to any Lender;


 


(h)            results
in any change in the currency or composition of any payment of interest or principal to any currency other than that in which such Collateral
Obligation was originally denominated;


 


(i)             with
respect to an Asset Based Loan, results in a material change (as determined by the Facility Agent in its reasonable discretion) to or
grants relief from the borrowing base or any related definition;


 


(j)             other
than with respect to a Multiple of Recurring Revenue Loan, results in a change to the calculation of EBITDA for the related Obligor;


 


(k)            with
respect to a Multiple of Recurring Revenue Loan, results in a change to the measurement of Revenue as it relates to the underlying loan
covenants for the related Obligor; or


 


(l)             results
in any materially less financial information in respect of reporting frequency, scope or otherwise being provided with respect to the
related Obligor (as determined by the Facility Agent in its reasonable discretion) or reduces the frequency or total number of any appraisals
required thereunder, in each case except where expressly permitted under the related Underlying Instruments as of the related Cut-Off
Date; provided that any failure to provide timely quarterly or annual financial statements or, in the case of an Asset Based Obligation,
any reduction of the frequency of less than quarterly or total number of any appraisals required thereunder, in each case will be deemed
to be material.


 


“Maximum Availability”
means, as of any date of determination, the difference of (i) the Facility Amount minus (ii) the balance of all unfunded
Advances approved but not yet funded minus (iii) the Aggregate Unfunded Amount plus (iv) all amounts on deposit in the
Unfunded Exposure Account, each as of such date of determination.


 


“Maximum Portfolio
Advance Rate” means on any date of determination that occurs, the percentage corresponding to the applicable Diversity Score
as set forth in the table below:


 






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Diversity Score
 (on such date)
 	 	Maximum

 Portfolio Advance

 Rate (Non-First

 Lien Loans are less

 than or equal to

 25% of the Excess

 Concentration

 Measure)	 	 	Maximum

 Portfolio Advance

 Rate (Non-First

 Lien Loans are

 greater than 25%

 of the Excess

 Concentration

 Measure)	 
	Less than 10	 	 	50.0	%	 	 	45.0	%
	Greater than or equal to 10 and less than 15	 	 	60.0	%	 	 	50.0	%
	Greater than or equal to 15 and less than 20	 	 	65.0	%	 	 	55.0	%
	Greater than or equal to 20	 	 	67.5	%	 	 	60.0	%



 


“Maximum Weighted
Average Life Test” means a test that will be satisfied on any date of determination if the Weighted Average Life of all Eligible
Collateral Obligations included in the Collateral is less than or equal to 6.0 years.


 


“Measurement Date”
means each of the following, as applicable: (i) the Effective Date; (ii) each Determination Date; (iii) each Funding Date;
(iv) the date of any repayment or prepayment pursuant to Section 2.4; (v) the date that the Servicer has actual
knowledge of the occurrence of any Revaluation Event with respect to any Collateral Obligation; (vi) the date of any optional repurchase
or substitution pursuant to Section 7.11; (vii) the last date of the Revolving Period; (viii) the date of any Optional
Sale, (ix) to the extent not covered by another clause of this definition, the date of any change to the Aggregate Unfunded Amount
and (x) each date on which the Facility Agent amends a Discount Factor pursuant to Section 2.7.


 


“Mezzanine Loan”
means any Loan (other than an Unsecured Loan) that is not a First Lien Loan, FILO Loan or a Second Lien Loan.


 


“Minimum Diversity
Test” means a test that will be satisfied on any date of determination if the Diversity Score of all Eligible Collateral Obligations
included in the Collateral is equal to or greater than (x) 6, during the Ramp-up Period and (y) 10, thereafter.


 


“Minimum Equity Test”
means (i) prior to the earlier to occur of (a) the three-month anniversary of the Effective Date or (b) the first date
on which the Diversity Score equals or exceeds 20, as of any day during such time period, the Effective Equity, on such day, equals or
exceeds the greater of (a) the sum of the Principal Balances of the four Obligors of Collateral Obligations constituting the highest
aggregate Principal Balances and (b) $30,000,000 and (ii) thereafter, as of any day, the Effective Equity, on such day, equals
or exceeds the greater of (a) the sum of the Principal Balances of the five Obligors of Collateral Obligations constituting the highest
aggregate Principal Balances and (b) $40,000,000.


 


“Minimum Weighted
Average Coupon Test” means a test that will be satisfied on any date of determination if the Weighted Average Coupon of all
Eligible Collateral Obligations (including, for any Deferrable Collateral Obligation, only the required current cash pay interest thereon)
that are Fixed Rate Collateral Obligations included in the Collateral on such date is equal to or greater than 6.0%.


 






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“Minimum Weighted
Average Spread Test” means a test that will be satisfied on any date of determination if the Weighted Average Spread of all
Eligible Collateral Obligations included in the Collateral on such date is equal to or greater than 5.0%.


 


“Monthly Report”
means a monthly report in the form of Exhibit D prepared as of the close of business on each Reporting Date.


 


“Moody’s”
means Moody’s Investors Service, Inc., or any successor thereto.


 


“Multiemployer Plan”
shall mean a multiemployer plan, as defined in Section 3(37) or Section 4001(a)(3) of ERISA, as applicable, in respect
of which the Borrower or any ERISA Affiliate has or could have any obligation or liability, contingent or otherwise.


 


“Multiple of Recurring
Revenue Loan” means any Loan that is structured based on a multiple of the related Obligor’s Revenue.


 


“Non-First Lien Loan”
means any Eligible Collateral Obligation that is not a First Lien Loan.


 


“Non-Sustainable
Obligor” means any Obligor (a) currently engaged (i) in activities within or in close proximity to World Heritage
Sites that might impact the outstanding universal values of the site as defined by UNESCO, (ii) in activities located in or involving
the clearing of primary tropical moist forests, illegal logging or uncontrolled and/or illegal use of fire (iii) as an upstream producer
and / or processor of palm oil and palm fruit products that is not a member or certified in accordance with the Roundtable on Sustainable
Palm Oil (“RSPO”) or time-bound committed toward RSPO certification, (iv) in expanding an existing or developing
a new coal-fired power irrespective of location, (v) in developing greenfield thermal coal mining, or (vi) in using mountain
top removal as an extraction method in mining or (b) in relation to which there is evidence of child or forced labor in accordance
with international labor conventions or other human rights violations such as slavery, forced or compulsory labor and human trafficking
as defined by the Modern Slavery Act 2015.


 


“Note”
means a promissory grid note, in the form of Exhibit A, made payable to an Agent on behalf of the related Lender Group.


 


“Note Agent”
has the meaning set forth in Section 14.1.


 


“Obligations”
means all obligations (monetary or otherwise) of the Borrower to the Lenders, the Agents, the Collateral Agent, the Collateral Custodian,
the Securities Intermediary, the Facility Agent or any other Affected Person or Indemnified Party arising under or in connection with
this Agreement, the Notes and each other Transaction Document.


 


“Obligor”
means any Person that owes payments under any Collateral Obligation and, solely for purposes of calculating the Excess Concentration Amount
pursuant to clause (b) or (c) of the definition thereof, any Obligor that is an Affiliate of another Obligor
shall be treated as the same Obligor; provided that for purposes of this definition, the term Affiliate shall not include any Affiliate
relationship which may exist solely as a result of direct or indirect ownership of, or control by, a common financial sponsor.


 






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“Obligor Information”
means, with respect to any obligor, (i) the legal name, address and organizational chart and, if available to the Servicer using
commercially reasonable efforts, tax identification number of such Obligor, (ii) the jurisdiction in which such Obligor is domiciled,
(iii) the audited financial statements for the three prior fiscal years of such Obligor, (iv) the Servicer’s investment
committee memo with respect to the Obligor and the related Collateral Obligation, (v) the annual report for the most recent fiscal
year of such Obligor, (vi) a company forecast of such Obligor including plans related to capital expenditures, (vii), the business
model, company strategy and names of known peers of such Obligor, (viii) the shareholding pattern and details of the management team
of such Obligor, (ix) details of any banking facilities and the debt maturity schedule of such Obligor and (x) such other information
reasonably available to the Servicer as the Facility Agent may reasonably request; provided, that the foregoing shall not be required
separately to the extent that any such items have been previously delivered in connection with the investment committee memo delivered
pursuant to clause (iv) above; provided, further, that to the extent any of the above information is unavailable, the
Servicer shall notify the Facility Agent of such missing information, and the Facility Agent may, in its sole discretion, provide a waiver
with respect to such information.


 


“OFAC”
has the meaning set forth in Section 9.30(a).


 


“Officer’s
Certificate” means a certificate signed by an Executive Officer.


 


“Official Body”
means any government or political subdivision or any agency, authority, regulatory body, bureau, central bank, commission, department
or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, in each case whether
foreign or domestic.


 


“Opinion of Counsel”
means a written opinion of independent counsel reasonably acceptable in form and substance and from counsel reasonably acceptable to the
Facility Agent.


 


“Optional Sale”
has the meaning set forth in Section 7.10.


 


“Original Effective
LTV” means, with respect to any Collateral Obligation, the Effective LTV of such Collateral Obligation as calculated by the
Servicer and approved by the Facility Agent (which may include a normalized revolving loan assumption on any unfunded revolving loan)
in accordance with the definition of Effective LTV and the definitions used therein and set forth in the related Approval Request; provided
that, after an Effective LTV is included in the Pre-Approved List as the “Original Effective LTV” for a Collateral Obligation,
such Effective LTV shall be the “Original Effective LTV” for subsequent purchases of such Collateral Obligation.


 


“Original Leverage
Multiple” means, with respect to any Collateral Obligation, the Leverage Multiple applicable to such Collateral Obligation as
calculated by the Servicer (and, to the extent set forth in the Asset Approval Request, approved by the Facility Agent in the related
Asset Approval Notice) in accordance with the definition of Leverage Multiple and the definitions used therein and set forth in the related
Approval Request; provided that, after a Leverage Multiple is included in the Pre-Approved List as the “Original Leverage
Multiple” for a Collateral Obligation, such Leverage Multiple shall be the “Original Leverage Multiple” for subsequent
purchases of such Collateral Obligation.


 






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“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient
and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction
pursuant to or enforced any Transaction Document, or sold or assigned an interest in the Obligations or any Transaction Document).


 


“Other Taxes”
means all present or future stamp, court or documentary, intangible, mortgage, recording, filing or similar Taxes that arise from any
payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Transaction Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment.


 


“Participant”
has the meaning set forth in Section 15.9(a).


 


“Participant Register”
has the meaning set forth in Section 15.9(c).


 


“Participation Interest”
means a participation interest in a loan that would, at the time of acquisition or the Borrower’s commitment to acquire the same,
satisfy each of the following criteria: (i) such participation would constitute an Eligible Collateral Obligation were it acquired
directly, (ii) the seller of the participation is the lender on the subject loan, (iii) the aggregate participation in the loan
does not exceed the principal amount or commitment of such loan, (iv) such participation does not grant, in the aggregate, to the
participant in such participation a greater interest than the seller holds in the loan or commitment that is the subject of the participation,
(v) the entire purchase price for such participation is paid in full at the time of its acquisition, and (vi) the participation
provides the participant all of the economic benefit and risk of the whole or part of the loan or commitment that is the subject of the
loan participation.


 


“PBGC”
means the Pension Benefit Guaranty Corporation and its successors and assigns.


 


“Permitted Gaming
Industry” means an industry in respect of which the following conditions must be satisfied:


 


(a)            the
Obligor or any of its Affiliates hold the required licenses for the jurisdiction and are in compliance with the applicable local gaming,
betting and gambling legislation and regulation; and


 


(b)            the
Obligor or any of its Affiliates have satisfactory anti-financial crime policies (including anti-money laundering and anti-bribery and
corruption) in place which satisfy the applicable policies of the Servicer.


 


“Permitted Investment”
means, at any time:


 






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(a)            direct
interest-bearing obligations of, and interest-bearing obligations guaranteed as to timely payment of principal and interest by, the United
States or any agency or instrumentality of the United States, the obligations of which are backed by the full faith and credit of the
United States;


 


(b)            demand
or time deposits in, certificates of deposit of, demand notes of, or bankers’ acceptances issued by any depository institution or
trust company organized under the laws of the United States or any State thereof (including any federal or state branch or agency of a
foreign depository institution or trust company) and subject to supervision and examination by federal and/or state banking authorities
(including, if applicable, the Collateral Agent, the Collateral Custodian, the Securities Intermediary or Facility Agent or any agent
thereof acting in its commercial capacity); provided, that the short-term unsecured debt obligations of such depository institution
or trust company at the time of such investment, or contractual commitment providing for such investment, are rated at least “A-1”
by Standard & Poor’s and “P-1” by Moody’s;


 


(c)            commercial
paper that (i) is payable in Dollars and (ii) is rated at least “A-1” by Standard & Poor’s and “P-1”
by Moody’s; or


 


(d)            shares
or other securities of non-United States registered money market funds which funds have, at all times, credit ratings of “Aaa-mf”
by Moody’s and “AAAm” by Standard & Poor’s.


 


Permitted Investments may
be purchased by or through the Collateral Agent or any of its Affiliates. All Permitted Investments shall be held in the name of the Securities
Intermediary. No Permitted Investment shall have an “f”, “r”, “p”, “pi”, “q”,
 “sf” or “t” subscript affixed to its Standard & Poor’s rating. Any such investment may be made
or acquired from or through the Collateral Agent or the Facility Agent or any of their respective affiliates, or any entity for whom the
Collateral Agent or the Facility Agent or any of their respective affiliates provides services and receives compensation (so long as such
investment otherwise meets the applicable requirements of the foregoing definition of Permitted Investment at the time of acquisition);
provided, that notwithstanding the foregoing clauses (a) through (d), unless the Borrower and the Servicer have
received the written advice of counsel of national reputation experienced in such matters to the contrary (together with an Officer’s
Certificate of the Borrower or the Servicer to the Facility Agent, each Agent and the Collateral Agent that the advice specified in this
definition has been received by the Borrower and the Servicer), Permitted Investments may only include obligations or securities that
constitute cash equivalents for purposes of the rights and assets in paragraph (c)(8)(i)(B) of the exclusions from the definition
of “covered fund” for purposes of the Volcker Rule.


 


“Permitted Lien”
means (i) the Lien in favor of the Collateral Agent for the benefit of the Secured Parties and Liens in favor of the Collateral Agent
or the Securities Intermediary permitted under Section 11.6, (ii) Liens for Taxes, assessments or other governmental
charges or levies if such Taxes, assessments or other governmental charges or levies shall not at the time be due and payable or if a
Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves
in accordance with GAAP have been provided on the books of such Person, (iii) as to any Related Security, Liens for mechanics’
or suppliers’ liens for services or materials supplied, in either case, not yet due and payable or that are being contested in good
faith by appropriate proceedings diligently conducted and for which adequate reserves have been established in accordance with GAAP, (iv) as
to Related Security (1) the Lien in favor of the Borrower pursuant to the Sale Agreement and (2) any Liens on the Related Security
permitted pursuant to the applicable Underlying Instruments, (v) as to agented Loans, Liens in favor of the agent on behalf of all
the lenders of the related Obligor, (vi) one or more judgment Liens securing judgments and other proceedings not constituting an
Event of Default under Section 13.1(o) or a Servicer Default under clause (g) of the definition thereof, (vii) restrictions
on transfer with respect to any Collateral Obligation permitted under clause (v) of the definition of “Eligible Collateral
Obligations” and (viii) restrictions on transfer with respect to any Equity Security or Permitted Investment either imposed
by law or contained in the related Underlying Instruments.


 






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“Person”
means an individual, partnership, corporation (including a business trust), joint stock company, limited liability company, trust, unincorporated
association, joint venture, government or any agency or political subdivision thereof or any other entity.


 


“Plan”
means any “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to Title IV of ERISA, Section 412
and 430 of the Code, or Section 302 of ERISA and in respect of which the Borrower or any ERISA Affiliate (x) is (or, if such
Plan were terminated, would under Section 4062 or Section 4069 of ERISA be deemed to be) an “employer” as defined
in Section 3(5) of ERISA, or (y) has or could have any obligation or liability, contingent or otherwise.


 


“Pre-Approved List”
means the list of assets set forth on Schedule 7, which schedule specifies, as to each listed asset, (a) the price at which
such asset may be purchased (or an agreed-upon) means of determining the price at which such asset may be purchased by the Borrower, (b) the
principal balance (or related commitment) of such asset that may be purchased, (c) an agreed-upon Discount Factor for such asset
(which Discount Factor may be updated in accordance with Section 2.7(b) if a Revaluation Event occurs with respect to
such asset), (d) the time period during which the Borrower may purchase such asset including by way of a Participation Interest (which,
unless otherwise specified shall be thirty (30) days).


 


“Prepayment Notice”
has the meaning set forth in Section 2.4(b)(i).


 


“Principal Balance”
means with respect to any Collateral Obligation as of any date, the Purchase Price paid by the Borrower for such Collateral Obligation,
exclusive of (x) any deferred or capitalized interest on such Collateral Obligation and (y) any unfunded amounts with respect
to any Variable Funding Asset; provided, that for purposes of calculating the “Principal Balance” of any Deferrable
Collateral Obligation, principal payments received on such Collateral Obligation shall first be applied to reducing or eliminating any
outstanding deferred or capitalized interest; provided, further, that for purposes of the calculation set forth in clause
(f) of the definition of Excess Concentration Amount, the Principal Balance of each Variable Funding Asset shall also include any
unfunded commitment owed by the Borrower with respect thereto. The “Principal Balance” of any Equity Security shall be zero.


 






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“Principal Collections”
means any and all amounts of collections received with respect to the Collateral other than Interest Collections, including (but not limited
to) (i) all collections attributable to principal on such Collateral (including any proceeds received by the Borrower as a result
of exercising any Warrant Asset at any time), (ii) all notional payments received by the Borrower pursuant to any Hedging Agreement
upon early termination of the related Hedge Transaction or any portion thereof, (iii)  the earnings on Principal Collections in the
Collection Account that are invested in Permitted Investments, and (iv) all Repurchase Amounts, in each case other than Retained
Interests.


 


“Principal Collection
Account” means a segregated, non-interest bearing securities account (within the meaning of Section 8-501 of the UCC) number
191244-202, which is created and maintained on the books and records of the Securities Intermediary entitled “Principal Collection
Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties,
which is established and maintained pursuant to Section 8.1(a).


 


“Proceeding”
means any voluntary or involuntary insolvency, bankruptcy, receivership, custodianship, liquidation, dissolution, reorganization, assignment
for the benefit of creditors, appointment of a custodian, receiver, trustee or other officer with similar powers or any other proceeding
for the liquidation, dissolution or other winding up of a Person.


 


“Prohibited Defense
Asset” means a Collateral Obligation in respect of which the related Obligor’s primary direct business is the production
or distribution of antipersonnel landmines, cluster munitions, biological and chemical, radiological and nuclear weapons or their Critical
Components.


 


“Prohibited Industry”
means with respect to any Obligor, its primary business is (a) within an industry referred to in the definition of Prohibited Defense
Asset; (b) the manufacture of fully completed and operational assault weapons or firearms; (c) in pornography or adult entertainment;
or (d) in the gaming industry (other than (i) a Permitted Gaming Industry or (ii) hospitality and/or resorts development
or the management thereof).


 


“Purchase Price”
means, with respect to any Collateral Obligation, the greater of (a) zero and (b) the actual price in Dollars paid by the Borrower
for such Collateral Obligation minus all collections attributable to principal on such Collateral Obligation; provided that
any Collateral Obligation acquired by the Borrower with a “Purchase Price” equal to or greater than 97% (including, for the
avoidance of doubt, in excess of 100%) shall be deemed to have a “Purchase Price” equal to 100%.


 


“Qualified Substitute
Arrangement” has the meaning set forth in Section 10.6(c).


 


“Ramp-up Period”
means the period from and including the Third Amendment Effective Date to the earlier of (i) the first date on which the Aggregate
Eligible Collateral Obligation Amount plus all Principal Collections on deposit in the Principal Collection Account and the Unfunded Exposure
Account equals the Target Portfolio Amount and (ii) the six-month anniversary of the Third Amendment Effective Date.


 


“Rating Agencies”
means Standard & Poor’s and Moody’s.


 






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“Recipient”
means (a) the Facility Agent, (b) the Collateral Agent, (c) any Agent, (d) any Lender and (e) any other recipient
of a payment hereunder.


 


“Records”
means the Collateral Obligation File for any Collateral Obligation and all other documents, books, records and other information prepared
and maintained by or on behalf of the Borrower with respect to any Collateral Obligation and the Obligors thereunder, including all documents,
books, records and other information prepared and maintained by the Borrower or the Servicer with respect to such Collateral Obligation
or Obligors.


 


“Reinvestment”
has the meaning set forth in Section 8.3(b).


 


“Reinvestment Date”
has the meaning set forth in Section 8.3(b).


 


“Reinvestment Request”
has the meaning set forth in Section 8.3(b).


 


“Related Collateral
Obligation” means any Collateral Obligation where any Affiliate of the Borrower, Servicer or the Equityholder owns a Variable
Funding Asset pursuant to the same Underlying Instruments; provided that any such asset will cease to be a Related Collateral Obligation
once all commitments by such Affiliate of the Borrower, Servicer or the Equityholder to make advances or fund such Variable Funding Asset
to the related Obligor expire or are irrevocably terminated or reduced to zero.


 


“Related Committed
Lender” means, with respect to any Uncommitted Lender, each Committed Lender in its Lender Group.


 


“Related Property”
means, with respect to a Collateral Obligation, any property or other assets designated and pledged or mortgaged as collateral to secure
repayment of such Collateral Obligation, including, without limitation, any pledge of the stock, membership or other ownership interests
in the related Obligor or its subsidiaries, all Warrant Assets with respect to such Collateral Obligation and all proceeds from any sale
or other disposition of such property or other assets.


 


“Related Security”
means, with respect to each Collateral Obligation:


 


(a)            all
Warrant Assets and any Related Property securing a Collateral Obligation, all payments paid to the Borrower in respect thereof and all
monies due, to become due and paid to the Borrower in respect thereof accruing after the applicable Advance Date and all liquidation proceeds
thereof;


 


(b)            all
guaranties, indemnities and warranties, insurance policies, financing statements and other agreements or arrangements of whatever character
from time to time supporting or securing payment of any such indebtedness;


 


(c)            all
Collections with respect to such Collateral Obligation and any of the foregoing;


 






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(d)            any
guarantees or similar credit enhancement for an Obligor’s obligations under any Collateral Obligation, all UCC financing statements
or other filings relating thereto, including all rights and remedies, if any, against any Related Security, including all amounts due
and to become due to the Borrower thereunder and all rights, remedies, powers, privileges and claims of the Borrower thereunder (whether
arising pursuant to the terms of such agreement or otherwise available to the Borrower at law or in equity);


 


(e)            all
Records with respect to such Collateral Obligation and any of the foregoing; and


 


(f)            all
recoveries and proceeds of the foregoing.


 


“REO Asset”
means, with respect to any Collateral Obligation, any Related Property that has been foreclosed on or repossessed from the current Obligor
by the Servicer, and is being managed by the Servicer on behalf of, and in the name of, any REO Asset Owner, for the benefit of the Secured
Parties and any other equity holder of such REO Asset Owner.


 


“REO Asset Owner”
has the meaning set forth in Section 7.12(a).


 


“REO Servicing Standard”
has the meaning set forth in Section 7.12(a).


 


“Replacement Hedging
Agreement” means one or more Hedging Agreements, which in combination with all other Hedging Agreements then in effect, after
giving effect to any planned cancellations of any presently outstanding Hedging Agreements satisfy the Borrower’s covenant contained
in Section 10.6 to maintain Hedging Agreements.


 


“Reporting Date”
means, with respect to any Distribution Date, the Business Day prior to such Distribution Date.


 


“Repurchase Amount”
means, for any Warranty Collateral Obligation for which a payment or substitution is being made pursuant to Section 7.11 as
of any time of determination, the sum of (i) an amount equal to the purchase price paid by the Borrower for such Collateral Obligation
(excluding purchased accrued interest and original issue discount) less all payments of principal received in connection with such Collateral
Obligation since the date it was added to the Collateral, (ii) any accrued and unpaid interest thereon since the last Distribution
Date and (iii) all Hedge Breakage Costs owed to any relevant Hedge Counterparty for any termination of one or more Hedge Transactions,
in whole or in part, as required by the terms of any Hedging Agreement, incurred in connection with such payment or repurchase and the
termination of any Hedge Transactions in whole or in part in connection therewith.


 


“Repurchased Collateral
Obligation” means, with respect to any Collection Period, any Collateral Obligation as to which the Repurchase Amount has been
deposited in the Collection Account by or on behalf of the Borrower or the Servicer, as applicable, on or before the immediately prior
Reporting Date and any Collateral Obligation purchased by the Equityholder pursuant to the Sale Agreement as to which the Repurchase Amount
has been deposited in the Collection Account by or on behalf of the Equityholder.


 


“Request for Release
and Receipt” means a form substantially in the form of Exhibit F-2 completed and signed by the Servicer.


 






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“Required Lenders”
means, at any time, the Facility Agent and Lenders holding aggregate Advances equal to 50% of all Advances outstanding or if there are
no Advances outstanding, Lenders holding aggregate Commitments equal to 50% of all Commitments; provided, however, that at any
time there are two (2) or more Lenders, “Required Lenders” must include at least two (2) Lenders (who are not Affiliates
of each other).


 


“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.


 


“Responsible Officer”
means, with respect to (a) the Servicer or the Borrower, its Chief Executive Officer, Chief Operating Officer, or any other officer
or employee of the Servicer or the Borrower directly responsible for the administration or collection of the Collateral Obligations, (b) the
Collateral Agent or Collateral Custodian, any officer within the Corporate Trust Office, including any director, vice president, assistant
vice president or associate having direct responsibility for the administration of this Agreement, who at the time shall be such officers,
respectively, or to whom any matter is referred because of his or her knowledge of and familiarity with the particular subject, or (c) any
other Person, the President, any Vice-President or Assistant Vice-President, Corporate Trust Officer or the Controller of such Person,
or any other officer or employee having similar functions.


 


“Restricted Information”
has the meaning set forth in Section 10.21(b).


 


“Retained Economic
Interest” has the meaning set forth in Section 10.21(a).


 


“Retained Interest”
means, with respect to any Collateral Obligation included in the Collateral, (a) such obligations to provide additional funding with
respect to such Collateral Obligation that have been retained by the other lender(s) of such Collateral Obligation, (b) all
of the rights and obligations, if any, of the agent(s) under the Underlying Instruments, (c) any unused commitment fees associated
with the additional funding obligations that are being retained in accordance with clause (a) above, and (d) any agency or similar
fees associated with the rights and obligations of the agent(s) that are being retained in accordance with clause (b) above.


 


“Retention Holder
Collateral Obligations” means those Collateral Obligations with respect to which (i) the Equityholder or the Borrower was
party to the original Underlying Instruments which created such Collateral Obligations; or (ii) the Equityholder was involved in
originating by setting the terms relating to pricing and certain other economic provisions of, and from time to time participating in
the negotiations of, the Underlying Instruments which created such Collateral Obligations.


 


“Revaluation Diversion
Event” means an event that shall occur (and be deemed continuing at all times thereafter) if, at any time after the end of the
Revolving Period (a) the sum of all decreases in the Collateral Obligation Amount (occurring as a result of (x) decreases in
one or more Discount Factors pursuant to Section 2.7(b) or (y) any Eligible Collateral Obligation becoming a Defaulted
Collateral Obligation on or after the last day of the Revolving Period) after the end of the Revolving Period, first equals or exceeds
(A) 10.0% multiplied by (B) the Adjusted Aggregate Eligible Collateral Obligation Balance as of the first Business Day after
the end of the Revolving Period and (b) a Revaluation Event shall occur with respect to two (2) or more Collateral Obligations.


 






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“Revaluation Event”
means each occurrence of any of the following with respect to any Collateral Obligation during the time such Collateral Obligation is
Collateral:


 


(a)            such
Collateral Obligation becomes a Defaulted Collateral Obligation;


 


(b)            the
occurrence of a Material Modification with respect to such Collateral Obligation that is not previously approved by the Facility Agent
(in its sole discretion);


 


(c)            the
related Obligor fails to deliver to the Borrower or the Servicer any financial reporting information (i) as required by the Underlying
Instruments of such Collateral Obligation (after giving effect to the lesser of (x) thirty days and (y) any applicable grace
period thereunder) and (ii) no less frequently than quarterly;


 


(d)            with
respect to any Enterprise Value Loan that is not a Multiple of Recurring Revenue Loan, the Leverage Multiple with respect to such Collateral
Obligation increases by 1.00x or more over the Original Leverage Multiple with respect to such Collateral Obligation;


 


(e)            with
respect to any Asset Based Loan, the Effective LTV of such Collateral Obligation increases by more than an amount equal to 10% of the
Original Effective LTV of such Collateral Obligation;


 


(f)            with
respect to any Multiple of Recurring Revenue Loan, the Leverage Multiple with respect to such Collateral Obligation increases by 20% of
the Original Leverage Multiple with respect to such Collateral Obligation;


 


(g)            with
respect to any Multiple of Recurring Revenue Loan, the related Obligor’s last quarter annualized Revenue is less than $15,000,000
calculated using the most recent financial information of such Obligor received by the Borrower (or otherwise available to the Borrower
with respect to such Obligor);


 


(h)            with
respect to any Asset Based Loan, (A) the Borrower fails (or fails to cause the Obligor to) retain an Approved Valuation Firm to re-calculate
the Appraised Value of (x) with respect to any such Asset Based Loan that has intellectual property, equipment or real property,
as the case may be, in its borrowing base, the collateral securing such Asset Based Loan at least once every twelve (12) months that such
Loan is included in the Collateral (subject to a 30 day grace period with respect to any such review) and (y) with respect to all
other Asset Based Loans included in the Collateral, the collateral securing such Loan at least once every six (6) months that such
Loan is included in the Collateral (subject to a 30 day grace period with respect to any such review) or (B) the Borrower (or the
related Obligor, as applicable) changes the Approved Valuation Firm with respect to any Asset Based Loan that or the related Approved
Valuation Firm changes the metric for valuing the collateral of such Loan, each without the written approval of the Facility Agent;


 






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(i)             with
respect to any Discounted Collateral Obligation, the Collateral Market Value of such Collateral Obligation (as determined by the Servicer
in accordance with the Servicing Standard) has decreased by more than ten (10) percentage points (measured against the par amount
of such Collateral Obligation) from the market price of such Collateral Obligation on the relevant Cut-Off Date;


 


(j)             such
Collateral Obligation ceases to have either (x) a public rating by Standard & Poor’s of “CCC-” or above
or (y) a Moody’s probability of default rating (as published by Moody’s) of “Caa3” or above;


 


(k)            such
Collateral Obligation is the subject of an offer, exchange or tender by the related Obligor;


 


(l)             if
such Collateral Obligation is a Participation Interest (excluding Assigned Participation Interests for up to forty-five (45) Business
Days immediately following the Effective Date), the seller thereof ceases to have (x) long-term unsecured ratings of at least “Baa1”
by Moody’s and “BBB+” by S&P and (y) short-term unsecured ratings of at least “A-1” by S&P
and “P-1” by Moody’s or on the applicable Asset Approval Request unless waived by the Facility Agent, in its sole discretion;


 


(m)            the
Borrower sells or otherwise disposes of a portion of such Collateral Obligation at a price (as a percentage of par) less than the lower
of (i) 95% and (ii) the currently assigned Discount Factor minus 2.00%; or


 


(n)            the
related Obligor undergoes a merger, acquisition, consolidation or other restructuring or sells all or substantially all of its assets
or acquires all or substantially all of the assets of another Person.


 


“Revenue”
means, with respect to any Collateral Obligations that are Multiple of Recurring Revenue Loans, the definition of annualized recurring
revenue used in the Underlying Instruments for each such Collateral Obligation, or any comparable definition for “Revenue”
or “Adjusted Revenue” in the Underlying Instruments for each such Collateral Obligation; provided that if there is
no such definition in the Underlying Instruments, revenue for the related Obligor and any of its parents or Subsidiaries that are obligated
with respect to such Collateral Obligation pursuant to its Underlying Instruments (determined on a consolidated basis without duplication
in accordance with GAAP) for the most recent four fiscal quarter period for which financial statements have been delivered.


 


“Revolving Loan”
means a Collateral Obligation that specifies a maximum aggregate amount that can be borrowed by the related Obligor and permits such Obligor
to re-borrow any amount previously borrowed and subsequently repaid during the term of such Collateral Obligation.


 


“Revolving Period”
means the period of time starting on the Effective Date and ending on the earliest to occur of (i) the date that is three (3) years
after the Sixth Amendment Effective Date or, if such date is extended pursuant to Section 2.6, the date mutually agreed upon
by the Borrower and the Facility Agent, (ii) the date on which the Facility Amount is terminated in full pursuant to Section 2.5,
(iii) the occurrence of an Event of Default, (iv) a default under the Constituent Documents of the Equityholder or the Servicer
or (v) the termination of the reinvestment period of the Equityholder.


 






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“S&P Industry
Classification” means the industry classifications set forth in Schedule 2-B, as such industry classifications shall
be updated at the option of the Facility Agent in its sole discretion if S&P publishes revised industry classifications.


 


“Sale Agreement”
means the Sale and Contribution Agreement, dated as of the date hereof, by and between the Equityholder, as seller, and the Borrower,
as purchaser.


 


“Sanctioned Countries”
has the meaning set forth in Section 9.30.


 


“Sanctions”
has the meaning set forth in Section 9.30.


 


“Sanction Target”
has the meaning set forth in Section 9.30.


 


“Schedule of Collateral
Obligations” means the list or lists of Collateral Obligations attached as Schedule 3 as the same may be updated by the
Borrower (or the Servicer on behalf of the Borrower) from time to time or to each Asset Approval Request and each Reinvestment Request,
as applicable. Each such schedule shall identify the assets that will become Collateral Obligations, shall set forth such information
with respect to each such Collateral Obligation as the Borrower or the Facility Agent may reasonably require and shall supplement any
such schedules attached to previously delivered Asset Approval Requests and Reinvestment Requests.


 


“Scheduled Collateral
Obligation Payment” means each periodic installment payable by an Obligor under a Collateral Obligation for principal, interest
and/or unutilized/commitment fees (as applicable) in accordance with the terms of the related Underlying Instrument.


 


“Second Lien Loan”
means any Loan that (i) is not (and that by its terms is not permitted to become) subordinate in right of payment to any other obligation
of the related Obligor other than a FILO Loan or First Lien Loan with respect to the liquidation of such Obligor or the collateral for
such Loan and (ii) is secured by a valid second priority perfected Lien to or on specified collateral securing the related Obligor’s
obligations under the Loan, which Lien is not subordinate to the Lien securing any other debt for borrowed money other than a FILO Loan
or a First Lien Loan on such specified collateral and any Permitted Liens.


 


“Secured Parties”
means, collectively, the Collateral Agent, the Collateral Custodian, the Securities Intermediary, each Lender, the Facility Agent, each
Agent, each other Affected Person, Indemnified Party and Hedge Counterparty and their respective permitted successors and assigns.


 


“Securities Intermediary”
means the Collateral Custodian, or any subsequent institution acceptable to the Facility Agent at which the Accounts are kept.


 


“Servicer”
means initially New Mountain Finance Corporation or any successor servicer appointed pursuant to this Agreement.


 


“Servicer Default”
means the occurrence of one of the following events:


 






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(a)            any
failure by the Servicer to deposit or credit, or to deliver for deposit, in the Collection Account any amount required hereunder to be
so deposited, credited or delivered or to make any required distributions therefrom and, in each case, the same continues unremedied for
a period of (i) if such failure is solely the result of an administrative error, two (2) Business Days or (ii) otherwise,
one (1) Business Day;


 


(b)            failure
on the part of the Servicer duly to observe or to perform in any respect any other covenant or agreement of the Servicer set forth in
this Agreement which failure continues unremedied for a period of 30 days after the date on which written notice of such failure shall
have been given to the Servicer by the Borrower, the Collateral Agent or the Facility Agent;


 


(c)            the
occurrence of an Insolvency Event with respect to the Servicer;


 


(d)            any
representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other writing delivered pursuant
hereto shall prove to be false or incorrect as of the time when the same shall have been made or deemed made (i) which incorrect
representation, warranty or statement has a material and adverse effect on (1) the validity, enforceability or collectability of
this Agreement or any other Transaction Document or (2) the rights and remedies of any Secured Party with respect to matters arising
under this Agreement or any other Transaction Document, and (ii) within 30 days after written notice thereof shall have been given
to the Servicer by the Borrower, the Collateral Agent or the Facility Agent, the circumstance or condition in respect of which such representation,
warranty or statement was incorrect shall not have been eliminated or otherwise cured;


 


(e)            the
occurrence of an Event of Default;


 


(f)            the
failure of the Servicer to make any payment when due (after giving effect to any related grace period) under one or more agreements for
borrowed money to which it is a party in an aggregate amount in excess of $5,000,000, individually or in the aggregate; or (ii) the
occurrence of any event or condition that has resulted in or permits the acceleration of such recourse debt, whether or not waived;


 


(g)            the
rendering against the Servicer of one or more final, non-appealable judgments, decrees or orders for the payment of money in excess of
$5,000,000, individually or in the aggregate, and the continuance of such judgment, decree or order unsatisfied and in effect for any
period of more than sixty (60) consecutive days without a stay of execution;


 


(h)            a
Change of Control occurs;


 


(i)             New
Mountain Finance Corporation ceases to be the Servicer;


 


(j)             New
Mountain Finance Advisers BDC, L.L.C. or an Affiliate thereof ceases to be the investment manager of the Servicer; or


 


(k)            the
Servicer fails to maintain a minimum Tangible Net Worth of $500,000,000 plus 25% of the net proceeds of the sale of equity interests
by New Mountain Finance Corporation and its Affiliates on and after the Third Amendment Effective Date.


 






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“Servicer Expenses”
means any accrued and unpaid expenses (including reasonable attorneys’ fees, costs and expenses) and indemnity amounts payable by
the Borrower to the Servicer under the Transaction Documents.


 


“Servicing Standard”
means, with respect to any Collateral Obligations, to service and administer such Collateral Obligations on behalf of the Borrower for
the benefit of the Secured Parties in accordance with the Underlying Instruments and all customary and usual servicing practices which
are consistent with the higher of: (i) the customary and usual servicing practices that a prudent loan investor or lender would use
in servicing loans like the Collateral Obligations for its own account, and (ii) the same care, skill, prudence and diligence with
which the Servicer services and administers loans for its own account or for the account of others.


 


“Similar Law”
means any federal, state or local law, regulation or other legal constraint that is materially similar to the fiduciary and/or prohibited
transaction provisions of Title I of ERISA or Section 4975 of the Code.


 


“Sixth Amendment
Effective Date” means March 25, 2021.


 


“Specified Provisions”
has the meaning set forth in Section 7.11.


 


“Standard &
Poor’s” or “S&P” means S&P Global Ratings and any successor thereto.


 


“Structured Finance
Obligation” means any obligation secured directly by, referenced to, or representing ownership of, a pool of receivables or
other financial assets of any obligor, including collateralized debt obligations and mortgage-backed securities, including (but not limited
to) collateral debt obligations, collateral loan obligations, asset backed securities and commercial mortgage backed securities or any
resecuritization thereof.


 


“Subsidiary”
means, with respect to any Person, a corporation, partnership or other entity of which such Person and/or its other Subsidiaries own,
directly or indirectly, such number of outstanding shares or interests as have more than 50% of the ordinary voting power for the election
of directors, managers or general partners, as applicable.


 


“Substituted Collateral
Obligation” means, with respect to any Collection Period, any Warranty Collateral Obligation with respect to which the Equityholder
has substituted in a replacement Eligible Collateral Obligation pursuant to Section 7.11 and the Sale Agreement.


 


“Tangible Net Worth”
means, with respect to any Person, the consolidated assets minus the consolidated liabilities of such Person and its consolidated Subsidiaries
calculated in accordance with GAAP after subtracting therefrom the aggregate amount of the intangible assets of such Person and its consolidated
Subsidiaries, including, without limitation, goodwill, franchises, licenses, patents, trademarks, tradenames, copyrights and service marks,
subtracting such Person’s unrealized appreciation on investments, or adding back such Person’s unrealized depreciation on
investments, as the case may be.


 


“Target Portfolio
Amount” means $300,000,000 or the amount as increased from time to time in accordance with this Agreement.


 






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“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto.


 


“Third Amendment
Effective Date” means August 12, 2019.


 


“Transaction Documents”
means this Agreement, the Notes, the Sale Agreement, the Collateral Agent and Collateral Custodian Fee Letter, each Fee Letter, the Account
Control Agreement, the Master Participation Agreement and the other documents to be executed and delivered in connection with this Agreement,
specifically excluding from the foregoing, however, Underlying Instruments delivered in connection with this Agreement.


 


“UCC” means
the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or jurisdictions.


 


“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated
by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
of such credit institutions or investment firms.


 


“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.


 


“Uncommitted Lender”
means any Conduit Lender designated as an “Uncommitted Lender” for any Lender Group and any of its assignees.


 


“Underlying Instrument”
means the loan agreement, credit agreement or other customary agreement pursuant to which a Collateral Obligation has been created or
issued and each other agreement that governs the terms of or secures the obligations represented by such Collateral Obligation or of which
the holders of such Collateral Obligation are the beneficiaries.


 


“Undrawn Fee”
means a fee payable pursuant to Section 3.1(b) for each day of the related Collection Period equal to the product
of (x) the difference between the aggregate Commitments on such day minus the aggregate principal amount of outstanding Advances
on such day, multiplied by (y) the Undrawn Fee Rate multiplied by (z) 1/360; provided that, if as the result
of a Bail-In Action the Commitment of any Lender is reduced or any Lender is not permitted to fund all or a portion of its Commitment,
the Undrawn Fee payable to such Lender shall be calculated based on its Commitment as so reduced or not permitted to be funded; provided
further that any Lender shall not be entitled to any Undrawn Fee for each day during any period in which such Lender is in default
of its obligations under this Agreement or subject to an Insolvency Event (but, for the avoidance of doubt, payment of the Undrawn Fee
to such Lender shall recommence at such time when such Lender is no longer in default under this Agreement or subject to an Insolvency
Event).


 


“Undrawn Fee Rate”
has the meaning set forth in the Fee Letter.


 






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“Unfunded Exposure
Account” means a segregated, non-interest bearing securities account number 191244-203, which is created and maintained on the
books and records of the Securities Intermediary entitled “Unfunded Exposure Account” in the name of the Borrower and subject
to the Lien of the Collateral Agent for the benefit of the Secured Parties, which is established and maintained pursuant to Section 8.1(a).


 


“Unfunded Exposure
Equity Amount” means, as of any date of determination, with respect to any Variable Funding Asset included in the Collateral,
an amount equal to the sum of (i) the product of (a) the product of (x) Aggregate Unfunded Amount with respect to such
Collateral Obligation multiplied by (y) the Discount Factor (if any) assigned to such Collateral Obligation multiplied
by (b) the difference of (x) 100% minus (y) the lower of the Maximum Portfolio Advance Rate and the Weighted
Average Unfunded Advance Rate, in each case, as of such date plus (ii) the product of (a) Aggregate Unfunded Amount with
respect to such Collateral Obligation multiplied by (b) the difference of 100% minus the Discount Factor (if any) assigned
to such Collateral Obligation.


 


“Unfunded Exposure
Shortfall” has the meaning set forth in Section 8.1(a).


 


“Unmatured Event
of Default” means any event that, if it continues uncured, will, with lapse of time or notice or lapse of time and notice, constitute
an Event of Default.


 


“Unmatured Servicer
Default” means any event that, if it continues uncured, will, with lapse of time or notice or lapse of time and notice, constitute
a Servicer Default.


 


“Unsecured Loan”
means any loan that is not secured by a pledge of collateral.


 


“USA Patriot Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public
Law 107 56.


 


“U.S. Person”
means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.


 


“U.S. Tax Compliance
Certificate” has the meaning set forth in Section 4.3(f).


 


“Variable Funding
Asset” means any Revolving Loan or other asset that by its terms may require one or more future advances to be made to the related
Obligor by any lender thereon or owner thereof.


 


“Volcker Rule”
means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.


 


“Warrant Asset”
means any equity purchase warrants or similar rights convertible into or exchangeable or exercisable for any equity interests received
by the Borrower as an “equity kicker” from the Obligor in connection with a Collateral Obligation.


 


“Warranty Collateral
Obligation” has the meaning set forth in Section 7.11.


 






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“Weighted Average
Advance Rate” means, as of any date of determination with respect to all Eligible Collateral Obligations included in the Adjusted
Aggregate Eligible Collateral Obligation Balance, the number obtained by dividing (i) the amount obtained by summing the products
obtained by multiplying (a) the Advance Rate of each such Eligible Collateral Obligation by (b) such Eligible Collateral
Obligation’s contribution to the Adjusted Aggregate Eligible Collateral Obligation Balance by (ii) the Adjusted Aggregate Eligible
Collateral Obligation Balance, in each case, as of such date.


 


“Weighted Average
Coupon” means, as of any day, the number expressed as a percentage obtained by dividing (i) the sum for each Eligible Collateral
Obligation (including, for any Deferrable Collateral Obligation, only the required current cash pay interest thereon) that is a Fixed
Rate Collateral Obligation of (x) the interest rate for each such Collateral Obligation multiplied by (y) the Principal Balance
of each such Collateral Obligation by (ii) the aggregate Principal Balance of all Fixed Rate Collateral Obligations.


 


“Weighted Average
Life” means, as of any day with respect to all Eligible Collateral Obligations included in the Collateral, the number of years
following such date obtained by dividing (i) the amount obtained by summing the products obtained by multiplying (a) the
Average Life at such time of each such Eligible Collateral Obligation by (b) the Collateral Obligation Amount of such Collateral
Obligation by (ii) the Aggregate Eligible Collateral Obligation Amount.


 


“Weighted Average
Spread” means, as of any day, the number expressed as a percentage equal to (i) the Aggregate Funded Spread divided by
(ii) the sum of the Principal Balances for all Eligible Collateral Obligations.


 


“Weighted Average
Unfunded Advance Rate” means, as of any date of determination with respect to all Eligible Collateral Obligations that are Variable
Funding Assets included in the Adjusted Aggregate Eligible Collateral Obligation Balance, the number obtained by dividing (i) the
amount obtained by summing the products obtained by multiplying (a) the Advance Rate of each such Variable Funding Asset by
(b) such Variable Funding Asset’s contribution to the Adjusted Aggregate Eligible Collateral Obligation Balance by (ii) the
sum of all Variable Funding Assets’ contributions to the Adjusted Aggregate Eligible Collateral Obligation Balance.


 


“Withholding Agent”
means the Borrower, the Facility Agent, the Collateral Agent and the Servicer.


 


“Write-Down and Conversion
Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution
Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers
are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution
Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or
any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations
of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised
under it or to suspend any obligation in respect of that liability or any of the powers under the Bail-In Legislation that are related
to or ancillary to any of those powers.


 






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“written”
or “in writing” (and other variations thereof) means any form of written communication or a communication by means
of telex, telecopier device, telegraph or cable.


 


“Yield”
means, with respect to any period, the daily interest accrued on Advances during such period as provided for in Article III.


 


Section 1.2     Other
Definitional Provisions. (a)  Unless otherwise specified therein, all terms defined in this Agreement have the meanings
as so defined herein when used in the Notes or any other Transaction Document, certificate, report or other document made or delivered
pursuant hereto or thereto.


 


(b)            Each
term defined in the singular form in Section 1.1 or elsewhere in this Agreement shall mean the plural thereof when the plural
form of such term is used in this Agreement, the Notes or any other Transaction Document, certificate, report or other document made or
delivered pursuant hereto or thereto, and each term defined in the plural form in Section 1.1 shall mean the singular thereof
when the singular form of such term is used herein or therein.


 


(c)            The
words “hereof,” “herein,” “hereunder” and similar terms when used in this Agreement shall refer to
this Agreement as a whole and not to any particular provision of this Agreement, the term “including” means “including
without limitation,” and article, section, subsection, schedule and exhibit references herein are references to articles, sections,
subsections, schedules and exhibits to this Agreement unless otherwise specified.


 


(d)            The
following terms which are defined in the UCC in effect in the State of New York on the date hereof are used herein as so defined: Accounts,
Certificated Securities, Chattel Paper, Control, Deposit Account, Documents, Equipment, Financial Assets, Funds-Transfer System, General
Intangibles, Indorse and Indorsed, Instruments, Inventory, Investment Property, Proceeds, Securities Account, Securities
Intermediary, Security Certificates, Security Entitlements, Security Interest and Uncertificated Securities.


 


(e)            On
each Measurement Date, the status of each Eligible Collateral Obligation shall be re-determined by the Servicer as of such date and, as
a consequence thereof, Collateral Obligations that were previously Eligible Collateral Obligations on a prior Measurement Date may be
excluded from the Aggregate Eligible Collateral Obligation Amount calculated on such Measurement Date.


 


(f)            Unless
otherwise specified, each reference in this Agreement or in any other Transaction Document to a Transaction Document shall mean such Transaction
Document as the same may from time to time be amended, restated, supplemented or otherwise modified in accordance with the terms of the
Transaction Documents.


 






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(g)            Unless
otherwise specified, each reference to any Applicable Law means such Applicable Law as amended, modified, codified, replaced or reenacted,
in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any
Section or other provision of any Applicable Law means that provision of such Applicable Law from time to time in effect and constituting
the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision.


 


(h)            All
calculations required to be made hereunder with respect to the Collateral Obligations, the Maximum Availability and the Borrowing Base
shall be made on a settlement date basis and after giving effect to (x) all purchases or sales to be entered into on such settlement
date, (y) all Advances requested to be made on such settlement date plus the balance of all unfunded Advances to be made in connection
with the Borrower’s purchase of previously requested (and approved) Collateral Obligations or any funding with respect to a Variable
Funding Asset included in the Collateral and (z) the application of any Principal Collections on deposit in the Principal Collection
Account necessary to settle all outstanding and unsettled assignments.


 


(i)            Any
use of the term “knowledge” or “actual knowledge” in this Agreement shall mean actual knowledge after reasonable
inquiry.


 


(j)            Any
use of “material” or “materially” or words of similar meaning in this Agreement shall mean material, as determined
by the Facility Agent in its reasonable discretion.


 


(k)            For
purposes of this Agreement, an Event of Default or Servicer Default shall be deemed to be continuing until it is waived in accordance
with Section 17.2.


 


(l)            Unless
otherwise expressly stated in this Agreement, if at any time any change in generally accepted accounting principles (including the adoption
of IFRS) would affect the computation of any covenant (including the computation of any financial covenant) set forth in this Agreement
or any other Transaction Document, the Borrower and the Facility Agent shall negotiate in good faith to amend such covenant to preserve
the original intent in light of such change; provided, that, until so amended, (i) such covenant shall continue to be computed
in accordance with the application of generally accepted accounting principles prior to such change and (ii) the Borrower shall provide
to the Facility Agent a written reconciliation in form and substance reasonably satisfactory to the Facility Agent, between calculations
of such covenant made before and after giving effect to such change in generally accepted accounting principles.


 


Article II


 


THE FACILITY,
ADVANCE PROCEDURES AND NOTES


 


Section 2.1     Advances.
(a)  On the terms and subject to the conditions set forth in this Agreement, each Lender Group hereby agrees to make advances
to or on behalf of the Borrower (individually, an “Advance” and collectively the “Advances”) from
time to time on any date (each such date on which an Advance is made, an “Advance Date”) during the period from the
Effective Date to the end of the Revolving Period; provided that there shall be no more than two (2) Advance Dates during
any calendar week.


 






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(b)            Under
no circumstances shall any Lender make an Advance if, after giving effect to such Advance and any purchase of Eligible Collateral Obligations
in connection therewith, the aggregate outstanding principal amount of all Advances would exceed the lowest of (i) the Facility
Amount, (ii) the Borrowing Base and (iii) the Maximum Availability. Subject to the terms of this Agreement, during the Revolving
Period, the Borrower may borrow, reborrow, repay and prepay (subject to the provisions of Section 2.4) one or more Advances.


 


Section 2.2     Funding
of Advances. (a)  Subject to the satisfaction of the conditions precedent set forth in Section 6.2, the Borrower
may request Advances hereunder by giving notice to the Facility Agent, each Agent and the Collateral Agent of the proposed Advance at
or prior to 11:00 a.m., New York City time, at least two (2) Business Days prior to the proposed Advance Date. Such notice (herein
called the “Advance Request”) shall be in the form of Exhibit C-1 and shall include (among other things)
the proposed Advance Date and amount of such proposed Advance, and shall, if applicable, be accompanied by an Asset Approval Request
setting forth the information required therein with respect to the Collateral Obligations to be acquired by the Borrower on the Advance
Date (if applicable). The amount of any Advance shall at least be equal to the least of (x) $500,000, (y) the (1) Borrowing
Base on such day minus (2) the Advances outstanding on such day and (z) the (1) Facility Amount on such day minus
(2) the Advances outstanding on such day before giving effect to the requested Advance as of such date. Any Advance Request
given by the Borrower pursuant to this Section 2.2, shall be irrevocable and binding on the Borrower; provided that
any Advance Request which is conditioned upon the effectiveness of other transactions may be revoked or delayed by the Borrower (by notice
to the Facility Agent on or prior to the proposed Advance Date) if such other transaction fails to become effective. The Facility Agent
shall have no obligation to lend funds hereunder in its capacity as Facility Agent. Subject to receipt by the Collateral Agent of an
Officer’s Certificate of the Borrower confirming the satisfaction of the conditions precedent set forth in Section 6.2,
and the Collateral Agent’s receipt of such funds from the Lenders no later than 2:30 p.m. (New York City time) (or such other
time as otherwise agreed in writing between the Lenders and the Collateral Agent), the Collateral Agent shall make the proceeds of such
requested Advances available to the Borrower by deposit to such account as may be designated by the Borrower in the Advance Request in
same day funds no later than 3:00 p.m., New York City time, on such Advance Date.


 


(b)            Committed
Lender’s Commitment. At no time will any Uncommitted Lender have any obligation to fund an Advance. At all times on and after
the Conduit Advance Termination Date for a Conduit Lender in a Lender Group, all Advances shall be made by the Committed Lenders in such
Lender Group. At any time when any Uncommitted Lender has failed to or has rejected a request to fund an Advance, its Agent shall so notify
the Related Committed Lender and such Related Committed Lender shall fund such Advance. Notwithstanding anything contained in this Section 2.2(b) or
elsewhere in this Agreement to the contrary, no Committed Lender shall be obligated to provide its Agent or the Borrower with funds in
connection with an Advance in an amount that would result in the portion of the Advances then funded by it exceeding its Commitment then
in effect. The obligation of the Committed Lender in each Lender Group to remit any Advance shall be several from that of the other Lenders,
and the failure of any Committed Lender to so make such amount available to its Agent shall not relieve any other Committed Lender of
its obligation hereunder.


 






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(c)            Unfunded
Commitment Provisions. Notwithstanding anything to the contrary herein, upon the occurrence of the earlier of (i) any acceleration
of the maturity of Advances pursuant to Section 13.2 and (ii) the end of the Revolving Period, the Borrower shall request
an Advance in the amount of the Aggregate Unfunded Amount minus the amount already on deposit in the Unfunded Exposure Account. Following
receipt of such Advance Request, the Lenders shall fund such requested amount by transferring such amount directly to the Collateral Agent
to be deposited into the Unfunded Exposure Account, notwithstanding anything to the contrary herein (including, without limitation, the
Borrower’s failure to satisfy any of the conditions precedent set forth in Section 6.2 and the time period specified
in Section 2.2(a)).


 


Section 2.3     Notes.
The Borrower shall, upon request of any Lender Group, on or after such Lender Group becomes a party hereto (whether on the Effective
Date or by assignment or otherwise), execute and deliver a Note evidencing the Advances of such Lender Group. Each such Note shall be
payable to the Agent for such Lender Group in a face amount equal to the applicable Lender Group’s Commitment as of the Effective
Date or the effective date on which such Lender Group becomes a party hereto, as applicable. The Borrower hereby irrevocably authorizes
each Agent to make (or cause to be made) appropriate notations on the grid attached to the Notes (or on any continuation of such grid,
or at the option of such Agent, in its records), which notations, if made, shall evidence, inter alia, the date of the outstanding
principal of the Advances evidenced thereby and each payment of principal thereon. Such notations shall be rebuttably presumptive evidence
of the subject matter thereof absent manifest error; provided, that the failure to make any such notations shall not limit or
otherwise affect any of the Obligations or any payment thereon. Each note shall be a registered note.


 


Section 2.4     Repayment
and Prepayments. (a) The Borrower shall repay the Advances outstanding (i) on each Distribution Date to the extent required
to be paid hereunder and funds are available therefor pursuant to Section 8.3 and (ii) in full on the Facility Termination
Date.


 


(b)            Prior
to the Facility Termination Date, the Borrower may, from time to time, make a voluntary prepayment, in whole or in part, of the outstanding
principal amount of any Advance using Principal Collections on deposit in the Principal Collection Account or other funds available to
the Borrower on such date; provided, that:


 


(i)            all
such voluntary prepayments shall require prior written notice to the Facility Agent (with a copy to the Collateral Agent and each Agent)
by 11:00 a.m. one (1) Business Day prior to such voluntary prepayment, which notice (herein called the “Prepayment
Notice”) shall be in the form of Exhibit C-4 and shall include (among other things) the proposed date of such prepayment
and the amount and allocation of such prepayment;


 


(ii)           each
such voluntary partial prepayment shall be in a minimum amount of $500,000; and


 


(iii)          each
prepayment shall be applied on the Business Day received by the Facility Agent if received by 3:00 p.m., New York City time, on such day
as Amount Available constituting Principal Collections pursuant to Section 8.3(a) as if (x) the date of such prepayment
were a Distribution Date and (y) such prepayment occurred during the Collection Period to which such Distribution Date relates.


 






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Section 2.5     Permanent
Reduction of Facility Amount. The Borrower may at any time upon five Business Days’ prior written notice to the Facility Agent
(with a copy to each Agent and the Collateral Agent), permanently reduce the Facility Amount (i) in whole or in part upon payment
in full (in accordance with Section 2.4) of the aggregate outstanding principal amount of all Advances or (ii) in part
by any pro rata amount that the Facility Amount exceeds the aggregate outstanding principal amount of all Advances (after giving
effect to any concurrent prepayment thereof). In connection with any permanent reduction of the Facility Amount under this Section 2.5,
the Borrower shall pay any applicable fees under any Fee Letter and the Commitment of each Committed Lender shall automatically, and
without any further action by any party, be reduced pro rata with all other Committed Lenders such that the sum of all Commitments
will equal the newly reduced Facility Amount.


 


Section 2.6     Extension
of Revolving Period. The Borrower may, at any time after six months from the Effective Date, prior to the date that is 30 calendar
days prior to the last date of the Revolving Period, deliver a written notice to the Facility Agent and the Lenders (with a copy to the
Collateral Agent) requesting an extension of the Revolving Period for an additional twelve months (each qualifying request, an “Extension
Request”). Each Lender may approve or decline an Extension Request in its sole discretion; provided that the Lenders
shall respond to an Extension Request in writing not later than 30 days following receipt of such Extension Request, and if any Lender
does not respond in writing by the end of such 30 day period it shall be deemed to have denied such Extension Request. To the extent
any Lender declines an Extension Request pursuant to this Section 2.6 and such extension is thereafter approved, either (i) such
Lender’s Advances shall be repaid in full by the Borrower on the date of such extension (and no non-call agreement shall apply),
and the Facility Amount shall be reduced on such date by such non-extending Lender’s Commitment or (ii) each extending Lender
shall have the right (but not the obligation) to purchase the Commitment and outstanding Advances and other Obligations of such declining
Lender, and such declining Lender agrees to assign its Commitment and outstanding Advances and other Obligations to each such extending
Lender; provided that if multiple Lenders make any such request, the declining Lender’s Commitment and outstanding Advances
and other Obligations will be allocated pro rata (based on their existing Commitments) to each such extending Lender.


 


Section 2.7     Calculation
of Discount Factor.


 


(a)            In
connection with the purchase of each Collateral Obligation and prior to such Collateral Obligation being purchased by the Borrower and
included in the Collateral, the Facility Agent will assign (in its sole discretion) a Discount Factor for such Collateral Obligation,
which Discount Factor shall remain effective for such Collateral Obligation except as provided in clause (b) below; provided
that, in connection with assigning a Discount Factor for any Collateral Obligation, the Facility Agent shall take into account whether
the Purchase Price with respect to such Collateral Obligation already reflects any market discount so as to avoid duplication;


 






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(b)            If
a Revaluation Event occurs with respect to any Collateral Obligation, the Discount Factor of such Collateral Obligation may be amended
by the Facility Agent, in its sole discretion. The Facility Agent will provide written notice of the revised Discount Factor to the Borrower,
the Servicer and each Agent. To the extent the Servicer has actual knowledge or has received notice of any Revaluation Event with respect
to any Collateral Obligation, the Servicer shall give prompt notice thereof to the Facility Agent (but, in any event, not later than two
Business Days after it receives notice or gains actual knowledge thereof). The Servicer may dispute the Discount Factor as set forth in
clause (c) below at the expense of the Borrower unless:


 


(i)            such
Collateral Obligation is a Multiple of Recurring Revenue Loan;


 


(ii)           the
then-current Leverage Multiple with respect to the Collateral Obligation subject to such Revaluation Event is 2.00x or more than the related
Original Leverage Multiple; or


 


(iii)          such
Collateral Obligation was subject to a prior Revaluation Event.


 


(c)            The
Servicer may dispute the Discount Factor of any Collateral Obligation by:


 


(i) if such Collateral
Obligation is a Loan that (i) is a broadly syndicated commercial loan, (ii) has a first lien tranche size of $250,000,000 or
greater as of the Cut-Off Date, (iii) has EBITDA of $50,000,000 or greater, (iv) such Loan or the related obligor has (x) a
Moody’s facility rating not lower than “B3” or (y) a facility rating by S&P not lower than “B-”,
and (v) at least two (2) Approved Broker Dealer quotes have been determined with respect to such Loan (a “Broadly Syndicated
Loan”), calculating the Collateral Market Value for such Broadly Syndicated Loan on a weekly basis and reporting such calculation
to the Facility Agent within two (2) Business Days thereof (which most recent weekly calculation shall be used as the Discount Factor),
until the Facility Agent gives notice that the related Revaluation Event is released; or


 


(ii) if such Collateral
Obligation is not a Broadly Syndicated Loan, retaining an Approved Valuation Firm within 30 days of the applicable Revaluation Event and
causing such Approved Valuation Firm to report such valuation every six (6) months to the Facility Agent (with a copy to each Agent)
(which most recent valuation shall be used as the Discount Factor unless any such valuation decreases the Discount Factor by more than
15%, in which case the Discount Factor may be re-determined by the Facility Agent in its sole discretion), until the Facility Agent gives
notice that the related Revaluation Event is released; provided that the Servicer may not change the Approved Valuation Firm for
any Collateral Obligation without the prior written consent of the Facility Agent.


 






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Section 2.8     Increase
in Facility Amount. The Borrower may, with the prior written consent of the Facility Agent, (i) increase the Commitment of the
existing Lender Groups (pro rata) by an additional $200,000,000 with the consent of each Agent (unless otherwise agreed to by the Facility
Agent and each Agent in their respective sole discretion), (ii) add additional Lender Groups without the consent of any Agent and/or
(iii) increase the Commitment of any Lender Group with the consent of the Agent for such Lender Group, in each case which shall
increase the Facility Amount by the amount of the Commitment of each such existing or additional Lender Group. For the avoidance of doubt,
any consent of the Facility Agent or any Agent required in accordance with this Section 2.8 may be conditioned on one or
more conditions precedent in their respective sole discretion. If there is any increase in any Commitment, the Facility Agent shall promptly
provide notice to each Agent.


 


Section 2.9     Defaulting
Lenders. (a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender,
then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law:


 


(i)            any
payment of principal, interest, fees or other amounts received by the Collateral Agent for the account of that Defaulting Lender (whether
voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by the Facility Agent
as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Facility Agent hereunder; second, as the Borrower
may request (so long as no Event of Default or Unmatured Event of Default exists (except to the extent caused by such Defaulting Lender,
as determined by the Facility Agent in its sole discretion)), to the funding of any Advance in respect of which such Defaulting Lender
has failed to fund its portion thereof as required by this Agreement, as determined by the Facility Agent; third, if so determined by
the Facility Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations
of that Defaulting Lender to fund future Advances under this Agreement; fourth, to the payment of any amounts owing to the other Lenders
as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of
such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Event of Default or Unmatured Event
of Default exists (except to the extent caused by such Defaulting Lender, as determined by the Facility Agent in its sole discretion),
to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by such
Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
and sixth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment
is a payment of the principal amount of any Advances in respect of which such Defaulting Lender has not fully funded its appropriate share,
such payment shall be applied solely to pay the Advances of all non-Defaulting Lenders on a pro rata basis prior to being applied
to the payment of any Advances of such Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender
that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.9
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto; and


 


(ii)            for
any period during which such Lender is a Defaulting Lender, such Defaulting Lender shall not be entitled to receive any Undrawn Fee for
any period during which that Lender is a Defaulting Lender (and under no circumstance shall the Borrower retroactively be or become required
to pay any such fee that otherwise would have been required to have been paid to such Defaulting Lender).


 






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(b)            If
the Facility Agent and the Borrower determine in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting
Lender, the Facility Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject
to any conditions set forth therein (which may include arrangements with respect to any cash collateral), such Lender will, to the extent
applicable, purchase that portion of outstanding Advances of the other Lenders or take such other actions as the Facility Agent may determine
to be necessary to cause the Advances to be held on a pro rata basis by the Lenders, whereupon that Lender will cease to be a Defaulting
Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of
the Borrower while that Lender was a Defaulting Lender; provided, further, that except to the extent otherwise expressly
agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim
of any party hereunder arising from that Lender’s having been a Defaulting Lender.


 


Article III


 


YIELD,
UNDRAWN FEE, ETC.


 


Section 3.1     Yield
and Undrawn Fee. (a)  The Borrower hereby promises to pay, on the dates specified in Section 3.2, Yield on
the outstanding amount of each Advance (or each portion thereof) for the period commencing on the applicable Advance Date until such
Advance is paid in full. No provision of this Agreement or the Notes shall require the payment or permit the collection of Yield in excess
of the maximum amount permitted by Applicable Law.


 


(b)            The
Borrower shall pay the Undrawn Fee on the dates specified in Section 3.2.


 


Section 3.2     Yield
and Undrawn Fee Distribution Dates. Yield accrued on each Advance (including any previously accrued and unpaid Yield) and the Undrawn
Fee (as applicable) shall be payable, without duplication:


 


(a)            on
the Facility Termination Date;


 


(b)            on
the date of any payment or prepayment, in whole or in part, of principal outstanding on such Advance; and


 


(c)            on
each Distribution Date.


 


Section 3.3     Yield
Calculation. Each Note shall bear interest on each day during each Accrual Period at a rate per annum equal to the product
of (a) the Interest Rate for such Accrual Period multiplied by (b) the outstanding amount of Advances attributable to
such Note on such day. All Yield shall be computed on the basis of the actual number of days (including the first day but excluding the
last day) occurring during the period for which such Yield is payable over a year comprised of 360 days.


 






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Section 3.4     Computation
of Yield, Fees, Etc. Each Agent (on behalf of its respective Lender Group) and the Facility Agent shall determine the applicable
Yield and all Fees to be paid by the Borrower on each Distribution Date for the related Accrual Period and shall advise the Collateral
Agent thereof in writing no later than the Determination Date immediately prior to such Distribution Date. Such reporting may also include
an accounting of any amounts due and payable pursuant to Sections 4.3 and 5.1.


 


Article IV


 


PAYMENTS;
TAXES


 


Section 4.1     Making
of Payments. Subject to, and in accordance with, the provisions hereof and Section 2.4 or Section 8.3(a),
as applicable, all payments of principal of or Yield on the Advances and other amounts due to the Lenders shall be made pursuant to Section 8.3(a) no
later than 3:00 p.m., New York City time, on the day when due in lawful money of the United States of America in immediately available
funds. Payments received by any Lender or Agent after 3:00 p.m., New York City time, on any day will be deemed to have been received
by such Lender or Agent on the next following Business Day. The respective Agent for each Lender Group shall allocate to the Lenders
in its Lender Group each payment in respect of the Advances received by the respective Agent as provided by Section 8.3(a) or
Section 2.4, as applicable. Payments in reduction of the principal amount of the Advances shall be allocated and applied
to Lenders pro rata based on their respective portions of such Advances, or in any such case in such other proportions as each
affected Lender may agree upon in writing from time to time with such Agent and the Borrower. Payments of Yield and Undrawn Fee shall
be allocated and applied to Lenders pro rata based upon the respective amounts of such Yield and Undrawn Fee due and payable to
them.


 


Section 4.2     Due
Date Extension. If any payment of principal or Yield with respect to any Advance falls due on a day which is not a Business Day,
then such due date shall be extended to the next following Business Day, and additional Yield shall accrue and be payable for the period
of such extension at the rate applicable to such Advance.


 


Section 4.3     Taxes.
(a)  Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Transaction
Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as
determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any
such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and
shall timely pay the full amount deducted or withheld to the relevant Official Body in accordance with Applicable Law and, if such Tax
is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding
has been made (including such deductions and withholdings applicable to additional sums payable under this Section 4.3) the
applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.


 


(b)            Payment
of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Official Body in accordance with Applicable Law, or
at the option of the Facility Agent timely reimburse it for the payment of, any Other Taxes.


 






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(c)            Indemnification
by the Borrower. The Borrower shall indemnify each Recipient, on the later of, after written demand therefor, (i) 10 Business
Days and (ii) the next Distribution Date, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted
on or attributable to amounts payable under this Section 4.3) payable or paid by such Recipient or required to be withheld
or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes were correctly or legally imposed or asserted by the relevant Official Body, but only to the extent there are amounts
available therefor on any given day pursuant to Section 8.3(a) (and if insufficient amounts are available, such amount
shall be payable on the next Distribution Date). A certificate as to the amount of such payment or liability delivered to the Borrower
by a Lender (with a copy to the Facility Agent and the Collateral Agent), or by the Facility Agent on its own behalf or on behalf of a
Lender, shall be conclusive absent manifest error.


 


(d)            Indemnification
by the Lenders. Each Lender shall severally indemnify the Facility Agent, within ten (10) days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Facility Agent
for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s
failure to comply with the provisions of Section 15.9 relating to the maintenance of a Participant Register and (iii) any
Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Facility Agent in connection with any Transaction
Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed
or asserted by the relevant Official Body. A certificate as to the amount of such payment or liability delivered to any Lender by the
Facility Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Facility Agent to set off and apply any and
all amounts at any time owing to such Lender under any Transaction Document or otherwise payable by the Facility Agent to the Lender from
any other source against any amount due to the Facility Agent under this Section 4.3(d).


 


(e)            Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower to an Official Body pursuant to this Section 4.3,
the Borrower shall deliver to the Facility Agent the original or a certified copy of a receipt issued by such Official Body evidencing
such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Facility Agent.


 


(f)            Status
of Lenders.


 


(i)            Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Transaction Document
shall deliver to the Borrower, the Collateral Agent and the Facility Agent, at the time or times reasonably requested by the Borrower,
the Collateral Agent or the Facility Agent, such properly completed and executed documentation reasonably requested by the Borrower, the
Collateral Agent or the Facility Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.
In addition, any Lender, if reasonably requested by the Borrower, the Collateral Agent or the Facility Agent, shall deliver such other
documentation prescribed by Applicable Law or reasonably requested by the Borrower, the Collateral Agent or the Facility Agent as will
enable the Borrower, the Collateral Agent or the Facility Agent to determine whether or not such Lender is subject to backup withholding
or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution
and submission of such documentation (other than such documentation set forth in Section 4.3(f)(ii)(A), Section 4.3(f)(ii)(B) and
Section 4.3(f)(ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution
or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial
position of such Lender.


 






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(ii)           Without
limiting the generality of the foregoing:


 


(A)            any
Lender that is a U.S. Person shall deliver to the Borrower and the Facility Agent (with a copy to the Collateral Agent) on or prior to
the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Facility Agent) executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;


 


(B)            any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Facility Agent (with a copy to the
Collateral Agent and in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Facility Agent)
whichever of the following is applicable:


 


(I)            in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Transaction Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable,
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax
treaty and (y) with respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits”
or “other income” article of such tax treaty;


 


(II)           executed
copies of IRS Form W-8ECI;


 


(III)         in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of
the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable; or


 






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(IV)         to
the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN or IRS Form W-8BEN-E (as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2
or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided
that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio
interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4
on behalf of each such direct and indirect partner;


 


(C)            any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Facility Agent (in such number of
copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the Facility Agent) executed copies of any other form
prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together
with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the Facility Agent to determine
the withholding or deduction required to be made; and


 


(D)            if
a payment made to a Lender under any Transaction Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Facility Agent at the time or times prescribed
by law and at such time or times reasonably requested by the Borrower or the Facility Agent such documentation prescribed by Applicable
Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested
by the Borrower or the Facility Agent as may be necessary for the Borrower and the Facility Agent to (x) comply with their obligations
under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or (y) determine the
amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments
made to FATCA after the date of this Agreement.


 


Each Lender agrees that if
any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form
or certification or promptly notify the Borrower and the Facility Agent in writing of its legal inability to do so.


 






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(g)            Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section 4.3 (including by the payment of additional amounts pursuant
to this Section 4.3), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section 4.3 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Official Body with respect
to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount
paid over pursuant to this Section 4.3(g) (plus any penalties, interest or other charges imposed by the relevant Official
Body) in the event that such indemnified party is required to repay such refund to such Official Body. Notwithstanding anything to the
contrary in this Section 4.3(g), in no event will the indemnified party be required to pay any amount to an indemnifying party
pursuant to this Section 4.3(g)  the payment of which would place the indemnified party in a less favorable net after-Tax
position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund
had never been paid. This Section 4.3(g) shall not be construed to require any indemnified party to make available its
Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.


 


(h)            Survival.
Each party’s obligations under this Section 4.3 shall survive the resignation or replacement of the Facility Agent or
any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all obligations under any
Transaction Document.


 


(i)             Defined
Terms. For purposes of this Section 4.3, the term “Applicable Law” includes FATCA.


 


Article V


 


INCREASED
COSTS, ETC.


 


Section 5.1     Increased
Costs, Capital Adequacy. (a) If, due to either (i) the introduction of or any change following the date hereof (including,
without limitation, any change by way of imposition or increase of reserve requirements) in or in the interpretation, administration
or application arising following the date hereof of any Applicable Law, in each case whether foreign or domestic or (ii) the compliance
with any guideline or request following the date hereof from any central bank or other Official Body (whether or not having the force
of law), (A) there shall be any increase in the cost to the Facility Agent, any Agent, any Lender, or any successor or assign thereof
(each of which shall be an “Affected Person”) of agreeing to make or making, funding or maintaining any Advance (or
any reduction of the amount of any payment (whether of principal, interest, fee, compensation or otherwise) to any Affected Person hereunder),
as the case may be, (B) there shall be any reduction in the amount of any sum received or receivable by an Affected Person under
this Agreement or under any other Transaction Document, or (C) any Recipient is subject to any Taxes (other than (x) Indemnified
Taxes, (y) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (z) Connection
Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities
or capital attributable thereto, then, in each case, the Borrower shall, from time to time, after written demand by the Facility Agent
(which demand shall be accompanied by a statement setting forth in reasonable detail the basis for such demand), on behalf of such Affected
Person, pay to the Facility Agent, on behalf of such Affected Person, additional amounts sufficient to compensate such Affected Person
for such increased costs or reduced payments within the later of, after written demand therefor, (i) thirty (30) days and (ii) the
next Distribution Date, but only to the extent there are amounts available therefor on any given day pursuant to Section 8.3(a) (and
if insufficient amounts are available, such amount shall be payable on the next Distribution Date).


 






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(b)            If
either (i) the introduction of or any change following the date hereof in or in the interpretation, administration or application
arising following the date hereof of any law, guideline, rule or regulation, directive or request or (ii) the compliance by
any Affected Person with any law, guideline, rule, regulation, directive or request following the date hereof, from any central bank,
any Official Body or agency, including, without limitation, compliance by an Affected Person with any request or directive regarding capital
adequacy or liquidity, has or would have the effect of reducing the rate of return on the capital of any Affected Person, as a consequence
of its obligations hereunder or any related document or arising in connection herewith or therewith to a level below that which any such
Affected Person could have achieved but for such introduction, change or compliance (taking into consideration the policies of such Affected
Person with respect to capital adequacy and liquidity coverage), by an amount deemed by such Affected Person to be material, then, from
time to time, after demand by such Affected Person (which demand shall be accompanied by a statement setting forth in reasonable detail
the basis for such demand), the Borrower shall pay the Facility Agent on behalf of such Affected Person such additional amounts as will
compensate such Affected Person for such reduction within the later of (i) thirty (30) days after such demand and (ii) the next
Distribution Date, but only to the extent there are amounts available therefor on any given day pursuant to Section 8.3(a) (and
if insufficient amounts are available, such amount shall be payable on the next Distribution Date).


 


(c)            If
an Affected Person shall at any time (without regard to whether any Basel III Regulations are then in effect) suffer or incur (i) any
explicit or implicit charge, assessment, cost or expense by reason of the amount or type of assets, capital or supply of funding such
Affected Person or any of its Affiliates is required or expected to maintain in connection with the transactions contemplated herein,
without regard to (A) whether such charge, assessment, cost or expense is imposed or recognized internally, externally or inter-company
or (B) whether it is determined in reference to a reduction in the rate of return on such Affected Person’s or Affiliate’s
assets or capital, an inherent cost of the establishment or maintenance of a reserve of stable funding, a reduction in the amount of any
sum received or receivable by such Affected Person or its Affiliates or otherwise, or (ii) any other imputed cost or expense arising
by reason of the actual or anticipated compliance by such Affected Person or any of its Affiliates with the Basel III Regulations, then,
upon demand by or on behalf of such Affected Person through the Facility Agent, the Borrower shall pay to the Facility Agent, for the
benefit of such Affected Person, such amount as will, in the determination of such Affected Person, compensate such Affected Person therefor
but only to the extent there are amounts available therefor on any given day pursuant to Section 8.3(a) (and if insufficient
amounts are available, such amount shall be payable on the next Distribution Date). A certificate of the applicable Affected Person setting
forth the amount or amounts necessary to compensate the Affected Person under this Section 5.1(c) shall be delivered
to the Borrower and shall be conclusive absent manifest error.


 






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(d)            In
determining any amount provided for in this Section 5.1, the Affected Person may use any reasonable averaging and attribution
methods. The Facility Agent, on behalf of any Affected Person making a claim under this Section 5.1, shall submit to the
Borrower a certificate setting forth in reasonable detail the basis for and the computations of such additional or increased costs, which
certificate shall be conclusive absent manifest error.


 


(e)            (i) Any
demand for compensation under this Section 5.1 must be made within 270 days of the date the related cost, damage, loss or
expense is incurred by the applicable Affected Person; provided that, if the change in circumstance giving rise to such demand
for compensation is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect
thereof; (ii) the Borrower shall not be the only borrower or customer that such Affected Person is charging for similar costs, damages,
losses or expenses at such time; and (iii) no costs, damages, losses or expenses shall be payable to any Affected Person under this
Section 5.1 in respect of (A) any Undrawn Fees relating to Commitments that are reduced or not permitted to be funded
solely due to a Bail-In Action relating to such Lender that results in the reduction of the total Commitments of such Lender (or the
prohibition against funding such Commitments) or (B) any interest on any Advances that are not funded or are repaid as a result
thereof.


 


Article VI


 


EFFECTIVENESS;
CONDITIONS TO ADVANCES


 


Section 6.1     Effectiveness.
This Agreement shall become effective on the first day (the “Effective Date”) on which the Facility Agent, on behalf
of the Lenders, shall have received the following, each in form and substance reasonably satisfactory to the Facility Agent:


 


(a)            Transaction
Documents. This Agreement and each other Transaction Document, in each case duly executed by each party thereto;


 


(b)            Notes.
For each Lender Group that has requested the same, a Note duly completed and executed by the Borrower and payable to the Agent for such
Lender Group;


 


(c)            Establishment
of Accounts. Evidence that each Account has been established;


 


(d)            Resolutions.
Certified copies of the resolutions of the board of managers (or similar items) of the Borrower, the Equityholder and the Servicer approving
the Transaction Documents to be delivered by it hereunder and the transactions contemplated hereby, certified by its secretary or assistant
secretary or other authorized officer;


 






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(e)            Organizational
Documents. The certificate of formation (or similar organizational document) of each of the Borrower, the Equityholder and the Servicer
certified by the Secretary of State of its jurisdiction of organization; and a certified, executed copy of the Borrower’s, the
Equityholder’s and the Servicer’s organizational documents;


 


(f)             Good
Standing Certificates. Good standing certificates for each of the Borrower, the Equityholder and the Servicer issued by the applicable
Official Body of its jurisdiction of organization;


 


(g)            Incumbency.
A certificate of the secretary or assistant secretary or other authorized signatory of each of the Borrower, the Equityholder and the
Servicer certifying the names and true signatures of the officers authorized on its behalf to sign this Agreement and the other Transaction
Documents to be delivered by it;


 


(h)            Filings.
Copies of proper financing statements, as may be necessary or, in the opinion of the Facility Agent, desirable under the UCC of all appropriate
jurisdictions or any comparable law to perfect the security interest of the Collateral Agent on behalf of the Secured Parties in all
Collateral in which an interest may be pledged hereunder;


 


(i)             Opinions.
Legal opinions of Schulte Roth & Zabel LLP, counsel for the Borrower, the Equityholder and the Servicer, and Nixon Peabody LLP,
counsel for the Collateral Agent, each in form and substance reasonably satisfactory to the Facility Agent covering such matters as the
Facility Agent may reasonably request;


 


(j)             No
Event of Default, etc. Each of the Transaction Documents to be executed on the Effective Date is in full force and effect and
no Event of Default or Unmatured Event of Default has occurred and is continuing or will result from the issuance of the Notes and the
borrowing hereunder;


 


(k)            Liens.
The Facility Agent shall have received the results of a recent search by a Person reasonably satisfactory to the Facility Agent, of the
UCC, judgment, security interest and tax lien filings which may have been filed with respect to personal property of the Borrower, and
bankruptcy and pending lawsuits with respect to the Borrower and the results of such search shall be reasonably satisfactory to the Facility
Agent;


 


(l)             Payment
of Fees. The Facility Agent shall have received evidence, to its sole satisfaction, that all Fees due to the Lenders on the Effective
Date have been paid in full;


 


(m)           No
Material Adverse Effect. No Material Adverse Effect shall have occurred since the formation date of the Borrower and no litigation
shall have commenced which could reasonably be expected to have a Material Adverse Effect;


 


(n)            Financial
Statements. The Facility Agent has received the most recently available copies of the financial statements and reports described
in Section 7.5(k) certified by a Responsible Officer of the Servicer to be true and correct and such financial statements
fairly present in all material respects the financial condition of such Person as of the applicable date of issuance;


 






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(o)            Compliance.
The Facility Agent and the Lenders shall have received sufficiently in advance of the Effective Date, all documents and other information
required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
Public Law 107-56; and


 


(p)            Beneficial
Ownership Certification. The Facility Agent shall have received the Beneficial Ownership Certification in respect of the Borrower
if the Borrower is a “legal entity customer” within the meaning of the Beneficial Ownership Regulation.


 


Section 6.2     Advances
and Reinvestments. The making of any Advance (including the initial Advance hereunder) and any Reinvestment are all subject to the
condition that the Effective Date shall have occurred and to the following further conditions precedent that:


 


(a)            No
Event of Default, Etc. Each of the Transaction Documents shall be in full force and effect (unless terminated in accordance with
the terms of the Transaction Documents) and (i) no Event of Default or Unmatured Event of Default shall have occurred and be continuing
or will result from the making of such Advance or Reinvestment (other than in connection with an Advance made pursuant to Section 2.2(c)),
(ii) no Servicer Default or Unmatured Servicer Default shall have occurred and be continuing or will result from the making of such
Advance or Reinvestment (other than in connection with an Advance made pursuant to Section 2.2(c)), (iii) the representations
and warranties of the Borrower and the Servicer contained herein and in the other Transaction Documents shall be true and correct in
all respects as of the related Funding Date (or if such representation and warranty specifically refers to an earlier date, such earlier
date), with the same effect as though made on the date of (and after giving effect to) such Advance or Reinvestment (or, if applicable,
such earlier specified date), and (iv) after giving effect to such Advance or Reinvestment (and any purchase of Eligible Collateral
Obligations in connection therewith), the aggregate principal amount of all Advances outstanding will not exceed the Borrowing Base,
the Maximum Availability or the Facility Amount;


 


(b)            Requests.
(i) In connection with the funding of any Advance pursuant to Section 2.2(a), the Collateral Agent, each Agent and the
Facility Agent shall have received the Advance Request for such Advance in accordance with Section 2.2(a), together with
all items required to be delivered in connection therewith and (ii) in connection with any Reinvestment, the Collateral Agent, each
Agent and the Facility Agent shall have received the Reinvestment Request for such Reinvestment in accordance with Section 8.3(b),
together with all items required to be delivered in connection therewith;


 


(c)            Revolving
Period. The Revolving Period shall not have ended;


 


(d)            Document
Checklist. The Facility Agent, the Collateral Agent and the Collateral Custodian shall have received a Document Checklist for each
Eligible Collateral Obligation to be added to the Collateral on the related Funding Date;


 






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(e)            Borrowing
Base Confirmation. The Collateral Agent, each Agent and the Facility Agent shall have received an Officer’s Certificate of
the Borrower or the Servicer (which may be included as part of the Advance Request or Reinvestment Request) computed as of the date of
such request and after giving effect thereto and to the purchase by the Borrower of the Collateral Obligations to be purchased by it
on such date (if any), demonstrating that the aggregate principal amount of all Advances outstanding shall not exceed the Borrowing Base,
the Maximum Availability or the Facility Amount, calculated as of the Funding Date as if the Collateral Obligations purchased by the
Borrower on such Funding Date were owned by the Borrower;


 


(f)             Collateral
Quality Tests, Minimum Equity Test. The Collateral Agent, each Agent and the Facility Agent shall have received an Officer’s
Certificate (which may be included as part of the Advance Request or Reinvestment Request) computed as of the proposed Funding Date and
after giving effect thereto and to the purchase by the Borrower of the Collateral Obligations to be purchased by it on such Funding Date,
demonstrating that (x) with respect to an Advance Request, all of the Collateral Quality Tests and the Minimum Equity Test are satisfied
or (y) with respect to a Reinvestment Request, the Minimum Equity Test is satisfied and each Collateral Quality Test is satisfied
or will be improved by such reinvestment;


 


(g)            Hedging
Agreements. The Facility Agent shall have received evidence, in form and substance reasonably satisfactory to the Required Lenders,
that the Borrower has entered into Hedging Agreements to the extent required by, and satisfying the requirements of, Section 10.6;


 


(h)            Facility
Agent Approval. In connection with the acquisition of any Collateral Obligation by the Borrower or the incremental pledge of any
Collateral Obligation owned by the Borrower, (1) the Borrower shall have received an Asset Approval Notice with respect to such
Collateral Obligation from the Facility Agent (who shall forward a copy to the Collateral Agent and each Agent) and (2) the Borrower
(or the Servicer on its behalf) shall have given electronic notice back to the Facility Agent that it acknowledges and agrees to the
terms set forth in the related Asset Approval Notice;


 


(i)             Permitted
Use. The proceeds of any Advance or Reinvestment will be used solely by the Borrower (A) to acquire Collateral Obligations as
identified on the applicable Asset Approval Request, (B) to satisfy any unfunded commitments in connection with any Variable Funding
Asset or (C) to make a distribution pursuant to Section 10.16;


 


(j)              Appraised
Value. In connection with the acquisition of each Asset Based Loan and within the time periods set forth below, the Borrower or the
Servicer (on behalf of the Borrower) shall have retained or shall have caused the Obligor to retain an Approved Valuation Firm to calculate
the Appraised Value of (A) with respect to any such Collateral Obligation that has intellectual property, equipment or real property,
as the case may be, in its borrowing base, the collateral securing such Collateral Obligation within twelve (12) months prior to the
acquisition of such Collateral Obligation and inclusion into the Collateral and (B) with respect to all other Asset Based Loans,
the collateral securing such Collateral Obligation within six (6) months prior to the acquisition of such Collateral Obligation
and inclusion into the Collateral. The Servicer shall report the Approved Valuation Firm, appraisal metric and Appraised Value for such
Collateral Obligation to the Facility Agent, each Agent and the Collateral Agent in the Advance Request related to such Collateral Obligation;


 






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(k)            Borrower’s
Certification. The Borrower shall have delivered to the Collateral Agent, each Agent and the Facility Agent an Officer’s Certificate
(which may be included as part of the Advance Request or Reinvestment Request) dated the date of such requested Advance or Reinvestment
certifying that the conditions described in Sections 6.2(a) through (j) have been satisfied;


 


(l)             Equity
Contribution. Solely with respect to the initial Advance, the Facility Agent shall have received satisfactory evidence that the Equityholder
has contributed Eligible Collateral Obligations with an aggregate Principal Balance (minus the amount of each Collateral Obligation
included in the Excess Concentration Amount) and/or has deposited cash to the Principal Collection Account in an aggregate amount that
satisfies the definition of Minimum Equity Test;


 


(m)           Required
Administrator. New Mountain Finance Administration LLC (or any such successor administrator as approved by the Required Lenders)
remains in good standing as the administrator of the Servicer; and


 


(n)            Other.
The Facility Agent shall have received such other approvals, documents, opinions, certificates and reports as it may request, which request
is reasonable as to scope, content and timing.


 


Section 6.3     Transfer
of Collateral Obligations and Permitted Investments. (a)  To the extent delivered by the Borrower (or the Servicer on behalf
of the Borrower) to the Collateral Agent (or the Collateral Custodian on its behalf), the Collateral Agent (or the Collateral Custodian
on its behalf) shall hold all Certificated Securities (whether Collateral Obligations or Permitted Investments) and Instruments delivered
to it in physical form at the Corporate Trust Office.


 


(b)            On
the Effective Date (with respect to each Collateral Obligation and Permitted Investment owned by the Borrower on such date) and each
time that the Borrower or the Servicer shall direct or cause the acquisition of any Collateral Obligation or Permitted Investment, the
Borrower or the Servicer shall, if such Permitted Investment or, in the case of a Collateral Obligation, the related promissory note
or assignment documentation has not already been delivered to the Collateral Custodian in accordance with the requirements set forth
in Section 18.3(a), cause the delivery of such Permitted Investment to the Collateral Agent or, in the case of a Collateral
Obligation, the related promissory note or assignment documentation in accordance with the requirements set forth in Section 18.3(a) to
the Collateral Custodian in accordance with the terms of this Agreement.


 


(c)             The
Borrower or the Servicer shall cause all Collateral Obligations or Permitted Investments acquired by the Borrower to be transferred to
the Collateral Agent for credit by it to the Collection Account, and shall cause all Collateral Obligations and Permitted Investments
acquired by the Borrower to be delivered to the Collateral Agent by one of the following means (and shall take any and all other actions
necessary to create and perfect in favor of the Collateral Agent a valid security interest in each Collateral Obligation and Permitted
Investment (in each case, whether now existing or hereafter acquired), which security interest shall be senior (subject to Permitted
Liens) to that of any other creditor of the Borrower):


 






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(i)            in
the case of an Instrument or a Certificated Security in registered form by having it Indorsed to the Collateral Agent or in blank by
an effective Indorsement or registered in the name of the Collateral Agent and by (A) delivering such Instrument or Certificated
Security to the Collateral Agent (or the Collateral Custodian on its behalf) at the Corporate Trust Office and (B) causing the Collateral
Agent (or the Collateral Custodian on its behalf) to maintain (for the benefit of the Secured Parties) continuous possession of such
Instrument or Certificated Security at the Corporate Trust Office;


 


(ii)           in
the case of an Uncertificated Security, by (A) causing the Collateral Agent to become the registered owner of such Uncertificated
Security and (B) causing such registration to remain effective;


 


(iii)          in
the case of any Security Entitlement, by causing each such Security Entitlement to be credited to an Account in the name of the Collateral
Agent for the benefit of the Secured Parties;


 


(iv)          in
the case of General Intangibles (including any Collateral Obligation or Permitted Investment not evidenced by an Instrument) by filing,
maintaining and continuing the effectiveness of, a financing statement naming the Borrower as debtor and the Collateral Agent as secured
party and describing the Collateral Obligation or Permitted Investment (or a description of “all assets” of the Borrower)
as the collateral at the filing office of the Secretary of State of Delaware; and


 


(v)           in
the case of the Collateral Obligation Files, by delivering each to the Collateral Custodian in accordance with the terms of Section 18.3.


 


Article VII


 


ADMINISTRATION
AND SERVICING OF COLLATERAL OBLIGATIONS


 


Section 7.1     Retention
and Termination of the Servicer. The servicing, administering and collection of the Collateral Obligations shall be conducted by
the Person designated as Servicer from time to time in accordance with this Section 7.1. Subject to early termination due
to the occurrence of a Servicer Default or as otherwise provided below in this Article VII, the Borrower hereby designates
the Equityholder, and the Equityholder hereby agrees to serve, as Servicer until the termination of this Agreement. The Servicer is not
an agent of the Facility Agent, any Agent or any Lender.


 


Section 7.2     Resignation
and Removal of the Servicer; Appointment of Successor Servicer. (a)  If a Servicer Default shall occur and be continuing,
the Facility Agent may in its own discretion or shall upon the direction of the Required Lenders by at least one (1) Business Day’s
prior written notice given to the Servicer (with a copy to the Collateral Agent), terminate all of the rights and obligations of the
Servicer and, with the consent of the Required Lenders and the Facility Agent, appoint a successor pursuant to the terms hereof. In addition,
if the Servicer is terminated upon the occurrence of a Servicer Default, the Servicer shall, if so requested by the Facility Agent, acting
at the direction of the Required Lenders, deliver to any successor servicer copies of its Records within five (5) Business Days
after demand therefor and a computer tape or diskette (or any other means of electronic transmission acceptable to such successor servicer)
containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection
with servicing the Collateral Obligations.


 






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(b)            The
Servicer shall not resign from the obligations and duties imposed on it by this Agreement as Servicer.


 


(c)            Any
Person (i) into which the Servicer may be merged or consolidated in accordance with the terms of this Agreement, (ii) resulting
from any merger or consolidation to which the Servicer shall be a party, (iii) acquiring by conveyance, transfer or lease substantially
all of the assets of the Servicer, or (iv) succeeding to the business of the Servicer in any of the foregoing cases, shall execute
an agreement of assumption to perform every obligation of the Servicer under this Agreement and, whether or not such assumption agreement
is executed, shall be the successor to the Servicer under this Agreement without the execution or filing of any paper or any further
act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding.


 


(d)            Subject
to the last sentence of this Section 7.2(d), until a successor Servicer has commenced servicing activities in the place of
New Mountain Finance Corporation, New Mountain Finance Corporation shall continue to perform the obligations of the Servicer hereunder.
On and after the termination of the Servicer pursuant to this Section 7.2, the successor servicer appointed by the Facility
Agent (with the consent of the Required Lenders and the Facility Agent) shall be the successor in all respects to the Servicer in its
capacity as Servicer under this Agreement and the transactions set forth or provided for in this Agreement and shall be subject to all
the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by
the terms and provisions of this Agreement. The Servicer agrees to cooperate and use reasonable efforts in effecting the transition of
the responsibilities and rights of servicing of the Collateral Obligations, including the transfer to any successor servicer for the
administration by it of all cash amounts that shall at the time be held by the Servicer for deposit, or have been deposited by the Servicer,
or thereafter received with respect to the Collateral Obligations and the delivery to any successor servicer in an orderly and timely
fashion of all files and records in its possession or reasonably obtainable by it with respect to the Collateral Obligations containing
all information necessary to enable the successor servicer to service the Collateral Obligations. Notwithstanding anything contained
herein to the contrary and to the extent permitted by Applicable Law without causing the Servicer to have liability, the termination
of the Servicer shall not become effective until an entity acceptable to the Required Lenders and the Facility Agent in their sole discretion
shall have assumed the responsibilities and obligations of the Servicer.


 






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(e)            At
any time, the Facility Agent or any Lender may irrevocably waive any rights granted to such party under Section 7.2(a). Any
such waiver shall be in writing and executed by such party that is waiving its rights hereunder. A copy of such waiver shall be promptly
delivered by the waiving party to the Servicer and the Facility Agent.


 


Section 7.3     Duties
of the Servicer. The Servicer shall manage, service, administer and make collections on the Collateral Obligations and perform the
other actions required to be taken by the Servicer in accordance with the terms and provisions of this Agreement and the Servicing Standard.


 


(a)            The
Servicer shall take or cause to be taken all such actions, as may be reasonably necessary or advisable to attempt to recover Collections
from time to time, all in accordance with (i) Applicable Law, (ii) the applicable Collateral Obligation and its Underlying
Instruments, (iii) the Credit and Collection Policy and (iv) the Servicing Standard. The Borrower hereby appoints the Servicer,
from time to time designated pursuant to Section 7.1, as agent for itself and in its name to enforce and administer its rights
and interests in the Collections and the related Collateral Obligations.


 


(b)            The
Servicer shall administer the Collections in accordance with the procedures described herein. The Servicer shall (i) instruct all
Obligors (and related agents) to deposit Collections directly into the Collection Account, (ii) deposit all Collections received
directly by it into the Collection Account within one (1) Business Day of receipt thereof and (iii) cause the Equityholder
and each administrative agent that is Affiliated with it to deposit all Collections received directly by the Equityholder or Affiliate
into the Collection Account within one (1) Business Day of receipt thereof. The Servicer shall identify all Collections as either
Principal Collections or Interest Collections, as applicable. The Servicer shall make such deposits or payments by electronic funds transfer
through the Automated Clearing House system, or by wire transfer.


 


(c)            The
Servicer shall maintain for the Borrower and the Secured Parties in accordance with their respective interests all Records that evidence
or relate to the Collections not previously delivered to the Collateral Agent and shall, as soon as reasonably practicable upon demand
of the Facility Agent, make available, or, upon the Facility Agent’s demand following the occurrence and during the continuation
of a Servicer Default, deliver to the Facility Agent (with a copy to the Collateral Agent and each Agent) copies of all Records in its
possession which evidence or relate to the Collections.


 


(d)            The
Servicer shall, as soon as practicable following receipt thereof, turn over to the applicable Person any cash collections or other cash
proceeds received with respect to each Collateral Obligation that do not constitute Collections or were paid in connection with a Retained
Interest.


 


(e)            On
each Measurement Date, the Servicer (on behalf of the Borrower) shall re-determine the status of each Eligible Collateral Obligation
as of such date and provide notice of any change in the status of any Eligible Collateral Obligation to the Collateral Agent and, as
a consequence thereof, Collateral Obligations that were previously Eligible Collateral Obligations on a prior Measurement Date may be
excluded from the Aggregate Eligible Collateral Obligation Amount on such Measurement Date.


 






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(f)            The
Servicer may, with the prior written consent of the Facility Agent, execute any of its duties under this Agreement and the other Transaction
Documents by or through its subsidiaries, affiliates, agents or attorneys in fact; provided that, it shall remain liable for all
such duties as if it performed such duties itself.


 


Section 7.4     Representations
and Warranties of the Servicer. The Servicer represents, warrants and covenants as to itself, as of the Effective Date, each Funding
Date and solely with respect to clause (i) and (k), each other Measurement Date:


 


(a)            Organization
and Good Standing. It has been duly organized and is validly existing as a corporation in good standing under the laws of its jurisdiction
of organization, with power and authority to own its properties and to conduct its business as such properties are currently owned and
such business is currently conducted;


 


(b)            Due
Qualification. It is duly qualified to do business as a corporation in good standing and has obtained all necessary licenses and
approvals in all jurisdictions where the failure to do so would have a Material Adverse Effect;


 


(c)            Power
and Authority. It has the power, authority and legal right to execute and deliver this Agreement and the Transaction Documents to
which it is a party (in any capacity) and to perform its obligations hereunder and thereunder; and the execution, delivery and performance
of this Agreement and the Transaction Documents to which it is a party (in any capacity) have been duly authorized by the Servicer by
all necessary corporate action;


 


(d)            Binding
Obligations. This Agreement and the Transaction Documents to which it is a party (in any capacity) have been duly executed and delivered
by the Servicer and, assuming due authorization, execution and delivery by each other party hereto and thereto, constitute its legal,
valid and binding obligations enforceable against it in accordance with their respective terms, except as such enforceability may be
limited by (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights
generally, (B) equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered
in a proceeding in equity or at law and (C) implied covenants of good faith and fair dealing;


 


(e)            No
Violation. The execution, delivery and performance of this Agreement and the Transaction Documents to which it is a party (in any
capacity), the consummation of the transactions contemplated thereby and the fulfillment of the terms thereof do not (A) conflict
with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under,
its organizational documents, or any material indenture, agreement, mortgage, deed of trust or other material instrument to which it
is a party or by which it or its properties are bound, (B) result in the creation or imposition of any Adverse Claim upon any of
its properties pursuant to the terms of any such material indenture, agreement, mortgage, deed of trust or other material instrument
(except as may be created pursuant to this Agreement or any other Transaction Document), or (C) violate in any material respect
any Applicable Law except, in the case of this subclause (C), to the extent that such conflict or violation would not reasonably be expected
to have a Material Adverse Effect;


 






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(f)            No
Proceedings. There are no proceedings or investigations pending or, to the best of the Servicer’s knowledge, threatened against
it, before any Official Body having jurisdiction over it or its properties (A) asserting the invalidity of any of the Transaction
Documents, (B) seeking to prevent the consummation of any of the transactions contemplated by the Transaction Documents or (C) seeking
any determination or ruling that would reasonably be expected to have a Material Adverse Effect;


 


(g)            No
Consents. No consent, license, approval, authorization or order of, or registration, declaration or filing with, any Official Body
having jurisdiction over it or any of its properties is required to be made in connection with the execution, delivery or performance
of this Agreement and the Transaction Documents to which it is a party (in any capacity) or the consummation of the transactions contemplated
thereby, in each case other than (A) consents, licenses, approvals, authorizations, orders, registrations, declarations or filings
which have been obtained or made and continuation statements and renewals in respect thereof and (B) where the lack of such consents,
licenses, approvals, authorizations, orders, registrations, declarations or filings would not have a Material Adverse Effect;


 


(h)            Investment
Company Status. The Servicer has elected to be regulated as a business development company under the 1940 Act;


 


(i)            Information
True and Correct. All information heretofore or hereafter furnished by or on behalf of the Servicer in writing to any Lender, the
Collateral Agent or the Facility Agent in connection with this Agreement or any transaction contemplated hereby is and will be (when
taken as a whole) true and correct in all material respects and does not and will not omit to state a material fact necessary to make
the statements contained therein not misleading;


 


(j)            Financial
Statements. The Servicer has delivered to each Lender complete and correct copies of (A) the audited consolidated financial
statements of the Servicer for the fiscal year most recently ended, and (B) the unaudited consolidated financial statements of the
Servicer for the fiscal quarter most recently ended, in each case when required to be delivered under Section 7.5(k). Such
financial statements (including the related notes) fairly present the financial condition of the Servicer as of the respective dates
thereof and the results of operations for the periods covered thereby, each in accordance with GAAP. There has been no material adverse
change in the business, operations, financial condition, properties or assets of the Servicer since the most recent Determination Date
with respect to the most recently delivered financial statements under this clause (j);


 


(k)            Eligibility
of Collateral Obligations. All Collateral Obligations included as Eligible Collateral Obligations in the most recent calculation
of any Borrowing Base required to be determined hereunder were Eligible Collateral Obligations as of the date of such calculation;


 






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(l)            Collections.
The Servicer acknowledges that all Collections received by it or its Affiliates (other than any Excluded Amount) are held and shall be
held in trust for the benefit of the Secured Parties until deposited into the Collection Account;


 


(m)            [Reserved].


 


(n)            Solvency.
The Servicer is not the subject of any Insolvency Event. The transactions under this Agreement and any other Transaction Document to
which the Servicer is a party do not and will not render the Servicer not solvent;


 


(o)            Exchange
Act Compliance; Regulations T, U and X. None of the transactions contemplated herein or the other Transaction Documents (including,
without limitation, the use of the Proceeds from the pledge of the Collateral and the Advances) will violate or result in a violation
of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and
X of the FRS Board;


 


(p)            No
Injunctions. No injunction, writ, restraining order or other order of any Official Body of any nature materially adversely affects
the Servicer’s performance of its obligations under this Agreement or any Transaction Document to which the Servicer is a party;


 


(q)            Allocation
of Charges. There is not any agreement or understanding between the Servicer and the Borrower (other than as expressly set forth
herein or as consented to by the Facility Agent), providing for the allocation or sharing of obligations to make payments or otherwise
in respect of any Taxes, fees, assessments or other governmental charges; and


 


(r)            Selection
Procedures. In selecting the Collateral Obligations hereunder and for Affiliates of the Borrower, no selection procedures were employed
which are intended to be adverse to the interests of any Agent or Lender.


 


Section 7.5     Covenants
of the Servicer. Until the date on or after the Facility Termination Date on which the Commitments have been terminated in full and
the Obligations (other than contingent Obligations for which no claim has been made) shall have been repaid in full:


 


(a)            Compliance
with Agreements and Applicable Laws. The Servicer shall perform each of its obligations under this Agreement and the other Transaction
Documents and comply with all Applicable Laws, including those applicable to the Collateral Obligations and all Collections thereof,
except to the extent that the failure to so comply would not reasonably be expected to have a Material Adverse Effect.


 


(b)            Maintenance
of Existence and Conduct of Business. The Servicer shall: (i) do or cause to be done all things necessary to (A) preserve
and keep in full force and effect its existence as a corporation and its rights and franchises in the jurisdiction of its formation and
(B) qualify and remain qualified as a foreign corporation in good standing and preserve its rights and franchises in each jurisdiction
in which the failure to so qualify and remain qualified and preserve its rights and franchises would reasonably be expected to have a
Material Adverse Effect; (ii) continue to conduct its business substantially as now conducted or as otherwise permitted hereunder
or under its organizational documents; and (iii) at all times maintain, preserve and protect all of its licenses, permits, charters
and registrations except where the failure to maintain, preserve and protect such licenses, permits, charters and registrations would
not reasonably be expected to have a Material Adverse Effect.


 






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(c)            Books
and Records. The Servicer shall keep proper books of record and account in which full and correct entries in all material respects
shall be made of all financial transactions and the assets and business of the Servicer in accordance with GAAP, maintain and implement
administrative and operating procedures, and keep and maintain all documents, books, records and other information necessary or reasonably
advisable for the collection of all Collateral Obligations.


 


(d)            Payment,
Performance and Discharge of Obligations. The Servicer shall pay, perform and discharge or cause to be paid, performed and discharged
promptly all Charges payable by it except where the failure to so pay, discharge or otherwise satisfy such obligation would not, individually
or in the aggregate, be expected to have a Material Adverse Effect.


 


(e)            ERISA.
The Servicer shall give the Facility Agent and each Lender prompt written notice of any ERISA Event that, alone or together with all
other ERISA Events that have occurred, would reasonably be expected to have a Material Adverse Effect.


 


(f)            Compliance
with Collateral Obligations and Servicing Standard. The Servicer shall, at its expense, timely and fully perform and comply with
all material provisions, covenants and other promises required to be observed by it under any Collateral Obligations (except, in the
case of a successor Servicer, such material provisions, covenants and other provisions shall only include those provisions relating to
the collection and servicing of the Collateral Obligations to the extent such obligations are set forth in a document included in the
related Collateral Obligation File) and shall comply with the Credit and Collection Policy and the Servicing Standard in all material
respects with respect to all Collateral Obligations.


 


(g)            Maintain
Records of Collateral Obligations. The Servicer shall, at its own cost and expense, maintain reasonably satisfactory and complete
records of the Collateral, including a record of all payments received and all credits granted with respect to the Collateral and all
other dealings with the Collateral. From and after the time of sale of any Collateral Obligation to the Borrower, the Servicer’s
records that refer to such Collateral Obligation shall indicate the interest of the Borrower and the Collateral Agent in such Collateral
Obligation and that such Collateral Obligation is owned by the Borrower and has been pledged to the Collateral Agent for the benefit
of the Secured Parties pursuant to this Agreement.


 


(h)            Liens.
The Servicer shall not create, incur, assume or permit to exist any Lien on or with respect to any of its rights under any of the Transaction
Documents, whether with respect to the Collateral Obligations or any other Collateral other than Permitted Liens.


 






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(i)            Mergers.
The Servicer shall not directly or indirectly, by operation of law or otherwise, merge, combine or consolidate with, or acquire, any
Person, except that the Servicer shall be allowed to merge with any entity so long as the Servicer remains the surviving entity of such
merger and such merger does not result in a Change of Control. The Servicer shall give prior written notice of any merger to the Facility
Agent (with a copy to each Agent).


 


(j)            Servicing
Obligations. The Servicer will not (i) agree to any amendment, waiver or other modification of any Transaction Document to which
it is a party and to which the Facility Agent is not a party without the prior written consent of the Facility Agent, (ii) amend,
waive or otherwise modify the Credit and Collection Policy in a manner that is materially adverse to the Lenders without the prior written
consent of the Facility Agent, (iii) if an Unmatured Default or an Event of Default has occurred and is continuing, agree or permit
the Borrower to agree to a Material Modification with respect to any Collateral Obligation, (iv) interpose any claims, offsets or
defenses it may have as against the Borrower as a defense to its performance of its obligations in favor of any Affected Person hereunder
or under any other Transaction Documents or (v) change its fiscal year so that the reports described in Section 7.5(k) would
be delivered to the Facility Agent less frequently than every 12 months.


 


(k)            Financial
Reports. The Servicer shall furnish, or cause to be furnished, to the Facility Agent (with a copy to each Agent):


 


(i)            as
soon as available and in any event within 120 days after the end of each fiscal year, a copy of the audited consolidated financial statements
for the prior year for the Servicer and its consolidated Subsidiaries, including the prior comparable period (if any) from the preceding
fiscal year and certified by Independent Accountants (the report of which shall be unqualified as to scope of audit or going conern),
certified by an Executive Officer of the Servicer with appropriate knowledge stating that the information set forth therein fairly presents
the financial condition of the Servicer and its consolidated Subsidiaries as of and for such fiscal year, with all such financial statements
being prepared in accordance with GAAP applied consistently throughout the period involved (except for changes in the application of
GAAP approved by such accountants in accordance with GAAP and disclosed therein); and


 


(ii)            as
soon as available and in any event within 45 days after the end of each fiscal quarter of each fiscal year (other than the last
fiscal quarter of each fiscal year), an unaudited consolidated balance sheet of the Servicer and its consolidated Subsidiaries as of
the end of such fiscal quarter and including the prior comparable period (if any), and the unaudited consolidated statements of income,
and of cash flow, of the Servicer and its consolidated Subsidiaries for such fiscal quarter and for the period commencing at the end
of the previous fiscal year and ending with the end of such fiscal quarter, certified by an Executive Officer of the Servicer stating
that the information set forth therein fairly presents the financial condition of the Servicer and its consolidated Subsidiaries as of
and for the periods then ended, subject to year-end adjustments and confirming that the Servicer is in compliance with all financial
covenants in the Transaction Documents (or, if the Servicer is not in compliance, specifying the nature and status thereof).


 






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(l)            Obligor
Reports. The Servicer shall furnish to the Facility Agent (with a copy to each Agent), with respect to each Obligor:


 


(i)            within
15 Business Days of the completion of the Servicer’s portfolio review of such Obligor (which, for any individual Obligor, shall
occur no less frequently than quarterly) (i) any financial reporting packages with respect to such Obligor and with respect to each
Collateral Obligation for each Obligor (including any attached or included information, statements and calculations) received by the
Borrower and/or the Servicer as of the date of the Servicer’s most recent portfolio review and (ii) the internal monitoring
report prepared by the Servicer with respect to each Obligor. In no case, however, shall the Servicer be obligated hereunder to deliver
such Obligor reports to the Facility Agent more than once per calendar month. Upon demand by the Facility Agent, the Servicer will provide
such other information as the Facility Agent may reasonably request with respect to any Collateral Obligation or Obligor (to the extent
reasonably available to the Servicer); and


 


(ii)            within
15 Business Days of each one-year anniversary of the date on which the related Collateral Obligation was acquired by the Borrower, updated
Obligor Information for such Obligor.


 


(m)            Credit
and Collection Policy. Attached as Schedule 4 is a true and correct copy of the Credit and Collection Policy as in effect
on the date hereof. All of the Collateral Obligations serviced by the Servicer are being serviced in accordance with the Credit and Collection
Policy in all material respects.


 


(n)            Commingling.
The Servicer shall not, and shall not permit any of its Affiliates to, deposit or permit the deposit of any funds that do not constitute
Collections or other proceeds of any Collateral Obligations into the Collection Account.


 


(o)            [Reserved].


 


(p)            Limited
Liability Formalities. The Equityholder will adhere to the limited liability formalities of the Borrower in all transfers of assets
and other transactions between the Equityholder and the Borrower. In general, the Equityholder observes the appropriate limited liability
company formalities of the Borrower under Applicable Law.


 


(q)            Indebtedness.
If the Servicer is not regulated as a business development company under the 1940 Act, the Servicer shall not create, incur, assume or
suffer to exist any Indebtedness of the Servicer other than (i) as set forth on Schedule 6 or (ii) as would not cause
all such Indebtedness incurred to exceed the amount of Indebtedness that exists as of the date the Servicer is no longer regulated as
a business development company under the 1940 Act.


 


(r)            Proceedings.
The Servicer shall furnish to the Facility Agent (with a copy to each Agent), as soon as possible and in any event within three (3) Business
Days after the Servicer receives notice or obtains actual knowledge thereof, notice of any settlement of, material judgment (including
a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy,
material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board,
bureau, agency or instrumentality, domestic or foreign, affecting the Collateral, the Transaction Documents, the Collateral Agent’s
interest in the Collateral or the Servicer, in each case which could reasonably be expected to have a Material Adverse Effect.


 






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(s)            Equity
of the Borrower. The Equityholder shall neither pledge the equity interests of the Borrower nor otherwise permit any equity interests
of the Borrower to be subject to a Lien (other than a Permitted Lien).


 


Section 7.6     Payment
of Certain Expenses by Servicer. The Servicer shall be required to pay all expenses incurred by it in connection with its activities
under this Agreement and each other Transaction Document; provided that any reasonable and documented out-of-pocket expenses incurred
by the Servicer in connection with the performance of its duties hereunder shall be reimbursed to it as Servicer Expenses pursuant to
Section 8.3.


 


Section 7.7     Collateral
Reporting. The Servicer shall cooperate with the Collateral Agent in the performance of the Collateral Agent’s duties under
Section 11.3. Without limiting the generality of the foregoing, the Servicer shall supply in a timely fashion any information
maintained by it that the Collateral Agent may from time to time request with respect to the Collateral Obligations and reasonably necessary
to complete the reports and certificates required to be prepared by the Collateral Agent hereunder or required to permit the Collateral
Agent to perform its obligations hereunder.


 


Section 7.8     Notices.
The Servicer shall deliver to the Facility Agent and the Collateral Agent (with a copy to each Agent), promptly after having obtained
knowledge thereof, notice of any Servicer Default, Event of Default or Material Modification. The Servicer shall deliver to the Facility
Agent and the Collateral Agent (with a copy to each Agent), promptly after having obtained knowledge thereof, but in no event later than
two Business Days thereafter, written notice in an Officer’s Certificate of any Unmatured Servicer Default or Unmatured Event of
Default.


 


Section 7.9     Procedural
Review of Collateral Obligations; Access to Servicer and Servicer’s Records. (a) Each of the Borrower and the Servicer
shall permit representatives of the Facility Agent at any time and from time to time as the Facility Agent shall reasonably request (x) to
inspect and make copies of and abstracts from its records relating to the Collateral Obligations, and (y) to visit its properties
in connection with the collection, processing or servicing of the Collateral Obligations for the purpose of examining such records, and
to discuss matters relating to the Collateral Obligations or such Person’s performance under this Agreement and the other Transaction
Documents with any officer or employee or auditor (if any) of such Person having knowledge of such matters, in each case other than (x) material
and affairs protected by the attorney-client privilege and (y) material which such Person may not disclose without violation of
any Applicable Law, and in all cases, subject to Sections 7.9(c) and 17.14. Each of the Borrower and the Servicer
agrees to render to the Facility Agent such clerical and other assistance as may be reasonably requested with regard to the foregoing;
provided, that such assistance shall not interfere in any material respect with the Borrower’s and Servicer’s business
and operations. So long as no Unmatured Event of Default, Event of Default, Unmatured Servicer Default or Servicer Default has occurred
and is continuing, such visits and inspections shall occur only (i) upon two Business Days’ prior written notice, (ii) during
normal business hours and (iii) no more than twice in any calendar year. During the existence of an Unmatured Event of Default,
an Event of Default, an Unmatured Servicer Default or a Servicer Default, there shall be no limit on the timing or number of such inspections
and no prior notice will be required before any inspection.


 






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(b)            The
Borrower and the Servicer, as applicable, shall provide to the Facility Agent access to the Collateral Obligations and all other documents
regarding the Collateral Obligations included as part of the Collateral and the Related Security in each case, in its possession, in
such cases where the Facility Agent is required in connection with the enforcement of the rights or interests of the Lenders, or by applicable
statutes or regulations, to review such documentation, such access being afforded without charge but only (i) upon two Business
Days’ prior written notice (so long as no Unmatured Event of Default, Event of Default or Servicer Default has occurred and is
continuing), (ii) during normal business hours and (iii) up to twice per calendar year (so long as no Unmatured Event of Default,
Event of Default or Servicer Default has occurred and is continuing). From and after the Effective Date and periodically thereafter at
the reasonable discretion of the Facility Agent, the Facility Agent may review the Borrower’s and the Servicer’s collection
and administration of the Collateral Obligations in order to assess compliance by the Servicer with the Servicer’s written policies
and procedures, as well as this Agreement and may, no more than twice in any calendar year, conduct an audit of the Collateral Obligations
and Records in conjunction with such review, subject to the limits set forth in Sections 7.9(c) and 17.14.


 


(c)            Nothing
in this Section 7.9 shall derogate from the obligation of the Borrower and the Servicer to observe any Applicable Law prohibiting
disclosure of information regarding the Obligors, and the failure of the Borrower or the Servicer to provide access as a result of such
obligation shall not constitute a breach of this Section 7.9.


 


(d)            The
Servicer shall bear the costs and expenses of all audits and inspections permitted by this Section 7.9 as well as Section 18.6.


 


Section 7.10   Optional
Sales. (a) The Borrower shall have the right to sell all or a portion of the Collateral Obligations (each, an “Optional
Sale”), subject to the following terms and conditions:


 


(i)              immediately
after giving effect to such Optional Sale:


 


(A)           each
Collateral Quality Test is satisfied or will be improved by such Optional Sale;


 


(B)            the
Minimum Equity Test is satisfied;


 


(C)            the
Borrowing Base is greater than or equal to the Advances outstanding;


 


(D)            no
Event of Default, Unmatured Event of Default, Unmatured Servicer Default or Servicer Default shall have occurred and be continuing; and


 






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(E)            the
Aggregate Eligible Collateral Obligation Amount of all Collateral Obligations sold by the Borrower during the then-current calendar year
does not exceed 35% of the highest Aggregate Eligible Collateral Obligation Amount on any day of such calendar year;


 


(ii)     on
or prior to the date of any Optional Sale, unless waived by the Facility Agent in its sole discretion, the Servicer, on behalf of the
Borrower, shall give the Facility Agent, the Collateral Custodian and the Collateral Agent (with a copy to each Agent) written notice
of such Optional Sale, which notice shall identify the related Collateral subject to such Optional Sale and the expected proceeds from
such Optional Sale and include (x) an Officer’s Certificate computed as of the date of such request and after giving effect
to such Optional Sale, demonstrating that the Borrowing Base is greater than or equal to the aggregate principal amount of all Advances
outstanding and (y) a certificate of the Servicer substantially in the form of Exhibit F-3 requesting the release of
the related Collateral Obligation File in connection with such Optional Sale;


 


(iii)    such
Optional Sale shall be made by the Servicer, on behalf of the Borrower (A) in accordance with the Servicing Standard, (B) reflecting
arm’s length market terms and (C) in a transaction in which the Borrower makes no representations, warranties or covenants
and provides no indemnification for the benefit of any other party (other than those which are customarily made or provided in connection
with the sale of assets of such type);


 


(iv)    if
such Optional Sale is to an Affiliate of the Borrower or the Servicer, either (A) such Collateral Obligation is being sold for not
less than (x) during the Revolving Period, (1) if such Collateral Obligation is a Broadly Syndicated Loan, its Collateral Market
Value, (2) if such Collateral Obligation is an Asset Based Loan, its Appraised Value as verified by an Approved Valuation Firm within
the prior sixty (60) days or (3) otherwise, its Purchase Price or (y) after the end of the Revolving Period, par, or (B) the
Facility Agent has given its prior written consent; and


 


(v)    on
the date of such Optional Sale, all proceeds from such Optional Sale will be deposited directly into the Collection Account.


 


(b)            In
connection with any Optional Sale, following deposit of the net proceeds from such Optional Sale into the Collection Account, the Collateral
Agent shall be deemed to release and transfer to the Borrower without recourse, representation or warranty all of the right, title and
interest of the Collateral Agent for the benefit of the Secured Parties in, to and under such Collateral Obligation(s) and related
Collateral subject to such Optional Sale and such portion of the Collateral so transferred shall be released from the Lien of this Agreement.


 


(c)            The
Borrower hereby agrees to pay the reasonable and documented outside counsel legal fees and out-of-pocket expenses of the Facility Agent,
the Collateral Agent, the Collateral Custodian and the Securities Intermediary in connection with any Optional Sale (including, but not
limited to, expenses incurred in connection with the release of the Lien of the Collateral Agent, on behalf of the Secured Parties, in
the Collateral in connection with such Optional Sale).


 






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(d)            In
connection with any Optional Sale, the Collateral Agent shall, at the sole expense of the Borrower, execute such instruments of release
with respect to the portion of the Collateral subject to such Optional Sale to the Borrower, in recordable form if necessary, as the
Borrower may reasonably request.


 


Section 7.11   Repurchase
or Substitution of Warranty Collateral Obligations.     In the event
of (A) a breach of Section 9.5, Section 9.13 or Section 9.26 or (B) a material breach
of any other representation, warranty, undertaking or covenant set forth in Section 7.4(k), Article IX, Article X,
Section 18.3 or Section 18.5(b) (collectively, the “Specified Provisions”) as of the
relevant Cut-Off Date with respect to a Collateral Obligation (or the Related Security and other related collateral constituting part
of the Collateral related to such Collateral Obligation) (each such Collateral Obligation, a “Warranty Collateral Obligation”),
no later than 30 days after the earlier of (x) knowledge of such breach on the part of the Equityholder or the Servicer and
(y) receipt by the Equityholder or the Servicer of written notice thereof given by the Facility Agent, the Borrower shall either
(a) repay Advances outstanding in an amount equal to the aggregate Repurchase Amount of such Warranty Collateral Obligation(s) to
which such breach relates on the terms and conditions set forth below or (b) substitute for such Warranty Collateral Obligation
one or more Eligible Collateral Obligations with an aggregate Collateral Obligation Amount at least equal to the Repurchase Amount of
the Warranty Collateral Obligation(s) being replaced; provided, that no such repayment or substitution shall be required
to be made with respect to any Warranty Collateral Obligation (and such Collateral Obligation shall cease to be a Warranty Collateral
Obligation) if, on or before the expiration of such 30 day period, the representations and warranties set forth in clause (A) above
with respect to such Warranty Collateral Obligation shall be made true and correct and the representations, warranties, undertakings
and covenants set forth in clause (B) above with respect to such Warranty Collateral Obligation shall be made true and correct in
all material respects (or if such representation and warranty is already qualified by the words “material”, “materially”
or “Material Adverse Effect”, then such representation and warranty shall be true and correct in all respects) with respect
to such Warranty Collateral Obligation as if such Warranty Collateral Obligation had become part of the Collateral on such day or if
the aggregate principal amount of all Advances outstanding do not exceed the Borrowing Base, the Maximum Availability or the Facility
Amount. The classification of a Collateral Obligation as a Warranty Collateral Obligation shall be based whether such Collateral Obligation
was in breach or material breach, as applicable, of any representation, warranty, undertaking or covenant set forth above as of the related
Cut-Off Date and not, for the avoidance of doubt, based on an Obligor’s financial inability to pay absent any such breach.


 


Section 7.12   Servicing
of REO Assets. (a)  If, in the reasonable business judgment of the Servicer, it becomes necessary to convert any Collateral
Obligation that is secured by real property into an REO Asset, the Servicer shall first cause the Borrower to transfer and assign such
Collateral Obligation (or the portion thereof owned by the Borrower) to a special purpose vehicle (the “REO Asset Owner”)
using a contribution agreement reasonably acceptable to the Facility Agent. All equity interests of the REO Asset Owner acquired by the
Borrower shall immediately become a part of the Collateral and be subject to the grant of a security interest under Section 12.1
and shall be promptly delivered to the Collateral Agent, each undated and duly indorsed in blank. The REO Asset Owner shall be formed
and operated pursuant to organizational documents reasonably acceptable to the Facility Agent. After execution thereof, the Servicer
shall prevent the REO Asset Owner from agreeing to any amendment or other modification of the REO Asset Owner’s organizational
documents that would be materially adverse to the Secured Parties without first obtaining the written consent of the Facility Agent.
The Servicer shall cause each REO Asset to be serviced (i) in accordance with Applicable Law, (ii) with reasonable care and
diligence, (iii) in accordance with the applicable REO Asset Owner’s operating agreement, and (iv) in accordance with
the Credit and Collection Policy (collectively, the “REO Servicing Standard”). The Servicer will cause all “Distributable
Cash” (or comparable definition set forth in the REO Asset Owner’s organization documents) to be deposited into the Collection
Account within two (2) Business Days of receipt thereof.


 






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(b)            In
the event that title to any Related Property is acquired on behalf of the REO Asset Owner for the benefit of its members in foreclosure,
by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken in
the name of a REO Asset Owner. The Servicer shall cause the REO Asset Owner to manage, conserve, protect and operate each REO Asset for
its members solely for the purpose of its prompt disposition and sale.


 


(c)            Notwithstanding
any provision to the contrary contained in this Agreement, the Servicer shall not (and shall not permit the REO Asset Owner to) obtain
title to any Related Property as a result of or in lieu of foreclosure or otherwise, obtain title to any direct or indirect partnership
interest in any Obligor pledged pursuant to a pledge agreement and thereby be the beneficial owner of Related Property, have a receiver
of rents appointed with respect to, and shall not otherwise acquire possession of, or take any other action with respect to, any Related
Property if, as a result of any such action, the REO Asset Owner would be considered to hold title to, to be a “mortgagee-in-possession”
of, or to be an “owner” or “operator” of, such Related Property within the meaning of the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable state or local Environmental Law, unless
the Servicer has previously determined in accordance with the REO Servicing Standard, based on an updated Phase I environmental assessment
report generally prepared in accordance with the ASTM Phase I Environmental Site Assessment Standard E 1527-05, as may be amended or,
with respect to residential property, a property inspection and title report, that:


 


(i)      such
Related Property is in compliance in all material respects with applicable Environmental Laws, and


 


(ii)     there
are no circumstances present at such Related Property relating to the use, management or disposal of any Hazardous Materials for which
investigation, testing, monitoring, containment, clean-up or remediation would reasonably be expected to be required by the owner, occupier
or operator of the Related Property under applicable federal, state or local law or regulation.


 


(d)            In
the event that the Phase I or other environmental assessment first obtained by the Servicer with respect to Related Property indicates
that such Related Property may not be in compliance with applicable Environmental Laws or that Hazardous Materials may be present but
does not definitively establish such fact, the Servicer shall cause the Borrower to immediately sell the related Collateral Obligation
in accordance with Section 7.10 to the extent permitted thereunder.


 






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Article VIII


 


ACCOUNTS;
PAYMENTS


 


Section 8.1     Accounts.
(a)  On or prior to the Effective Date, the Servicer shall establish each Account in the name of the Borrower and each Account
shall be a segregated, non-interest bearing trust account established with the Securities Intermediary, who shall forward funds from
the Collection Account to the Collateral Agent upon its request for application by the Collateral Agent pursuant to Section 8.3(a).
If at any time a Responsible Officer of the Collateral Agent obtains actual knowledge that any Account ceases to be an Eligible Account
(with notice to the Servicer and the Facility Agent), then the Servicer shall transfer such account to another institution such that
such account shall meet the requirements of an Eligible Account.


 


On the last day of the Revolving
Period, the Borrower shall deposit into the Unfunded Exposure Account an amount equal to the Aggregate Unfunded Amount. Except as set
forth below, amounts on deposit in the Unfunded Exposure Account may be withdrawn by the Borrower (i) to fund any draw requests
of the relevant Obligors under any Variable Funding Asset, or (ii) to make a deposit into the Collections Account as Principal Collections
if, after giving effect to such withdrawal, the aggregate amount on deposit in the Unfunded Exposure Account is equal to or greater than
(i) prior to the end of the Revolving Period, the Aggregate Unfunded Equity Amount and (ii) after the Revolving Period, the
Aggregate Unfunded Amount.


 


Following the Facility Termination
Date, any draw request made by an Obligor under a Variable Funding Asset included in the Collateral, along with wiring instructions for
the applicable Obligor, shall be forwarded by the Servicer to the Collateral Agent (with a copy to the Facility Agent) along with an
instruction to the Collateral Agent to withdraw the applicable amount from the Unfunded Exposure Account and a certification that the
conditions to fund such draw are satisfied, and the Collateral Agent shall fund such draw request in accordance with such instructions
from the Servicer.


 


Following the end of the Revolving
Period, if the Borrower shall receive any Principal Collections from an Obligor with respect to a Variable Funding Asset included in
the Collateral and, as of the date of such receipt (and after taking into account such repayment), the aggregate amount on deposit in
the Unfunded Exposure Account is less than the Aggregate Unfunded Amount (the amount of such shortfall, in each case, the “Unfunded
Exposure Shortfall”), the Servicer shall direct the Collateral Agent to and the Collateral Agent shall deposit into the Unfunded
Exposure Account an amount of such Principal Collections equal to the lesser of (a) the aggregate amount of such Principal Collections
and (b) the Unfunded Exposure Shortfall.


 






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(b)            All
amounts held in any Account shall, to the extent permitted by Applicable Law, be invested by the Collateral Agent, as directed by the
Servicer in writing (or, if the Servicer fails to provide such direction, such amounts shall remain uninvested), in Permitted Investments
that mature (i) with respect to the Collection Account, not later than one Business Day prior to the Distribution Date for the Collection
Period to which such amounts relate and (ii) with respect to the Unfunded Exposure Account, on the immediately following Business
Day. Any such written direction shall certify that any such investment is authorized by this Section 8.1. Investments in Permitted
Investments except as specifically required below, shall not be sold or disposed of prior to their maturity. If any amounts are needed
for disbursement from the Collection Account and sufficient uninvested funds are not available therein to make such disbursement, the
Collateral Agent shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in such account to make
such disbursement in accordance with and upon the written direction of the Servicer or, if the Servicer shall fail to give such direction,
the Facility Agent. The Collateral Agent shall, upon written request, provide the Facility Agent with all information in its possession
regarding transfer into and out of the Collection Account (including, but not limited to, the identity of the counterparty making or receiving
such transfer). In no event shall the Collateral Agent be liable for the selection of any investments or any losses in connection therewith,
or for any failure of the Servicer or the Facility Agent, as applicable, to timely provide investment instructions or disposition instructions,
as applicable, to the Collateral Agent. To the extent agreed to by the Borrower or the Servicer, the Collateral Agent or the Collateral
Custodian and their respective Affiliates shall be permitted to receive additional compensation that could be deemed to be in the Collateral
Agent’s or the Collateral Custodian’s economic self-interest for (i) serving as investment adviser, administrator, shareholder,
servicing agent, custodian or sub-custodian with respect to certain of the Permitted Investments, (ii) using affiliates to effect
transactions in certain Permitted Investments, and (iii) effecting transactions in certain investments. Such compensation shall not
be considered an amount that is reimbursable or payable pursuant to this Agreement.


 


(c)            Neither
the Borrower nor the Servicer shall have any rights of direction or withdrawal, with respect to amounts held in any Account, except to
the extent explicitly set forth herein (including the withdrawal rights for the Unfunded Exposure Account set forth in Section 8.1(a)).


 


Subject to the other provisions
hereof, the Collateral Agent shall have sole Control (within the meaning of the UCC) over each Account and each such investment and the
income thereon, and any certificate or other instrument evidencing any such investment, if any, shall be delivered to the Collateral Agent
or its agent, together with each document of transfer, if any, necessary to transfer title to such investment to the Collateral Agent
in a manner that complies with this Section 8.1. All interest, dividends, gains upon sale and other income from, or earnings
on, investments of funds in the Accounts shall be deposited or transferred to the Collection Account and distributed pursuant to Section 8.3(a).


 


(d)            The
Equityholder may, from time to time in its sole discretion (x) deposit amounts into the Principal Collection Account or the Unfunded
Exposure Account and/or (y) transfer Eligible Collateral Obligations as equity contributions to the Borrower. All such amounts will
be included in each applicable compliance calculation under this Agreement, including, without limitation, calculation of the Borrowing
Base, the Maximum Availability and the Minimum Equity Test.


 






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Section 8.2     Excluded
Amounts. The Servicer may direct the Collateral Agent and the Securities Intermediary to withdraw from the applicable Account and
pay to the Person entitled thereto any amounts credited thereto constituting Excluded Amounts if the Servicer has, prior to such withdrawal,
delivered to the Facility Agent and the Collateral Agent a report setting forth the calculation of such Excluded Amounts in form and substance
reasonably satisfactory to the Facility Agent, which report shall include a brief description of the facts and circumstances supporting
such request and designate a date for the payment of such reimbursement, which date shall not be earlier than two (2) Business Days
following delivery of such notice.


 


Section 8.3     Distributions,
Reinvestment and Dividends. (a) On each Distribution Date, the Collateral Agent shall distribute from the Collection Account,
in accordance with the applicable Monthly Report prepared by the Collateral Agent pursuant to Section 8.5, the Amount Available
for such Distribution Date in the following order of priority:


 


(i)            From
the Interest Collection Account, the Amount Available constituting Interest Collections for such Distribution Date in the following order
of priority:


 


(A)          FIRST,
to the payment of taxes and governmental fees owing by the Borrower, if any, which expenses shall not exceed $25,000 on any Distribution
Date;


 


(B)          SECOND,
first (1) to the Collateral Agent, the Securities Intermediary and the Collateral Custodian, any accrued and unpaid Collateral
Agent Fees and Expenses and Collateral Custodian Fees and Expenses for the related Collection Period, which expenses shall not exceed
in the aggregate the amount of the Capped Fees/Expenses and second (2) to the Servicer, any accrued and unpaid Servicer Expenses,
which Servicer Expenses shall not exceed either (x) $25,000 on any Distribution Date or (y) $100,000 in any calendar year;


 


(C)           reserved;


 


(D)          FOURTH,
pro rata, based on the amounts owed to such Persons under this Section 8.3(a)(i)(D), (1) to the Lenders, an amount
equal to the Yield on the Advances accrued during the Accrual Period with respect to such Distribution Date (and any Yield with respect
to any prior Accrual Period to the extent not paid on a prior Distribution Date), (2) to the Facility Agent and the Agents on behalf
of their respective Lenders, all accrued and unpaid Fees and Indemnified Amounts due to the Lenders, the Agents and the Facility Agent
and (3) to the Hedge Counterparties, any amounts owed on the current and prior Distribution Dates to the Hedge Counterparties under
Hedging Agreements (other than Hedge Breakage Costs), together with interest accrued thereon;


 


(E)           FIFTH,
during the Revolving Period, to the Agents on behalf of their respective Lenders pro rata in accordance with the amount of the
outstanding Advances (1) in the amount necessary to reduce the Advances outstanding to an amount not to exceed the lower of the Borrowing
Base and the Maximum Availability and (2) if either (or both of) the Minimum Diversity Test or the Minimum Equity Test is not satisfied
on such Distribution Date, in the amount necessary to reduce the Advances outstanding to the level at which such Minimum Equity Test is
satisfied;


 






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(F)          SIXTH,
after the end of the Revolving Period, (1) first, if (x) a Revaluation Diversion Event has occurred, (y) an Event
of Default has occurred and is continuing or (z) the Diversity Score is less than or equal to 10, to the Agents on behalf of their
respective Lenders pro rata to repay the Advances outstanding in the amount necessary to reduce the Advances outstanding to zero
and (2) second, if an Unmatured Event of Default has occurred and is continuing, to remain in the Interest Collection Account;


 


(G)          SEVENTH,
to any Affected Persons, any Increased Costs then due and owing;


 


(H)          EIGHTH,
pro rata based on amounts owed to such Persons under this Section 8.3(a)(i)(H), to the Hedge Counterparties, any unpaid
Hedge Breakage Costs, together with interest accrued thereon;


 


(I)            NINTH,
to the extent not previously paid pursuant to Section 8.3(a)(i)(A) above, to the payment of taxes and governmental fees
owing by the Borrower, if any;


 


(J)           TENTH,
to the extent not previously paid by or on behalf of the Borrower, to each Indemnified Party, any Indemnified Amounts then due and owing
to each such Indemnified Party;


 


(K)          ELEVENTH,
to the extent not previously paid pursuant to Section 8.3(a)(i)(B) above, to the Collateral Agent and the Collateral
Custodian, any Collateral Agent Fees and Expenses and Collateral Custodian Fees and Expenses due to the Collateral Agent and the Collateral
Custodian;


 


(L)           Reserved;


 


(M)         THIRTEENTH,
to pay any other amounts due and payable by the Borrower or otherwise under this Agreement and the other Transaction Documents and not
previously paid pursuant to this Section 8.3(a);


 


(N)          FOURTEENTH,
during the Revolving Period, (1) during an Unmatured Event of Default, to remain in the Interest Collection Account as Interest Collections,
and (2) otherwise, at the option of the Borrower, either such Amount Available to the Borrower or to remain in the Principal Collection
Account as Principal Collections; and


 


(O)          FIFTEENTH,
after the Revolving Period, such remaining Amount Available, to the Borrower.


 






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(ii)           From
the Principal Collection Account, the Amount Available constituting Principal Collections for such Distribution Date in the following
order of priority:


 


(A)          FIRST,
to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clauses (A) through (E), in that
order, but, in each case, only to the extent not paid in full thereunder;


 


(B)          SECOND,
after the end of the Revolving Period and to the extent not paid pursuant to Section 8.3(a)(i)(F), to the Agents on behalf
of their respective Lenders pro rata to repay the Advances outstanding;


 


(C)          THIRD,
to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clauses (G) and (H) of such
Section 8.3(a)(i) but, in each case, only to the extent not paid in full thereunder;


 


(D)          FOURTH,
to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (I) of such Section 8.3(a)(i) but,
in each case, only to the extent not paid in full thereunder


 


(E)           FIFTH,
to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (J) of such Section 8.3(a)(i) but
only to the extent not paid in full thereunder;


 


(F)           SIXTH,
to the extent not previously paid pursuant to Section 8.3(a)(i)(B) or Section 8.3(a)(i)(K), to the Collateral
Agent, the Securities Intermediary and the Collateral Custodian, any costs and expenses due to the Collateral Agent, the Securities Intermediary
and the Collateral Custodian under the Transaction Documents (other than Increased Costs and Indemnified Amounts);


 


(G)          SEVENTH,
to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (L) of such Section 8.3(a)(i) but
only to the extent not paid in full thereunder;


 


(H)          EIGHTH,
to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (M) of such Section 8.3(a)(i) but
only to the extent not paid in full thereunder;


 


(I)            NINTH,
to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause (N) of such Section 8.3(a)(i) but
only to the extent not paid in full thereunder;


 


(J)           TENTH,
during the Revolving Period, to remain in the Principal Collection Account as Principal Collections; and


 


(K)          ELEVENTH,
after the end of the Revolving Period, such remaining such Amount Available to the Borrower.


 






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(b)            During
the Revolving Period, the Borrower may withdraw from the Collection Account any Principal Collections and apply such Principal Collections
to (A) prepay the Advances outstanding in accordance with Section 2.4 or (B) acquire additional Collateral Obligations
(each such reinvestment of Principal Collections, a “Reinvestment”), subject to the following conditions:


 


(i)      the
Borrower shall have given written notice to the Collateral Agent, each Agent and the Facility Agent of the proposed Reinvestment at or
prior to 3:00 p.m., New York City time, two Business Days prior to the proposed date of such Reinvestment (the “Reinvestment
Date”). Such notice (the “Reinvestment Request”) shall be in the form of Exhibit C-2 and shall
include (among other things) the proposed Reinvestment Date, the amount of such proposed Reinvestment and a Schedule of Collateral Obligations
setting forth the information required therein with respect to the Collateral Obligations to be acquired by the Borrower on the Reinvestment
Date (if applicable);


 


(ii)     each
condition precedent set forth in Section 6.2 shall be satisfied;


 


(iii)    upon
the written request of the Borrower (or the Servicer on the Borrower’s behalf) delivered to the Collateral Agent no later than
11:00 a.m. New York City time on the applicable Reinvestment Date, the Collateral Agent shall have provided to the Facility Agent
(with a copy to each Agent) by facsimile or e-mail (to be received no later than 1:30 p.m. New York City time on that same day)
a statement reflecting the total amount on deposit on such day in the Collection Account; and


 


(iv)   any
Reinvestment Request given by the Borrower pursuant to this Section 8.3(b), shall be irrevocable and binding on the Borrower;
provided that, any Reinvestment Request which is conditioned upon the effectiveness of other transactions may be revoked or delayed
by the Borrower (by notice to the Facility Agent on or prior to the proposed Reinvestment Date, with a copy to each Agent and the Collateral
Agent) if such other transactions fail to become effective.


 


Subject to the Collateral
Agent’s receipt of an Officer’s Certificate of the Servicer as to the satisfaction of the conditions precedent set forth in
Section 6.2 and this Section 8.3, the Collateral Agent will release funds from the Collection Account to the Borrower
in an amount not to exceed the lesser of (A) the amount requested by the Borrower and (B) the amount of Collections on deposit
in the Collection Account.


 


(c)            At
any time, the Borrower may instruct the Collateral Agent to withdraw from the Principal Collection Account the proceeds of any Advance
on deposit therein as may be needed to settle any pending acquisition of an Eligible Collateral Obligation and remit such funds pursuant
to the written instructions of the Borrower.


 






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(d)            Notwithstanding
anything herein to the contrary, upon an instruction from the Borrower (or the Servicer on behalf of the Borrower), the Collateral Agent
shall disburse amounts from the Principal Collection Account to the Equityholder (as a distribution from the Borrower) if (i) the
Equityholder certifies to each Secured Parties that such amounts do not exceed the pro rata share of such amounts attributable
to the Borrower and are necessary to enable the Equityholder to make dividend or other distributions necessary for the Equityholder to
(A) maintain its status as a valid “regulated investment company” within the meaning of Section 851 of the Code,
and (B) avoid corporate income and excise taxes, (ii) the Revolving Period has not ended, (iii) each Collateral Quality
Test is satisfied both prior to and after giving effect to such distribution, (iv) the Minimum Equity Test is satisfied both prior
to and after giving effect to such distribution, (v) both prior to and after giving effect to such distribution, the Borrowing Base
is greater than or equal to the Advances outstanding, (vi) no Event of Default, Unmatured Event of Default, Unmatured Servicer Default
or Servicer Default shall have occurred and be continuing or would result and (vii) sufficient amounts are in the Principal Collection
Account to satisfy any pending acquisition by the Borrower of a Collateral Obligation.


 


Section 8.4     Fees.
The Borrower shall pay the Undrawn Fee, the Make-Whole Fee and any other applicable fees (collectively, “Fees”) in
the amounts and on the dates set forth herein or in one or more fee letter agreements, dated the date hereof (or dated the date any Lender
and its related Lender Group becomes a party hereto pursuant to an assignment or otherwise), signed by the Borrower, the applicable Agent
and the Facility Agent (as any such fee letter agreement may be amended, restated, supplemented or otherwise modified from time to time,
a “Fee Letter”).


 


Section 8.5     Monthly
Report. The Collateral Agent shall prepare (based on information provided to it by the Servicer, the Facility Agent and the Lenders
as set forth herein) a Monthly Report in the form of Exhibit D determined as of the close of business on each Determination
Date and make available such Monthly Report to the Facility Agent, each Agent, the Borrower and the Servicer on each Reporting Date starting
with the Reporting Date in the first full calendar month after the Effective Date. If any party receiving any Monthly Report disagrees
with any items of such report, it shall contact the Collateral Agent and notify it of such disputed item and provide reasonably sufficient
information to correct such item, with (if other than the Facility Agent) a copy of such notice and information to the Facility Agent
and the Servicer. If the Collateral Agent agrees with any such correction and unless the Collateral Agent is otherwise timely directed
by the Facility Agent, the Collateral Agent shall distribute a revised Monthly Report on the Business Day after it receives such information.
If the Collateral Agent does not agree with any such correction or it is directed by the Facility Agent that the Collateral Agent should
not make such correction, the Collateral Agent shall (within one Business Day) contact the Facility Agent and request instructions on
how to proceed. The Facility Agent’s reasonable determination with regard to any disputed item in the Monthly Report shall be conclusive
absent manifest error.


 


The Servicer shall cooperate
with the Collateral Agent in connection with the preparation of the Monthly Reports and any supplement thereto. Without limiting the generality
of the foregoing, the Servicer shall supply any information maintained by it that the Collateral Agent may from time to time reasonably
request with respect to the Collateral and reasonably needs to complete the reports, calculations and certificates required to be prepared
by the Collateral Agent hereunder or required to permit the Collateral Agent to perform its obligations hereunder. Without limiting the
generality of the foregoing, in connection with the preparation of a Monthly Report, (i) the Servicer shall be responsible for providing
the Collateral Agent the information required for parts (a) through (c) of Exhibit D for such Monthly Report and
(ii) the Facility Agent and the Lenders shall be responsible for providing to the Collateral Agent the information required by Section 3.4
for part (d) of Exhibit D for such Monthly Report on which the Collateral Agent may conclusively rely. The Servicer shall
review and verify the contents of the aforesaid reports (including the Monthly Report), instructions, statements and certificates. Upon
receipt of approval from the Servicer, the Collateral Agent shall send such reports, instructions, statements and certificates to the
Borrower and the Servicer for execution.


 






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Article IX


 


REPRESENTATIONS
AND WARRANTIES OF THE BORROWER


 


In order to induce the other
parties hereto to enter into this Agreement and, in the case of the Lenders, to make Advances hereunder, the Borrower hereby represents
and warrants to the Facility Agent, the Agents and the Lenders as to itself, as of the Effective Date, each Funding Date and, solely with
respect to Sections 9.12, 9.14 and 9.18, each other Measurement Date, as follows:


 


Section 9.1     Organization
and Good Standing. It has been duly organized and is validly existing under the laws of the jurisdiction of its organization, with
power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently
conducted. It had at all relevant times and now has, power, authority and legal right (x) to acquire and own the Collateral Obligations
and to have or benefit from a security interest in the Related Security, and to grant to the Collateral Agent a security interest in the
Collateral Obligations and its right, title and interest in the Related Security and the other Collateral and (y) to enter into and
perform its obligations under this Agreement and the other Transaction Documents to which it is a party.


 


Section 9.2     Due
Qualification. It is duly qualified to do business and has obtained all necessary licenses and approvals and made all necessary filings
and registrations in all jurisdictions, except where the failure to do so would not reasonably be expected to have a Material Adverse
Effect.


 


Section 9.3     Power
and Authority. It has the power, authority and legal right to execute and deliver this Agreement and the other Transaction Documents
to which it is a party and to perform its obligations hereunder and thereunder; it has full power, authority and legal right to grant
to the Collateral Agent, for the benefit of the Secured Parties, a valid and enforceable security interest in the Collateral Obligations
and the other Collateral and has duly authorized such grant by all necessary action and the execution, delivery and performance of this
Agreement and the other Transaction Documents to which it is a party have been duly authorized by it by all necessary action.


 


Section 9.4     Binding
Obligations. This Agreement and the Transaction Documents to which it is a party have been duly executed and delivered by it and are
enforceable against it in accordance with their respective terms, except as such enforceability may be limited by (A) bankruptcy,
insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally, (B) equitable limitations
on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law
and (C) implied covenants of good faith and fair dealing.


 






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Section 9.5     Security
Interest. This Agreement creates a valid and continuing Lien on the Collateral in favor of the Collateral Agent, on behalf of the
Secured Parties, which security interest is validly perfected under Article 9 of the UCC, and is enforceable as such against creditors
of and purchasers from the Borrower; the Collateral is comprised of Instruments, Security Entitlements, General Intangibles, Certificated
Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral
under the applicable UCC as to which the Borrower has complied with its obligations as set forth herein; with respect to Collateral that
constitute Security Entitlements (a) all of such Security Entitlements have been credited to the Accounts and the Securities Intermediary
has agreed to treat all assets credited to the Accounts as Financial Assets, (b) the Borrower has taken all steps necessary to enable
the Collateral Agent to obtain Control with respect to the Accounts and (c) the Accounts are not in the name of any Person other
than the Borrower, subject to the Lien of the Collateral Agent for the benefit of the Secured Parties; the Borrower has not instructed
the Securities Intermediary to comply with the entitlement order of any Person other than the Collateral Agent; provided that,
until the Collateral Agent delivers a Notice of Exclusive Control (as defined in the Account Control Agreement), the Borrower may, or
may cause the Servicer to cause cash in the Accounts to be invested or distributed in accordance with this Agreement; all Accounts constitute
Securities Accounts; the Borrower owns and has good and marketable title to the Collateral (other than the Related Security) free and
clear of any Lien (other than Permitted Liens); the Borrower has received all consents and approvals required by the terms of any Collateral
Obligation to the transfer and granting of a security interest in the Collateral Obligations hereunder to the Collateral Agent, on behalf
of the Secured Parties; the Borrower has taken all necessary steps to file or authorize the filing of all appropriate financing statements
in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in that portion
of the Collateral in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in the State
of Delaware; all original executed copies of each underlying promissory note constituting or evidencing any Collateral Obligation have
been or, subject to the delivery requirements contained herein and/or Section 18.3, will be delivered to the Collateral Custodian;
the Borrower has received, or subject to the delivery requirements contained herein will receive, a written acknowledgment from the Collateral
Custodian that the Collateral Custodian or its bailee is holding each underlying promissory note evidencing a Collateral Obligation solely
on behalf of the Collateral Agent for the benefit of the Secured Parties; none of the underlying promissory notes that constitute or evidence
the Collateral Obligations has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person
other than the Collateral Agent on behalf of the Secured Parties; with respect to Collateral that constitutes a Certificated Security,
such certificated security has been delivered to the Collateral Agent and, if in registered form, has been specially Indorsed (within
the meaning of the UCC) to the Collateral Agent or in blank by an effective Indorsement or has been registered in the name of the Collateral
Agent upon original issue or registration of transfer by the Borrower of such Certificated Security, in each case to be held by the Collateral
Agent or the Collateral Custodian on behalf of the Collateral Agent for the benefit of the Secured Parties; and in the case of an Uncertificated
Security, by (A) causing the Collateral Agent to become the registered owner of such uncertificated security and (B) causing
such registration to remain effective.


 






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Section 9.6     No
Violation. The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party, the
consummation of the transactions contemplated hereby and thereby, and the fulfillment of the terms of this Agreement and the other Transaction
Documents to which it is a party, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time) a default under, its Constituent Documents, or any indenture, agreement, mortgage, deed of trust or
other material instrument to which it is a party or by which it is bound or any of its properties are subject, or result in the creation
or imposition of any Lien (other than Permitted Liens) upon any of its properties pursuant to the terms of any such indenture, agreement,
mortgage, deed of trust or other instrument, or violate in any material respect any Applicable Law or in any way materially adversely
affect its ability to perform its obligations under this Agreement or the other Transaction Documents to which it is a party.


 


Section 9.7     No
Proceedings. There are no proceedings or investigations pending or, to its knowledge, threatened against it, before any Official Body
having jurisdiction over it or its properties (A) asserting the invalidity of this Agreement or any of the other Transaction Documents,
(B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction
Documents, (C) seeking any determination or ruling that might materially and adversely affect the performance by it of its obligations
under, or the validity or enforceability of, this Agreement or any of the other Transaction Documents or (D) that would reasonably
be expected to have a material adverse effect on any of the Collateral or on the assignments and security interests granted by the Borrower
in this Agreement.


 


Section 9.8     No
Consents. It is not required to obtain the material consent of any other Person or any material approval, authorization, consent,
license, approval or authorization, or registration or declaration with, any Official Body having jurisdiction over it or its properties
in connection with the execution, delivery, performance, validity or enforceability of this Agreement or the other Transaction Documents
to which it is a party, in each case other than consents, licenses, approvals, authorizations, orders, registrations, declarations or
filings which have been obtained or made and continuation statements and renewals in respect thereof.


 


Section 9.9     Solvency.
It is solvent and will not become insolvent after giving effect to the transactions contemplated by this Agreement and the Transaction
Documents. After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, it will have an
adequate amount of capital to conduct its business in the foreseeable future.


 


Section 9.10    Compliance
with Laws. It has complied and will comply in all material respects with all Applicable Laws, judgments, agreements with Official
Bodies, decrees and orders with respect to its business and properties and all Collateral.


 


Section 9.11  Taxes.
For U.S. federal income tax purposes, it is, and always has been, an entity disregarded as separate from the Equityholder and the Equityholder
is a U.S. Person. It has filed on a timely basis all federal and other material Tax returns (including foreign, state, local and otherwise)
required to be filed, if any, and has paid all federal and other material Taxes due and payable by it and any material assessments made
against it or any of its property and all other material Taxes, fees or other charges imposed on it or any of its property by any Official
Body (other than any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect
to which reserves in conformity with GAAP have been provided on the books of the Borrower). No Lien or similar Adverse Claim has been
filed, and no claim is being asserted, with respect to any material Tax, assessment or other governmental charge, other than a Permitted
Lien.


 






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Section 9.12   Monthly
Report. Each Monthly Report is accurate in all material respects as of the date thereof.


 


Section 9.13   No
Liens, Etc. The Collateral and each part thereof (other than the Related Security) is owned by the Borrower free and clear of any
Adverse Claim (other than Permitted Liens) or restrictions on transferability and the Borrower has the full right, power and lawful authority
to assign, transfer and pledge the same and interests therein, and upon the making of each Advance, the Collateral Agent, for the benefit
of the Secured Parties, will have acquired a perfected, first priority and valid security interest (except, as to priority, for any Permitted
Liens) in each Collateral Obligation and the other Collateral, free and clear of any Adverse Claim or restrictions on transferability
(other than Permitted Liens), to the extent (as to perfection and priority with respect to such other Collateral) that a security interest
in such other Collateral may be perfected under the applicable UCC. The Borrower has not pledged, assigned, sold, granted a security interest
in or otherwise conveyed any of the Collateral and no effective financing statement (other than with respect to Permitted Liens) or other
instrument similar in effect naming or purportedly naming the Borrower or any of its Affiliates as debtor and covering all or any part
of the Collateral is on file in any recording office, except such as may have been filed in favor of the Collateral Agent as “Secured
Party” pursuant hereto or as necessary or advisable in connection with the Sale Agreement. As of the Effective Date, there are no
judgments or Liens for Taxes with respect to the Borrower and no claim has been asserted with respect to the Taxes of the Borrower.


 


Section 9.14   Information
True and Correct. All information heretofore or hereafter furnished by or on behalf of the Borrower in writing to any Lender, the
Collateral Agent or the Facility Agent in connection with this Agreement or any transaction contemplated hereby (x) is and will be
(when taken as a whole) true and correct in all material respects and does not omit to state a material fact necessary to make the statements
contained therein not misleading as of the date furnished (or earlier date specified therein) or (y) to the extent not prepared by
or under the direction of the Borrower or the Servicer, is and will be (when taken as a whole) true and correct and does not omit to state
a material fact necessary to make the statements contained therein not misleading as of the date furnished (or earlier date specified
therein) to the knowledge of the Borrower.


 


Section 9.15   Reserved.


 


Section 9.16   Collateral.
Except as otherwise expressly permitted or required by the terms of this Agreement, no item of Collateral has been sold,transferred,
assigned or pledged by the Borrower to any Person.


 


Section 9.17   Selection
Procedures. In selecting the Collateral Obligations hereunder and for Affiliates of the Borrower, including Collateral Obligations
subject to an Optional Sale, no selection procedures were employed which are intended to be adverse to the interests of the Facility Agent,
any Agent or any Lender.


 






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Section 9.18   Indebtedness.
The Borrower has no Indebtedness other than (i) Indebtedness incurred under the terms of the Transaction Documents, (ii) Indebtedness
incurred pursuant to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other
Transaction Documents and (iii) its Excluded Liabilities.


 


Section 9.19   No
Injunctions. No injunction, writ, restraining order or other order of any Official Body of any nature adversely affects the performance
of its obligations under this Agreement or any Transaction Document to which it is a party.


 


Section 9.20   No
Subsidiaries. The Borrower has no Subsidiaries other than any REO Asset Owners.


 


Section 9.21   ERISA
Matters.


 


(a)            The
Borrower does not sponsor, maintain, or contribute to, and has never sponsored, maintained, or contributed to, and, except as would not
reasonably be expected to have a Material Adverse Effect, no ERISA Affiliate sponsors, maintains, contributes to, or has any liability
in respect of, or has ever sponsored, maintained, contributed to, or had any liability in respect of, a Plan.


 


(b)            No
ERISA Event has occurred on or prior to the date that this representation is made or deemed made that, whether alone or together with
all other ERISA Events that have occurred, would reasonably be expected to have a Material Adverse Effect.


 


(c)            The
Borrower is not, and will not become at any time while any Obligations are outstanding, a Benefit Plan Investor.


 


Section 9.22   Investment
Company Status. The Borrower is not required to register as an investment company under the 1940 Act.


 


Section 9.23   Set-Off,
Etc. No Collateral Obligation has been compromised, adjusted, extended, satisfied, subordinated, rescinded, set-off or modified by
the Borrower or the Obligor thereof, and no Collateral Obligation or Permitted Investment is subject to compromise, adjustment, extension,
satisfaction, subordination, rescission, set-off, counterclaim, defense, abatement, suspension, deferment, deduction, reduction, termination
or modification, whether arising out of transactions concerning the Collateral or otherwise, by the Borrower or the Obligor with respect
thereto, except, in each case, pursuant to the Transaction Documents and for amendments, extensions and modifications, if any, to such
Collateral otherwise permitted hereby and in accordance with the Servicing Standard.


 


Section 9.24   Collections.
The Borrower acknowledges that (i) all Obligors (or related agents) have been directed to make all payments directly to the Collection
Account and (ii) all Collections received by it or its Affiliates with respect to the Collateral pledged hereunder (other than Excluded
Amounts) are held and shall be held in trust for the benefit of the Collateral Agent, on behalf of the Secured Parties until deposited
into the applicable Collection Account in accordance with Section 10.10.


 






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Section 9.25   Value
Given. The Borrower has given fair consideration and reasonably equivalent value to the Equityholder in exchange for the purchase
of the Collateral Obligations purchased from it. No such transfer has been made for or on account of an antecedent debt and no such transfer
is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.


 


Section 9.26   Use
of Proceeds. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying Margin Stock
and none of the proceeds of the Advances will be used, directly or indirectly, for a purpose that violates Regulation T, Regulation U,
Regulation X or any other regulation promulgated by the FRS Board from time to time.


 


Section 9.27   Separate
Existence. The Borrower is operated as an entity with assets and liabilities distinct from those of any of its Affiliates or any
Affiliates of the Equityholder (other than for tax purposes), and the Borrower hereby acknowledges that the Facility Agent, each of the
Agents and each of the Lenders are entering into the transactions contemplated by this Agreement in reliance upon the Borrower’s
identity as a separate legal entity (other than for tax purposes). Since its formation, the Borrower has been (and will be) operated
in such a manner as to comply with the covenants set forth in Section 10.5.


 


There is not now, nor will
there be at any time in the future, any agreement or understanding between the Borrower and the Equityholder (other than as expressly
set forth herein and the other Transaction Documents) providing for the allocation or sharing of obligations to make payments or otherwise
in respect of any Taxes, fees, assessments or other governmental charges.


 


Section 9.28   Transaction
Documents. The Transaction Documents delivered, together with the Constituent Documents of the Borrower, to the Facility Agent represent
all material agreements between the Equityholder, on the one hand, and the Borrower, on the other. Upon the purchase and/or contribution
of each Collateral Obligation (or an interest in a Collateral Obligation) pursuant to this Agreement or the Sale Agreement, the Borrower
shall be the lawful owner of, and have good title to, such Collateral Obligation and all assets relating thereto, free and clear of any
Adverse Claim. All such assets are transferred to the Borrower without recourse to the Equityholder except as described in the Sale Agreement
and the Master Participation Agreement. The purchases of such assets by the Borrower constitute valid and true sales for consideration
(and not merely a pledge of such assets for security purposes) and the contributions of such assets received by the Borrower constitute
valid and true transfers for consideration, each enforceable against creditors of the Equityholder, and no such assets shall constitute
property of the Equityholder.


 


Section 9.29   EEA
Financial Institution. The Borrower is not an EEA Financial Institution.


 






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Section 9.30   Anti-Terrorism,
Anti-Money Laundering. (a)  Neither the Borrower nor any Affiliate, nor to the Borrower’s knowledge, any officer,
employee or director, acting on behalf of the Borrower is (i) a country, territory, organization, person or entity named on any
sanctions list administered or imposed by the U.S. Government including, without limitation, the Office of Foreign Asset Control (“OFAC”)
list, or any other list maintained for the purposes of sanctions enforcement by any of the United Nations, the European Union, Her Majesty’s
Treasury in the UK, Germany, Canada, Australia, and any other country or multilateral organization (collectively, “Sanctions”),
including but not limited to Cuba, Iran, Syria, North Korea, and the Crimea region in Ukraine (the “Sanctioned Countries”);
(ii) a Person that resides, is organized or located in any of the Sanctioned Countries or which is designated as a “Non-Cooperative
Jurisdiction” by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through
such a jurisdiction or any Sanctioned Countries or is owned 50% or more or otherwise controlled, directly or indirectly by, or acting
on behalf of, one or more Person who is the subject or target of Sanctions; (iii) a “Foreign Shell Bank” within the
meaning of the USA Patriot Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated
with a bank that has a physical presence and an acceptable level of regulation and supervision; or (iv) a person or entity that
resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections
311 or 312 of the USA Patriot Act as warranting special measures due to money laundering concerns. The Borrower and each Affiliate and,
to the Borrower’s knowledge, each officer, employee or director, acting on behalf of the Borrower is (and is taking no action which
would result in any such Person not being) in compliance with (a) all OFAC rules and regulations, (b) all United States
of America, United Kingdom, United Nations, European Union, German, Canadian, Australian and all other sanctions, embargos and trade
restrictions that the Borrower or any of its Affiliates is subject and (c) the Anti-Money Laundering Laws. In addition, the described
purpose (“trade related business activities”) of the Borrower or any Affiliate does not include any kind of activities
or business of or with any Person or in any country or territory that is subject to or the target of any sanctions administered by the
U.S. Government, OFAC, the United Kingdom, the European Union, Germany, Canada, Australia or the United Nations Security Council (including
the Sanctioned Countries) and, to the Borrower’s knowledge, does not involve commodities or services of a Sanctioned Country origin
or shipped to, through or from a Sanctioned Country, or on vessels or aircrafts owned or registered by a Sanctioned Country, or financed
or subsidized any of the foregoing.


 


(b)           The
Borrower has complied, in all material respects, with all applicable anti-money laundering laws and regulations, including without
limitation the USA Patriot Act (collectively, the “Anti-Money Laundering Laws”). No actions, suits, proceedings or
investigations by any court, governmental, or regulatory agency are ongoing or pending against the Borrower, or, to its knowledge, its
directors, officers or employees or anyone acting on its behalf in relation to a breach of the Anti-Money Laundering Laws, or, to the
knowledge of the Borrower, threatened.


 


Section 9.31   Anti-Bribery
and Corruption. (a)  Neither the Borrower nor, to the Borrower’s knowledge, any director, officer, employee, or anyone
acting on behalf of the Borrower has engaged in any activity, or will take any action, directly or indirectly, which would breach applicable
anti-bribery and corruption laws and regulations, including but not limited to the US Foreign and Corrupt Practices Act 1977, as amended,
and the Bribery Act 2010 of the United Kingdom (the “Anti-Bribery and Corruption Laws”).


 






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(b)           The
Borrower and its Affiliates have each conducted their businesses in compliance with Anti-Bribery and Corruption Laws and have instituted
and maintain policies and procedures reasonably designed to promote and ensure continued compliance with all Anti-Bribery and Corruption
Laws and with the representation and warranty contained herein.


 


(c)            No
actions, suits, proceedings or investigations by any court, governmental, or regulatory agency are ongoing or pending against the Borrower
or, to its knowledge, its directors, officers or employees or anyone acting on its behalf in relation to a breach of the Anti-Bribery
and Corruption Laws, or, to the knowledge of the Borrower, threatened.


 


(d)           The
Borrower will not directly or, to its knowledge, indirectly use, lend or contribute the proceeds of the Advances for any purpose that
would breach the Anti-Bribery and Corruption Laws.


 


Section 9.32   AIFMD.
The Borrower is not (i) an AIFM or (ii) an AIF managed by an AIFM required to be authorized or registered in accordance with
AIFMD.


 


Section 9.33   Similar
Law. The Borrower is not a plan subject to any Similar Law or an entity subject to any Similar Law by reason of the investment in
the Borrower of one or more “governmental plans” (as defined by Section 3(33) of ERISA) or other plans or during any
period that the assets, properties or revenues of the Borrower are subject to any Similar Law, by reason of the investment in the Borrower
of one or more “governmental plans” (as defined by Section 3(33) of ERISA) or other plans, neither the entering into
and performance of the Agreement nor any other transactions entered into under the Transaction Documents will constitute or result in
a violation of any Similar Law. The representations in this Section 9.33 shall be deemed repeated on each day that an Obligation
is outstanding.


 


Article X


 


COVENANTS


 


From the date hereof until
the first day following the Facility Termination Date on which all Obligations shall have been finally and fully paid and performed (other
than as expressly survive the termination of this Agreement), the Borrower hereby covenants and agrees with the Lenders, the Agents and
the Facility Agent that:


 


Section 10.1   Protection
of Security Interest of the Secured Parties. (a)  At or within one (1) Business Day of the Effective Date, the Borrower
shall have filed or caused to be filed a UCC-1 financing statement, naming the Borrower as debtor and the Collateral Agent (for the benefit
of the Secured Parties) as secured party and describing the Collateral, with the office of the Secretary of State of the State of Delaware.
From time to time thereafter, the Borrower shall file such financing statements and cause to be filed such continuation statements, all
in such manner and in such places as may be required by Applicable Law fully to preserve, maintain and protect the interest of the Collateral
Agent in favor of the Secured Parties under this Agreement in the Collateral and in the proceeds thereof. The Borrower shall deliver (or
cause to be delivered) to the Collateral Agent file-stamped copies of, or filing receipts for, any document filed as provided above, as
soon as available following such filing. In the event that the Borrower fails to perform its obligations under this subsection, the Collateral
Agent or the Facility Agent may (but shall have no obligation to) do so, in each case at the expense of the Borrower, however neither
the Collateral Agent nor the Facility Agent shall have any liability in connection therewith.


 






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(b)           The
Borrower shall not change its name, jurisdiction, identity or corporate structure in any manner that would make any financing statement
or continuation statement filed by or on behalf of the Borrower in accordance with Section 10.1(a) above seriously misleading
or change its jurisdiction of organization, unless the Borrower shall have given the Facility Agent and the Collateral Agent (with a copy
to each Agent) at least 30 days’ prior written notice thereof, and shall promptly file appropriate amendments to all previously
filed financing statements and continuation statements (and shall provide a copy of such amendments to the Collateral Agent and Facility
Agent (with a copy to each Agent) together with an Officer’s Certificate to the effect that all appropriate amendments or other
documents in respect of previously filed statements have been filed).


 


(c)           The
Borrower shall maintain records that shall refer to the Collateral and indicate clearly that such Collateral is subject to the first priority
security interest in favor of the Collateral Agent, for the benefit of the Secured Parties. Indication of the Collateral Agent’s
(for the benefit of the Secured Parties) security interest shall be deleted from or modified in such records only when, and only when,
the Collateral in question shall have been paid in full, the security interest under this Agreement has been released in accordance with
its terms, upon such Collateral Obligation becoming a Repurchased Collateral Obligation or Substituted Collateral Obligation, or otherwise
as expressly permitted by this Agreement.


 


(d)            Without
limiting any of the other provisions hereof, if at any time (x) the Borrower shall propose to sell, grant a security interest in,
or otherwise transfer any interest in loan receivables to any prospective lender or other transferee and (y) the Borrower shall give
to such prospective lender or other transferee computer tapes, records, or print-outs (including any restored from archives) that, shall
refer in any manner whatsoever to any Collateral, then such computer tapes, records, or print-outs shall indicate clearly that such Collateral
is subject to a first priority security interest in favor of the Collateral Agent, for the benefit of the Secured Parties.


 


Section 10.2   Other
Liens or Interests. Except for the security interest granted hereunder and as otherwise permitted pursuant to Sections 7.10,
7.11 and 10.16, the Borrower will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or
suffer to exist any Lien on the Collateral or any interest therein (other than Permitted Liens), and the Borrower shall defend the right,
title, and interest of the Collateral Agent (for the benefit of the Secured Parties) and the Lenders in and to the Collateral against
all claims of third parties claiming through or under the Borrower (other than Permitted Liens).


 


Section 10.3   Costs
and Expenses. The Borrower shall pay (or cause to be paid) all of its reasonable costs and disbursements in connection with the performance
of its obligations hereunder and under the Transaction Documents, subject to Section 8.3.


 






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Section 10.4   Reporting
Requirements. The Borrower shall furnish, or cause to be furnished, to the Facility Agent, the Collateral Agent and each Lender:


 


(a)            as
soon as possible and in any event within three Business Days after a Responsible Officer of the Borrower shall have knowledge of the occurrence
of an Event of Default, Unmatured Event of Default, Servicer Default or Unmatured Servicer Default, the statement of an Executive Officer
of the Borrower setting forth details of such event and the action which the Borrower has taken, is taking and proposes to take with respect
thereto;


 


(b)            promptly,
from time to time, such other information, documents, records or reports respecting the Collateral Obligations or the Related Security,
the other Collateral or the condition or operations, financial or otherwise, of the Borrower as such Person may, from time to time, reasonably
request, other than (x) material and affairs protected by the attorney-client privilege and (y) material which the Borrower
may not disclose without violation of any Applicable Law, and in all cases, subject to Sections 7.9(c) and 17.14;


 


(c)            promptly,
in reasonable detail, of (i) any Adverse Claim known to it that is made or asserted against any of the Collateral and (ii) the
occurrence of any Revaluation Event with respect to any Collateral Obligation;


 


(d)            promptly,
in reasonable detail, any new or updated information reasonably requested by a Lender in connection with “know your customer”
laws or any similar regulations; and


 


(e)            promptly
following any request therefor, the Borrower shall deliver to the Facility Agent information and documentation reasonably requested by
the Facility Agent for purposes of compliance with its Beneficial Ownership Certification to the extent the Borrower qualifies as a “legal
entity customer” under the Beneficial Ownership Regulation.


 


Section 10.5   Separate
Existence. (a)  The Borrower shall conduct its business solely in its own name through its duly authorized officers or agents
so as not to mislead others as to the identity of the entity with which such persons are concerned, and shall use its best efforts to
avoid the appearance that it is conducting business on behalf of any Affiliate thereof or that the assets of the Borrower are available
to pay the creditors of any of its equityholders or any Affiliate thereof.


 


(b)            It
shall maintain records and books of account separate from those of any other Person (other than for tax purposes).


 


(c)            It
shall pay its own operating expenses and liabilities from its own funds.


 


(d)            It
shall ensure that the annual financial statements of the Borrower and the Equityholder shall disclose the effects of the transactions
contemplated hereby in accordance with GAAP.


 






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(e)            It
shall not hold itself out as being liable for the debts of any other Person. It shall not pledge its assets to secure the obligations
of any other Person. It shall not guarantee any obligation of any Person, including any Affiliate or become obligated for the debts of
any other Person or hold out its credit or assets as being available to pay the obligations of any other Person.


 


(f)             It
shall keep its assets and liabilities separate from those of all other entities (other than for tax purposes). Except as expressly contemplated
herein with respect to Excluded Amounts, it shall not commingle its assets with assets of any other Person.


 


(g)            It
shall maintain bank accounts or other depository accounts separate from any other person or entity, including any Affiliate.


 


(h)            To
the extent required under GAAP, it shall ensure that any consolidated financial statements including the Borrower, if any, have notes
to the effect that the Borrower is a separate entity (other than for tax purposes) whose creditors have a claim on its assets prior to
those assets becoming available to its equityholders.


 


(i)             It
shall not (A) amend, supplement or otherwise modify its Constituent Documents, except in accordance therewith and with the prior
written consent of the Facility Agent (which consent shall not be unreasonably withheld, delayed or conditioned) or (B) divide or
permit any division of itself.


 


(j)             It
shall at all times hold itself out to the public and all other Persons as separate from its Affiliates and from any other Person (other
than for tax purposes).


 


(k)            It
shall file its own tax returns separate from those of any other Person, except to the extent that it is treated as a “disregarded
entity” for tax purposes and is not required to file tax returns under Applicable Law, and shall pay any material taxes required
to be paid under Applicable Law.


 


(l)             It
shall conduct its business only in its own name and comply with all organizational formalities necessary to maintain its separate existence
(other than for tax purposes).


 


(m)           It
shall maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other Person and
not have its assets listed on any financial statement of any other Person; provided, that its assets may be included in a consolidated
financial statement of its Affiliate so long as (i) appropriate notation shall be made on such consolidated financial statements
(if any) to indicate its separateness from such Affiliate and to indicate that its assets and credit are not available to satisfy the
debts and other obligations of such Affiliate or any other Person and (ii) such assets shall also be listed on its own separate balance
sheet.


 


(n)            It
shall not, except for capital contributions or capital distributions permitted under the terms and conditions of its Constituent Documents
and properly reflected on its books and records and other purchase and/or sale or other transactions permitted or contemplated under any
Transaction Document, enter into any transaction with an Affiliate except on commercially reasonable terms similar to those available
to unaffiliated parties in an arm’s-length transaction.


 






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(o)            It
shall maintain a sufficient number of employees (which number may be zero) in light of its contemplated business purpose and pay the salaries
of its own employees, if any, only from its own funds.


 


(p)            It
shall use separate invoices bearing its own name.


 


(q)            It
shall correct any known misunderstanding regarding its separate identity and not identify itself as a department or division of any other
Person (other than for tax purposes).


 


(r)             It
shall maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; provided, however,
that the foregoing shall not require its equityholders to make additional capital contributions.


 


(s)            It
shall not acquire any obligation or securities of its members or of any Affiliate other than the Collateral in compliance with the Transaction
Documents.


 


(t)             It
shall not make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any Person, except
that it may invest in those investments permitted under the Transaction Documents and may hold the equity of REO Asset Owners.


 


(u)            It
shall not, to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, sale or transfer of
all or substantially all of its assets other than such activities as are expressly permitted pursuant to the Transaction Documents.


 


(v)            It
shall not buy or hold evidence of indebtedness issued by any other Person (other than cash or investment-grade securities), except as
expressly contemplated by the Transaction Documents.


 


(w)           Except
as expressly permitted by the Transaction Documents (which permits the formation of REO Asset Owners), it shall not form, acquire or hold
any subsidiary (whether corporate, partnership, limited liability company or other) or own any equity interest in any other entity.


 


(x)            It
shall not own any asset or property other than Collateral and such other financial assets as permitted by the Transaction Documents.


 


(y)            It
shall not engage, directly or indirectly, in any business other than as required or permitted to be performed by the Transaction Documents.


 


(z)             It
shall allocate fairly and reasonably any overhead expenses that are shared with any of its Affiliates, including for shared office space
and for services performed by an employee of any Affiliate.


 






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(aa)          Neither
the Borrower nor the Equityholder shall take any action contrary to the “Assumptions and Facts” section in the opinion or
opinions of Schulte Roth & Zabel LLP, dated the date hereof, relating to certain nonconsolidation and true sale and true participation
matters.


 


(bb)         Neither
the Servicer nor any other person shall be authorized or empowered, nor shall they permit the Borrower to take any Material Action without
the prior unanimous written consent of each Independent Member. The Constituent Documents of the Borrower shall include the following
provisions: (a) at all times there shall be, and Borrower shall cause there to be, at least one Independent Member; (b) the
Borrower shall not, without the prior written consent of each Independent Member, on behalf of itself or Borrower, take any Material Action
or any action that might cause such entity to become insolvent, and when voting with respect to such matters, the Independent Members
shall consider only the interests of the Borrower, including its creditors; and (d) no Independent Member of the Borrower may be
removed or replaced unless the Borrower provides Lender with not less than five (5) Business Days’ prior written notice of
(i) any proposed removal of an Independent Member, together with a statement as to the reasons for such removal, and (ii) the
identity of the proposed replacement Independent Member, together with a certification that such replacement satisfies the requirements
set forth in the organizational documents of the Borrower for an Independent Member. No removal of an Independent Member shall be effective
until a successor Independent Member is appointed and has accepted his or her appointment. No Independent Member may be removed other
than for Cause. If an Independent Member ceases to serve in such capacity due to resignation, death or incapacity such that the Borrower
no longer has at least one Independent Manager, the Borrower shall appoint a replacement Independent Manager, promptly, and in any event
within three (3) Business Days.


 


Section 10.6   Hedging
Agreements. (a)  With respect to any Fixed Rate Collateral Obligation (other than any Fixed Rate Collateral Obligation
(or portion thereof) not counted as “excess” pursuant to clause (d) of the definition of “Excess Concentration
Amount”), the Borrower hereby covenants and agrees that, upon the direction of the Facility Agent in its sole discretion as notified
to the Borrower and the Servicer on or prior to the related Funding Date for such Collateral Obligation, the Borrower shall obtain and
deliver to the Collateral Agent (with a copy to the Facility Agent and each Agent), within 10 days from its receipt of such notice, one
or more Hedging Agreements from qualified Hedge Counterparties having, singly or in the aggregate, an Aggregate Notional Amount not less
than the amount determined by the Facility Agent in its reasonable discretion, which (1) shall each have a notional principal amount
equal to or greater than $1,000,000, (2) may provide for reductions of the Aggregate Notional Amount on each Distribution Date on
an amortization schedule for such Aggregate Notional Amount assuming a 0.0 ABS prepayment speed (or such other ABS prepayment speed as
may be approved in writing by the Facility Agent) and zero losses, and (3) shall have other terms and conditions and be represented
by Hedging Agreements otherwise acceptable to the Facility Agent in its sole discretion.


 






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(b)            In
the event that any Hedge Counterparty defaults in its obligation to make a payment to the Borrower under one or more Hedging Agreements
on any date on which payments are due pursuant to a Hedging Agreement, the Borrower shall make a demand no later than the Business Day
following such default on such Hedge Counterparty, or any guarantor, if applicable, demanding payment under the applicable Hedging Agreement
in accordance with the terms of such Hedging Agreement. The Borrower shall give notice to the Lenders (with a copy to the Collateral Agent)
upon the continuing failure by any Hedge Counterparty to perform its obligations during the two Business Days following a demand made
by the Borrower on such Hedge Counterparty, and shall take such action with respect to such continuing failure as may be reasonably directed
by the Facility Agent.


 


(c)            In
the event that any Hedge Counterparty no longer maintains the ratings specified in the definition of “Hedge Counterparty,”
then within 30 days after receiving notice of such decline in the creditworthiness of such Hedge Counterparty as determined by any
Rating Agency, the Borrower shall provide the Hedge Counterparty notice of the potential termination event resulting from such downgrade
and, if the Hedge Counterparty fails to cure such potential termination event within the time frame specified in the related Hedging Agreement,
the Borrower shall, at the written direction of the Facility Agent, (i) provided that a Replacement Hedging Agreement or Qualified
Substitute Arrangement meeting the requirements of Section 10.6(d) has been obtained, (A) provide written notice
to such Hedge Counterparty (with a copy to the Collateral Agent, each Agent and the Facility Agent) of its intention to terminate the
applicable Hedging Agreement within the 30-day period following the expiration of the cure period set forth in the applicable Hedging
Agreement and (B) terminate the applicable Hedging Agreement within such 30-day period, request the payment to it of all amounts
due to the Borrower under the applicable Hedging Agreement through the termination date and deposit any such amounts so received, on the
day of receipt, to the Collection Account, or (ii) establish any other arrangement (including an arrangement or arrangements in addition
to or in substitution for any prior arrangement made in accordance with the provisions of this Section 10.6(c)) with the written
consent (in its sole discretion) of the Facility Agent (a “Qualified Substitute Arrangement”); provided, that
in the event at any time any alternative arrangement established pursuant to the above shall cease to be satisfactory to the Facility
Agent, then the provisions of this Section 10.6(c), shall again be applied and in connection therewith the 30-day period referred
to above shall commence on the date the Borrower receives notice of such cessation or termination, as the case may be.


 


(d)            Unless
an alternative arrangement pursuant to Section 10.6(c) is being established, the Borrower shall use commercially reasonable
efforts to obtain a Replacement Hedging Agreement or Qualified Substitute Arrangement meeting the requirements of this Section 10.6
during the 30-day period following the expiration of the cure period set forth in the applicable Hedging Agreement. The Borrower shall
not terminate the Hedging Agreement unless, prior to the expiration of such 30-day period, the Borrower delivers to the Collateral Agent
(with a copy to the Facility Agent and each Agent) (i) a Replacement Hedging Agreement or Qualified Substitute Arrangement, (ii) to
the extent applicable, an Opinion of Counsel reasonably satisfactory to the Facility Agent as to the due authorization, execution and
delivery and validity and enforceability of such Replacement Hedging Agreement or Qualified Substitute Arrangement, as the case may be,
and (iii) evidence that the Facility Agent has consented in writing to the termination of the applicable Hedging Agreement and its
replacement with such Replacement Hedging Agreement or Qualified Substitute Arrangement.


 






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(e)           The
Servicer or the Borrower shall notify the Facility Agent and the Collateral Agent (with a copy to each Agent) within five Business Days
after a Responsible Officer of such Person shall obtain knowledge that the senior unsecured debt rating of a Hedge Counterparty has been
withdrawn or reduced by any Rating Agency below the level specified in the definition of “Hedge Counterparty.”


 


(f)            The
Borrower may at any time obtain a Replacement Hedging Agreement with any Hedge Counterparty meeting the criteria specified in the definition
of “Hedge Counterparty” or otherwise with the consent (in its reasonable discretion) of the Facility Agent.


 


(g)           The
Borrower shall not agree to any amendment to any Hedging Agreement without the consent (in its reasonable discretion) of the Facility
Agent.


 


(h)           The
Borrower shall notify the Facility Agent and the Collateral Agent (with a copy to each Agent) after a Responsible Officer of the Borrower
shall obtain actual knowledge of the transfer by the related Hedge Counterparty of any Hedging Agreement, or any interest or obligation
thereunder.


 


(i)            The
Borrower, with the consent of the Facility Agent in its sole discretion, may sell all or a portion of the Hedging Agreements. The Borrower
shall have the duty of obtaining a fair market value price for the sale of any Hedging Agreement, notifying the Facility Agent and the
Collateral Agent (with a copy to each Agent) of prospective purchasers and bids, and selecting the purchaser of such Hedging Agreement.
The Borrower and, at the Borrower’s request, the Collateral Agent, upon receipt of the purchase price in the Collection Account
shall execute all documentation necessary to release the Lien of the Collateral Agent on such Hedging Agreement and proceeds thereof.


 


Notwithstanding anything
to the contrary in this Section 10.6, the parties hereto agree that should the Borrower fail to observe or perform any of
its obligations under this Section 10.6 with respect to any Hedging Agreement, the sole result will be that the Collateral
Obligation or Collateral Obligations that are the subject of such Hedging Agreement shall immediately cease to be Eligible Collateral
Obligations for all purposes under this Agreement.


 


Section 10.7          Tangible
Net Worth. The Borrower shall maintain at all times a positive Tangible Net Worth.


 


Section 10.8          Taxes.
For U.S. federal income tax purposes, the Borrower will be an entity disregarded as separate from the Equityholder and the Equityholder
will be a U.S. Person. The Borrower will file on a timely basis all material Tax returns (including foreign, federal, state, local and
otherwise) required to be filed, if any, and will pay all material Taxes due and payable by it and any assessments made against it or
any of its property (other than, in each case, (a) any amount the validity of which is contested in good faith by appropriate proceedings
and with respect to which reserves in conformity with GAAP are provided on the books of the Borrower or (b) to the extent that the
failure to do so could not reasonably be expected to have a Material Adverse Effect).


 






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Section 10.9          Merger,
Consolidation, Etc. The Borrower shall not merge or consolidate with any other Person or permit any other Person to become the successor
to all or substantially all of its business or assets without the prior written consent of the Facility Agent in its sole discretion.


 


Section 10.10         Deposit
of Collections. The Borrower shall transfer, or cause to be transferred, all Collections to the Collection Account by the close of
business on the Business Day following the date such Collections are received by the Borrower, the Equityholder, the Servicer or any
of their respective Affiliates.


 


Section 10.11         Indebtedness;
Guarantees. The Borrower shall not create, incur, assume or suffer to exist any Indebtedness other than Indebtedness permitted under
or incurred pursuant to the terms of the Transaction Documents and Excluded Liabilities. The Borrower shall incur no Indebtedness secured
by the Collateral other than the Obligations. The Borrower shall not assume, guarantee, endorse or otherwise be or become directly or
contingently liable for the obligations of any Person by, among other things, agreeing to purchase any obligation of another Person,
agreeing to advance funds to such Person or causing or assisting such Person to maintain any amount of capital, other than as expressly
permitted under the Transaction Documents.


 


Section 10.12         Limitation
on Purchases from Affiliates. Other than pursuant to the Sale Agreement, the Borrower shall not purchase any asset from the Equityholder
or the Servicer or any Affiliate of the Borrower, the Equityholder or the Servicer.


 


Section 10.13         Documents.
Except as otherwise expressly permitted herein, it shall not cancel or terminate any of the Transaction Documents to which it is party
(in any capacity), or consent to or accept any cancellation or termination of any of such agreements, or amend or otherwise modify any
term or condition of any of the Transaction Documents to which it is party (in any capacity) or give any consent, waiver or approval
under any such agreement, or waive any default under or breach of any of the Transaction Documents to which it is party (in any capacity)
or take any other action under any such agreement not required by the terms thereof, unless (in each case) the Facility Agent shall have
consented thereto in its sole discretion.


 


Section 10.14         Preservation
of Existence. The Borrower shall do or cause to be done all things necessary to (i) preserve and keep in full force and effect
its existence as a limited liability company and take all reasonable action to maintain its rights and franchises in the jurisdiction
of its formation and (ii) qualify and remain qualified as a limited liability company in good standing in each jurisdiction where
the failure to qualify and remain qualified would reasonably be expected to have a Material Adverse Effect.


 


Section 10.15         Limitation
on Investments. The Borrower shall not form, or cause to be formed, any Subsidiaries other than REO Asset Owners; or make or suffer
to exist any loans or advances to, or extend any credit to, or make any investments (by way of transfer of property, contributions to
capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate
or any other Person except investments as otherwise permitted herein and pursuant to the other Transaction Documents.


 






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Section 10.16         Distributions.
(a) The Borrower shall not declare or make (i) payment of any distribution on or in respect of any equity interests, or (ii) any
payment on account of the purchase, redemption, retirement or acquisition of any option, warrant or other right to acquire such equity
interests; provided that so long as (i) no Event of Default, Unmatured Event of Default, Unmatured Servicer Default or Servicer
Default shall have occurred and be continuing and (ii) the aggregate principal amount of all Advances outstanding shall not exceed
the Borrowing Base after giving pro forma effect to such distribution and any Advances that will be required to settle the acquisition
of any Eligible Collateral Obligations, the Borrower may make a distribution to the Equityholder, including (x) of amounts paid
to it pursuant to Section 8.3 on the applicable Distribution Date and (y) any Advance received with respect to any Eligible
Collateral Obligation the acquisition of which was fully funded by capital contribution from the Equityholder in advance of receipt of
such Advances hereunder.


 


(b)            Prior
to foreclosure by the Facility Agent upon any Collateral pursuant to Section 13.3(c), nothing in this Section 10.16
or otherwise in this Agreement shall restrict the Borrower from exercising any Warrant Assets issued to it by Obligors from time
to time to the extent funds are available to the Borrower under Section 8.3(a) or made available to the Borrower.


 


Section 10.17         Performance
of Borrower Assigned Agreements. The Borrower shall (i) perform and observe in all material respects all the terms and provisions
of the Transaction Documents (including each of the Borrower Assigned Agreements) to which it is a party to be performed or observed
by it, maintain such Transaction Documents in full force and effect, and enforce such Transaction Documents in accordance with their
terms, and (ii) upon reasonable request of the Facility Agent, make to any other party to such Transaction Documents such demands
and requests for information and reports or for action as the Borrower is entitled to make thereunder.


 


Section 10.18         Further
Assurances; Financing Statements. (a)  The Borrower agrees that at any time and from time to time, at its expense and upon
reasonable request of the Facility Agent or the Collateral Agent, it shall promptly execute and deliver all further instruments and documents,
and take all reasonable further action, that is necessary or desirable to perfect and protect the assignments and security interests
granted or purported to be granted by this Agreement or to enable the Collateral Agent or any of the Secured Parties to exercise and
enforce its rights and remedies under this Agreement with respect to any Collateral. Without limiting the generality of the foregoing,
the Borrower authorizes the filing of such financing or continuation statements, or amendments thereto, and such other instruments or
notices as may be necessary or desirable or that the Collateral Agent (acting solely at the Facility Agent’s request) may reasonably
request to protect and preserve the assignments and security interests granted by this Agreement. Such financing statements filed against
the Borrower may describe the Collateral in the same manner specified in Section 12.1 or in any other manner as the Facility
Agent may reasonably determine is necessary to ensure the perfection of such security interest (without disclosing the names of, or any
information relating to, the Obligors thereunder), including describing such property as all assets or all personal property of the Borrower
whether now owned or hereafter acquired.


 






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(b)            The
Borrower and each Secured Party hereby severally authorize the Collateral Agent, upon receipt of written direction from the Facility
Agent, to file one or more financing or continuation statements, and amendments thereto, relating to all or any part of the Collateral.


 


(c)            It
shall furnish to the Collateral Agent and the Facility Agent from time to time such statements and schedules further identifying and
describing the Related Security and such other reports in connection with the Collateral as the Collateral Agent (acting solely at the
Facility Agent’s request) or the Facility Agent may reasonably request, all in reasonable detail.


 


Section 10.19          Obligor
Payment Instructions. The Borrower acknowledges that the power of attorney granted in Section 13.10 to the Collateral
Agent permits the Collateral Agent to send (at the Facility Agent’s written direction after the occurrence and during the continuance
of an Event of Default) Obligor notification forms to give notice to the Obligors of the Collateral Agent’s interest in the Collateral
and the obligation to make payments as directed by the Collateral Agent (at the written direction of the Facility Agent). The Borrower
further agrees that it shall (or it shall cause the Servicer to) provide prompt notice to the Facility Agent of any misdirected or errant
payments made by any Obligor with respect to any Collateral Obligation and direct such Obligor to make payments as required hereunder.


 


Section 10.20         Delivery
of Collateral Obligation Files. (a) The Borrower (or the Servicer on behalf of the Borrower) shall deliver to the Collateral
Custodian (with a copy to the Facility Agent and each Agent) at the following e-mail addresses (for electronic copies): amit.patel@db.com,
james.kwak@db.com, andrew.goldsmith@db.com and erica.flor@db.com) the Collateral Obligation Files identified on the related Document
Checklist promptly upon receipt but in no event later than five (5) Business Days after the related Funding Date; provided
that any file-stamped document included in any Collateral Obligation File shall be delivered as soon as they are reasonably available
(even if not within five (5) Business Days of the related Funding Date). The Borrower shall maintain (or cause to be maintained)
for the Secured Parties in accordance with their respective interests all Records that evidence or relate to the Collections not previously
delivered to the Collateral Agent and shall, as soon as reasonably practicable upon demand of the Facility Agent, make available, or,
upon the Facility Agent’s demand following the occurrence and during the continuation of a Servicer Default, deliver to the Facility
Agent copies of all such Records which evidence or relate to the Collections.


 


(b)            The
Borrower shall deliver the following: (i) all Asset Approval Requests to lenderfinance_collatreview@list.db.com, (ii) Monthly
Reports delivered in connection with Section 8.5 to csg.india@db.com, abs.conduits@db.com, dbinvestor@list.db.com, amit.patel@db.com,
james.kwak@db.com, erica.flor@db.com and andrew.goldsmith@db.com, (iii) requests or notices delivered in accordance with Sections
2.2, 2.4 or 8.3(b), to abs.conduits@db.com, lenderfinance_collatreview@list.db.com, amit.patel@db.com, james.kwak@db.com,
erica.flor@db.com and andrew.goldsmith@db.com and (iv) obligor reports delivered in connection with Section 7.5(l) to
gcrt.ratingrequests@db.com and lenderfinance_collatreview@list.db.com.


 






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Section 10.21         Risk
Retention.


 


(a)             For
so long as any Obligations are outstanding: the Equityholder represents and undertakes as an originator for purposes of the EU Securitization
Regulation that: (A) the Equityholder holds and will retain on an on-going basis, a net economic interest in the securitization
transaction contemplated by this Agreement, which shall not be less than 5% of the aggregate nominal value of all the Collateral Obligations
(the “Retained Economic Interest”) measured at the time of origination (being the occasion of each origination or
acquisition of a Collateral Obligation by the Borrower); (B) the Retained Economic Interest takes the form of a first loss tranche
in accordance with paragraph (d) of Article 6(3) of the EU Securitization Regulation, as represented by the Equityholder’s
direct equity interests in the Borrower (“Equity Interests”); (C) the Equityholder directly holds and will directly
retain 100% of the Equity Interests in the Borrower; (D) the aggregate capital contributions made by the Equityholder with respect
to the Equity Interests in the Borrower shall represent at least 5.0% of the aggregate of the nominal value of all the Collateral Obligations
measured at the time of origination as described in (A) above; (E) the Equityholder shall not, and the Equityholder shall procure
that the Borrower shall not, short, hedge, otherwise credit risk mitigate the Equityholder's Retained Economic Interest or sell, transfer
or otherwise surrender all or part of the rights, benefits or obligations arising from the Retained Economic Interest (except as permitted
by the EU Securitization Rules and, for the avoidance of doubt, the sale of any Collateral Obligations, as permitted by the Transaction
Documents, shall not be restricted); provided further that the Equityholder shall only be required to comply with Article 7
of the EU Securitization Regulation to the extent mutually agreed upon by the Equityholder and the Facility Agent and/or any Lender that
is subject to the EU Securitization Rules (which agreement shall not be unreasonably withheld, delayed or conditioned by the Equityholder);
and (F) immediately following the settlement of each acquisition or origination of a Collateral Obligation by the Borrower, not
less than 51% of all of the Collateral Obligations will be Retention Holder Collateral Obligations, with such proportion of Retention
Holder Collateral Obligations being measured on the basis of the aggregate outstanding principal balance of the Collateral Obligations
at such time.


 


(b)            Each
Monthly Report shall contain or be accompanied by a certification from the Equityholder containing a representation that all of the conditions
set forth in clause (a) above are true and have been true up to and on each date of the related Collection Period. The Equityholder
shall provide to the Facility Agent and/or any Lender that is subject to the EU Securitization Rules: (A) prompt written notice
after becoming aware of any breach of the obligations set forth in clause (a) above; (B) confirmation that all of the
conditions set forth in clause (a) above continue to be complied with, upon the request of the Facility Agent or such Lender
(x) in the event of a material change in the transaction structure that materially impacts the performance of the Collateral Obligations
or the risk characteristics of the Advances and (y) upon the occurrence of any Event of Default or becoming aware of any breach
of the obligations contained in any Transaction Documents; and (C) all information, documents, reports and notifications that the
Facility Agent and/or any Lender may reasonably request in connection with its obligations under the EU Securitization Rules, provided
that the Equityholder shall not be required to provide any information that is subject to laws governing the protection of confidentiality
of information and the processing of personal data (“Restricted Information”) unless, if it is Restricted Information
and cannot be anonymized or aggregated, the Facility Agent and/or relevant Lender enters into a confidentiality agreement reasonably
acceptable to the Equityholder.


 






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(c)            The
Equityholder represents that: (A) its Equity Interests in the Borrower were duly approved in accordance with its governing documents
and investment policies; and (B) acting through its investment adviser, New Mountain Finance Advisers BDC, L.L.C. (the “Investment
Manager”), the Equityholder established the transaction contemplated by the Transaction Documents by: (x) causing the
incorporation the Borrower as a wholly-owned subsidiary; (y) approving the eligibility criteria for the origination or acquisition
of Collateral Obligations by the Borrower; and (z) selecting the Investment Manager, determining the transaction structure and negotiating
the Transaction Documents with the various transaction parties.


 


(d)            The
Equityholder is, and will remain, ultimately responsible for and retain discretion over the actions of the Investment Manager; and any
actions taken by the Investment Manager in relation to the matters outlined in clause (c) above are taken for, and on behalf
of, the Equityholder.


 


(e)            The
Equityholder represents that it was not established for, and does not operate for, the sole purpose of securitizing exposures.


 


(f)             The
Equityholder represents and undertakes that the Collateral Obligations have been, or will be originated pursuant to a sound and well-defined
credit granting criteria and clearly established processes for approving, amending, modifying, renewing and financing those credits and
that are effective systems in place to apply those criteria and processes to ensure that such credits are granted and approved based
on a thorough assessment of the relevant Obligor’s creditworthiness.


 


Section 10.22         Proceedings.
As soon as possible and in any event within three (3) Business Days after a Responsible Officer of the Borrower receives notice
or obtains knowledge thereof, the Borrower shall deliver to the Facility Agent, each Agent and the Collateral Agent notice of any settlement
of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of
any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental
department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Borrower Collateral (taken as a
whole), the Transaction Documents, the Collateral Agent’s interest in the Collateral, or the Borrower; provided that notwithstanding
the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral (taken as
a whole), the Transaction Documents, the Collateral Agent’s interest in the Collateral, or the Borrower in excess of $100,000 or
more shall be deemed to be material for purposes of this Section 10.22.


 


Section 10.23          Officer’s
Certificate. On each anniversary of the date of this Agreement, the Borrower shall deliver an Officer’s Certificate (with a
copy to the Collateral Agent), in form and substance acceptable to the Facility Agent, providing (i) a certification, based upon
a review and summary of UCC search results, that there is no other interest in the Collateral perfected by filing of a UCC financing
statement other than in favor of (or assigned to) the Collateral Agent and (ii) a certification, based upon a review and summary
of tax and judgment Lien searches satisfactory to the Facility Agent, that there is no other interest in the Collateral based on any
tax or judgment Lien other than Permitted Liens.


 






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Section 10.24         Policies
and Procedures for Sanctions. The Borrower has instituted and maintained policies and procedures designed to ensure compliance with
Sanctions.


 


Section 10.25         Compliance
with Sanctions. The Borrower shall not knowingly, directly or indirectly use the proceeds of the Advances, or lend, contribute or
otherwise make available such proceeds to any Subsidiary, joint venture, partner or other Person or entity, to fund or facilitate (i) any
activities of or business with any Sanction Target, (ii) any activities of or business in any Sanctioned Country or (iii) in
any other manner that would result in a violation by any Person of Sanctions.


 


Section 10.26         Compliance
with Anti-Money Laundering. The Borrower shall comply in all material respects with all applicable Anti-Money Laundering Laws and
shall provide notice to the Facility Agent, within five (5) Business Days, of the Borrower’s receipt of any Anti-Money Laundering
Law regulatory notice or action involving the Borrower.


 


Section 10.27         ERISA.


 


(a)            The
Borrower will not become a Benefit Plan Investor at any time while any Obligations are outstanding.


 


(b)            The
Borrower will not take any action, or omit to take any action, which would give rise to a non-exempt prohibited transaction under Section 406(a)(1)(B) of
ERISA or Section 4975(c)(1)(B) of the Code that would subject any Lender to any tax, penalty, damages, or any other claim for
relief under ERISA or the Code.


 


(c)            The
Borrower shall not sponsor, maintain, or contribute to, any Plan. Except as would not reasonably be expected to have a Material Adverse
Effect, (i) the Borrower shall not, and shall not permit any ERISA Affiliate to, permit to exist any occurrence of any ERISA Event,
and (ii) the Borrower shall not permit any ERISA Affiliate to sponsor, maintain, contribute to, or incur any liability in respect
of, any Plan.


 


Section 10.28         Ineligible
Collateral. The Borrower shall not acquire any asset that does not satisfy the definition of “Eligible Collateral Obligation”
or “Permitted Investment” unless otherwise approved or waived by the Facility Agent in its sole discretion.


 


Article XI


 


THE COLLATERAL
AGENT


 


Section 11.1          Appointment
of Collateral Agent. U.S. Bank National Association is hereby appointed as Collateral Agent pursuant to the terms hereof. The Secured
Parties hereby appoint the Collateral Agent to act exclusively as the agent for purposes of perfection of a security interest in the
Collateral and Collateral Agent of the Secured Parties to act as specified herein and in the other Transaction Documents to which the
Collateral Agent is a party. The Collateral Agent hereby accepts such agency appointment to act as Collateral Agent pursuant to the terms
of this Agreement, until its resignation or removal as Collateral Agent pursuant to the terms hereof.


 






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Section 11.2          Monthly
Reports. The Collateral Agent shall prepare the Monthly Report in accordance with Section 8.5 and distribute funds in
accordance with such Monthly Report in accordance with Section 8.3(a).


 


Section 11.3           Collateral
Administration. The Collateral Agent shall maintain a database of certain characteristics of the Collateral on an ongoing basis,
and provide to the Borrower, the Servicer, each Agent and the Facility Agent certain reports, schedules and calculations, all as more
particularly described in this Section 11.3, based upon information and data received from the Servicer pursuant to Section 7.7.


 


(a)            In
connection therewith, the Collateral Agent shall:


 


(i)            within
15 days after the Effective Date, create a database with respect to the Collateral that has been pledged to the Collateral Agent for
the benefit of the Secured Parties from time to time, comprised of the Collateral Obligations credited to the Accounts from time to time
and Permitted Investments in which amounts held in the Accounts may be invested from time to time, as provided in this Agreement (the
 “Collateral Database”);


 


(ii)            update
the Collateral Database on a periodic basis for changes and to reflect the sale or other disposition of assets included in the Collateral
and any additional Collateral from time to time, in each case based upon, and to the extent of, information furnished to the Collateral
Agent by the Borrower or the Servicer as may be reasonably required by the Collateral Agent from time to time or based upon notices received
by the Collateral Agent from the issuer, or trustee or agent bank under an underlying instrument, or similar source);


 


(iii)           track
the receipt and allocation to the Collection Account of Principal Collections and Interest Collections and any withdrawals therefrom
and, on each Business Day, provide to the Servicer and Facility Agent daily reports reflecting such actions to the accounts as of the
close of business on the preceding Business Day and the Collateral Agent shall provide any such report to the Facility Agent upon its
request therefor;


 


(iv)          distribute
funds in accordance with such Monthly Report in accordance with Section 8.3(a);


 


(v)            prepare
and deliver to the Facility Agent, each Agent, the Borrower and the Servicer on each Reporting Date, the Monthly Report and any update
pursuant to Section 8.5 when requested by the Servicer, the Borrower, an Agent or the Facility Agent, on the basis of the
information contained in the Collateral Database as of the applicable Determination Date, the information provided by each Lender and
the Facility Agent pursuant to Section 3.4 and such other information as may be provided to the Collateral Agent by the Borrower,
the Servicer, the Facility Agent or any Lender;


 


(vi)            provide
other such information with respect to the Collateral as may be routinely maintained by the Collateral Agent in performing its ordinary
Collateral Agent function pursuant hereunder, as the Borrower, the Servicer, the Facility Agent, any Agent or any Lender may reasonably
request from time to time;


 






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(vii)          upon
the written request of the Servicer on any Business Day following the Business Day of the Collateral Agent’s receipt of such request
(provided such request is received by 12:00 p.m. (New York time) on such date (otherwise such request will be deemed made on the
next succeeding Business Day) and so long as the Collateral Agent maintains or has received any information reasonably needed and requested
by it, the Collateral Agent shall perform the following functions: as of the date the Servicer commits on behalf of the Borrower to purchase
Collateral Obligations to be included in the Collateral, perform a pro forma calculation of the tests and other requirements set
forth in Sections 6.2(e) and (f), in each case, based upon information contained in the Collateral Database and report
the results thereof to the Servicer in a mutually agreed format;


 


(viii)         upon
the Collateral Agent’s receipt on any Business Day of written notification from the Servicer of its intent to sell (in accordance
with Section 7.10) Collateral Obligations, and so long as the Collateral Agent maintains or has received any information
reasonably needed and requested by it, the Collateral Agent shall perform, no later than the Business Day following the Business Day
of the Collateral Agent’s receipt of such request (provided such request is received by no later than 12:00 p.m. (New York
time) on such date (otherwise such request will be deemed made on the next succeeding Business Day) a pro forma calculation of
the tests and other requirements set forth in Sections 7.10(a)(i)(A), (B) and (C) and based upon information
contained in the Collateral Database and information furnished by the Servicer, compare the results thereof and report the results to
the Servicer in a mutually agreed format; and


 


(ix)           track
the Principal Balance of each Collateral Obligation and report such balances to the Facility Agent and the Servicer no later than 12:00
Noon (New York City time) on each Business Day as of the close of business on the preceding Business Day.


 


(b)            The
Collateral Agent shall provide to the Servicer a copy of all written notices and communications received by it and identified as being
sent to it in connection with the Collateral Obligations and the other Collateral held hereunder which it receives from the related Obligor,
participating bank and/or agent bank. In no instance shall the Collateral Agent be under any duty or obligation to take any action on
behalf of the Servicer in respect of the exercise of any voting or consent rights, or similar actions, unless it receives specific written
instructions from the Servicer, prior to the occurrence and during the continuance of an Event of Default or a Servicer Default or the
Facility Agent, after the occurrence and during the continuance of an Event of Default or a Servicer Default, in which event the Collateral
Agent shall vote, consent or take such other action in accordance with such instructions.


 


(c)            In
addition to the above:


 


(i)            The
Facility Agent and each Secured Party further authorizes the Collateral Agent to take such action as agent on its behalf and to exercise
such powers under this Agreement and the other Transaction Documents as are expressly delegated to the Collateral Agent by the terms
hereof and thereof, together with such powers as are reasonably incidental thereto. In furtherance, and without limiting the generality
of the foregoing, each Secured Party hereby appoints the Collateral Agent (acting at the direction of the Facility Agent) as its agent
to execute and deliver all further instruments and documents, and take all further action (at the written direction of the Facility Agent)
that the Facility Agent deems necessary or desirable in order to perfect, protect or more fully evidence the security interests granted
by the Borrower hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder, including, without
limitation, the execution or filing by the Collateral Agent as secured party/assignee of such financing or continuation statements, or
amendments thereto or assignments thereof, relative to all or any of the Collateral Obligations now existing or hereafter arising, and
such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. Nothing in this Section 11.3(c)(i) shall
be deemed to relieve the Borrower or the Servicer of their respective obligations to protect the interest of the Collateral Agent (for
the benefit of the Secured Parties) in the Collateral, including to file financing and continuation statements in respect of the Collateral
in accordance with Section 10.1. It is understood and agreed that any and all actions performed by the Collateral Agent in
connection with this Section 11.3(c)(i) shall be at the written direction of the Facility Agent, and the Collateral
Agent shall have no responsibility or liability in connection with determining any actions necessary or desirable to perfect, protect
or more fully secure the security interest granted by the Borrower hereunder or to enable any Person to exercise or enforce any of their
respective rights hereunder.


 






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(ii)           The
Facility Agent may direct the Collateral Agent in writing to take any such incidental action hereunder. With respect to other actions
which are incidental to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be required
to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in
acting or refraining from acting) upon the written direction of the Facility Agent; provided that the Collateral Agent shall not
be required to take any action hereunder at the request of the Facility Agent, any Secured Parties or otherwise if the taking of such
action, in the determination of the Collateral Agent, (x) shall be in violation of any Applicable Law or contrary to any provisions
of this Agreement or (y) shall expose the Collateral Agent to liability hereunder or otherwise (unless it has received indemnity
which it reasonably deems to be satisfactory with respect thereto). In the event the Collateral Agent requests the consent of the Facility
Agent and the Collateral Agent does not receive a consent (either positive or negative) from the Facility Agent within 10 Business Days
of its receipt of such request, then the Facility Agent shall be deemed to have declined to consent to the relevant action.


 


(iii)          Except
as expressly provided herein, the Collateral Agent shall not be under any duty or obligation to take any affirmative action to exercise
or enforce any power, right or remedy available to it under this Agreement that might in its judgment involve any expense or liability
unless it has been furnished with an indemnity reasonably satisfactory to it (x) unless and until (and to the extent) expressly
so directed by the Facility Agent or (y) prior to the Facility Termination Date (and upon such occurrence, the Collateral Agent
shall act in accordance with the written instructions of the Facility Agent pursuant to clause (x)). The Collateral Agent shall not be
liable for any action taken, suffered or omitted by it in accordance with the request or direction of any Secured Party, to the extent
that this Agreement provides such Secured Party the right to so direct the Collateral Agent, or the Facility Agent. The Collateral Agent
shall not be deemed to have notice or knowledge of any matter hereunder, including an Event of Default, Unmatured Servicer Default, Servicer
Default or any notice, document, certificate or other information required to be forwarded by the Facility Agent to the Collateral Agent,
unless a Responsible Officer of the Collateral Agent has knowledge of such matter or written notice thereof is received by the Collateral
Agent.


 






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(d)            If,
in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, the
Collateral Agent may request written instructions from the Facility Agent as to the course of action desired by it. If the Collateral
Agent does not receive such instructions within two Business Days after it has requested them, the Collateral Agent may, but shall be
under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions
received after such two Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action
inconsistent with such instructions. The Collateral Agent shall be entitled to rely on the advice of legal counsel and independent accountants
in performing its duties hereunder and shall be deemed to have acted in good faith if it acts in accordance with such advice.


 


(e)            Concurrently
herewith, the Facility Agent directs the Collateral Agent and the Collateral Agent is authorized to enter into the Account Control Agreement
and any other related agreements in the form delivered to the Collateral Agent. All of the Collateral Agent’s rights, protections
and immunities provided herein shall apply to the Collateral Agent for any actions taken or omitted to be taken under the Account Control
Agreement and any other related agreements in such capacity. The Facility Agent hereby agrees that it will not direct the Collateral
Agent to deliver a Notice of Exclusive Control except after the occurrence and during the continuation of an Event of Default.


 


Section 11.4           Removal
or Resignation of Collateral Agent. After the expiration of the 180 day period commencing on the date hereof, the Collateral Agent
may at any time resign and terminate its obligations under this Agreement upon at least 60 days’ prior written notice to the Servicer,
the Borrower, the Facility Agent and each Agent; provided, that no resignation or removal of the Collateral Agent will be permitted
unless a successor Collateral Agent has been appointed which successor Collateral Agent, so long as no Unmatured Servicer Default, Servicer
Default, Unmatured Event of Default or Event of Default has occurred and is continuing, is reasonably acceptable to the Servicer. Promptly
after receipt of notice of the Collateral Agent’s resignation, the Facility Agent shall promptly appoint a successor Collateral
Agent (which successor Collateral Agent is Wells Fargo Bank, National Association or, so long as no Servicer Default or Event of Default
has occurred and is continuing, is reasonably acceptable to the Servicer) by written instrument, in duplicate, copies of which instrument
shall be delivered to the Borrower, the Servicer, the resigning Collateral Agent and to the successor Collateral Agent. In the event
no successor Collateral Agent shall have been appointed within 60 days after the giving of notice of such resignation, the Collateral
Agent may petition any court of competent jurisdiction to appoint a successor Collateral Agent. The Facility Agent upon at least 60 days’
prior written notice to the Collateral Agent, may with or without cause remove and discharge the Collateral Agent or any successor Collateral
Agent thereafter appointed from the performance of its duties under this Agreement. Promptly after giving notice of removal of the Collateral
Agent, the Facility Agent shall appoint, or petition a court of competent jurisdiction to appoint, a successor Collateral Agent. Any
such appointment shall be accomplished by written instrument and one original counterpart of such instrument of appointment shall be
delivered to the Collateral Agent and the successor Collateral Agent, with a copy delivered to the Borrower and the Servicer.


 






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Section 11.5           Representations
and Warranties. The Collateral Agent represents and warrants to the Borrower, the Facility Agent, the Lenders and Servicer that:


 


(a)            the
Collateral Agent has the corporate power and authority and the legal rights to execute and deliver, and to perform its obligations under,
this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement;


 


(b)            no
consent or authorization of, filing with, or other act by or in respect of, any arbitrator or Official Body and no consent of any other
Person (including any stockholder or creditor of the Collateral Agent) is required in connection with the execution, delivery performance,
validity or enforceability of this Agreement; and


 


(c)            this
Agreement has been duly executed and delivered on behalf of the Collateral Agent and constitutes a legal, valid and binding obligation
of the Collateral Agent enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of
equity (whether enforcement is sought in proceedings in equity or at law).


 


Section 11.6           No
Adverse Interest of Collateral Agent. By execution of this Agreement, the Collateral Agent represents and warrants that it currently
holds and during the existence of this Agreement shall hold, no adverse interest, by way of security or otherwise, in any Collateral
Obligation or any document in the Collateral Obligation Files. Neither the Collateral Obligations nor any documents in the Collateral
Obligation Files shall be subject to any security interest, lien or right of set-off by the Collateral Agent or any third party claiming
through the Collateral Agent, and the Collateral Agent shall not pledge, encumber, hypothecate, transfer, dispose of, or otherwise grant
any third party interest in, the Collateral Obligations or documents in the Collateral Obligation Files, except that the preceding clause
shall not apply to the Collateral Agent or the Collateral Custodian with respect to (i) the Collateral Agent Fees and Expenses or
the Collateral Custodian Fees and Expenses, and (ii) in the case of any accounts, with respect to (x) returned or charged-back
items, (y) reversals or cancellations of payment orders and other electronic fund transfers, or (z) overdrafts in the Collection
Account.


 


Section 11.7           Reliance
of Collateral Agent. In the absence of bad faith on the part of the Collateral Agent, the Collateral Agent may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon any request, instruction, certificate,
opinion or other document furnished to the Collateral Agent, reasonably believed by the Collateral Agent to be genuine and to have been
signed or presented by the proper party or parties and conforming to the requirements of this Agreement; but in the case of a request,
instruction, document or certificate which by any provision hereof is specifically required to be furnished to the Collateral Agent,
the Collateral Agent shall be under a duty to examine the same in accordance with the requirements of this Agreement to determine that
they conform to the form required by such provision. For avoidance of doubt, Collateral Agent may rely conclusively on Borrowing Base
Certificates and Officer’s Certificates delivered by the Servicer. The Collateral Agent shall not be liable for any action taken
by it in good faith and reasonably believed by it to be within the discretion or powers conferred upon it, or taken by it pursuant to
any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction
required hereby for such action.


 






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Section 11.8           Limitation
of Liability and Collateral Agent Rights. (a)  The Collateral Agent may conclusively rely on and shall be fully protected
in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith
it reasonably believes to be genuine and that has been signed by the proper party or parties. The Collateral Agent may rely conclusively
on and shall be fully protected in acting upon (i) the written instructions of any designated officer of the Facility Agent or (ii) the
verbal instructions of the Facility Agent.


 


(b)            The
Collateral Agent may consult counsel satisfactory to it with a national reputation in the applicable matter and the advice or opinion
of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in accordance with the advice or opinion of such counsel.


 


(c)            The
Collateral Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or
for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of its
willful misconduct, bad faith, reckless disregard or grossly negligent performance or omission of its duties.


 


(d)            The
Collateral Agent makes no warranty or representation and shall have no responsibility (except as expressly set forth in this Agreement)
as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral,
and will not be required to and will not make any representations as to the validity or value (except as expressly set forth in this
Agreement) of any of the Collateral.


 


(e)            The
Collateral Agent shall have no duties or responsibilities except such duties and responsibilities as are specifically set forth in this
Agreement and the other Transaction Documents to which it is a party and no covenants or obligations shall be implied in this Agreement
against the Collateral Agent. The Collateral Agent shall not be obligated to take any action hereunder that might in its judgment involve
any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to it.


 


(f)            The
Collateral Agent shall not be required to expend or risk its own funds in the performance of its duties hereunder.


 


(g)            It
is expressly agreed and acknowledged that the Collateral Agent is not guaranteeing performance of or assuming any liability for the obligations
of the other parties hereto or any parties to the Collateral.


 






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(h)            In
case any reasonable question arises as to its duties hereunder or under any other Transaction Document, the Collateral Agent may, in
absence of Event of Default, request instructions from the Servicer and may, during the continuance of an Event of Default, request instructions
from the Facility Agent, and shall be entitled at all times to refrain from taking any action unless it has received written instructions
from the Servicer or the Facility Agent, as applicable. The Collateral Agent shall in all events have no liability, risk or cost for
any action taken pursuant to and in compliance with the instruction of the Facility Agent. In no event shall the Collateral Agent be
liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits),
even if the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.


 


(i)            In
the event that the Collateral Custodian is not the same entity as the Collateral Agent, the Collateral Agent shall not be liable for
the acts or omissions of the Collateral Custodian under this Agreement and shall not be required to monitor the performance of the Collateral
Custodian.


 


(j)            Without
limiting the generality of any terms of this section, the Collateral Agent shall have no liability for any failure, inability or unwillingness
on the part of the Servicer, the Facility Agent or the Borrower to provide accurate and complete information on a timely basis to the
Collateral Agent, or otherwise on the part of any such party to comply with the terms of this Agreement, and shall have no liability
for any inaccuracy or error in the performance or observance on the Collateral Agent’s part of any of its duties hereunder that
is caused by or results from any such inaccurate, incomplete or untimely information received by it, or other failure on the part of
any such other party to comply with the terms hereof.


 


(k)            The
Collateral Agent shall not be bound to make any investigation into the facts or matters stated in any certificate, report or other document;
provided, however, that, if the form thereof is prescribed by this Agreement, the Collateral Agent shall examine the same to determine
whether it conforms on its face to the requirements hereof. The Collateral Agent shall not be deemed to have knowledge or notice of any
matter unless actually known to a Responsible Officer of the Collateral Agent. It is expressly acknowledged by the Borrower, the Servicer
and the Facility Agent that application and performance by the Collateral Agent of its various duties hereunder (including, without limitation,
recalculations to be performed in respect of the matters contemplated hereby) shall be based upon, and in reliance upon, data, information
and notice provided to it by the Servicer, the Facility Agent, the Borrower and/or any related bank agent, obligor or similar party with
respect to the Collateral Obligation, and the Collateral Agent shall have no responsibility for the accuracy of any such information
or data provided to it by such persons and shall be entitled to update its records (as it may deem necessary or appropriate). Nothing
herein shall impose or imply any duty or obligation on the part of the Collateral Agent to verify, investigate or audit any such information
or data, or to determine or monitor on an independent basis whether any issuer of the Collateral is in default or in compliance with
the underlying documents governing or securing such securities, from time to time. For purposes of tracking changes in ratings, the Collateral
Agent shall be entitled to use and rely (in good faith) exclusively upon a single reputable electronic financial information reporting
service (which for ratings by Standard & Poor’s shall be www.standardpoors.com or www.ratingsdirect.com) and shall have
no liability for any inaccuracies in the information reported by, of other errors or omissions of, any such service. It is hereby expressly
agreed that Bloomberg Financial Markets is one such reputable service.


 






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(l)             The
Collateral Agent may exercise any of its rights or powers hereunder or under any other Transaction Document perform any of its duties
hereunder either directly or, by or through agents or attorneys, and the Collateral Agent shall not be responsible or liable for any
misconduct or negligence on the part of any agent or attorney appointed hereunder with due care by it. Neither the Collateral Agent nor
any of its affiliates, directors, officers, shareholders, agents or employees will be liable to the Servicer, Borrower or any other Person,
except by reason of acts or omissions by the Collateral Agent constituting bad faith, willful misfeasance, gross negligence or reckless
disregard of the Collateral Agent’s duties hereunder. The Collateral Agent shall in no event have any liability for the actions
or omissions of the Borrower, the Servicer, the Facility Agent or any other Person, and shall have no liability for any inaccuracy or
error in any duty performed by it that results from or is caused by inaccurate, untimely or incomplete information or data received by
it from the Borrower, the Servicer, the Facility Agent or another Person except to the extent that such inaccuracies or errors are caused
by the Collateral Agent’s own bad faith, willful misfeasance, gross negligence or reckless disregard of its duties hereunder. The
Collateral Agent shall not be liable for failing to perform or delay in performing its specified duties hereunder which results from
or is caused by a failure or delay on the part of the Borrower or the Servicer, the Facility Agent or another Person in furnishing necessary,
timely and accurate information to the Collateral Agent.


 


(m)           The
Collateral Agent shall be under no obligation to exercise or honor any of the rights or powers vested in it by this Agreement or other
Transaction Document at the request or direction of the Facility Agent (or any other Person authorized or permitted to direct the Collateral
Agent hereunder) pursuant to this Agreement or other Transaction Document, unless the Facility Agent (or such other Person) shall have
offered the Collateral Agent security or indemnity reasonably acceptable to the Collateral Agent against costs, expenses and liabilities
(including any legal fees) that might reasonably be incurred by it in compliance with such request or direction.


 


Section 11.9          Tax
Reports. The Collateral Agent shall not be responsible for the preparation or filing of any reports or returns relating to federal,
state or local income taxes with respect to this Agreement, other than in respect of the Collateral Agent’s compensation or for
reimbursement of expenses.


 


Section 11.10        Merger
or Consolidation. Any Person (i) into which the Collateral Agent may be merged or consolidated, (ii) that may result from
any merger or consolidation to which the Collateral Agent shall be a party, or (iii) that may succeed to the properties and assets
of the Collateral Agent substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform
every obligation of the Collateral Agent hereunder, shall be the successor to the Collateral Agent under this Agreement without further
act of any of the parties to this Agreement.


 






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Section 11.11         Collateral
Agent Compensation. As compensation for its activities under the Transaction Documents, the Collateral Agent (in each of its capacities
hereunder and as Securities Intermediary under the Account Control Agreement) shall be entitled to its fees and expenses from the Borrower
as set forth in the Collateral Agent and Collateral Custodian Fee Letter and any other accrued and unpaid expenses (including reasonable
attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower or the Servicer, or both but without duplication,
to the Collateral Agent and the Securities Intermediary under the Transaction Documents (including, without limitation, Indemnified
Amounts payable under Article XVI) (collectively, the “Collateral Agent Fees and Expenses”). The Borrower
agrees to reimburse the Collateral Agent in accordance with the provisions of Sections 8.3 and 17.4 for all reasonable,
out-of-pocket, documented expenses, disbursements and advances incurred or made by the Collateral Agent in accordance with any provision
of this Agreement or the other Transaction Documents or in the enforcement of any provision hereof or in the other Transaction Documents.
The Collateral Agent’s entitlement to receive fees (other than any previously accrued and unpaid fees) shall cease on the earlier
to occur of (i) its resignation or removal as Collateral Agent pursuant to Section 11.4 or (ii) the termination
of this Agreement.


 


Section 11.12         Compliance
with Applicable Anti-Bribery and Corruption, Anti-Terrorism and Anti-Money Laundering Regulations. In order to comply with Applicable
Banking Law, the Collateral Agent and the Collateral Custodian are required to obtain, verify, record and update certain information
relating to individuals and entities which maintain a business relationship with the Collateral Agent and the Collateral Custodian. Accordingly,
each of the parties agrees to provide to the Collateral Agent and the Collateral Custodian, upon their reasonable request from time to
time such identifying information and documentation as may be available for such party in order to enable the Collateral Agent and the
Collateral Custodian to comply with Applicable Banking Law.


 


Article XII


 


GRANT
OF SECURITY INTEREST


 


Section 12.1           Borrower’s
Grant of Security Interest. As security for the prompt payment or performance in full when due, whether at stated maturity, by acceleration
or otherwise, of all Obligations (including Advances, Yield, all Fees and other amounts at any time owing hereunder), the Borrower hereby
assigns and pledges to the Collateral Agent for the benefit of the Secured Parties, and grants to the Collateral Agent for the benefit
of the Secured Parties, a security interest in and lien upon the following (other than Retained Interests and Excluded Amounts), in each
case whether now or hereafter existing or in which Borrower now has or hereafter acquires an interest and wherever the same may be located
(collectively, the “Collateral”):


 


(a)            all
Collateral Obligations;


 


(b)            all
Related Security;


 


(c)            this
Agreement, the Sale Agreement and all other Transaction Documents and Underlying Instruments now or hereafter in effect to which the
Borrower is a party (collectively, the “Borrower Assigned Agreements”), including (i) all rights of the Borrower
to receive moneys due and to become due under or pursuant to the Borrower Assigned Agreements, (ii) all rights of the Borrower to
receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Borrower Assigned Agreements, (iii) claims
of the Borrower for damages arising out of or for breach of or default under the Borrower Assigned Agreements, and (iv) the right
of the Borrower to amend, waive or terminate the Borrower Assigned Agreements, to perform under the Borrower Assigned Agreements and
to compel performance and otherwise exercise all remedies and rights under the Borrower Assigned Agreements;


 






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(d)            all
of the following (the “Account Collateral”):


 


(i)            each
Account, all funds held in any Account (other than Excluded Amounts), and all certificates and instruments, if any, from time to time
representing or evidencing any Account or such funds,


 


(ii)           all
investments from time to time of amounts in the Accounts and all certificates and instruments, if any, from time to time representing
or evidencing such investments,


 


(iii)          all
notes, certificates of deposit and other instruments from time to time delivered to or otherwise possessed by the Collateral Agent or
any Secured Party or any assignee or agent on behalf of the Collateral Agent or any Secured Party in substitution for or in addition
to any of the then existing Account Collateral, and


 


(iv)          all
interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect
of or in exchange for any and all of the then existing Account Collateral;


 


(e)            all
additional property that may from time to time hereafter be granted and pledged by the Borrower or by anyone on its behalf under this
Agreement;


 


(f)            all
Accounts, all Certificated Securities, all Chattel Paper, all Documents, all Equipment, all Financial Assets, all General Intangibles,
all Instruments, all Investment Property, all Inventory, all Securities Accounts, all Security Certificates, all Security Entitlements
and all Uncertificated Securities of the Borrower;


 


(g)            each
Hedging Agreement, including all rights of the Borrower to receive moneys due and to become due thereunder;


 


(h)           all
of the Borrower’s other personal property; and


 


(i)            all
Proceeds, accessions, substitutions, rents and profits of any and all of the foregoing Collateral (including proceeds that constitute
property of the types described in clauses (a) through (h) above) and, to the extent not otherwise included,
all payments under insurance (whether or not the Collateral Agent or a Secured Party or any assignee or agent on behalf of the Collateral
Agent or a Secured Party is the loss payee thereof) or any indemnity, warranty or guaranty payable by reason of loss or damage to or
otherwise with respect to any of the foregoing Collateral.


 






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Section 12.2           Borrower
Remains Liable. Notwithstanding anything in this Agreement, (a) except to the extent of the Servicer’s duties under the
Transaction Documents, the Borrower shall remain liable under the Collateral Obligations, Borrower Assigned Agreements and other agreements
included in the Collateral to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been
executed, (b) the exercise by a Secured Party or the Collateral Agent of any of its rights under this Agreement shall not release
the Borrower or the Servicer from any of their respective duties or obligations under the Collateral Obligations, Borrower Assigned Agreements
or other agreements included in the Collateral, (c) the Secured Parties and the Collateral Agent shall not have any obligation or
liability under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral by reason of
this Agreement, and (d) neither the Collateral Agent nor any of the Secured Parties shall be obligated to perform any of the obligations
or duties of the Borrower or the Servicer under the Collateral Obligations, Borrower Assigned Agreements or other agreements included
in the Collateral or to take any action to collect or enforce any claim for payment assigned under this Agreement.


 


Section 12.3           Release
of Collateral. Until the Obligations have been paid in full (other than contingent Obligations for which no claim has been made)
and the Commitments have been terminated in full or reduced to zero, the Collateral Agent may not release any Lien covering any Collateral;
provided that, the Lien of the Collateral Agent shall be automatically released (a) in the case of (i) Collateral Obligations
sold pursuant to Section 7.10, (ii) any Related Security identified by the Borrower (or the Servicer on behalf of the
Borrower) to the Collateral Agent so long as the Facility Termination Date has not occurred and (iii) Repurchased Collateral Obligations
or Substituted Collateral Obligations pursuant to Section 7.11 and (b) in the case of all Collateral on the date that
the Obligations have been paid in full (other than contingent Obligations for which no claim has been made) and the Commitments have
been terminated in full or reduced to zero.


 


In connection with the release
of a Lien on any Collateral pursuant to this Section 12.3 as requested by the Servicer, the Collateral Agent, on behalf of
the Secured Parties, will, at the sole expense of the Servicer, execute and deliver to the Servicer or its designee any assignments,
bills of sale, termination statements and any other releases and instruments as the Servicer may reasonably request in order to effect
the release and transfer of such Collateral; provided, that the Collateral Agent, on behalf of the Secured Parties, will make
no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment.


 






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Article XIII


 


EVENTs
OF DEFAULT


 


Section 13.1            Events
of Default. Each of the following shall constitute an Event of Default under this Agreement:


 


(a)            the
Borrower shall fail to pay any amount on the Obligations (x) on the Facility Termination Date or (y) as otherwise provided
for in any Transaction Document when due (in all cases, whether on any Distribution Date, on the Facility Termination Date, by reason
of acceleration, by notice of intention to prepay, by required prepayment or otherwise) and, solely in the case of clause (y), such failure
continues for two (2) Business Days;


 


(b)            the
Borrower, Equityholder or the Servicer shall fail to perform or observe any other term, covenant or agreement contained in this Agreement,
or any other Transaction Document on its part to be performed or observed and, except in the case of the covenants and agreements contained
in Section 10.7 (Tangible Net Worth), Section 10.9 (Merger, Consolidation, Etc.), Section 10.11
(Indebtedness, Guarantees), Section 10.12 (Limitation on Purchases from Affiliates), Section 10.14
(Preservation of Existence) and Section 10.16 (Distributions) as to each of which no grace period shall
apply, any such failure shall remain unremedied for thirty (30) days after knowledge by the Borrower, the Equityholder or the Servicer
thereof or after written notice thereof shall have been given by the Facility Agent to the Borrower, the Equityholder or the Servicer;
provided, that no breach shall be deemed to occur hereunder in respect of any representation or warranty relating to the “eligibility”
of any Collateral Obligation or any representation or warranty set forth in the Specified Provisions relating to any Warranty Collateral
Obligation if the Borrower complies with its obligations in Section 7.11 with respect to such Collateral Obligation;


 


(c)            any
representation or warranty of the Borrower, the Equityholder or the Servicer made or deemed to have been made hereunder or in any other
Transaction Document or any other writing or certificate furnished by or on behalf of the Borrower, the Equityholder or the Servicer
to the Facility Agent or any Lender for purposes of or in connection with this Agreement or any other Transaction Document (including
any Monthly Report) shall prove to have been false or incorrect in any respect when made or deemed to have been made and, except in the
case of a breach of the Borrower’s representation in Section 9.21(c), the same continues unremedied for a period of
thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure
requiring the same to be remedied shall have been given to the Borrower, the Equityholder or the Servicer, and (ii) the date on
which a Responsible Officer of the Borrower, the Equityholder or the Servicer acquires knowledge thereof; provided, that no breach
shall be deemed to occur hereunder in respect of any representation or warranty relating to the “eligibility” of any Collateral
Obligation or any representation or warranty set forth in the Specified Provisions relating to any Warranty Collateral Obligation if
the Borrower complies with its obligations in Section 7.11 with respect to such Collateral Obligation;


 


(d)            an
Insolvency Event shall have occurred and be continuing with respect to either the Borrower, the Servicer or the Equityholder;


 






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(e)             the
aggregate principal amount of all Advances outstanding hereunder exceeds the Borrowing Base or the Maximum Availability, calculated in
accordance with Section 1.2(h), and such condition continues unremedied for two consecutive Business Days;


 


(f)             the
IRS shall file notice of a Lien pursuant to Section 6321 of the Code with regard to any of the assets of the Borrower other than
(i) a Lien for taxes not yet due or (ii) as to which the Borrower is actively contesting the validity of the underlying claim
in good faith, provided that, in the case of clause (ii), (x) the amount secured does not exceed $100,000 or (y) the
amount secured has been reserved in cash with the proceeds of a new capital contribution from the Equityholder maintained in an Account
subject to the security interest of the Collateral Agent; or an ERISA Event occurs that, alone or together with all other ERISA Events
that have occurred, would reasonably be expected to have a Material Adverse Effect;


 


(g)             an
ERISA Event occurs that, alone or together with all other ERISA Events that have occurred, would reasonably be expected to have a Material
Adverse Effect;


 


(h)            (i) any
Transaction Document or any Lien granted thereunder shall (except in accordance with its terms), in whole or in material part, terminate,
cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower; or (ii) the Borrower
or the Servicer or any other Affiliate or Governmental Authority shall, directly or indirectly, contest in any manner the effectiveness,
validity, binding nature or enforceability of any Transaction Document; or (iii) any security interest securing any Obligation shall,
in whole or in part, cease to be a perfected first priority security interest (except, as to priority, for Permitted Liens or as set
forth in Section 12.3);


 


(i)              a
Servicer Default shall have occurred and be continuing;


 


(j)              failure
of the Borrower to make any payment when due (after giving effect to any related grace period) under one or more agreements for borrowed
money to which it is a party in an aggregate amount in excess of $100,000, individually or in the aggregate; or the occurrence of any
event or condition that gives rise to a right of acceleration with respect to such recourse debt in excess of $100,000;


 


(k)             a
Change of Control shall have occurred;


 


(l)              the
Borrower shall become required to register as an investment company under the 1940 Act or the arrangements contemplated by the Transaction
Documents shall require registration as an investment company under the 1940 Act;


 


(m)            failure
on the part of the Borrower, the Equityholder or the Servicer to (i) make any payment or deposit (including, without limitation,
with respect to bifurcation and remittance of Principal Collections and Interest Collections or any other payment or deposit required
to be made by the terms of the Transaction Documents) required by the terms of any Transaction Document in accordance with Section 7.3(b) and
Section 10.10 or (ii) otherwise observe or perform any covenant, agreement or obligation with respect to the management
and distribution of funds received with respect to the Collateral;


 






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(n)            (i) failure
of the Borrower to maintain at least one Independent Member or (ii) the removal of any Independent Member without Cause or prior
written notice to the Facility Agent (in each case as required by the Constituent Documents of the Borrower); provided that the
Borrower shall have five (5) Business Days to replace any Independent Member upon the resignation, death or incapacitation of the
current Independent Member;


 


(o)            the
Borrower makes any assignment or attempted assignment of its respective rights or obligations under this Agreement or any other Transaction
Document without first obtaining the specific written consent of the Facility Agent and the Required Lenders, which consent may be withheld
in the exercise of its sole and absolute discretion;


 


(p)            any
court shall render a final, non-appealable judgment against the Borrower in an amount in excess of $100,000 which shall not be satisfactorily
stayed, discharged, vacated, set aside or satisfied within 30 days of the making thereof;


 


(q)            the
Borrower shall fail to qualify as a bankruptcy-remote entity based upon customary criteria such that Schulte Roth & Zabel LLP
or any other reputable counsel could no longer render a substantive nonconsolidation opinion with respect to the Borrower;


 


(r)            at
any time, the Minimum Equity Test is not satisfied and such condition continues unremedied for two (2) consecutive Business Days;
or


 


(s)            as
of the last day of any fiscal quarter, the Servicer’s Asset Coverage Ratio shall be less that the ratio required for a business
development company under the 1940 Act.


 


Section 13.2     Effect
of Event of Default.


 


(a)            Optional
Termination. Upon notice by the Collateral Agent (acting at the direction of the Facility Agent) or the Facility Agent (in its own
capacity or at the direction of the Required Lenders) that an Event of Default (other than an Event of Default described in Section 13.1(d))
has occurred and is continuing, the Revolving Period will automatically terminate and no Advances will thereafter be made, and the Collateral
Agent (at the direction of the Facility Agent) or the Required Lenders, with notice to the Borrower, may declare all or any portion of
the outstanding principal amount of the Advances and other Obligations to be due and payable, whereupon the full unpaid amount of such
Advances and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further
notice, demand or presentment (all of which are hereby expressly waived by the Borrower) and the Facility Termination Date shall be deemed
to have occurred.


 


(b)            Automatic
Termination. Upon the occurrence of an Event of Default described in Section 13.1(d), the Facility Termination Date shall
be deemed to have occurred automatically, and all outstanding Advances under this Agreement and all other Obligations under this Agreement
shall become immediately and automatically due and payable, all without presentment, demand, protest or notice of any kind (all of which
are hereby expressly waived by the Borrower).


 






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Section 13.3     Rights
upon Event of Default. If an Event of Default shall have occurred and be continuing, the Facility Agent may, in its sole discretion,
or shall at the direction of the Required Lenders, direct the Collateral Agent to exercise any of the remedies specified herein in respect
of the Collateral and the Collateral Agent may (with the consent of the Facility Agent or the Required Lenders) but shall have no obligation,
or the Collateral Agent shall promptly, at the written direction of the Facility Agent, also do one or more of the following (subject
to Section 13.9):


 


(a)            institute
proceedings in its own name and on behalf of the Secured Parties as Collateral Agent for the collection of all Obligations, whether by
declaration or otherwise, enforce any judgment obtained, and collect from the Borrower and any other obligor with respect thereto moneys
adjudged due, for the specific enforcement of any covenant or agreement in any Transaction Document or in the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right vested in the Collateral Agent by Applicable Law or any Transaction
Document;


 


(b)            exercise
any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the right and remedies of the
Collateral Agent and the Secured Parties which rights and remedies shall be cumulative; and


 


(c)            require
the Borrower and the Servicer, at the Borrower’s expense, to (1) assemble all or any part of the Collateral as directed by
the Collateral Agent (at the direction of the Facility Agent) and make the same available to the Collateral Agent at a place to be designated
by the Collateral Agent (at the direction of the Facility Agent) that is reasonably convenient to such parties and (2) without notice
except as specified below, sell the Collateral (at the direction of the Facility Agent) or any part thereof in one or more parcels at
a public or private sale, at any of the Collateral Agent’s or the Facility Agent’s offices or elsewhere in accordance with
Applicable Law. The Borrower agrees that, to the extent notice of sale shall be required by law, at least ten days’ notice to the
Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification.
The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral
Agent (at the direction of the Facility Agent) may adjourn any public or private sale from time to time by announcement at the time and
place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. All cash
proceeds received by the Collateral Agent in respect of any sale of, collection from, or other realization upon, all or any part of the
Collateral (after payment of any amounts incurred in connection with such sale) shall be deposited into the Collection Account and to
be applied against the outstanding Obligations pursuant to Section 4.1. The Servicer, the Equityholder, the Lenders and any
of their respective Affiliates shall be permitted to participate in any such sale.


 


(d)            It
is acknowledged and agreed that the Borrower shall have the right to repay the Obligations in full and terminate the Transaction Documents
following any acceleration of the Obligations in full under Section 13.2(a) prior to the commencement of any sale of
the Collateral in accordance with this Section 13.3.


 






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Section 13.4     Collateral
Agent May Enforce Claims Without Possession of Notes.  All rights of action and of asserting claims under the Transaction
Documents, may be enforced by the Collateral Agent (at the direction of the Facility Agent) without the possession of the Notes or the
production thereof in any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Collateral
Agent shall be brought in its own name as Collateral Agent and any recovery of judgment, subject to the payment of the reasonable, out-of-pocket
and documented expenses, disbursements and compensation of the Collateral Agent, each predecessor Collateral Agent and their respective
agents and attorneys, shall be for the ratable benefit of the holders of the Notes and other Secured Parties.


 


Section 13.5     Collective
Proceedings.  In any proceedings brought by the Collateral Agent to enforce the Liens under the Transaction Documents (and
also any proceedings involving the interpretation of any provision of any Transaction Document), the Collateral Agent shall be held to
represent all of the Secured Parties, and it shall not be necessary to make any Secured Party a party to any such proceedings.


 


Section 13.6     Insolvency
Proceedings.  In case there shall be pending, relative to the Borrower or any other obligor upon the Notes or any Person
having or claiming an ownership interest in the Collateral, proceedings under the Bankruptcy Code or any other applicable federal or state
bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator
or similar official shall have been appointed for or taken possession of the Borrower, its property or such other obligor or Person, or
in case of any other comparable judicial proceedings relative to the Borrower or other obligor upon the Notes, or to the creditors of
property of the Borrower or such other obligor, the Collateral Agent, irrespective of whether the principal of the Notes shall then be
due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Collateral Agent shall have made any
demand pursuant to the provisions of this Section 13.6, shall be entitled and empowered but without any obligation, subject
to Section 13.9(a), by intervention in such proceedings or otherwise:


 


(a)            to
file and prove a claim or claims for the whole amount of principal and Yield owing and unpaid in respect of the Notes, all other amounts
owing to the Lenders and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Collateral
Agent (including any claim for reimbursement of all reasonable and documented out-of-pocket expenses (including the reasonable and documented
fees and expenses of outside counsel) and liabilities incurred, and all advances, if any, made, by the Collateral Agent and each predecessor
Collateral Agent except as determined to have been caused by its own gross negligence or willful misconduct) and of each of the other
Secured Parties allowed in such proceedings;


 


(b)            unless
prohibited by Applicable Law and regulations, to vote (at the direction of the Facility Agent) on behalf of the holders of the Notes in
any election of a trustee, a standby trustee or person performing similar functions in any such proceedings;


 


(c)            to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with
respect to the claims of the Secured Parties on their behalf; and


 






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(d)            to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Collateral
Agent or the Secured Parties allowed in any judicial proceedings relative to the Borrower, its creditors and its property;


 


and any trustee, receiver,
liquidator, collateral agent or trustee or other similar official in any such proceeding is hereby authorized by each of such Secured
Parties to make payments to the Collateral Agent and, in the event that the Collateral Agent shall consent (at the direction of the Facility
Agent) to the making of payments directly to such Secured Parties, to pay to the Collateral Agent such amounts as shall be sufficient
to cover all reasonable and documented out-of-pocket expenses and liabilities incurred, and all advances made, by the Collateral Agent
and each predecessor Collateral Agent except as determined to have been caused by its own gross negligence or willful misconduct.


 


Section 13.7     Delay
or Omission Not Waiver.  No delay or omission of the Collateral Agent or of any other Secured Party to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default
or an acquiescence therein. Every right and remedy given by this Article XIII or by law to the Collateral Agent or to the
other Secured Parties may be exercised from time to time, and as often as may be deemed expedient, by the Collateral Agent or by the other
Secured Parties, as the case may be.


 


Section 13.8     Waiver
of Stay or Extension Laws.  The Borrower waives and covenants (to the extent that it may lawfully do so) that it will not
at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time hereafter in force (including filing a voluntary petition under Chapter 11 of the Bankruptcy Code and by the
voluntary commencement of a proceeding or the filing of a petition seeking winding up, liquidation, reorganization or other relief under
any bankruptcy, insolvency, receivership or similar law now or hereafter in effect), which may affect the covenants, the performance of
or any remedies under this Agreement; and the Borrower (to the extent that it may lawfully do so) hereby expressly waives all benefits
or advantages of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the
Collateral Agent, but will suffer and permit the execution of every such power as though no such law had been enacted.


 


Section 13.9     Limitation
on Duty of Collateral Agent in Respect of Collateral. (a) Beyond the safekeeping of the Collateral Obligation Files in accordance
with Article XVIII, neither the Collateral Agent nor the Collateral Custodian shall have any duty as to any Collateral in
its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights
against prior parties or any other rights pertaining thereto and neither the Collateral Agent nor the Collateral Custodian shall be responsible
for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times
or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. Neither the Collateral Agent nor the
Collateral Custodian shall be liable or responsible for any misconduct, negligence or loss or diminution in the value of any of the Collateral,
by reason of the act or omission of any carrier, forwarding agency or other agent, attorney or bailee selected by the Collateral Agent
or the Collateral Custodian in good faith and with due care hereunder.


 






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(b)            Neither
the Collateral Agent nor the Collateral Custodian shall be responsible for the existence, genuineness or value of any of the Collateral
or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law
or by reason of any action or omission to act on its part hereunder, or for insuring the Collateral or for the payment of taxes, charges,
assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral.


 


(c)            Neither
the Collateral Agent nor the Collateral Custodian shall have any duty to act outside of the United States in respect of any Collateral
located in any jurisdiction other than the United States.


 


Section 13.10     Power
of Attorney. (a)  Each of the Borrower and the Servicer hereby irrevocably appoints the Collateral Agent as its true and
lawful attorney (with full power of substitution) in its name, place and stead and at its expense (at the direction of the Facility Agent),
in connection with the enforcement of the rights and remedies provided for (and subject to the terms and conditions set forth) in this
Agreement, exercisable upon the occurrence and during the continuance of an Event of Default, including without limitation the following
powers: (i) to give any necessary receipts or acquittance for amounts collected or received hereunder, (ii) to make all necessary
transfers of the Collateral in connection with any such sale or other disposition made pursuant hereto, (iii) to execute and deliver
for value all necessary or appropriate bills of sale, assignments and other instruments in connection with any such sale or other disposition,
the Borrower and the Servicer hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and
pursuant hereto, and (iv) to sign any agreements, orders or other documents in connection with or pursuant to any Transaction Document.
Nevertheless, if so requested by the Collateral Agent, the Borrower shall ratify and confirm any such sale or other disposition by executing
and delivering to the Collateral Agent all proper bills of sale, assignments, releases and other instruments as may be designated in any
such request.


 


(b)            No
person to whom this power of attorney is presented as authority for the Collateral Agent to take any action or actions contemplated by
clause (a) shall inquire into or seek confirmation from the Borrower or the Servicer as to the authority of the Collateral Agent
to take any action described below, or as to the existence of or fulfillment of any condition to the power of attorney described in clause
(a), which is intended to grant to the Collateral Agent unconditionally the authority to take and perform the actions contemplated herein,
and each of the Borrower and the Servicer irrevocably waives any right to commence any suit or action, in law or equity, against any person
or entity that acts in reliance upon or acknowledges the authority granted under this power of attorney. The power of attorney granted
in clause (a) is coupled with an interest and may not be revoked or canceled by the Borrower or the Servicer until all obligations
of each of the Borrower and the Servicer under the Transaction Documents have been paid in full (other than contingent Obligations for
which no claim has been made).


 






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(c)            Notwithstanding
anything to the contrary herein, the power of attorney granted pursuant to this Section 13.10 shall only be effective during
the continuance of an Event of Default.


 


Article XIV


 


THE FACILITY
AGENT


 


Section 14.1     Appointment.
Each Lender and each Agent hereby irrevocably designates and appoints DBNY as Facility Agent hereunder and under the other Transaction
Documents, and authorizes the Facility Agent to take such action on its behalf under the provisions of this Agreement and the other Transaction
Documents and to exercise such powers and perform such duties as are expressly delegated to the Facility Agent by the terms of this Agreement
and the other Transaction Documents, together with such other powers as are reasonably incidental thereto. Each Lender in each Lender
Group hereby irrevocably designates and appoints the Agent for such Lender Group as the agent of such Lender under this Agreement, and
each such Lender irrevocably authorizes such Agent, as the agent for such Lender, to take such action on its behalf under the provisions
of this Agreement and the other Transaction Documents and to exercise such powers and perform such duties thereunder as are expressly
delegated to such Agent by the terms of this Agreement and the other Transaction Documents, together with such other powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, neither the Facility Agent nor any Agent
(the Facility Agent and each Agent being referred to in this Article XIV as a “Note Agent”) shall have
any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against
any Note Agent.


 


Section 14.2     Delegation
of Duties. Each Note Agent may execute any of its duties under this Agreement and the other Transaction Documents by or through its
subsidiaries, affiliates, agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to
such duties. No Note Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with
reasonable care.


 


Section 14.3     Exculpatory
Provisions. No Note Agent (acting in such capacity) nor any of its directors, officers, agents or employees shall be (a) liable
to any Lender for any action lawfully taken or omitted to be taken by it or them or any Person described in Section 14.2 under
or in connection with this Agreement or the other Transaction Documents or (b) responsible in any manner to any Person for any recitals,
statements, representations or warranties of any Person (other than itself) contained in the Transaction Documents or in any certificate,
report, statement or other document referred to or provided for in, or received under or in connection with, the Transaction Documents
or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of the Transaction Documents or any other document
furnished in connection therewith or herewith, or for any failure of any Person (other than itself or its directors, officers, agents
or employees) to perform its obligations under any Transaction Document or for the satisfaction of any condition specified in a Transaction
Document. Except as otherwise expressly provided in this Agreement, no Note Agent shall be under any obligation to any Person to ascertain
or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, the Transaction
Documents, or to inspect the properties, books or records of the Borrower or the Servicer.


 






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Section 14.4     Reliance
by Note Agents. Each Note Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any note, writing,
resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order
or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person
or Persons and upon advice and statements of legal counsel (including counsel to each of the Lenders), Independent Accountants and
other experts selected by such Note Agent. Each Note Agent shall in all cases be fully justified in failing or refusing to take any action
under this Agreement, any other Transaction Document or any other document furnished in connection herewith or therewith unless it shall
first receive such advice or concurrence of the Lenders, as it deems appropriate, or it shall first be indemnified to its satisfaction
(i) in the case of the Facility Agent, by the Lenders or (ii) in the case of an Agent, by the Lenders in its Lender Group, against
any and all liability, cost and expense which may be incurred by it by reason of taking or continuing to take any such action. The Facility
Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement, the other Transaction Documents
or any other document furnished in connection herewith or therewith in accordance with a request of the Required Lenders, and such request
and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders. Each Agent shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement, the other Transaction Documents or any other document furnished
in connection herewith or therewith in accordance with a request of the Lenders in its Lender Group holding greater than 50% of the outstanding
Advances held by such Lender Group, and such request and any action taken or failure to act pursuant thereto shall be binding upon all
the Lenders in such Lender Group.


 


Section 14.5     Notices.
No Note Agent shall be deemed to have knowledge or notice of the occurrence of any breach of this Agreement or the occurrence of any Event
of Default unless it has received notice from the Servicer, the Borrower or any Lender, referring to this Agreement and describing such
event. In the event any Agent receives such a notice, it shall promptly give notice thereof to the Lenders in its Lender Group. The Facility
Agent shall take such action with respect to such event as shall be reasonably directed in writing by the Required Lenders, and each Agent
shall take such action with respect to such event as shall be reasonably directed by Lenders in its Lender Group holding greater than
50% of the outstanding Advances held by such Lender Group; provided, that unless and until such Note Agent shall have received
such directions, such Note Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect
to such event as it shall deem advisable in the best interests of the Lenders or of the Lenders in its Lender Group, as applicable.


 


Section 14.6     Non-Reliance
on Note Agents. The Lenders expressly acknowledge that no Note Agent, nor any of its officers, directors, employees, agents, attorneys-in-fact
or affiliates has made any representations or warranties to it and that no act by any Note Agent hereafter taken, including any review
of the affairs of the Borrower or the Servicer, shall be deemed to constitute any representation or warranty by such Note Agent to any
Lender. Each Lender represents to each Note Agent that it has, independently and without reliance upon any Note Agent or any other Lender,
and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business,
operations, property, financial and other condition and creditworthiness of the Borrower, the Servicer, and the Collateral Obligations
and made its own decision to purchase its interest in the Notes hereunder and enter into this Agreement. Each Lender also represents that
it will, independently and without reliance upon any Note Agent or any other Lender, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own analysis, appraisals and decisions in taking or not taking action under any
of the Transaction Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property,
financial and other condition and creditworthiness of the Borrower, the Servicer, and the Collateral Obligations. Except as expressly
provided herein, no Note Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning
the Collateral or the business, operations, property, prospects, financial and other condition or creditworthiness of the Borrower, the
Servicer or the Lenders which may come into the possession of such Note Agent or any of its officers, directors, employees, agents, attorneys-in-fact
or affiliates.


 






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In no event shall any Note
Agent be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited
to, lost profits, even if such Note Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.
In no event shall any Note Agent be liable for any failure or delay in the performance of its obligations hereunder because of circumstances
beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit the
providing of the services contemplated by this Agreement.


 


Section 14.7     Indemnification.
The Lenders agree to indemnify the Facility Agent and its officers, directors, employees, representatives and agents (to the extent not
reimbursed by the Borrower or the Servicer under the Transaction Documents, and without limiting the obligation of such Persons to do
so in accordance with the terms of the Transaction Documents), ratably according to the outstanding amounts of their Advances (or their
Commitments, if no Advances are outstanding) from and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of
counsel for the Facility Agent or the affected Person in connection with any investigative, or judicial proceeding commenced or threatened,
whether or not the Facility Agent or such affected Person shall be designated a party thereto) that may at any time be imposed on, incurred
by or asserted against the Facility Agent or such affected Person as a result of, or arising out of, or in any way related to or by reason
of, any of the transactions contemplated hereunder or under the Transaction Documents or any other document furnished in connection herewith
or therewith.


 


Section 14.8     Successor
Note Agent. If the Facility Agent shall resign as Facility Agent under this Agreement, then the Required Lenders shall appoint a successor
agent with the consent of the Borrower, whereupon such successor agent shall succeed to the rights, powers and duties of the Facility
Agent, and the term “Facility Agent” shall mean such successor agent, effective upon its acceptance of such appointment, and
the former Facility Agent’s rights, powers and duties as Facility Agent shall be terminated, without any other or further act or
deed on the part of such former Facility Agent or any of the parties to this Agreement; provided that no such consent of the Borrower
shall be required if (a) an Event of Default has occurred and is continuing or (b) such successor agent is an Affiliate of DBNY.
Any Agent may resign as Agent upon ten days’ notice to the Lenders in its Lender Group and the Facility Agent (with a copy to the
Borrower) with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties of the Agent pursuant
to this Section 14.8. If an Agent shall resign as Agent under this Agreement, then Lenders in its Lender Group holding greater
than 50% of the outstanding Advances held by such Lender Group shall appoint a successor agent for such Lender Group which, unless an
Event of Default has occurred and is continuing, shall be reasonably satisfactory to the Borrower. After any Note Agent’s resignation
hereunder, the provisions of this Article XIV shall inure to its benefit as to any actions taken or omitted to be taken by
it while it was a Note Agent under this Agreement. No resignation of any Note Agent shall become effective until a successor Note Agent
shall have assumed the responsibilities and obligations of such Note Agent hereunder; provided, that in the event a successor Note
Agent is not appointed within 60 days after such notice of its resignation is given as permitted by this Section 14.8, the
applicable Note Agent may petition a court for its removal.


 






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Section 14.9     Note
Agents in their Individual Capacity. Each Note Agent and its Affiliates may make loans to, accept deposits from and generally engage
in any kind of business with the Borrower or the Servicer as though such Note Agent were not an agent hereunder. Any Person which is a
Note Agent may act as a Note Agent without regard to and without additional duties or liabilities arising from its role as such administrator
or agent or arising from its acting in any such other capacity.


 


Section 14.10     Borrower
Audit. The Facility Agent shall, at the Borrower’s expense (not to exceed (i) for the first year following the Effective
Date, $100,000 per audit and (ii) thereafter, $75,000 per audit, without the consent of the Borrower or an Event of Default has occurred),
retain Protiviti, Inc. (or another nationally recognized audit firm acceptable to the Facility Agent in its sole discretion) to conduct
and complete a procedural review of the Collateral Obligations in compliance with the standards set forth on Exhibit B hereto
(as such Exhibit B may be amended from time to time in the sole discretion of the Facility Agent by delivery of such amended
Exhibit B by the Facility Agent to the Borrower), (i) within 120 days after the Effective Date and (ii) once annually
at the request of the Facility Agent thereafter; provided that, if the assets managed by the Servicer and its Affiliates shall
fall below $5,000,000,000 during any calendar year, such audit shall be conducted twice annually until such time that such assets exceed
$5,000,000,000. The Facility Agent shall promptly forward the results of such audit to the Servicer. Each Agent may, if such Agent has
previously executed a release letter acceptable to such audit firm, request the results of such audit from the relevant audit firm.


 


Section 14.11     Compliance
with Applicable Anti-Bribery and Corruption, Anti-Terrorism and Anti-Money Laundering Regulations. In order to comply with Applicable
Banking Law, the Facility Agent is required to obtain, verify, record and update certain information relating to individuals and entities
which maintain a business relationship with the Facility Agent. Accordingly, each of the parties agree to provide to the Facility Agent,
upon its reasonable request from time to time such identifying information and documentation as may be available for such party in order
to enable the Facility Agent to comply with Applicable Banking Law.


 






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Article XV


 


ASSIGNMENTS


 


Section 15.1     Restrictions
on Assignments by the Borrower and the Servicer. Except as specifically provided herein, neither the Borrower nor the Servicer may
assign any of their respective rights or obligations hereunder or any interest herein without the prior written consent of the Facility
Agent and the Required Lenders in their respective sole discretion and any attempted assignment in violation of this Section 15.1
shall be null and void.


 


Section 15.2     Documentation.
In connection with any permitted assignment, each Lender shall deliver to each assignee an assignment, in such form as such Lender and
the related assignee may agree, duly executed by such Lender assigning any such rights, obligations, Advance or Note to the assignee;
and such Lender shall promptly execute and deliver all further instruments and documents, and take all further action, that the assignee
may reasonably request, in order to perfect, protect or more fully evidence the assignee’s right, title and interest in and to the
items assigned, and to enable the assignee to exercise or enforce any rights hereunder or under the Notes evidencing such Advance.


 


Section 15.3     Rights
of Assignee. Upon the foreclosure of any assignment of any Advances made for security purposes, or upon any other assignment of any
Advance from any Lender pursuant to this Article XV, the respective assignee receiving such assignment shall have all of the
rights of such Lender hereunder with respect to such Advances and all references to the Lender or Lenders in Sections 4.3 or 5.1
shall be deemed to apply to such assignee.


 


Section 15.4     Assignment
by Lenders. Any Lender may assign an interest in, or sell a participation interest in any Advance (or portion thereof) or its Commitment
(or any portion thereof) pursuant to any one of the following clauses (a) through (e); provided that no Lender may assign
any interest in, or sell a participation in any Advance (or portion thereof), or its Commitment (or any portion thereof), to the Equityholder
or any Affiliate of the Equityholder:


 


(a)            if
an Unmatured Event of Default, Event of Default, Unmatured Servicer Default or Servicer Default has occurred and is continuing;


 


(b)            to
an Affiliate of such Lender;


 


(c)            to
another Lender;


 


(d)            to
any Person upon at least two (2) Business Days’ prior written notice to the Borrower if such Lender makes a determination that
its ownership of any of its rights or obligations hereunder is prohibited by Applicable Law (including, without limitation, the Volcker
Rule); or


 


(e)            to
any Person with the prior written consent of the Borrower (such consent not to be unreasonably withheld, delayed or conditioned);


 


provided, that each
Lender shall first offer to sell such interest(s) to (i) the Lender affiliated with the Facility Agent and, if such Lender does
not accept such offer within 10 Business Days, then (ii) to each remaining Lender (pro rata) for a period of 10 Business Days
prior to offering to any Person that is not an existing Lender.


 






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Each Lender shall endorse
the Notes to reflect any assignments made pursuant to this Article XV or otherwise.


 


Section 15.5     Registration;
Registration of Transfer and Exchange. (a)  The Collateral Agent, acting solely for this purpose as agent for the Borrower
(and, in such capacity, the “Loan Registrar”), shall maintain a register for the recordation of the name and address
of each Lender (including any assignees), and the principal amounts (and stated interest) owing to such Lender pursuant to the terms hereof
from time to time (the “Loan Register”).  The entries in the Loan Register shall be conclusive absent manifest
error, and the Borrower, the Collateral Agent, the Facility Agent, each Agent and each Lender shall treat each Person whose name is recorded
in the Loan Register pursuant to the terms hereof as a Lender hereunder.  The Loan Register shall be available for inspection by
any Lender, the Borrower and the Servicer at any reasonable time and from time to time upon reasonable prior notice.


 


(b)            Each
Person who has or who acquired an interest in a Note shall be deemed by such acquisition to have agreed to be bound by the provisions
of this Section 15.5(b). A Note may be exchanged (in accordance with Section 15.5(c)) and transferred to the holders
(or their agents or nominees) of the Advances and to any assignee (in accordance with Section 15.1) (or its agent or nominee)
of all or a portion of the Advances. The Loan Registrar shall not register (or cause to be registered) the transfer of such Note, unless
the proposed transferee shall have delivered to the Loan Registrar either (i) an Opinion of Counsel that the transfer of such Note
is exempt from registration or qualification under the Securities Act of 1933, as amended, and all applicable state securities laws and
that the transfer does not constitute a non-exempt “prohibited transaction” under ERISA or (ii) an express agreement
by the proposed transferee to be bound by and to abide by the provisions of this Section 15.5(b) and the restrictions
noted on the face of such Note.


 


(c)            At
the option of the holder thereof, a Note may be exchanged for one or more new Notes of any authorized denominations and of a like class
and aggregate principal amount at an office or agency of the Borrower. Whenever any Note is so surrendered for exchange, the Borrower
shall execute and deliver (through the Loan Registrar) the new Note which the holder making the exchange is entitled to receive at the
Loan Registrar’s office, located at the Corporate Trust Office.


 


(d)            Upon
surrender for registration of transfer of any Note at an office or agency of the Borrower, the Borrower shall execute and deliver (through
the Loan Registrar), in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and
of a like class and aggregate principal amount.


 


(e)            All
Notes issued upon any registration of transfer or exchange of any Note in accordance with the provisions of this Agreement shall be the
valid obligations of the Borrower, evidencing the same debt, and entitled to the same benefits under this Agreement, as the Note(s) surrendered
upon such registration of transfer or exchange.


 






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(f)            Every
Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Borrower or the Loan Registrar)
be fully endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Loan Registrar, duly executed by
the holder thereof or his attorney duly authorized in writing.


 





 


(g)            No
service charge shall be made for any registration of transfer or exchange of a Note, but the Borrower may require payment from the transferee
holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer
of exchange of a Note.


 


(h)            The
holders of the Notes shall be bound by the terms and conditions of this Agreement.


 


Section 15.6     Mutilated,
Destroyed, Lost and Stolen Notes. (a)  If any mutilated Note is surrendered to the Loan Registrar, the Borrower shall execute
and deliver (through the Loan Registrar) in exchange therefor a new Note of like class and tenor and principal amount and bearing a number
not contemporaneously outstanding.


 


(b)            If
there shall be delivered to the Borrower and the Loan Registrar prior to the payment of the Notes (i) evidence to their satisfaction
of the destruction, loss or theft of any Note and (ii) such security or indemnity as may be required by them to save each of them
and any agent of either of them harmless, then, in the absence of notice to the Borrower or the Loan Registrar that such Note has been
acquired by a bona fide Lender, the Borrower shall execute and deliver (through the Loan Registrar), in lieu of any such destroyed,
lost or stolen Note, a new Note of like class, tenor and principal amount and bearing a number not contemporaneously outstanding.


 


(c)            Upon
the issuance of any new Note under this Section 15.6, the Borrower may require the payment from the transferor holder of a
sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses connected
therewith.


 


(d)            Every
new Note issued pursuant to this Section 15.6 and in accordance with the provisions of this Agreement, in lieu of any destroyed,
lost or stolen Note shall constitute an original additional contractual obligation of the Borrower, whether or not the destroyed, lost
or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately
with any and all other Notes duly issued hereunder.


 


(e)            The
provisions of this Section 15.6 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of a mutilated, destroyed, lost or stolen Note.


 


Section 15.7     Persons
Deemed Owners. The Borrower, the Servicer, the Facility Agent, the Collateral Agent and any agent for any of the foregoing may treat
the holder of any Note as the owner of such Note for all purposes whatsoever, whether or not such Note may be overdue, and none of Borrower,
the Servicer, the Facility Agent, the Collateral Agent and any such agent shall be affected by notice to the contrary.


 






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Section 15.8     Cancellation.
All Notes surrendered for payment or registration of transfer or exchange shall be promptly canceled. The Borrower shall promptly cancel
and deliver to the Loan Registrar any Notes previously authenticated and delivered hereunder which the Borrower may have acquired in any
manner whatsoever, and all Notes so delivered shall be promptly canceled by the Borrower. No Notes shall be authenticated in lieu of or
in exchange for any Notes canceled as provided in this Section 15.8, except as expressly permitted by this Agreement.


 


Section 15.9     Participations;
Pledge. (a)  At any time and from time to time, each Lender may, in accordance with Applicable Law, subject to the consent
of the Borrower to the same extent the consent of the Borrower would be required for an assignment by such Lender to such participant
under Section 15.4, grant participations in all or a portion of its Note and/or its interest in the Advances and other payments
due to it under this Agreement to any Person (each, a “Participant”). Each Lender hereby acknowledges and agrees that
(A) any such participation will not alter or affect such Lender’s direct obligations hereunder, and (B) none of the Borrower,
the Servicer, the Facility Agent, any Lender, the Collateral Agent nor the Servicer shall have any obligation to have any communication
or relationship with any Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Section 4.3
and Section 5.1 (subject to the requirements and limitations therein, including the requirements under Section 4.3(f) (it
being understood that the documentation required under Section 4.3(f) shall be delivered to the participating Lender))
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to this Article XV; provided
that such Participant (A) agrees to be subject to the provisions of Section 17.16 as if it were an assignee under this
Article XV; and (B) shall not be entitled to receive any greater payment under Section 4.3 or Section 5.1,
with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent that such entitlement
to receive a greater payment results from a change in any Applicable Law that occurs after the Participant acquired the applicable participation.
Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts to cooperate with the
Borrower to effectuate the provisions of Section 17.16(b) with respect to any Participant. To the extent permitted by
law, each Participant also shall be entitled to the benefits of Section 17.1 as though it were a Lender.


 


(b)            Notwithstanding
anything in Section 15.9(a) to the contrary, each Lender may pledge its interest in the Advances and the Notes to any
Federal Reserve Bank as collateral in accordance with Applicable Law without the prior written consent of any Person.


 


(c)            Each
Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters
the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the obligations
under the Transaction Documents (the “Participant Register”); provided that no Lender shall have any obligation to
disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating
to a Participant’s interest in any obligations under any Transaction Document) except to the extent that such disclosure is necessary
to establish that such obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name
is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice
to the contrary. The Facility Agent (in its capacity as Facility Agent) shall have no responsibility for maintaining a Participant Register.


 






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Section 15.10     Reallocation
of Advances. Any reallocation of Advances among Committed Lenders pursuant to an assignment executed by such Committed Lender and
its assignee(s) and delivered pursuant to Article XV or pursuant to a Joinder Agreement executed and delivered pursuant
to Article XV in each case shall be wired by the applicable purchasing Lender(s) to the Collateral Agent pursuant to
the wiring instructions provided by the Collateral Agent; provided that the Collateral Agent shall not fund such wire until it
has received an executed assignment or Joinder Agreement, as applicable.


 


Article XVI


 


INDEMNIFICATION


 


Section 16.1     Borrower
Indemnity. Without limiting any other rights which any such Person may have hereunder or under Applicable Law, the Borrower agrees
to indemnify the Facility Agent, the Agents, the Lenders, the Loan Registrar, the Collateral Custodian, the Securities Intermediary and
the Collateral Agent and each of their Affiliates, and each of their respective successors, transferees, participants and assigns and
all officers, directors, shareholders, controlling persons, employees and agents of any of the foregoing (each of the foregoing Persons
being individually called an “Indemnified Party”), forthwith on demand, from and against any and all damages, losses,
claims, liabilities and related reasonable and documented out-of-pocket costs and expenses, including reasonable and documented attorneys’
and accountants’ fees and disbursements (all of the foregoing being collectively called “Indemnified Amounts”)
awarded against or incurred by any of them arising out of or relating to any Transaction Document or the transactions contemplated hereby
or thereby (including the structuring and arranging of such transactions) or the use of proceeds therefrom by the Borrower, including
in respect of the funding of any Advance or any breach of any representation, warranty or covenant of the Borrower or the Servicer in
any Transaction Document or in any certificate or other written material delivered by any of them pursuant to any Transaction Document,
excluding, however, Indemnified Amounts payable to an Indemnified Party (a) to the extent determined by a court
of competent jurisdiction to have resulted from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party
and (b) resulting from the performance of the Collateral Obligations. In no event shall the Borrower be liable for special, indirect,
consequential or punitive loss or damage of any kind whatsoever (including but not limited to lost profits); provided that this sentence
shall in no way limit or vitiate any obligations of the Borrower to indemnify an Indemnified Party hereunder with respect to any claims
brought by third parties for special, indirect, consequential, remote, speculative or punitive damages whatsoever.


 


Indemnification under this Section 16.1
shall survive the termination of this Agreement and the resignation or removal of any Indemnified Party and shall include reasonable and
documented fees and out-of-pocket expenses of counsel and reasonable and documented out-of-pocket expenses of litigation. Notwithstanding
anything to the contrary contained herein, the Borrower will be obligated to pay any Indemnified Amount on any given day only to the extent
there are amounts available therefor pursuant to Section 8.3(a).


 






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Section 16.2     Servicer
Indemnity. Without limiting any other rights which any such Person may have hereunder or under Applicable Law, the Servicer agrees
to indemnify the Indemnified Parties forthwith on demand, from and against any and all Indemnified Amounts incurred by such Indemnified
Party by reason of (i) any gross negligence, bad faith or willful misconduct on the part of the Servicer in its capacity as Servicer,
(ii) any act or omission by the Servicer in breach of its duties hereunder or under any other Transaction Document or (iii) any
breach by the Servicer of any representation, warranty or covenant of the Servicer hereunder or under any other Transaction Document,
excluding, however, Indemnified Amounts payable to an Indemnified Party (a) to the extent determined by a court
of competent jurisdiction to have resulted from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party
and (b) resulting from the performance of the Collateral Obligations. In no event shall the Servicer be liable for special, indirect,
consequential or punitive loss or damage of any kind whatsoever (including but not limited to lost profits); provided that this sentence
shall in no way limit or vitiate any obligations of the Servicer to indemnify an Indemnified Party hereunder with respect to any claims
brought by third parties for special, indirect, consequential, remote, speculative or punitive damages whatsoever.


 


Indemnification under this
Section 16.2 shall survive the termination of this Agreement and the resignation or removal of any Indemnified Party and shall
include reasonable and documented fees and out-of-pocket expenses of counsel and reasonable and documented out-of-pocket expenses of litigation.


 


Section 16.3     Contribution.
(a)  If for any reason (other than the exclusions set forth in the first paragraph of Section 16.1) the indemnification
provided above in Section 16.1 is unavailable to an Indemnified Party or is insufficient to hold an Indemnified Party harmless,
then the Borrower agrees to contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage
or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party, on the
one hand, and the Borrower and its Affiliates, on the other hand, but also the relative fault of such Indemnified Party, on the one hand,
and the Borrower and its Affiliates, on the other hand, as well as any other relevant equitable considerations.


 


(b)            If
for any reason (other than the exclusions set forth in the first paragraph of Section 16.2) the indemnification provided above
in Section 16.2 is unavailable to an Indemnified Party or is insufficient to hold an Indemnified Party harmless, then the
Servicer agrees to contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability
in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party, on the one hand, and
the Servicer and its Affiliates, on the other hand, but also the relative fault of such Indemnified Party, on the one hand, and the Servicer
and its Affiliates, on the other hand, as well as any other relevant equitable considerations.


 






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Section 16.4     Taxes.
Section 16.1 and Section 16.2 shall not apply with respect to any Taxes other than any Taxes that represent damages,
losses, claims, liabilities and expenses arising from any non-Tax claims.


 


Article XVII


 


MISCELLANEOUS


 


Section 17.1     No
Waiver; Remedies. No failure on the part of any Lender, the Facility Agent, the Collateral Agent, the Collateral Custodian, the Securities
Intermediary, any Indemnified Party or any Affected Person to exercise, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise by any of them of any right, power or remedy hereunder preclude
any other or further exercise thereof, or the exercise of any other right, power or remedy. The remedies herein provided are cumulative
and not exclusive of any remedies provided by law. Without limiting the foregoing, each Lender is hereby authorized by the Borrower during
the existence of an Event of Default, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held and other indebtedness at any time owing by it to or for the credit or the account
of the Borrower to the amounts owed by the Borrower under this Agreement, to the Facility Agent, the Collateral Agent, the Collateral
Custodian, the Securities Intermediary, any Affected Person, any Indemnified Party or any Lender or their respective successors and assigns.
Without limiting the foregoing, each Lender is hereby authorized by the Servicer during the existence of an Event of Default, to the fullest
extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time
held and other indebtedness at any time owing by it to or for the credit or the account of the Servicer to the amounts owed by the Servicer
under this Agreement, to the Facility Agent, the Collateral Agent, the Collateral Custodian, any Affected Person, any Indemnified Party,
any Agent or any Lender or their respective successors and assigns.


 


Section 17.2     Amendments,
Waivers. This Agreement may not be amended, supplemented or modified nor may any provision hereof be waived except in accordance with
the provisions of this Section 17.2.


 


The Borrower, the Servicer
and the Facility Agent may, from time to time enter into written amendments, supplements, waivers or modifications hereto for the purpose
of adding any provisions to this Agreement or changing in any manner the rights of any party hereto or waiving, on such terms and conditions
as may be specified in such instrument, any of the requirements of this Agreement; provided, that no such amendment, supplement,
waiver or modification shall (i) reduce the amount of or extend the maturity of any payment with respect to an Advance or reduce
the rate or extend the time of payment of Yield thereon (other than any waiver of any application of clause (iii) of the definition
of Applicable Margin), or reduce or alter the timing of any other amount payable to any Lender hereunder, in each case without the consent
of each Lender affected thereby, (ii) amend, modify or waive any provision of this Section 17.2 or Section 17.11,
or reduce the percentage specified in the definition of Required Lenders, in each case without the written consent of all Lenders, (iii) 
amend, modify or (unless otherwise contemplated therein) waive any provision of Section 2.1, 2.6, 4.3, 5.1,
6.2, 7.10, 13.1, 16.1, 16.2 or 17.4, or modify the definition of the term “Collateral
Obligation Amount”, “Eligible Collateral Obligation”, “Material Modification”, “Maximum Availability”,
 “Servicer Default” or any defined term used therein, in each case in a manner which would have the effect of making more credit
available to the Borrower, or make such provision less restrictive on the Borrower or the Servicer in any other material fashion without
the written consent of the Required Lenders, (iv) amend, modify or waive any provision adversely affecting the obligations or duties
of the Collateral Agent, in each case without the prior written consent of the Collateral Agent, (v) amend, modify or waive any provision
adversely affecting the obligations or duties of the Collateral Agent or the Collateral Custodian, in each case without the prior written
consent of the Collateral Agent or the Collateral Custodian, (vi) increase or extend the term of the Commitments (other than an increase
in the Commitment of a particular Lender or addition of a new Lender hereunder agreed to by the relevant Lender(s) pursuant to the
terms of this Agreement) without the written consent of each Lender affected thereby, (vii) release any material portion of the Collateral,
except in connection with dispositions permitted hereunder without the written consent of all Lenders and (viii) modify the definition
of the terms “Advance Rate”, “Borrowing Base”, “Collateral Quality Test”, “Excess Concentration
Amount”, “First Lien Loan” or any defined term used therein, in each case in a manner which would have the effect of
making more credit available to the Borrower, or make such provision less restrictive on the Borrower in any other material fashion without
the written consent of all Lenders. Notwithstanding the foregoing, if the LIBOR Rate ceases to exist or is reasonably expected to cease
to exist within the succeeding three (3) months, the Borrower, the Servicer, the Facility Agent and each Lender may (and such parties
will reasonably cooperate with each other in good faith in order to) amend this Agreement to replace references herein to the LIBOR Rate
(and any associated terms and provisions) with any alternative floating reference rate (and any associated terms and provisions) that
is then being generally used in U.S. credit markets for similar types of facilities. Upon execution of any amendments by the Borrower,
the Servicer and the Facility Agent as provided herein, the Servicer shall deliver a copy of such amendment to the Collateral Agent. Any
waiver of any provision of this Agreement shall be limited to the provisions specifically set forth therein for the period of time set
forth therein and shall not be construed to be a waiver of any other provision of this Agreement.


 






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Notwithstanding the foregoing,
upon the determination by any Lender that its ownership of any of its rights or obligations hereunder is prohibited by Applicable Law
(including, without limitation, the Volcker Rule), each of the Borrower, the Servicer, each Lender, each Agent, the Collateral Agent,
the Collateral Custodian and the Facility Agent hereby agree to work in good faith to amend or amend and restate the commercial terms
of this Agreement (including, if necessary, to re-document under a note purchase agreement or indenture) to ensure future compliance with
such Applicable Law.


 


Section 17.3     Notices,
Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including facsimile
communication) and shall be personally delivered or sent by certified mail, electronic mail, postage prepaid, or by facsimile or electronic
mail, to the intended party at the address or facsimile number of such party set forth under its name on Annex A or at such other address
or facsimile number as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications
shall be effective, (a) if personally delivered, when received, (b) if sent by certified mail, three Business Days after having
been deposited in the mail, postage prepaid, (c) if sent by overnight courier, one Business Day after having been given to such courier,
and (d) if transmitted by facsimile or electronic mail, when sent, receipt confirmed by telephone or electronic means, except that
notices and communications pursuant to Section 2.2, shall not be effective until received. In connection with any instructions,
requests or directions sent pursuant to this Agreement or any other Transaction Document, the Collateral Agent, Securities Intermediary
and the Collateral Custodian shall be entitled to request from such Person a list of authorized signers and any evidence of such related
signatures (as many be amended from time to time).


 






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Section 17.4     Costs
and Expenses. In addition to the rights of indemnification granted under Section 16.1, the Borrower agrees to pay on demand
all reasonable and documented out-of-pocket costs and expenses of the Facility Agent, the Collateral Agent, the Collateral Custodian,
the Securities Intermediary, the Agents and the Lenders in connection with the preparation, execution, delivery, syndication and administration
of this Agreement, any liquidity support facility and the other documents and agreements to be delivered hereunder or with respect hereto,
and, subject to any cap on such costs and expenses agreed upon in a separate letter agreement among the Borrower, the Servicer and the
Facility Agent or the Collateral Agent and Collateral Custodian Fee Letter, as applicable, and the Borrower further agrees to pay all
reasonable and documented out-of-pocket costs and expenses of the Facility Agent and the Lenders in connection with any amendments, waivers
or consents executed in connection with this Agreement, including the reasonable and documented fees and out-of-pocket expenses of one
counsel to the Facility Agent and one counsel to the Collateral Agent, the Securities Intermediary and the Collateral Custodian (in each
case in addition to any jurisdictional or specialty counsel deemed reasonably necessary by either such Person) with respect thereto and
with respect to advising the Facility Agent and the Lenders as to its rights and remedies under this Agreement, and to pay all reasonable,
documented and out-of-pocket costs and expenses, if any (including reasonable counsel fees and expenses), of the Facility Agent, the Collateral
Agent, the Securities Intermediary, the Collateral Custodian, the Agents and the Lenders, in connection with the enforcement against the
Servicer or the Borrower of this Agreement or any of the other Transaction Documents and the other documents and agreements to be delivered
hereunder or with respect hereto; provided that in the case of reimbursement of counsel for the Lenders other than the Facility
Agent, such reimbursement shall be limited to one outside counsel to the Facility Agent, each Agent and any related Lender. For the avoidance
of doubt, notwithstanding anything to the contrary contained herein, the Borrower will be obligated to make any payment under this Section 17.4
on a given day only to the extent there are amounts available therefor pursuant to Section 8.3.


 


Section 17.5     Binding
Effect; Survival. This Agreement shall be binding upon and inure to the benefit of Borrower, the Lenders, the Facility Agent, the
Servicer, the Collateral Agent, the Collateral Custodian and their respective successors and assigns, and the provisions of Section 4.3,
Article V, and Article XVI shall inure to the benefit of the Affected Persons and the Indemnified Parties, respectively,
and their respective successors and assigns; provided, nothing in the foregoing shall be deemed to authorize any assignment not
permitted by Article XV. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance
with its terms, and shall remain in full force and effect until (subject to the immediately following sentence) such time when all Obligations
have been finally and fully paid in cash and performed. The rights and remedies with respect to any breach of any representation and warranty
made by the Borrower pursuant to Article IX and the indemnification and payment provisions of Article V and Article XVI
and the provisions of Section 17.10, Section 17.11 and Section 17.12 shall be continuing and shall
survive any termination of this Agreement and any termination of any Person’s rights to act as Servicer hereunder or under any other
Transaction Document.


 






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Section 17.6     Captions
and Cross References. The various captions (including the table of contents) in this Agreement are provided solely for convenience
of reference and shall not affect the meaning or interpretation of any provision of this Agreement. Unless otherwise indicated, references
in this Agreement to any Section, Schedule or Exhibit are to such Section of or Schedule or Exhibit to this Agreement,
as the case may be, and references in any Section, subsection, or clause to any subsection, clause or subclause are to such subsection,
clause or subclause of such Section, subsection or clause.


 


 


Section 17.7     Severability.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the
validity or enforceability of such provision in any other jurisdiction.


 


Section 17.8     GOVERNING
LAW. THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW
YORK.


 


Section 17.9     Counterparts.
This Agreement may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original but all
of which shall constitute together but one and the same agreement. Delivery of this Agreement by facsimile or electronic mail shall be
equally as effective as delivery of an original executed counterpart of this Agreement.


 


Section 17.10     WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER
TRANSACTION DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE EQUITYHOLDER,
THE BORROWER, THE SERVICER, THE FACILITY AGENT, THE AGENTS, THE INVESTORS OR ANY OTHER AFFECTED PERSON. EACH PARTY HERETO ACKNOWLEDGES
AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER TRANSACTION
DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ITS ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER
TRANSACTION DOCUMENT.


 






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Section 17.11     No
Proceedings.


 


(a)            Notwithstanding
any other provision of this Agreement, each of the Servicer, the Collateral Agent, the Collateral Custodian, each Agent, each Lender and
the Facility Agent hereby agrees that it will not institute against the Borrower, or join any other Person in instituting against the
Borrower, any insolvency proceeding (namely, any proceeding of the type referred to in the definition of Insolvency Event) so long as
any Advances or other amounts due from the Borrower hereunder shall be outstanding or there shall not have elapsed one year plus one day
since the last day on which any such Advances or other amounts shall be outstanding. The foregoing shall not limit such Person’s
right to file any claim in or otherwise take any action with respect to any insolvency proceeding that was instituted by any Person other
than such Person.


 


(b)            Each
of the parties hereto hereby agrees that it will not institute against, or join any other Person in instituting against any Conduit Lender,
any insolvency proceeding (namely, any proceeding of the type referred to in the definition of Insolvency Event) so long as any commercial
paper note issued by such applicable Conduit Lender shall be outstanding or there shall not have elapsed one year plus one day since the
last day on which any such commercial paper notes shall be outstanding.


 


(c)            The
provisions of this Section 17.11 are a material inducement for the Secured Parties to enter into this Agreement and the transactions
contemplated hereby and are an essential term hereof. The parties hereby agree that monetary damages are not adequate for a breach of
the provisions of this Section 17.11 and the Facility Agent may seek and obtain specific performance of such provisions (including
injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding up, insolvency, moratorium,
winding up or liquidation proceedings, or other proceedings under United States federal or state bankruptcy laws, or any similar laws.
The provisions of this paragraph shall survive the termination of this Agreement.


 


Section 17.12     Limited
Recourse. No recourse under any obligation, covenant or agreement of a Lender contained in this Agreement shall be had against any
incorporator, stockholder, officer, director, member, manager, employee or agent of any Lender or any of their respective Affiliates (solely
by virtue of such capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or
otherwise; it being expressly agreed and understood that this Agreement is solely a corporate obligation of each Lender, and that no personal
liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent
of any Lender or any of their respective Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the
obligations, covenants or agreements of a Lender contained in this Agreement, or implied therefrom, and that any and all personal liability
for breaches by a Lender of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or
regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived
as a condition of and in consideration for the execution of this Agreement.


 






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No recourse under any obligation,
covenant or agreement of the Borrower, the Equityholder or the Servicer contained in this Agreement shall be had against any incorporator,
stockholder, officer, director, member, manager, partner, employee or agent of the Borrower, the Equityholder or the Servicer or any
of their respective Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal or equitable
proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely a corporate
obligation of each of the Borrower, the Equityholder and the Servicer, and that no personal liability whatever shall attach to or be
incurred by any incorporator, stockholder, officer, director, member, manager, partner, employee or agent of the Borrower, the Equityholder
or the Servicer or any of their respective Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of
the obligations, covenants or agreements of the Borrower, the Equityholder or the Servicer contained in this Agreement, or implied therefrom,
and that any and all personal liability for breaches by the Borrower, the Equityholder or the Servicer of any of such obligations, covenants
or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer,
director, member, manager, partner, employee or agent is hereby expressly waived as a condition of and in consideration for the execution
of this Agreement.


 


Notwithstanding anything
to the contrary in this Agreement or in any of the Transaction Documents, the parties hereto acknowledge that the obligations of any
Conduit Lender arising hereunder are limited recourse obligations payable solely from the unsecured assets of such Conduit Lender (the
 “Available Funds”) and, following the application of such Available Funds or the proceeds thereof, any claims of the
parties hereto (and the obligations of such Conduit Lender) shall be extinguished. No recourse shall be had for the payment of any amount
owing under this Agreement against any officer, member, director, employee, security holder or incorporator of any Conduit Lender or
its successors or assigns, and no action may be brought against any officer, member, director, employee, security holder or incorporator
of any Conduit Lender personally. The parties hereto agree that they will not petition a court, or take any action or commence any proceedings,
for the liquidation or the winding-up of, or the appointment of an examiner to, any Conduit Lender or any other bankruptcy or insolvency
proceedings with respect to such Conduit Lender; provided that nothing in this sentence shall limit the right of any party hereto
to file any claim or otherwise take any action with respect to any proceeding of the type described in this sentence that was instituted
against any Conduit Lender by any Person other than such party. The provisions of this paragraph shall survive the termination of this
Agreement.


 


Each Conduit Lender shall
only be required to pay (a) any fees or liabilities that it may incur under this Agreement only to the extent such Conduit Lender
has Excess Funds on the date of such determination and (b) any expenses, indemnities or other liabilities that it may incur under
this Agreement or any fees, expenses, indemnities or other liabilities under any other Transaction Document only to the extent such Conduit
Lender receives funds designated for such purposes or to the extent it has Excess Funds not required, after giving effect to all amounts
on deposit in its commercial paper account, to pay or provide for the payment of all of its outstanding commercial paper notes as of
the date of such determination. In addition, no amount owing by any Conduit Lender hereunder in excess of the liabilities that such Conduit
Lender is required to pay in accordance with the preceding sentence shall constitute a “claim” (as defined in Section 101(5) of
the Bankruptcy Code) against such Conduit Lender.


 






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Section 17.13     ENTIRE
AGREEMENT. THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS EXECUTED AND DELIVERED HEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN
THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF
THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.


 


Section 17.14     Confidentiality.
(a)  The Borrower, the Servicer, the Collateral Custodian and the Collateral Agent shall hold in confidence, and not disclose
to any Person, the identity of any Lender or the terms of any fees payable in connection with this Agreement except they may disclose
such information (i) to their officers, directors, employees, agents, counsel, accountants, auditors, advisors, prospective lenders,
equity investors or representatives who shall be obligated to hold such information confidential, (ii) with the consent of such
Lender, (iii) to the extent such information has become available to the public other than as a result of a disclosure by or through
such Person, (iv) to the extent the Borrower, the Servicer, the Collateral Custodian or the Collateral Agent or any Affiliate of
any of them should be required by any law or regulation applicable to it (including securities laws) or requested by any Official Body
to disclose such information or (v) in any suit, action, proceeding or investigation (whether at law or in equity or pursuant to
arbitration) involving any of the Transaction Documents for the purpose of defending itself, reducing its liability, or protecting or
exercising any of its claims, rights, remedies, or interests under or in connection with any of the Transaction Documents.


 


(b)            The
Facility Agent, the Collateral Agent, the Collateral Custodian, each Agent and each Lender, severally and with respect to itself only,
covenants and agrees that any information about the Borrower or its Affiliates or the Obligors, the Collateral Obligations, the Related
Security or otherwise obtained by the Facility Agent, the Collateral Agent or such Lender pursuant to this Agreement shall be held in
confidence (it being understood that documents provided to the Facility Agent hereunder may in all cases be distributed by the Facility
Agent to the Lenders) except that the Facility Agent, the Collateral Agent, the Collateral Custodian or such Lender may disclose such
information (i) to its affiliates, officers, directors, employees, agents, counsel, accountants, auditors, advisors or representatives,
(ii) to the extent such information has become available to the public other than as a result of a disclosure by or through the
Facility Agent, the Collateral Agent, the Collateral Custodian or such Lender, (iii) to the extent such information was available
to the Facility Agent or such Lender on a non-confidential basis prior to its disclosure to the Facility Agent or such Lender hereunder,
(iv) with the consent of the Servicer, (v) to the extent permitted by Article XV, or (vi) to the extent the
Facility Agent or such Lender should be (A) required in connection with any legal or regulatory proceeding or (B) requested
by any Official Body to disclose such information; provided, that in the case of clause (vi) above, the Facility
Agent or such Lender, as applicable, will use reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by
law) notify the Servicer of its intention to make any such disclosure prior to making any such disclosure.


 






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Section 17.15     Non-Confidentiality
of Tax Treatment. All parties hereto agree that each of them and each of their employees, representatives, and other agents may disclose
to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any
kind (including, without limitation, opinions or other tax analyses) that are provided to any of them relating to such tax treatment
and tax structure. “Tax treatment” and “tax structure” shall have the same meaning as such terms have for purposes
of Treasury Regulation Section 1.6011-4 and shall not include the names or identifying information of (a) the parties hereto
or (b) the parties to a transaction; provided that with respect to any document or similar item that in either case contains
information concerning the tax treatment or tax structure of the transaction as well as other information, the provisions of this Section 17.15
shall only apply to such portions of the document or similar item that relate to the tax treatment or tax structure of the transactions
contemplated hereby.


 


Section 17.16     Replacement
of Lenders.


 


(a)            If
any Lender requests compensation under Section 5.1, or requires the Borrower to pay any Indemnified Taxes or additional amounts
to any Lender or Official Body for the account of any Lender pursuant to Section 4.3, then such Lender shall (at the request
of the Borrower) use reasonable efforts to designate a different lending office for funding or booking the Obligations or to assign its
rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation
or assignment (i) would eliminate or reduce amounts payable pursuant to Section 4.3 or Section 5.1, as the
case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection
with any such designation or assignment.


 


(b)            At
any time there is more than one Lender, the Borrower shall be permitted, at its sole expense and effort, to replace any Lender, except
(i) the Facility Agent or (ii) any Lender which is administered by the Facility Agent or an Affiliate of the Facility Agent,
that (a) requests reimbursement, payment or compensation for any amounts owing pursuant to Section 4.3 or Section 5.1
or (b) has received a written notice from the Borrower of an impending change in law that would entitle such Lender to payment
of additional amounts pursuant to Section 4.3 or Section 5.1, unless such Lender designates a different lending
office before such change in law becomes effective pursuant to Section 17.16(a) and such alternate lending office obviates
the need for the Borrower to make payments of additional amounts pursuant to Section 4.3 or Section 5.1 or (c) has
not consented to any proposed amendment, supplement, modification, consent or waiver, each pursuant to Section 17.2 or (d) defaults
in its obligation to make Advances hereunder or (e) is the subject of any Insolvency Event or a Bail-in Action; provided,
that (i) nothing herein shall relieve a Lender from any liability it might have to the Borrower or to the other Lenders for its
failure to make any Advance, (ii) the replacement financial institution shall purchase, at par, all Advances and other amounts owing
to such replaced Lender on or prior to the date of replacement, (iii) during the Revolving Period, the replacement financial institution,
if not already a Lender, shall be reasonably satisfactory to the Facility Agent, (iv) the replaced Lender shall be obligated to
make such replacement in accordance with the provisions of Section 15.4(a), (v) until such time as such replacement
shall be consummated, the Borrower shall pay all additional amounts (if any) for Increased Costs or Taxes, as the case may be, (vi) any
such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Facility Agent or any other Lender shall have
against the replaced Lender, and (vii) if such replacement is being effected as a result of a Lender requesting compensation pursuant
to Section 4.3 or Section 5.1, such replacement, if effected, will result in a reduction in such compensation
or payment thereafter. A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver
by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.


 






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Section 17.17     Consent
to Jurisdiction. Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal
court sitting in New York City in any action or proceeding arising out of or relating to the Transaction Documents, and each party hereto
hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State
court or, to the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent they
may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law.


 


Section 17.18     Option
to Acquire Rating. Each party hereto hereby acknowledges and agrees that the Facility Agent (on behalf and at the expense of the
requesting Lender) may, at any time and in its sole discretion, obtain a public rating for this loan facility. The Borrower and the Servicer
hereby agree to use commercially reasonable efforts, at the request of the Facility Agent, to cooperate with the acquisition and maintenance
of any such rating; provided that nothing in this Section 17.18 shall obligate the Borrower or the Servicer to incur
any additional costs or agree to any modification to the Transaction Documents that is adverse to it.


 


Section 17.19     Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Transaction Document or
in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
Affected Financial Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the
Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be
bound by:


 


(a)            the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and


 


(b)            the
effects of any Bail-In Action on any such liability, including, if applicable:


 


(i)            a
reduction in full or in part or cancellation of any such liability;


 


(ii)            a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any
other Transaction Document; or


 


(iii)            the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.


 






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Section 17.20     Lender
Representation. Each Lender hereby individually represents and warrants, as to itself, that it is a “qualified purchaser”
as defined in Section 2(a)(51) of the 1940 Act.


 


Article XVIII


 


COLLATERAL
CUSTODIAN


 


Section 18.1     Designation
of Collateral Custodian. The role of Collateral Custodian with respect to the Collateral Obligation Files shall be
conducted by the Person designated as Collateral Custodian hereunder from time to time in accordance with this Section 18.1.
U.S. Bank National Association is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and
obligations of, Collateral Custodian pursuant to the terms hereof.


 


Section 18.2     Duties
of the Collateral Custodian.


 


(a)            Duties.
The Collateral Custodian shall perform, on behalf of the Secured Parties, the following duties and obligations:


 


(i)            The
Collateral Custodian, as the duly appointed agent of the Secured Parties, shall take and retain custody of the Collateral Obligation
Files delivered to it by, or on behalf of, the Borrower for each Collateral Obligation listed on the Schedule of Collateral Obligations
attached to the related Asset Approval Request or the related Reinvestment Request. The Collateral Custodian acknowledges that in connection
with any Asset Approval Request or Reinvestment Request, additional Collateral Obligation Files (specified on an accompanying Schedule
of Collateral Obligations supplement) may be delivered to the Collateral Custodian from time to time. Promptly upon the receipt of any
such delivery of Collateral Obligation Files and without any review, the Collateral Custodian shall send notice of such receipt to the
Servicer, the Borrower and the Facility Agent.


 


(ii)            With
respect to each Collateral Obligation File which has been or will be delivered to the Collateral Custodian, the Collateral Custodian
shall act exclusively as the custodian of the Secured Parties, and has no instructions to hold any Collateral Obligation File for the
benefit of any Person other than the Secured Parties and undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. In so taking and retaining custody of the Collateral Obligation Files, the Collateral Custodian shall be deemed
to be acting for the purpose of perfecting the Collateral Agent’s security interest therein under the UCC. Except as permitted
by Section 18.5, no Collateral Obligation File or other document constituting a part of a Collateral Obligation File shall
be released from the possession of the Collateral Custodian.


 






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(iii)            The
Collateral Custodian shall maintain continuous custody of all Collateral Obligation Files in its possession in secure facilities in accordance
with customary standards for such custody and shall reflect in its records the interest of the Secured Parties therein. Each Collateral
Obligation File which comes into the possession of the Collateral Custodian (other than documents delivered electronically) shall be
maintained in fire-resistant vaults or cabinets at the office of the Collateral Custodian. Each Collateral Obligation File shall be marked
with an appropriate identifying label and maintained in such manner so as to permit retrieval and access by the Collateral Custodian
and the Facility Agent. The Collateral Custodian shall keep the Collateral Obligation Files clearly segregated from any other documents
or instruments in its files.


 


(iv)            With
respect to the documents comprising each Collateral Obligation File, the Collateral Custodian shall (i) act exclusively as Collateral
Custodian for the Secured Parties, (ii) hold all documents constituting such Collateral Obligation File received by it for the exclusive
use and benefit of the Secured Parties and (iii) make disposition thereof only in accordance with the terms of this Agreement or
with written instructions furnished by the Facility Agent; provided, that in the event of a conflict between the terms of this Agreement
and the written instructions of the Facility Agent, the Facility Agent’s written instructions shall control.


 


(v)            The
Collateral Custodian shall accept only written instructions of an Executive Officer, in the case of the Borrower or the Servicer, or
a Responsible Officer, in the case of the Facility Agent, concerning the use, handling and disposition of the Collateral Obligation Files.


 


(vi)            In
the event that (i) the Borrower, the Facility Agent, the Servicer, the Collateral Custodian or the Collateral Agent shall be served
by a third party with any type of levy, attachment, writ or court order with respect to any Collateral Obligation File or a document
included within a Collateral Obligation File or (ii) a third party shall institute any court proceeding by which any Collateral
Obligation File or a document included within a Collateral Obligation File shall be required to be delivered other than in accordance
with the provisions of this Agreement, the party receiving such service shall promptly deliver or cause to be delivered to the other
parties to this Agreement (to the extent not prohibited by Applicable Law) copies of all court papers, orders, documents and other materials
concerning such proceedings. The Collateral Custodian shall, to the extent permitted by law, continue to hold and maintain all the Collateral
Obligation Files that are the subject of such proceedings pending a final, nonappealable order of a court of competent jurisdiction permitting
or directing disposition thereof. Upon final determination of such court, the Collateral Custodian shall dispose of such Collateral Obligation
File or a document included within such Collateral Obligation File as directed by the Facility Agent, which shall give a direction consistent
with such determination. Expenses of the Collateral Custodian incurred as a result of such proceedings shall be borne by the Borrower.


 






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(vii)            The
Facility Agent may direct the Collateral Custodian to take any such incidental action hereunder. With respect to other actions which
are incidental to the actions specifically delegated to the Collateral Custodian hereunder, the Collateral Custodian shall not be required
to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in
acting or refraining from acting) upon the direction of the Facility Agent; provided that the Collateral Custodian shall not be
required to take any action hereunder at the request of the Facility Agent, any Secured Parties or otherwise if the taking of such action,
in the reasonable determination of the Collateral Custodian, (x) shall be in violation of any Applicable Law or contrary to any
provisions of this Agreement or (y) shall expose the Collateral Custodian to liability hereunder or otherwise (unless it has received
indemnity which it reasonably deems to be satisfactory with respect thereto). In the event the Collateral Custodian requests the consent
of the Facility Agent and the Collateral Custodian does not receive a consent (either positive or negative) from the Facility Agent within
ten (10) Business Days of its receipt of such request, then the Facility Agent shall be deemed to have declined to consent to the
relevant action.


 


(viii)            The
Collateral Custodian shall not be liable for any action taken, suffered or omitted by it in accordance with the request or direction
of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Custodian,
or the Facility Agent. The Collateral Custodian shall not be deemed to have notice or knowledge of any matter hereunder, including an
Event of Default, unless a Responsible Officer of the Collateral Custodian has knowledge of such matter or written notice thereof is
received by the Collateral Custodian.


 


Section 18.3     Delivery
of Collateral Obligation Files. (a)     The Servicer (on behalf
of the Borrower) shall deliver, on or prior to the applicable Funding Date (but no more than five (5) Business Days after such Funding
Date) the Collateral Obligation Files for each Collateral Obligation listed on the Schedule of Collateral Obligations attached to the
related Asset Approval Request. In connection with each delivery of a Collateral Obligation File to the Collateral Custodian, the Servicer
shall represent and warrant that the Collateral Obligation Files delivered to the Collateral Custodian include all of the documents listed
in the related Document Checklist and all of such documents and the information contained in the Schedule of Collateral Obligations are
complete in all material respects pursuant to a certification in the form of Exhibit H executed by an Executive Officer of
the Servicer.


 


(b)            From
time to time, the Servicer, promptly following receipt, shall forward to the Collateral Custodian (as identified on an accompanying Schedule
of Collateral Obligations supplement) additional documents evidencing any assumption, modification, consolidation or extension of a Collateral
Obligation, and upon receipt of any such other documents, the Collateral Custodian shall hold such other documents as the Servicer shall
deliver in writing from time to time.


 


(c)            With
respect to any documents comprising the Collateral Obligation File that have been delivered or are being delivered to recording offices
for recording and have not been returned to the Borrower or the Servicer in time to permit their delivery hereunder at the time required,
in lieu of delivering such original documents, the Borrower or the Servicer shall indicate such on a Schedule of Collateral Obligations
supplement and deliver to the Collateral Custodian a true copy thereof. The Borrower or the Servicer shall deliver such original documents
to the Collateral Custodian promptly when they are received.


 






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Section 18.4     Collateral
Obligation File Certification. (a)  On or prior to each Funding Date, the Servicer shall provide a Schedule of Collateral
Obligations and related Document Checklist dated as of such Funding Date to the Collateral Custodian, the Collateral Agent and the Facility
Agent (with a copy to each Agent) (such information contained in the Schedule of Collateral Obligations shall also be delivered in Microsoft
Excel format or another format reasonably acceptable to the Collateral Custodian) with respect to the Collateral Obligations to be delivered
to the Collateral Agent on such Funding Date.


 


(b)            Within
five (5) Business Days of receipt of any Collateral Obligation Files, the Collateral Custodian shall prepare a report (substantially
in the form of Exhibit I) in respect of each of the Collateral Obligations, to the effect that, as to each Collateral Obligation
listed on the Schedule of Collateral Obligations attached to the related Advance Request or Reinvestment Request, based on the Collateral
Custodian’s examination of the Collateral Obligation File for each Collateral Obligation and the related Document Checklist, except
for variances from the documents identified in the Document Checklist with respect to the related Collateral Obligation Files, (i) all
documents required to be delivered in respect of such Collateral Obligations pursuant to the Document Checklist have been delivered and
are in the possession of the Collateral Custodian as part of the Collateral Obligation File for such Collateral Obligation (other than
those released pursuant to Section 18.5), and (ii) all such documents have been reviewed by the Collateral Custodian
and appear on their face to be regular and to relate to such Collateral Obligation. The Collateral Custodian shall also maintain records
of the total number of Collateral Obligation Files that do not have the documents provided on the Document Checklist and will forward
such total to the Collateral Agent for inclusion in each Monthly Report.


 


(c)            Notwithstanding
any language to the contrary herein, the Collateral Custodian shall make no representations as to, and shall not be responsible to verify,
(i) the validity, legality, ownership, title, perfection, priority, enforceability, due authorization, recordability, sufficiency
for any purpose, or genuineness of any of the documents contained in each Collateral Obligation File or (ii) the collectibility,
insurability, effectiveness or suitability of any such Collateral Obligation.


 


Section 18.5     Release
of Collateral Obligation Files. (a)  Upon satisfaction of any of the conditions set forth in Section 12.3,
the Servicer will provide an Officer’s Certificate to such effect to the Collateral Custodian (with a copy to the Collateral Agent)
and shall deliver to the Collateral Custodian a Request for Release and Receipt (substantially in the form of Exhibit F-2)
of the Collateral Obligation File and a copy thereof shall be sent concurrently by the Servicer to the Facility Agent (with a copy to
each Agent). Upon receipt of such certification and request, unless it receives notice to the contrary from the Facility Agent, the Collateral
Custodian shall within three days release the related Collateral Obligation File to the Servicer and the Servicer will not be required
to return the related Collateral Obligation File to the Collateral Custodian.


 






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(b)            From
time to time and as appropriate for the servicing or foreclosure of any of the Collateral Obligations, including, for this purpose, collection
under any insurance policy relating to the Collateral Obligations, the Collateral Custodian shall, upon receipt of a Request for Release
and Receipt substantially in the form of Exhibit F-2 from an authorized representative of the Servicer (as listed on Exhibit F-1,
as such exhibit may be amended from time to time by the Servicer with notice to the Collateral Custodian and the Facility Agent (with
a copy to each Agent)), release the related Collateral Obligation File or the documents set forth in such Request for Release and Receipt
to the Servicer. In the event an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Event of Default or a Servicer
Default has occurred and is continuing, the Servicer shall not make any such request with respect to any original documents other than
in the ordinary course of the Servicer’s business or in connection with any transaction permitted hereunder during the continuation
of such event, unless the Facility Agent shall have consented in writing thereto (which consent may be evidenced by an executed counterpart
to such request). The Servicer shall return each and every original document previously requested from the Collateral Obligation File
to the Collateral Custodian when (x) the need therefor by the Servicer no longer exists or (y) the Collateral Obligation File
or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes
of initiating or pursuing legal action or other proceedings for the foreclosure of the Related Security either judicially or non-judicially,
the Servicer shall deliver to the Collateral Custodian a certificate executed by an Executive Officer certifying as to the name and address
of the Person to which such Collateral Obligation File or such document was delivered and the purpose or purposes of such delivery. Upon
receipt of a certificate of the Servicer substantially in the form of Exhibit F-3, with a copy to the Facility Agent and
each Agent, stating that such Collateral Obligation was either (x) liquidated and that all amounts received or to be received in
connection with such liquidation that are required to be deposited have been so deposited, or (y) sold pursuant to an Optional Sale
in accordance with Section 7.10, the Collateral Custodian shall within three (3) Business Days of receipt of the Request
for Release and Receipt (provided that the Collateral Custodian has received such request by 12:00 p.m. (EST) and if received after
12:00 p.m. (EST), four (4) Business Days of receipt of such Request for Release and Receipt), release the requested Collateral
Obligation File, and the Servicer will not be required to return the related Collateral Obligation File to the Collateral Custodian.


 


(c)            Notwithstanding
anything to the contrary set forth herein, the Servicer shall not, without the prior written consent of the Facility Agent, other than
in the ordinary course of the Servicer’s business or in connection with any transaction permitted hereunder, request any original
documents (other than copies thereof) held by the Collateral Custodian if the sum of the unpaid Principal Balances of all Collateral
Obligations for which the Servicer is then in possession of the related Collateral Obligation File or any document comprising such Collateral
Obligation File (other than for Collateral Obligations then held by the Servicer which have been sold, repurchased, paid off or liquidated
in accordance with this Agreement) (including the documents to be requested) exceeds 5% of the Adjusted Aggregate Eligible Collateral
Obligation Balance. The Servicer may hold, and hereby acknowledges that it shall hold, any documents and all other property included
in the Collateral that it may from time to time receive hereunder as custodian for the Secured Parties solely at the will of the Collateral
Custodian and the Secured Parties for the sole purpose of facilitating the servicing of the Collateral Obligations and such retention
and possession shall be in a custodial capacity only. To the extent the Servicer, as agent of the Collateral Custodian and the Borrower,
holds any Collateral, the Servicer shall do so in accordance with the Credit and Collection Policy and the Servicing Standard as such
standard applies to servicers acting as custodial agent. The Servicer shall promptly report to the Collateral Custodian and the Facility
Agent (with a copy to each Agent) the loss by it of all or part of any Collateral Obligation File previously provided to it by the Collateral
Custodian and shall promptly take appropriate action to remedy any such loss. The Servicer shall hold (in accordance with Section 9-313(C) of
the UCC) all documents comprising the Collateral Obligation Files in its possession as agent of the Collateral Agent. In such custodial
capacity, the Servicer shall have and perform the following powers and duties:


 






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(i)            hold
the Collateral Obligation Files and any document comprising a Collateral Obligation File that it may from time to time have in its possession
for the benefit of the Collateral Custodian, on behalf of the Secured Parties, maintain accurate records pertaining to each Collateral
Obligation to enable it to comply with the terms and conditions of this Agreement, and maintain a current inventory thereof;


 


(ii)            implement
policies and procedures consistent with the Credit and Collection Policy, the Servicing Standard and requirements of this Agreement so
that the integrity and physical possession of such Collateral Obligation Files will be maintained; and


 


(iii)            take
all other actions, in accordance with the Credit and Collection Policy and the Servicing Standard, in connection with maintaining custody
of such Collateral Obligation Files on behalf of the Collateral Agent.


 


Acting as custodian of the Collateral Obligation
Files pursuant to this Section 18.5, the Servicer agrees that it does not and will not have or assert any beneficial ownership
interest in the Collateral Obligations or the Collateral Obligation Files.


 


Section 18.6     Examination
of Collateral Obligation Files. Upon reasonable prior notice to the Collateral Custodian, the Borrower, the Servicer and their agents,
accountants, attorneys and auditors will be permitted during normal business hours to examine and make copies of the Collateral Obligation
Files, documents, records and other papers in the possession of or under the control of the Collateral Custodian relating to any or all
of the Collateral Obligations. Prior to the occurrence of an Unmatured Event of Default, an Event of Default, an Unmatured Servicer Default
or a Servicer Default, upon the request of the Facility Agent and at the cost and expense of the Servicer, the Collateral Custodian shall
promptly provide the Facility Agent with the Collateral Obligation Files or copies, as designated by the Facility Agent, subject to the
cap on costs and expenses and other terms and conditions set forth in Section 7.9(d); provided, the Collateral Custodian
shall not be required to provide such copies if it does not receive adequate assurance of payment.


 


Section 18.7     Lost
Note Affidavit. In the event that the Collateral Custodian fails to produce any original promissory note delivered to it related
to a Collateral Obligation that was in its possession pursuant to Section 10.20 within five (5) Business Days after
required or requested by the Facility Agent and provided that (a) the Collateral Custodian previously certified in writing
to the Facility Agent that it had received such original promissory note and (b) such original promissory note is not outstanding
pursuant to a Request for Release and Receipt, then the Collateral Custodian shall with respect to any missing original promissory note,
promptly deliver to the Facility Agent upon request a lost note affidavit.


 






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Section 18.8     Transmission
of Collateral Obligation Files. Written instructions as to the method of shipment and shipper(s) the Collateral Custodian is
directed to utilize in connection with the transmission of Collateral Obligation Files in the performance of the Collateral Custodian’s
duties hereunder shall be delivered by the Facility Agent or the Servicer to the Collateral Custodian prior to any shipment of any Collateral
Obligation Files hereunder. In the event the Collateral Custodian does not receive such written instruction from the Facility Agent or
the Servicer (as applicable), the Collateral Custodian shall be authorized and indemnified as provided herein to utilize a nationally
recognized courier service. The Servicer shall arrange for the provision of such services at its sole cost and expense (or, at the Collateral
Custodian’s option, reimburse the Collateral Custodian for all costs and expenses incurred by the Collateral Custodian consistent
with such instructions) and shall maintain such insurance against loss or damage to the Collateral Obligation Files as the Servicer deems
appropriate.


 


Section 18.9     Merger
or Consolidation. Any Person (i) into which the Collateral Custodian may be merged or consolidated, (ii) that may result
from any merger or consolidation to which the Collateral Custodian shall be a party, or (iii) that may succeed to the properties
and assets of the Collateral Custodian substantially as a whole, which Person in any of the foregoing cases executes an agreement of
assumption to perform every obligation of the Collateral Custodian hereunder, shall be the successor to the Collateral Custodian under
this Agreement without further act of any of the parties to this Agreement.


 


Section 18.10     Collateral
Custodian Compensation. As compensation for its Collateral Custodian activities hereunder, the Collateral Custodian shall be entitled
to its fees and expenses from the Borrower as set forth in the Collateral Agent and Collateral Custodian Fee Letter and any other accrued
and unpaid fees, expenses (including reasonable attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower
or the Servicer, or both but without duplication, to the Collateral Custodian (including Indemnified Amounts under Article XVI)
under the Transaction Documents (collectively, the “Collateral Custodian Fees and Expenses”). The Borrower agrees
to reimburse the Collateral Custodian in accordance with the provisions of Section 8.3(a) for all reasonable expenses,
disbursements and advances incurred or made by the Collateral Custodian in accordance with any provision of this Agreement or the other
Transaction Documents or in the enforcement of any provision hereof or in the other Transaction Documents. The Collateral Custodian’s
entitlement to receive fees (other than any previously accrued and unpaid fees) shall cease on the earlier to occur of: (i) its
removal as Collateral Custodian and appointment and acceptance by the successor Collateral Custodian pursuant to Section 18.11
and the Collateral Custodian has ceased to hold any Collateral Obligation Files or (ii) the termination of this Agreement.


 


Section 18.11     Removal
or Resignation of Collateral Custodian. (a)  After the expiration of the 180-day period commencing on the date hereof,
the Collateral Custodian may at any time resign and terminate its obligations under this Agreement upon at least 60 days’ prior
written notice to the Servicer, the Borrower and the Facility Agent (with a copy to each Agent); provided, that no resignation
or removal of the Collateral Custodian will be permitted unless a successor Collateral Custodian has been appointed which successor Collateral
Custodian, so long as no Servicer Default or Event of Default has occurred and is continuing, is reasonably acceptable to the Servicer.
Promptly after receipt of notice of the Collateral Custodian’s resignation, the Facility Agent shall promptly appoint a successor
Collateral Custodian by written instrument, in duplicate, copies of which instrument shall be delivered to the Borrower, the Servicer,
the resigning Collateral Custodian and to the successor Collateral Custodian.


 






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(b)            The
Facility Agent upon at least 60 days’ prior written notice to the Collateral Custodian, may remove and discharge the Collateral
Custodian or any successor Collateral Custodian thereafter appointed from the performance of its duties under this Agreement for cause.
Promptly after giving notice of removal of the Collateral Custodian, the Facility Agent shall appoint, or petition a court of competent
jurisdiction to appoint, a successor Collateral Custodian. Any such appointment shall be accomplished by written instrument and one original
counterpart of such instrument of appointment shall be delivered to the Collateral Custodian and the successor Collateral Custodian,
with a copy delivered to the Borrower and the Servicer.


 


(c)            In
the event of any such resignation or removal, the Collateral Custodian shall, no later than five (5) Business Days after receipt
of notice of the successor Collateral Custodian, transfer to the successor Collateral Custodian, as directed in writing by the Facility
Agent, all the Collateral Obligation Files being administered under this Agreement. The cost of the shipment of Collateral Obligation
Files arising out of the resignation of the Collateral Custodian pursuant to Section 18.11(a), or the termination for cause
of the Collateral Custodian pursuant to Section 18.11(b), shall be at the expense of the Collateral Custodian. Any cost of
shipment arising out of the removal or discharge of the Collateral Custodian without cause pursuant to Section 18.11(b) shall
be at the expense of the Borrower.


 


Section 18.12     Limitations
on Liability. (a)  The Collateral Custodian may conclusively rely on and shall be fully protected in acting upon any certificate,
instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine
and that has been signed by the proper party or parties. The Collateral Custodian may rely conclusively on and shall be fully protected
in acting upon (a) the written instructions of any designated officer of the Facility Agent or (b) the verbal instructions
of the Facility Agent.


 


(b)            The
Collateral Custodian may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or
opinion of such counsel.


 


(c)            The
Collateral Custodian shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith,
or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of
its willful misconduct or grossly negligent performance or omission of its duties and in the case of the grossly negligent performance
of its duties in taking and retaining custody of the Collateral Obligation Files.


 


(d)            The
Collateral Custodian makes no warranty or representation and shall have no responsibility (except as expressly set forth in this Agreement)
as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral,
and will not be required to and will not make any representations as to the validity or value (except as expressly set forth in this
Agreement) of any of the Collateral. The Collateral Custodian shall not be obligated to take any action hereunder that might in its judgment
involve any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to it.


 






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(e)            The
Collateral Custodian shall have no duties or responsibilities except such duties and responsibilities as are specifically set forth in
this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Custodian.


 


(f)            The
Collateral Custodian shall not be required to expend or risk its own funds in the performance of its duties hereunder. In no event shall
the Collateral Custodian be liable for any failure or delay in the performance of its obligations hereunder because of circumstances
beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
government action (including any laws, ordinances, regulations) or the like that delay, restrict or prohibit the providing of services
by the Collateral Custodian as contemplated by this Agreement.


 


(g)            It
is expressly agreed and acknowledged that the Collateral Custodian is not guaranteeing performance of or assuming any liability for the
obligations of the other parties hereto or any parties to the Collateral.


 


(h)            In
case any reasonable question arises as to its duties hereunder, the Collateral Custodian may, unless an Event of Default has occurred
and is continuing or the Facility Termination Date has occurred, request instructions from the Servicer and may, if an Event of Default
has occurred and is continuing or the Facility Termination Date has occurred, request instructions from the Facility Agent, and shall
be entitled at all times to refrain from taking any action unless it has received instructions from the Servicer or the Facility Agent,
as applicable. The Collateral Custodian shall in all events have no liability, risk or cost for any action taken pursuant to and in compliance
with the instruction of the Facility Agent or the Servicer, as applicable. In no event shall the Collateral Custodian be liable for special,
indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Collateral
Custodian has been advised of the likelihood of such loss or damage and regardless of the form of action.


 


(i)            Each
of the protections, reliances, indemnities and immunities offered to the Collateral Agent in Section 11.7 and Section 11.8
shall be afforded to the Collateral Custodian.


 


Section 18.13     Collateral
Custodian as Agent of Collateral Agent. The Collateral Custodian agrees that, with respect to any Collateral Obligation File at any
time or times in its possession or held in its name, the Collateral Custodian shall be the agent and custodian of the Collateral Agent,
for the benefit of the Secured Parties, for purposes of perfecting (to the extent not otherwise perfected) the Collateral Agent’s
security interest in the Collateral and for the purpose of ensuring that such security interest is entitled to first priority status
under the UCC. For so long as the Collateral Custodian is the same entity as the Collateral Agent, the Collateral Custodian shall be
entitled to the same rights and protections afforded to the Collateral Agent hereunder.


 


[Signature pages begin on next page]


 




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IN WITNESS WHEREOF, the parties
have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the day and year first above written.


 


		NEW MOUNTAIN FINANCE DB, L.L.C., as
                                            Borrower





 


	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






 




    S-1


     


    




 


		NEW MOUNTAIN FINANCE CORPORATION,

as Equityholder
and as Servicer





 


	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






 




    S-2


     


    

 


		U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent






 


	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






 




    S-3


     


    

 


		U.S. BANK NATIONAL ASSOCIATION, as Collateral Custodian






 


	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






 




    S-4


     


    




 


	 	DEUTSCHE BANK AG, NEW YORK BRANCH,
                                            as Facility Agent



 


 


	 	By:	 
	 	 	Name:
	 	 	Title:





 


	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:





 




    S-5


     


    

 


	 	DEUTSCHE BANK AG, NEW YORK BRANCH, as an Agent and

as a Committed Lender




 


 


	 	By:	 
	 	 	Name:
	 	 	Title:





 


	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:





 






    S-6


     


    




 


ANNEX A


 


NEW MOUNTAIN FINANCE DB, L.L.C.,

as Borrower


 [*****]

 Attention: [*****]

Telephone: [*****]


Facsimile: [*****]

Email:   [*****]


 


NEW MOUNTAIN FINANCE CORPORATION,

as Equityholder and Servicer


[*****]

Attention:  [*****]

Telephone: [*****]


Facsimile: [*****]

Email:  [*****]


 


U.S. BANK NATIONAL ASSOCIATION,

as Collateral Agent and Collateral Custodian


 


If to the Collateral Custodian, including for delivery of Collateral
Obligation files:


 


[*****]


Attention: [*****]


Telephone: [*****]


Facsimile: [*****]


Email: [*****]


 


If to the Collateral Agent, including for delivery of Certificated
Securities:


U.S. Bank National Association


[*****]


Attention: [*****]


Ref: [*****]


Telephone: [*****]


Email: [*****]


 






    A-1


     


    

 


Deutsche Bank AG, New York
Branch,

as Facility Agent


[*****]

Attention: [*****]

Facsimile No.: [*****]


 


Deutsche Bank AG, New York
Branch,

as an Agent and as a Committed Lender


[*****]

Attention: [*****]

Facsimile No.: [*****]


 


KEYBANK NATIONAL ASSOCIATION,

as an Agent and as a Committed Lender


[*****]


Attention: [*****]


Telephone No: [*****]


Facsimile No.: [*****]


email: [*****]


 


CUSTOMERS BANK,


as an Agent and as a Committed Lender


[*****]


Attention: [*****]


Facsimile No.: [*****]


email: [*****]


 


HITACHI CAPITAL AMERICA CORP.,

as an Agent and as a Committed Lender


[*****]


Telephone: [*****]


Facsimile: [*****]


email: [*****]


 




    A-2


     


    

 


CITIZENS BANK, N.A.,

as an Agent and as a Committed Lender


[*****]


Telephone: [*****]


email: [*****]


 


With a copy to:


[*****]


Telephone: [*****]


Facsimile: [*****]


email: [*****]


 




    A-3


     


    

 


Annex B


 


	Lender	 	Commitment	 
	Deutsche Bank AG, New York Branch	 	$	100,000,000	 
	KeyBank National Association	 	$	75,000,000	 
	Customers Bank	 	$	35,000,000	 
	Hitachi Capital America Corp.	 	$	20,000,000	 
	Citizens Bank, N.A.	 	$	50,000,000	 



 






    B-1