Exhibit 10.11
 Amendment No. 1 to Credit Agreement
 Amendment No. 1, Amendment Credit Agreement MVC
Capital, inc. MVC Financial Services, inc. Borrower Borrowers Lenders Guggenheim Corporate Funding, LLC, Administrative Agent
 W i t n e s s e t h:
 Whereas
 Whereas
 Now, Therefore
 Section 1. Amendments to the Credit Agreement
  Amendments to Schedules to the Credit Agreement
 Schedule 2.1 (Term Loan Borrowings Annex A
 Section 2. Conditions Precedent to the Effectiveness of this Amendment
 Amendment
Effective Date
 Section 3. Representations and Warranties




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Amendment No 1 to  Credit Agreement
  provided however
   Section 4. Fees and Expenses
 Section 9.5 (Payment of Expenses)
 Section 5. Reference to the Effect on the Loan Documents
    2




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Amendment No 1 to  Credit Agreement
  Section 6. Execution in Counterparts
  Section 7. Governing Law
  Section 8. Section Titles
  Section 9. Notices
  Section 10. Severability
  Section 11. Successors
  Section 12. Waiver of Jury Trial
   3




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In Witness Whereof ,
 MVC Capital, Inc.as BorrowerBy:Name:Title:MVC Financial Services, Inc.as BorrowerBy:Name:Title:Guggenheim Corporate Funding, LLC,as Administrative AgentBy:Name:Title:
 [Signature page to Amendment No. 1]




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Midland National Life Insurance Company,as LenderBy:Name:Title:North American Company for Life and health
Insurance,as LenderBy:Name:Title:
 [Signature page to Amendment No. 1]




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Annex A  to Amendment No. 1
 SCHEDULE 2.1
 Term Loan Borrowings
 Schedule of Term Loan drawings:
 Draw Date:
    
    Amount:April 27, 2006
    
    $
    17,500,000July 31, 2006
    
    $
    12,500,000August 31, 2006
    
    $
    5,000,000On or before January 31, 2007*
    
    $
    15,000,000
 
 *
    
    - Remaining $15,000,000 to be drawn at the earlier of (i) the time of purchase by the Company
from the Administrative Agent of the remaining $15,000,000 (or, if less, the outstanding portion)
of investments in senior debt, subordinated debt and/or junior subordinated debt and (ii) January,
31, 2007.




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Amendment No. 2 to Credit Agreement
 Amendment Amendment Credit Agreement Capital, Inc. , Financial Services, Inc., Borrower Borrowers Lenders Guggenheim Corporate
Funding, Administrative Agent
 W i t n e s s e t h:
 Whereas,
 Whereas,
 Now,
Therefore,
 Section
1. Amendments to the Credit Agreement
  Amendments
to Section 2 (Amount and Terms of Commitments)
 Section 2.1 (Term Loan Commitments)
 Term Loan Commitments Term Loan provided provided 5




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Amendment to
Credit Agreement
  Amendments to Section 6 (Negative Covenants)
 Section 6.17 (LaSalle Credit Facility)
 Lasalle Credit Facility
 Section 2. Conditions Precedent to the Effectiveness of this Amendment
 Amendment Effective Date
 Section 3. Representations and Warranties
   provided, however,
   2




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Amendment to
Credit Agreement
 Section 4. Fees and Expenses
 Section 9.5 Payment of Expenses
 Section 5.
Reference to the Effect on the Loan Documents
     Section 6. Execution in Counterparts
  Section 7. Governing Law
  Section 8. Section Titles
  3




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Amendment to
Credit Agreement
 Section 9. Notices
  Section 10. Severability
  Section 11. Successors
  Section 12. Waiver of Jury Trial
   4




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In
Witness Whereof,
 MVC
Capital, Inc.as BorrowerBy:Name:Title:MVC
Financial Services, Inc. as BorrowerBy:Name:Title:Guggenheim Corporate Funding,LLC,as Administrative AgentBy:Name:Title:
 [Signature page to Amendment No. 2]




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Midland National Life Insurance Company,as LenderBy:Name:Title:North
American Company for Life and health
Insurance,
as LenderBy:Name:Title:
 [Signature page to Amendment No. 2]




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Execution Copy
 AmendmentNo. 3 To Credit Agreement
 Amendment Amendment Credit Agreement Capital, Inc Financial Services, Inc Lenders Guggenheim Corporate
Funding Administrative
Agent
 W i t n e s s e t h:
 Whereas,
 Whereas,
 Now, Therefore,
 Section 1. Amendments to the Credit Agreement
  Amendments to Section 1 (Definitions)
 Section 1.1 (Defined Terms) Section 1.1 Section 1.1
 Advisor
 Advisory Agreement
 Capital Gains Fee




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Amendment No. 3 to
Credit Agreement
 Incentive Compensation Expense
 Section 1.1 (Defined Terms)
 EBIT clause (a)
 Section 2. Conditions Precedent to the Effectiveness of this Amendment
 Amendment Effective
Date
 Section 3. Representations and Warranties
   provided, however,
   2




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Amendment to
Credit Agreement
 Section 4. Fees and Expenses
 Section 9.5 (Payment of Expenses)
 Section 5. Reference to the Effect on the Loan Documents
     Section
6. Execution in Counterparts
  Section 7. Governing Law
  Section 8. Section Titles
  3




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Amendment to
Credit Agreement
 Section 9. Notices
  Section 10.
Severability
  Section 11. Successors
  Section 12. Waiver of Jury Trial
   4




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In
Witness Whereof,
 MVC Capital,
Inc.as
BorrowerBy:Name:Title:MVC Financial Services, Inc.as BorrowerBy:Name:Title:Guggenheim Corporate Funding,LLC, as Administrative AgentBy:Name:Title:
 [Signature
page to Amendment No. 3]




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In
Witness Whereof,
 MVC Capital,
Inc.as
BorrowerBy:Name:Title:MVC Financial Services, Inc.as BorrowerBy:Name:Title:Guggenheim Corporate Funding, LLC,as Administrative AgentBy:Name:Title:
 [Signature
page to Amendment No. 3]




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Midland National Life Insurance Company,as LenderBy: Guggenheim Partners Advisory Company, its agentBy:Name:Title:North American Company for Life and health Insurance,as LenderBy: Guggenheim Partners Advisory Company, its agentBy:Name:Title:
 [Signature
page to Amendment No. 3]




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Execution Copy
 Amendment No.4 to Credit AgreementandAmendment No.1 to Guarantee and Collateral Agreement
 Amendment No. to Credit Agreement and Amendment No. to
Guarantee and Collateral Agreement, Amendment Capital, inc. Financial Services, inc. Borrower Borrowers Lenders Guggenheim Corporate Funding Administrative Agent Credit
Agreement Lenders Guarantee and
Collateral Agreement
 W
 i  t  n  e  s  s  e  t  h:
 Whereas
 Whereas
 Therefore,
 Section 1. Amendments to the Credit Agreement
 Section 3 (Conditions
Precedent to the Effectiveness of this Amendment)
 Amendments to Section 1 (Definitions)
 Section 1.1 (Defined Terms) Section 1.1 Section 1.1:
 BB&T




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Amendment No. 4 to
Credit Agreement
 BB&T Account
 BB&T Collateral
 BB&T Credit Facility
 BB&T Investments
 BB&T Loan Documents BB&T Loan Document
 Fourth Amendment
 Fourth Amendment Effective Date
 Proceeds
 Amendments to Section 5 (Affirmative Covenants)
 Clause (b) Section 5.7 (Notices)
  Amendments to Section 6 (Negative Covenants)
 Section 6.2 (Limitation on Indebtedness) clause (e) clause (f) clause (e) clause (f):
 2




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Amendment No. 4 to
Credit Agreement
  Section 6.3 (Limitation on Liens) clause (h) clause (i) clause (h) clause (i):
 provided
 Section 6.8 (Limitation on Investments) clause (d) clause (e) clause (d) clause (e):
 provided
 Section 6.15 (Limitation on Amendments to Other Documents)
 Limitation on Amendments to Other Documents
 Amendments to Section 7 (Events of Default)
 Section 7 (Events of Default) clause (l) clause (m) clause (n) clause
(m):
  Section 2. Amendments to the Guarantee and Collateral Agreement
 Section 1.1 (Definitions)
 3




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Amendment No. to
Credit Agreement
 Excluded Assets provided
 Section 3. Conditions Precedent to the Effectiveness of this Amendment
 Amendment Effective Date
 Section 4. Representations and Warranties
   Section 3 (Representations and
Warranties) provided, however,
   Section 5. Fees and Expenses
 Section 9.5 (Payment of Expenses)
 4




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Amendment No. to
Credit Agreement
  Section 6. Reference to the Effect on the Loan Documents
     Section 7. Execution in Counterparts
  Section 8. Governing Law
  Section 9. Section Titles
  Section 10. Notices
  5




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Amendment No. 4 to
Credit Agreement
 Section 11. Severability
  Section 12. Successors
  Section 13. Waiver of Jury Trial
   6




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In Witness Whereof,
 MVC Capital, Inc.as BorrowerBy:
Name:Title:MVC Financial Services, Inc.as BorrowerBy:
Name:Title:Guggenheim Corporate Funding, LLC,as Administrative AgentBy:Name:Title:
 [Signature page to Amendment No.




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Midland National Life Insurance Company,as LenderBy: Guggenheim Partners Advisory Company, its agentBy:
Name:Title:North American Company for Life and health Insurance,as LenderBy: Guggenheim Partners Advisory Company, its agentBy:
Name:Title:Sands Point Funding Ltd.,as LenderBy: Guggenheim Investment Management, LLC,its Collateral ManagerBy:
Name:Title:Copper RiverCLO Ltd.,as LenderBy: Guggenheim Investment Management, LLC, its Collateral ManagerBy:
Name:Title:
 [Signature page to Amendment No.




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Kennecott Funding Ltd.,as LenderBy: Guggenheim Investment Management, LLC, its Collateral ManagerBy:
Name:Title:Green LaneCLO Ltd.,as LenderBy: Guggenheim
Investment Management, LLC, its Collateral ManagerBy:
Name:Title:Iron HillCLO Limited,as LenderBy: Guggenheim Partners
Europe Limited,  its ManagerBy:Name:Title:
 ii




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Execution Copy
 Amendment No.5 to Credit Agreement
 Amendment No. to Credit agreement, Amendment Borrower Borrowers Lenders Administrative Agent Credit Agreement Lenders
 W 
i  t  n  e  s  s  e  t  h:
 Whereas
 Whereas
 Therefore
 Section 1. Amendments to the Credit Agreement
 Section 2 (Conditions
Precedent to the Effectiveness of this Amendment)
 Amendments to Section 1 (Definitions)
 Section 1.1 (Defined Terms) Section 1.1 Section 1.1 Section 1.1,
 Consolidated Debt
 Exchange Rate




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Amendment No. to
Credit agreement
 Mortgage 1 
 Mortgage 2  
 Mortgage
3 
 Mortgage 4
 MVC Automotive
 Portfolio Company Guaranty Indebtedness 
 Amendments to Section 6 (Negative Covenants)
 (Financial Conditions Covenants)
 Minimum Consolidated Shareholders Equity plus
 Interest Coverage Ratio
 Debt to Equity Ratio
 2




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Amendment No. 5 to
Credit Agreement
  Asset Coverage
  plus
 Section 6.2 (Limitation on Indebtedness) clause (e) clause (f) clause (g) clause (f) clause (g);
  Section 2. Conditions Precedent to the Effectiveness of this Amendment
 Amendment Effective Date
 Section 3. Representations and Warranties
   Section 3 (Representations and
Warranties) provided, however,
 3




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Amendment No. 5 to
Credit Agreement
   Section 4. Fees and Expenses
 Section 9.5 (Payment of Expenses)
 Section 5. Reference to the Effect on the Loan Documents
     Section 6. Execution in Counterparts
  Section 7. Governing Law
  4




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Amendment No. 5 to
Credit Agreement
 Section 8. Section Titles
  Section 9. Notices
  Section 10. Severability
  Section 11. Successors
  Section 12. Waiver of Jury Trial
   5




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In Witness Whereof,
 MVC Capital, Inc.as BorrowerBy:Name:Title:MVC Financial Services, Inc.as BorrowerBy:Name:Title:Guggenheim Corporate Funding,LLC,as Administrative AgentBy:Name:Title:
 [Signature page to Amendment No.




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Midland National Life Insurance Company,as LenderBy: Guggenheim Partners Advisory Company, its agentBy:
Name:Title:North American Company for Life and health Insurance,as LenderBy: Guggenheim Partners Advisory Company, its agentBy:
Name:Title:Sands Point Funding Ltd.,as LenderBy: Guggenheim Investment Management, LLC,its Collateral ManagerBy:
Name:Title:Copper RiverCLO Ltd.,as LenderBy: Guggenheim Investment Management, LLC, its Collateral ManagerBy:
Name:Title:
 [Signature page to Amendment No.




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Kennecott Funding Ltd.,as LenderBy: Guggenheim Investment Management, LLC, its Collateral ManagerBy:
Name:Title:Green LaneCLO Ltd.,as LenderBy: Guggenheim Investment Management, LLC, its Collateral ManagerBy:
Name:Title:Iron HillCLO Limited,as LenderBy: Guggenheim Partners Europe Limited, its ManagerBy:
Name:Title:
 [Signature page to Amendment No.