Exhibit 10.1


 





AMENDMENT NO. 1 TO

AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT 


 


This AMENDMENT NO. 1
TO AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT (this “Amendment”), dated as of April 29,
2016, is made with respect to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 14, 2015
(as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among
MONROE CAPITAL CORPORATION, a Maryland corporation (the “Borrower”), the lenders party to the Credit Agreement
from time to time (the “Lenders”), and ING CAPITAL LLC (“ING”), as administrative agent for
the Lenders under the Credit Agreement (in such capacity, together with its successors in such capacity, the “Administrative
Agent”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement
(as amended hereby).


 


W I T N E S S E T H:


 


WHEREAS, pursuant to
the Credit Agreement, the Lenders have made certain loans and other extensions of credit to the Borrower; and


 


WHEREAS, the Borrower
has requested that the Lenders and the Administrative Agent amend certain provisions of the Credit Agreement and the Lenders signatory
hereto and the Administrative Agent have agreed to do so on the terms and subject to the conditions contained in this Amendment.


 


NOW THEREFORE, in consideration
of the promises 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 hereby agree as follows:


 


SECTION I AMENDMENTS TO
CREDIT AGREEMENT


 


1.1             
Effective as of the Amendment No. 1 Effective Date, and subject to the terms and conditions set forth below, the Credit 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 underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the Credit Agreement attached hereto as Exhibit A, except that any Schedule, Exhibit or
other attachment to the Credit Agreement not amended pursuant to the terms of this Amendment or otherwise included as part of
said Exhibit A shall remain in effect without any amendment or other modification thereto.


 


SECTION II FEES


 


2.1             
Fees.
The Borrower agrees to pay to the Administrative Agent for account of each Lender executing this Amendment an amendment fee equal
to 0.05% of such Lender’s Revolving Credit Exposure and unused Commitments as of the Amendment No. 1 Effective Date. Such
fee shall be fully earned, due and payable on the Amendment No. 1 Effective Date. The Borrower agrees that, once paid, the fees
or any part thereof payable hereunder shall not be refundable under any circumstances, regardless of whether the transactions contemplated
by this Amendment are consummated, shall not be creditable against any other fee or amount payable to the Administrative Agent
or any Lender, and shall not be subject to counterclaim or setoff for, or be otherwise affected by, any claim or dispute the Borrower
may have.


 






     


     


    

 


SECTION III MISCELLANEOUS


 


3.1.             
Conditions to Effectiveness of Amendment. This Amendment shall become effective when the Borrower has satisfied
each of the following conditions precedent (unless a condition shall have been waived in accordance with Section 9.02 of
the Credit Agreement):


 


(a)               
Executed Counterparts. The Administrative Agent shall have received from each party hereto either (1) a counterpart
of this Amendment signed on behalf of such party or (2) written evidence satisfactory to the Administrative Agent (which may
include telecopy or e-mail transmission of a signed signature page to this Amendment) that such party has signed a counterpart
of this Amendment.


 


(b)               
Corporate Documents. The Administrative Agent shall have received a certificate of the secretary or assistant secretary
of the Borrower, dated as of the Amendment No. 1 Effective Date, certifying that (1) the copies of the Borrower’s organizational
documents are in full force and effect as of the Amendment No. 1 Effective Date without modification or amendment since the Restatement
Effective Date, (2) attached thereto are signature and incumbency certificates of the officers of such Person executing this Amendment
and the other Loan Documents to which it is a party, (3) attached thereto are true and complete resolutions of the board of
directors or similar governing body of each Obligor approving and authorizing the execution, delivery and performance of this Amendment
and the other Loan Documents to which it is a party or by which it or its assets may be bound as of the Amendment No. 1 Effective
Date, certified as of the Amendment No. 1 Effective Date by its secretary or an assistant secretary as being in full force and
effect without modification or amendment, (4) attached thereto is a good standing certificate from the applicable Governmental
Authority of the Borrower’s jurisdiction of incorporation and in each jurisdiction in which it is qualified as a foreign
corporation to do business, dated a recent date prior to the Amendment No. 1 Effective Date and (5) attached thereto are such other
documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence
and good standing of the Borrower, and the authorization of this Amendment, all in form and substance reasonably satisfactory to
the Administrative Agent and its counsel.


 


(c)               
Consents. The Borrower shall have obtained and delivered to the Administrative Agent certified copies of all consents,
approvals, authorizations, registrations, or filings (other than any filing required under the Exchange Act or the rules or regulations
promulgated thereunder, including, without limitation, any filing required on Form 8-K) required to be made or obtained by the
Borrower and all guarantors in connection with this Amendment, and any other evidence reasonably requested by, and reasonably satisfactory
to, the Administrative Agent as to compliance with all material legal and regulatory requirements applicable to the Obligors, and
such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect and all applicable
waiting periods shall have expired and no investigation or inquiry by any Governmental Authority regarding this Amendment or any
transaction being financed with the proceeds of the Loans shall be ongoing.


 






    2 


     


    

 


(d)              
No Litigation. There shall not exist any action, suit, investigation, litigation or proceeding or other legal or
regulatory developments pending or threatened in any court or before any arbitrator or Governmental Authority that relates to this
Amendment or that could have a Material Adverse Effect.


 


(e)               
Fees and Expenses. The Borrower shall have paid in full to the Administrative Agent and the Lenders all fees and
expenses related to this Amendment and the Credit Agreement owing on or prior to the Amendment No. 1 Effective Date, including,
without limitation, the fees and expenses described in Section 2.1 due to any Lender on the Amendment No. 1 Effective Date.


 


(f)                
Default. No Default or Event of Default shall have occurred and be continuing under the Credit Agreement or this
Amendment, nor any default or event of default that permits acceleration of any Material Indebtedness, immediately before and after
giving effect to this Amendment, any incurrence of Indebtedness hereunder or thereunder and the use of proceeds hereof or thereof
on a pro forma basis.


 


(g)               
Other Documents. The Administrative Agent shall have received such other documents, instruments, certificates and
information as the Administrative Agent may reasonably request in form and substance satisfactory to the Administrative Agent.


 


3.2.             
Representations and Warranties. To induce the other parties hereto to enter into this Amendment, the Borrower represents
and warrants to the Administrative Agent and each of the Lenders that, as of the date hereof and after giving effect to this Amendment:


 


(a)               
 This Amendment has been duly authorized, executed and delivered by the Borrower and each of the Credit Agreement, as amended
by this Amendment, and this Amendment constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance
with its respective terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium
or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).


 


(b)               
The representations and warranties of the Borrower set forth in the Credit Agreement and in the other Loan Document are
true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material
Adverse Effect, which shall be true and correct in all respects) on and as of the date hereof, or, as to any such representations
and warranties that refer to a specific date, as of such specific date, with the same effect as though made on and as of the date
hereof.


 


3.3.             
Counterparts. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment
constitutes the entire contract between and among the parties relating to the subject matter hereof and supersedes any and all
previous agreements and understandings, oral or written, relating to the subject matter hereof. This Amendment shall become effective
as provided in Section 3.1, and thereafter shall be binding upon and inure to the benefit of the parties thereto and the respective
successors and assigns as permitted under the Credit Agreement. Delivery of an executed counterpart of a signature page to this
Amendment by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment.


 






    3 


     


    

 


3.4.             
Payment of Expenses. The Borrower agrees to pay and reimburse the Administrative Agent for all of its reasonable
and documented out-of-pocket costs and expenses incurred in connection with this Amendment, including, without limitation, the
reasonable fees, charges and disbursements of legal counsel to the Administrative Agent.


 


3.5.             
GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.


 


3.6.             
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.


 


3.7.             
Incorporation of Certain Provisions. The provisions of Sections 9.01, 9.07, 9.09 and 9.12 of the Credit Agreement
are hereby incorporated by reference mutatis mutandis as if fully set forth herein.


 


3.8.             
Effect of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit,
impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Collateral
Agent or the Borrower under the Credit Agreement or any other Loan Document, and, except as expressly set forth herein, shall not
alter, modify, amend or in any way affect any of the other terms, conditions, obligations, covenants or agreements contained in
the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full
force and effect. Nothing herein shall be deemed to entitle any Person to a consent to, or a waiver, amendment, modification or
other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other
Loan Document in similar or different circumstances. This Amendment shall apply and be effective only with respect to the provisions
amended or waived herein of the Credit Agreement. Upon the effectiveness of this Amendment, each reference in the Credit Agreement
to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import
shall mean and be a reference to the Credit Agreement as amended by this Amendment and each reference in any other Loan Document
shall mean the Credit Agreement as amended hereby. This Amendment shall constitute a Loan Document.


 






    4 


     


    

 


3.9.             
Consent and Affirmation. Without limiting the generality of the foregoing, by its execution hereof, the Borrower
and hereby, as of the date hereof, (i) consents to this Amendment and the transactions contemplated hereby, (ii) agrees that the
Guarantee and Security Agreement and each of the other Security Documents is in full force and effect, (iii) affirms its obligations
under the Guarantee and Security Agreement and confirms its grant of a security interest in its assets as Collateral for the Secured
Obligations (as defined in the Guarantee and Security Agreement), and (iv) acknowledges and affirms that such grant is in full
force and effect in respect of, and to secure, the Secured Obligations (as defined in the Guarantee and Security Agreement).


 


3.10.         
Release. The Borrower hereby acknowledges and agrees that: (a) neither it nor any of its Affiliates has any claim
or cause of action against the Administrative Agent, the Collateral Agent or any Lender (or any of their respective Affiliates,
officers, directors, employees, attorneys, consultants or agents) including, but not limited to, under the Credit Agreement and
the other Loan Documents (and each other document entered into in connection therewith), and (b) the Administrative Agent, the
Collateral Agent and each Lender has heretofore properly performed and satisfied in a timely manner all of its obligations to the
Obligors and their Affiliates under the Credit Agreement and the other Loan Documents (and each other document entered into in
connection therewith) that are required to have been performed on or prior to the date hereof. Accordingly, for and in consideration
of the agreements contained in this Amendment and other good and valuable consideration, the Borrower (for itself and its Affiliates
and the successors, assigns, heirs and representatives of each of the foregoing) (collectively, the “Releasors”)
does hereby fully, finally, unconditionally and irrevocably release and forever discharge the Administrative Agent, the Collateral
Agent, each Lender and each of their respective Affiliates, officers, directors, employees, attorneys, consultants and agents (collectively,
the “Released Parties”) from any and all debts, claims, obligations, damages, costs, attorneys’ fees,
suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether known or unknown, contingent or fixed,
direct or indirect, and of whatever nature or description, and whether in law or in equity, under contract, tort, statute or otherwise,
which any Releasor has heretofore had or now or hereafter can, shall or may have against any Released Party by reason of any act,
omission or thing whatsoever done or omitted to be done on or prior to the date hereof directly arising out of, connected with
or related to this Amendment, the Credit Agreement or any other Loan Document (or any other document entered into in connection
therewith), or any act, event or transaction related or attendant thereto, or the agreements of the Administrative Agent, the Collateral
Agent or any Lender contained therein, or the possession, use, operation or control of any of the assets of the Borrower, or the
making of any Loans or other advances, or the management of such Loans or advances or the Collateral.


 


[Signature pages follow]


 




    5 


     


    

 


 


IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed and delivered as of the day and year first above written.


 





	 	MONROE CAPITAL CORPORATION,
	 	as Borrower
	 	 	 
	 	 	 
	 	By:	/s/ Aaron D. Peck
	 	Name:	Aaron D. Peck
	 	Title:	Chief Financial Officer







  




    
[Signature Page to Amendment No. 1 to Senior Secured Revolving Credit Agreement]



     


    




 


	 	ING CAPITAL LLC, as Administrative Agent and as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Patrick Frisch
	 	Name:	Patrick Frisch, CFA
	 	Title: 	Managing Director
	 	 	 
	 	 	 
	 	By:	/s/ Kunduck Moon
	 	Name:	Kunduck Moon
	 	Title:	Managing Director



 








    
[Signature Page to Amendment No. 1 to Senior Secured Revolving Credit Agreement]



     


    

 








	 	EVERBANK COMMERCIAL FINANCE, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Ed McGugan
	 	Name:	Ed McGugan
	 	Title:	Managing Director


  




    
[Signature Page to Amendment No. 1 to Senior Secured Revolving Credit Agreement]



     


    

 





	 	THE PRIVATEBANK AND TRUST COMPANY, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Rob Dmowski
	 	Name: 	Rob Dmowski
	 	Title:	Associate Managing Director







 




    
[Signature Page to Amendment No. 1 to Senior Secured Revolving Credit Agreement]



     


    

 








	 	WINTRUST BANK, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Brett Wallace
	 	Name: 	Brett Wallace
	 	Title:	Officer





 




    
[Signature Page to Amendment No. 1 to Senior Secured Revolving Credit Agreement]



     


    

 





	 	ALOSTAR BANK OF COMMERCE, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Daryn Venéy
	 	Name: 	Daryn Venéy
	 	Title:	Vice President







  




    
[Signature Page to Amendment No. 1 to Senior Secured Revolving Credit Agreement]



     


    

 





	 	THE HUNTINGTON NATIONAL BANK, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Stephanie McDole
	 	Name: 	Stephanie McDole
	 	Title:	Staff Officer







 




    
[Signature Page to Amendment No. 1 to Senior Secured Revolving Credit Agreement]



     


    

 





	 	CITY NATIONAL BANK, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Andrew Miller
	 	Name:	Andrew Miller
	 	Title:	AVP









 






    
[Signature Page to Amendment No. 1 to Senior Secured Revolving Credit Agreement]



     


    

  


EXHIBIT
A


 


 






 


AMENDED AND RESTATED


SENIOR SECURED

REVOLVING CREDIT AGREEMENT


 


dated as of


 


December 14, 2015


 


and


 


as
amended by Amendment No. 1 to Amended and Restated Senior Secured Revolving Credit 

Agreement dated as of April 29, 2016


 


among


 


MONROE CAPITAL CORPORATION


as Borrower


 


The LENDERS Party Hereto


 


and


 


ING CAPITAL LLC

as Administrative Agent,


Arranger and Bookrunner


 





 



 




     


     


    

 


TABLE OF CONTENTS


 


	 	 	Page
	 	 	 
	ARTICLE I
	 
	DEFINITIONS
	 	 	 
	SECTION 1.01.	Defined Terms	1
	SECTION 1.02.	Classification of Loans and Borrowings	35
	SECTION 1.03.	Terms Generally	35
	SECTION 1.04.	Accounting Terms; GAAP	35
	SECTION 1.05.	Currencies Generally	36
	SECTION 1.06.	Special Provisions Relating to Euro	36
	 	 	 
	ARTICLE II
	 
	THE CREDITS
	 	 	 
	SECTION 2.01.	The Commitments	37
	SECTION 2.02.	Loans and Borrowings	37
	SECTION 2.03.	Requests for Borrowings	39
	SECTION 2.04.	Funding of Borrowings	40
	SECTION 2.05.	Interest Elections	41
	SECTION 2.06.	Termination, Reduction or Increase of the Commitments	42
	SECTION 2.07.	Repayment of Loans; Evidence of Debt	45
	SECTION 2.08.	Prepayment of Loans	46
	SECTION 2.09.	Fees	50
	SECTION 2.10.	Interest	50
	SECTION 2.11.	Eurocurrency Borrowing Provisions	51
	SECTION 2.12.	Increased Costs	52
	SECTION 2.13.	Break Funding Payments; Foreign Currency Losses	54
	SECTION 2.14.	Taxes	54
	SECTION 2.15.	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	58
	SECTION 2.16.	Defaulting Lenders	60
	SECTION 2.17.	Mitigation Obligations; Replacement of Lenders	61
	 	 	 
	ARTICLE III
	 
	REPRESENTATIONS AND WARRANTIES
	 	 	 
	SECTION 3.01.	Organization; Powers	62
	SECTION 3.02.	Authorization; Enforceability	62
	SECTION 3.03.	Governmental Approvals; No Conflicts	62
	SECTION 3.04.	Financial Condition; No Material Adverse Effect	63
	SECTION 3.05.	Litigation.	63


 




    	 	(i)	 



     


    

 


	SECTION 3.06.	Compliance with Laws and Agreements.	63
	SECTION 3.07.	Taxes.	64
	SECTION 3.08.	ERISA.	64
	SECTION 3.09.	Disclosure.	64
	SECTION 3.10.	Investment Company Act; Margin Regulations.	65
	SECTION 3.11.	Material Agreements and Liens	65
	SECTION 3.12.	Subsidiaries and Investments	65
	SECTION 3.13.	Properties	66
	SECTION 3.14.	Solvency	66
	SECTION 3.15.	Affiliate Agreements	66
	SECTION 3.16.	No Default.	66
	SECTION 3.17.	Use of Proceeds.	67
	SECTION 3.18.	Security Documents.	67
	SECTION 3.19.	Compliance with Sanctions.	67
	SECTION 3.20.	Anti-Money Laundering Program	67
	SECTION 3.21.	Anti-Corruption Laws	68
	SECTION 3.22.	Structured Subsidiaries	68
	 	 	 
	ARTICLE IV
	 
	CONDITIONS
	 	 	 
	SECTION 4.01.	Restatement Effective Date	68
	SECTION 4.02.	Conditions to Loans	71
	 	 	 
	ARTICLE V
	 
	AFFIRMATIVE COVENANTS
	 	 	 
	SECTION 5.01.	Financial Statements and Other Information	72
	SECTION 5.02.	Notices of Material Events	75
	SECTION 5.03.	Existence; Conduct of Business	75
	SECTION 5.04.	Payment of Obligations	75
	SECTION 5.05.	Maintenance of Properties; Insurance	76
	SECTION 5.06.	Books and Records; Inspection and Audit Rights	76
	SECTION 5.07.	Compliance with Laws and Agreements	77
	SECTION 5.08.	Certain Obligations Respecting Subsidiaries; Further Assurances	77
	SECTION 5.09.	Use of Proceeds	80
	SECTION 5.10.	Status of RIC and BDC	81
	SECTION 5.11.	Investment Policies	81
	SECTION 5.12.	Portfolio Valuation and Diversification Etc.; Risk Factor Ratings	81
	SECTION 5.13.	Calculation of Borrowing Base	85
	SECTION 5.14.	Anti-Hoarding of Assets at Non-Pledged Financing Subsidiaries.	96
	SECTION 5.15.	Taxes	96


 




    	 	(ii)	 



     


    

 


	ARTICLE VI
	 
	NEGATIVE COVENANTS
	 	 	 
	SECTION 6.01.	Indebtedness	97
	SECTION 6.02.	Liens	98
	SECTION 6.03.	Fundamental Changes	99
	SECTION 6.04.	Investments	101
	SECTION 6.05.	Restricted Payments	102
	SECTION 6.06.	Certain Restrictions on Subsidiaries	103
	SECTION 6.07.	Certain Financial Covenants	103
	SECTION 6.08.	Transactions with Affiliates	104
	SECTION 6.09.	Lines of Business	104
	SECTION 6.10.	No Further Negative Pledge	104
	SECTION 6.11.	Modifications of Indebtedness and Affiliate Agreements	104
	SECTION 6.12.	Payments of Longer-Term Indebtedness	105
	SECTION 6.13.	Modification of Investment Policies	105
	SECTION 6.14.	SBIC Guarantee	106
	SECTION 6.15.	Derivative Transactions	106
	SECTION 6.16.	Convertible Indebtedness	106
	 	 	 
	ARTICLE VII
	 
	EVENTS OF DEFAULT
	 
	ARTICLE VIII
	 
	THE ADMINISTRATIVE AGENT
	 	 	 
	SECTION 8.01.	Appointment of the Administrative Agent	110
	SECTION 8.02.	Capacity as Lender	110
	SECTION 8.03.	Limitation of Duties; Exculpation	110
	SECTION 8.04.	Reliance	111
	SECTION 8.05.	Sub-Agents	111
	SECTION 8.06.	Resignation; Successor Administrative Agent	111
	SECTION 8.07.	Reliance by Lenders	112
	SECTION 8.08.	Modifications to Loan Documents	112
	 	 	 
	ARTICLE IX
	 
	MISCELLANEOUS
	 	 	 
	SECTION 9.01.	Notices; Electronic Communications	112
	SECTION 9.02.	Waivers; Amendments	115
	SECTION 9.03.	Expenses; Indemnity; Damage Waiver	117
	SECTION 9.04.	Successors and Assigns	119


 




    	 	(iii)	 



     


    

 


	SECTION 9.05.	Survival	124
	SECTION 9.06.	Counterparts; Integration; Effectiveness; Electronic Execution	124
	SECTION 9.07.	Severability	124
	SECTION 9.08.	Right of Setoff	125
	SECTION 9.09.	Governing Law; Jurisdiction; Etc	125
	SECTION 9.10.	WAIVER OF JURY TRIAL	126
	SECTION 9.11.	Judgment Currency	126
	SECTION 9.12.	Headings	126
	SECTION 9.13.	Treatment of Certain Information; Confidentiality	127
	SECTION 9.14.	USA PATRIOT Act	128
	SECTION 9.15.	Termination	128
	SECTION 9.16.	Amendment and Restatement	128


 


	SCHEDULE 1.01(a)	-	Approved Dealers and Approved Pricing Services
	SCHEDULE 1.01(b)	-	Commitments
	SCHEDULE 1.01(c)	-	Risk Factors
	SCHEDULE 1.01(d)	-	Eligibility Criteria
	SCHEDULE 1.01(e)	-	Industry Classification Groups
	SCHEDULE 3.11(a)	-	Material Agreements
	SCHEDULE 3.11(b)	-	Liens
	SCHEDULE 3.12(a)	-	Subsidiaries
	SCHEDULE 3.12(b)	-	Investments
	SCHEDULE 6.08	-	Certain Affiliate Transactions


 


	EXHIBIT A	-	Form of Assignment and Assumption
	EXHIBIT B	-	Form of Borrowing Base Certificate
	EXHIBIT C	-	Form of Promissory Note
	EXHIBIT D	-	Form of Borrowing Request


 




    	 	(iv)	 



     


    

 


AMENDED AND RESTATED SENIOR SECURED REVOLVING
CREDIT AGREEMENT dated as of December 14, 2015 (this “Agreement”), among MONROE CAPITAL CORPORATION, a Maryland
corporation (the “Borrower”), the LENDERS party hereto, and ING CAPITAL LLC, as Administrative Agent (in such
capacity, the “Administrative Agent”).


 


WHEREAS, the Borrower and the Administrative
Agent entered into that certain Senior Secured Revolving Credit Agreement dated as of October 23, 2012 (as the same has been amended,
supplemented or otherwise modified from time to time until the date hereof, the “Existing Credit Agreement”)
with the lenders party thereto from time to time (the “Existing Lenders”), pursuant to which the Existing Lenders
extended certain commitments and made certain loans to the Borrower (the “Existing Loans”);


 


WHEREAS, the Borrower desires to amend and
restate the Existing Credit Agreement to make certain changes, including to extend the maturity date and to provide for reduced
commitments for certain of the Existing Lenders, increased commitments from certain of the Existing Lenders (the “Increasing
Existing Lenders”) and new commitments from certain new lenders party to this Agreement (the “New Lenders”);
and


 


WHEREAS, the Existing Lenders are willing
to make such changes to the Existing Credit Agreement, and the New Lenders and the Increasing Existing Lenders are willing to provide
new commitments, each upon the terms and subject to the conditions set forth herein.


 


NOW, THEREFORE, in consideration
of the premises and the covenants and agreements contained herein, the parties hereto hereby agree that, effective as of the Restatement
Effective Date, the Existing Credit Agreement is hereby amended and restated in its entirety as follows:


 


Article I



DEFINITIONS


 


Section 1.01.         Defined
Terms. As used in this Agreement, the following terms have the meanings specified below and the terms defined in Section 5.13
have the meanings assigned thereto in such section:


 


“ABR”, when used in reference
to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are denominated in Dollars and
bearing interest at a rate determined by reference to the Alternate Base Rate.


 


“Accretive Value” shall
mean, with respect to Preferred Stock, the dollar amount equal to the accretion to the Liquidation Preference, including accrued
or declared and unpaid dividends, dividends paid in kind or other amounts (including any multiple payable on capital) otherwise
owing to the holder thereof in excess of the initial Liquidation Preference.


 




     


     


    

 


“Adjusted Borrowing Base”
means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base.


 


“Adjusted Covered Debt Balance”
means, on any date, the aggregate Covered Debt Amount on such date minus the aggregate amount of Cash and Cash Equivalents
included in the Borrowing Base.


 


“Adjusted LIBO Rate” means,
for the Interest Period for any Eurocurrency Borrowing, an interest rate per annum (rounded upwards, if necessary, to the next
1/16 of 1%) equal to the greater of (i) (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve
Rate for such Interest Period and (ii) zero.


 


“Administrative Agent”
means ING, in its capacity as administrative agent for the Lenders hereunder.


 


“Administrative Agent’s Account”
means, for each Currency, an account in respect of such Currency designated by the Administrative Agent in a notice to the Borrower
and the Lenders.


 


“Administrative Questionnaire”
means an Administrative Questionnaire in a form supplied by the Administrative Agent.


 


“Advance Rate” has the
meaning assigned to such term in Section 5.13.


 


“Affiliate” means, with
respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified. Anything herein to the contrary notwithstanding, the term “Affiliate”
of an Obligor shall not include any Person that constitutes an Investment held by any Obligor in the ordinary course of business.


 


“Affiliate Agreements”
means, collectively, (a) the Investment Advisory and Management Agreement, dated as of October 22, 2012 between the Borrower and
the Investment Advisor, (b) the Staffing Agreement, dated as of October 22, 2012, by and between Monroe Capital Management Advisors,
LLC and Investment Advisor, (c) the Administration Agreement, dated as of October 22, 2012 by and between Borrower and Monroe Capital
Management Advisors, LLC and (d) the Trademark License Agreement, dated as of October 22, 2012, by and between Monroe Capital,
LLC and Borrower.


 


“Affiliate Investment”
means any Investment in a Person in which the Borrower or any of its Subsidiaries owns or controls more than 25% of the Equity
Interests.


 


“Agency Account” has the
meaning assigned to such term in Section 5.08(c)(v).


 


“Agreed Foreign Currency”
means, at any time, any of Canadian Dollars, Euros and Pounds Sterling and, with the prior consent of each Multicurrency Lender,
any other Foreign Currency, so long as, in respect of any such Foreign Currency, at such time (a) such Foreign Currency is dealt
with in the London interbank deposit market, (b) such Foreign Currency is freely transferable and convertible into Dollars in the
London foreign exchange market and (c) no central bank or other governmental authorization in the country of issue of such Foreign
Currency (including, in the case of the Euro, any authorization by the European Central Bank) is required to permit use of such
Foreign Currency by any Multicurrency Lender for making any Loan hereunder and/or to permit the Borrower to borrow and repay the
principal thereof and to pay the interest thereon, unless such authorization has been obtained and is in full force and effect.


 




    	 	2	 



     


    

 


“Agreement” has the meaning
assigned to such term in the preamble of this Agreement.


 


“Alternate Base Rate” means,
for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective
Rate for such day plus 1/2 of 1%, (c) the LIBO Rate for deposits in Dollars for a period of three (3) months plus
1% and (d) zero. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or such
LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective
Rate, or such LIBO Rate, as the case may be.


 


“Amendment
No. 1 Effective Date” means April 29, 2016.


 


“Anti-Corruption Laws”
has the meaning assigned to such term in Section 3.21.


 


“Applicable Commitment Fee Rate”
means, with respect to any day during the period commencing on the Restatement Effective Date and ending on the earlier of the
date the Commitments are terminated and the Revolver Termination Date, a rate per annum equal to (x) 1.00%, if the utilized portion
of the aggregate Commitments as of the close of business on such day (after giving effect to borrowings, prepayments and commitment
reductions on such day) is less than or equal to an amount equal to thirty five percent (35%) of such aggregate Commitments and
(y) 0.50% if the utilized portion of the aggregate Commitments as of the close of business on such day (after giving effect to
borrowings, prepayments and commitment reductions on such day) is greater than an amount equal to thirty five percent (35%) of
such aggregate Commitments.


 


For purposes of determining the Applicable
Commitment Fee Rate, the Commitments shall be deemed to be utilized to the extent of the outstanding Loans of all Lenders.


 


“Applicable Margin” means
a per annum rate determined on a daily basis according to the following pricing grid:


 


	Type:	 	When the Step-Down
 Condition is not
 satisfied
	 	 	When the Step-Down
 Condition is satisfied
	 
	Eurocurrency Loans	 	 	3.00	%	 	 	2.75	%
	ABR Loans	 	 	2.00	%	 	 	1.75	%



 


“Applicable Percentage”
means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitments. If the
Commitments have terminated or expired in full, the Applicable Percentages shall be determined based upon the Commitments most
recently in effect, giving effect to any assignments.


 




    	 	3	 



     


    

 


“Approved Dealer” means
(a) in the case of any Eligible Portfolio Investment that is not a U.S. Government Security, a bank or a broker-dealer registered
under the Securities Exchange Act of 1934 of nationally recognized standing or an Affiliate thereof as set forth on Schedule 1.01(a),
(b) in the case of a U.S. Government Security, any primary dealer in U.S. Government Securities as set forth on Schedule 1.01(a),
(c) in the case of any foreign Portfolio Investment, any foreign broker-dealer of internationally recognized standing as set forth
on Schedule 1.01(a) or any Affiliate thereof, in the case of each of clauses (a), (b) and (c) above or (d) any other bank
or broker-dealer acceptable to the Administrative Agent in its reasonable determination.


 


“Approved Pricing Service”
means (a) a pricing or quotation service as set forth in Schedule 1.01(a) or (b) any other pricing or quotation service
(i) approved by the Board of Directors of the Borrower, (ii) designated in writing by the Borrower to the Administrative Agent
(which designation shall be accompanied by a copy of a resolution of the Board of Directors of the Borrower that such pricing or
quotation service has been approved by the Borrower) and (iii) acceptable to the Administrative Agent in its reasonable determination.


 


“Approved Third-Party Appraiser”
means any Independent nationally recognized third-party appraisal firm (a) designated by the Borrower in writing to the Administrative
Agent (which designation shall be accompanied by a copy of a resolution of the Board of Directors of the Borrower that such firm
has been approved by the Borrower for purposes of assisting the Board of Directors of the Borrower in making valuations of portfolio
assets to determine the Borrower’s compliance with the applicable provisions of the Investment Company Act) and (b) acceptable
to the Administrative Agent. It is understood and agreed that Houlihan Lokey, Duff & Phelps LLC, Murray, Devine and Company,
Lincoln Partners Advisors, LLC and Valuation Research Corporation are acceptable to the Administrative Agent. As used in Section
5.12 hereof, an “Approved Third-Party Appraiser retained by the Administrative Agent” shall mean any of the firms
identified in the preceding sentence and any other Independent nationally recognized third-party appraisal firm identified by the
Administrative Agent and consented to by the Borrower (such consent not to be unreasonably withheld).


 


“Asset Coverage Ratio”
means, on a consolidated basis for Borrower and its Subsidiaries, the ratio which the value of total assets, less all liabilities
and indebtedness not represented by Senior Securities, bears to the aggregate amount of Senior Securities representing indebtedness
of the Borrower and its Subsidiaries (all as determined pursuant to the Investment Company Act and any orders of the SEC issued
to the Borrower thereunder). For clarity, the calculation of the Asset Coverage Ratio shall be made in accordance with any exemptive
order issued by the Securities and Exchange Commission under Section 6(c) of the Investment Company Act relating to the exclusion
of any Indebtedness of any SBIC Subsidiary from the definition of Senior Securities only so long as (a) such order is in effect,
and (b) no obligations have become due and owing pursuant to the terms of any Permitted SBIC Guarantee.


 


“Asset Sale” means a sale,
lease or sub lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, transfer or other disposition to, or any
exchange of property with, any Person, in one transaction or a series of transactions, of all or any part of any Obligor’s
assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter
acquired; provided, however, the term “Asset Sale” as used in this Agreement shall not include the disposition of Portfolio
Investments originated by the Borrower and immediately transferred to a Financing Subsidiary pursuant to the terms of Section 6.03(e)
or (f) hereof.


 




    	 	4	 



     


    

 


“Assignment and Assumption”
means an Assignment and Assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required
by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative
Agent.


 


“Assuming Lender” has the
meaning assigned to such term in Section 2.06(f).


 


“Availability Period” means
the period from and including the Original Effective Date to but excluding the earlier of the Revolver Termination Date and the
date of termination of the Commitments.


 


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


 


“Bail-In
Legislation” means, 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 for such EEA Member Country from time to time which is
described in the EU Bail-In Legislation Schedule.


 


“Bank Loans” has the meaning
assigned to such term in Section 5.13.


 


“Board” means the Board
of Governors of the Federal Reserve System of the United States of America.


 


“Board of Directors” means,
with respect to any person, (a) in the case of any corporation, the board of directors of such person, (b) in the case of any limited
liability company, the board of managers of such person, or if there is none, the Board of Directors of the managing member of
such Person, (c) in the case of any partnership, the Board of Directors of the general partner of such person and (d) in any other
case, the functional equivalent of the foregoing.


 


“Borrower” has the meaning
assigned to such term in the preamble to this Agreement.


 


“Borrowing” means (a) all
ABR Loans of the same Class made, converted or continued on the same date or (b) all Eurocurrency Loans of the same Class denominated
in the same Currency that have the same Interest Period.


 


“Borrowing Base” has the
meaning assigned to such term in Section 5.13.


 


“Borrowing Base Certificate”
means a certificate of a Financial Officer of the Borrower, substantially in the form of Exhibit B and appropriately completed.


 




    	 	5	 



     


    

 


“Borrowing Base Deficiency”
means, at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date
exceeds (b) the Borrowing Base as of such date.


 


“Borrowing Request” means
a request by the Borrower for a Borrowing in accordance with Section 2.03, substantially in the form of Exhibit D hereto
or such other form as is reasonably acceptable to the Administrative Agent.


 


“Business Day” means any
day (a) that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law
to remain closed, (b) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation
or conversion of or into, or the Interest Period for, a Eurocurrency Borrowing denominated in Dollars, or to a notice by the Borrower
with respect to any such borrowing, payment, prepayment, continuation, conversion, or Interest Period, that is also a day on which
dealings in deposits denominated in Dollars are carried out in the London interbank market and (c) if such day relates to a borrowing
of, a payment or prepayment of principal of or interest on, a continuation or conversion of or into, or the Interest Period for,
any Borrowing denominated in any Foreign Currency, or to a notice by the Borrower with respect to any such borrowing, continuation,
payment, prepayment or Interest Period, that is also a day on which commercial banks and the London foreign exchange market settle
payments in the Principal Financial Center for such Foreign Currency.


 


“CAM Exchange” means the
exchange of the Lenders’ interests provided for in Article VII.


 


“CAM Exchange Date” means
the first date on which there shall occur (a) any event referred to in paragraph (h) or (i) of Article VII or (b) an acceleration
of Loans pursuant to Article VII.


 


“CAM Percentage” means,
as to each Lender, a fraction, expressed as a decimal, of which (a) the numerator shall be the aggregate Dollar Equivalent of the
Designated Obligations owed to such Lender (whether or not at the time due and payable) immediately prior to the CAM Exchange Date
and (b) the denominator shall be the aggregate Dollar Equivalent amount of the Designated Obligations owed to all the Lenders (whether
or not at the time due and payable) immediately prior to the CAM Exchange Date.


 


“Canadian Dollar” means
the lawful money of Canada.


 


“Capital Lease Obligations”
of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying
the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted
for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP.


 


“Cash” means any immediately
available funds in Dollars or in any currency other than Dollars (measured in terms of the Dollar Equivalent thereof) which is
a freely convertible currency.


 




    	 	6	 



     


    

 


“Cash Equivalents” means
investments (other than Cash) that are one or more of the following obligations:


 


(a)          Short-Term
U.S. Government Securities (as defined in Section 5.13);


 


(b)          investments
in commercial paper maturing within 180 days from the date of acquisition thereof and having, at such date of acquisition, a credit
rating of at least A-1 from S&P and at least P-1 from Moody’s;


 


(c)          investments
in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition
thereof (i) issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office
of any commercial bank organized under the laws of the United States of America or any State thereof or under the laws of Canada
or any province thereof or, if consented to by the Administrative Agent in its sole discretion, the jurisdiction or any constituent
jurisdiction thereof of any other Agreed Foreign Currency, provided that such certificates of deposit, banker’s acceptances
and time deposits are held in a securities account (as defined in the Uniform Commercial Code) through which the Collateral Agent
can perfect a security interest therein and (ii) having, at such date of acquisition, a credit rating of at least A-1 from S&P
and at least P-1 from Moody’s;


 


(d)          fully
collateralized repurchase agreements with a term of not more than 30 days from the date of acquisition thereof for U.S. Government
Securities and entered into with (i) a financial institution satisfying the criteria described in clause (c) of this definition
or (ii) an Approved Dealer having (or being a member of a consolidated group having) at such date of acquisition, a credit rating
of at least A-1 from S&P and at least P-1 from Moody’s;


 


(e)          certificates
of deposit or bankers’ acceptances with a maturity of ninety (90) days or less of any financial institution that is a member
of the Federal Reserve System having combined capital and surplus and undivided profits of not less than $1,000,000,000; and


 


(f)          investments
in money market funds and mutual funds which invest substantially all of their assets in Cash or assets of the types described
in clauses (a) through (e) above;


 


provided, that (i) in no event shall Cash Equivalents
include any obligation that provides for the payment of interest alone (for example, interest-only securities or “IOs”);
(ii) if any of Moody’s or S&P changes its rating system, then any ratings included in this definition shall be deemed
to be an equivalent rating in a successor rating category of Moody’s or S&P, as the case may be; (iii) Cash Equivalents
(other than U.S. Government Securities, certificates of deposit or repurchase agreements) shall not include any such investment
representing more than 25% of total assets of the Obligors in any single issuer; and (iv) in no event shall Cash Equivalents include
any obligation that is not denominated in Dollars.


 




    	 	7	 



     


    

 


“CDOR Rate” means, with
respect to any Interest Period, the rate per annum equal to the average of the annual yield rates applicable to Canadian Dollar
bankers’ acceptances at or about 10:00 a.m. (Toronto, Ontario time) on the day that is two Business Days prior to the first
day of the Interest Period as reported on the “CDOR Page” (or any display substituted therefor) of Reuters Monitor
Money Rates Service (or such other page or commercially available source displaying Canadian interbank bid rates for Canadian Dollar
bankers’ acceptances as may be designated by the Administrative Agent from time to time in its reasonable discretion) for
a term equivalent to such Interest Period (or if such Interest Period is not equal to a number of months, for a term equivalent
to the number of months closest to such Interest Period).


 


“CFC” means an entity that
is a “controlled foreign corporation” of any Obligor within the meaning of Section 957 of the Code, but only to the
extent the Obligor or a subsidiary thereof is a “United States Shareholder” (within the meaning of Section 951(b) of
the Code) of such entity.


 


“Change in Control” means
(a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning
of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of shares representing
more than 35% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of the Borrower, (b)
occupation of a majority of the seats (other than vacant seats) on the Board of Directors of the Borrower by Persons who were neither
(i) nominated by the requisite members of the Board of Directors of the Borrower nor (ii) appointed by a majority of the directors
so nominated, (c) the Investment Advisor shall cease to be the investment adviser of the Borrower, (d) the acquisition of direct
or indirect Control of the Borrower by any Person or group other than the Investment Advisor or (e) the Investment Advisor ceases
to be Controlled by at least two of the Permitted Holders.


 


“Change in Law” means (a)
the adoption of any law, rule or regulation or treaty after the Restatement Effective Date, (b) any change in any law, rule or
regulation or treaty or in the interpretation, implementation or application thereof by any Governmental Authority after the Restatement
Effective Date or (c) compliance by any Lender (or, for purposes of Section 2.12(b) or 2.17(a), by any lending office of such Lender
or by such Lender’s parent, if any) with any request, guideline or directive (whether or not having the force of law) of
any Governmental Authority made or issued after the Restatement Effective Date, provided that, notwithstanding anything
herein to the contrary, (I) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or
directives in connection therewith and (II) all requests, rules, guidelines or directives promulgated by the Bank For International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign
regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law” regardless
of the date enacted, adopted, issued, promulgated or implemented.


 


“Class”, when used in reference
to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are Dollar Loans or Multicurrency
Loans; when used in reference to any Lender, refers to whether such Lender is a Dollar Lender or a Multicurrency Lender; and, when
used in reference to any Commitment, refers to whether such Commitment is a Dollar Commitment or a Multicurrency Commitment.


 


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


 




    	 	8	 



     


    

 


“Collateral” has the meaning
assigned to such term in the Guarantee and Security Agreement.


 


“Collateral Agent” means
ING Capital LLC in its capacity as Collateral Agent and any of its successors in such capacity under the Guarantee and Security
Agreement.


 


“Commitments” means, collectively,
the Dollar Commitments and the Multicurrency Commitments.


 


“Commitment Increase” has
the meaning assigned to such term in Section 2.06(f).


 


“Commitment Increase Date”
has the meaning assigned to such term in Section 2.06(f).


 


“Connection Income Taxes”
means Taxes described in clause (a)(ii) of the definition of Excluded Taxes that are imposed on or measured by net income (however
denominated) or that are franchise Taxes or branch profits Taxes.


 


“Consolidated Adjusted Interest Expense”
means, for any period with respect to the Borrower and its Subsidiaries on a consolidated basis, the sum of (x) cash interest paid
in respect of the stated rate of interest (including any default rate of interest, if applicable) applicable to any Indebtedness
plus (y) the net amount paid in cash (or minus the net amount received in cash) under Hedging Agreements permitted under Section
6.04 relating to interest during such period and to the extent not already taken into account under clause (x).


 


“Consolidated EBIT” means,
for any period with respect to the Borrower and its Subsidiaries on a consolidated basis, income after deduction of all expenses
(including fees and other amounts actually paid to the Investment Advisor) and other proper charges other than Taxes, Consolidated
Interest Expense and non-cash employee stock options expense and excluding (a) net realized gains or losses, (b) net change in
unrealized appreciation or depreciation, (c) gains on re-purchases of Indebtedness, (d) the amount of interest paid-in-kind to
the Borrower or any Subsidiary (“PIK”) to the extent such amount exceeds the sum of (i) PIK interest collected
in cash (including any amortization payments on such applicable debt instrument up to the amount of PIK interest previously capitalized
thereon) and (ii) realized gains collected in cash (net of realized losses), provided that the amount determined pursuant
to this clause (d)(ii) shall not be less than zero, all as determined in accordance with GAAP, and (e) other non-cash charges and
gains to the extent included to calculate income.


 


“Consolidated Interest Coverage Ratio”
means the ratio as of the last day of any fiscal quarter of the Borrower of (a) Consolidated EBIT for the four fiscal quarter period
then ending, taken as a single accounting period, to (b) Consolidated Adjusted Interest Expense for such four fiscal quarter period.


 


“Consolidated Interest Expense”
means, with respect to a Person and for any period, the sum of (x) the total consolidated interest expense (including capitalized
interest expense and interest expense attributable to Capital Lease Obligations) of such Person and in any event shall include
all interest expense with respect to any Indebtedness in respect of which such Person is wholly or partially liable plus (y) the
net amount payable (or minus the net amount receivable) under Hedging Agreements permitted under Section 6.04 relating to interest
during such period (whether or not actually paid or received during such period) and to the extent not already taken into account
under clause (x).


 




    	 	9	 



     


    

 


“Control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through
the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.


 


“Control Account” has the
meaning assigned to such term in Section 5.08(c)(ii).


 


“Covered Debt Amount” means,
on any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such date plus (y) the aggregate amount
(including any increase in the aggregate principal amount resulting from payable-in-kind interest) of Other Covered Indebtedness
outstanding on such date.


 


“Covered Taxes” means (i)
Taxes other than Excluded Taxes and (ii) Other Taxes.


 


“Currency” means Dollars
or any Foreign Currency.


 


“Currency Valuation Notice”
has the meaning assigned to such term in Section 2.08(b).


 


“Custodian” means U.S.
Bank National Association, or any other financial institution mutually agreeable to the Collateral Agent and the Borrower, as custodian
holding documentation for Portfolio Investments, and accounts of the Obligors holding Portfolio Investments, on behalf of the Obligors
and, pursuant to the Custodian Agreement, the Collateral Agent. The term “Custodian” includes any agent or sub-custodian
acting on behalf of the Custodian.


 


“Custodian Account” means
an account subject to a Custodian Agreement.


 


“Custodian Agreement” means
a control agreement entered into by and among an Obligor, the Collateral Agent and a Custodian, in form and substance acceptable
to the Collateral Agent.


 


“Default” means any event
or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become
an Event of Default.


 




    	 	10	 



     


    

 


“Defaulting Lender” means
any Lender that has, as reasonably determined by the Administrative Agent, (a) failed to fund any portion of its Loans within three
Business Days of the date required to be funded by it hereunder, unless, in the case of any Loans, such Lender’s failure
is based on such Lender’s reasonable determination that the conditions precedent to funding such Loan under this Agreement
have not been met, such conditions have not otherwise been waived in accordance with the terms of this Agreement and such Lender
has advised the Administrative Agent in writing (with reasonable detail of those conditions that have not been satisfied) prior
to the time at which such funding was to have been made, (b) notified the Borrower, the Administrative Agent, or any Lender in
writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement
that it does not intend to comply with its funding obligations under this Agreement (unless such writing or public statement states
that such position is based on such Lender’s determination that one or more conditions precedent to funding (which conditions
precedent, together with the applicable default, if any, shall be specifically identified in such writing) cannot be satisfied),
(c) failed, within three Business Days after request by the Administrative Agent, to confirm in writing that it will comply with
the terms of this Agreement relating to its obligations to fund prospective Loans (provided that such Lender shall cease to be
a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent), (d) otherwise
failed to pay over to the Administrative Agent or any other Lender any other amount (other than a de minimis amount) required
to be paid by it hereunder within three Business Days of the date when due, unless the subject of a good faith dispute, or
(e) (i) has been adjudicated as, or determined by any Governmental Authority having regulatory authority over such
Person or its assets to be, insolvent or has a parent company that has been adjudicated as, or determined by any Governmental Authority
having regulatory authority over such Person or its assets to be, insolvent or (ii) become the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person
charged with reorganization or liquidation of its business or custodian, appointed for it, or has a parent company that has become
the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for
the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian appointed for
it, (unless in the case of any Lender referred to in this clause (e) the Borrower and the Administrative Agent shall be satisfied
in the exercise of their respective reasonable discretion that such Lender intends, and has all approvals required to enable it,
to continue to perform its obligations as a Lender hereunder), or (f)
become the subject of a Bail-In Action; provided that a Lender shall not qualify as a Defaulting Lender solely
as a result of (x) an Undisclosed Administration or (y) the acquisition or maintenance of an ownership interest in such Lender
or its parent company, or of the exercise of control over such Lender or any Person controlling such Lender, by a Governmental
Authority or instrumentality thereof, so long as such ownership does not result in or provide such Lender with immunity from the
jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit
such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such
Lender.


 


“Designated Obligations”
means all obligations of the Borrower with respect to (a) principal of and interest on the Loans and (b) accrued and unpaid fees
under the Loan Documents.


 


“Disqualified Equity Interests”
means Equity Interests of the Borrower that after issuance are subject to any agreement between the holder of such Equity Interests
and the Borrower whereby the Borrower is required to purchase, redeem, retire, acquire, cancel or terminate such Equity Interests,
other than (x) as a result of a change of control or (y) in connection with any purchase, redemption, retirement, acquisition,
cancellation or termination with, or in exchange for, shares of Equity Interests that are not Disqualified Equity Interests.


 




    	 	11	 



     


    

 


“Dollar Commitment” means,
with respect to each Dollar Lender, the commitment of such Dollar Lender to make Loans denominated in Dollars, as such commitment
may be (a) reduced or increased from time to time pursuant to Section 2.06 or reduced from time to time pursuant to Section 2.08
or as otherwise provided in this Agreement and (b) reduced or increased from time to time pursuant to assignments by or to such
Lender pursuant to Section 9.04 and the other provisions of this Agreement (including the last two paragraphs of Article VII).
The aggregate amount of each Lender’s Dollar Commitment as of the Restatement Effective Date is set forth on Schedule
1.01(b), or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable.
The aggregate amount of the Lenders’ Dollar Commitments as of the Restatement Effective Date is $80,000,000.


 


“Dollar Equivalent” means,
on any date of determination, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to an amount
denominated in any Foreign Currency, the amount of Dollars that would be required to purchase such amount of such Foreign Currency
on the date two Business Days prior to such date, based upon the spot selling rate at which the Administrative Agent (or other
foreign currency broker reasonably acceptable to the Administrative Agent) offers to sell such Foreign Currency for Dollars in
the London foreign exchange market at approximately 11:00 a.m., London time, for delivery two Business Days later.


 


“Dollar Lender” means the
Persons listed on Schedule 1.01(b) (as amended pursuant to Section 2.06) as having Dollar Commitments and any other Person
that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Dollar Commitment
or to acquire Revolving Dollar Credit Exposure, other than any such Person that ceases to be a party hereto pursuant to an Assignment
and Assumption.


 


“Dollar Loan” means a Loan
denominated in Dollars made pursuant to a Dollar Commitment.


 


“Dollars” or “$”
refers to lawful money of the United States of America.


 


“EEA
Financial Institution” means (a) any institution or 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 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.


 


“Eligible Liens” means,
any right of offset, banker’s lien, security interest or other like right against the Portfolio Investments held by the Custodian
pursuant to or in connection with its rights and obligations relating to the Custodian Account provided that such rights are subordinated,
pursuant to the terms of the Custodian Agreement, to the first priority perfected security interest in the Collateral created in
favor of the Collateral Agent, except to the extent expressly provided therein.


 




    	 	12	 



     


    

 


“Eligible Portfolio Investment”
means any Portfolio Investment held by any Obligor (and solely for purposes of determining the Borrowing Base, Cash and Cash Equivalents
held by any Obligor) that, in each case, meets all of the criteria set forth on Schedule 1.01(d) hereto; provided,
that no Portfolio Investment, Cash or Cash Equivalent shall constitute an Eligible Portfolio Investment or be included in the Borrowing
Base if the Collateral Agent does not at all times maintain a first priority, perfected Lien (subject to no other Liens other than
Eligible Liens) on such Portfolio Investment, Cash or Cash Equivalent or if such Portfolio Investment, Cash or Cash Equivalent
has not been or does not at all times continue to be Delivered (as defined in the Guarantee and Security Agreement). Without limiting
the generality of the foregoing, it is understood and agreed that any Portfolio Investments that have been contributed or sold,
purported to be contributed or sold or otherwise transferred to any Financing Subsidiary, or held by any Financing Subsidiary,
or which secure obligations of any Financing Subsidiary, shall not be treated as Eligible Portfolio Investments until distributed,
sold or otherwise transferred to the Borrower free and clear of all Liens (other than Eligible Liens). Notwithstanding the foregoing,
nothing herein shall limit the provisions of Section 5.12(b)(i), which provide that, for purposes of this Agreement, all determinations
of whether an Investment is to be included as an Eligible Portfolio Investment shall be determined on a settlement-date basis (meaning
that any Investment that has been purchased will not be treated as an Eligible Portfolio Investment until such purchase has settled,
and any Eligible Portfolio Investment which has been sold will not be excluded as an Eligible Portfolio Investment until such sale
has settled), provided that no such Investment shall be included as an Eligible Portfolio Investment to the extent it has not been
paid for in full.


 


“Equity Interests” means
shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a
trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to
purchase or acquire any such equity interest. As used in this Agreement, “Equity Interests” shall not include convertible
debt unless and until such debt has been converted to capital stock.


 


“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time.


 


“ERISA Affiliate” means
any trade or business (whether or not incorporated) that, together with the Borrower or any of its Subsidiaries (however, solely
for purposes of this definition, substituting “80%” for “50%” in each place “50%” appears in
the definition of “Subsidiary”), is treated as a single employer under Section 414(b) or (c) of the Code, or, solely
for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.


 




    	 	13	 



     


    

 


“ERISA Event” means (a)
any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a
Plan (other than an event for which the 30-day notice period is waived); (b) with respect to any Plan that is intended to qualify
under Section 401(a) of the Code, the occurrence of any event that could reasonably be expected to prevent or cause the loss of
such qualification; (c) with respect to any Plan, the failure to satisfy the applicable minimum funding standard (as defined in
Sections 412 and 430 of the Code or Sections 302 and 303 of ERISA), whether or not waived; (d) the filing pursuant to Section 412(c)
of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan;
(e) the incurrence by the Borrower or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination
of any Plan; (f) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating
to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (g) the incurrence by the Borrower
or any ERISA Affiliate of any Withdrawal Liability; (h) the occurrence of any nonexempt prohibited transaction within the meaning
of Section 4975 of the Code or Section 406 of ERISA with respect to any Plan; (i) the failure to make any required contribution
to a Multiemployer Plan or failure to make by its due date any required contribution to any Plan; (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 Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be,
insolvent or in reorganization, within the meaning of Title IV of ERISA or in endangered or critical status (within the meaning
of Section 432 of the Code or Section 305 of ERISA); (k) the incurrence with respect to any “employee benefit plan”
as defined in Section 3(3) of ERISA that is sponsored or maintained by the Borrower or any ERISA Affiliate of any liability for
post-retirement health or welfare benefits, except as may be required by 4980B of the Code or similar laws; or (l) a determination
that any Plan is, or expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section
303 of ERISA).


 


“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.


 


“Eurocurrency”, when used
in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are bearing interest
at a rate determined by reference to the Adjusted LIBO Rate. For clarity, a Loan or Borrowing bearing interest by reference to
clause (c) of the definition of the Alternate Base Rate shall not be a Eurocurrency Loan or Eurocurrency Borrowing.


 


“Event of Default” has
the meaning assigned to such term in Article VII.


 


“Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time.


 


“Excluded Taxes” means,
with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any
obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by (i) the United
States of America, or by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized
or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, or
(ii) 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 Loan
Documents, or sold or assigned an interest in any Loan or Loan Document), (b) any branch profits taxes imposed by the United States
of America, (c) (other than to the extent such withholding would not have been imposed but for the occurrence of a CAM Exchange)
in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.17(b)), any withholding
tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement
(or designates a new lending office) or is attributable to such Foreign Lender’s failure or inability (other than as a result
of a Change in Law) to comply with Section 2.14(e), except to the extent, other than in a case of failure to comply with Section
2.14(e), that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office
(or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.14(a)
and (d), any United States federal withholding taxes imposed on amounts payable to such Foreign Lender as a result of such Lender’s
failure to comply with FATCA to establish a complete exemption from withholding thereunder.


 




    	 	14	 



     


    

 


“Existing Loans” has the
meaning assigned to such term in the preamble to this Agreement.


 


“External Quoted Value”
has the meaning set forth in Section 5.12(b)(ii).


 


“External Unquoted Value”
has the meaning set forth in Section 5.12(b)(ii).


 


“Extraordinary Receipts”
means any cash received by or paid to any Obligor on account of any foreign, United States, state or local tax refunds, pension
plan reversions, judgments, proceeds of settlements or other consideration of any kind in connection with any cause of action,
condemnation awards (and payments in lieu thereof), indemnity payments received not in the ordinary course of business and any
purchase price adjustment received not in the ordinary course of business in connection with any purchase agreement and proceeds
of insurance (excluding, however, for the avoidance of doubt, proceeds of any issuance of Equity Interests by the Borrower and
issuances of Indebtedness by any Obligor), provided, however, that Extraordinary Receipts shall not include
any (x) amounts that the Borrower receives from the Administrative Agent or any Lender pursuant to Section 2.14(h), or (y) cash
receipts to the extent received from proceeds of insurance, condemnation awards (or payments in lieu thereof), indemnity payments
or payments in respect of judgments or settlements of claims, litigation or proceedings to the extent that such proceeds, awards
or payments are received by any Person in respect of any unaffiliated third party claim against or loss by such Person and promptly
applied to pay (or to reimburse such Person for its prior payment of) such claim or loss and the costs and expenses of such Person
with respect thereto.


 


“FATCA” means Sections
1471 through 1474 of the Code, as of the Restatement Effective Date (or any amendment or successor version that is substantially
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection
with the implementation of such Sections of the Code, and any fiscal or regulatory legislation, rules, or official practices adopted
pursuant to any published intergovernmental agreement entered into in connection with the implementation of such Sections of the
Code.


 


“FCPA” has the meaning
assigned to such term in Section 3.21.


 




    	 	15	 



     


    

 


“Federal Funds Effective Rate”
means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal
funds transactions with members of the Federal Reserve System, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards,
if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent
from three Federal funds brokers of recognized standing selected by it.


 


“Financial Officer” means
the chief executive officer, president, co-president, chief financial officer, principal accounting officer, treasurer or controller
of the Borrower.


 


“Financing Subsidiary”
means (a) any Structured Subsidiary or (b) any SBIC Subsidiary.


 


“Foreign Currency”
means at any time any currency other than Dollars.


 


“Foreign Currency Equivalent”
means, with respect to any amount in Dollars to be converted into a Foreign Currency, the amount of such Foreign Currency that
could be purchased with such amount of Dollars using the reciprocal of the foreign exchange rate(s) specified in the definition
of the term “Dollar Equivalent”, as determined by the Administrative Agent.


 


“Foreign Eligible Portfolio Investments”
means any Eligible Portfolio Investment with respect to which the requirements of paragraph 13 of Schedule 1.01(d) hereto are met
by reference to any Permitted Foreign Jurisdiction.


 


“Foreign Lender” means
any Lender that is not (a) a citizen or resident of the United States, (b) a corporation, partnership or other entity created or
organized in or under the laws of the United States (or any jurisdiction thereof) or (c) any estate or trust that is subject to
U.S. federal income taxation regardless of the source of its income.


 


“GAAP” means generally
accepted accounting principles in the United States of America.


 


“Governmental Authority”
means the government of the United States of America, or of any other nation, or any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
body exercising such powers or functions, such as the European Union or the European Central Bank).


 


“Guarantee” of or by any
Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having
the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable
the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit
or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements
for collection or deposit in the ordinary course of business or customary indemnification agreements entered into in the ordinary
course of business in connection with obligations that do not constitute Indebtedness. The amount of any Guarantee at any time
shall be deemed to be an amount equal to the maximum stated or determinable amount of the primary obligation in respect of which
such Guarantee is incurred, unless the terms of such Guarantee expressly provide that the maximum amount for which such Person
may be liable thereunder is a lesser amount (in which case the amount of such Guarantee shall be deemed to be an amount equal to
such lesser amount).


 




    	 	16	 



     


    

 


“Guarantee and Security Agreement”
means the Amended and Restated Guarantee, Pledge and Security Agreement, dated as of the Restatement Effective Date, between the
Borrower, the Subsidiary Guarantors party thereto, the Administrative Agent, each holder (or a representative or trustee therefor)
from time to time of any Secured Longer-Term Indebtedness, and the Collateral Agent, as the same shall be amended, restated, modified
and supplemented from time to time.


 


“Guarantee Assumption Agreement”
means a Guarantee Assumption Agreement substantially in the form of Exhibit B to the Guarantee and Security Agreement between the
Collateral Agent and an entity that pursuant to Section 5.08 is required to become a “Subsidiary Guarantor” under the
Guarantee and Security Agreement (with such changes as the Administrative Agent shall request consistent with the requirements
of Section 5.08).


 


“Hedging Agreement” means
any interest rate protection agreement, foreign currency exchange protection agreement, commodity price protection agreement or
other interest or currency exchange rate or commodity price hedging arrangement entered into in the ordinary course of business
and not for speculative purposes. For the avoidance of doubt, in no event shall a Hedging Agreement include a total return swap.


 


“Increasing Lender” has
the meaning assigned to such term in Section 2.06(f).


 


“Indebtedness” of any Person
means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits, loans or advances
of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar debt instruments, (c) all obligations
of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all
obligations of such Person in respect of the deferred purchase price of property or services (other than trade accounts payable
and accrued expenses in the ordinary course of business not past due for more than 90 days after the date on which such trade account
payable was due), (e) all Indebtedness of others secured by any Lien on property owned or acquired by such Person, whether or not
the Indebtedness secured thereby has been assumed (with the value of such debt being the lower of the outstanding amount of such
debt and the fair market value of the property subject to such Lien), (f) all Guarantees by such Person of Indebtedness of others,
(g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party
in respect of letters of credit and letters of guaranty, (i) the amount such Person would be obligated for under any Hedging Agreement
if such Hedging Agreement was terminated at the time of determination, (j) all obligations, contingent or otherwise, of such Person
in respect of bankers’ acceptances, and (k) all obligations, contingent or otherwise, with respect to Disqualified Equity
Interests. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which
such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest
in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not
liable therefor (or such Person is not otherwise liable for such Indebtedness). Notwithstanding the foregoing, “Indebtedness”
shall not include (x) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase
price of an asset or Investment to satisfy unperformed obligations of the seller of such asset or Investment, (y) a commitment
arising in the ordinary course of business to make a future Portfolio Investment or (z) indebtedness of the Borrower on account
of the sale by the Borrower of the first out tranche of any First Lien Bank Loan that arises solely as an accounting matter under
ASC 860, provided that such indebtedness (i) is non-recourse to the Borrower and its Subsidiaries and (ii) would not represent
a claim against the Borrower or any of its Subsidiaries in a bankruptcy, insolvency or liquidation proceeding of the Borrower or
its Subsidiaries, in each case in excess of the amount sold or purportedly sold.


 




    	 	17	 



     


    

 


“Independent” when used
with respect to any specified Person means the more restrictive of the following: (a) that such Person (i) does not have any direct
financial interest or any material indirect financial interest in the Borrower or any of its Subsidiaries or Affiliates (including
its investment adviser or any Affiliate thereof) other than ownership of publicly traded stock of the Borrower with a market value
not to exceed $1,000,000 and (ii) is not an officer, employee, promoter, underwriter, trustee, partner, director or a Person performing
similar functions of the Borrower or of its Subsidiaries or Affiliates (including its investment advisor or any Affiliate thereof)
or (b) that such Person is not an “interested person” as defined in Section 2(a)(19) of the Investment Company Act.


 


“Industry Classification Group”
means any of the classification groups that are currently in effect by Moody’s or may be subsequently established by Moody’s
and provided by the Borrower to the Lenders (including, without limitation, those set forth on Schedule 1.01(e) on the Restatement
Effective Date).


 


“ING” means ING Capital
LLC.


 


“Interest Election Request”
means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.05.


 


“Interest Payment Date”
means (a) with respect to any ABR Loan, each Quarterly Date and (b) with respect to any Eurocurrency Loan, the last day of each
Interest Period therefor and, in the case of any Interest Period of more than three months’ duration, each day prior to the
last day of such Interest Period that occurs at three-month intervals after the first day of such Interest Period.


 




    	 	18	 



     


    

 


“Interest Period” means,
for any Eurocurrency Loan or Borrowing, the period commencing on the date of such Loan or Borrowing and ending on the numerically
corresponding day in the calendar month that is one, three or six months thereafter or, with respect to such portion of any Eurocurrency
Loan or Borrowing denominated in a Foreign Currency that is scheduled to be repaid on the Maturity Date, a period of less than
one month’s duration commencing on the date of such Loan or Borrowing and ending on the Maturity Date, as specified in the
applicable Borrowing Request or Interest Election Request; provided, that (a) if any Interest Period would end on a day
other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding
Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business
Day, and (b) any Interest Period (other than an Interest Period pertaining to a Eurocurrency Borrowing denominated in a Foreign
Currency that ends on the Maturity Date that is permitted to be of less than one month’s duration as provided in this definition)
that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in
the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest
Period. For purposes hereof, the date of a Loan initially shall be the date on which such Loan is made and thereafter shall be
the effective date of the most recent conversion or continuation of such Loan, and the date of a Borrowing comprising Loans that
have been converted or continued shall be the effective date of the most recent conversion or continuation of such Loans.


 


“Internal Value” has the
meaning set forth in Section 5.12(b)(ii).


 


“Investment” means, for
any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person (including convertible securities)
or any agreement to acquire any Equity Interests, bonds, notes, debentures or other securities of any other Person (including any
“short sale” or any sale of any securities at a time when such securities are not owned by the Person entering into
such sale); (b) deposits, advances, loans or other extensions of credit made to any other Person (including purchases of property
from another Person subject to an understanding or agreement, contingent or otherwise, to resell such property to such Person);
or (c) Hedging Agreements.


 


“Investment Advisor” means
Monroe Capital BDC Advisors, LLC, a Delaware limited liability company, or an Affiliate thereof.


 


“Investment Allocation Policy”
means the written statement, approved by the Board of Directors of the Borrower and reasonably acceptable to the Administrative
Agent, of the Borrower’s investment allocation policy between affiliated investment
vehicles managed directly or indirectly by Monroe Capital BDC Advisors, LLC.


 


“Investment Company Act”
means the Investment Company Act of 1940, as amended from time to time.


 


“Investment Policies”
means the credit policies and procedures of Monroe Capital BDC Advisors, LLC
and the Investment Allocation Policy, each as in existence on the Original Effective Date.


 


“Lenders” means the Persons
listed on Schedule 1.01(b) as having Commitments and any other Person that shall have become a party hereto pursuant to
an Assignment and Assumption that provides for it to assume a Commitment or to acquire Revolving Credit Exposure, other than any
such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.


 




    	 	19	 



     


    

 


“LIBO Quoted Currency”
means (x) Dollars and (y) Euro and English Pounds Sterling (but in the case of this clause (y), only if such Currency is an Agreed
Foreign Currency), in each case so long as there is a published LIBO rate with respect thereto.


 


“LIBO Rate” means, for
any Interest Period:


 


(a)          for
any Eurocurrency Borrowing denominated in a LIBO Quoted Currency, the Intercontinental Exchange Benchmark Administration Ltd. LIBOR
Rate (or the successor thereto if the Intercontinental Exchange Benchmark Administration Ltd. is no longer making such rates available)
per annum for deposits in such Currency for a period equal to the Interest Period appearing on the display designated as Reuters
Screen LIBOR01 Page (or such other page on that service or such other service designated by the Intercontinental Exchange Benchmark
Administration Ltd. (or the successor thereto if the Intercontinental Exchange Benchmark Administration Ltd. is no longer making
such rates available) for the display of such Administration’s Interest Settlement Rates for deposits in such Currency) as
of 11:00 a.m., London time on the day that is two Business Days prior to the first day of the Interest Period (or if such Reuters
Screen LIBOR01 Page is unavailable for any reason at such time, the rate which appears on the Reuters Screen ISDA Page as of such
date and such time); provided, that if the Administrative Agent determines that the relevant foregoing sources are unavailable
for the relevant Interest Period, LIBO Rate for purposes of this definition shall mean the rate of interest determined by the Administrative
Agent to be the average (rounded upward, if necessary, to the nearest 1/100th of 1%) of the rates per annum at which
deposits in such Currency are offered to the Administrative Agent two (2) business days preceding the first day of such Interest
Period by leading banks in the London interbank market as of 11:00 a.m. for delivery on the first day of such Interest Period,
for the number of days comprised therein and in an amount comparable to the amount of the Administrative Agent’s portion
of the relevant Eurocurrency Borrowing;


 


(b)          in
the case of any Eurocurrency Borrowings denominated in Canadian Dollars, the CDOR Rate per annum; and


 


(c)          for
all Non-LIBO Quoted Currencies (other than Canadian Dollars), the calculation of the applicable reference rate shall be determined
in accordance with market practice;


 


provided, in each case, that if the
LIBO Rate is less than zero, such rate shall be deemed to be zero for purposes of this Agreement.


 


“Lien” means, with respect
to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or
of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset
and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities,
except in favor of the issuer thereof (and, in the case of Portfolio Investments that are equity securities, excluding customary
drag-along, tag-along, right of first refusal and other similar rights in favor of other equity holders of the same issuer).


 




    	 	20	 



     


    

 


“Loan Documents” means,
collectively, this Agreement, any promissory notes delivered pursuant to Section 2.07(f) and the Security Documents.


 


“Loans” means the loans
made by the Lenders to the Borrower pursuant to this Agreement.


 


“Margin Stock” means “margin
stock” within the meaning of Regulations T, U and X.


 


“Material Adverse Effect”
means a material adverse effect on (a) the business, Portfolio Investments of the Obligors (taken as a whole) and other assets,
liabilities (actual or contingent), operations or condition (financial or otherwise) of the Borrower and its Subsidiaries (other
than the Financing Subsidiaries), taken as a whole, or (b) the validity or enforceability of any of the Loan Documents or the rights
or remedies of the Administrative Agent and the Lenders thereunder or the ability of the Obligors to perform their respective obligations
thereunder.


 


“Material Indebtedness”
means (a) Indebtedness (other than the Loans and Hedging Agreements), of any one or more of the Borrower and its Subsidiaries (including
any Financing Subsidiary) in an aggregate principal amount exceeding $5,000,000 and (b) obligations in respect of one or more Hedging
Agreements under which the maximum aggregate amount (giving effect to any netting agreements) that the Borrower and its Subsidiaries
would be required to pay if such Hedging Agreement(s) were terminated at such time would exceed $5,000,000.


 


“Maturity Date” means the
date that is the one year anniversary of the Revolver Termination Date.


 


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


 


“Multicurrency Commitments”
means, with respect to each Multicurrency Lender, the commitment of such Multicurrency Lender to make Loans denominated in Dollars
and in Agreed Foreign Currencies hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to Section
2.06 or reduced from time to time pursuant to Section 2.08 or as otherwise provided in this Agreement and (b) reduced
or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04 and the other provisions
of this Agreement (including the last two paragraphs of Article VII). The aggregate amount of each Lender’s Multicurrency
Commitment as of the Restatement Effective Date is set forth on Schedule 1.01(b), or in the Assignment and Assumption pursuant
to which such Lender shall have assumed its Commitment, as applicable. The aggregate amount of the Lenders’ Multicurrency
Commitments as of the Restatement Effective Date is $80,000,000.


 


“Multicurrency Lender”
means the Persons listed on Schedule 1.01(b) (as amended pursuant to Section 2.06) as having Multicurrency Commitments and
any other Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume
a Multicurrency Commitment or to acquire Revolving Multicurrency Credit Exposure, other than any such Person that ceases to be
a party hereto pursuant to an Assignment and Assumption.


 




    	 	21	 



     


    

 


“Multicurrency Loan” means
a Loan denominated in Dollars or an Agreed Foreign Currency made pursuant to a Multicurrency Commitment.


 


“Multiemployer Plan” means
a multiemployer plan as defined in Section 4001(a)(3) of ERISA.


 


“National Currency” means
the currency, other than the Euro, of a Participating Member State.


 


“Net Asset Sale Proceeds”
means, with respect to any Asset Sale, an amount equal to (a) the sum of Cash payments and Cash Equivalents received by the Obligors
from such Asset Sale (including any Cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization
of, a note receivable or otherwise, but only as and when so received), minus (b) any costs, fees, commissions, premiums
and expenses actually incurred by any Obligor directly incidental to such Asset Sale and paid in cash to a Person that is not an
Affiliate of any Obligor (or if paid in cash to an Affiliate, only to the extent such expenses are reasonable and customary), minus
(c) all taxes paid or reasonably estimated to be payable by any Obligor as a result of such Asset Sale (after taking into account
any available tax credits or deductions).


 


“No External Review Assets”
means Portfolio Investments that are Unquoted Investments with a fair value of less than $4,000,000 and which an Approved Third-Party
Appraiser is not assisting the Board of Directors of the Borrower in determining the fair market value of such Unquoted Investment
in accordance with Section 5.12 as of the end of the applicable fiscal quarter; provided that the aggregate fair value of all such
Unquoted Investments does not exceed 10% of the Borrowing Base.


 


“Non-Consenting Lender”
has the meaning assigned to such term in Section 9.02(d).


 


“Non-LIBO Quoted Currency”
means any currency other than a LIBO Quoted Currency.


 


“Non-Pledged Financing Subsidiary”
means, with respect to any Financing Subsidiary, the Equity Interest of such Financing Subsidiary is not subject to a first priority
perfected security interest in favor of the Collateral Agent securing the Secured Obligations under and as defined in the Guarantee
and Security Agreement.


 


“Obligors” means, collectively,
the Borrower and the Subsidiary Guarantors.


 


“Obligors’ Net Worth”
means, at any date, the Total Net Assets at such date, exclusive of the net asset value held by any Obligor in any non-Obligor
Subsidiary.


 


“OFAC” has the meaning
assigned to such term in Section 3.19.


 


“Original Effective Date”
means October 23, 2012.


 




    	 	22	 



     


    

 


“Other Covered Indebtedness”
means, collectively, Secured Longer-Term Indebtedness and Unsecured Shorter-Term Indebtedness.


 


“Other Permitted Indebtedness”
means (a) accrued expenses and current trade accounts payable incurred in the ordinary course of any Obligor’s business that
are overdue for a period of more than 90 days and which are being contested in good faith by appropriate proceedings, (b) Indebtedness
(other than Indebtedness for borrowed money) arising in connection with transactions in the ordinary course of any Obligor’s
business in connection with its purchasing of securities, Hedging Agreements entered into for financial planning purposes and not
for speculative purposes, reverse repurchase agreements or dollar rolls to the extent such transactions are permitted under the
Investment Company Act and the Borrower’s Investment Policies, provided that such Indebtedness does not arise in connection
with the purchase of Eligible Portfolio Investments other than Cash Equivalents and U.S. Government Securities, (c) Indebtedness
in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as such
judgments or awards do not constitute an Event of Default under clause (k) of Article VII, (d) Indebtedness incurred in the ordinary
course of business to finance equipment and fixtures; provided that such Indebtedness does not exceed $5,000,000 in the aggregate
at any time outstanding; and (e) other Indebtedness not to exceed $3,000,000 in the aggregate.


 


“Other Taxes” means any
and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from
any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan
Document.


 


“Participating Member State”
means any member state of the European Community that adopts or has adopted the Euro as its lawful currency in accordance with
the legislation of the European Union relating to the European Monetary Union.


 


“PBGC” means the Pension
Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.


 


“Permitted Equity Interests”
means common stock of the Borrower that after its issuance is not subject to any agreement between the holder of such common stock
and the Borrower where the Borrower is required to purchase, redeem, retire, acquire, cancel or terminate any such common stock.


 


“Permitted Foreign Jurisdiction”
means Canada and the United Kingdom.


 


“Permitted Holders” means
Theodore Koenig, Michael Egan, Jeremy VanDerMeid, Thomas Aronson and Aaron Peck, or any other individual manager of Monroe Management
Holdco, LLC reasonably acceptable to the Administrative Agent and the Required Lenders after the death, disability, resignation
or termination for cause by the Board of Directors of any of the foregoing.


 




    	 	23	 



     


    

 


“Permitted Liens” means
(a) Liens imposed by any Governmental Authority for taxes, assessments or charges not yet due or that are being contested in good
faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance
with GAAP; (b) Liens of clearing agencies, broker-dealers and similar Liens incurred in the ordinary course of business, provided
that such Liens (i) attach only to the securities (or proceeds) being purchased or sold and (ii) secure only obligations incurred
in connection with such purchase or sale, and not any obligation in connection with margin financing; (c) Liens imposed by law,
such as materialmen’s, mechanics’, carriers’, workmens’, storage, landlord, and repairmen’s Liens
and other similar Liens arising in the ordinary course of business and securing obligations (other than Indebtedness for borrowed
money) not yet due or that are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto
are maintained on the books of the Borrower in accordance with GAAP; (d) Liens incurred or pledges or deposits made to secure obligations
incurred in the ordinary course of business under workers’ compensation laws, unemployment insurance or other similar social
security legislation (other than in respect of employee benefit plans subject to ERISA) or to secure public or statutory obligations;
(e) Liens securing the performance of, or payment in respect of, bids, insurance premiums, deductibles or co-insured amounts, tenders,
government or utility contracts (other than for the repayment of borrowed money), surety, stay, customs and appeal bonds and other
obligations of a similar nature incurred in the ordinary course of business; (f) Liens arising out of judgments or awards that
have been in force for less than the applicable period for taking an appeal so long as such judgments or awards do not constitute
an Event of Default; (g) customary rights of setoff and liens upon (i) deposits of cash in favor of banks or other depository institutions
in which such cash is maintained in the ordinary course of business, (ii) cash and financial assets held in securities accounts
in favor of banks and other financial institutions with which such accounts are maintained in the ordinary course of business and
(iii) assets held by a custodian in favor of such custodian in the ordinary course of business, in the case of each of clauses
(i) through (iii) above, securing payment of fees, indemnities, charges for returning items and other similar obligations; (h)
Liens arising solely from precautionary filings of financing statements under the Uniform Commercial Code of the applicable jurisdictions
in respect of operating leases entered into by the Borrower or any of its Subsidiaries in the ordinary course of business; (i)
zoning restrictions, easements, licenses, or other restrictions on the use of any real estate (including leasehold title), in each
case which do not interfere with or affect in any material respect the ordinary course conduct of the business of the Borrower
and its Subsidiaries; (j) purchase money Liens on specific equipment and fixtures provided that (i) such Liens only attach to such
equipment and fixtures, (ii) the Indebtedness secured thereby is incurred pursuant to clause (d) of the definition of “Other
Permitted Indebtedness” and (iii) the Indebtedness secured thereby does not exceed the lesser of the cost and the fair market
value of such equipment and fixtures at the time of the acquisition thereof; (k) deposits of money securing leases to which Borrower
is a party as lessee made in the ordinary course of business; and (l) Eligible Liens.


 


“Permitted Policy Amendment”
is an amendment, modification, termination or restatement of the Investment Policies, that is either (a) approved in writing by
the Administrative Agent (with the consent of the Required Lenders), (b) required by applicable law or Governmental Authority,
or (c) not material.


 


“Permitted SBIC Guarantee”
means a guarantee by the Borrower of SBA Indebtedness of an SBIC Subsidiary on SBA’s then applicable form, provided
that the recourse to the Obligors thereunder is expressly limited only to periods after the occurrence of an event or condition
that is an impermissible change in the control of such SBIC Subsidiary (it being understood that, as provided in clause (q) of
Article VII, it shall be an Event of Default hereunder if any such event or condition giving rise to such recourse occurs).


 




    	 	24	 



     


    

 


“Person” means any natural
person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority
or other entity.


 


“Plan” means any employee
pension benefit plan within the meaning of Section 3(2) of ERISA (other than a Multiemployer Plan) subject to the provisions of
Title IV of ERISA or Sections 412 and 430 of the Code or Section 302 and 303 of ERISA, and in respect of which the Borrower or
any ERISA Affiliate is (or would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5)
of ERISA.


 


“Portfolio Company” means
the issuer or obligor under any Portfolio Investment held by any Obligor.


 


“Portfolio Company Data”
means historic (not to exceed 6 months) and pro-forma financial information and market data associated with a Portfolio Company
which has been delivered by such Portfolio Company to the Borrower (which the Borrower has no reason to believe is inaccurate in
any material respect), which may include pro-forma financial information in connection with, among other things, (a) an Investment
that was originated by the Borrower within the preceding twelve month period, (b) a Portfolio Company that has, within the preceding
twelve month period, been the acquirer of substantially all of the business assets or stock of another Person, (c) a Portfolio
Company that has, within the preceding twelve month period, been the target of an acquisition of substantially all of its business
assets or stock, and/or (d) a Portfolio Company that does not have an entire fiscal year under its current capital structure. For
the avoidance of doubt, Portfolio Company Data shall exclude any adjustments to the historical results of the applicable Portfolio
Company to the extent such adjustments are inconsistent with the methodologies of RiskCalc.


 


“Portfolio Investment”
means any Investment held by the Borrower and its Subsidiaries in their asset portfolio.


 


“Prime Rate” means the
rate of interest quoted in The Wall Street Journal, Money Rates Section, as the “U.S. Prime Rate” (or its successor),
as in effect from time to time. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually
charged to any customer. The Administrative Agent or any Lender may make commercial loans or other loans at rates of interest at,
above, or below the Prime Rate.


 


“Principal Financial Center”
means, in the case of any Currency, the principal financial center where such Currency is cleared and settled, as determined by
the Administrative Agent.


 


“Quarterly Dates” means
the last Business Day of March, June, September and December in each year, commencing on December 31, 2015.


 


“Quoted Investments” has
the meaning set forth in Section 5.12(b)(ii).


 


“Register” has the meaning
set forth in Section 9.04(c).


 




    	 	25	 



     


    

 


“Regulations D, T, U and X”
means, respectively, Regulations D, T, U and X of the Board, as the same may be modified and supplemented and in effect from time
to time.


 


“Related Parties” means,
with respect to any specified Person, such Person’s Affiliates and the respective directors, partners, officers, employees,
agents and advisors of such Person and such Person’s Affiliates.


 


“Required Lenders” means,
at any time, subject to Section 2.16(b), Lenders having Revolving Credit Exposures and unused Commitments representing more than
50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time; provided, that, (a) if there
are only three (3) Lenders at such time, “Required Lenders” shall mean Lenders having Revolving Credit Exposures
and unused Commitments representing at least two-thirds of the sum of the total Revolving Credit Exposures and unused Commitments
at such time and (b) if there are only two (2) Lenders at such time, “Required Lenders” shall mean all Lenders.
Solely for purposes of Section 2.11(a)(ii) and the last sentence of Section 9.02(b), the Required Lenders of a Class
means Lenders having Revolving Credit Exposures and unused Commitments of such Class representing more than 50% (or, if there are
only three (3) Lenders of such Class at such time, at least two-thirds, and, if there are only two (2) Lenders of such Class at
such time, all such Lenders) of the sum of the total Revolving Credit Exposures and unused Commitments of such Class at such time.


 


“Required Multicurrency Lenders”
means Multicurrency Lenders having Revolving Multicurrency Credit Exposures and unused Multicurrency Commitments representing more
than 50% (or, if there are only three (3) Multicurrency Lenders at such time, at least two-thirds, and, if there are only two (2)
Multicurrency Lenders at such time, all such Multicurrency Lenders) of the sum of the total Revolving Multicurrency Credit Exposures
and unused Multicurrency Commitments at such time.


 


“Restatement Effective Date”
means December 14, 2015.


 


“Restricted Payment” means
any dividend or other distribution (whether in cash, securities or other property) with respect to any shares of any class of capital
stock of the Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of
any such shares of capital stock of the Borrower or any option, warrant or other right to acquire any such shares of capital stock
of the Borrower, provided, for clarity, neither the conversion of convertible debt into Permitted Equity Interests nor the
purchase, redemption, retirement, acquisition, cancellation or termination of convertible debt made solely with Permitted Equity
Interests shall be a Restricted Payment hereunder.


 


“Return of Capital” means
(a) any cash amount (and net cash proceeds of any noncash amount) received by any Obligor at any time in respect of the outstanding
principal of any Portfolio Investment (whether at stated maturity, by acceleration or otherwise), (b) without duplication of amounts
received under clause (a), any net cash proceeds (including net cash proceeds of any noncash consideration) received by any Obligor
at any time from the sale of any property or assets pledged as collateral in respect of any Portfolio Investment to the extent
such net cash proceeds are less than or equal to the outstanding principal balance of such Portfolio Investment, (c) any cash amount
(and net cash proceeds of any noncash amount) received by any Obligor at any time in respect of any Portfolio Investment that is
an Equity Interest (x) upon the liquidation or dissolution of the issuer of such Portfolio Investment, (y) as a distribution of
capital made on or in respect of such Portfolio Investment, or (z) pursuant to the recapitalization or reclassification of the
capital of the issuer of such Portfolio Investment or pursuant to the reorganization of such issuer or (d) any similar return of
capital received by any Obligor in cash (and net cash proceeds of any noncash amount) in respect of any Portfolio Investment.


 




    	 	26	 



     


    

 


“Revolver Termination Date”
means the date that is the four (4) year anniversary of the Restatement Effective Date, unless extended with the consent of each
Lender in its sole and absolute discretion.


 


“Revolving Credit Exposure”
means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Dollar
Credit Exposure and Revolving Multicurrency Credit Exposure at such time.


 


“Revolving Dollar Credit Exposure”
means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Dollar Loans
at such time.


 


“Revolving Multicurrency Credit Exposure”
means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Multicurrency
Loans at such time.


 


“RIC” means a Person qualifying
for treatment as a “regulated investment company” under the Code.


 


“Risk Factor” means, with
respect to any Portfolio Investment, for any calendar quarter, the risk factor set forth on Schedule 1.01(c) corresponding
to the Risk Factor Rating that has been most recently assigned to such Portfolio Investment by the Borrower in accordance with
the definition of Risk Factor Rating.


 


“Risk Factor Rating” means,
with respect to any Portfolio Investment, a rating assigned by the Borrower from time to time to such Portfolio Investment by,
at the Borrower’s option, either (i) using a public or private rating of the Portfolio Company from Moody’s; (ii) using
a comparable shadow rating performed by a Moody’s analyst with respect to the Portfolio Investment; (iii) if such a public
or private rating or comparable shadow rating referred to in clauses (i) and (ii) above is not available, using a comparable rating
determined by the Borrower inputting the Portfolio Company Data relating to such Portfolio Investment into RiskCalc (Moody’s
KMV Expected Default Frequency model); or (iv) determining a rating by another method that has been approved for such Portfolio
Investment by the Administrative Agent and Lenders (which approval, for the avoidance of doubt, may be given electronically) holding
at least two-thirds of the total Revolving Credit Exposures and unused Commitments.


 


“S&P” means Standard
& Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc., a New York corporation, or any successor thereto.


 


“Sanctions” has the meaning
assigned to such term in Section 3.19.


 




    	 	27	 



     


    

 


“SBA” means the United
States Small Business Administration or any Governmental Authority succeeding to any or all of the functions thereof.


 


“SBIC Subsidiary” means
any Subsidiary of the Borrower (or such Subsidiary’s general partner or manager entity) that is (x) a “small business
investment company” licensed by the SBA (or that has applied for such a license and is actively pursuing the granting thereof
by appropriate proceedings promptly instituted and diligently conducted) under the Small Business Investment Act of 1958, as amended,
and (y) designated in writing by the Borrower (as provided below) as an SBIC Subsidiary, so long as:


 


(a)          other
than pursuant to a Permitted SBIC Guarantee or the requirement by the SBA that the Borrower make an equity or capital contribution
to the SBIC Subsidiary in connection with its incurrence of SBA Indebtedness (provided that such contribution is permitted by Section
6.03(e) and is made substantially contemporaneously with such incurrence), no portion of the Indebtedness or any other obligations
(contingent or otherwise) of such Person (i) is Guaranteed by the Borrower or any of its Subsidiaries (other than any SBIC Subsidiary),
(ii) is recourse to or obligates the Borrower or any of its Subsidiaries (other than any SBIC Subsidiary) in any way, or (iii)
subjects any property of the Borrower or any of its Subsidiaries (other than any SBIC Subsidiary) to the satisfaction thereof;


 


(b)          other
than pursuant to a Permitted SBIC Guarantee, neither the Borrower nor any of its Subsidiaries has any material contract, agreement,
arrangement or understanding with such Person other than on terms no less favorable to the Borrower or such Subsidiary than those
that might be obtained at the time from Persons that are not Affiliates of the Borrower or such Subsidiary;


 


(c)          neither
the Borrower nor any of its Subsidiaries (other than any SBIC Subsidiary) has any obligation to such Person to maintain or preserve
its financial condition or cause it to achieve certain levels of operating results; and


 


(d)          such
Person has not Guaranteed or become a co-borrower under, and has not granted a security interest in any of its properties to secure,
and the Equity Interests it has issued are not pledged to secure, in each case, any indebtedness, liabilities or obligations of
any one or more of the Obligors.


 


Any designation by the Borrower under clause
(y) above shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which certificate
shall include a statement to the effect that, to the best of such Financial Officer’s knowledge, such designation complied
with the foregoing conditions.


 


“SEC” means the United
States Securities and Exchange Commission or any Governmental Authority succeeding to any or all of the functions thereof.


 


“Secured Longer-Term Indebtedness”
means, as at any date, Indebtedness for borrowed money (other than Indebtedness hereunder) of the Borrower (which may be Guaranteed
by Subsidiary Guarantors) that;


 




    	 	28	 



     


    

 


(a) has no amortization or mandatory redemption,
repurchase or prepayment prior to, and a final maturity date not earlier than, six months after the Maturity Date (it being understood
(i) that the conversion features into Permitted Equity Interests under convertible notes (as well as the triggering of such conversion
and/or settlement thereof solely with Permitted Equity Interests, except in the case of interest or expenses (which may be payable
in cash)) shall not constitute “amortization”, “redemption”, “repurchase” or “repayment”
for the purposes of this definition) and (ii) any mandatory amortization, redemption, repurchase or prepayment obligation or put
right that is contingent upon the happening of an event that is not certain to occur (including, without limitation, a change of
control or bankruptcy) shall not in and of itself be deemed to disqualify such Indebtedness under this clause (a) (notwithstanding
the foregoing in this clause (ii), the Borrower acknowledges that any payment prior to the Termination Date in respect of any such
obligation or right shall only be made to the extent permitted by Section 6.12));


 


(b) is incurred pursuant to documentation
containing (i) financial covenants, covenants governing the borrowing base, if any, portfolio valuations and events of default
(other than events of default customary in indentures or similar instruments that have no analogous provisions in this Agreement
or credit agreements generally) that are no more restrictive upon the Borrower and its Subsidiaries than those set forth in this
Agreement (provided that, upon the Borrower’s written notice to the Administrative Agent at least five Business Days prior
to the incurrence of any Secured Longer-Term Indebtedness that otherwise would not meet the requirements of this clause (b)(i),
this Agreement will be deemed automatically amended (and, upon the request of the Administrative Agent or the Required Lenders,
the Borrower shall promptly enter into a written amendment evidencing such amendment), mutatis mutandis, solely to the extent
necessary that the financial covenants, covenants governing the borrowing base, if any, portfolio valuations and events of default,
as applicable, in this Agreement shall be at least as restrictive as such covenants in the Secured Longer-Term Indebtedness) and
(ii) other terms (other than interest and any commitment or related fees) that are no more restrictive in any material respect
upon the Borrower and its Subsidiaries, prior to the Termination Date, than those set forth in this Agreement (it being understood
that put rights or repurchase or redemption obligations (x) in the case of convertible securities, in connection with the suspension
or delisting of the Capital Stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect
to its Capital Stock or (y) arising out of circumstances that would constitute a “fundamental change” (as such term
is customarily defined in convertible note offerings) or be Events of Default under this Agreement shall not be deemed to be more
restrictive for purposes of this definition);
and


 


(c) ranks pari passu with the obligations
under this Agreement and is not secured by any assets of any Person other than any assets of any Obligor pursuant to the Security
Documents and the holders of which, or the agent, trustee or representative of such holders have agreed to be bound by the provisions
of the Security Documents in a manner reasonably satisfactory to the Administrative Agent and the Collateral Agent. For the avoidance
of doubt, Secured Longer-Term Indebtedness shall also include any refinancing, refunding, renewal or extension of any Secured Longer-Term
Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy the requirements of this
definition.


 


“Security Documents” means,
collectively, the Guarantee and Security Agreement, the Custodian Agreement, all Uniform Commercial Code financing statements filed
with respect to the security interests in personal property created pursuant to the Guarantee and Security Agreement, and all other
assignments, pledge agreements, security agreements, control agreements and other instruments executed and delivered at any time
by any of the Obligors pursuant to the Guarantee and Security Agreement or otherwise providing or relating to any collateral security
for any of the Secured Obligations under and as defined in the Guarantee and Security Agreement.


 




    	 	29	 



     


    

 


“Senior Securities” means
senior securities (as such term is defined and determined pursuant to the Investment Company Act and any orders of the SEC issued
to the Borrower thereunder).


 


“Solvent” means, with respect
to any Obligor, that as of the date of determination, both (a) (i) the sum of such Obligor’s debt and liabilities (including
contingent liabilities) does not exceed the present fair saleable value of such Person’s present assets, (ii) such Obligor’s
capital is not unreasonably small in relation to its business as contemplated on the Restatement Effective Date and reflected in
any projections delivered to the Lenders or with respect to any transaction contemplated or undertaken after the Restatement Effective
Date, and (iii) such Obligor has not incurred and does not intend to incur, or believe (nor should it reasonably believe) that
it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and (b) such Obligor
is “solvent” within the meaning given to such term and similar terms under applicable laws relating to fraudulent transfers
and conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount
that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected
to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under
Statement of Financial Accounting Standard No. 5).


 


“Standard Securitization Undertakings”
means, collectively, (a) customary arms-length servicing obligations (together with any related performance guarantees), (b) obligations
(together with any related performance guarantees) to refund the purchase price or grant purchase price credits for breach of representations
and warranties referred to in clause (c), and (c) representations, warranties, covenants and indemnities (together with any related
performance guarantees) of a type that are reasonably customary in commercial loan securitizations (in each case in clauses (a),
(b) and (c) excluding obligations related to the collectability of the assets sold or the creditworthiness of the underlying obligors
and excluding obligations that constitute credit recourse).


 


“Statutory Reserve Rate”
means, for the Interest Period for any Eurocurrency Borrowing, a fraction (expressed as a decimal), the numerator of which is the
number one and the denominator of which is the number one minus the arithmetic mean, taken over each day in such Interest
Period, of the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently
referred to as “Eurocurrency liabilities” in Regulation D). Such reserve percentages shall include those imposed pursuant
to Regulation D. Eurocurrency Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements
without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation
D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any
change in any reserve percentage.


 




    	 	30	 



     


    

 


“Step-Down Condition”
means at any time that the Obligors’ Net Worth exceeds $225,000,000.


 


“Structured Subsidiaries”
means a direct or indirect Subsidiary of the Borrower to which any Obligor sells, conveys or otherwise transfers (whether directly
or indirectly) Portfolio Investments, which is formed in connection with, and which continues to exist for the sole purpose of,
such Subsidiary obtaining and maintaining third-party financing from unaffiliated third parties, and which engages in no material
activities other than in connection with the purchase and financing of such assets from the Obligors or any other Person, and which
is designated by the Borrower (as provided below) as a Structured Subsidiary; and, so long as:


 


(a)          no
portion of the Indebtedness or any other obligations (contingent or otherwise) of such Subsidiary (i) is Guaranteed by any Obligor
(other than Guarantees in respect of Standard Securitization Undertakings), (ii) is recourse to or obligates any Obligor in any
way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property of any Obligor, directly or indirectly,
contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings or any Guarantee
thereof;


 


(b)          no
Obligor has any material contract, agreement, arrangement or understanding with such Subsidiary other than on terms no less favorable
to such Obligor than those that might be obtained at the time from Persons that are not Affiliates of any Obligor, other than fees
payable in the ordinary course of business in connection with servicing loan assets;


 


(c)          no
Obligor has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain
levels of operating results;


 


(d)          definitive
documentation relating to a third party financing provided to such Subsidiary by an unaffiliated third party (1) remains in full
force and effect at all times and (2) does not permit such Subsidiary to become an Obligor hereunder;


 


(e)          at
the time of, and immediately after giving effect to, the formation, creation or designation of any Structured Subsidiary, the Obligors’
Net Worth is at least $175,000,000;


 


(f)          in
the good faith judgment of the Borrower, such Structured Subsidiary reasonably expects to utilize, in the ordinary course of business,
its assets to obtain or maintain a secured financing from an unaffiliated third party.


 


Any such designation by the Borrower shall
be effected pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which certificate shall include
a statement to the effect that, to the best of such Financial Officer’s knowledge, such designation complied with the foregoing
conditions. Each Subsidiary of a Structured Subsidiary shall be deemed to be a Structured Subsidiary and shall comply with the
foregoing requirements of this definition.


 




    	 	31	 



     


    

 


“Subsidiary” means, with
respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association
or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation,
limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled
by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Anything herein
to the contrary notwithstanding, the term “Subsidiary” shall not include any Person that constitutes an Investment
held by the Borrower in the ordinary course of business and that is not, under GAAP, consolidated on the financial statements of
the Borrower. Unless otherwise specified, “Subsidiary” means a Subsidiary of the Borrower.


 


“Subsidiary Guarantor”
means any Subsidiary that is or is required to be a Guarantor under the Guarantee and Security Agreement. It is understood and
agreed that, subject to Section 5.08(a), (i) no CFC or Transparent Subsidiary shall be required to be a Subsidiary Guarantor and
(ii), no Financing Subsidiary shall be required to be a Subsidiary Guarantor, in each case as long as it remains a Financing Subsidiary,
CFC or Transparent Subsidiary, as the case may be, as defined and described herein.


 


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


 


“Termination Date” means
the date on which the Commitments have expired or been terminated and the principal of and accrued interest on each Loan and all
fees and other amounts payable hereunder shall have been paid in full (excluding, for the avoidance of doubt, any amount in connection
with any contingent, unasserted indemnification obligations).


 


“Total Net Assets” means,
at any date, the total net assets of the Borrower and its Subsidiaries determined on a consolidated basis, without duplication,
in accordance with GAAP.


 


“Transactions” means the
execution, delivery and performance by the Borrower of this Agreement and other Loan Documents, the borrowing of Loans, and the
use of the proceeds thereof.


 


“Transparent Subsidiary”
means an entity directly or indirectly owned by an Obligor that has no material assets other than Equity Interests (held directly
or indirectly through other Transparent Subsidiaries) in one or more CFCs.


 


“Two Largest Industry Classification
Groups” means, as of any date of determination, each of the two Industry Classification Groups that a greater portion
of the Borrowing Base has been assigned to each such Industry Classification Group pursuant to Section 5.12(a) than any
other single Industry Classification Group.


 




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“Type”, when used in reference
to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans constituting such Borrowing, is
determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.


 


“Undisclosed Administration”
means, in relation to a Lender or its direct or indirect parent company, the appointment of an administrator, provisional liquidator,
conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the
law in the country where such Lender or its direct or indirect parent company is subject to home jurisdiction supervision if applicable
law requires that such appointment is not to be publicly disclosed and such appointment has not been publicly disclosed (including,
without limitation, under the Dutch Financial Supervision Act 2007 (as amended from time to time and including any successor legislation)).


 


“Uniform Commercial Code”
or “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York.


 


“Unquoted Investments”
has the meaning set forth in Section 5.12(b)(ii).


 


“Unsecured Longer-Term Indebtedness”
means any Indebtedness for borrowed money of the Borrower that;


 


(a) has no amortization or mandatory redemption,
repurchase or prepayment prior to, and a final maturity date not earlier than, six months after the Maturity Date (it being understood
that (i) the conversion features into Permitted Equity Interests under convertible notes (as well as the triggering of such conversion
and/or settlement thereof solely with Permitted Equity Interests, except in the case of interest or expenses (which may be payable
in cash)) shall not constitute “amortization”, “redemption”, “repurchase” or “repayment”
for the purposes of this definition and (ii) any mandatory amortization, redemption, repurchase or prepayment obligation or put
right that is contingent upon the happening of an event that is not certain to occur (including, without limitation, a change of
control or bankruptcy) shall not in and of itself be deemed to disqualify such Indebtedness under this clause (a) (notwithstanding
the foregoing in this clause (ii), the Borrower acknowledges that any payment prior to the Termination Date in respect of any such
obligation or right shall only be made to the extent permitted by Section 6.12)).


 


(b) is incurred pursuant to terms that are
substantially comparable to market terms for substantially similar debt of other similarly situated borrowers as reasonably determined
in good faith by Borrower (other than financial covenants and events of default (other than events of default customary in indentures
or similar instruments that have no analogous provisions in this Agreement or credit agreements generally), which shall be no more
restrictive upon the Borrower and its Subsidiaries, prior to the Termination Date, than those set forth in this Agreement; provided
that, upon the Borrower’s written notice to the Administrative Agent at least five Business Days prior to the incurrence
of any Unsecured Longer-Term Indebtedness that otherwise would not meet the requirements set forth in this parenthetical of this
clause (B), this Agreement will be deemed automatically amended (and, upon the request of the Administrative Agent or the Required
Lenders, the Borrower shall promptly enter into a written amendment evidencing such amendment), mutatis mutandis, solely
to the extent necessary such that the financial covenants and events of default, as applicable, in this Agreement shall be at least
as restrictive as such provisions in the Unsecured Longer-Term Indebtedness) (it being understood that put rights or repurchase
or redemption obligations (x) in the case of convertible securities, in connection with the suspension or delisting of the Capital
Stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect to its Capital Stock or (y)
arising out of circumstances that would constitute a “fundamental change” (as such term is customarily defined in convertible
note offerings) or be Events of Default under this Agreement, shall not be deemed to be more restrictive for purposes of this definition),
and


 




    	 	33	 



     


    

 


(c) is not secured by any assets of any Person.
For the avoidance of doubt, Unsecured Longer-Term Indebtedness shall also include any refinancing, refunding, renewal or extension
of any Unsecured Longer-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy
the requirements of this definition.


 


“Unsecured Shorter-Term Indebtedness”
means, collectively, (a) any Indebtedness of the Borrower or any of its Subsidiaries that is not secured by any assets of any Person
and that does not constitute Unsecured Longer-Term Indebtedness and (b) any Indebtedness of the Borrower or any of its Subsidiaries
that is designated as “Unsecured Shorter-Term Indebtedness” pursuant to Section 6.11(a). For the avoidance of doubt,
Unsecured Shorter-Term Indebtedness shall also include any refinancing, refunding, renewal or extension of any Unsecured Shorter-Term
Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy the requirements of clause
(a).


 


“USA PATRIOT Act” has the
meaning assigned to such term in Section 3.20.


 


“U.S. Government Securities”
means securities that are direct obligations of, and obligations the timely payment of principal and interest on which is fully
guaranteed 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 and in the form of conventional bills, bonds, and notes.


 


“Value” has the meaning
assigned to such term in Section 5.13.


 


“wholly owned Subsidiary”
of any person shall mean a Subsidiary of such person, all of the Equity Interests of which (other than directors’ qualifying
shares or nominee or other similar shares required pursuant to applicable law) are owned by such person and/or one or more wholly
owned Subsidiaries of such person. Unless the context otherwise requires, “wholly owned Subsidiary Guarantor” shall
mean a wholly owned Subsidiary that is a Subsidiary Guarantor.


 


“Withdrawal Liability”
means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms
are defined in Part I of Subtitle E of Title IV of ERISA.


 


“Write-Down
and Conversion Powers” means, 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.


 




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Section 1.02.         Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Dollar
Loan” or a “Multicurrency Loan”), by Type (e.g., an “ABR Loan”) or by Class and Type (e.g., a “Multicurrency
Eurocurrency Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Dollar Borrowing”
or a “Multicurrency Borrowing”), by Type (e.g., an “ABR Borrowing”) or by Class and Type (e.g., a “Multicurrency
Eurocurrency Borrowing”). Loans and Borrowings may also be identified by Currency.


 


Section 1.03.         Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed
as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any
Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on such successors
and assigns set forth herein), (c) the words “herein”, “hereof” and “hereunder”, and words
of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d)
all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights.


 


Section 1.04.         Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed
in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent
that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Restatement
Effective Date in GAAP or in the application or interpretation thereof on the operation of such provision (or if the Administrative
Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), then Borrower,
Administrative Agent and the Lenders agree to enter into negotiations in good faith in order to amend such provisions of the Agreement
so as to equitably reflect such change to comply with GAAP with the desired result that the criteria for evaluating the Borrower’s
financial condition shall be the same after such change to comply with GAAP as if such change had not been made; provided,
however, until such amendments to equitably reflect such changes are effective and agreed to by Borrower, Administrative
Agent and the Required Lenders, the Borrower’s compliance with such financial covenants shall be determined on the basis
of GAAP as in effect and applied immediately before such change in GAAP becomes effective. Notwithstanding the foregoing or anything
herein to the contrary, the Borrower covenants and agrees with the Lenders that whether or not the Borrower may at any time adopt
Financial Accounting Standard No. 159 or Accounting Standard Codification 825, all determinations relating to fair value accounting
for liabilities or compliance with the terms and conditions of this Agreement shall be made on the basis that the Borrower has
not adopted Financial Accounting Standard No. 159 or Accounting Standard Codification 825.


 




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Section 1.05.         Currencies
Generally. At any time, any reference in the definition of the term “Agreed Foreign Currency” or in any other
provision of this Agreement to the Currency of any particular nation means the lawful currency of such nation at such time whether
or not the name of such Currency is the same as it was on the date hereof. Except as provided in Section 2.08(b) and the last
sentence of Section 2.15(a), for purposes of determining (i) whether the amount of any Borrowing under the Multicurrency Commitments,
together with all other Borrowings under the Multicurrency Commitments then outstanding or to be borrowed at the same time as
such Borrowing, would exceed the aggregate amount of the Multicurrency Commitments, (ii) the aggregate unutilized amount of the
Multicurrency Commitments, (iii) the Revolving Credit Exposure, (iv) the Covered Debt Amount and (v) the Borrowing Base or the
Value or the fair market value of any Portfolio Investment, the outstanding principal amount of any Borrowing that is denominated
in any Foreign Currency or the Value or the fair market value of any Portfolio Investment that is denominated in any Foreign Currency
shall be deemed to be the Dollar Equivalent of the amount of the Foreign Currency of such Borrowing or Portfolio Investment, as
the case may be, determined as of the date of such Borrowing (determined in accordance with the last sentence of the definition
of the term “Interest Period”) or the date of valuation of such Portfolio Investment, as the case may be; provided
that in connection with the delivery of any Borrowing Base Certificate pursuant to Section 5.01(d) or (e), such amounts shall
be determined as of the date of the delivery of such Borrowing Base Certificate. Where any amount is denominated in Dollars under
this Agreement but requires for its determination an amount which is denominated in a Foreign Currency, such amounts shall be
converted into the Foreign Currency Equivalent on the date of determination. Wherever in this Agreement in connection with a Borrowing
or Loan an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing or Loan is denominated
in a Foreign Currency, such amount shall be the relevant Foreign Currency Equivalent of such Dollar Amount (rounded to the nearest
1,000 units of such Foreign Currency).


 


Section 1.06.         Special
Provisions Relating to Euro. If at any time after the Restatement Effective Date the Euro becomes an Agreed Foreign Currency
then, from and after such date, each obligation hereunder of any party hereto that is denominated in the National Currency of
a state that is not a Participating Member State on the date hereof shall, effective from the date on which such state becomes
a Participating Member State, be redenominated in Euro in accordance with the legislation of the European Union applicable to
the European Monetary Union; provided that, if and to the extent that any such legislation provides that any such obligation of
any such party payable within such Participating Member State by crediting an account of the creditor can be paid by the debtor
either in Euros or such National Currency, such party shall be entitled to pay or repay such amount either in Euros or in such
National Currency. If the basis of accrual of interest or fees expressed in this Agreement with respect to an Agreed Foreign Currency
of any country that becomes a Participating Member State after the date on which such currency becomes an Agreed Foreign Currency
shall be inconsistent with any convention or practice in the interbank market for the basis of accrual of interest or fees in
respect of the Euro, such convention or practice shall replace such expressed basis effective as of and from the date on which
such state becomes a Participating Member State; provided that, with respect to any Borrowing denominated in such currency that
is outstanding immediately prior to such date, such replacement shall take effect at the end of the Interest Period therefor.


 




    	 	36	 



     


    

 


Without prejudice to the respective liabilities
of the Borrower to the Lenders and the Lenders to the Borrower under or pursuant to this Agreement, each provision of this Agreement
shall be subject to such reasonable changes of construction as the Administrative Agent and the Borrower shall reasonably agree
from time to time, to the extent necessary or appropriate to reflect the introduction or changeover to the Euro in any country
that becomes a Participating Member State after the Restatement Effective Date; provided that the Administrative Agent shall
provide the Lenders with prior notice of the proposed change with an explanation of such change in sufficient time to permit the
Lenders an opportunity to respond to such proposed change.


 


Article II



THE CREDITS


 


Section 2.01.         The
Commitments. Subject to the terms and conditions set forth herein,


 


(a)          each
Dollar Lender agrees to make Dollar Loans to the Borrower from time to time during the Availability Period in an aggregate principal
amount that will not result in (a) such Lender’s Revolving Dollar Credit Exposure exceeding such Lender’s Dollar Commitment,
(b) the aggregate Revolving Dollar Credit Exposure of all of the Dollar Lenders exceeding the aggregate Dollar Commitments or (c)
the total Covered Debt Amount exceeding the Borrowing Base then in effect; and


 


(b)          each
Multicurrency Lender agrees to make Multicurrency Loans to the Borrower from time to time during the Availability Period in an
aggregate principal amount that will not result in (a) such Lender’s Revolving Multicurrency Credit Exposure exceeding such
Lender’s Multicurrency Commitment, (b) the aggregate Revolving Multicurrency Credit Exposure of all of the Multicurrency
Lenders exceeding the aggregate Multicurrency Commitments or (c) the total Covered Debt Amount exceeding the Borrowing Base then
in effect.


 


Within the foregoing limits and subject to
the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Loans.


 


Section 2.02.         Loans
and Borrowings.


 


(a)          Obligations
of Lenders. Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class, Currency and Type made by
the applicable Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender
to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that
the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans
as required.


 




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(b)          Type
of Loans. Subject to Section 2.11, each Borrowing of a Class shall be constituted entirely of ABR Loans or of Eurocurrency
Loans of such Class denominated in a single Currency as the Borrower may request in accordance herewith. Each ABR Loan shall be
denominated in Dollars. Each Lender at its option may make any Eurocurrency Loan by causing any domestic or foreign branch or Affiliate
of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower
to repay such Loan in accordance with the terms of this Agreement.


 


(c)          Minimum
Amounts. Each Eurocurrency Borrowing shall be in an aggregate amount of $1,000,000 or a larger multiple of $100,000, and each
ABR Borrowing shall be in an aggregate amount of $1,000,000 or a larger multiple of $100,000; provided that an ABR Borrowing
of a Class may be in an aggregate amount that is equal to the entire unused balance of the total Commitments of such Class. Borrowings
of more than one Class, Currency or Type may be outstanding at the same time.


 


(d)          Limitations
on Interest Periods. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request (or
to elect to convert to or continue as a Eurocurrency Borrowing) any Borrowing if the Interest Period requested therefor would end
after the Maturity Date.


 


(e)          Treatment
of Classes. Notwithstanding anything to the contrary contained herein, with respect to each Loan designated in Dollars, the
Administrative Agent shall deem the Borrower to have requested (and each party hereto hereby agrees that the Borrower shall be
deemed to have requested) that such Loan be applied ratably to each of the Dollar Commitments and the Multicurrency Commitments,
based upon the percentage of the aggregate remaining unutilized Commitments represented by the Dollar Commitments and the Multicurrency
Commitments, respectively.


 


(f)          Restatement
Effective Date Adjustments.


 


(i)          On
the Restatement Effective Date Borrower shall (A) prepay the Existing Loans (if any) in full and (B) simultaneously borrow
new Loans hereunder in an amount equal to such prepayment; provided that with respect to subclauses (A) and (B), (x) the
prepayment to, and borrowing from, any Existing Lender shall be effected by book entry to the extent that any portion of the amount
prepaid to such Existing Lender will be subsequently borrowed from such Existing Lender and (y) the Existing Lenders and the New
Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving
effect thereto, the Loans are held ratably by the Lenders in accordance with the respective Commitments of such Lenders (as set
forth in Schedule 1.01(b)). Each of the Lenders consents to any non-pro rata commitment reduction or payment that is a result
of the reallocation. Each of the Lenders agrees to waive repayment of the amounts, if any, payable under Section 2.13 as a result
of, and solely in connection with, any such prepayment.


 




    	 	38	 



     


    

 


(ii)         On
the Restatement Effective Date, substantially contemporaneously with the reallocation described in Section 2.02(f)(i), each Increasing
Existing Lender and each New Lender shall make a payment to the Administrative Agent, for the account of the other Lenders, in
an amount calculated by the Administrative Agent in accordance with such section, so that after giving effect to such payment and
to the distribution thereof to the other Lenders, the Loans are held ratably by the Lenders.


 


Section 2.03.         Requests
for Borrowings.


 


(a)          Notice
by the Borrower. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by delivery of
a signed Borrowing Request or by telephone (followed promptly by delivery of a signed Borrowing Request) (i) in the case of a Eurocurrency
Borrowing denominated in Dollars, not later than noon, New York City time, three Business Days before the date of the proposed
Borrowing, (ii) in the case of a Eurocurrency Borrowing denominated in a Foreign Currency, not later than noon, New York City time,
four (4) Business Days before the date of the proposed Borrowing, or (iii) in the case of an ABR Borrowing, not later than noon,
New York City time, one (1) Business Day before the date of the proposed Borrowing. Each such telephonic Borrowing Request shall
be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing
Request in a form approved by the Administrative Agent and signed by the Borrower.


 


(b)          Content
of Borrowing Requests. Each telephonic and written Borrowing Request shall specify the following information in compliance
with Section 2.02:


 


(i)          whether
such Borrowing is to be made under the Dollar Commitments, the Multicurrency Commitments or both (and, if both, the amount of the
Borrowing under each Class);


 


(ii)         the
aggregate amount and Currency of each Class of the requested Borrowing;


 


(iii)        the
date of such Borrowing, which shall be a Business Day;


 


(iv)        in
the case of a Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;


 


(v)         in
the case of a Eurocurrency Borrowing, the Interest Period therefor, which shall be a period contemplated by the definition of the
term “Interest Period” and permitted under Section 2.02(d); and


 


(vi)        the
location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements
of Section 2.04.


 


(c)          Notice
by the Administrative Agent to the Lenders. Promptly following receipt of a Borrowing Request in accordance with this Section,
the Administrative Agent shall advise each applicable Lender of the details thereof and of the amounts of such Lender’s Loan
to be made as part of the requested Borrowing.


 




    	 	39	 



     


    

 


(d)          Failure
to Elect. If no election as to the Class of a Borrowing denominated in Dollars is specified, then the requested Borrowing shall
be deemed to be under both the Multicurrency Commitments and Dollar Commitments, provided however, that if no election as to a
Class is specified but an Agreed Foreign Currency has been specified then the requested Borrowing shall be deemed to be under the
Multicurrency Commitments. If no election as to the Currency of a Borrowing is specified, then the requested Borrowing shall be
denominated in Dollars. If no election as to the Type of a Borrowing is specified, then the requested Borrowing shall be a Eurocurrency
Borrowing having an Interest Period of one month and, if an Agreed Foreign Currency has been specified, the requested Borrowing
shall be a Eurocurrency Borrowing denominated in such Agreed Foreign Currency and having an Interest Period of one (1) month. If
a Eurocurrency Borrowing is requested but no Interest Period is specified, (i) if the Currency specified for such Borrowing is
Dollars (or if no Currency has been so specified), the requested Borrowing shall be a Eurocurrency Borrowing denominated in Dollars
having an Interest Period of one (1) month’s duration, and (ii) if the Currency specified for such Borrowing is an Agreed
Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one (1) month’s duration.


 


Section 2.04.         Funding
of Borrowings.


 


(a)          Funding
by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 1:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by it for
such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting
the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request.


 


(b)          Presumption
by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed
date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing,
the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a)
of this Section and, in reliance upon such assumption, the Administrative Agent may (in its sole discretion and without any obligation
to do so) make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the
applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay
to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including
the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i)
in the case of such Lender, the Federal Funds Effective Rate and (ii) in the case of the Borrower, the interest rate applicable
to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s
Loan included in such Borrowing.


 




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Section 2.05.         Interest
Elections.


 


(a)          Elections
by the Borrower for Borrowings. Subject to Section 2.03(d), the Loans constituting each Borrowing initially shall be of the
Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have the Interest Period
specified in such Borrowing Request. Thereafter, subject to Section 2.05(e), the Borrower may elect to convert such Borrowing to
a Borrowing of a different Type or to continue such Borrowing as a Borrowing of the same Type and, in the case of a Eurocurrency
Borrowing, may elect the Interest Period therefor, all as provided in this Section; provided, however, that (i) the
Borrower may only continue or convert a Borrowing of a Class into a Borrowing of the same Class, (ii) the Borrower may not continue
or convert a Borrowing denominated in one Currency as or to a Borrowing in a different Currency, (iii) the Borrower may not continue
a Eurocurrency Borrowing denominated in a Foreign Currency if, after giving effect thereto, the aggregate Revolving Multicurrency
Credit Exposures would exceed the aggregate Multicurrency Commitments, and (iv) the Borrower may not convert a Eurocurrency Borrowing
denominated in a Foreign Currency to a Borrowing of a different Type. The Borrower may elect different options with respect to
different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders of the
respective Class holding the Loans constituting such Borrowing (except as provided under Section 2.11(b)), and the Loans constituting
each such portion shall be considered a separate Borrowing.


 


(b)          Notice
of Elections. To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election
by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing
of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election
Request shall be irrevocable and shall be confirmed promptly (but no later than the close of business on the date of such request)
by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative
Agent and signed by the Borrower.


 


(c)          Content
of Interest Election Requests. Each telephonic and written Interest Election Request shall specify the following information
in compliance with Section 2.02:


 


(i)          the
Borrowing (including the Class) to which such Interest Election Request applies and, if different options are being elected with
respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information
to be specified pursuant to clauses (iii) and (iv) of this paragraph shall be specified for each resulting Borrowing);


 


(ii)         the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;


 


(iii)        whether,
in the case of a Borrowing denominated in Dollars, the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;
and


 


(iv)        if
the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period therefor after giving effect to such election, which shall
be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d); provided
that there shall be no more than ten (10) separate Borrowings outstanding at any one time.


 




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(d)          Notice
by the Administrative Agent to the Lenders. Promptly following receipt of an Interest Election Request, the Administrative
Agent shall advise each applicable Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.


 


(e)          Failure
to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect
to a Eurocurrency Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided
herein, (i) if such Borrowing is denominated in Dollars, at the end of such Interest Period such Borrowing shall be converted to
a Eurocurrency Borrowing of the same Class having an Interest Period of one (1) month, and (ii) if such Borrowing is denominated
in a Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one (1) month’s duration. Notwithstanding
any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request
of the Required Lenders, so notifies the Borrower, (i) any Eurocurrency Borrowing denominated in Dollars shall, at the end of the
applicable Interest Period for such Eurocurrency Borrowing, be automatically converted to an ABR Borrowing, (ii) the Borrower shall
not be entitled to elect to convert or continue any Borrowing into or as a Eurocurrency Borrowing and (iii) any Eurocurrency Borrowing
denominated in a Foreign Currency shall not have an Interest Period of more than one (1) month’s duration.


 


Section 2.06.         Termination,
Reduction or Increase of the Commitments.


 


(a)          Scheduled
Termination. Unless previously terminated in accordance with the terms of this Agreement, on the Revolver Termination Date
the Commitments of each Class shall automatically be reduced to an amount equal to the aggregate principal amount of the Loans
of all Lenders of such Class outstanding on the Revolver Termination Date and thereafter to an amount equal to the aggregate principal
amount of the Loans of such Class outstanding after giving effect to each payment of principal thereunder; provided that,
for clarity, no Lender shall have any obligation to make new Loans on or after the Revolver Termination Date, and any outstanding
amounts shall be due and payable on the Maturity Date in accordance with Section 2.07.


 


(b)          Voluntary
Termination or Reduction. The Borrower may at any time terminate, or from time to time reduce, the Commitments ratably among
each Class; provided that (i) each reduction of the Commitments pursuant to this Section 2.06(b) shall be in an amount (when
considered in the aggregate with all reductions being applied contemporaneously to the Classes being reduced) that is $5,000,000
or a larger multiple of $1,000,000 in excess thereof and (ii) the Borrower shall not terminate or reduce the Commitments if, after
giving effect to any concurrent prepayment of the Loans of any Class in accordance with Section 2.08, the total Revolving Credit
Exposures of such Class would exceed the total Commitments of such Class.


 


(c)          Notice
of Voluntary Termination or Reduction. The Borrower shall notify the Administrative Agent of any election to terminate or reduce
the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination
or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative
Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section
shall be irrevocable; provided that a notice of termination of the Commitments of a Class delivered by the Borrower may
state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked
by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.


 




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(d)          Effect
of Termination or Reduction. Any termination or reduction of the Commitments of a Class shall be permanent. Each reduction
of the Commitments of a Class shall be made ratably among the Lenders of such Class in accordance with their respective Commitments.


 


(e)          [Intentionally
omitted].Call Protection. If the Commitments are voluntarily
terminated or reduced by the Borrower pursuant to Section 2.06(b) at any time on or prior to the first anniversary of the Amendment
No. 1 Effective Date, the Borrower shall on the date of any such termination or reduction pay to the Administrative Agent, for
the ratable benefit of the Lenders, an amount equal to one percent (1%) of the aggregate principal amount of such termination or
reduction.


 


(f)          Increase
of the Commitments.


 


(i)          Requests
for Increase by Borrower. The Borrower may, at any time prior to the Revolver Termination Date, propose that the Commitments
hereunder of a Class be increased (each such proposed increase being a “Commitment Increase”) by notice to the
Administrative Agent specifying each existing Lender (each an “Increasing Lender”) and/or each additional lender
(each an “Assuming Lender”) that shall have agreed to an additional Commitment and the date on which such increase
is to be effective (the “Commitment Increase Date”), which shall be a Business Day at least three Business Days
(or such lesser period as the Borrower and the Administrative Agent may reasonably agree) after delivery of such notice and 30
days prior to the Revolver Termination Date; provided that each Lender may determine in its sole discretion whether or not
it chooses to participate in a Commitment Increase; provided, further that:


 


(A)         the
minimum amount of the Commitment (in the aggregate for all relevant Classes) of any Assuming Lender, and the minimum amount of
the increase of the Commitment (in the aggregate for all relevant Classes) of any Increasing Lender, as part of such Commitment
Increase shall be $5,000,000 or a larger multiple of $1,000,000 in excess thereof (or, in each case, in such other amounts as agreed
by the Borrower and the Administrative Agent, in its sole discretion),


 


(B)         immediately
after giving effect to such Commitment Increase, the total Commitments of all of the Lenders hereunder shall not exceed the lesser
of (x) $300,000,000 and (y) the Obligors’ Net Worth or such greater amount as determined by the Administrative Agent (which
greater amount shall in no event exceed 110% of the Obligors’ Net Worth);


 


(C)         each
Assuming Lender and the Commitment Increase shall be consented to by the Administrative Agent (which consent shall not be unreasonably
withheld);


 




    	 	43	 



     


    

 


(D)         no
Default shall have occurred and be continuing on such Commitment Increase Date or shall result from the proposed Commitment Increase;
and


 


(E)         the
representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material
respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which shall be
true and correct in all respects) on and as of the Commitment Increase Date as if made on and as of such date (or, if any such
representation or warranty is expressly stated to have been made as of a specific date, as of such specific date).


 


(ii)         Effectiveness
of Commitment Increase by Borrower. The Assuming Lender, if any, shall become a Lender hereunder as of such Commitment Increase
Date and the Commitment of the respective Class of any Increasing Lender and such Assuming Lender shall be increased as of such
Commitment Increase Date; provided that:


 


(x)          the
Administrative Agent shall have received on or prior to noon, New York City time, on such Commitment Increase Date (or on or prior
to a time on an earlier date specified by the Administrative Agent) a certificate of a duly authorized officer of the Borrower
stating that each of the applicable conditions to such Commitment Increase set forth in the foregoing paragraph (i) has been satisfied;
and


 


(y)          each
Assuming Lender or Increasing Lender shall have delivered to the Administrative Agent, on or prior to noon, New York City time
on such Commitment Increase Date (or on or prior to a time on an earlier date specified by the Administrative Agent), an agreement,
in form and substance satisfactory to the Borrower and the Administrative Agent, pursuant to which such Lender shall, effective
as of such Commitment Increase Date, undertake a Commitment or an increase of Commitment, in each case of the respective Class,
duly executed by such Assuming Lender or Increasing Lender, as applicable, and the Borrower and acknowledged by the Administrative
Agent.


 


Promptly following satisfaction of such conditions,
the Administrative Agent shall notify the Lenders of such Class (including any Assuming Lenders) thereof and of the occurrence
of the Commitment Increase Date by facsimile transmission or electronic messaging system.


 


(iii)        Recordation
into Register. Upon its receipt of an agreement referred to in clause (ii)(y) above executed by an Assuming Lender or any Increasing
Lender, together with the certificate referred to in clause (ii)(x) above, the Administrative Agent shall, if such agreement has
been completed, (x) accept such agreement, (y) record the information contained therein in the Register and (z) give prompt notice
thereof to the Borrower.


 




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(iv)        Adjustments
of Borrowings upon Effectiveness of Increase. On each Commitment Increase Date, the Borrower shall (A) prepay the outstanding
Loans (if any) of such Class in full, (B) simultaneously borrow new Loans of such Class hereunder in an amount equal to such prepayment;
provided that with respect to subclauses (A) and (B), (x) the prepayment to, and borrowing from, any existing Lender shall
be effected by book entry to the extent that any portion of the amount prepaid to such Lender will be subsequently borrowed from
such Lender and (y) the existing Lenders, the Increasing Lenders and the Assuming Lenders shall make and receive payments among
themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans of such Class are
held ratably by the Lenders of such Class in accordance with the respective Commitments of such Lenders of such Class (after giving
effect to such Commitment Increase) and (C) pay to the Lenders of such Class the amounts, if any, payable under Section 2.13 as
a result of any such prepayment. Notwithstanding the foregoing, unless otherwise consented in writing by the Borrower, no Commitment
Increase Date shall occur on any day other than the last day of an Interest Period. The Administrative Agent shall amend Schedule
1.01(b) to reflect the aggregate amount of each Lender’s Dollar Commitments and Multicurrency Commitments (including Increasing
Lenders and Assuming Lenders). Each reference to Schedule 1.01(b) in this Agreement shall be to Schedule 1.01(b) as amended pursuant
to this Section.


 


(v)         Terms
of Loans issued on the Commitment Increase Date. For the avoidance of doubt, the terms and provisions of any new Loans issued
by any Assuming Lender or Increasing Lender, and the Commitment Increase of any Assuming Lender or Increasing Lender, shall be
identical to the Loans issued by, and the Commitments of, the Lenders immediately prior to the applicable Commitment Increase Date.


 


Section 2.07.         Repayment
of Loans; Evidence of Debt.


 


(a)          Repayment.
Subject to, and in accordance with, the terms of this Agreement, the Borrower hereby unconditionally promises to pay to the Administrative
Agent for account of the Lenders of each Class the outstanding principal amount of the Loans of such Class and all other amounts
due and owing hereunder and under the other Loan Documents on the Maturity Date.


 


(b)          Manner
of Payment. Prior to any repayment or prepayment of any Borrowings of any Class hereunder, the Borrower shall select the Borrowing
or Borrowings of such Class to be paid and shall notify the Administrative Agent by telephone (confirmed by telecopy) of such selection
not later than the time set forth in Section 2.08(e) prior to the scheduled date of such repayment; provided that each repayment
of Borrowings of a Class shall be applied to repay any outstanding ABR Borrowings of such Class before any other Borrowings of
such Class. If the Borrower fails to make a timely selection of the Borrowing or Borrowings to be repaid or prepaid, such payment
shall be applied, first, to pay any outstanding ABR Borrowings of such Class and, second, to other Borrowings of such Class in
the order of the remaining duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest Period
to be repaid first). Each payment of a Borrowing of a Class shall be applied ratably to the Loans of such Class included in such
Borrowing (except as otherwise provided in Section 2.11(b)).


 




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(c)          Maintenance
of Records by Lenders. Each Lender shall maintain in accordance with its usual practice records evidencing the indebtedness
of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts and Currency of principal and
interest payable and paid to such Lender from time to time hereunder.


 


(d)          Maintenance
of Records by the Administrative Agent. The Administrative Agent shall maintain records in which it shall record (i) the amount
and Currency of each Loan made hereunder, the Class and Type thereof and each Interest Period therefor, (ii) the amount and Currency
of any principal or interest due and payable or to become due and payable from the Borrower to each Lender of such Class hereunder
and (iii) the amount and Currency of any sum received by the Administrative Agent hereunder for account of the Lenders and each
Lender’s share thereof.


 


(e)          Effect
of Entries. The entries made in the records maintained pursuant to paragraph (c) or (d) of this Section shall be prima
facie evidence, absent manifest error, of the existence and amounts of the obligations recorded therein; provided
that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall not in any manner
affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. In the event of any conflict
between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of
such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.


 


(f)          Promissory
Notes. Any Lender may request that Loans of any Class made by it be evidenced by a promissory note; in such event, the Borrower
shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to
such Lender and its permitted registered assigns) and in a form attached hereto as Exhibit C. Thereafter, the Loans evidenced
by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented
by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note,
to such payee and its permitted registered assigns).


 


Section 2.08.         Prepayment
of Loans.


 


(a)          Optional
Prepayments. The Borrower shall have the right at any time and from time to time (but subject to Section 2.08(e)) to prepay
any Borrowing in whole or in part, without premium or fee (but subject to Section 2.13), subject to the requirements of this Section.
Each prepayment in part under this Section 2.08 shall be in a minimum amount of $1,000,000 (or, if the total amount of such Borrowing
is less than $1,000,000, the entire remaining outstanding amount of such Borrowing) or a larger multiple of $100,000.


 


(b)          Mandatory
Prepayments due to Changes in Exchange Rates.


 


(i)          Determination
of Amount Outstanding. On each Quarterly Date and, in addition, promptly upon the receipt by the Administrative Agent of a
Currency Valuation Notice (as defined below), the Administrative Agent shall determine the aggregate Revolving Multicurrency Credit
Exposure. For the purpose of this determination, the outstanding principal amount of any Loan that is denominated in any Foreign
Currency shall be deemed to be the Dollar Equivalent of the amount in the Foreign Currency of such Loan, determined as of such
Quarterly Date or, in the case of a Currency Valuation Notice received by the Administrative Agent prior to 11:00 a.m., New York
City time, on a Business Day, on such Business Day or, in the case of a Currency Valuation Notice otherwise received, on the first
Business Day after such Currency Valuation Notice is received. Upon making such determination, the Administrative Agent shall promptly
notify the Multicurrency Lenders and the Borrower thereof.


 




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(ii)         Prepayment.
If on the date of such determination the aggregate Revolving Multicurrency Credit Exposure exceeds 105% of the aggregate amount
of the Multicurrency Commitments as then in effect, the Borrower shall, promptly (but in no event later than ten (10) Business
Days following the Borrower’s receipt of the notice from the Administrative Agent described in clause (i) above) prepay the
Multicurrency Loans in such amounts as shall be necessary so that after giving effect thereto the aggregate Revolving Multicurrency
Credit Exposure does not exceed the Multicurrency Commitments.


 


For purposes hereof, “Currency Valuation Notice”
means a notice given by the Required Multicurrency Lenders to the Administrative Agent stating that such notice is a “Currency
Valuation Notice” and requesting that the Administrative Agent determine the aggregate Revolving Multicurrency Credit Exposure.
The Administrative Agent shall not be required to make more than one valuation determination pursuant to Currency Valuation Notices
within any rolling three month period.


 


(c)          Mandatory
Prepayments due to Borrowing Base Deficiency. In the event that the amount of total Revolving Credit Exposure exceeds the total
Commitments, the Borrower shall prepay (subject to Section 2.08(e)) Loans in such amounts as shall be necessary so that the amount
of total Revolving Credit Exposure does not exceed the total Commitments. In the event that at any time any Borrowing Base Deficiency
shall exist, within 5 Business Days, the Borrower shall either prepay (x) the Loans so that the Borrowing Base Deficiency is promptly
cured or (y) the Loans and the Other Covered Indebtedness in such amounts as shall be necessary so that such Borrowing Base Deficiency
is promptly cured (and, as among the Loans and the Other Covered Indebtedness, at least ratably (based on the outstanding principal
amount of such Indebtedness) as to payments of Loans in relation to Other Covered Indebtedness); provided, that if within
such 5 Business Day period, the Borrower shall present to the Administrative Agent a reasonably feasible plan, which plan is reasonably
satisfactory to the Administrative Agent, that will enable any such Borrowing Base Deficiency to be cured within 30 Business Days
of the occurrence of such Borrowing Base Deficiency (which 30-Business Day period shall include the 5 Business Days permitted for
delivery of such plan), then such prepayment or reduction shall be effected in accordance with such plan (subject, for the avoidance
of doubt, to the limitations set forth above in this Section 2.08(c)). Notwithstanding the foregoing, the Borrower shall pay interest
in accordance with Section 2.10(c) for so long as the Covered Debt Amount exceeds the Borrowing Base during such 30-Business Day
period. For clarity, in the event that the Borrowing Base Deficiency is not cured prior to the end of such 5-Business Day period
(or, if applicable, such 30-Business Day period), it shall constitute an Event of Default under clause (a) of Article VII.


 




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(d)          Mandatory
Prepayments due to Certain Events Following Availability Period. Subject to Section 2.08(e) below:


 


(i)          Asset
Sales. In the event that any Obligor shall receive any Net Asset Sale Proceeds at any time after the Availability Period, the
Borrower shall, no later than the third Business Day following the receipt of such Net Asset Sale Proceeds, prepay the Loans in
an amount equal to such Net Asset Sale Proceeds (and the Commitments shall be permanently reduced by such amount); provided,
that with respect to Asset Sales of assets that are not Portfolio Investments, the Borrower shall not be required to prepay the
Loans unless and until (and to the extent that) the aggregate Net Asset Sale Proceeds relating to all such Asset Sales are greater
than $2,000,000.


 


(ii)         Extraordinary
Receipts. In the event (but only to the extent) that the aggregate Extraordinary Receipts received by the Obligors at any time
after the Availability Period exceeds $2,000,000, the Borrower shall, no later than the third Business Day following the receipt
of such excess Extraordinary Receipts, prepay the Loans in an amount equal to such excess Extraordinary Receipts (and the Commitments
shall be permanently reduced by such amount); provided, that if the Loans to be prepaid are Eurocurrency Loans, the Borrower
may defer such prepayment (and permanent Commitment reduction) until the last day of the Interest Period applicable to such Loans,
so long as the Borrower deposits an amount equal to such excess Extraordinary Receipts, no later than the third Business Day following
the receipt of such excess Extraordinary Receipts, into a segregated collateral account in the name and under the dominion and
control of the Administrative Agent pending application of such amount to the prepayment of the Loans (and permanent reduction
of the Commitments) on the last day of such Interest Period.


 


(iii)        Returns
of Capital. In the event that any Obligor shall receive any Return of Capital at any time after the Availability Period, the
Borrower shall, no later than the third Business Day following the receipt of such Return of Capital, prepay the Loans in an amount
equal to 100% of such Return of Capital (and the Commitments shall be permanently reduced by such amount); provided, that
if the Loans to be prepaid are Eurocurrency Loans, the Borrower may defer such prepayment (and permanent Commitment reduction)
until the last day of the Interest Period applicable to such Loans, so long as the Borrower deposits an amount equal to 100% of
such Return of Capital, no later than the third Business Day following the receipt of such Return of Capital, into a segregated
collateral account in the name and under the dominion and control of the Administrative Agent pending application of such amount
to the prepayment of the Loans (and permanent reduction of the Commitments) on the last day of such Interest Period.


 


(iv)        Equity
Issuances. In the event that the Borrower shall receive any Cash proceeds from the issuance of Equity Interests of the Borrower
at any time after the Availability Period, the Borrower shall, no later than the third Business Day following the receipt of such
Cash proceeds, prepay the Loans in an amount equal to fifty percent (50%) of such Cash proceeds, net of underwriting discounts
and commissions or other similar payments and other costs, fees, premiums and expenses directly associated therewith, including,
without limitation, reasonable legal fees and expenses (and the Commitments shall be permanently reduced by such amount).


 




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(v)         Indebtedness.
In the event that any Obligor shall receive any Cash proceeds from the issuance of Indebtedness at any time after the Availability
Period, such Obligor shall, no later than the third Business Day following the receipt of such Cash proceeds, prepay the Loans
in an amount equal to 100% of such Cash proceeds, net of underwriting discounts and commissions or other similar payments and other
costs, fees, commissions, premiums and expenses directly associated therewith, including, without limitation, reasonable legal
fees and expenses (and the Commitments shall be permanently reduced by such amount).


 


Notwithstanding the foregoing, and subject to clause
(e) below, if, in connection with any of the events specified in this Section 2.08(d), the Borrower receives any proceeds or Return
of Capital in an Agreed Foreign Currency, the Borrower shall be permitted to pay just the then outstanding Loans denominated in
such Agreed Foreign Currency (applied ratably among just the Multicurrency Lenders); provided that any such proceeds or
Return of Capital remaining after the Loans denominated in such Agreed Foreign Currency have been paid in full shall be converted
to Dollars and paid ratably among the Dollar Lenders and the Multicurrency Lenders in accordance with clause (e) below.


 


(e)          Notices,
Etc. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i)
in the case of prepayment of a Eurocurrency Borrowing denominated in Dollars under Section 2.08(a), not later than 11:00 a.m.,
New York City time, three Business Days before the date of prepayment, (ii) in the case of prepayment of a Eurocurrency Borrowing
denominated in Foreign Currency under Section 2.08(a), not later than 11:00 a.m., London time, four (4) Business Days before the
date of prepayment and (iii) in the case of prepayment of an ABR Borrowing under Section 2.08(a), or any prepayment under Section
2.08(b) or (c), not later than 11:00 a.m., New York City time, one (1) Business Day before the date of prepayment. Each such notice
shall be irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid
and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; provided,
that, (1) if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated
by Section 2.06(c), then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section
2.06(c) and (2) any such notices given in connection with any of the events specified in Section 2.08(d) may be conditioned upon
(x) the consummation of the issuance of Equity Interests or Indebtedness (as applicable) or (y) the receipt of net cash proceeds
from Extraordinary Receipts or Returns of Capital. Promptly following receipt of any such notice relating to a Borrowing, the Administrative
Agent shall advise the Lenders of the contents thereof. Each prepayment of a Borrowing shall be applied ratably to the Loans included
in the prepaid Borrowing. Subject to clause (b) above and to the proviso of Section 2.15(c), each prepayment in Dollars shall be
applied ratably (based on the outstanding principal amounts of such indebtedness) between the Dollar Lenders and the Multicurrency
Lenders based on the then outstanding Loans denominated in Dollars and each prepayment in an Agreed Foreign Currency (including
as a result of the Borrower’s receipt of proceeds from a prepayment event in such Agreed Foreign Currency) shall be applied
ratably just among the Multicurrency Lenders. In the event the Borrower is required to make any concurrent prepayments under both
paragraph (b) and another paragraph of this Section 2.08, any such prepayments shall be applied toward a prepayment pursuant to
paragraph (b) before any prepayment pursuant to any other paragraph of this Section 2.08. Prepayments shall be accompanied by accrued
interest to the extent required by Section 2.10 and shall be made in the manner specified in Section 2.07(b).


 




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Section 2.09.         Fees.


 


(a)          Commitment
Fee. The Borrower agrees to pay to the Administrative Agent for account of each Lender a commitment fee, which shall accrue
at the Applicable Commitment Fee Rate on the unused amount of the Dollar Commitment and Multicurrency Commitment of such Lender,
as applicable, on each day during the period from and including the Restatement Effective Date to the earlier of the date the Commitments
terminate and the Revolver Termination Date. Accrued commitment fees shall be payable in arrears on the following dates (commencing
on the first such dates to occur after the Restatement Effective Date): (x) within one Business Day after each Quarterly Date (calculated
as of the most recent Quarterly Date); and (y) on the earlier of the date the Commitments terminate and the Revolver Termination
Date. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days
elapsed (including the first day but excluding the last day). For purposes of computing commitment fees, the Commitments of any
Class of a Lender shall be deemed to be used to the extent of the outstanding Loans of all Lenders.


 


(b)          Administrative
Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at
the times separately agreed upon between the Borrower and the Administrative Agent.


 


(c)          Payment
of Fees. All fees payable hereunder shall be paid on the dates due, in Dollars and immediately available funds, to the Administrative
Agent for distribution, in the case of commitment fees, to the Lenders entitled thereto. Fees paid shall not be refundable under
any circumstances absent manifest error.


 


Section 2.10.         Interest.


 


(a)          ABR
Loans. The Loans constituting each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus
the Applicable Margin.


 


(b)          Eurocurrency
Loans. The Loans constituting each Eurocurrency Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO
Rate for the related Interest Period for such Borrowing plus the Applicable Margin.


 


(c)          Default
Interest. Notwithstanding the foregoing, if any Event of Default described in clause (a), (b), (d) (only with respect to Section
6.07), (h), (i), (j) or (o) of Article VII has occurred and is continuing, or on written demand of the Administrative Agent or
the Required Lenders if any Event of Default described in any other clause of Article VII has occurred and is continuing, or if
the Covered Debt Amount exceeds the Borrowing Base during the 5-Business Day period (or, if applicable, the 30-Business Day period)
referred to in Section 2.08(c), the interest applicable to Loans shall accrue, and any fee or other amount payable by the Borrower
hereunder shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of principal of any
Loan, 2% plus the rate otherwise applicable to such Loan as provided above, or (ii) in the case of any fee or other amount,
2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.


 




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(d)          Payment
of Interest. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan in the Currency
in which such Loan is denominated and upon termination in full of the Commitments; provided that (i) interest accrued pursuant
to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other
than a prepayment of an ABR Loan prior to the Maturity Date), accrued interest on the principal amount repaid or prepaid shall
be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Borrowing prior
to the end of the Interest Period therefor, accrued interest on such Borrowing shall be payable on the effective date of such conversion.


 


(e)          Computation.
All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the
Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of
365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first
day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative
Agent and such determination shall be conclusive absent manifest error.


 


Section 2.11.         Eurocurrency
Borrowing Provisions.


 


(a)          Alternate
Rate of Interest. If prior to the commencement of the Interest Period for any Eurocurrency Borrowing of a Class (the Currency
of such Borrowing herein called the “Affected Currency”):


 


(i)          the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means
do not exist for ascertaining the Adjusted LIBO Rate for the Affected Currency for such Interest Period; or


 


(ii)         the
Administrative Agent is advised by the Required Lenders of such Class that the Adjusted LIBO Rate for the Affected Currency for
such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their respective
Loans included in such Borrowing for such Interest Period;


 


then the Administrative Agent shall give notice thereof to the
Borrower and the affected Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative
Agent notifies the Borrower and such Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Borrowing to, or the continuation of any Borrowing as, a Eurocurrency Borrowing
denominated in the Affected Currency shall be ineffective and, if the Affected Currency is Dollars, such Borrowing (unless prepaid)
shall be continued as, or converted to, an ABR Borrowing and, if the Affected Currency is a Foreign Currency, such Borrowing shall
be converted to Dollars based on the Dollar Equivalent at such time, (ii) if the Affected Currency is Dollars and any Borrowing
Request requests a Eurocurrency Borrowing denominated in Dollars, such Borrowing shall be made as an ABR Borrowing and (iii) if
the Affected Currency is a Foreign Currency, any Borrowing Request that requests a Eurocurrency Borrowing denominated in the Affected
Currency shall be ineffective.


 




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(b)          Illegality.
Without duplication of any other rights that any Lender has hereunder, if any Lender determines that any law has made it unlawful,
or that any Governmental Authority has asserted that it is unlawful for any Lender to make, maintain or fund Loans whose interest
is determined by reference to the LIBO Rate, or to determine or charge interest rates based upon the LIBO Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, any LIBO
Quoted Currency in the London interbank market or any Non-LIBO Quoted Currency in any relevant market, then, on notice thereof
by such Lender to the Borrower and the Administrative Agent, (i) any obligation of such Lender to make or continue Eurocurrency
Borrowings or to convert ABR Borrowings to Eurocurrency Borrowings shall be suspended, and (ii) if such notice asserts the illegality
of such Lender making or maintaining Eurocurrency Borrowings the interest rate on which is determined by reference to the LIBO
Rate component of the Alternate Base Rate, the interest rate on which ABR Borrowings of such Lender shall, if necessary to avoid
such illegality, be determined by the Administrative Agent without reference to the LIBO Rate component of the Alternate Base Rate,
in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination
no longer exist. Upon receipt of such notice, (x) (A) all Eurocurrency Borrowings in Dollars of such Lender shall automatically
convert to ABR Borrowings (the interest rate on which ABR Borrowings of such Lender shall, if necessary to avoid such illegality,
be determined by the Administrative Agent without reference to the LIBO Rate component of the Alternate Base Rate) and (B) all
Eurocurrency Borrowings in an Agreed Foreign Currency of such Lender shall accrue interest at the rate equal to the cost to each
Lender to fund its pro rata share of such Eurocurrency Borrowing (from whatever source and using whatever methodologies as such
Lender may select in its reasonable discretion), in each case, either on the last day of the Interest Period therefor, if such
Lender may lawfully continue to maintain such Eurocurrency Borrowings to such day, or immediately, if such Lender may not lawfully
continue to maintain such Eurocurrency Borrowings (in which event Borrower shall not be required to pay any yield maintenance,
breakage or similar fees) and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based
upon the LIBO Rate, the Administrative Agent shall during the period of such suspension compute the Alternate Base Rate applicable
to such Lender without reference to the LIBO Rate component thereof until the Administrative Agent is advised in writing by such
Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the LIBO Rate. Upon any such
conversion, the Borrower shall also pay accrued interest on the amount so converted. To the extent any Eurocurrency Borrowing so
converted is in an Agreed Foreign Currency, such Eurocurrency Borrowing shall be converted to Dollars based on the Dollar Equivalent
of such Borrowing at the time of such conversion.


 


Section 2.12.         Increased
Costs.


 


(a)          Increased
Costs Generally. If any Change in Law shall:


 


(i)          impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted
LIBO Rate); or


 




    	 	52	 



     


    

 


(ii)         impose
on any Lender or the London interbank market any other condition, cost or expense (other than (x) Covered Taxes, (y) Excluded Taxes,
and (z) Connection Income Taxes) affecting this Agreement or Eurocurrency Loans made by such Lender or participation therein;


 


and the result of any of the foregoing shall be to increase
the cost to such Lenders of making or maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Eurocurrency
Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise)
with respect to such Lender’s Eurocurrency Loans, then, upon such Lender providing the Borrower with reasonable detail on
the calculation of such increased costs or reduction, the Borrower will pay to such Lender, in Dollars, such additional amount
or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.


 


(b)          Capital
Requirements. If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have
the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s parent, if any
(or would have the effect of reducing the liquidity of such Lender or such Lender’s parent, if any), as a consequence of
this Agreement or the Loans made by such Lender, to a level below that which such Lender or such Lender’s parent could have
achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s
parent with respect to capital adequacy or liquidity position), by an amount deemed to be material by such Lender, then from time
to time the Borrower will pay to such Lender, in Dollars, such additional amount or amounts as will compensate such Lender or such
Lender’s parent for any such reduction suffered.


 


(c)          Certificates
from Lenders. A certificate of a Lender setting forth the amount or amounts, in Dollars, necessary to compensate such Lender
or its parent, as the case may be, as specified in paragraph (a) or (b) of this Section shall be promptly delivered to the Borrower
and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate
within 10 days after receipt thereof.


 


(d)          Delay
in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s right to demand such compensation; provided that no Obligor shall be required to compensate
a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than
six months prior to the date that such Lender notifies the Borrower in writing of any such Change in Law giving rise to such increased
costs or reductions.


 




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Section 2.13.         Break
Funding Payments; Foreign Currency Losses. (a) In the event of (i) the payment of any principal of any Eurocurrency Loan other
than on the last day of an Interest Period therefor (including as a result of an Event of Default), (ii) the conversion of any
Eurocurrency Loan other than on the last day of an Interest Period therefor, (iii) the failure to borrow, convert, continue or
prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice
is permitted to be revocable under Section 2.08(e) and is revoked in accordance herewith), (iv) the assignment as a result of
a request by the Borrower pursuant to Section 2.17(b) of any Eurocurrency Loan other than on the last day of an Interest Period
therefor or (v) the conversion of any Eurocurrency Loan (other than on the last day of an Interest Period therefor) as a result
of the occurrence of a CAM Exchange or otherwise, including without limitation in connection with Section 2.15, then, in any such
event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurocurrency
Loan, the loss to any Lender attributable to any such event shall be deemed to include an amount determined by such Lender to
be equal to the excess, if any, of


 


(1)         the
amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan referred to in clauses (i),
(ii), (iii), (iv) or (v) of this Section 2.13 denominated in the Currency of such Loan for the period from the date of such payment,
conversion, failure or assignment to the last day of the then current Interest Period for such Eurocurrency Loan (or, in the case
of a failure to borrow, convert or continue, the duration of the Interest Period that would have resulted from such borrowing,
conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted LIBO Rate for such Currency
for such Interest Period, over


 


(2)         the
amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal
amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for deposits denominated
in such Currency from other banks in the Eurocurrency market (or, in the case of any Non-LIBO Quoted Currency, in the relevant
market for such Non-LIBO Quoted Currency) at the commencement of such period.


 


Payments under this Section shall be made upon written request
of a Lender delivered not later than five Business Days following the payment, conversion, or failure to borrow, convert, continue
or prepay that gives rise to a claim under this Section accompanied by a written certificate of such Lender setting forth in reasonable
detail the amount or amounts that such Lender is entitled to receive pursuant to this Section, which certificate shall be conclusive
absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after
receipt thereof.


 


(b)          In
the event that any Loan not denominated in Dollars is converted to, or redenominated in Dollars (including, without limitation,
pursuant to Section 2.15, a CAM Exchange or otherwise), then in any such event, the Borrower shall compensate each Lender for the
loss, cost or expense attributable to such event.


 


Section 2.14.         Taxes.


 


(a)          Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document
shall be made free and clear of and without deduction for any Taxes, unless otherwise required by applicable law; provided
that if the Borrower shall be required to deduct any Covered Taxes or Other Taxes from such payments, then (i) the sum payable
shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums
payable under this Section 2.14) the Administrative Agent or Lender receives an amount equal to the sum it would have received
had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount
deducted to the relevant Governmental Authority in accordance with applicable law.


 




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(b)          Payment
of Other Taxes by the Borrower. In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable law.


 


(c)          Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent and each Lender for and, within 10 Business Days after
written demand therefor, pay the full amount of any Covered Taxes or Other Taxes (including Covered Taxes or Other Taxes imposed
or asserted on or attributable to amounts payable under this Section 2.14(c)) paid by the Administrative Agent or such Lender,
as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not
such Covered Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the
amount of such payment or liability delivered to the Borrower by a Lender or by the Administrative Agent on its own behalf or on
behalf of a Lender, shall be conclusive absent manifest error.


 


(d)          Indemnification
by the Lenders. To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any
Lender an amount equivalent to any applicable withholding Tax. Without limiting the provisions of Section 2.14(a) or (c), each
Lender shall, and does hereby, agree to indemnify the Administrative Agent, and shall make payable in respect thereof within 10
days after demand therefor, (i) against any and all Taxes and any and all related losses, claims, liabilities and expenses (including
fees, charges and disbursements of any counsel for the Administrative Agent) (collectively, “Tax Damages”) incurred
by or asserted against the Administrative Agent by the Internal Revenue Service or any other Governmental Authority as a result
of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of such Lender for
any reason (including because the appropriate form was not delivered or not property executed, or because such Lender failed to
notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding tax ineffective)
and (ii) Tax Damages attributable to such Lender’s failure to comply with the provisions of Section 9.04 relating to the
maintenance of a Participant Register. A certificate as to the amount of such payment or liability delivered to any Lender by the
Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off
and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount
due to the Administrative Agent under this paragraph.


 


(e)          Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority, the Borrower shall
deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative
Agent. If the Borrower fails to pay any Covered Taxes or Other Taxes when due to the appropriate Governmental Authority or fails
to remit to the Administrative Agent the required receipts or other required documentary evidence, the Borrower shall indemnify
the Administrative Agent and each Lender for any incremental taxes, interest or penalties that may become payable by the Administrative
Agent or such Lender as a result of such failure.


 




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(f)          Foreign
Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction
in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement
shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably
requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable
law or reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding
or at a reduced rate. In addition, any Foreign Lender, if requested by the Borrower or the Administrative Agent, shall deliver
such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will
enable the Borrower or the Administrative Agent to determine whether or not such Foreign 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 2.14(f)(i), (f)(ii), or (f)(iii)
or Section 2.14(g) below) shall not be required if in the Foreign Lender’s reasonable judgment such completion, execution
or submission would subject such Foreign Lender to any material unreimbursed cost or expense or would materially prejudice the
legal or commercial position of such Foreign Lender.


 


Without limiting the generality of the foregoing,
if the Borrower is resident for U.S. federal income tax purposes in the United States, each Foreign Lender shall deliver to the
Borrower and the Administrative 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 Administrative Agent, but, in any event, only if such Foreign Lender is legally entitled to do so), whichever
of the following is applicable:


 


(i)          duly
completed executed originals of Internal Revenue Service Form W-8BEN-E or any successor form claiming eligibility for benefits
of an income tax treaty to which the United States is a party,


 


(ii)         duly
completed executed originals of Internal Revenue Service Form W-8ECI or any successor form certifying that the income receivable
pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States,


 


(iii)        in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (A)
a certificate, signed under penalties of perjury, to the effect that such Foreign Lender is not (1) a “bank” within
the meaning of Section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of the Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or (3) a “controlled foreign corporation” described in Section 881(c)(3)(C) of
the Code and (B) duly completed executed originals of Internal Revenue Service Form W-8BEN-E (or any successor form) certifying
that the Foreign Lender is not a United States Person, or


 




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(iv)        any
other form including Internal Revenue Service Form W-8IMY, as prescribed by applicable law as a basis for claiming exemption from
or a reduction in United States federal withholding tax duly completed together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower to determine the withholding or deduction required to be made.


 


In addition, each Foreign Lender shall deliver
such forms promptly upon the expiration or invalidity of any form previously delivered by such Foreign Lender, provided
it is legally able to do so at the time. Each Foreign Lender shall promptly notify the Borrower and the Administrative Agent at
any time that it becomes aware that it no longer satisfies the legal requirements to provide any previously delivered form or certificate
to the Borrower (or any other form or certification adopted by the U.S. or other taxing authorities for such purpose).


 


(g)          If
a payment made to a Lender under this Agreement 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 Administrative Agent and the Borrower 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 Administrative Agent or the Borrower, at the time or times prescribed by law and at such time or times reasonably
requested by the Administrative Agent or the Borrower, as may be necessary for the Administrative Agent and the Borrower to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA
or to determine the amount to deduct and withhold from any such payment. Solely for purposes of this Section 2.14(g), “FATCA”
shall include any amendment made to FATCA after the Restatement Effective Date. Each Lender agrees that if any form or certification
it previously delivered under this Agreement expires or becomes obsolete or inaccurate in any respect, it shall update such form
or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.


 


(h)          Treatment
of Certain Refunds. If the Administrative Agent or any Lender determines, in its sole discretion, that it has received a refund
(including any credit of any Taxes in lieu of a refund) of any Covered Taxes or Other Taxes as to which it has been indemnified
by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.14, it shall pay to
the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by
the Borrower under this Section with respect to the Covered Taxes or Other Taxes giving rise to such refund), net of all reasonable
out-of-pocket expenses of the Administrative Agent or any Lender, as the case may be, and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of the Administrative
Agent or any Lender, agrees to repay the amount paid over to the Borrower pursuant to this paragraph (h) (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or any Lender in the event the Administrative
Agent or any Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in
this paragraph (h), in no event will the Administrative Agent or any Lender be required to pay any amount to the Borrower pursuant
to this paragraph (h) the payment of which would place the Administrative Agent or such Lender in a less favorable net position
after-Taxes than the Administrative Agent or such Lender would have been in if the indemnification payments or additional amounts
giving rise to such refund had never been paid. This paragraph (h) shall not be construed to require the Administrative Agent or
any Lender to make available its tax returns or its books or records (or any other information relating to its taxes that it deems
confidential) to the Borrower or any other Person.


 




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(i)          Survival.
Each party’s obligations under this Section 2.14 shall survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.


 


Section 2.15.         Payments
Generally; Pro Rata Treatment; Sharing of Set-offs.


 


(a)          Payments
by the Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest,
fees, or under Section 2.12, 2.13 or 2.14, or otherwise) or under any other Loan Document (except to the extent otherwise provided
therein) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without set-off, deduction
or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed
to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall
be made to the Administrative Agent at the Administrative Agent’s Account, except as otherwise expressly provided in the
relevant Loan Document and except payments pursuant to Sections 2.12, 2.13, 2.14 and 9.03, which shall be made directly to the
Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for account of any other Person
to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business
Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension.


 


All amounts owing under this Agreement (including
commitment fees and payments required under Sections 2.12 and 2.13, and payments required under Section 2.14 relating to any Loan
denominated in Dollars, but not including principal of and interest on any Loan denominated in any Foreign Currency or payments
relating to any such Loan required under Section 2.14, which are payable in such Foreign Currency) or under any other Loan Document
(except to the extent otherwise provided therein) are payable in Dollars. Notwithstanding the foregoing, if the Borrower shall
fail to pay any principal of any Loan when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise),
the unpaid portion of such Loan shall, if such Loan is not denominated in Dollars, automatically be redenominated in Dollars on
the due date thereof (or, if such due date is a day other than the last day of the Interest Period therefor, on the last day of
such Interest Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such principal
shall be payable on demand; and if the Borrower shall fail to pay any interest on any Loan that is not denominated in Dollars,
such interest shall automatically be redenominated in Dollars on the due date therefor after giving effect to any applicable grace
period (or, if such date is a day other than the last day of the Interest Period therefor, on the last day of such Interest Period)
in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such interest shall be payable on demand.


 




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(b)          Application
of Insufficient Payments. If at any time insufficient funds are received by and available to the Administrative Agent to pay
fully all amounts of principal, interest and fees of a Class then due hereunder, such funds shall be applied (i) first, to pay
interest and fees of such Class then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
interest and fees of such Class then due to such parties, and (ii) second, to pay principal of such Class then due hereunder, ratably
among the parties entitled thereto in accordance with the amounts of principal then due to such parties.


 


(c)          Pro
Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing of a Class shall be made from the Lenders
of such Class, each payment of commitment fee under Section 2.09 shall be made for account of the Lenders of the applicable Class,
and each termination or reduction of the amount of the Commitments of a Class under Section 2.06, Section 2.08 or otherwise shall
be applied to the respective Commitments of the Lenders of such Class, pro rata according to the amounts of their respective Commitments
of such Class; (ii) each Borrowing of a Class shall be allocated pro rata among the Lenders according to the amounts of their respective
Commitments of such Class (in the case of the making of Loans) or their respective Loans of such Class that are to be included
in such Borrowing (in the case of conversions and continuations of Loans), subject to Section 2.02(e); (iii) each payment or prepayment
of principal of Loans of a Class by the Borrower shall be made for account of the Lenders of such Class pro rata in accordance
with the respective unpaid principal amounts of the Loans of such Class held by them (and, with respect to the pro rata treatment
of prepayments between Classes, any such prepayments shall be made in accordance with the provisions of Section 2.08(e)); and (iv)
each payment of interest on Loans of a Class by the Borrower shall be made for account of the Lenders pro rata in accordance with
the amounts of interest on such Loans of such Class then due and payable to the respective Lenders; provided however that,
notwithstanding anything to the contrary contained herein, in the event that the Borrower wishes to make a Multicurrency Borrowing
in an Agreed Foreign Currency and the Multicurrency Commitments are fully utilized, the Borrower may make a Borrowing under the
Dollar Commitments (if otherwise permitted hereunder) and may use the proceeds of such Borrowing to prepay the Multicurrency Loans
(without making a ratable prepayment to the Dollar Loans) solely to the extent that the Borrower concurrently utilizes any Multicurrency
Commitments made available as a result of such prepayment to make (subject to the terms and conditions contained herein) a Multicurrency
Borrowing in an Agreed Foreign Currency.


 




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(d)          Sharing
of Payments by Lenders. If any Lender of a Class shall, by exercising any right of set-off or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of its Loans, resulting in such Lender receiving payment of a greater
proportion of the aggregate amount of its Loans, and accrued interest thereon then due than the proportion received by any other
Lender of such Class, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations
in the Loans of other Lenders of such Class to the extent necessary so that the benefit of all such payments shall be shared by
the Lenders of such Class ratably in accordance with the aggregate amount of principal of and accrued interest on their respective
Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto
is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest,
and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in
accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of
or sale of a participation in any of its Loans to any assignee, other than to the Borrower or any Subsidiary or Affiliate thereof
(as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it
may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may
exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender
were a direct creditor of the Borrower in the amount of such participation.


 


(e)          Presumptions
of Payment. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment
is due to the Administrative Agent for account of the Lenders hereunder that the Borrower will not make such payment, the Administrative
Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption,
distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders
severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the
Administrative Agent at the Federal Funds Effective Rate.


 


(f)          Certain
Deductions by the Administrative Agent. If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.04(a) or (b) or 2.15(e), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision
hereof), apply any amounts thereafter received by the Administrative Agent for account of such Lender to satisfy such Lender’s
obligations under such Sections until all such unsatisfied obligations are fully paid.


 


Section 2.16.         Defaulting
Lenders.


 


Notwithstanding any provision of this Agreement
to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender
is a Defaulting Lender:


 


(a)          commitment
fees pursuant to Section 2.09(a) shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender to the
extent and during the period such Lender is a Defaulting Lender;


 


(b)          the
Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders, two-thirds
of the Lenders or the Required Lenders have taken or may take any action hereunder or under any other Loan Document (including
any consent to any amendment or waiver pursuant to Section 9.02, except for any amendment or waiver described in Section 9.02(b)(i),
(ii) or (iii)), provided that any waiver, amendment or modification requiring the consent of all Lenders, two-thirds of the Lenders
or each affected Lender which affects such Defaulting Lender differently than other Lenders or affected Lender, as applicable,
shall require the consent of such Defaulting Lender.


 




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In the event that the Administrative Agent
and the Borrower each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting
Lender, then, on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent
shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage.


 


Section 2.17.         Mitigation
Obligations; Replacement of Lenders.


 


(a)          Designation
of a Different Lending Office. If any Lender requests compensation under Section 2.12, or if any Lender is unable to maintain
LIBO Rate Loans pursuant to Section 2.11(b), or if the Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for account of any Lender pursuant to Section 2.14, then such Lender shall use reasonable efforts (subject to overall
policy considerations of such Lender) to designate a different lending office for funding or booking its Loans hereunder or to
assign its rights and obligations hereunder to another of its offices, branches or affiliates, if in the sole judgment of such
Lender, such designation or assignment (i) would eliminate any prohibition on maintaining LIBO Rate Loans, or eliminate or reduce
amounts payable pursuant to Section 2.12 or 2.14, as the case may be, in the future and (ii) would not subject such Lender to any
cost or expense not required to be reimbursed by the Borrower 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)          Replacement
of Lenders. If any Lender is unable to maintain LIBO Rate Loans pursuant to Section 2.11(b) or requests compensation under
Section 2.12, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for account
of any Lender pursuant to Section 2.14, or if any Lender becomes a Defaulting Lender, or if any Lender becomes a Non-Consenting
Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require
such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04),
all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee
may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior
written consent of the Administrative Agent which consent shall not unreasonably be withheld, (ii) such Lender shall have received
payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower
(in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section
2.12 or payments required to be made pursuant to Section 2.14, such assignment will result in a reduction in such compensation
or payments. A Lender shall not be required to make any such assignment and 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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(c)          Defaulting
Lenders. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04 or 9.03(c), then the
Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter
received by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent to satisfy such
Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold any such
amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under
such Sections, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its
discretion.


 


Article III


 


REPRESENTATIONS
AND WARRANTIES


 


The Borrower represents and warrants to the
Lenders that:


 


Section 3.01.         Organization;
Powers. Each of the Borrower and its Subsidiaries, as applicable, is duly organized or incorporated, validly existing and
in good standing under the laws of the jurisdiction of its organization or incorporation, has all requisite power and authority
to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every
jurisdiction where the failure to do so could reasonably be expected to result in a Material Adverse Effect. There is no existing
default under any charter, by-laws or other organizational documents of Borrower or its Subsidiaries or any event which, with
the giving of notice or passage of time or both, would constitute a default by any party thereunder.


 


Section 3.02.         Authorization;
Enforceability. The Transactions are within the Borrower’s corporate powers and have been duly authorized by all necessary
corporate and, if required, by all necessary stockholder action and the Board of Directors of the Borrower and its Subsidiaries
have approved the transactions contemplated in this Agreement. This Agreement has been duly executed and delivered by the Borrower
and constitutes, and each of the other Loan Documents to which it is a party when executed and delivered will constitute, a legal,
valid and binding obligation of the Borrower, enforceable in accordance with its terms, except as such enforceability may be limited
by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of
creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law).


 


Section 3.03.         Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of registration or filing with, or any
other action by, any Governmental Authority, except for (i) such as have been or will be obtained or made and are in full force
and effect and (ii) filings and recordings in respect of the Liens created pursuant to the Security Documents, (b) will not violate
any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of its Subsidiaries
or any order of any Governmental Authority (including
the Investment Company Act and the rules, regulations and orders issued by the SEC thereunder), (c) will not violate or result
in a default in any material respect under any indenture, agreement or other instrument binding upon the Borrower or any of its
Subsidiaries or assets, or give rise to a right thereunder to require any payment to be made by any such Person, and (d) except
for the Liens created pursuant to the Security Documents, will not result in the creation or imposition of any Lien on any asset
of the Borrower or any of its Subsidiaries.


 




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Section 3.04.         Financial
Condition; No Material Adverse Effect.


 


(a)          Financial
Statements. (i) The financial statements delivered to the Administrative
Agent and the Lenders by the Borrower pursuant to Section 4.01(c) present fairly, in all material respects, the consolidated financial
position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of the end of and for the
applicable period in accordance with GAAP. None of the Borrower or any of its Subsidiaries has any material contingent liabilities,
material liabilities for taxes, material unusual forward or material long-term commitments or material unrealized or anticipated
losses from any unfavorable commitments not reflected in the financial statements referred to above.


 


(ii)         The
financial statements delivered to the Administrative Agent and the Lenders by the Borrower pursuant to Sections 5.01(a) and (b)
present fairly, in all material respects, the consolidated financial position and results of operations and cash flows of the Borrower
and its consolidated Subsidiaries as of the end of and for the applicable period in accordance with GAAP. None of the Borrower
or any of its Subsidiaries has any material contingent liabilities, material liabilities for taxes, material unusual forward or
material long-term commitments or material unrealized or anticipated losses from any unfavorable commitments not reflected in the
financial statements referred to above.


 


(b)          No
Material Adverse Effect. Since December 31, 2014, there has not been any event, development or circumstance that has had or
could reasonably be expected to have a Material Adverse Effect.


 


Section 3.05.         Litigation.
There are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority now pending
against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (a) as
to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be
expected, individually or in the aggregate, to result in a Material Adverse Effect or (b) that involve this Agreement or the
Transactions.


 


Section 3.06.         Compliance
with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and
orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments
binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries is subject to any contract
or other arrangement, the performance of which by the Borrower could reasonably be expected to result in a Material Adverse
Effect. Neither Borrower nor its Subsidiaries is in default in any manner under any provision of any agreement or instrument
to which it is a party or by which it or any of its property is or may be bound, and no condition exists which, with the
giving of notice or the lapse of time or both, would constitute such a default, in each case where such default could
reasonably be expected to result in a Material Adverse Effect.


 




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Section 3.07.         Taxes.
Each of the Borrower and its Subsidiaries has timely filed or has caused to be timely filed all U.S. federal, state and
material local Tax returns that are required to be filed by it and all other material Tax returns that are required to be
filed by it and has paid all Taxes for which it is directly or indirectly liable and any assessments made against it or any
of its property and all other Taxes, fees or other charges imposed on it or any of its property by any Governmental
Authority, other than any Taxes, fees or other charges the amount or 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 or its Subsidiaries, as the case may be. The charges, accruals and reserves on the books of the Borrower and
any of its Subsidiaries in respect of Taxes and other governmental charges are adequate in accordance with GAAP. Neither the
Borrower nor any of its Subsidiaries has given or been requested to give a waiver of the statute of limitations relating to
the payment of any federal, state, local and foreign Taxes or other impositions, and no Tax lien has been filed with respect
to the Borrower or any of its Subsidiaries. There is no proposed Tax assessment against the Borrower or any of its
Subsidiaries, and there is no basis for such assessment. The period within which United States federal income Taxes may be
assessed against any of the Borrower or any of its Subsidiaries has expired for all taxable years ending on or before
December 31, 2011.


 


Section 3.08.         ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events
that have occurred or are reasonably expected to occur, could reasonably be expected to result in a Material Adverse
Effect.


 


Section 3.09.         Disclosure.


 


(a)          All
written reports, financial statements, certificates and other written information (other than projected financial information,
other forward looking information, information relating to third parties and information of a general economic or general industry
nature) which has been made available to the Administrative Agent or any Lender by or on behalf of the Borrower in connection with
the transactions contemplated by this Agreement or delivered under any Loan Document, taken as a whole, will not contain any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein at the
time made and taken as a whole not misleading in light of the circumstances under which such statements were made; and


 


(b)          All
financial projections, pro forma financial information and other forward-looking information which has been delivered to the Administrative
Agent or any Lender by or on behalf of Borrower in connection with the transactions contemplated by this Agreement or delivered
under any Loan Document are based upon good faith assumptions and, in the case of financial projections and pro forma financial
information, good faith estimates, in each case, believed to be reasonable at the time made, it being recognized that (i) such
financial information as it relates to future events is subject to significant uncertainty and contingencies (many of which are
beyond the control of the Borrower) and are therefore not to be viewed as fact, and (ii) actual results during the period or periods
covered by such financial information may materially differ from the results set forth therein.


 




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Section 3.10.         Investment
Company Act; Margin Regulations.


 


(a)          Status
as Business Development Company. The Borrower is an “investment company” that has elected to be regulated as a
“business development company” within the meaning of the Investment Company Act and qualifies as a RIC and has qualified
as a RIC at all times since the Borrower’s taxable year ended December 31, 2013.


 


(b)          Compliance
with Investment Company Act. The business and other activities of the Borrower and its Subsidiaries do not result in a violation
or breach of the provisions of the Investment Company Act or any rules, regulations or orders issued by the SEC thereunder, except
where such breaches or violations, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect.


 


(c)          Investment
Policies. The Borrower is in compliance in all material respects with the Investment Policies.


 


(d)          Use
of Credit. Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities,
in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock,
and no part of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock. On the Restatement
Effective Date, neither the Borrower nor any of its Subsidiaries own any Margin Stock.


 


Section 3.11.         Material
Agreements and Liens.


 


(a)          Material
Agreements. Schedule 3.11(a) is a complete and correct list of each credit agreement, loan agreement, indenture, purchase
agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any Indebtedness or any extension
of credit (or commitment for any extension of credit) to, or guarantee by, the Borrower or any of its Subsidiaries outstanding
on the Restatement Effective Date, and the aggregate principal or face amount outstanding or that is, or may become, outstanding
under each such arrangement is correctly described in Schedule 3.11(a).


 


(b)          Liens.
Schedule 3.11(b) is a complete and correct list of each Lien securing Indebtedness of any Person outstanding on the Restatement
Effective Date covering any property of the Borrower or any of its Subsidiaries, and the aggregate principal amount of such Indebtedness
secured (or that may be secured) by each such Lien and the property covered by each such Lien as of the Restatement Effective Date
is correctly described in Schedule 3.11(b).


 


Section 3.12.         Subsidiaries
and Investments.


 


(a)          Subsidiaries.
Set forth in Schedule 3.12(a) is a complete and correct list of all of the Subsidiaries of the Borrower as of the Restatement
Effective Date together with, for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person
holding ownership interests in such Subsidiary and (iii) the nature of the ownership interests held by each such Person and the
percentage of ownership of such Subsidiary represented by such ownership interests. Except as disclosed in Schedule 3.12(a),
as of the Restatement Effective Date, (x) the Borrower owns, free and clear of Liens, and has the unencumbered right to vote, all
outstanding ownership interests in each Subsidiary shown to be held by it in Schedule 3.12(a), and (y) all of the issued
and outstanding capital stock of each such Subsidiary organized as a corporation is validly issued, fully paid and nonassessable.


 




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(b)          Investments.
Set forth in Schedule 3.12(b) is a complete and correct list of all Investments (other than Investments of the types referred
to in clauses (b), (c), (d) and (e) of Section 6.04) held by the Borrower or any of its Subsidiaries in any Person on the Restatement
Effective Date and, for each such Investment, (i) the identity of the Person or Persons holding such Investment, (ii) the nature
of such Investment, (iii) the amount of such Investment, (iv) the rate of interest charged for such Investment, (v) the value assigned
to such Investment by the Board of Directors of the Borrower and value with respect to such Investment set forth in the Third-Party
Valuation Opinion and (vi) the transferor of such Investment. Except as disclosed in Schedule 3.12(b), as of the Restatement
Effective Date each of the Borrower and its Subsidiaries owns, free and clear of all Liens (other than Liens permitted pursuant
to Section 6.02), all such Investments.


 


Section 3.13.         Properties.


 


(a)          Title
Generally. Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal
property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business
as currently conducted or to utilize such properties for their intended purposes.


 


(b)          Intellectual
Property. Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents
and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe
upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect.


 


Section 3.14.         Solvency.
On the Restatement Effective Date, and upon the incurrence of any extension of credit hereunder, on any date on which this representation
and warranty is made, (a) the Borrower will be Solvent on an unconsolidated basis, and (b) each Obligor will be Solvent on a consolidated
basis with the other Obligors.


 


Section 3.15.         Affiliate
Agreements. As of the Restatement Effective Date, the Borrower has heretofore delivered to the Administrative Agent and each
of the Lenders true and complete copies of each of the Affiliate Agreements (including any schedules and exhibits thereto, and
any amendments, supplements or waivers executed and delivered thereunder) and as of the Restatement Effective Date, other than
the Affiliate Agreements, there is no contract, agreement or understanding between the Borrower or any of its Subsidiaries on
one hand, and any Affiliate of the Borrower or any of its Subsidiaries on the other hand. As of the Restatement Effective Date,
the Affiliate Agreements are in full force and effect.


 


Section 3.16.         No
Default. No Default or Event of Default has occurred and is continuing under this Agreement or under any Material
Indebtedness.


 




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Section 3.17.         Use
of Proceeds. The proceeds of the Loans shall be used for the general corporate purposes of the Borrower and its
Subsidiaries (other than Financing Subsidiaries except as expressly permitted under Section 6.03(e)) in the ordinary course
of its business, including making distributions not prohibited by this Agreement and the acquisition and funding (either
directly or through one or more wholly owned Subsidiary Guarantors) of leveraged loans, mezzanine loans, high yield
securities, convertible securities, preferred stock and other Portfolio Investments, but excluding, for clarity, Margin
Stock.


 


Section 3.18.         Security
Documents. The Guarantee and Security Agreement is effective to create in favor of the Collateral Agent for the benefit
of the Secured Parties (as defined in the Guarantee and Security Agreement), legal, valid and enforceable Liens on, and
security interests in, the Collateral and, when (i) all appropriate filings or recordings are made in the appropriate offices
as may be required under applicable law and, as applicable, (ii) upon the taking of possession or control by the Collateral
Agent of the Collateral with respect to which a security interest may be perfected by possession or control (which possession
or control shall be given to the Collateral Agent to the extent possession or control by the Collateral Agent is required by
the Guarantee and Security Agreement), the Liens created by the Guarantee and Security Agreement shall constitute fully
perfected Liens on, and security interests in, all right, title and interest of the grantors in the Collateral (other than
such Collateral in which a security interest cannot be perfected under the UCC as in effect at the relevant time in the
relevant jurisdiction), in each case subject to no Liens other than Permitted Liens.


 


Section 3.19.         Compliance
with Sanctions. Neither the Borrower nor any of its Subsidiaries, nor any executive officer or director thereof, nor, to the
knowledge of the Borrower, any Affiliate of the Borrower, (i) is subject to, or subject of, sanctions administered by the United
States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), Her Majesty’s Treasury
or the United Nations Security Council (collectively, “Sanctions”), or (ii) is located, has a place of business
or is organized or resident in a country, territory or region that is, or whose government is, the subject of Sanctions. Furthermore,
no part of the proceeds of a Loan will be used, directly or indirectly, by the Borrower or any Affiliate of the Borrower to finance
or facilitate a transaction with a person that is – or is located, has a place of business or is organized or resident in
a country, territory or region that is, or whose government is – the subject of Sanctions.


 


Section 3.20.         Anti-Money
Laundering Program. The Borrower has implemented an anti-money laundering program to the extent required by the Uniting And
Strengthening America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism, as amended (the “USA
PATRIOT Act”), and the rules and regulations thereunder and maintains in effect and enforces policies and procedures
designed to ensure compliance by the Borrower, its Subsidiaries (and, when acting on behalf of the Borrower and its Subsidiaries,
their respective directors, officers, employees and agents) with applicable Sanctions.


 




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Section 3.21.         Anti-Corruption
Laws. Neither the Borrower nor any Affiliate of the Borrower and, to the Borrower’s knowledge, no director, officer,
agent, employee, Affiliate or other person associated with or acting on behalf of the Borrower or any Affiliate of the Borrower
has: (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political
activity or to influence official action; (ii) made any direct or indirect unlawful payment to any foreign or domestic government
official or employee from corporate funds; (iii) made any bribe, rebate, payoff, influence payment, kickback or other unlawful
payment; or (iv) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, and
the rules and regulations thereunder (the “FCPA”) and any applicable law or regulation implementing the OECD
Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (collectively with the FCPA,
the “Anti-Corruption Laws”); and each of the Borrower and any Affiliate of the Borrower has conducted its businesses
in compliance with the Anti-Corruption Laws and have instituted and maintained policies and procedures designed to ensure, and
which are reasonably expected to continue to ensure, compliance therewith. Furthermore, no part of the proceeds of a Loan will
be used, directly or indirectly, by the Borrower or any Affiliate of the Borrower, or by any of their respective directors, officers,
agents or employees, to finance or facilitate a transaction in violation of the Anti-Corruption Laws.


 


Section 3.22.         Structured
Subsidiaries


 


(a)          There
are no agreements or other documents relating to any Structured Subsidiary binding upon the Borrower or any of its Subsidiaries
(other than such Structured Subsidiary) other than as permitted under the definition thereof.


 


(b)          The
Borrower has not Guaranteed the Indebtedness or other obligations in respect of any credit facility relating to the Structured
Subsidiaries, other than pursuant to Standard Securitization Undertakings.


 


Section 3.23.         EEA
Financial Institutions. No Obligor is an EEA Financial Institution.


 


Article IV



 


CONDITIONS


 


Section 4.01.         Restatement
Effective Date. The effectiveness of this Agreement and of the obligations of the Lenders to make Loans hereunder shall not
become effective until completion of each of the following conditions precedent (unless a condition shall have been waived in
accordance with Section 9.02):


 


(a)          Documents.
Administrative Agent shall have received each of the following documents, each of which shall be reasonably satisfactory to the
Administrative Agent (and to the extent specified below to each Lender) in form and substance:


 


(i)          Executed
Counterparts. From each party hereto either (1) a counterpart of this Agreement signed on behalf of such party or (2) written
evidence satisfactory to the Administrative Agent (which may include telecopy or e-mail transmission of a signed signature page
to this Agreement) that such party has signed a counterpart of this Agreement.


 


(ii)         Guarantee
and Security Agreement; Custodian Agreement. The Guarantee and Security Agreement and a Custodian Agreement with respect to
the Borrower’s Custodian Account, each duly executed and delivered by each of the parties thereto, and all other documents
or instruments required to be delivered by the Guarantee and Security Agreement and such Custodian Agreement in connection with
the execution thereof.


 




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(iii)        Opinion
of Counsel to the Borrower. A favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the
Restatement Effective Date) of Nelson Mullins Riley & Scarborough LLP, counsel for the Obligors, in form and substance reasonably
acceptable to the Administrative Agent and covering such matters as the Administrative Agent may reasonably request (and the Borrower
hereby instructs such counsel to deliver such opinion to the Lenders and the Administrative Agent).


 


(iv)        Corporate
Documents. The Administrative Agent shall have received a certificate of the secretary or assistant secretary of each Obligor,
dated the Restatement Effective Date, certifying that attached thereto are (1) true and complete copies of the organizational documents
of each Obligor certified as of a recent date by the appropriate governmental official, (2) signature and incumbency certificates
of the officers of such Person executing the Loan Documents to which it is a party, (3) true and complete resolutions of the Board
of Directors of each Obligor approving and authorizing the execution, delivery and performance of this Agreement and the other
Loan Documents to which it is a party or by which it or its assets may be bound as of the Restatement Effective Date, certified
as of the Restatement Effective Date by its secretary or an assistant secretary as being in full force and effect without modification
or amendment, (4) a good standing certificate from the applicable Governmental Authority of each Obligor’s jurisdiction of
incorporation, organization or formation and in each jurisdiction in which it is qualified as a foreign corporation or other entity
to do business, each dated a recent date prior to the Restatement Effective Date, and (5) such other documents and certificates
as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of
the Obligors, and the authorization of the Transactions, all in form and substance reasonably satisfactory to the Administrative
Agent and its counsel.


 


(v)         Officer’s
Certificate. A certificate, dated the Restatement Effective Date and signed by a Financial Officer of the Borrower, confirming
compliance with the conditions set forth in Sections 4.02(b)(i), (ii), (iii) and (iv).


 


(vi)        Borrowing
Base Certificate. The Borrower shall have delivered to the Administrative Agent a Borrowing Base Certificate dated the Restatement
Effective Date.


 


(b)          Liens.
The Administrative Agent shall have received results of a recent lien search in each relevant jurisdiction with respect to the
Obligors, confirming the priority of the Liens in favor of the Collateral Agent created pursuant to the Security Documents and
revealing no liens on any of the assets of the Borrower or its Subsidiaries except for Liens permitted under Section 6.02 or Liens
to be discharged on or prior to the Restatement Effective Date pursuant to documentation satisfactory to the Administrative Agent.
All UCC financing statements, control agreements, stock certificates and other documents or instruments required to be filed or
executed and delivered in order to create in favor of the Collateral Agent, for the benefit of the Administrative Agent and the
Lenders, a first priority perfected (subject to Eligible Liens) security interest in the Collateral (to the extent that such a
security interest may be perfected by filing, possession or control under the Uniform Commercial Code) shall have been properly
filed (or provided to the Administrative Agent) or executed and delivered in each jurisdiction required.


 




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(c)          Financial
Statements. The Administrative Agent and the Lenders shall have received prior to the execution of this Agreement the final
version, approved by the Board of Directors of the Borrower, of the consolidated statement of assets and liabilities and the related
consolidated statements operations, changes in net assets and cash flows and related schedule of investments of the Borrower and
its consolidated Subsidiaries as of and for the fiscal period ended September 30, 2015, all certified in writing by a Financial
Officer of the Borrower as presenting fairly in all material respects the financial condition and results of operations of the
Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end
audit adjustments and the absence of footnotes. The Administrative Agent and the Lenders shall have received any other financial
statements of the Borrower and its Subsidiaries as they shall reasonably request.


 


(d)          Consents.
The Borrower shall have obtained and delivered to the Administrative Agent certified copies of all consents, approvals, authorizations,
registrations, or filings (other than any filing required under the Exchange Act or the rules or regulations promulgated thereunder,
including, without limitation, any filing required on Form 8-K) required to be made or obtained by the Borrower and all guarantors
in connection with the Transactions and any other evidence reasonably requested by, and reasonably satisfactory to, the Administrative
Agent as to compliance with all material legal and regulatory requirements applicable to the Obligors, and such consents, approvals,
authorizations, registrations, filings and orders shall be in full force and effect and all applicable waiting periods shall have
expired and no investigation or inquiry by any Governmental Authority regarding the Transactions or any transaction being financed
with the proceeds of the Loans shall be ongoing.


 


(e)          No
Litigation. There shall not exist any action, suit, investigation, litigation or proceeding or other legal or regulatory developments
pending or threatened in any court or before any arbitrator or Governmental Authority that relates to the Transactions or that
could have a Material Adverse Effect.


 


(f)          Solvency
Certificate. On the Restatement Effective Date, the Administrative Agent shall have received a solvency certificate of the
chief financial officer of the Borrower dated as of the Restatement Effective Date and addressed to the Administrative Agent and
the Lenders, and in form, scope and substance reasonably satisfactory to Administrative Agent, with appropriate attachments and
demonstrating that both before and after giving effect to the Transactions, (a) the Borrower will be Solvent on an unconsolidated
basis, and (b) each Obligor will be Solvent on a consolidated basis with the other Obligors.


 


(g)          Interest,
Fees, Expenses and Other Amounts. The Borrower shall have paid in full (i) to the Administrative Agent and the Lenders all
fees and expenses related to this Agreement owing on or prior to the Restatement Effective Date, including any up front fee due
to any Lender on the Restatement Effective Date and (ii) to the Administrative Agent and the Existing Lenders all accrued and unpaid
interest, commitment fees, fees, expenses and other amounts owing under the Existing Credit Agreement.


 




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(h)          Default.
No Default or Event of Default shall have occurred and be continuing under this Agreement, nor any default or event of default
that permits acceleration of any Material Indebtedness, immediately before and after giving effect to the Transactions, any incurrence
of Indebtedness hereunder and the use of the proceeds hereof on a pro forma basis.


 


(i)          USA
PATRIOT Act. The Administrative Agent and each Lender shall have received all documentation and other information required
by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including the USA PATRIOT Act, as reasonably requested by the Administrative Agent and each Lender.


 


(j)          Other
Documents. The Administrative Agent shall have received such other documents, instruments, certificates and information as
the Administrative Agent may reasonably request in form and substance satisfactory to the Administrative Agent.


 


The contemporaneous exchange and release of executed signature
pages by each of the Persons contemplated to be a party hereto shall render this Agreement effective and any such exchange and
release of such executed signature pages by all such persons shall constitute satisfaction or waiver (as applicable) of any condition
precedent to such effectiveness set forth above.


 


Section 4.02.         Conditions
to Loans.


 


(a)          [Intentionally
omitted].


 


(b)          Each
Credit Event. The obligation of each Lender to make any Loan, including any such extension of credit on the Restatement Effective
Date is additionally subject to the satisfaction of the following conditions:


 


(i)          the
representations and warranties of the Borrower set forth in this Agreement and in the other Loan Documents shall be true and correct
in all material respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect,
which shall be true and correct in all respects) on and as of the date of such Loan, or, as to any such representation or warranty
that refers to a specific date, as of such specific date;


 


(ii)         at
the time of and immediately after giving effect to such Loan, no Default shall have occurred and be continuing;


 


(iii)        no
Borrowing Base Deficiency shall exist at the time of and immediately after giving effect to such Loan, and either (i) the aggregate
Covered Debt Amount (after giving effect to such extension of credit) shall not exceed the Borrowing Base reflected on the Borrowing
Base Certificate most recently delivered to the Administrative Agent or (ii) the Borrower shall have delivered an updated Borrowing
Base Certificate demonstrating that the Covered Debt Amount (after giving effect to such extension of credit) shall not exceed
the Borrowing Base after giving effect to such extension of credit as well as any concurrent acquisitions of Portfolio Investments
by the Borrower or payment of outstanding Loans or Other Covered Indebtedness;


 




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(iv)        after
giving effect to such extension of credit, the Borrower shall be in pro forma compliance with each of the covenants set forth in
Sections 6.07(a), (b), (d) and (e);


 


(v)         the
Custodian Agreement shall have been duly executed and delivered by the Borrower, the Collateral Agent and the Custodian and all
other control arrangements required at the time by Section 5.08(c)(ii) with respect to the Obligors’ other deposit accounts
and securities accounts shall have been entered into; and


 


(vi)        the
proposed date of such extension of credit shall take place during the Availability Period.


 


Each Borrowing shall be deemed to constitute
a representation and warranty by the Borrower on the date thereof as to the matters specified in the preceding sentence.


 


Article V


 


AFFIRMATIVE
COVENANTS


 


Until the Termination Date, the Borrower covenants
and agrees with the Lenders that:


 


Section 5.01.         Financial
Statements and Other Information. The Borrower will furnish to the Administrative Agent for distribution to each Lender:


 


(a)          within
90 days after the end of each fiscal year of the Borrower (commencing with the fiscal year ending December 31, 2015), the audited
consolidated statement of assets and liabilities and the related audited consolidated statements of operations, changes in net
assets and cash flows and related audited consolidated schedule of investments of the Borrower and its Subsidiaries on a consolidated
basis as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year
(to the extent full fiscal year information is available), all reported on by RSM US LLP (formerly McGladrey LLP) or other independent
public accountants of recognized national standing to the effect that such consolidated financial statements present fairly in
all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied (which report shall be unqualified as to going concern and scope of audit and
shall not contain any explanatory paragraph or paragraph of emphasis with respect to going concern); provided that the requirements
set forth in this clause (a) may be fulfilled by providing to the Administrative Agent for distribution to each Lender the report
filed by the Borrower with the SEC on Form 10-K for the applicable fiscal year;


 




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(b)          within
45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (commencing with the fiscal
quarter ending March 31, 2016), the consolidated statement of assets and liabilities and the related consolidated statements of
operations, changes in net assets and cash flows and related schedule of investments of the Borrower and its Subsidiaries on a
consolidated basis as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth
in each case in comparative form the figures for (or, in the case of the statement of assets and liabilities, as of the end of)
the corresponding period or periods of the previous fiscal year (to the extent such information is available for the previous fiscal
year), all certified by a Financial Officer of the Borrower as presenting fairly in all material respects the financial condition
and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied,
subject to normal year-end audit adjustments and the absence of footnotes; provided that the requirements set forth in this
clause (b) may be fulfilled by providing to the Administrative Agent for distribution to each Lender the report filed by the Borrower
with the SEC on Form 10-Q for the applicable quarterly period;


 


(c)          concurrently
with any delivery of financial statements under clause (a) or (b) of this Section, a certificate of a Financial Officer of the
Borrower (i) to the extent the requirements in clause (a) and (b) are not fulfilled by the Borrower delivering the applicable report
delivered to (or filed with) the SEC, certifying that such statements are consistent with the financial statements filed by the
Borrower with the SEC, (ii) certifying as to whether the Borrower has knowledge that a Default has occurred and, if a Default has
occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (iii) setting forth
reasonably detailed calculations demonstrating compliance with Sections 6.01(b), (c), (d) and (e), 6.02(f), 6.03(e), (h), 6.04(i),
6.05(b) and 6.07, (iv) stating whether any change in GAAP as applied by (or in the application of GAAP by) the Borrower has occurred
since the Restatement Effective Date (but only if the Borrower has not previously reported such change to the Administrative Agent
and if such change has had a material effect on the financial statements) and, if any such change has occurred (and has not been
previously reported to the Administrative Agent), specifying the effect of such change on the financial statements accompanying
such certificate, (v) attaching a list of Subsidiaries as of the date of delivery of such certificate or a confirmation that there
is no change in such information since the date of the last such list and (vi) providing a reconciliation of any difference between
the assets and liabilities of the Borrower and its consolidated Subsidiaries presented in such financing statements and the assets
and liabilities of the Borrower and its Subsidiaries for purposes of calculating the financial covenants in Section 6.07;


 


(d)          as
soon as available and in any event not later than twenty (20) calendar days after the end of each monthly accounting period (ending
on the last day of each calendar month and commencing with the month ended December 31, 2015) of the Borrower and its Subsidiaries,
a Borrowing Base Certificate as of the last day of such accounting period, including an Excel schedule containing such additional
information as shall have been mutually agreed with the Administrative Agent;


 


(e)          promptly
but no later than two Business Days after the Borrower shall at any time have knowledge that there is a Borrowing Base Deficiency
or knowledge that the Borrowing Base has declined by more than 15% from the Borrowing Base stated in the Borrowing Base Certificate
last delivered by the Borrower to the Administrative Agent, a Borrowing Base Certificate as at the date the Borrower has knowledge
of such Borrowing Base Deficiency or decline indicating the amount of the Borrowing Base Deficiency or decline as at the date the
Borrower obtained knowledge of such deficiency and the amount of the Borrowing Base Deficiency or decline as of the date not earlier
than two Business Days prior to the date the Borrowing Base Certificate is delivered pursuant to this paragraph;


 




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(f)          promptly
upon receipt thereof copies of all significant written reports submitted to the management or board of directors of the Borrower
by the Borrower’s independent public accountants in connection with each annual, interim or special audit or review of any
type of the financial statements or related internal control systems of the Borrower or any of its Subsidiaries delivered by such
accountants to the management or board of directors of the Borrower;


 


(g)          promptly
after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials sent to
stockholders and filed by the Borrower or any of its Subsidiaries with the SEC or with any national securities exchange, as the
case may be;


 


(h)          within
45 days after the end of each fiscal quarter of the Borrower, all internal and external
valuation reports relating to the Eligible Portfolio Investments (including all valuation reports delivered by the Approved
Third-Party Appraiser in connection with the quarterly appraisals of Unquoted Investments in accordance with Section 5.12(b)(ii)(B)),
and any other information relating to the Eligible Portfolio Investments as reasonably requested by the Administrative Agent or
any Lender;


 


(i)          within
45 days after the initial closing of each Eligible Portfolio Investment that is acquired, made or entered into after the Restatement
Effective Date, all underwriting memoranda for such Eligible Portfolio Investment;


 


(j)          to
the extent not otherwise provided by the Custodian, within thirty (30) days after the end of each month, updated copies of custody
reports (including (i) activity reports with respect to cash and Cash Equivalents included in the calculation of the Borrowing
Base and (ii) to the extent available, an itemized list of each Portfolio Investment held in any Custodian Account owned by the
Borrower or any Subsidiary) with respect to any Custodian Account owned by the Borrower or any of its Subsidiaries;


 


(k)          within
45 days after the end of each fiscal quarter of the Borrower commencing with the first fiscal quarter to end on or after the date
on which the Borrower has any Financing Subsidiary, a certificate of a Financial Officer of the Borrower certifying that attached
thereto is a complete and correct description of all Portfolio Investments as of the date thereof, including, with respect to each
such Portfolio Investment, the name of the Borrower or Subsidiary holding such Portfolio Investment and the name of the issuer
of such Portfolio Investment;


 


(l)          promptly
following any request therefor, such other information regarding the operations, business affairs and financial condition of the
Borrower or any of its Subsidiaries, or compliance with the terms of this Agreement and the other Loan Documents, as the Administrative
Agent or any Lender may reasonably request; and


 




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(m)          to
the extent such information is not otherwise available in the financial statements delivered pursuant to clause (a) or (b) of this
Section 5.01, upon the reasonable request of the Administrative Agent prior to the end of the applicable fiscal quarter or year,
the Borrower shall deliver within 45 days after the end of each of the first three (3) fiscal quarters of each fiscal year of the
Borrower and ninety (90) days after the end of each fiscal year of the Borrower, a schedule setting forth in reasonable detail
with respect to each Portfolio Investment where there has been a realized gain or loss in the most recently completed fiscal quarter,
(i) the cost basis of such Portfolio Investment, (ii) the realized gain or loss associated with such Portfolio Investment, (iii)
the associated reversal of any previously unrealized gains or losses associated with such Portfolio Investment, (iv) the proceeds
received with respect to such Portfolio Investment representing repayments of principal during the most recently ended fiscal quarter,
and (v) any other amounts received with respect to such Portfolio Investment representing exit fees or prepayment penalties during
the most recently ended fiscal quarter.


 


Section 5.02.         Notices
of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following:


 


(a)          the
occurrence of any Default (provided that if such Default is subsequently cured within the time periods set forth herein, the failure
to provide notice of such Default shall not itself result in an Event of Default hereunder);


 


(b)          the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting
the Borrower or any of its Affiliates that, if adversely determined, could reasonably be expected to result in a Material Adverse
Effect;


 


(c)          the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected
to result in liability of the Borrower or any ERISA Affiliate in an aggregate amount exceeding $2,500,000; and


 


(d)          any
other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.


 


Each notice delivered under this Section shall
be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the
event or development requiring such notice and any action taken or proposed to be taken with respect thereto.


 


Section 5.03.         Existence;
Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary
to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises
material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation
or dissolution permitted under Section 6.03.


 


Section 5.04.         Payment
of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including tax liabilities
and material contractual obligations, that, if not paid, could reasonably be expected to result in a Material Adverse Effect before
the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith
by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto
in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in
a Material Adverse Effect.


 




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Section 5.05.         Maintenance
of Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property
material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain,
with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained
by companies engaged in the same or similar business, operating in the same or similar locations, and (c) after the request of
the Administrative Agent, promptly deliver to the Administrative Agent any certificate or certificates from the Borrower’s
insurance broker or other documentary evidence, in each case demonstrating the effectiveness of, or any changes to, such insurance.


 


Section 5.06.         Books
and Records; Inspection and Audit Rights.


 


(a)          Books
and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to, keep books of record and account
in accordance with GAAP. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by
the Administrative Agent or any Lender, upon reasonable prior notice to the Borrower, at the sole expense of the Borrower, to (i)
visit and inspect its properties, to examine and make extracts from its books and records, and (ii) discuss its affairs, finances
and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested;
provided that the Borrower or such Subsidiary shall be entitled to have its representatives and advisors present during
any inspection of its books and records; provided, further, that the Borrower shall not be required to pay for more
than two such visits and inspections in any calendar year unless an Event of Default has occurred and is continuing at the time
of any subsequent visits and inspections during such calendar year.


 


(b)          Audit
Rights. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by Administrative
Agent (including any consultants, accountants, lawyers and appraisers retained by the Administrative Agent) to conduct evaluations
and appraisals of the Borrower’s computation of the Borrowing Base and the assets included in the Borrowing Base (including,
for clarity, audits of any Agency Accounts, funds transfers and custody procedures), all at such reasonable times and as often
as reasonably requested. The Borrower shall pay the reasonable, documented fees and expenses of representatives retained by the
Administrative Agent to conduct any such evaluation or appraisal; provided that the Borrower shall not be required to pay
such fees and expenses for more than one such evaluation or appraisal during any calendar year unless an Event of Default has occurred
and is continuing at the time of any subsequent evaluation or appraisal during such calendar year. The Borrower also agrees to
modify or adjust the computation of the Borrowing Base and/or the assets included in the Borrowing Base, to the extent required
by the Administrative Agent or the Required Lenders as a result of any such evaluation or appraisal indicating that such computation
or inclusion of assets is not consistent with the terms of this Agreement, provided that if the Borrower demonstrates that
such evaluation or appraisal is incorrect, the Borrower shall be permitted to re-adjust its computation of the Borrowing Base.


 




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(c)          Notwithstanding
the foregoing, nothing contained in this Section 5.06 shall impair or affect the rights of the Administrative Agent under
Section 5.12(b)(ii)(I) in any respect.


 


Section 5.07.         Compliance
with Laws and Agreements. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations,
including the Investment Company Act (if applicable to such Person), and orders of any Governmental Authority applicable to it
(including orders issued by the SEC) or its property and all indentures, agreements and other instruments, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Policies and
procedures will be maintained and enforced by or on behalf of the Borrower that are designed in good faith and in a commercially
reasonable manner to promote and achieve compliance, in the reasonable judgment of the Borrower, by the Borrower and each of its
Subsidiaries and (when acting on behalf of the Borrower or any of its Subsidiaries) their respective directors, officers, employees
and agents with any applicable Anti-Corruption Laws, giving due regard to the nature of such Person’s business and activities.


 


Section 5.08.         Certain
Obligations Respecting Subsidiaries; Further Assurances.


 


		(a)	Subsidiary Guarantors.



 


(i)          In
the event that (1) the Borrower or any of its Subsidiaries shall form or acquire any new Subsidiary (other than a Financing Subsidiary,
a CFC or a Transparent Subsidiary), or that any other Person shall become a “Subsidiary” within the meaning of the
definition thereof (other than a Financing Subsidiary, a CFC or a Transparent Subsidiary), (2) any SBIC Subsidiary shall no longer
constitute a “SBIC Subsidiary” pursuant to the definition thereof (in which case such Person shall be deemed to be
a “new” Subsidiary for purposes of this Section 5.08), (3) any Structured Subsidiary shall no longer constitute a “Structured
Subsidiary” pursuant to the definition thereof (including, for the avoidance of doubt, if such Structured Subsidiary ceases
to have, in full force and effect, financing provided by an unaffiliated third party) (in which case such Person shall be deemed
to be a “new” Subsidiary for purposes of this Section 5.08), (4) any CFC shall no longer constitute a “CFC”
pursuant to the definition thereof (in which case such Person shall be deemed to be a “new” Subsidiary for purposes
of this Section 5.08) or (5) any Transparent Subsidiary shall no longer constitute a “Transparent Subsidiary” pursuant
to the definition thereof (in which case such Person shall be deemed to be a “new” Subsidiary for purposes of this
Section 5.08), the Borrower will, in each case, on or before thirty (30) days following such Person becoming a Subsidiary or such
Financing Subsidiary, CFC or Transparent Subsidiary, as the case may be, no longer qualifying as such, cause such new Subsidiary
or former Financing Subsidiary, former CFC or former Transparent Subsidiary, as the case may be, to become a “Subsidiary
Guarantor” (and, thereby, an “Obligor”) under the Guarantee and Security Agreement pursuant to a Guarantee Assumption
Agreement and to deliver such proof of corporate or other action, incumbency of officers, opinions of counsel and other documents
as the Administrative Agent shall have reasonably requested.


 




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(ii)         The
Borrower acknowledges that the Administrative Agent and the Lenders have agreed to exclude each Structured Subsidiary as an Obligor
only for so long as such Person qualifies as a “Structured Subsidiary” pursuant to the definition thereof, and thereafter
such Person shall no longer constitute a “Structured Subsidiary” for any purpose of this Agreement or any other Loan
Document; provided, however, that, notwithstanding anything to the contrary contained herein, so long as (1) no Default
exists, (2) the Borrowing Base is at least 115% of the Covered Debt Amount at all times during the period in which such Subsidiary
no longer constitutes a “Structured Subsidiary”, (3) such Subsidiary no longer constitutes a “Structured Subsidiary”
solely for failing to satisfy clause (d)(1) of the definition thereof and (4) the Borrower delivers to the Administrative Agent
a certificate of a Financial Officer certifying as to each of the foregoing conditions, such Subsidiary may be redesignated a “Structured
Subsidiary” to the extent that (x) at the time such Subsidiary fails to qualify as a “Structured Subsidiary”,
such Subsidiary is in good faith negotiating with an unaffiliated third party to provide such Subsidiary with third party financing
and (y) within thirty (30) days of the date on which such Subsidiary fails to qualify as a “Structured Subsidiary”,
such Subsidiary enters into definitive documentation relating to such third party financing; provided, further, that
it is expressly agreed that if such third party financing is not obtained within such 30-day period, the Borrower shall immediately
cause such Subsidiary to become a “Subsidiary Guarantor” in accordance with Section 5.08(a)(i) (and it will be an Event
of Default hereunder if such Subsidiary has not become a “Subsidiary Guarantor” in accordance with Section 5.08(a)(i)
on such 30th day).


 


(iii)        The
Borrower acknowledges that the Administrative Agent and the Lenders have agreed to exclude each SBIC Subsidiary as an Obligor only
for so long as such Person qualifies as an “SBIC Subsidiary” pursuant to the definition thereof, and thereafter such
Person shall no longer constitute an “SBIC Subsidiary” for any purpose of this Agreement or any other Loan Document.


 


(b)          Ownership
of Subsidiaries. The Borrower will, and will cause each of its Subsidiaries to, take such action from time to time as shall
be necessary to ensure that each of its Subsidiaries is a wholly owned Subsidiary.


 


(c)          Further
Assurances. The Borrower will, and will cause each of the Subsidiary Guarantors to, take such action from time to time as shall
reasonably be requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement. Without limiting
the generality of the foregoing, the Borrower will, and will cause each of the Subsidiary Guarantors, to:


 


(i)          take
such action from time to time (including filing appropriate Uniform Commercial Code financing statements and executing and delivering
such assignments, security agreements and other instruments) as shall be reasonably requested by the Administrative Agent to create,
in favor of the Collateral Agent for the benefit of the Lenders (and any affiliate thereof that is a party to any Hedging Agreement
entered into with the Borrower) and the holders of any Secured Longer-Term Indebtedness, perfected first-priority security interests
and Liens in the Collateral; provided that any such security interest or Lien shall be subject to the relevant requirements
of the Security Documents;


 




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(ii)         with
respect to each deposit account or securities account of the Obligors (other than (A) any such accounts that are maintained by
the Borrower in its capacity as “servicer” for a Financing Subsidiary or any Agency Account, (B) any such accounts
which hold solely money or financial assets of a Financing Subsidiary, (C) any payroll account so long as such payroll account
is coded as such, (D) withholding tax and fiduciary accounts or any trust account maintained solely on behalf of a Portfolio Investment,
(E) checking accounts of the Obligors that do not contain, at any one time, an aggregate balance in excess of $1,000,000, provided
that Borrower will, and will cause each of its Subsidiary Guarantors to, use commercially reasonable efforts to obtain control
agreements governing any such account in this clause (E), and (F) any account in which the aggregate value of deposits therein,
together with all other such accounts under this clause (F), does not at any time exceed $75,000, provided that in the case of
each of the foregoing clauses (A) through (F), no other Person (other than the depository institution at which such account is
maintained) shall have “control” (within the meaning of the Uniform Commercial Code) over such account, cause each
bank or securities intermediary (within the meaning of the Uniform Commercial Code) to enter into such arrangements with the Collateral
Agent as shall be appropriate in order that the Collateral Agent has “control” over each such deposit account or securities
account (each, a “Control Account”) and in that connection, the Borrower agrees, subject to Sections 5.08(c)(iv)
and (v) below, to cause all cash and other proceeds of Portfolio Investments received by any Obligor to be immediately deposited
into a Control Account (or otherwise delivered to, or registered in the name of, the Collateral Agent) and, both prior to and following
such deposit, delivery or registration such cash and other proceeds shall be held in trust by the Borrower for the benefit and
as the property of the Collateral Agent and shall not be commingled with any other funds or property of such Obligor or any other
Person (including with any money or financial assets of the Borrower in its capacity as “servicer” for a Structured
Subsidiary, or any money or financial assets of a Structured Subsidiary, or any money or financial assets of the Borrower in its
capacity as an agent or administrative agent for any other Bank Loans subject to Section 5.08(c)(v) below));


 


(iii)        cause
the Financing Subsidiaries to execute and deliver to the Administrative Agent such certificates and agreements, in form and substance
reasonably satisfactory to the Administrative Agent, as it shall determine are necessary to confirm that such Financing Subsidiary
qualifies or continues to qualify as a “Structured Subsidiary” or an “SBIC Subsidiary”, as applicable,
pursuant to the definitions thereof;


 


(iv)        in
the case of any Portfolio Investment consisting of a Bank Loan (as defined in Section 5.13) that does not constitute all of the
credit extended to the underlying borrower under the relevant underlying loan documents and a Financing Subsidiary holds any interest
in the loans or other extensions of credit under such loan documents, (x)(1) cause the interest owned by such Financing Subsidiary
to be evidenced by a separate note or notes which note or notes are either (A) in the name of such Financing Subsidiary or (B)
in the name of the Borrower, endorsed in blank and delivered to the applicable Financing Subsidiary and beneficially owned by the
Financing Subsidiary (or, in the case of a Noteless Assigned Loan (as defined in Section 5.13), cause the interest owned
by such Financing Subsidiary to be evidenced by separate assignment documentation contemplated by paragraph 2 of Schedule 1.01(d)
in the name of such Financing Subsidiary) and (2) not permit such Financing Subsidiary to have a participation acquired from an
Obligor in such underlying loan documents and the extensions of credit thereunder or any other indirect interest therein acquired
from an Obligor; and (y) ensure that, subject to Section 5.08(c)(v) below, all amounts owing to any Obligor by the underlying borrower
or other obligated party are remitted by such borrower or obligated party (or the applicable administrative agents, collateral
agents or equivalent Person) directly to the Custodian Account and no other amounts owing by such underlying borrower or obligated
party are remitted to the Custodian Account;


 




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(v)         in
the event that any Obligor is acting as an agent or administrative agent under any loan documents with respect to any Bank Loan
(or is acting in an analogous agency capacity under any agreement related to any Portfolio Investment) and such Obligor does not
hold all of the credit extended to the underlying borrower or issuer under the relevant underlying loan documents or other agreements,
ensure that (1) all funds held by such Obligor in such capacity as agent or administrative agent are segregated from all other
funds of such Obligor and clearly identified as being held in an agency capacity (an “Agency Account”); (2)
all amounts owing on account of such Bank Loan or Portfolio Investment by the underlying borrower or other obligated party are
remitted by such borrower or obligated party to either (A) such Agency Account or (B) directly to an account in the name of the
underlying lender to whom such amounts are owed (for the avoidance of doubt, no funds representing amounts owing to more than
one underlying lender may be remitted to any single account other than the Agency Account); and (3) within two (2) Business Days
after receipt of such funds, such Obligor acting in its capacity as agent or administrative agent shall distribute any such funds
belonging to any Obligor to the Custodian Account (provided that if any distribution referred to in this clause (c) is not permitted
by applicable bankruptcy law to be made within such two-Business Day period as a result of the bankruptcy of the underlying borrower,
such Obligor shall use commercially reasonable efforts to obtain permission to make such distribution and shall make such distribution
as soon as legally permitted to do so);


 


(vi)        cause
the documentation relating to each Investment in Indebtedness described in paragraph 1 of Schedule 1.01(d) to be delivered to the
Custodian as provided therein; and


 


(vii)       in
the case of any Portfolio Investment held by any Financing Subsidiary, including any cash collection related thereto, ensure that
such Portfolio Investment shall not be held in any Custodian Account, or any other account of any Obligor.


 


Section 5.09.         Use
of Proceeds. The Borrower will use the proceeds of the Loans only for general corporate purposes of the Borrower and its Subsidiaries
(other than the Financing Subsidiaries except as expressly permitted under Section 6.03(e) or (f)) in the ordinary course of business,
including making distributions not prohibited by this Agreement and the acquisition and funding (either directly or through one
or more wholly owned Subsidiary Guarantors) of leveraged loans, mezzanine loans, high-yield securities, convertible securities,
preferred stock, common stock and other Portfolio Investments; provided that neither the Administrative Agent nor any Lender
shall have any responsibility as to the use of any of such proceeds. No part of the proceeds of any Loan will be used in violation
of applicable law or, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying
any Margin Stock. On the first day (if any) an Obligor acquires any Margin Stock or at any other time requested by the Administrative
Agent or any Lender, the Borrower shall furnish to the Administrative Agent and each Lender a statement to the foregoing effect
in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. Margin Stock shall
be purchased by the Obligors only with the proceeds of Indebtedness not directly or indirectly secured by Margin Stock (within
the meaning of Regulation U), or with the proceeds of equity capital of the Borrower.


 




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Section 5.10.         Status
of RIC and BDC. The Borrower shall at all times maintain its status as a RIC under the Code, and as a “business development
company” under the Investment Company Act.


 


Section 5.11.         Investment
Policies. The Borrower shall at all times be in compliance in all material respects with its Investment Policies.


 


Section 5.12.         Portfolio
Valuation and Diversification Etc.; Risk Factor Ratings;


 


(a)          Industry
Classification Groups. For purposes of this Agreement, the Borrower shall assign each Eligible Portfolio Investment to an
Industry Classification Group as reasonably determined by the Borrower. To the extent that the Borrower reasonably determines
that any Eligible Portfolio Investment is not adequately correlated with the risks of other Eligible Portfolio Investments in
an Industry Classification Group, such Eligible Portfolio Investment may be assigned by the Borrower to an Industry Classification
Group that is more closely correlated to such Eligible Portfolio Investment. 


 


(b)          Portfolio
Valuation Etc.


 


(i)          Settlement-Date
Basis. For purposes of this Agreement, all determinations of whether an investment is to be included as an Eligible Portfolio
Investment shall be determined on a settlement-date basis (meaning that any investment that has been purchased will not be treated
as an Eligible Portfolio Investment until such purchase has settled, and any Eligible Portfolio Investment which has been sold
will not be excluded as an Eligible Portfolio Investment until such sale has settled), provided that no such investment shall be
included as an Eligible Portfolio Investment to the extent it has not been paid for in full.


 


(ii)         Determination
of Values. The Borrower will conduct reviews of the value to be assigned to each of its Eligible Portfolio Investments as follows:


 


(A)         Quoted
Investments External Review. With respect to Eligible Portfolio Investments (including Cash Equivalents) for which market quotations
are readily available and are reflective of an actual trade executed within a reasonable period of such quotation (“Quoted
Investments”), the Borrower shall, not less frequently than once each calendar week, determine the market value of such
Quoted Investments which shall, in each case, be determined in accordance with one of the following methodologies as selected by
the Borrower (each such value, an “External Quoted Value”):


 




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(w)          in
the case of public and 144A securities, the average of the bid prices as determined by two Approved Dealers selected by the Borrower,


 


(x)          in
the case of Bank Loans, the average of the bid prices as determined by two Approved Dealers selected by the Borrower,


 


(y)          in
the case of any Quoted Investment traded on an exchange, the closing price for such Eligible Portfolio Investment most recently
posted on such exchange, and


 


(z)          in
the case of any other Quoted Investment, the fair market value thereof as determined by an Approved Pricing Service; and


 


(B)         Unquoted
Investments External Review. With respect to Eligible Portfolio Investments for which market quotations are not readily available
(“Unquoted Investments”), other than No External Review Assets, the Borrower shall request an Approved Third-Party
Appraiser to assist the Board of Directors of the Borrower in determining the fair market value of such Unquoted Investments, as
at the last day of each fiscal quarter following the Original Effective Date (each such value, an “External Unquoted Value”)
and to provide the Board of Directors with a written independent valuation report as part of that assistance each quarter. Each
such valuation report shall also include the information required to comply with paragraph 8 and paragraph 22 of Schedule 1.01(d).


 


(C)         Internal
Review. The Borrower shall conduct internal reviews to determine the value of all Eligible Portfolio Investments at least once
each calendar week which shall take into account any events of which the Borrower has knowledge that adversely affect the value
of any Eligible Portfolio Investment (each such value, an “Internal Value”).


 


(D)         Value
of Quoted Investments. Subject to clauses (G), (H) and (I) of this Section 5.12(b)(ii), the “Value” of each Quoted
Investment for all purposes of this Agreement shall be the lowest of (1) the Internal Value of such Quoted Investment as most recently
determined by the Borrower pursuant to Section 5.12(b)(ii)(C), (2) the External Quoted Value of such Quoted Investment as
most recently determined pursuant to Section 5.12(b)(ii)(A) and (3) 102% of the par or face value of the such Quoted Investment
(or, in the case of Preferred Stock, the Liquidation Preference thereof without taking into account any Accretive Value).


 


(E)         Value
of Unquoted Investments. Subject to clauses (G), (H) and (I) of this Section 5.12(b)(ii),


 




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(I)        if the Internal Value
of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C) falls below the range
of the External Unquoted Value of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B), then
the “Value” of such Unquoted Investment for all purposes of this Agreement shall be deemed to be the lower of (i) the
Internal Value and (ii) 102% of the par or face value of such Unquoted Investment (or, in the case of Preferred Stock, the Liquidation
Preference thereof without taking into account any Accretive Value);


 


(II)       if
the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C) falls
above the range of the External Unquoted Value of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B),
then the “Value” of such Unquoted Investment for all purposes of this Agreement shall be deemed to be the lower of
(i) the midpoint of the range of the External Unquoted Value and (ii) 102% of the par or face value of such Unquoted Investment
(or, in the case of Preferred Stock, the Liquidation Preference thereof without taking into account any Accretive Value); and


 


(III)      if
the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C) is
within the range of the External Unquoted Value of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B),
then the “Value” of such Unquoted Investment for all purposes of this Agreement shall be deemed to be the lower of
(i) the Internal Value and (ii) 102% of the par or face value of such Unquoted Investment (or, in the case of Preferred Stock,
the Liquidation Preference thereof without taking into account any Accretive Value);


 


except that:


 


(w)          if
the difference between the highest and lowest External Unquoted Value in such range exceeds an amount equal to 6% of the midpoint
of such range, the “Value” of such Unquoted Investment shall instead be deemed to be the lowest of (i) the lowest External
Unquoted Value in such range, (ii) the Internal Value determined pursuant to Section 5.12(b)(ii)(C), and (iii) 102% of the par
or face value of such Unquoted Investment (or, in the case of Preferred Stock, the Liquidation Preference thereof without taking
into account any Accretive Value); and


 


(x)          [intentionally
omitted]; and


 


(y)          the
“Value” of any Unquoted Investment acquired during a fiscal quarter shall be deemed to be equal to the lower of the
cost of such Unquoted Investment and the Internal Value of such Unquoted Investment until such time as the External Unquoted Value
of such Unquoted Investment is determined in accordance with the provisions of Section 5.12(b)(ii)(E) as at the last day
of such fiscal quarter.


 




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(F)         Actions
Upon a Borrowing Base Deficiency. If, based upon such weekly internal review, the Borrower determines that a Borrowing Base
Deficiency exists or that the Borrowing Base has declined by more than 15% from the Borrowing Base stated in the Borrowing Base
Certificate last delivered by the Borrower to the Administrative Agent, then the Borrower shall, promptly and in any event within
two Business Days as provided in Section 5.01(e), deliver a Borrowing Base Certificate reflecting the new amount of the Borrowing
Base and shall take the actions, and make the payments and prepayments (if any), all as more specifically set forth in Section
2.08(c).


 


(G)         Failure
to Determine Values. If the Borrower shall fail to determine the value of any Eligible Portfolio Investment as at any date
pursuant to the requirements (but subject to the exclusions) of the foregoing sub-clauses (A), (B), (C), (D) or (E), then the “Value”
of such Eligible Portfolio Investment as at such date shall be deemed to be zero.


 


(H)         Adjustment
of Values. Notwithstanding anything herein to the contrary, the Administrative Agent, in its sole and absolute discretion exercised
in good faith, may, and upon the request of Required Lenders, shall, revise the Value of any Eligible Portfolio Investment (in
which case the “Value” of such Eligible Portfolio Investment shall for all purposes hereof be deemed to be the Value
assigned by the Administrative Agent) and/or exclude any Eligible Portfolio Investment from the Borrowing Base entirely, so long
as the aggregate reduction in the Borrowing Base resulting from all such revisions and exclusions in any fiscal quarter does not
exceed 7.5%. Any such revision or exclusion shall be effective ten Business Days after the Administrative Agent’s delivery
of notice thereof to the Borrower.


 


(I)         Testing
of Values; Valuation Dispute Resolution. Notwithstanding the foregoing, the Administrative Agent shall at any time have the
right to request any Unquoted Investment be independently valued by an Approved Third-Party Appraiser retained by the Administrative
Agent. There shall be no limit on the number of such appraisals requested by the Administrative Agent and the costs of any such
valuation shall be at the expense of the Borrower. If the difference between the Borrower’s valuation pursuant to Section
5.12(b)(ii)(E) and the valuation of any Approved Third-Party Appraiser retained by the Administrative Agent pursuant to this Section
5.12(b)(ii)(I) is (1) less than 7.5% of the value thereof, then the Borrower’s valuation pursuant to Section 5.12(b)(ii)(E)
shall be used, (2) between 7.5% and 20% of the value thereof, then the valuation of such Portfolio Investment shall be the average
of the value determined by the Borrower pursuant to Section 5.12(b)(ii)(E) and the value determined by the Approved Third-Party
Appraiser retained by the Administrative Agent pursuant to this Section 5.12(b)(ii)(I) and (3) greater than 20% of the value thereof,
then the valuation of such Portfolio Investment shall be the lesser of the Borrower’s valuation pursuant to Section 5.12(b)(ii)(E)
and the valuation of any Approved Third-Party Appraiser retained by the Administrative Agent pursuant to this Section 5.12(b)(ii)(I).


 




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(c)          Investment
Company Diversification Requirements. The Borrower (together with its Subsidiaries to the extent required by the Investment
Company Act) will at all times comply with the portfolio diversification and similar requirements set forth in the Investment
Company Act applicable to business development companies. The Borrower will at all times, subject to applicable grace periods
set forth in the Code, comply with the portfolio diversification and similar requirements set forth in the Code applicable to
RICs.


 


Section 5.13.         Calculation
of Borrowing Base. For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any
date of determination, as the sum of the products obtained by multiplying (x) the Value of each Eligible Portfolio Investment
by (y) the applicable Advance Rate, expressed as a fraction; provided that:


 


(a)          the
Advance Rate applicable to the aggregate Value of all Eligible Portfolio Investments in their entirety shall be 0% at any time
when the Borrowing Base is composed entirely of Eligible Portfolio Investments issued by less than 15 different issuers;


 


(b)          with
respect to all Eligible Portfolio Investments issued by a single issuer, the Advance Rate applicable to that portion of the Value
of such Eligible Portfolio Investments that exceeds 7.5% of the Obligors’ Net Worth shall be 0%; provided that, with
respect to each of the six (6) largest Portfolio Companies (based on the fair value of the Eligible Portfolio Investments), only
that portion of the Eligible Portfolio Investments issued by such Portfolio Company that exceeds 10% of the Obligors’ Net
Worth shall have an Advance Rate of 0%;


 


(c)          if
at any time the weighted average Risk Factor of all Eligible Portfolio Investments in the Borrowing Base (based on the fair value
of such Eligible Portfolio Investments) exceeds 3105, the Borrowing Base shall be reduced by removing Eligible Portfolio Investments
therefrom (but not from the Collateral) to the extent necessary to cause the weighted average Risk Factor of all Eligible Portfolio
Investments in the Borrowing Base to be no greater than 3105 (subject to all other constraints, limitations and restrictions set
forth herein);


 


(d)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments with a Risk Factor higher than 3490 shall not exceed
25% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not
from the Collateral) to the extent such portion would otherwise exceed 25% of the Borrowing Base;


 


(e)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are not Cash, Cash Equivalents, Long-Term U.S.
Government Securities or First Lien Bank Loans shall not exceed 70% of the Borrowing Base and the Borrowing Base shall be reduced
by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed
70% of the Borrowing Base;


 


(f)          the
portion of the Borrowing Base attributable to Noteless Assigned Loans shall not exceed 25% of the Borrowing Base and the Borrowing
Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion
would otherwise exceed 25% of the Borrowing Base;


 




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(g)          if
at any time the Weighted Average Leverage Ratio is greater than 4.5, the Borrowing Base shall be reduced by removing Debt Eligible
Portfolio Investments therefrom (but not from the Collateral) to the extent necessary to cause the Weighted Average Leverage Ratio
to be no greater than 4.5 (subject to all other constraints, limitations and restrictions set forth herein);


 


(h)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments in each of the Industry Classification Groups that
are part of the Two Largest Industry Classification Groups shall, in each case, not exceed 20% of the Borrowing Base and the Borrowing
Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion
would otherwise exceed 20% of the Borrowing Base;


 


(i)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments in any single Industry Classification Group (other
than each of the Industry Classification Groups that are part of the Two Largest Industry Classification Groups) shall not exceed
15% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not
from the Collateral) to the extent such portion would otherwise exceed 15% of the Borrowing Base;


 


(j)          if
at any time the weighted average maturity of all Debt Eligible Portfolio Investments (based on the fair value of such Eligible
Portfolio Investments to the extent included in the Borrowing Base) exceeds 5.0 years, the Borrowing Base shall be reduced by removing
Debt Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary to cause the weighted average
maturity of all Debt Eligible Portfolio Investments included in the Borrowing Base to be no greater than 5.0 years (subject to
all other constraints, limitations and restrictions set forth herein);


 


(k)          the
portion of the Borrowing Base attributable to Debt Eligible Portfolio Investments with a maturity greater than 7 years shall not
exceed 15% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but
not from the Collateral) to the extent such portion would otherwise exceed 15% of the Borrowing Base;


 


(l)          the
portion of the Borrowing Base attributable to PIK Obligations, DIP Loans, Covenant-Lite Loans and Preferred Stock shall not exceed
20% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not
from the Collateral) to the extent such portion would otherwise exceed 20% of the Borrowing Base; provided, that the portion
of the Borrowing Base attributable to Preferred Stock in the aggregate shall not exceed 10% of the Borrowing Base and the Borrowing
Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion
would otherwise exceed 10% of the Borrowing Base;


 




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(m)          if
at any time the Weighted Average Fixed Coupon (after giving effect to any Hedging Agreement) is less than the greater of (i) 8%
and (ii) the one-month LIBO Rate plus 4.5%, the Borrowing Base shall be reduced by removing Debt Eligible Portfolio Investments
therefrom (but not from the Collateral) to the extent necessary to cause the Weighted Average Fixed Coupon to be at least equal
to the greater of (x) 8% and (y) LIBO Rate plus 4.5% (subject to all other constraints, limitations and restrictions set forth
herein);


 


(n)          if
at any time the Weighted Average Floating Spread (after giving effect to any Hedging Agreement) is less than 4.5%, the Borrowing
Base shall be reduced by removing Debt Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary
to cause the Weighted Average Floating Spread to be at least 4.5% (subject to all other constraints, limitations and restrictions
set forth herein);


 


(o)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are Low Risk Assets shall be at least 40% of
the Borrowing Base, and the Borrowing Base shall be reduced by removing therefrom (but not from the Collateral) Eligible Portfolio
Investments that are not Low Risk Assets so that the portion of the Borrowing Base attributable to Low Risk Assets will be at least
40% of the Borrowing Base;


 


(p)          no
portion of the Borrowing Base shall be attributable to (a) any (i) Equity Interests (other than Preferred Stock), (ii) warrants,
options or other rights for the purchase or acquisition of Equity Interests or (iii) securities convertible into or exchangeable
for shares of Equity Interests, (b) any Affiliate Investment or (c) any Structured Finance Obligation;


 


(q)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments issued by Portfolio Companies with a trailing twelve
month total debt to EBITDA ratio of greater than 6.0 shall not exceed 15% of the Borrowing Base and the Borrowing Base shall be
reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise
exceed 15% of the Borrowing Base;


 


(r)          to
the extent that the fair value of the No External Review Assets included in the Borrowing Base exceeds 10% of the Borrowing Base
(without taking into account any No External Review Assets), the Borrowing Base shall be reduced by removing Eligible Portfolio
Investments therefrom (but not from the Collateral) to the extent the fair value of the No External Review Assets included in the
Borrowing Base would otherwise exceed 10% of the Borrowing Base;


 


(s)          the
portion of the Borrowing Base attributable to Foreign Eligible Portfolio Investments shall not exceed 10% of the Borrowing Base
and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the
extent such portion would otherwise exceed 10% of the Borrowing Base;


 




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(t)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are not Cash, Cash Equivalents, Long-Term U.S.
Government Securities, First Lien Bank Loans, Last Out Loans or Second Lien Bank Loans shall not exceed 25% of the Borrowing Base
and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the
extent such portion would otherwise exceed 25% of the Borrowing Base; and


 


(u)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments issued by Third Party Finance Companies shall not
exceed 5% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but
not from the Collateral) to the extent such portion would otherwise exceed 5% of the Borrowing Base.


 


For all purposes of this Section 5.13, all
issuers of Eligible Portfolio Investments that are Affiliates of one another shall be treated as a single issuer (unless such issuers
are Affiliates of one another solely because they are under the common Control of the same private equity sponsor or similar sponsor).
For the avoidance of doubt, no Portfolio Investment shall be an Eligible Portfolio Investment unless, among the other requirements
set forth in this Agreement, (i) such Investment is subject only to Eligible Liens and (ii) such Investment is Transferable. In
addition, as used herein, the following terms have the following meanings:


 


“Advance Rate”
means, as to any Eligible Portfolio Investment and subject to adjustment as provided above, the following percentages with respect
to such Eligible Portfolio Investment:


 


	Eligible Portfolio Investment	 	Unquoted	 	 	Quoted	 
	Cash and Cash Equivalents (including Short-Term U.S. Government Securities)	 	 	n/a	 	 	 	100	%
	Long-Term U.S. Government Securities	 	 	n/a	 	 	 	85	%
	Performing First Lien Bank Loans	 	 	65	%	 	 	70	%
	Performing Last Out Loans	 	 	55	%	 	 	60	%
	Performing Second Lien Bank Loans	 	 	50	%	 	 	60	%
	Performing High Yield Securities	 	 	45	%	 	 	55	%
	Performing Mezzanine Investments and Performing Covenant-Lite Loans	 	 	40	%	 	 	50	%
	Performing DIP Loans	 	 	50	%	 	 	50	%
	Performing PIK Obligations and Performing Preferred Stock	 	 	35	%	 	 	40	%



 


“Bank Loans” means debt obligations
(including, without limitation, term loans, revolving loans, debtor-in-possession financings, the funded portion of revolving credit
lines and letter of credit facilities and other similar loans and investments including interim loans, bridge loans and senior
subordinated loans) that are generally provided under a credit facility or syndicated loan.


 


“Capital Stock” of any Person
means any and all shares of corporate stock (however designated) of and any and all other Equity Interests and participations representing
ownership interests (including membership interests and limited liability company interests) in, such Person.


 




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“Cash” has the meaning assigned
to such term in Section 1.01 of this Agreement.


 


“Cash Equivalents” has the meaning
assigned to such term in Section 1.01 of this Agreement.


 


“Covenant-Lite Loan” means a Bank
Loan that does not contain at least one financial maintenance covenant that is either (a) a total debt to EBITDA ratio of no more
than 5.5 to 1.0, (b) a fixed charge coverage ratio of at least 1.0 to 1.0 or (c) an interest coverage ratio of greater than 1.50
to 1.00.


 


“Debt Eligible Portfolio Investment”
means an Eligible Portfolio Investment which is an Investment in Indebtedness.


 


“Defaulted Obligation” means:


 


(a)          
any Debt Eligible Portfolio Investment as to which (x) a default as to the payment of principal and/or interest has occurred and
is continuing for a period of thirty-two (32) consecutive days with respect to such debt (without regard to any grace period applicable
thereto, or waiver thereof) or (y) a default not set forth in clause (x) has occurred and the holders of such debt have accelerated
all or a portion of the principal amount thereof as a result of such default;


 


(b)          any
Eligible Portfolio Investment that is Preferred Stock as to which the applicable Portfolio Company has failed, with respect to
any class of Preferred Stock of such Portfolio Company, to meet any scheduled redemption obligations or pay its latest declared
cash dividend after the applicable due date (and after giving effect to the expiration of any applicable grace period);


 


(c)          any
Eligible Portfolio Investment (i) as to which a default as to the payment of principal and/or interest has occurred and is continuing
for a period of the lesser of the applicable grace period or five (5) consecutive days on another material debt obligation of the
applicable Portfolio Company which is senior or pari passu in right of payment to such Eligible Portfolio Investment (without regard
to any waiver thereof); (ii) as to which a default as to the payment of principal and/or interest has occurred and is continuing
for a period of the lesser of the applicable grace period or five (5) consecutive days on another material debt obligation of the
applicable Portfolio Company which is junior in right of payment to such Eligible Portfolio Investment (without regard to any waiver
thereof); or (iii) that is a Debt Eligible Portfolio Investment and the Portfolio Company of such Eligible Portfolio Investment
has issued Preferred Stock that is not an Eligible Portfolio Investment and such Portfolio Company has failed to meet, with respect
to such class of Preferred Stock, any scheduled redemption obligations or pay its latest declared cash dividend after the applicable
due date (and after giving effect to the expiration of any applicable grace period);


 




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(d)          any
Eligible Portfolio Investment (i) as to which, with respect to such Eligible Portfolio Investment or any material debt obligation
of the applicable Portfolio Company, a default rate of interest has been and continues to be charged for more than 120 consecutive
days, or a default has occurred and the holders of such debt have accelerated all or a portion of the principal amount thereof
as a result of such default, or foreclosure on collateral for such debt has been commenced and is being pursued by or on behalf
of the holders thereof; or (ii) as to which the applicable Portfolio Company or others have instituted proceedings to have such
Portfolio Company adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed
or such obligor has filed for protection under Chapter 11 of the United States Bankruptcy Code (unless such Eligible Portfolio
Investment is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation under this clause (ii)); and


 


(e)          any
Eligible Portfolio Investment that the Borrower has otherwise declared to be a Defaulted Obligation or has otherwise exercised
significant remedies following a default.


 


“DIP Loan” means
any loan (whether revolving or term) originated after the commencement of a case under Chapter 11 of the Bankruptcy Code by the
Portfolio Company, which is a debtor-in-possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined in
Section 101(13) of the Bankruptcy Code in such case (a “Debtor”)
organized under the laws of the United States or any state therein and domiciled in the United States, which loan satisfies the
following criteria: (a) the DIP Loan is duly authorized by a final order of the applicable bankruptcy court or federal district
court under the provisions of subsection (b), (c) or (d) of 11 U.S.C. Section 364; (b) the Debtor’s bankruptcy case is still
pending as a case under the provisions of Chapter 11 of Title 11 of the Bankruptcy Code and has not been dismissed or converted
to a case under the provisions of Chapter 7 of Title 11 of the Bankruptcy Code; (c) the Debtor’s obligations under such loan
have not been (i) disallowed, in whole or in part, or (ii) subordinated, in whole or in part, to the claims or interests of any
other Person under the provisions of 11 U.S.C. Section 510; (d) the DIP Loan is secured and the Liens granted by the applicable
bankruptcy court or federal district court in relation to the Loan are super-priority Liens and have not been subordinated or junior
to, or pari passu with, in whole or in part, to the Liens of any other lender or creditor under the provisions of 11 U.S.C.
Section 364(d) or otherwise; (e) the Debtor is not in default on its obligations under the loan; (f) neither the Debtor nor any
party in interest has filed a Chapter 11 plan with the applicable federal bankruptcy or district court that, upon confirmation,
would (i) disallow or subordinate the loan, in whole or in part, (ii) subordinate, in whole or in part, any Lien granted in connection
with such loan, (iii) fail to provide for the repayment, in full and in cash, of the loan upon the effective date of such plan
or (iv) otherwise impair, in any manner, the claim evidenced by the loan; (g) the DIP Loan is documented in a form that is commercially
reasonable; (h) the DIP Loan shall not provide for more than 50% (or a higher percentage with the consent of the Required
Lenders) of the proceeds of such loan to be used to repay prepetition obligations owing to all or some of the same lender(s) in
a “roll-up” or similar transaction; (i) no portion of the DIP Loan is payable in consideration other than cash; and
(j) no portion of the DIP Loan has been credit bid under Section 363(k) of the Bankruptcy Code or otherwise.
For the purposes of this definition, an order is a “final order” if the applicable period for filing a motion to reconsider
or notice of appeal in respect of a permanent order authorizing the Debtor to obtain credit has lapsed and no such motion or notice
has been filed with the applicable bankruptcy court or federal district court or the clerk thereof.


 




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“EBITDA” means the consolidated
net income of the applicable Person (excluding extraordinary gains and extraordinary losses (to the extent excluded in the definition
of “EBITDA” in the relevant agreement relating to the applicable Eligible Portfolio Investment)) for the relevant
period plus, without duplication, the following to the extent deducted
in calculating such consolidated net income in the relevant agreement relating
to the applicable Eligible Portfolio Investment for such period: (i) consolidated interest charges for such period, (ii)
the provision for Federal, state, local and foreign income taxes payable for such period, (iii) depreciation and amortization
expense for such period, and (iv) such other adjustments included in
the definition of “EBITDA” (or similar defined term used for the purposes contemplated herein) in the relevant agreement
relating to the applicable Eligible Portfolio Investment, provided that such adjustments are usual and customary and substantially
comparable to market terms for substantially similar debt of other similarly situated borrowers at the time such relevant agreements
are entered into as reasonably determined in good faith by the Borrower.


 


“Eligible Liens” has the meaning
assigned to such term in Section 1.01 of this Agreement.


 


“First Lien Bank Loan” means a
Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest on all or substantially
all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the most senior pre-petition
priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings, provided, however, that, in the
case of accounts receivable and inventory (and the proceeds thereof), such lien and security interest may be second in priority
to a Permitted Prior Working Capital Lien; and further provided that any portion of such a Loan which has a total debt to EBITDA
ratio above 4.00x will be deemed to be a Second Lien Bank Loan. For the avoidance of doubt, in no event shall a First Lien Bank
Loan include a Last Out Loan.


 


“Fixed Rate Portfolio Investment”
means a debt Eligible Portfolio Investment that bears interest at a fixed rate.


 


“Floating Rate Portfolio Investment”
means a debt Eligible Portfolio Investment that bears interest at a floating rate.


 


“High Yield Securities” means
debt Securities, in each case (a) issued by public or private issuers, (b) issued pursuant to an effective registration statement
or pursuant to Rule 144A under the Securities Act (or any successor provision thereunder) and (c) that are not Cash Equivalents,
Mezzanine Investments or Bank Loans.


 


“Last Out Loan” shall mean, with
respect to any Bank Loan that is a term loan structured in a first out tranche and a last out tranche (with the first out tranche
entitled to a lower interest rate but priority with respect to payments), that portion of such Bank Loan that is the last out tranche;
provided that:


 


(a) such last out tranche is entitled (along with the first
out tranche) to the benefit of a first lien and first priority perfected security interest on all or substantially all of the assets
of the respective borrower and guarantors obligated in respect thereof, and which has the most senior pre-petition priority in
any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings;


 


(b) the ratio of (x) the amount of the first out tranche to
(y) EBITDA of the underlying obligor does not at any time exceed 2.25x;


 




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(c) such last out tranche (i) gives the holders of such last
out tranche full enforcement rights during the existence of an event of default (subject to customary exceptions if the holders
of the first out tranche have previously exercised enforcement rights), (ii) shall have the same maturity date as the first out
tranche, (iii) is entitled to the same representations, covenants and events of default as the holders of the first out tranche,
and (iv) provides the holders of such last out tranche with customary protections (including, without limitation, consent rights
with respect to (1) any increase of the principal balance of the first out tranche, (2) any increase of the margins applicable
to the interest rates with respect to the first out tranche, (3) any reduction of the final maturity of the first out tranche,
and (4) amending or waiving any provision in the underlying loan documents that is specific to the holders of such last out tranche);
and


 


(d) such first out tranche is not subject to multiple drawings
(unless, at the time of such drawing and after giving effect thereto, the ratio referenced in clause (b) above is not exceeded).


 


“Liquidation Preference” means,
with respect to Preferred Stock, the dollar amount required to be paid to the holder thereof upon any voluntary or involuntary
liquidation, dissolution or winding up of the issuer of such Preferred Stock or the distribution of assets of such issuer that
represents a return of capital or the purchase price paid for such Preferred Stock at the time of issuance of such Preferred Stock
by such issuer.


 


“Long-Term U.S. Government Securities”
means U.S. Government Securities maturing more than three months from the applicable date of determination, so long as such securities
have a credit rating of at least AAA from S&P and Aaa from Moody’s.


 


“Low Risk Assets” means each of
Cash Equivalents, Long-Term U.S. Government Securities, First Lien Bank Loans and Last Out Loans.


 


“Mezzanine Investments” means
(i) debt Securities (including convertible debt Securities (other than the “in-the-money” equity component thereof)),
in each case (a) issued by public or private issuers, (b) issued without registration under the Securities Act, (c) not issued
pursuant to Rule 144A under the Securities Act (or any successor provision thereunder), (d) that are not Cash Equivalents and (e)
contractually subordinated in right of payment to other debt of the same issuer and (ii) a Bank Loan that is not a First Lien Bank
Loan, Last Out Loan, Second Lien Bank Loan, High Yield Security or a Covenant-Lite Loan.


 


“Noteless Assigned Loan” means
a Bank Loan with respect to which: (a) the underlying documentation does not require the underlying borrower to execute and deliver
a promissory note to evidence the indebtedness created under such Bank Loan; (b) none of the Borrower, the Investment Advisor,
Monroe Capital, LLC, Monroe Capital Management LLC, Monroe Capital Management Advisors LLC, Monroe Capital Partners Fund Advisors
Inc., Monroe Capital Partners Fund LP or any of their respective Affiliates or any Affiliate of Theodore Koenig is, an agent with
respect to such Bank Loan at the time of origination; and (c) the applicable Obligor has affirmatively requested a promissory note
from the underlying agent and borrower and has used all commercially reasonable efforts to obtain such promissory note but has
been unable to obtain a promissory note from the underlying borrower (but only for so long as the applicable Obligor has not received
such a promissory note); provided, that any portion of the Borrowing Base that consists of an Eligible Portfolio Investment
that is a Noteless Assigned Loan shall be identified as such in any Borrowing Base Certificate.


 




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“Performing” means with respect
to any Eligible Portfolio Investment, such Eligible Portfolio Investment is not a Defaulted Obligation and does not represent debt
or Capital Stock of an issuer that has issued a Defaulted Obligation.


 


“Performing Covenant-Lite Loans”
means funded Covenant-Lite Loans that (a) are not PIK Obligations and (b) are Performing.


 


“Performing DIP Loans” means funded
DIP Loans that (a) are not PIK Obligations and (b) are not Defaulted Obligations.


 


“Performing First Lien Bank Loans”
means funded First Lien Bank Loans that (a) are not PIK Obligations, DIP Loans, Covenant-Lite Loans or Last Out Loans and (b) are
Performing.


 


“Performing High Yield Securities”
means funded High Yield Securities that (a) are not PIK Obligations and (b) are Performing.


 


“Performing Last Out Loans” means
funded Last Out Loans that (a) are not PIK Obligations, DIP Loans, Covenant-Lite Loans or Second Lien Bank Loans and (b) are Performing.


 


“Performing Mezzanine Investments”
means funded Mezzanine Investments that (a) are not PIK Obligations and (b) are Performing.


 


“Performing Second Lien Bank Loans”
means funded Second Lien Bank Loans that (a) are not PIK Obligations, DIP Loans, Covenant-Lite Loans or Last Out Loans and (b)
are Performing.


 


“Permitted Foreign Issuer” shall
mean any Person (i) organized under the laws of a Permitted Foreign Jurisdiction or any province thereof, (ii) domiciled in a Permitted
Foreign Jurisdiction, or (iii) with principal operations or any other material property or other material assets pledged as collateral
and located in a Permitted Foreign Jurisdiction.


 


“Permitted Prior Working Capital Lien”
means, with respect to an issuer that is a borrower under a Bank Loan, a security interest to secure a working capital facility
for such issuer in the accounts receivable and inventory (and the proceeds thereof) of such issuer and any of its subsidiaries
that are guarantors of such working capital facility; provided that (i) such Bank Loan has a second priority lien on such accounts
receivable and inventory, (ii) such working capital facility is not secured by any other assets (other than a second priority lien,
subject to the first priority lien of the Bank Loan, on any other assets) and does not benefit from any standstill rights or other
agreements with respect to any other assets and (iii) the maximum principal amount of such working capital facility is not at any
time greater than 15% of the aggregate enterprise value of the issuer (as determined in accordance with the valuation methodology
for determining the enterprise value of the applicable Portfolio Company as established by an Approved Third-Party Appraiser).


 




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“PIK Obligation” means an obligation
that provides that any portion of the interest accrued for a specified period of time or until the maturity thereof is, or at the
option of the obligor may be, added to the principal balance of such obligation or otherwise deferred and accrued rather than being
paid in cash, provided that any such obligation shall not constitute a PIK Obligation if it (a) is a fixed rate obligation and
requires payment of interest in cash on an at least semi-annual basis at a rate of not less than 8% per annum or (b) is not a fixed
rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate of not less than 4.5% per annum
in excess of the applicable index.


 


“Preferred Stock”, as applied
to the Capital Stock of any Person, means Capital Stock of such Person of any class or classes (however designated) that ranks
prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution
or winding up of such Person, to any shares (or other interests) of other Capital Stock of such Person, and shall include, without
limitation, cumulative preferred, non-cumulative preferred, participating preferred and convertible preferred Capital Stock; provided,
that such Preferred Stock (i) pays a cash dividend on a monthly or quarterly basis, (ii) has a maturity date or is subject to mandatory
redemption on a date certain that is not greater than ten (10) years from the date of initial issuance of such Preferred Stock;
provided, that the Borrower’s existing investment in Education Corporation of America shall not be deemed to be an
ineligible Portfolio Investment solely as a result of not having a specified mandatory redemption and (iii) has a Liquidation Preference.


 


“Restructured Investment” means,
as of any date of determination, (a) any Portfolio Investment that has been a Defaulted Obligation within the past six months,
or (b) any Portfolio Investment that has in the past six months been (x) on cash non-accrual, or (y) amended or subject to a deferral
or waiver the effect of which is to (i) change the amount of previously required scheduled debt amortization (or, in the case of
Preferred Stock, required payments on such Preferred Stock (other than by reason of repayment thereof)) or (ii) extend the tenor
of previously required scheduled debt amortization (or, in the case of Preferred Stock, required payments on such Preferred Stock),
in each case such that the remaining weighted average life of such Portfolio Investment is extended by more than 20%. A DIP Loan
shall not be deemed to be a Restructured Investment, so long as it does not meet the conditions of the definition of Restructured
Investment.


 


“Second Lien Bank Loan” means
a Bank Loan (other than a First Lien Bank Loan and a Last Out Loan) that is entitled to the benefit of a first and/or second lien
and first and/or second priority perfected security interest on all or substantially all of the assets of the respective borrower
and guarantors obligated in respect thereof.


 




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“Securities” means common and
preferred stock, units and participations, member interests in limited liability companies, partnership interests in partnerships,
notes, bonds, debentures, trust receipts and other obligations, instruments or evidences of indebtedness, including debt instruments
of public and private issuers and tax-exempt securities (including warrants, rights, put and call options and other options relating
thereto, representing rights, or any combination thereof) and other property or interests commonly regarded as securities or any
form of interest or participation therein, but not including Bank Loans.


 


“Securities Act” means the United
States Securities Act of 1933, as amended.


 


“Short-Term U.S. Government Securities”
means U.S. Government Securities maturing within three (3) months of the applicable date of determination.


 


“Spread” means, with respect to
Floating Rate Portfolio Investments, the cash interest spread of such Floating Rate Portfolio Investment over the applicable LIBO
Rate; provided, that, in the case of any Floating Rate Portfolio Investment that does not bear interest by reference to
the LIBO Rate, “Spread” shall mean the cash interest spread of such Floating Rate Portfolio Investment over the LIBO
Rate in effect as of the date of determination for deposits in Dollars for a period of three (3) months.


 


“Structured Finance Obligation”
means any obligation issued by a special purpose vehicle (or any similar obligor) and secured directly by, referenced to, or representing
ownership of or investment in, a pool of receivables or other financial assets of any obligor, including collateralized loan obligations,
collateralized debt obligations and mortgage-backed securities or any finance lease. For the avoidance of doubt, if an obligation
satisfies this definition of “Structured Finance Obligation”, such obligation (a) shall not qualify as any other category
of Portfolio Investment and (b) shall not be included in the Borrowing Base.


 


“Third Party Finance Company”
means a Person that is (a) an operating company with employees, officers and directors, (b) in the primary business of originating
loans or factoring or financing receivables, inventory or other current assets, and (c) an unaffiliated third party businesses
organized under the laws of any State of the United States of America, domiciled in the United States of America, and with its
principal operations and property located in the United States of America.


 


“U.S. Government Securities” has
the meaning assigned to such term in Section 1.01 of this Agreement.


 


“Value” means, with respect to
any Eligible Portfolio Investment, the value thereof determined for purposes of this Agreement in accordance with Section 5.12(b)(ii).


 


“Weighted Average Fixed Coupon”
means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying
the cash interest coupon of each Fixed Rate Portfolio Investment included in the Borrowing Base as of such date by the outstanding
principal balance (or, in the case of Preferred Stock, the Liquidation Preference or fixed amount (other than interest or fees)
owed on account of such Preferred Stock) of such Fixed Rate Portfolio Investment as of such date, dividing such sum by the aggregate
outstanding principal balance (or, in the case of Preferred Stock, the Liquidation Preference or fixed amount (other than interest
or fees) owed on account of such Preferred Stock) of all such Fixed Rate Portfolio Investments and rounding up to the nearest 0.01%.
For the purpose of calculating the Weighted Average Fixed Coupon, all Fixed Rate Portfolio Investments that are not currently paying
cash interest shall have an interest rate of 0%.


 




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“Weighted Average Floating Spread”
means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying,
in the case of each Floating Rate Portfolio Investment included in the Borrowing Base, on an annualized basis, the Spread of such
Floating Rate Portfolio Investment, by the outstanding principal balance (or, in the case of Preferred Stock, the Liquidation Preference
or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of such Floating Rate Portfolio Investment
as of such date and dividing such sum by the aggregate outstanding principal balance (or, in the case of Preferred Stock, the Liquidation
Preference or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of all such Floating Rate Portfolio
Investments and rounding the result up to the nearest 0.01%.


 


“Weighted Average Leverage Ratio”
means, as of any date of determination, the number obtained by summing the products obtained by multiplying, in the case of each
Debt Eligible Portfolio Investment included in the Borrowing Base, the leverage ratio (expressed as a number) for the Portfolio
Company of such Eligible Portfolio Investment of all Indebtedness (or, as applicable, Preferred Stock) that has a ranking of payment
or lien priority senior to or pari passu with and including the tranche that includes the Borrower’s Eligible Portfolio Investment,
by the fair value of such Eligible Portfolio Investment as of such date and dividing such sum by the aggregate of the fair values
of all such Eligible Portfolio Investments and rounding the result up to the nearest 0.01.


 


Section 5.14.         Anti-Hoarding
of Assets at Non-Pledged Financing Subsidiaries. If any Non-Pledged Financing Subsidiary is not prohibited by any law,
rule or regulation or by any contract or agreement relating to indebtedness from distributing all or any portion of its
assets to an Obligor, then such Non-Pledged Financing Subsidiary shall, if the Borrowing Base is not at least 115% of the
Covered Debt Amount at the time of determination, distribute to an Obligor the amount of assets held by such Non-Pledged
Financing Subsidiary that such Non-Pledged Financing Subsidiary is permitted to distribute and that, in the good faith
judgment of the Borrower, such Non-Pledged Financing Subsidiary does not reasonably expect to utilize, in the ordinary course
of business, to obtain or maintain a financing from an unaffiliated third party.


 


Section 5.15.         Taxes.
Each of the Borrower and its Subsidiaries will timely file or cause to be timely filed all U.S. federal, state and local Tax returns
that are required to be filed by it and all other Tax returns that are required to be filed by it and will pay all Taxes for which
it is directly or indirectly liable and any assessments made against it or any of its property and all other Taxes, fees or other
charges imposed on it or any of its property by any Governmental Authority, except Taxes that are being 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 its Subsidiaries, as the case may be. The charges, accruals and reserves on the books of the Borrower and any of its Subsidiaries
in respect of Taxes and other governmental charges will be adequate in accordance with GAAP.


 




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Article VI


 


NEGATIVE COVENANTS


 


Until the Termination Date, the Borrower covenants
and agrees with the Lenders that:


 


Section 6.01.         Indebtedness.
The Borrower will not nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness,
except:


 


(a)          Indebtedness
created hereunder or under any other Loan Document;


 


(b)          (i)
Unsecured Shorter-Term Indebtedness in an aggregate principal amount not to exceed $5,000,000, so long as no Default exists at
the time of the incurrence thereof (or immediately after the incurrence thereof) and (ii) Secured Longer-Term Indebtedness, in
each case, so long as (w) no Default exists at the time of the incurrence thereof (and immediately after the incurrence thereof),
(x) prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro forma compliance with each of
the covenants set forth in Sections 6.07(a), (b), (d) and (e) after giving effect to the incurrence thereof and on the date of
such incurrence the Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect, (y) prior
to and immediately after giving effect to the incurrence thereof, the Covered Debt Amount does not or would not exceed the Borrowing
Base then in effect; and (z) on the date of the incurrence thereof, the Borrower delivers to the Administrative Agent and each
Lender a Borrowing Base Certificate as at such date demonstrating compliance with (or a certification that the Borrower is in compliance
with) subclause (y) after giving effect to such incurrence. For purposes of preparing such Borrowing Base Certificate, (A) the
fair market value of Quoted Investments shall be the most recent quotation available for such Eligible Portfolio Investment and
(B) the fair market value of Unquoted Investments shall be the Value set forth in the Borrowing Base Certificate most recently
delivered by the Borrower to the Administrative Agent pursuant to Section 5.01(d) or if an Unquoted Investment is acquired after
the delivery of the Borrowing Base Certificate most recently delivered, then the Value of such Unquoted Investment shall be the
lower of the cost of such Unquoted Investment and the Internal Value of such Unquoted Investment; provided, that the Borrower
shall reduce the Value of any Eligible Portfolio Investment referred to in this sub-clause (B) to the extent necessary to take
into account any events of which the Borrower has knowledge that adversely affect the value of such Eligible Portfolio Investment.


 


(c)          Unsecured
Longer-Term Indebtedness, so long as (x) no Default exists at the time of the incurrence thereof (or immediately after the incurrence
thereof) and (y) prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro forma compliance
with each of the covenants set forth in Sections 6.07(a), (b), (d) and (e) and on the date of such incurrence the Borrower delivers
to the Administrative Agent a certificate of a Financial Officer to such effect;


 




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(d)          Indebtedness
of Financing Subsidiaries, provided that (i) on the date that such Indebtedness is incurred (for clarity, with respect to
any and all revolving loan facilities, term loan facilities, staged advance loan facilities or any other credit facilities, “incurrence”
shall be deemed to take place at the time such facility is entered into, and not upon each borrowing thereunder), prior to and
immediately after giving effect to the incurrence thereof, the Borrower is in pro forma compliance with each of the covenants set
forth in Sections 6.07(a), (b), (d) and (e) and on the date of such incurrence Borrower delivers to the Administrative Agent a
certificate of a Financial Officer to such effect, and (ii) in the case of revolving loan facilities or staged advance loan facilities,
upon each borrowing thereunder, the Borrower is in pro forma compliance with each of the covenants set forth in Sections 6.07(a),
(b), (d) and (e).


 


(e)          Other
Permitted Indebtedness in an aggregate principal amount not to exceed $5,000,000;


 


(f)          repurchase
obligations arising in the ordinary course of business with respect to U.S. Government Securities;


 


(g)          obligations
payable to clearing agencies, brokers or dealers in connection with the purchase or sale of securities in the ordinary course of
business; and


 


(h)          obligations
of the Borrower under a Permitted SBIC Guarantee and obligations (including Guarantees) in respect of Standard Securitization Undertakings.


 


Section 6.02.         Liens.
The Borrower will not, nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Lien on any
property or asset (including Equity Interests in any Financing Subsidiary or any other Subsidiary) now owned or hereafter acquired
by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof except:


 


(a)          any
Lien on any property or asset of the Borrower existing on the Restatement Effective Date and set forth in Schedule 3.11(b),
provided that (i) no such Lien shall extend to any other property or asset of the Borrower or any of its Subsidiaries, and
(ii) any such Lien shall secure only those obligations which it secures on the Restatement Effective Date and extensions, renewals
and replacements thereof that do not increase the outstanding principal amount thereof;


 


(b)          Liens
created pursuant to the Security Documents;


 


(c)          Liens
on assets owned by Financing Subsidiaries;


 


(d)          Liens
created pursuant to the Security Documents securing Secured Longer-Term Indebtedness incurred pursuant to Section 6.01(b);


 


(e)          Permitted
Liens;


 


(f)          additional
Liens securing Indebtedness not to exceed $3,000,000 in the aggregate provided such Indebtedness is not otherwise prohibited under
Section 6.01(e) of this Agreement; and


 




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(g)          Liens
on Equity Interests in any SBIC Subsidiary created in favor of the SBA.


 


Section 6.03.         Fundamental
Changes. The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries) to, enter into
any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation
or dissolution). The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries) to, acquire
any business or property from, or capital stock of, or be a party to any acquisition of, any Person, except for purchases or acquisitions
of Portfolio Investments and other assets in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries
and not in violation of the terms and conditions of this Agreement or any other Loan Document. The Borrower will not, nor will
it permit any of its Subsidiaries (other than Financing Subsidiaries) to, convey, sell, lease, transfer or otherwise dispose of,
in one transaction or a series of transactions, any part of its assets (including, without limitation, Cash, Cash Equivalents and
Equity Interests), whether now owned or hereafter acquired, but excluding (x) assets (including Cash and Cash Equivalents but excluding
Portfolio Investments) sold or disposed of in the ordinary course of business of the Borrower and its Subsidiaries (other than
the Financing Subsidiaries) (including to make expenditures of cash in the normal course of the day-to-day business activities
of the Borrower and its Subsidiaries (other than the Financing Subsidiaries))
and (y) subject to the provisions of clauses (d) and (e) below, Portfolio Investments.


 


Notwithstanding the foregoing provisions of
this Section:


 


(a)          any
Subsidiary of the Borrower may be merged or consolidated with or into the Borrower or any other Subsidiary Guarantor; provided
that if any such transaction shall be between a Subsidiary and a wholly owned Subsidiary Guarantor, the wholly owned Subsidiary
Guarantor shall be the continuing or surviving corporation;


 


(b)          any
Subsidiary of the Borrower may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation
or otherwise) to the Borrower or any wholly owned Subsidiary Guarantor of the Borrower;


 


(c)          the
capital stock of any Subsidiary of the Borrower may be sold, transferred or otherwise disposed of to the Borrower or any wholly
owned Subsidiary Guarantor of the Borrower;


 


(d)          the
Obligors may sell, transfer or otherwise dispose of Portfolio Investments (other than to a Financing Subsidiary) so long as prior
to and after giving effect to such sale, transfer or other disposition (and any concurrent acquisitions of Portfolio Investments
or payment of outstanding Loans or Other Covered Indebtedness) the Covered Debt Amount does not exceed the Borrowing Base;


 




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(e)          the
Obligors may sell, transfer or otherwise dispose of Portfolio Investments (other than ownership interests in Financing Subsidiaries),
Cash and Cash Equivalents to a Financing Subsidiary so long as prior to and immediately after giving effect to such sale, transfer
or other disposition (and any concurrent acquisitions of Portfolio Investments or payment of outstanding Loans or Other Covered
Indebtedness) (i) the Covered Debt Amount does not exceed the Borrowing Base and no Default exists, and the Borrower delivers to
the Administrative Agent a certificate of a Financial Officer to such effect, (ii) either (x) the amount by which the Borrowing
Base exceeds the Covered Debt Amount immediately prior to such release is not diminished as a result of such release or (y) the
Borrowing Base immediately after giving effect to such release is at least 115% of the Covered Debt Amount, (iii) the sum of (x)
all sales, transfers or other dispositions under this clause (e) that occur after the Revolver Termination Date and do not result
in Net Asset Sale Proceeds for fair value that are applied in accordance with Section 2.08(d)(i) and (y) all Investments under
Section 6.04(e) that occur after the Revolver Termination Date, shall not exceed 20% of the Commitments on the Revolver Termination
Date, and (iv) the Obligors’ Net Worth is in excess of $175,000,000 (and the Borrower delivers to the Administrative Agent
a certificate of a Financial Officer to such effect); provided that,
notwithstanding the foregoing, the Obligors may, on or after the Amendment No. 1 Effective Date and prior to the earlier of (x)
the Revolver Termination Date and (y) the date that is six (6) months after the date on which the aggregate amount of all net proceeds
of all Unsecured Longer-Term Indebtedness and all sales of Equity Interests by the Borrower and/or its Subsidiaries after the Amendment
No. 1 Effective Date (other than the proceeds of sales of Equity Interests by and among the Borrower and its Subsidiaries) is equal
to or greater than $40,000,000, transfer Portfolio Investments (other than ownership interests in Financing Subsidiaries) and Cash
to Monroe Capital Corporation SBIC, LP, so long as immediately prior to and immediately after giving effect to such transfer, (i)
no Default exists, (ii) the Borrowing Base is at least 105% of the Covered Debt Amount, (iii) the sum of the value (determined
as of the date of each such transfer pursuant to the valuation methodologies set forth in Section 5.12) of all such transfers of
Portfolio Investments and Cash to Monroe Capital Corporation SBIC, LP following the Amendment No. 1 Effective Date pursuant to
this proviso does not exceed $40,000,000 in the aggregate (provided further that the value (determined as of the date of each such
transfer pursuant to the valuation methodologies set forth in Section 5.12) of all such transfers in the aggregate shall not exceed
$20,000,000 plus the net cash proceeds received by the Borrower from any Unsecured Longer-Term Indebtedness or Equity Interest
of the Borrower that is not Disqualified Equity Interest, in each case, issued by the Borrower following the Amendment No. 1 Effective
Date and outstanding as of the date of such transfer), and (iv) the Obligors’ Net Worth is not less than $115,000,000 (and
the Borrower delivers to the Administrative Agent a certificate of a Financial Officer with respect to each of the clauses (i)
through (iv) of this proviso);


 


(f)          an
Obligor may transfer assets to a Financing Subsidiary for the sole purpose of facilitating the transfer of assets from one Financing
Subsidiary (or a Subsidiary that was a Financing Subsidiary immediately prior to such disposition) to another Financing Subsidiary,
directly or indirectly through such Obligor (such assets, the “Transferred Assets”); provided that (i)
no Default exists or is continuing at such time, and the Covered Debt Amount shall not exceed the Borrowing Base at such time and
the Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect, and (ii) the Transferred
Assets were transferred to such Obligor by the transferor Financing Subsidiary on the same Business Day that such assets are transferred
by such Obligor to the transferee Financing Subsidiary;


 


(g)          the
Borrower may merge or consolidate with any other Person, so long as (i) the Borrower is the continuing or surviving entity in such
transaction and (ii) at the time thereof and after giving effect thereto, no Default shall have occurred or be continuing;


 




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(h)          the
Borrower and its Subsidiaries may sell, lease, transfer or otherwise dispose of equipment or other property or assets that do not
consist of Portfolio Investments so long as the aggregate amount of all such sales, leases, transfer and dispositions does not
exceed $5,000,000 in any fiscal year; and


 


(i)          any
Subsidiary of the Borrower may be liquidated or dissolved; provided that (i) in connection with such liquidation or dissolution,
any and all of the assets of such Subsidiary shall be distributed or otherwise transferred to the Borrower or any wholly owned
Subsidiary Guarantor of the Borrower and (ii) the Borrower determines in good faith that such liquidation is in the best interests
of the Borrower and is not materially disadvantageous to the Lenders.


 


Section 6.04.         Investments.
The Borrower will not, nor will it permit any of its Subsidiaries to, acquire, make or enter into, or hold, any Investments except:


 


(a)          operating
deposit accounts with banks;


 


(b)          Investments
by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors;


 


(c)          Hedging
Agreements entered into in the ordinary course of the Borrower’s business for financial planning and not for speculative
purposes;


 


(d)          Portfolio
Investments by the Borrower and its Subsidiaries to the extent such Portfolio Investments are permitted under the Investment Company
Act (to the extent such applicable Person is subject to the Investment Company Act) and the Borrower’s Investment Policies;


 


(e)          Equity
Interests in (or capital contribution to) Financing Subsidiaries acquired after the Restatement Effective Date to the extent not
prohibited by Section 6.03(e) or (f);


 


(f)          Investments
by any Financing Subsidiary;


 


(g)          Investments
in Cash and Cash Equivalents;


 


(h)          Investments
described on Schedule 3.12(b) hereto; and


 


(i)          additional
Investments up to but not exceeding $5,000,000 in the aggregate (for purposes of this clause (i), the aggregate amount of an Investment
at any time shall be deemed to be equal to (A) the aggregate amount of cash, together with the aggregate fair market value of property
loaned, advanced, contributed, transferred or otherwise invested that gives rise to such Investment, minus (B) the aggregate
amount of dividends, distributions or other payments received in cash in respect of such Investment; provided that
in no event shall the aggregate amount of any Investment be less than zero, and provided further that the amount
of any Investment shall not be reduced by reason of any write-off of such Investment, nor increased by way of any increase in the
amount of earnings retained in the Person in which such Investment is made that have not been dividended, distributed or otherwise
paid out).


 




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Section 6.05.         Restricted
Payments. The Borrower will not, nor will it permit any of its Subsidiaries (other than the Financing Subsidiaries) to, declare
or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except that:


 


(a)          the
Borrower may declare and pay dividends with respect to the capital stock of the Borrower payable solely in additional shares of
the Borrower’s common stock;


 


(b)          the
Borrower may declare and pay dividends and distributions in either case in cash or other property (excluding for this purpose the
Borrower’s common stock) in or with respect to any taxable year of the Borrower (or any calendar year, as relevant) in amounts
not to exceed 115% of the amounts that are required to be distributed to: (i) allow the Borrower to satisfy the minimum distribution
requirements imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a RIC
for any such taxable year, (ii) reduce to zero for any such taxable year its liability for federal income taxes imposed on (y)
its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), or (z) its net capital
gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero its liability for federal excise
taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto);


 


(c)          the
Subsidiaries of the Borrower may make Restricted Payments to the Borrower or to any Subsidiary Guarantor;


 


(d)          Obligors
may make Restricted Payments to repurchase Equity Interests of the Borrower from officers, directors and employees of the Investment
Advisor or the Borrower or any of its Subsidiaries or their authorized representatives upon the death, disability or termination
of employment of such employees or termination of their seat on the Board of Directors of the Investment Advisor or the Borrower
or any of its Subsidiaries; provided that (i) no Default or Event of Default shall have occurred and be continuing or would
result therefrom, (ii) such Equity Interests are not registered on Form S-8 or other registration statement or are not transferable
under Rule 144 of the Securities Exchange Act of 1934, and (iii) the aggregate amount of all repurchases in any calendar year shall
not exceed $500,000, with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum
of $1,000,000 in any calendar year;


 


(e)          the
Borrower may make other Restricted Payments, including the repurchase by Borrower of its Equity Interests, so long as, on the date
of such payment and after giving effect thereto, (i) no Default shall have occurred and be continuing, (ii) prior to and immediately
after giving effect to such payment, the Covered Debt Amount does not exceed 85% of the Borrowing Base and (iii) on the date of
such Restricted Payment, the Borrower delivers to the Administrative Agent a Borrowing Base Certificate as of such date demonstrating
compliance with the foregoing after giving effect to such Restricted Payment; provided that, solely in the case of Restricted
Payments consisting of the repurchase by the Borrower of its Equity Interests, such compliance may be demonstrated on the next
Borrowing Base Certificate delivered pursuant to Section 5.01(d).


 


For the avoidance of doubt, the Borrower shall
not declare any dividend to the extent such declaration violates the provisions of the Investment Company Act applicable to it.


 




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Section 6.06.         Certain
Restrictions on Subsidiaries. The Borrower will not permit any of its Subsidiaries (other than Financing Subsidiaries) to enter
into or suffer to exist any indenture, agreement, instrument or other arrangement (other than the Loan Documents) that prohibits
or restrains, in each case in any material respect, or imposes materially adverse conditions upon, the incurrence or payment of
Indebtedness, the granting of Liens, the declaration or payment of dividends, the making of loans, advances, guarantees or Investments
or the sale, assignment, transfer or other disposition of property, except for any prohibitions or restraints contained in (i)
any Indebtedness permitted under Section 6.01(b) or (c), (ii) any Indebtedness permitted under Section 6.01(e) secured by a Lien
permitted under Section 6.02(f) provided that such prohibitions and restraints are applicable by their terms only to the assets
that are subject to such Lien and (iii) any Indebtedness permitted under Section 6.01(f) or (g) secured by a Permitted Lien provided
that such prohibitions and restraints are applicable by their terms only to the assets that are subject to such Lien.


 


Section 6.07.         Certain
Financial Covenants.


 


(a)          Minimum
Total Net Assets. The Borrower will not permit Total Net Assets at the last day of any fiscal quarter of the Borrower to be
less than the greater of (i) 40% of the total assets of the Borrower and its Subsidiaries as at the last day of such fiscal quarter
(determined on a consolidated basis, without duplication, in accordance with GAAP, but excluding
from such calculation the portion of the assets of any SBIC Subsidiary that is financed with indebtedness of such SBIC Subsidiary
that is issued, or guaranteed, by the SBA) and (ii) the sum of (x) $120,000,000 plus (y) 65% of the aggregate
net proceeds of all sales of Equity Interests by the Borrower and its Subsidiaries after the Restatement Effective Date (other
than the proceeds of sales of Equity Interests by and among the Borrower and its Subsidiaries).


 


(b)          Asset
Coverage Ratio. After the Restatement Effective Date, the Borrower will not permit the Asset Coverage Ratio to be less than
2.10 to 1 at any time.


 


(c)          Consolidated
Interest Coverage Ratio. After the Restatement Effective Date, the Borrower will not permit the Consolidated Interest Coverage
Ratio to be less than 2.50 to 1 as of the last day of any fiscal quarter.


 


(d)          Liquidity
Test. After the Restatement Effective Date, the Borrower will not permit the aggregate Value of the Eligible Portfolio Investments
that can be converted to Cash in fewer than 10 Business Days without more than a 5% change in price to be less than 10% of the
Covered Debt Amount for more than 30 Business Days during any period when the Adjusted Covered Debt Balance is greater than 90%
of the Adjusted Borrowing Base.


 


(e)          Obligors’
Net Worth Test. After the Restatement Effective Date, the Borrower will not permit the Obligors’ Net Worth to be less
than an amount equal to $100,000,000.


 




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Section 6.08.         Transactions
with Affiliates. (a) The Borrower will not, and will not permit any of its Subsidiaries to, enter into any transactions with
any of its Affiliates, even if otherwise permitted under this Agreement, except (i) transactions in the ordinary course of business
at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary (or, in the case of a transaction
between an Obligor and a non-Obligor Subsidiary, not less favorable to such Obligor) than could be obtained at the time on an
arm’s-length basis from unrelated third parties, (ii) transactions between or among the Obligors not involving any other
Affiliate, (iii) transactions between or among the Obligors and any SBIC Subsidiary or any “downstream affiliate”
(as such term is used under the rules promulgated under the Investment Company Act) company of an Obligor at prices and on terms
and conditions not less favorable to the Obligors than could be obtained at the time on an arm’s-length basis from unrelated
third parties, (iv) Restricted Payments permitted by Section 6.05, (v) the transactions provided in the Affiliate Agreements as
the same may be amended in accordance with Section 6.11(b) or (vi) existing transactions with Affiliates as set forth in Schedule
6.08.


 


(b)          The
Borrower will not, and will not permit any of its Subsidiaries to, enter into any transactions with any issuer of an Affiliate
Investment (including any Investment that becomes an Affiliate Investment as a result of such transaction or any modification,
supplement or waiver to an existing Affiliate Investment), even if otherwise permitted under this Agreement, except transactions
in the ordinary course of business that are either (i) on terms and conditions not less favorable to the Borrower or such Subsidiary
than could be obtained at the time on an arm's-length basis from unrelated third parties or (ii) in the nature of an amendment,
supplement or modification to any such Affiliate Investment on terms and conditions that are similar to those obtained by debt
or equity investors in similar types of investments in which such investors do not have the controlling equity interest, in each
case, as reasonably determined in good faith by the Borrower.


 


Section 6.09.         Lines
of Business. The Borrower will not, nor will it permit any of its Subsidiaries to, engage to any material extent in any business
other than in accordance with its Investment Policies.


 


Section 6.10.         No
Further Negative Pledge. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any agreement, instrument,
deed or lease which prohibits or limits the ability of any Obligor to create, incur, assume or suffer to exist any Lien upon any
of its properties, assets or revenues, whether now owned or hereafter acquired, or which requires the grant of any security for
an obligation if security is granted for another obligation, except the following: (a) this Agreement and the other Loan Documents;
(b) covenants in documents creating Liens permitted by Section 6.02 prohibiting further Liens on the assets encumbered thereby;
(c) customary restrictions contained in leases not subject to a waiver; and (d) any other agreement that does not restrict in any
manner (directly or indirectly) Liens created pursuant to the Loan Documents on any Collateral securing the “Secured Obligations”
under and as defined in the Guarantee and Security Agreement and does not require the direct or indirect granting of any Lien securing
any Indebtedness or other obligation by virtue of the granting of Liens on or pledge of property of any Obligor to secure the Loans
or any Hedging Agreement.


 


Section 6.11.         Modifications
of Indebtedness and Affiliate Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, consent to
any modification, supplement or waiver of:


 




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(a)          any
of the provisions of any agreement, instrument or other document evidencing or relating to any Secured Longer-Term Indebtedness,
Unsecured Longer-Term Indebtedness or Unsecured Shorter-Term Indebtedness that would result in such Indebtedness not meeting the
requirements of the definition of “Secured Longer-Term Indebtedness”, “Unsecured Longer-Term Indebtedness”
or “Unsecured Shorter-Term Indebtedness”, as applicable, set forth in Section 1.01 of this Agreement, unless, in the
case of Unsecured Longer-Term Indebtedness, such Indebtedness would have been permitted to be incurred as Unsecured Shorter-Term
Indebtedness at the time of such modification, supplement or waiver and the Borrower so designates such Indebtedness as “Unsecured
Shorter-Term Indebtedness” (whereupon such Indebtedness shall be deemed to constitute “Unsecured Shorter-Term Indebtedness”
for all purposes of this Agreement);


 


(b)          any
of the Affiliate Agreements, unless such modification, supplement or waiver is not less favorable to the Borrower than could be
obtained on an arm’s-length basis from unrelated third parties.


 


The Administrative Agent hereby acknowledges
and agrees that the Borrower may, at any time and from time to time, without the consent of the Administrative Agent, freely amend,
restate, terminate, or otherwise modify any documents, instruments and agreements evidencing, securing or relating to Indebtedness
permitted pursuant to Section 6.01(d) and (e), including increases in the principal amount thereof, modifications to the advance
rates and/or modifications to the interest rate, fees or other pricing terms, provided that no such amendment, restatement or modification
shall, unless Borrower complies with the terms of Section 5.08(a)(i) hereof, cause a Financing Subsidiary to fail to be a “Financing
Subsidiary” in accordance with the definition thereof.


 


Section 6.12.         Payments
of Longer-Term Indebtedness. The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries)
to, purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous
fund for the purchase, redemption, retirement or other acquisition of or make any voluntary payment or prepayment of the principal
of or interest on, or any other amount owing in respect of, any Secured Longer-Term Indebtedness or Unsecured Longer-Term Indebtedness
(other than the refinancing of Secured Longer-Term Indebtedness or Unsecured Longer-Term Indebtedness with Indebtedness permitted
under Section 6.01(b) and (c)), except for (a) regularly scheduled payments of interest in respect thereof required pursuant to
the instruments evidencing such Indebtedness and the payment when due of the types of fees and expenses that are customarily paid
in connection with such Indebtedness (it being understood that: (w) the conversion features into Permitted Equity Interests under
convertible notes; (x) the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests; and
(y) any cash payment on account of interest or expenses on such convertible notes made by the Borrower in respect of such triggering
and/or settlement thereof, shall be permitted under this clause (a)), or (b) payments and prepayments of Secured Longer-Term Indebtedness
required to comply with requirements of Section 2.08(c).


 


Section 6.13.         Modification
of Investment Policies. Other than with respect to Permitted Policy Amendments, the Borrower will not amend, supplement, waive
or otherwise modify in any material respect the Investment Policies as in effect on the Restatement Effective Date.


 




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Section 6.14.         SBIC
Guarantee. The Borrower will not, nor will it permit any of its Subsidiaries to, cause or permit the occurrence of any event
or condition that would result in any recourse to any Obligor under any Permitted SBIC Guarantee.


 


Section 6.15.         Derivative
Transactions. The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries) to, enter
into any derivative, swap or other similar transactions or agreements, except for Hedging Agreements to the extent permitted pursuant
to Sections 6.01(e) and 6.04(c).


 


Section 6.16.         Convertible
Indebtedness. The Borrower will not, nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist
any Indebtedness that is convertible into Equity Interests other than Permitted Equity Interests.


 


Article VII



EVENTS OF DEFAULT


 


If any of the following events (“Events
of Default”) shall occur and be continuing:


 


(a)          the
Borrower shall fail to pay any principal of any Loan (including, without limitation, any principal payable under Section 2.08(b),
(c) or (d)) when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment
thereof or otherwise;


 


(b)          the
Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause
(a) of this Article) payable under this Agreement or under any other Loan Document, when and as the same shall become due and payable,
and such failure shall continue unremedied for a period of five or more Business Days;


 


(c)          any
representation or warranty made or deemed made by or on behalf of the Borrower or any of its Subsidiaries in or in connection with
this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report, certificate, financial
statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment
or modification hereof or thereof, shall prove to have been incorrect when made or deemed made in any material respect (except
that such materiality qualifier shall not be applicable to any representation or warranty already qualified by materiality or Material
Adverse Effect);


 


(d)          the
Borrower shall fail to observe or perform any covenant, condition or agreement contained in (i) Section 5.01(e), Section 5.02(a),
Section 5.03 (with respect to the Borrower’s and its Subsidiaries’ existence only, and not with respect to the Borrower’s
and its Subsidiaries’ rights, licenses, permits, privileges or franchises), Sections 5.08(a) or (b), Section 5.09, Section
5.10, Section 5.12(c) or in Article VI or any Obligor shall default in the performance of any of its obligations contained in Section
7 of the Guarantee and Security Agreement or (ii) Section 5.01(f) or Sections 5.02(b), (c) or (d) and, in the case of this clause
(ii), such failure shall continue unremedied for a period of five or more days after the Borrower has knowledge of such failure;


 




    	 	106	 



     


    

 


(e)          the
Borrower or any Obligor, as applicable, shall fail to observe or perform any covenant, condition or agreement contained in this
Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document and such failure shall
continue unremedied for a period of 30 or more days after notice thereof from the Administrative Agent (given at the request of
any Lender) to the Borrower;


 


(f)          the
Borrower or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount)
in respect of any Material Indebtedness, when and as the same shall become due and payable, taking into account any applicable
grace period;


 


(g)          any
event or condition occurs that (i) results in all or any portion of any Material Indebtedness becoming due prior to its scheduled
maturity, or (ii) that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders
of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or
to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity, unless, in the case of
this clause (ii), such event or condition is no longer continuing or has been waived in accordance with the terms of such Material
Indebtedness such that the holder or holders thereof or any trustee or agent on its or their behalf are no longer enabled or permitted
to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof,
prior to its scheduled maturity; provided that this clause (g) shall not apply to (1) secured Indebtedness that becomes
due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; or (2) convertible debt
that becomes due as a result of a contingent mandatory conversion or redemption event provided such conversion or redemption is
effectuated only in capital stock that is not Disqualified Equity Interests.


 


(h)          an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of the Borrower or any of its Subsidiaries or its debts, or of a substantial part of its assets, under
any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment
of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Subsidiaries or
for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed and unstayed
for a period of 60 or more days or an order or decree approving or ordering any of the foregoing shall be entered;


 


(i)          the
Borrower or any of its Subsidiaries shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization
or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect,
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described
in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for the Borrower or any of its Subsidiaries or for a substantial part of its assets, (iv) file an answer admitting
the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of
creditors or (vi) take any action for the purpose of effecting any of the foregoing;


 




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(j)          the
Borrower or any of its Subsidiaries shall become unable, admit in writing its inability or fail generally to pay its debts as they
become due;


 


(k)          there
is rendered against the Borrower or any of its Subsidiaries or any combination thereof (i) one or more judgments or orders for
the payment of money in an aggregate amount (as to all such judgments and orders) in excess of $5,000,000 (to the extent not covered
by independent third-party insurance as to which the insurer has been notified of the potential claim and does not dispute coverage)
or (ii) any one or more non-monetary judgments that, individually or in the aggregate, has resulted in or could reasonably be expected
to result in a Material Adverse Effect and, in either case, (1) enforcement proceedings, actions or collection efforts are commenced
by any creditor upon such judgment or order, or (2) there is a period of thirty (30) consecutive days during which such judgment
is undischarged or a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect;


 


(l)          the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected
to result in liability of the Borrower or any ERISA Affiliate in an aggregate amount exceeding $2,500,000;


 


(m)          a
Change in Control shall occur;


 


(n)          any
SBIC Subsidiary shall become the subject of an enforcement action and be transferred into liquidation status by the SBA;


 


(o)          the
Liens created by the Security Documents shall, at any time with respect to Portfolio Investments held by Obligors having an aggregate
Value in excess of 5% of the aggregate Value of all Portfolio Investments held by Obligors, not be, valid and perfected (to the
extent perfection by filing, registration, recordation, possession or control is required herein or therein) in favor of the Collateral
Agent (or any Obligor or any Affiliate of an Obligor shall so assert in writing), free and clear of all other Liens (other than
Liens permitted under Section 6.02 or under the respective Security Documents), except to the extent that any such loss of perfection
results from the failure of the Collateral Agent to maintain possession of certificates representing securities pledged under the
Guarantee and Security Agreement; provided that if such default is as a result of any action of the Administrative Agent
or Collateral Agent or a failure of the Administrative Agent or Collateral Agent to take any action within its control, then there
shall be no Default or Event of Default hereunder unless such default shall continue unremedied for a period of ten (10) consecutive
Business Days after the earlier of (i) the Borrower becoming aware of such default and (ii) the Borrower’s receipt of written
notice of such default thereof from the Administrative Agent, unless, in each case, the continuance thereof is a result of a failure
of the Collateral Agent or Administrative Agent to take an action within their control (and the Borrower has requested that the
Collateral Agent or Administrative Agent take such action);


 


(p)          except
for expiration in accordance with its terms, any of the Security Documents shall for whatever reason be terminated or cease to
be in full force and effect in any material respect, or the enforceability thereof shall be contested by any Obligor, or there
shall be any actual invalidity of any guaranty thereunder or any Obligor or any Affiliate of an Obligor shall so assert in writing;
or


 




    	 	108	 



     


    

 


(q)          the
Borrower or any of its Subsidiaries shall cause or permit the occurrence of any condition or event that would result in any recourse
to any Obligor under any Permitted SBIC Guarantee.


 


then, and in every such event (other than an event described
in clause (h), (i) or (j) of this Article), and at any time thereafter during the continuance of such event, the Administrative
Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions,
at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii)
declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be
due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due
and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder and under
the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by the Borrower; and in case of any event described in clause (h), (i) or (j) of this Article,
the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon
and all fees and other obligations of the Borrower accrued hereunder and under the other Loan Documents, shall automatically become
due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.


 


Notwithstanding anything to the contrary
contained herein, on the CAM Exchange Date, to the extent not otherwise prohibited by law, (a) the Commitments shall automatically
and without further act be terminated, the Lenders shall automatically and without further act be deemed to have exchanged interests
in the Designated Obligations such that, in lieu of the interests of each Lender in the Designated Obligations under each Loan
in which it shall participate as of such date, such Lender shall own an interest equal to such Lender’s CAM Percentage in
the Designated Obligations under each of the Loans, whether or not such Lender shall previously have participated therein, and
(b) simultaneously with the deemed exchange of interests pursuant to clause (a) above, the interests in the Designated Obligations
to be received in such deemed exchange shall, automatically and with no further action required, be converted into the Dollar Equivalent
of such amount (as of the Business Day immediately prior to the CAM Exchange Date) and on and after such date all amounts accruing
and owed to the Lenders in respect of such Designated Obligations shall accrue and be payable in Dollars at the rate otherwise
applicable hereunder. Each Lender, each Person acquiring a participation from any Lender as contemplated by Section 9.04 and the
Borrower hereby consents and agrees to the CAM Exchange. It is understood and agreed that the CAM Exchange, in itself, will not
affect the aggregate amount of Designated Obligations owing by the Obligors. The Borrower and the Lenders agree from time to time
to execute and deliver to the Administrative Agent all such promissory notes and other instruments and documents as the Administrative
Agent shall reasonably request to evidence and confirm the respective interests and obligations of the Lenders after giving effect
to the CAM Exchange, and each Lender agrees to surrender any promissory notes originally received by it in connection with its
Loans hereunder to the Administrative Agent against delivery of any promissory notes so executed and delivered; provided
that the failure of the Borrower to execute or deliver or of any Lender to accept such promissory note, instrument or document
shall not affect the validity or effectiveness of the CAM Exchange.


 




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As a result of the CAM Exchange, on and
after the CAM Exchange Date, each payment received by the Administrative Agent pursuant to any Loan Document in respect of the
Designated Obligations shall be distributed to the Lenders pro rata in accordance with their respective CAM Percentages (to be
redetermined as of each such date of payment). Any direct payment received by a Lender on or after the CAM Exchange Date, including
by way of set-off, in respect of a Designated Obligation shall be paid over to the Administrative Agent for distribution to the
Lenders in accordance herewith.


 


Article VIII



THE ADMINISTRATIVE AGENT


 


Section 8.01.         Appointment
of the Administrative Agent. Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent hereunder
and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such
powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto.


 


Section 8.02.         Capacity
as Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as
a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Person and its
Affiliates may (without having to account therefor to any other Lender) accept deposits from, lend money to, make investments in
and generally engage in any kind of banking, trust or other business with the Borrower or any Subsidiary or other Affiliate thereof
as if it were not the Administrative Agent, and such Person and its Affiliates may accept fees and other consideration from the
Borrower or any Subsidiary or other Affiliate thereof for services in connection with this Agreement or otherwise without having
to account for the same to the other Lenders.


 


Section 8.03.         Limitation
of Duties; Exculpation. The Administrative Agent shall not have any duties or obligations except those expressly set forth
herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not
be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative
Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise in
writing by the Required Lenders, and (c) except as expressly set forth herein and in the other Loan Documents, the Administrative
Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the
Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its
Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent
or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for
herein or in the other Loan Documents) or in the absence of its own gross negligence or willful misconduct as determined by a court
of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of
any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative
Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of
the covenants, agreements or other terms or conditions set forth herein or therein, (iv) the validity, enforceability, effectiveness
or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction
of any condition set forth in Article IV or elsewhere herein or therein, other than to confirm receipt of items expressly required
to be delivered to the Administrative Agent.


 




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Section 8.04.         Reliance.
The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet
website posting or other distribution) believed by it to be genuine and to have been signed or sent by or on behalf of the proper
Person or Persons. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by
it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult
with legal counsel, independent accountants and other experts selected by it, and shall not be liable for any action taken or not
taken by it in accordance with the advice of any such counsel, accountants or experts.


 


Section 8.05.         Sub-Agents.
The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise
its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply
to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative
Agent.


 


Section 8.06.         Resignation;
Successor Administrative Agent. The Administrative Agent may resign at any time by notifying the Lenders and the Borrower.
Upon any such resignation, the Required Lenders shall have the right, with the consent of the Borrower not to be unreasonably withheld
(provided that no such consent shall be required if an Event of Default has occurred and is continuing), to appoint a successor.
If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after
the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent’s resignation shall
nonetheless become effective and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder
and (2) the Required Lenders shall perform the duties of the Administrative Agent (and all payments and communications provided
to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly) until such time as the
Required Lenders appoint a successor agent as provided for above in this paragraph. Upon the acceptance of its appointment as Administrative
Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties
of the retiring (or retired) Administrative Agent and the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder (if not already discharged therefrom as provided above in this paragraph). The fees payable by the Borrower
to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower
and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03
shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Administrative
Agent.


 




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Section 8.07.         Reliance
by Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other
Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter
into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent
or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make
its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder.


 


Section 8.08.         Modifications
to Loan Documents. Except as otherwise provided in Section 9.02(b) or 9.02(c) with respect to this Agreement, the Administrative
Agent may, with the prior consent of the Required Lenders (but not otherwise), consent to any modification, supplement or waiver
under any of the Loan Documents; provided that, without the prior consent of each Lender, the Administrative Agent shall
not (except as provided herein or in the Security Documents) release all or substantially all of the Collateral or otherwise terminate
all or substantially all of the Liens under any Security Document providing for collateral security, agree to additional obligations
being secured by all or substantially all of such collateral security, or alter the relative priorities of the obligations entitled
to the benefits of the Liens created under the Security Documents with respect to all or substantially all of the Collateral,
except that no such consent shall be required, and the Administrative Agent is hereby authorized, to release any Lien covering
property that is the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders
have consented.


 


Article IX


 


MISCELLANEOUS


 


Section 9.01.         Notices;
Electronic Communications.


 


(a)          Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices
and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed
by certified or registered mail or sent by telecopy or to the extent permitted by Section 9.01(b) or otherwise herein, e-mail,
as follows:


 




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(i)          if
to the Borrower, to it at:


 


Monroe Capital Corporation

311 South Wacker Drive, Suite 6400


Chicago, Illinois 60606


Attention: Aaron D. Peck


Telephone: (312) 523-2363


Fax: (312) 258-8350


E-mail: apeck@monroecap.com


 


With a copy to:






Monroe Capital BDC Advisors, LLC

311 South Wacker Drive, Suite 6400


Chicago, Illinois 60606


Attention: Aaron D. Peck


Telephone: (312) 523-2363


Fax: (312) 258-8350


E-mail: apeck@monroecap.com


 


With a copy to:



Monroe Capital, LLC

311 South Wacker Drive, Suite 6400


Chicago, Illinois 60606


Attention: Aaron D. Peck


Telephone: (312) 523-2363


Fax: (312) 258-8350


E-mail: apeck@monroecap.com


 


With a copy to:


 


Nelson Mullins Riley & Scarborough LLP


101 Constitution Avenue, NW, Suite 900


Washington, DC 20001


Attention: Jonathan H. Talcott


Telephone: (202)
712-2806


Fax:
(202) 712-2860


E-mail: jon.talcott@nelsonmullins.com


 




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(ii)        if
to the Administrative Agent, to it at:


ING Capital LLC

1325 Avenue of the Americas

New York, New York 10019

Attention: Patrick Frisch

Telephone Number: (646) 424-6912

Telecopy Number: (646) 424-6919


E-mail: Patrick.Frisch@ing.com


 


with a copy to:






Dechert LLP

1095 Avenue of the Americas

New York, New York 10036

Attention: Jay R. Alicandri, Esq.

Telephone Number: (212) 698-3500

Telecopy Number: (212) 698-3599


E-mail: Jay.Alicandri@dechert.com


 


(iii)        if
to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.


 


Any party hereto may change its address or
telecopy number or e-mail address for notices and other communications hereunder by notice to the other parties hereto. All notices
and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have
been given on the date of receipt. Notices delivered through electronic communications to the extent provided in paragraph (b)
below, shall be effective as provided in said paragraph (b).


 


(b)          Electronic
Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided
that the foregoing shall not apply to notices to any Lender pursuant to Section 2.03 if such Lender has notified the Administrative
Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the
Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or
communications.


 


Unless the Administrative Agent otherwise
prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt
of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during
the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business
on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause
(i) of notification that such notice or communication is available and identifying the website address therefor.


 




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(c)          Documents
to be Delivered under Sections 5.01 and 5.12(a). For so long as a DebtdomainTM or equivalent website is available to each
of the Lenders hereunder, the Borrower may satisfy its obligation to deliver documents to the Administrative Agent or the Lenders
under Sections 5.01 and 5.12(a) by delivering one hard copy thereof to the Administrative Agent and either an electronic copy or
a notice identifying the website where such information is located for posting by the Administrative Agent on DebtdomainTM
or such equivalent website, provided that the Administrative Agent shall have no responsibility to maintain access to DebtdomainTM
or an equivalent website.


 


Section 9.02.         Waivers;
Amendments.


 


(a)          No
Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent or any Lender in exercising any right
or power hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are cumulative
and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or
consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph
(b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default,
regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.


 


(b)          Amendments
to this Agreement. Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an
agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative
Agent with the consent of the Required Lenders; provided that, subject to Section 2.16(b), no such agreement shall


 


(i)          increase
the Commitment of any Lender without the written consent of such Lender,


 


(ii)         reduce
the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written
consent of each Lender affected thereby,


 


(iii)        postpone
the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable to a Lender hereunder,
or reduce the amount or waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without
the written consent of each Lender affected thereby,


 




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(iv)        change
Section 2.15(b), (c) or (d) in a manner that would alter the pro rata sharing of payments, or making of disbursements, required
thereby without the written consent of each Lender affected thereby,


 


(v)         change
any of the provisions of this Section or the percentage in the definition of the term “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make
any determination or grant any consent hereunder, without the written consent of each Lender,


 


(vi)        change
any of the provisions of the definition of the term “Agreed Foreign Currency” or any other provision hereof specifying
the Foreign Currencies in which each Multicurrency Lender must make Multicurrency Loans, or make any determination or grant any
consent hereunder with respect to the definition of “Agreed Foreign Currencies” without the written consent of each
Multicurrency Lender, or


 


(vii)       permit
the assignment or transfer by any Obligor of any of its rights or obligations under any Loan Document without the consent of each
Lender;


 


provided further that (x) no such agreement shall amend,
modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the
Administrative Agent, and (y) the consent of Lenders holding at least two-thirds of the total Revolving Credit Exposures and unused
Commitments will be required for (A) any change adverse to the Lenders affecting the provisions of this Agreement relating to the
Borrowing Base (including the definitions used therein), or the provisions of Section 5.12(b)(ii), and (B) any release of any material
portion of the Collateral other than for fair value or as otherwise permitted hereunder or under the other Loan Documents. Anything
in this Agreement to the contrary notwithstanding, no waiver or modification of any provision of this Agreement or any other Loan
Document that could reasonably be expected to adversely affect the Lenders of any Class in a manner that does not affect all Classes
in the same manner shall be effective against the Lenders of such Class unless the Required Lenders of such Class shall have concurred
with such waiver, amendment or modification as provided above; provided, however, for the avoidance of doubt, in no other
circumstances shall the concurrence of the Required Lenders of a particular Class be required for any waiver, amendment or modification
of any provision of this Agreement or any other Loan Document.


 




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(c)          Amendments
to Security Documents. No Security Document nor any provision thereof may be waived, amended or modified, except to the extent
otherwise expressly contemplated by the Guarantee and Security Agreement, and the Liens granted under the Guarantee and Security
Agreement may not be spread to secure any additional obligations (including any increase in Loans hereunder, but excluding (i)
any such increase pursuant to a Commitment Increase under Section 2.06(f) to an amount not greater than the amount specified in
Section 2.06(f)(i)(B)(x) and (ii) any Secured Longer Term Indebtedness permitted hereunder) except to the extent otherwise expressly
contemplated by the Guarantee and Security Agreement and except pursuant to an agreement or agreements in writing entered into
by the Borrower, and by the Collateral Agent with the consent of the Required Lenders; provided that, subject to Section
2.16(b), (i) without the written consent of the holders of at least two-thirds of the total Revolving Credit Exposures and unused
Commitments, no such waiver, amendment or modification to the Guarantee and Security Agreement shall (A) release any Obligor representing
more than 10% of the Total Net Assets of the Borrower from its obligations under the Security Documents, (B) release any guarantor
representing more than 10% of the Total Net Assets of the Borrower under the Guarantee and Security Agreement from its guarantee
obligations thereunder, or (C) amend the definition of “Collateral” under the Security Documents (except to add additional
collateral) and (ii) without the written consent of each Lender, no such agreement shall (W) release all or substantially all of
the Obligors from their respective obligations under the Security Documents, (X) release all or substantially all of the collateral
security or otherwise terminate all or substantially all of the Liens under the Security Documents, (Y) release all or substantially
all of the guarantors under the Guarantee and Security Agreement from their guarantee obligations thereunder, or (Z) alter the
relative priorities of the obligations entitled to the Liens created under the Security Documents (except in connection with securing
additional obligations equally and ratably with the Loans and other obligations hereunder) with respect to the collateral security
provided thereby; except that no such consent described in clause (i) or (ii) above shall be required, and the Administrative Agent
is hereby authorized (and so agrees with the Borrower) to direct the Collateral Agent under the Guarantee and Security Agreement,
to release any Lien covering property (and to release any such guarantor) that is the subject of either a disposition of property
permitted hereunder or a disposition to which the Required Lenders or the required number or percentage of Lenders have consented,
or otherwise in accordance with Section 9.15.


 


(d)          Replacement
of Non-Consenting Lender. If, in connection with any proposed amendment, waiver or consent requiring (i) the consent of “each
Lender” or “each Lender affected thereby,” or (ii) the consent of “two-thirds of the holders of the total
Revolving Credit Exposures and unused Commitments”, the consent of the Required Lenders is obtained, but the consent of other
necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting
Lender”), then the Borrower shall have the right, at its sole cost and expense, to replace each such Non-Consenting Lender
or Lenders with one or more replacement Lenders pursuant to Section 2.17(b) so long as at the time of such replacement, each such
replacement Lender consents to the proposed change, waiver, discharge or termination.


 


Section 9.03.         Expenses;
Indemnity; Damage Waiver.


 


(a)          Costs
and Expenses. The Borrower shall pay (i) all reasonable documented and out-of-pocket fees, costs and expenses incurred by the
Administrative Agent, the Collateral Agent and their Affiliates, including the reasonable fees, charges and disbursements of up
to one firm of outside counsel (plus one additional firm of special or local outside counsel in each jurisdiction where the nature
of the Collateral requires such additional counsel and, solely in the case of an actual or reasonably perceived conflict of interest,
one additional counsel in each applicable jurisdiction to the affected Persons) for the Administrative Agent and the Collateral
Agent collectively (other than the allocated costs of internal counsel), in connection with the syndication of the credit facilities
provided for herein, the preparation and administration (other than internal overhead charges) of this Agreement and the other
Loan Documents and any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all out-of-pocket fees, costs and expenses incurred by the Administrative
Agent or any Lender, including the reasonable and documented fees, charges and disbursements of any counsel for the Administrative
Agent or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and the other
Loan Documents, including its rights under this Section, or in connection with the Loans made, including all such out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect thereof and (iii) and all reasonable out-of-pocket
costs, expenses, taxes, assessments and other charges incurred in connection with any filing, registration, recording or perfection
of any security interest contemplated by any Security Document or any other document referred to therein.


 




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(b)          Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent and each Lender, and each Related Party of any of the
foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and related expenses (other than Taxes or Other Taxes which shall only be
indemnified by the Borrower to the extent provided in Section 2.14), including the reasonable and documented fees, charges and
disbursements of any counsel for any Indemnitee (other than the allocated costs of internal counsel), incurred by or asserted against
any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement
or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation
of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom or (iii)
any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract,
tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall
not as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the willful misconduct or gross
negligence of such Indemnitee.


 


The Borrower shall not be liable to any Indemnitee
for any special, indirect, consequential or punitive damages arising out of, in connection with, or as a result of the Transactions
asserted by an Indemnitee against the Borrower or any other Obligor, provided that the foregoing limitation shall not be deemed
to impair or affect the Obligations of the Borrower under the preceding provisions of this subsection.


 


(c)          Reimbursement
by Lenders. To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under
paragraph (a) or (b) of this Section (and without limiting its obligation to do so), each Lender severally agrees to pay to the
Administrative Agent, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified
loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent
in its capacity as such.


 


(d)          Waiver
of Consequential Damages, Etc. To the extent permitted by applicable law, no party to this Agreement shall assert, and each
hereby waives, any claim against any other party to this Agreement on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement
or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof. No party to
this Agreement shall be liable for any damages arising from the use by unintended recipients of any information or other materials
distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement
or the other Loan Documents or the transactions contemplated hereby or thereby, except to the extent caused by the willful misconduct
or gross negligence of such Person, as determined by a final, non-appealable judgment of a court of competent jurisdiction.


 




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(e)          Payments.
All amounts due under this Section shall be payable promptly after written demand therefor.


 


(f)          No
Fiduciary Relationship. The Administrative Agent, each Lender and their Affiliates (collectively, solely for purposes of this
paragraph, the “Lenders”), may have economic interests that conflict with those of the Borrower or any of its Subsidiaries,
their stockholders and/or their affiliates. The Borrower, on behalf of itself and each of its Subsidiaries, agrees that nothing
in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other
implied duty between the Lender, on the one hand, and the Borrower or any of its Subsidiaries, its stockholders or its Affiliates,
on the other. The Borrower and each of its Subsidiaries each acknowledge and agree that (i) the transactions contemplated by the
Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions
between the Lenders, on the one hand, and the Borrower and its Subsidiaries, on the other, and (ii) in connection therewith and
with the process leading thereto, (x) except as otherwise provided in any of the Loan Documents, no Lender has assumed an advisory
or fiduciary responsibility in favor of the Borrower or any of its Subsidiaries, any of their stockholders or affiliates (irrespective
of whether any Lender has advised, is currently advising or will advise the Borrower or any of its Subsidiaries, their stockholders
or their affiliates on other matters) and (y) each Lender is acting hereunder solely as principal and not as the agent or fiduciary
of the Borrower or any of its Subsidiaries, their management or stockholders. The Borrower and each Obligor each acknowledge and
agree that it has consulted legal and financial advisors to the extent it deemed appropriate and that it is responsible for making
its own independent judgment with respect to such transactions and the process leading thereto. The Borrower and each Obligor each
agree that it will not claim that any Lender has rendered advisory services hereunder of any nature or respect, or owes a fiduciary
duty to the Borrower or any of its Subsidiaries, in each case, in connection with such transactions contemplated hereby or the
process leading thereto.


 


Section 9.04.         Successors
and Assigns.


 


(a)          Assignments
Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the
Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations
hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer
upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy
or claim under or by reason of this Agreement.


 




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(b)          Assignments
by Lenders.


 


(i)          Assignments
Generally. Subject to the conditions set forth in clause (ii) below, any Lender may assign to one or more assignees all or
a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the
time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of:


 


(A)         the
Borrower, provided that (i) no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender,
or, if an Event of Default has occurred and is continuing, any other assignee, and (ii) the Borrower shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days
after having received written notice thereof; and


 


(B)         the
Administrative Agent.


 


(ii)         Certain
Conditions to Assignments. Assignments shall be subject to the following additional conditions:


 


(A)         except
in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans of a Class, the amount of the Commitment or Loans of such Class of the assigning Lender subject
to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to
the Administrative Agent) shall not be less than $1,000,000 unless each of the Borrower and the Administrative Agent otherwise
consent; provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;


 


(B)         each
partial assignment of any Class of Commitments or Loans shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement in respect of such Class of Commitments and Loans;


 


(C)         the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption in substantially
the form of Exhibit A hereto, together with a processing and recordation fee of $3,500 (which fee shall not be payable in
connection with an assignment to a Lender or to an Affiliate of a Lender), for which the Borrower and the Guarantors shall not
be obligated (except in the case of an assignment pursuant to Section 2.17(b)); and


 


(D)         the
assignee, if it shall not already be a Lender of the applicable Class, shall deliver to the Administrative Agent an Administrative
Questionnaire.


 




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(iii)        Effectiveness
of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (c) of this Section, from and after the effective
date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations
under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits
of Sections 2.12, 2.13, 2.14 and 9.03 with respect to facts and circumstances occurring prior to the effective date of such assignment).
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04
shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with paragraph (f) of this Section.


 


(c)          Maintenance
of Registers by Administrative Agent. The Administrative Agent, acting solely for this purpose as an agent of the Borrower,
shall maintain at one of its offices in New York City a copy of each Assignment and Assumption delivered to it and a register for
the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount and stated interest of
the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Registers” and each individually,
a “Register”). The entries in the Registers shall be conclusive, and the Borrower, the Administrative Agent
and the Lenders may treat each Person whose name is recorded in the Registers pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. The Registers shall be available for inspection by
the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.


 


(d)          Acceptance
of Assignments by Administrative Agent. Upon its receipt of a duly completed Assignment and Assumption executed by an assigning
Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender
hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the
information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph.


 


(e)          Special
Purposes Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”)
may grant to a special purpose funding vehicle (an “SPC”) owned or administered by such Granting Lender, identified
as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide
all or any part of any Loan that such Granting Lender would otherwise be obligated to make; provided that (i) nothing herein
shall constitute a commitment to make any Loan by any SPC, (ii) if an SPC elects not to exercise such option or otherwise fails
to provide all or any part of such Loan, the Granting Lender shall, subject to the terms of this Agreement, make such Loan pursuant
to the terms hereof, (iii) the rights of any such SPC shall be derivative of the rights of the Granting Lender, and such SPC shall
be subject to all of the restrictions upon the Granting Lender herein contained, and (iv) no SPC shall be entitled to the benefits
of Sections 2.12 (or any other increased costs protection provision), 2.13(a) or 2.14. Each SPC shall be conclusively presumed
to have made arrangements with its Granting Lender for the exercise of voting and other rights hereunder in a manner which is acceptable
to the SPC, the Administrative Agent, the Lenders and the Borrower, and each of the Administrative Agent, the Lenders and the Obligors
shall be entitled to rely upon and deal solely with the Granting Lender with respect to Loans made by or through its SPC. The making
of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were
made by the Granting Lender.


 




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Each party hereto hereby agrees (which agreement
shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full
of all outstanding senior indebtedness of any SPC, it will not institute against, or join any other person in instituting against,
such SPC, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceedings under the laws
of the United States or any State thereof, in respect of claims arising out of this Agreement; provided that the Granting
Lender for each SPC hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage and expense
arising out of their inability to institute any such proceeding against its SPC. In addition, notwithstanding anything to the contrary
contained in this Section, any SPC may (i) without the prior written consent of the Borrower and the Administrative Agent and without
paying any processing fee therefor, assign all or a portion of its interests in any Loans to its Granting Lender or to any financial
institutions providing liquidity and/or credit facilities to or for the account of such SPC to fund the Loans made by such SPC
or to support the securities (if any) issued by such SPC to fund such Loans (but nothing contained herein shall be construed in
derogation of the obligation of the Granting Lender to make Loans hereunder); provided that neither the consent of the SPC
or of any such assignee shall be required for amendments or waivers hereunder except for those amendments or waivers for which
the consent of participants is required under paragraph (f) below, and (ii) disclose on a confidential basis (in the same manner
described in Section 9.13(b)) any non-public information relating to its Loans to any rating agency, commercial paper dealer or
provider of a surety, guarantee or credit or liquidity enhancement to such SPC.


 


(f)          Participations.
Any Lender may sell participations to one or more banks or other entities (a “Participant”) in all or a portion
of such Lender’s rights and obligations under this Agreement and the other Loan Documents (including all or a portion of
its Commitments and the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement and the
other Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (iii) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other
Loan Documents. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or
waiver of any provision of this Agreement or any other Loan Document; provided that such agreement or instrument may provide
that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in
the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (g) of this Section, the Borrower agrees
that each Participant shall be entitled to the benefits of Sections 2.12, 2.13 and 2.14 (subject to the requirements and limitations
therein) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this
Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were
a Lender, provided such Participant agrees to be subject to Section 2.15(d) as though it were a Lender hereunder. Each Lender that
sells a participation shall, acting solely for this purpose as a non-fiduciary 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 Commitments or other obligations under the Loan Documents (each a “Participant Register”); provided,
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of
any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its
other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that
such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. The entries in each 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. For the avoidance of doubt, the Administrative Agent (in its capacity as
the Administrative Agent) shall have no responsibility for maintaining a Participant Register.


 




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(g)          Limitations
on Rights of Participants. A Participant shall not be entitled to receive any greater payment under Section 2.12 or 2.13 than
the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the
sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would
be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.14 unless such Participant agrees to
comply with Section 2.14(f) as though it were a Lender (it being understood that that the documentation required under Section
2.14(f) shall be delivered to the participating Lender).


 


(h)          Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank or any other central bank,
and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or
assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such assignee
for such Lender as a party hereto.


 


(i)          No
Assignments to the Borrower or Affiliates or Certain Other Persons. Anything in this Section to the contrary notwithstanding,
no Lender may (i) assign or participate any interest in any Commitment or Loan held by it hereunder to the Borrower or any of its
Affiliates or Subsidiaries without the prior consent of each Lender, or (ii) assign any interest in any Commitment or Loan held
by it hereunder to a natural person or any Person known by such Lender at the time of such assignment to be a Defaulting Lender,
a Subsidiary of a Defaulting Lender or a Person who, upon consummation of such assignment would be a Defaulting Lender.


 


(j)          Multicurrency
Lenders. Any assignment by a Multicurrency Lender, so long as no Event of Default has occurred and is continuing, must be to
a Person that is able to fund and receive payments on account of each outstanding Agreed Foreign Currency at such time without
the need to obtain any authorization referred to in clause (c) of the definition of “Agreed Foreign Currency.”


 




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Section 9.05.         Survival.
All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made
by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or
knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue
in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable
under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of
Sections 2.12, 2.13, 2.14 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation
of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination
of this Agreement or any provision hereof.


 


Section 9.06.         Counterparts;
Integration; Effectiveness; Electronic Execution.


 


(a)          Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement
and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract between
and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral
or written, relating to the subject matter hereof. This Agreement shall become effective as provided in Section 4.01, and thereafter
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an
executed counterpart of a signature page to this Agreement by telecopy or electronic mail shall be effective as delivery of a manually
executed counterpart of this Agreement.


 


(b)          Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
any other similar state laws based on the Uniform Electronic Transactions Act.


 


Section 9.07.         Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.


 




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Section 9.08.         Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized
at any time and from time to time, 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 obligations at any time owing by such Lender or Affiliate
to or for the credit or the account of any Obligor against any of and all the obligations of any Obligor now or hereafter existing
under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement
and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and
remedies (including other rights of setoff) which such Lender may have.


 


Section 9.09.         Governing
Law; Jurisdiction; Etc.


 


(a)          Governing
Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York.


 


(b)          Submission
to Jurisdiction. The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of
the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating
to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the
extent permitted by law, in such Federal court. Each of the parties hereto agrees 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.
Nothing in this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action
or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction.


 


(c)          Waiver
of Venue. The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.


 


(d)          Service
of Process. Each party to this Agreement (i) irrevocably consents to service of process in the manner provided for notices
in Section 9.01 and (ii) agrees that service as provided in the manner provided for notices in Section 9.01 is sufficient to confer
personal jurisdiction over such party in any proceeding in any court and otherwise constitutes effective and binding service in
every respect. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner
permitted by law.


 




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Section 9.10.         WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.


 


Section 9.11.         Judgment
Currency. This is an international loan transaction in which the specification of Dollars or any Foreign Currency, as the case
may be (the “Specified Currency”) and payment in New York City or the country of the Specified Currency (the
“Specified Place”) is of the essence, and the Specified Currency shall be the currency of account in all events
relating to Loans denominated in the Specified Currency. Subject to Section 2.15(a), the payment obligations of the Borrower under
this Agreement shall not be discharged or satisfied by an amount paid in another currency or in another place, whether pursuant
to a judgment or otherwise, to the extent that the amount so paid on conversion to the Specified Currency and transfer to the Specified
Place under normal banking procedures does not yield the amount of the Specified Currency in the Specified Place due hereunder.
If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in the Specified Currency
into another currency (the “Other Currency”), the rate of exchange that shall be applied shall be the rate at
which in accordance with normal banking procedures the Administrative Agent could purchase the Specified Currency with the Other
Currency on the Business Day next preceding the day on which such judgment is rendered. The obligation of the Borrower in respect
of any such sum due from it to the Administrative Agent or any Lender hereunder or under any other Loan Document (in this Section
called an “Entitled Person”) shall, notwithstanding the rate of exchange actually applied in rendering such
judgment, be discharged only to the extent that on the Business Day following receipt by such Entitled Person of any sum adjudged
to be due hereunder in the Other Currency such Entitled Person may in accordance with normal banking procedures purchase and transfer
to the Specified Place the Specified Currency with the amount of the Other Currency so adjudged to be due; and the Borrower hereby,
as a separate obligation and notwithstanding any such judgment, agrees to indemnify such Entitled Person against, and to pay such
Entitled Person on demand, in the Specified Currency, the amount (if any) by which the sum originally due to such Entitled Person
in the Specified Currency hereunder exceeds the amount of the Specified Currency so purchased and transferred.


 


Section 9.12.         Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.


 




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Section 9.13.         Treatment
of Certain Information; Confidentiality.


 


(a)          Treatment
of Certain Information. The Borrower acknowledges that from time to time financial advisory, investment banking and other services
may be offered or provided to the Borrower or one or more of its Subsidiaries (in connection with this Agreement or otherwise)
by any Lender or by one or more subsidiaries or affiliates of such Lender and the Borrower hereby authorizes each Lender to share
any information delivered to such Lender by the Borrower and its Subsidiaries pursuant to this Agreement, or in connection with
the decision of such Lender to enter into this Agreement, to any such subsidiary or affiliate, it being understood that any such
subsidiary or affiliate receiving such information shall be bound by the provisions of paragraph (b) of this Section as if it were
a Lender hereunder. Such authorization shall survive the repayment of the Loans, and the Commitments or the termination of this
Agreement or any provision hereof.


 


(b)          Confidentiality.
Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors,
officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is
made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b)
to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority),
(c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party
hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding
relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty
(or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the
Borrower, (h) on a confidential basis to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the
Loans and (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with
respect to the Loans, (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this
Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential
basis from a source other than the Borrower or (j) in connection with the Lenders’ right to grant a security interest pursuant
to Section 9.04(h) to the Federal Reserve Bank or any other central bank, or subject to an agreement containing provisions substantially
the same as those of this Section, to any other pledgee or assignee pursuant to Section 9.04(h).


 


For purposes of this Section, “Information”
means all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries
or any of their respective businesses (including, without limitation, any Portfolio Investments), other than any such information
that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any
of its Subsidiaries, provided that, in the case of information received from the Borrower or any of its Subsidiaries after
the Original Effective Date, such information is clearly identified at the time of delivery as confidential. Any Person required
to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation
to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person
would accord to its own confidential information.


 




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Section 9.14.         USA
PATRIOT Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act, it is required
to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower
and other information that will allow such Lender to identify the Borrower in accordance with said Act.


 


Section 9.15.         Termination.
Promptly upon the Termination Date, the Administrative Agent shall direct the Collateral Agent to, on behalf of the Administrative
Agent, the Collateral Agent and the Lenders, deliver to Borrower such termination statements and releases and other documents necessary
or appropriate to evidence the termination of this Agreement, the Loan Documents, and each of the documents securing the obligations
hereunder as the Borrower may reasonably request, all at the sole cost and expense of the Borrower.


 


Section 9.16.         Amendment
and Restatement.


 


(a)          On
the Restatement Effective Date, the Existing Credit Agreement shall be amended and restated in its entirety by this Agreement,
and the Existing Credit Agreement shall thereafter be of no further force and effect, except to evidence (i) the incurrence by
the Borrower of the obligations under the Existing Credit Agreement (whether or not such obligations are contingent as of the Restatement
Effective Date), (ii) the representations and warranties made by the Borrower prior to the Restatement Effective Date and (iii)
any action or omission performed or required to be performed pursuant to such Existing Credit Agreement prior to the Restatement
Effective Date (including any failure, prior to the Restatement Effective Date, to comply with the covenants contained in such
Existing Credit Agreement). The amendments and restatements set forth herein shall not cure any breach thereof or any “Default”
or “Event of Default” under and as defined in the Existing Credit Agreement prior to the Restatement Effective Date.
This Agreement is not in any way intended to constitute a novation of the obligations and liabilities existing under the Existing
Credit Agreement or evidence payment of all or any portion of such obligations and liabilities.


 


(b)          The
terms and conditions of this Agreement and the Administrative Agent’s and the Lenders’ rights and remedies under this
Agreement and the other Loan Documents shall apply to all of the obligations incurred under the Existing Credit Agreement.


 


(c)          On
and after the Restatement Effective Date, (i) all references to the Existing Credit Agreement in the Loan Documents (other than
this Agreement) shall be deemed to refer to the Existing Credit Agreement, as amended and restated hereby, (ii) all references
to any Article, Section or sub-clause of the Existing Credit Agreement in any Loan Document (other than this Agreement) shall be
deemed to be references to the corresponding provisions of this Agreement and (iii) except as the context otherwise provides, on
or after the Restatement Effective Date, all references to this Agreement herein (including for purposes of indemnification and
reimbursement of fees) shall be deemed to be references to the Existing Credit Agreement, as amended and restated hereby.


 




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(d)          This
amendment and restatement is limited as written and is not a consent to any other amendment, restatement or waiver, whether or
not similar and, except as expressly provided herein or in any other Loan Document, all terms and conditions of the Loan Documents
remain in full force and effect unless otherwise specifically amended hereby or by any other Loan Document.


 


Section 9.17.         Acknowledgment
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down
and conversion powers of an EEA 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 an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA 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 EEA Financial Institution,
its parent entity, 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 Loan Document; or


 


(iii)        the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.


 


[Signature pages follow]


 




    	 	 	 



     


    

 


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


 


	 	MONROE CAPITAL CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:


 




    	 	 	 



     


    

 


	 	ING CAPITAL LLC, as Administrative Agent and a Lender
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:


 




    	 	 	 



     


    

 


Schedule 1.01(a)


Approved Dealers and Approved
Pricing Services


 


APPROVED DEALERS


[On file with Administrative Agent]


 




    	 	 	 



     


    

 


APPROVED PRICING SERVICES


[On file with Administrative Agent]


 




    	 	 	 



     


    

 


Schedule
1.01(b)


 


Dollar
Commitments


 


	Lender	 	Commitment Amount	 
	[On file with Administrative Agent]	 	$	[  ]	 



 


Multicurrency
Commitments


 


	Lender	 	Commitment Amount	 
	[On file with Administrative Agent]	 	$	[  ]	 



 




    	 	 	 



     


    

 


Schedule
1.01(c)


 


Risk
Factors


 


	Bond Default 

Rating1	 	Risk Factor	 	One Year 

Expected 

Default 

Frequency	 	Five Year 

Expected 

Default 

Frequency
	Aaa	 	1	 	 	 	 
	Aa1	 	10	 	 	 	 
	Aa2	 	20	 	 	 	 
	Aa3	 	40	 	 	 	 
	A1	 	70	 	 	 	 
	A2	 	120	 	 	 	 
	A3	 	180	 	 	 	 
	Baa1	 	260	 	 	 	 
	Baa2	 	360	 	 	 	 
	Baa3	 	610	 	 	 	 
	Ba1	 	940	 	 	 	 
	Ba2	 	1350	 	 	 	 
	Ba3	 	1766	 	 	 	 
	B1	 	2220	 	 	 	 
	B2	 	2720	 	 	 	 
	B3	 	3490	 	 	 	 
	Caa-C	 	4770	 	Less than or equal to 11.62%	 	Less than or equal to 27.05%
	Caa-C	 	6500	 	Greater than 11.62% but less than or equal to 26% 	 	Greater than 27.05% but less than or equal to 48.75% 
	Ineligible2	 	N/A	 	Greater than 26%	 	Greater than 48.75%


 





 



 


1
The Bond Default Rating used from RiskCalc should be the LOWER of the 1-year or 5-year rating outputs.


2
Portfolio Investments with a Bond Default Rating of Caa-C shall be divided into two sub-categories based on their
Expected Default Frequencies as outlined above. Portfolio Investments with a Risk Factor greater than 6500 are not Eligible Portfolio
Investments.


 




    	 	 	 



     


    

 


Schedule
1.01(d)


 


Eligibility
Criteria


 


A Portfolio Investment shall not be an
Eligible Portfolio Investment on any date of determination unless it meets all of the following criteria:


 


		1)	If a debt investment (other than a Noteless Assigned Loan (and other than a High Yield Security
that is held through DTC and has been credited to the Custodian Account pursuant to the terms of the Custodian Agreement)), (x)
such Portfolio Investment is evidenced by an original promissory note registered in the name of an Obligor, endorsed in blank and
delivered to the Custodian and credited to the Custodian Account pursuant to the terms of the Custodian Agreement; provided, however,
that solely in the case of Portfolio Investments (other than Noteless Assigned Loans) in which the Collateral Agent has a first
priority perfected security interest pursuant to a valid Uniform Commercial Code filing, (a) the Borrower shall have up to 10 Business
Days following the acquisition of such Portfolio Investment to deliver an original promissory note with respect to such Portfolio
Investment to the Custodian or the Collateral Agent and (b) as a result of the syndication, sale, transfer, assignment or exchange
of a portion of a Portfolio Investment the Borrower shall have up to 20 Business Days to return, transfer, assign or exchange any
promissory note with respect to such Portfolio Investment and deliver new or additional promissory notes to the Custodian or the
Collateral Agent as required above (each an “Undelivered Note”) (it being understood that during the time periods
in clauses (a) and (b) above only the portion of such Portfolio Investment that has not been syndicated, sold, transferred, assigned
or exchanged shall satisfy the criteria specified in this paragraph 1); provided, further that (i) any portion of the Borrowing
Base that consists of an Eligible Portfolio Investment that is an Undelivered Note shall be identified as such in any Borrowing
Base Certificate and (ii) at no time may the aggregate amount of Undelivered Notes included in the Borrowing Base constitute more
than 10% of the Portfolio Investments included in the Borrowing Base and (y) all documentation evidencing or otherwise relating
to such Portfolio Investment has been duly authorized and executed, is in full force and effect and is the legal, binding and enforceable
obligation of the parties thereto and copies thereof (and in the case of the promissory note, the original) has been delivered
to the Custodian;



 




    	 	 	 



     


    

 


		2)	If a debt investment is a Noteless Assigned Loan, (a) the Custodian shall have received and credited
to the Custodian Account pursuant to the terms of the Custodian Agreement an original of each transfer document or instrument relating
to such Noteless Assigned Loan evidencing the assignment of such Noteless Assigned Loan from any prior third party owner thereof
directly to the Obligor (together with the consent of each party required under the applicable loan documentation); provided that,
any portion of the Borrowing Base that consists of an Eligible Portfolio Investment that is a Noteless Assigned Loan shall be identified
as such in any Borrowing Base Certificate; (b) the Custodian shall have received originals or copies of each of the following,
to the extent applicable, any related loan agreement, credit agreement, note purchase agreement, security agreement (if separate
from any mortgage), sale and servicing agreement, acquisition agreement pursuant to which such investment was acquired, subordination
agreement, intercreditor agreement or similar instruments, guarantee, insurance policy, assumption or substitution agreement or
similar material operative document, in each case together with any amendment or modification thereto; and (c) all documentation
evidencing or otherwise relating to such Noteless Assigned Loan has been duly authorized and executed, is in full force and effect
and is the legal, binding and enforceable obligation of the parties thereto and has been delivered to the Custodian;



 


		3)	Such Portfolio Investment, whether originated directly or purchased, was underwritten and closed
in all material respects in accordance with the Investment Policies;



 


		4)	If the issuer of such Portfolio Investment is a “Debtor” (as defined in the definition
of “DIP Loan”) and such Portfolio Investment is a debt investment, such Portfolio Investment meets the other criteria
set forth in the definition of DIP Loan;



 


		5)	Such Portfolio Investment is Transferable (as defined below);



 


		6)	Such Portfolio Investment has been assigned a Risk Factor Rating (which Risk Factor Rating shall
be updated at least once every six months with Portfolio Company Data that is not more than six months old) and the corresponding
Risk Factor is not greater than 6500;



 


		7)	Such Portfolio Investment is not a Defaulted Obligation or a Restructured Investment;



 


		8)	The Portfolio Company of such Portfolio Investment satisfies at least one of the following two
conditions at all times: (i) a trailing 24-month EBITDA of at least $8,000,000 as calculated by the Borrower in a commercially
reasonable manner, or (ii) a loan (through the Borrower or Obligor’s exposure) to enterprise value ratio of not more than
65%, where enterprise value shall be the value determined by the Approved Third-Party Appraiser in its most recent valuation report
provided in connection with such Portfolio Investment (except that, prior to the delivery of the first valuation report of the
Approved Third-Party Appraiser to be delivered after the Borrower’s acquisition of such Portfolio Investment, if such Portfolio
Investment is acquired by the Borrower in connection with or at the time of an applicable transaction involving the equity of the
related issuer, the enterprise value of such Portfolio Company may be imputed from such transaction by the Borrower in a commercially
reasonable manner);  





    	 	 	 



     


    

 


		9)	Except for the Borrower’s current investment in Fabco Automotive, such Portfolio Investment
does not represent an investment in any issuer in which Monroe Capital, LLC, Monroe Capital Management LLC, Monroe Capital Management
Advisors LLC, Monroe Capital Fund Advisors Inc., Monroe Capital Partners Fund LP, any Obligor or any of their respective Affiliates,
or any entities advised by any of the foregoing, holds any investment other than an investment that is in the same class as such
Portfolio Investment and, based on advice of counsel of Borrower, is (a) made in accordance with the requirements of an effective
SEC exemptive order allowing such co-investment or joint follow-on investment or (b) made in compliance with the Massachusetts
Mutual Life Insurance Co., SEC No-Action Letter (pub. avail. June 7, 2000), other interpretative guidance issued by the SEC or
the Investment Company Act;



 


		10)	Such Portfolio Investment does not represent an investment in any Financing Subsidiary, investment
fund, Structured Finance Obligation, or similar off balance sheet financing vehicle, or any joint venture or other Person that
is in the principal business of making debt or equity investments in other Persons (other than investments in a Third Party Finance
Company);



 


		11)	(x) Such Portfolio Investment is owned by the Borrower or any Obligor, free and clear of any liens
and Collateral Agent holds a first priority, perfected security interest in the Portfolio Investment (subject to no other Lien
other than any Eligible Liens), (y) the Collateral Agent or the Custodian as bailee on behalf of the Collateral Agent is holding
all documents evidencing or otherwise relating to such Portfolio Investment (which may be copies, except as required in paragraph
(1)(x) above) and (z) the other steps to ensure that the Collateral Agent has “control” or other customary protection
of the relevant Portfolio Investment set forth in Section 5.08 and in the Guarantee and Security Agreement have been taken;



 


		12)	Such Portfolio Investment and related documents are in compliance, in all material respects, with
applicable laws rules and regulations (including relating to usury, truth in lending, fair credit billing, fair credit reporting,
equal credit opportunity, fair debt collection practices and privacy, OFAC and USA PATRIOT Act);



 


		13)	Such Portfolio Investment is denominated and payable only in Dollars or the currency of a Permitted
Foreign Jurisdiction and the issuer of such Portfolio Investment is organized under the laws of the United States or any state
or commonwealth thereof (including the District of Columbia) or any Permitted Foreign Jurisdiction or any province thereof, is
domiciled in the United States or any Permitted Foreign Jurisdiction, and the majority of its operations and any property or other
assets of the issuer thereunder pledged as collateral are primarily located in the United States or a Permitted Foreign Jurisdiction
and the only place of payment of such loans is the United States or a Permitted Foreign Jurisdiction; provided, however, that the
contribution to the Borrowing Base of Portfolio Investments consisting of Permitted Foreign Issuers shall not exceed 10% of the
Borrowing Base; provided, further, however, that no credit shall be given to the Borrowing Base for any Portfolio Investment issued
by a Permitted Foreign Issuer if any Obligor does not qualify for zero withholding for loans made to such Permitted Foreign Issuer;



 




    	 	 	 



     


    

 


		14)	Such Portfolio Investment, if a debt investment, bears interest which is due and payable no less
frequently than semi-annually and provides for a fixed amount of principal payable on a scheduled payment date and or at maturity
and does not have a maturity greater than 10 years;



 


		15)	Such Portfolio Investment includes a contractual provision requiring all payments to be made without
set off, defense or counterclaim, and does not include a contractual provision granting rights of rescission, set off, counterclaim
or defense in favor of the obligor in respect of such Portfolio Investment, and no material dispute has been asserted with respect
to such Portfolio Investment;



 


		16)	Such Portfolio Investment is not (x) secured primarily by a mortgage, deed of trust or similar
lien on real estate, or (y) issued by a Person whose primary asset is real estate, or whose value is otherwise primarily derived
from real estate;



 


		17)	Such Portfolio Investment does not represent a consumer obligation (including, without limitation,
a mortgage loan, auto loan, credit card loan or personal loan);



 


		18)	No payment in respect of such Portfolio Investment, if a debt investment, is subject to withholding
in respect to taxes of any nature, unless the issuer is required to make customary and market-based gross-up payments on an after
tax basis for the full amount of such tax;



 


		19)	Such Portfolio Investment is not a derivative instrument;



 


		20)	The issuer of such Portfolio Investment (or an agent on its behalf) is required to make payments
directly into an account of the Borrower or any Obligor over which the Collateral Agent has “control” and no other
person’s assets are commingled in such account;



 


		21)	No Person acting as administrative agent, collateral agent or in a similar capacity shall be an
Affiliate of the Borrower unless such person is an Obligor; and,



 


		22)	If such Portfolio Investment is a Bank Loan and the issuer of such Portfolio Investment has issued
a Permitted Prior Working Capital Lien, the Borrower has delivered to the Administrative Agent a written valuation report of an
Approved Third-Party Appraiser determining the enterprise value of such issuer to be used for purposes of the conditions outlined
in clause (iii) of the definition of Permitted Prior Working Capital Lien (except that, prior to the delivery of the first valuation
report of the Approved Third-Party Appraiser to be delivered after the Borrower’s acquisition of such Portfolio Investment,
the enterprise value of such Portfolio Company may be calculated by the Borrower in a commercially reasonable manner).



 




    	 	 	 



     


    

 


For purposes of paragraph (5) above, “Transferable”
means, in the case of any Portfolio Investment, both that:


 


(i)          the
applicable Obligor may create a security interest in or pledge all of its rights under and interest in such Portfolio Investment
to secure its obligations under this Agreement or any other Loan Document, and that such pledge or security interest may be enforced
in any manner permitted under applicable law; and


 


(ii)        such
Portfolio Investment (and all documents related thereto) contains no provision that directly or indirectly restricts the assignment
of such Obligor’s, or any assignee of Obligor’s, rights under such Portfolio Investment (including any requirement
that any Obligor maintain a minimum ownership percentage of such Portfolio Investment); provided that, such Portfolio Investment
may contain the following restrictions on customary and market based terms: (a) restrictions pursuant to which assignments may
be subject to the consent of the obligor or issuer or agent under the Portfolio Investment so long as the applicable provision
also provides that such consent may not be unreasonably withheld, (b) restrictions on transfer to parties that are not ‘eligible
assignees’ within the customary and market based meaning of the term, and (c) restrictions on transfer to the applicable
obligor or issuer under the Portfolio Investment or its equity holders or financial sponsor entities.