Exhibit 10.2


 


EXECUTION VERSION


 


 






 


INDENTURE


 


 


by
and between


 


 


Golub
Capital BDC 3 CLO 1 LLC,

Issuer


 


 


 


and


 


 


 


DEUTSCHE
BANK TRUST COMPANY AMERICAS,

Trustee


 


 


 


 


 


 


 


 


Dated
as of March 11, 2021


 


 


 







     


     


    

 


TABLE OF CONTENTS


 


	 	Page
	 	 
	ARTICLE I Definitions	2
	Section 1.1	Definitions	2
	Section 1.2	Usage of Terms	78
	Section 1.3	Assumptions as to Assets	78
	ARTICLE II The Notes	81
	Section 2.1	Forms Generally	81
	Section 2.2	Forms of Notes	82
	Section 2.3	Authorized Amount; Stated Maturity; Denominations	85
	Section 2.4	Execution, Authentication, Delivery and Dating	86
	Section 2.5	Registration, Registration of Transfer and Exchange	87
	Section 2.6	Mutilated, Defaced, Destroyed, Lost or Stolen Note	100
	Section 2.7	Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved	101
	Section 2.8	Persons Deemed Owners	104
	Section 2.9	Cancellation	104
	Section 2.10	DTC Ceases to be Depository	104
	Section 2.11	Non-Permitted Holders	105
	Section 2.12	Treatment and Tax Certification	107
	Section 2.13	Additional Issuance	110
	Section 2.14	Funding of the Unfunded Class	113
	ARTICLE III Conditions Precedent	115
	Section 3.1	Conditions to Issuance of Notes on Closing Date	115
	Section 3.2	Conditions to Additional Issuance	118
	Section 3.3	Custodianship; Delivery of Collateral Obligations and Eligible Investments	120
	ARTICLE IV Satisfaction And Discharge	121
	Section 4.1	Satisfaction and Discharge of Indenture	121
	Section 4.2	Application of Trust Money	122
	Section 4.3	Repayment of Monies Held by Paying Agent	122
	Section 4.4	Liquidation of Assets	122
	ARTICLE V Remedies	123
	Section 5.1	Events of Default	123
	Section 5.2	Acceleration of Maturity; Rescission and Annulment	125
	Section 5.3	Collection of Indebtedness and Suits for Enforcement by Trustee	126
	Section 5.4	Remedies	128
	Section 5.5	Optional Preservation of Assets	130
	Section 5.6	Trustee May Enforce Claims Without Possession of Notes	132
	Section 5.7	Application of Money Collected	132
	Section 5.8	Limitation on Suits	132



 






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(continued)


 


Page


 


	Section 5.9	Unconditional Rights of Holders of Secured Notes to Receive Principal and Interest	133
	Section 5.10	Restoration of Rights and Remedies	133
	Section 5.11	Rights and Remedies Cumulative	133
	Section 5.12	Delay or Omission Not Waiver	133
	Section 5.13	Control by Supermajority of Controlling Class	134
	Section 5.14	Waiver of Past Defaults	134
	Section 5.15	Undertaking for Costs	134
	Section 5.16	Waiver of Stay or Extension Laws	135
	Section 5.17	Sale of Assets	135
	Section 5.18	Action on the Notes	136
	ARTICLE VI The Trustee	136
	Section 6.1	Certain Duties and Responsibilities	136
	Section 6.2	Notice of Event of Default	138
	Section 6.3	Certain Rights of Trustee	138
	Section 6.4	Not Responsible for Recitals or Issuance of Notes	143
	Section 6.5	May Hold Notes	143
	Section 6.6	Money Held in Trust	143
	Section 6.7	Compensation and Reimbursement	143
	Section 6.8	Corporate Trustee Required; Eligibility	145
	Section 6.9	Resignation and Removal; Appointment of Successor	145
	Section 6.10	Acceptance of Appointment by Successor	146
	Section 6.11	Merger, Conversion, Consolidation or Succession to Business of Trustee	147
	Section 6.12	Co-Trustees	147
	Section 6.13	Certain Duties of Trustee Related to Delayed Payment of Proceeds	148
	Section 6.14	Authenticating Agents	149
	Section 6.15	Withholding	149
	Section 6.16	Representative for Secured Noteholders only; Agent for each other Secured Party and the Holders of the Subordinated Notes	150
	Section 6.17	Representations and Warranties of the Bank	150
	ARTICLE VII Covenants	151
	Section 7.1	Payment of Principal and Interest	151
	Section 7.2	Maintenance of Office or Agency	151
	Section 7.3	Money for Note Payments to be Held in Trust	151
	Section 7.4	Existence of Issuer	153
	Section 7.5	Protection of Assets	154
	Section 7.6	Opinions as to Assets	155
	Section 7.7	Performance of Obligations	155
	Section 7.8	Negative Covenants	155
	Section 7.9	Statement as to Compliance	157



 






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(continued)


 


Page


 



	Section 7.10	Issuer May Consolidate, etc., Only on Certain Terms	157
	Section 7.11	Successor Substituted	159
	Section 7.12	No Other Business	159
	Section 7.13  	Listing; Notice Requirements	160
	Section 7.14	Annual Rating Review	160
	Section 7.15	Reporting	160
	Section 7.16	Calculation Agent	160
	Section 7.17	Certain Tax Matters	161
	Section 7.18	Effective Date; Purchase of Additional Collateral Obligations	166
	Section 7.19	Representations Relating to Security Interests in the Assets	170
	ARTICLE VIII Supplemental Indentures	172
	Section 8.1	Supplemental Indentures Without Consent of Holders of Notes	172
	Section 8.2	Supplemental Indentures With Consent of Holders of Notes	176
	Section 8.3	Execution of Supplemental Indentures	178
	Section 8.4	Effect of Supplemental Indentures	180
	Section 8.5	Reference in Notes to Supplemental Indentures	180
	Section 8.6	Hedge Agreements	180
	ARTICLE IX Redemption Of Notes	181
	Section 9.1	Mandatory Redemption	181
	Section 9.2	Optional Redemption	181
	Section 9.3	Tax Redemption	185
	Section 9.4	Redemption Procedures	186
	Section 9.5	Notes Payable on Redemption Date	188
	Section 9.6	Special Redemption	188
	Section 9.7	Issuer Purchases of Secured Notes	189
	Section 9.8	Optional Re-Pricing	190
	Section 9.9	Clean-Up Call Redemption	193
	ARTICLE X Accounts, Accountings And Releases	195
	Section 10.1	Collection of Money	195
	Section 10.2	Collection Account	195
	Section 10.3	Transaction Accounts.	198
	Section 10.4	The Revolver Funding Account	200
	Section 10.5	Ownership of the Accounts	201
	Section 10.6	Reinvestment of Funds in Accounts; Reports by Trustee	202
	Section 10.7	Accountings	203
	Section 10.8	Release of Assets	211
	Section 10.9	Reports by Independent Accountants	212
	Section 10.10	Reports to the Rating Agency and Additional Recipients	213
	Section 10.11	Procedures Relating to the Establishment of Accounts Controlled by the Trustee	214
	Section 10.12	Section 3(c)(7) Procedures	214
	Section 10.13	No Further Reporting Following the Redemption of the Secured Notes	217



 






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(continued)


 


Page


 



	ARTICLE XI Application Of Monies	217
	Section 11.1	Disbursements of Monies from Payment Account	217
	ARTICLE XII SALE OF COLLATERAL OBLIGATIONS;  PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS	224
	Section 12.1	Sales of Collateral Obligations	224
	Section 12.2	Purchase of Additional Collateral Obligations	227
	Section 12.3	Conditions Applicable to All Sale and Purchase Transactions	231
	ARTICLE XIII Holders’ Relations	232
	Section 13.1	Subordination	232
	Section 13.2	Standard of Conduct	233
	ARTICLE XIV MISCELLANEOUS	233
	Section 14.1	Form of Documents Delivered to Trustee	233
	Section 14.2	Acts of Holders	235
	Section 14.3	Notices, etc., to the Trustee, the Issuer, the Collateral Manager, the Initial Purchaser, the Collateral Administrator, the Paying
Agent and the Rating Agency	236
	Section 14.4	Notices to Holders; Waiver	237
	Section 14.5	Effect of Headings and Table of Contents	238
	Section 14.6	Successors and Assigns	238
	Section 14.7	Severability	238
	Section 14.8	Benefits of Indenture	238
	Section 14.9	Legal Holidays	239
	Section 14.10	Governing Law	239
	Section 14.11	Submission to Jurisdiction	239
	Section 14.12	Waiver of Jury Trial	239
	Section 14.13	Counterparts	239
	Section 14.14	Acts of Issuer	240
	Section 14.15	Confidential Information	240
	Section 14.16	Proceedings	242
	Section 14.17	Communications with Rating Agencies	242
	Section 14.18	Notices to S&P; Rule 17g-5 Procedures	242
	ARTICLE XV Assignment Of Certain Agreements	245
	Section 15.1	Assignment of Collateral Management Agreement	245


 









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	Schedules and Exhibits
	 	 
	Schedule 1	List of Collateral Obligations
	Schedule 2	S&P Industry Classifications
	Schedule 3	Moody’s Rating Definitions
	Schedule 4	S&P Recovery Rate Tables
	Schedule 5	Diversity Score Calculation
	Schedule 6	S&P Region Diversity Table
	 	 
	Exhibit A	Forms of Notes
	A-1	Form of Global Secured Note
	A-2	Form of Rule 144A Global Subordinated Note
	A-3	Form of Certificated Secured Note
	A-4	Form of Certificated Subordinated Note
	A-5	Form of Confirmation of Registration of Uncertificated Secured Note
	 	 
	Exhibit B	Forms of Transfer and Exchange Certificates
	B-1	Form of Transferor Certificate for Transfer of Rule 144A Global Secured Note or Certificated Secured Note to Regulation S Global Secured Note
	B-2	Form of Purchaser Representation Letter for Certificated Secured Notes
	B-3	Form of Transferor Certificate for Transfer of Regulation S Global Secured Note or Certificated Secured Note to Rule 144A Global Secured Note
	B-4	Form of Purchaser Representation Letter for Certificated Subordinated Notes
	B-5	Form of Class D and Subordinated Note ERISA Certificate
	B-6	Form of Transferee Certificate of Rule 144A Global Secured Note
	B-7	Form of Transferee Certificate of Temporary Regulation S Global Secured Note or Regulation S Global Secured Note
	B-8	Form of Transferor Certificate for Transfer of Certificated Subordinated Note to Rule 144A Global Subordinated Note
	B-9	Form of Transferee Certificate of Rule 144A Global Subordinated Note
	B-10	Form of Purchaser Representation Letter for Uncertificated Secured Note
	 	 
	Exhibit C	Form of Beneficial Ownership Certificate
	Exhibit D	Form of NRSRO Certification
	Exhibit E	Form of Notice of Contribution
	Exhibit F	Form of Request for Issuance of Uncertificated Secured Note







 




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INDENTURE,
dated as of March 11, 2021, between GOLUB CAPITAL BDC 3 CLO 1 LLC, a limited liability company formed under the laws of the State
of Delaware (the “Issuer”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as trustee (herein, together with its
permitted successors and assigns in the trusts hereunder, the “Trustee”).


 


PRELIMINARY
STATEMENT


 


The
Issuer is duly authorized to execute and deliver this Indenture to provide for the Notes issuable as provided. The Issuer is entering
into this Indenture, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged.


 


All
things necessary to make this Indenture a valid agreement of the Issuer in accordance with the agreement’s terms have been
done.


 


GRANTING
CLAUSES


 


The
Issuer hereby Grants to the Trustee, for the benefit and security of the Holders of the Secured Notes, the Trustee, the Collateral
Manager and Collateral Administrator (collectively, the “Secured Parties”), all of its right, title and interest
in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising any and all accounts, chattel
paper, deposit accounts, financial assets, general intangibles, instruments, investment property, letter-of-credit rights, documents,
goods and supporting obligations and other assets in which the Issuer has an interest and specifically including: (a) the
Collateral Obligations (listed, as of the Closing Date, in Schedule 1 to this Indenture) which the Issuer causes
to be delivered to the Trustee (directly or through an intermediary or bailee) herewith and all payments thereon or with
respect thereto, and all Collateral Obligations which are delivered to the Trustee in the future pursuant to the terms hereof
and all payments thereon or with respect thereto, (b) each of the Accounts, and in each case any Eligible Investments purchased
with funds on deposit in any of the Accounts, and all income from the investment of funds therein, (c) the Collateral Management
Agreement as set forth in Article XV hereof, the Securities Account Control Agreement, the Master Loan Sale Agreements
and the Collateral Administration Agreement, (d) all Cash or Money delivered to the Trustee (or its bailee) from any
source for the benefit of the Secured Parties or the Issuer, (e) any Equity Securities or Permitted Collateral Obligations received
by the Issuer, (f) all accounts, chattel paper, deposit accounts, financial assets, general intangibles, payment intangibles,
instruments, investment property, letter-of-credit rights, securities, money, documents, goods, commercial tort claims and securities
entitlements, and other supporting obligations (as such terms are defined in the UCC), (g) any other property otherwise delivered
to the Trustee by or on behalf of the Issuer (whether or not constituting Collateral Obligations, Equity Securities or Eligible
Investments); and (h) all proceeds (as defined in the UCC) and products with respect to the foregoing; provided that
such Grants shall not include any Margin Stock held by the Issuer (the assets referred to in (a) through (h), excluding any
Margin Stock held by the Issuer, are collectively referred to as the “Assets”). For the avoidance of doubt,
Margin Stock shall not be included in the above Grant, but shall be included in the term “Assets”.


 






     


     


    

 


The
above Grant is made in trust to secure the Secured Notes, the Issuer’s other obligations to the Secured Parties under this
Indenture, the other Transaction Documents, and certain other amounts payable by the Issuer as described herein. Except as set
forth in the Priority of Payments and Article XIII of this Indenture, the Secured Notes are secured by the Grant equally
and ratably without prejudice, priority or distinction between any Secured Notes and any other Secured Notes by reason of difference
in time of issuance or otherwise. The Grant is made to secure, in accordance with the priorities set forth in the Priority of
Payments and Article XIII of this Indenture, (i) the payment of all amounts due on the Secured Notes in accordance
with their terms, (ii) the payment of all other sums (other than in respect of the Subordinated Notes) payable under
this Indenture, (iii) the payment of amounts owing by the Issuer under the Collateral Management Agreement and the Collateral
Administration Agreement and (iv) compliance with the provisions of this Indenture, all as provided herein (collectively,
the “Secured Obligations”). The foregoing Grant shall, for the purpose of determining the property subject
to the lien of this Indenture, be deemed to include any securities and any investments granted to the Trustee by or on behalf
of the Issuer, whether or not such securities or investments satisfy the criteria set forth in the definitions of “Collateral
Obligation” or “Eligible Investments”, as the case may be.


 


The
Trustee acknowledges such Grant, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform
the duties herein in accordance with the terms hereof.


 


ARTICLE
I



Definitions


 


Section
1.1      Definitions. Except as otherwise specified herein
or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of
this Indenture, and the definitions of such terms are equally applicable both to the singular and plural forms of such terms and
to the masculine, feminine and neuter genders of such terms. The word “including” shall mean “including without
limitation.” All references herein to designated “Articles”, “Sections”, “sub-sections”
and other subdivisions are to the designated articles, sections, sub-sections and other subdivisions of this Indenture. The words
 “herein”, “hereof”, “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular article, section, sub-section or other subdivision.


 


“1940
Act”: The United States Investment Company Act of 1940, as amended from time to time.


 


“ABL
Facility”: A lending facility pursuant to which the loans thereunder are secured by a perfected, first priority security
interest in accounts receivable, inventory, machinery, equipment, real estate, oil and gas reserves, vessels or periodic revenues,
where such collateral security consists of assets generated or acquired by the related Obligor in its business.


 


“Accountants’
Effective Date AUP Reports”: The meaning specified in Section 7.18(c)(iii).


 


“Accountants’
Effective Date Comparison AUP Report”: The meaning specified in Section 7.18(c)(iii).


 


“Accountants’
Effective Date Recalculation AUP Report”: The meaning specified in Section 7.18(c)(iii).


 






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“Accountants’
Report”: An agreed upon procedures report of the firm or firms appointed by the Issuer pursuant to Section 10.9(a).


 


“Accounts”:
(i) The Payment Account, (ii) the Collection Account, (iii) the Ramp-Up Account, (iv) the Revolver Funding Account, (v) the
Expense Reserve Account, (vi) the Custodial Account, (vii) the Supplemental Reserve Account and (viii) the Interest Reserve Account.


 


“Accredited
Investor”: The meaning set forth in Rule 501(a) under the Securities Act.


 


“Act”
and “Act of the Holders”: The meanings specified in Section 14.2.


 


“Additional
Notes”: Any Notes issued pursuant to Section 2.13.


 


“Additional
Notes Closing Date”: The closing date for the issuance of any Additional Notes pursuant to Section 2.13
as set forth in an indenture supplemental to this Indenture pursuant to Section 8.1(a)(xii).


 


“Adjusted
Class Break-even Default Rate”: With respect to the Class A Notes (or, if the Class A Notes are no longer Outstanding,
the most senior Class of Secured Notes Outstanding), the rate equal to (a)(i) the Class Break-even Default Rate multiplied by
(ii)(x) the Target Initial Par Amount divided by (y) the Collateral Principal Amount, plus redemptions to the senior most Class
during the Reinvestment Period (but not including any such redemption from Refinancing Proceeds), plus the S&P Collateral
Value of all Defaulted Obligations plus (b)(i)(x) the Collateral Principal Amount, plus redemptions to the senior most Class during
the Reinvestment Period (but not including any such redemption from Refinancing Proceeds), plus the S&P Collateral Value of
all Defaulted Obligations minus (y) the Target Initial Par Amount, divided by (ii)(x) the Collateral Principal Amount, plus redemptions
to the senior most Class during the Reinvestment Period (but not including any such redemption from Refinancing Proceeds), plus
the S&P Collateral Value of all Defaulted Obligations multiplied by (y) 1 minus the Weighted Average S&P Recovery Rate.


 


“Adjusted
Collateral Principal Amount”: As of any date of determination, (a) the Aggregate Principal Balance of the Collateral
Obligations (other than Defaulted Obligations, Deferring Obligations (except Permitted Deferrable Obligations), Discount Obligations
(to the extent set forth in clause (d) below) and Long-Dated Obligations); plus (b) without duplication, the amounts
on deposit in any Account (including Eligible Investments therein but excluding the Revolver Funding Account and the Supplemental
Reserve Account) representing Principal Proceeds; plus (c) the aggregate, for each Defaulted Obligation and Deferring
Obligation (other than Permitted Deferrable Obligations), of the Defaulted Obligation Balance of such Defaulted Obligation or
Deferring Obligation; plus (d) the aggregate, for such portion of a Discount Obligation that does not fall into the
Excess CCC Adjustment Amount, of the purchase price, excluding accrued interest, expressed as a percentage of par and multiplied
by the outstanding principal balance thereof, for such Discount Obligation; minus (e) the Excess CCC Adjustment Amount;
plus (f) the aggregate, for each Long-Dated Obligation, of the Long-Dated Obligation Amount of such Long-Dated Obligation;
provided that, with respect to any Collateral Obligation that satisfies more than one of the definitions of Defaulted Obligation,
Deferring Obligation (except Permitted Deferrable Obligations), Discount Obligation (to the extent set forth in clause (d) above)
or Long-Dated Obligation, such Collateral Obligation shall, for the purposes of this definition, be treated as belonging to the
category of Collateral Obligations which results in the lowest Adjusted Collateral Principal Amount on any date of determination.


 






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“Administrative
Expense Cap”: An amount equal on any Payment Date (when taken together with any Administrative Expenses in the order
of priority contained in the definition thereof paid during the period since the preceding Payment Date or in the case of
the first Payment Date, the period since the Closing Date), to the sum of (a) 0.02% per annum (prorated for the related
Interest Accrual Period on the basis of a 360-day year and the actual number of days elapsed) of the Fee Basis Amount at
the beginning of the Collection Period relating to such Payment Date and (b) U.S.$200,000 per annum (prorated for
the related Interest Accrual Period on the basis of a 360-day year consisting of twelve 30-day months); provided that (1) in
respect of any Payment Date after the third Payment Date, if the aggregate amount of Administrative Expenses paid pursuant to
Sections 11.1(a)(i)(A), 11.1(a)(ii)(A) and 11.1(a)(iii)(A) (including any excess applied in accordance with
this proviso) on the three immediately preceding Payment Dates and during the related Collection Periods is less than the
stated Administrative Expense Cap (without regard to any excess applied in accordance with this proviso) in the aggregate
for such three preceding Payment Dates, then the excess may be applied to the Administrative Expense Cap with respect to the then-current
Payment Date; and (2) in respect of the third Payment Date, such excess amount shall be calculated based on the Payment Dates
preceding such Payment Date.


 


“Administrative
Expenses”: The fees, expenses (including indemnities) and other amounts due or accrued with respect to any Payment
Date (including, with respect to any Payment Date, any such amounts that were due and not paid on any prior Payment Date in accordance
with the Priority of Payments) and payable in the following order by the Issuer: first, to the Trustee pursuant to Section 6.7
and the other provisions of this Indenture, second, to the Collateral Administrator pursuant to the Collateral Administration
Agreement and the Bank in any of its other capacities under the Transaction Documents, third, on a pro rata basis,
the following amounts (excluding indemnities) to the following parties: (i) the Independent accountants, agents (other than
the Collateral Manager) and counsel of the Issuer for fees and expenses; (ii) the Rating Agency for fees and expenses (including
any annual fee, amendment fees and surveillance fees) in connection with any rating of the Secured Notes or in connection with
the rating of (or provision of credit estimates in respect of) any Collateral Obligations; (iii) the Collateral Manager under
this Indenture and the Collateral Management Agreement, including without limitation reasonable expenses of the Collateral Manager
(including fees for its accountants, agents and counsel) incurred in connection with the purchase or sale of any Collateral
Obligations, any other expenses incurred in connection with the Collateral Obligations and any other amounts payable pursuant
to the Collateral Management Agreement but excluding the Aggregate Collateral Management Fee; (iv) the Independent Manager for
any fees or expenses due under the management agreement between the Issuer and Independent Manager; and (v) any other Person in
respect of any other fees or expenses permitted under this Indenture and the documents delivered pursuant to or in connection
with this Indenture (including without limitation the payment of all legal and other fees and expenses incurred in connection
with the purchase or sale of any Collateral Obligations and any other expenses incurred in connection with the Collateral Obligations)
and the Notes, including but not limited to, amounts owed to the Issuer pursuant to Section 7.1 and any amounts due in
respect of the listing of the Secured Notes on any stock exchange or trading system; and fourth, on a pro rata basis,
indemnities payable to any Person pursuant to any Transaction Document; provided that (x) amounts due in respect of
actions taken on or before the Closing Date shall not be payable as Administrative Expenses but shall be payable only from the
Expense Reserve Account pursuant to this Indenture and (y) for the avoidance of doubt, amounts that are expressly payable to any
Person under the Priority of Payments in respect of an amount that is stated to be payable as an amount other than as Administrative
Expenses (including, without limitation, interest and principal in respect of the Notes) shall not constitute Administrative Expenses.


 






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“Affected
Class”: Any Class of Secured Notes that, as a result of the occurrence of a Tax Event described in the definition of
 “Tax Redemption” has not received 100% of the aggregate amount of principal and interest that would otherwise be due
and payable to such Class on any Payment Date.


 


“Affiliate”:
With respect to a Person, (i) any other Person who, directly or indirectly, is in control of, or controlled by, or is under
common control with, such Person or (ii) any other Person who is a director, Officer, employee or general partner (a) of
such Person, (b) of any subsidiary or parent company of such Person or (c) of any Person described in clause (i) above.
For the purposes of this definition, “control” of a Person shall mean the power, direct or indirect, (x) to vote
more than 50% of the securities having ordinary voting power for the election of directors of such Person or (y) to direct
or cause the direction of the management and policies of such Person whether by contract or otherwise.


 


“Agent
Members”: Members of, or participants in, DTC, Euroclear or Clearstream.


 


“Aggregate
Collateral Management Fee”: All accrued and unpaid Collateral Management Fees, Current Deferred Management Fees, Cumulative
Deferred Management Fees and Collateral Management Fee Shortfall Amounts (including accrued interest) due and payable to the Collateral
Manager.


 


“Aggregate
Coupon”: As of any Measurement Date, the sum of the products obtained by multiplying, in the case of each Fixed
Rate Obligation (other than a Defaulted Obligation or Deferrable Obligation (other than a Permitted Deferrable Obligation)) (including,
for any Permitted Deferrable Obligation, only the required current cash interest required by the Underlying Instruments thereon),
(i) the stated coupon on such Collateral Obligation expressed as a percentage and (ii) the outstanding principal balance
of such Collateral Obligation; provided that the stated coupon of a Step-Up Obligation will be the then-current coupon.


 


“Aggregate
Funded Amount”: The aggregate Funded Amount of the Class D Notes funded in all Unfunded Class Fundings.


 


“Aggregate
Funded Spread”: As of any Measurement Date, the sum of: (a) in the case of each Floating Rate Obligation (excluding
the unfunded portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation) that bears interest at
a spread over a London interbank offered rate based index, (i) the stated interest rate spread on such Collateral Obligation above
such index as of the immediately preceding Interest Determination Date multiplied by (ii) the outstanding principal balance
of such Collateral Obligation; provided that the interest rate spread with respect to any Step-Up Obligation will be the
then-current interest rate spread; and (b) in the case of each Floating Rate Obligation (excluding the unfunded portion of
any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation) that bears interest at a spread over an index
other than a London interbank offered rate based index, (i) the excess of the sum of such spread and such index over LIBOR as
of the immediately preceding Interest Determination Date (which spread or excess may be expressed as a negative percentage) multiplied
by (ii) the outstanding principal balance of each such Collateral Obligation; provided that the interest rate spread
with respect to any Step-Up Obligation will be the then-current interest rate spread.


 






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For
purposes of calculating the Aggregate Funded Spread, (i) such calculation shall exclude any Deferring Obligation until the obligor
thereof has resumed the payment of cash interest in cash, (ii) with respect to any LIBOR Floor Obligation, the stated interest
rate spread on such Collateral Obligation over the applicable index shall be deemed to be equal to the sum of (x) the stated interest
rate spread over the applicable index and (y) the excess, if any, of the specified “floor” rate relating to such Collateral
Obligation over LIBOR as in effect for the current Interest Accrual Period (or portion thereof, in the case of the first Interest
Accrual Period) and (iii) the stated interest rate of a Collateral Obligation will be excluded from such calculation to the extent
the Issuer or the Collateral Manager has actual knowledge that such payment of interest will not be made by the obligor thereof
during the applicable period.


 


“Aggregate
Outstanding Amount”: With respect to any of the Notes as of any date, the aggregate unpaid principal amount of such
Notes Outstanding on such date; provided that (i) in the case of Notes of the Unfunded Class, except as otherwise explicitly
set forth in this Indenture, such aggregate unpaid principal amount will be: (x) prior to the Unfunded Class Funding, zero (except
that, solely for the purpose of issuance and transfers of the Notes of the Unfunded Class prior to the Unfunded Class Funding,
the Aggregate Outstanding Amount thereof shall be deemed to be the notional amount thereof less the Aggregate Funded Amount),
and (y) from and after any Unfunded Class Funding, the aggregate unpaid principal amount of the Class D Notes Outstanding.


 


“Aggregate
Principal Balance”: When used with respect to all or a portion of the Collateral Obligations or the Assets, the sum
of the Principal Balances of all or of such portion of the Collateral Obligations or Assets, respectively.


 


 


 






    -6-


     


    

 


“Aggregate
Risk Adjusted Par Amount”: The amount specified below for the applicable Interest Accrual Period, listed sequentially,
starting with the Interest Accrual Period commencing on the Closing Date:


 


	Interest
Accrual Period
	Aggregate
Risk Adjusted Par Amount ($)

	1	400,000,000
	2	399,160,000
	3	398,547,955
	4	397,936,848
	5	397,339,943
	6	396,737,310
	7	396,128,980
	8	395,521,582
	9	394,928,300
	10	394,329,325
	11	393,724,687
	12	393,120,976
	13	392,524,742
	14	391,929,413
	15	391,328,454
	16	390,728,417
	17	390,142,325
	18	389,550,609
	19	388,953,298
	20	388,356,903
	21	387,774,368
	22	387,186,243
	23	386,592,558
	24	385,999,782
	25	385,420,783
	26	384,836,228
	27	384,246,146
	28	383,656,968
	29	383,075,088
	30	382,494,091
	31	381,907,600
	32	381,322,009
	33	380,750,026
	34	380,172,555
	35	379,589,623
	36	379,007,586
	37	378,439,075
	38	377,865,109
	39	377,285,716
	40	376,707,211
	41	376,142,150
	42	375,571,668
	43	374,995,791
	44	374,420,798
	45	373,852,926
	46	373,285,916
	47	372,713,544
	48	372,142,050
	49	371,583,837






    -7-


     


    

 


 


“Aggregate
Unfunded Class Amount”: The meaning specified in Section 2.3.


 


“Aggregate
Unfunded Spread”: As of any Measurement Date, the sum of the products obtained by multiplying (i) for each
Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation (other than Defaulted Obligations), the related commitment
fee rate then in effect as of such date and (ii) the undrawn commitments of each such Delayed Drawdown Collateral Obligation
and Revolving Collateral Obligation as of such date.


 


“Alternative
Method”: The meaning specified in Section 7.17(l).


 


“Alternative
Rate”: The meaning specified in the definition of “LIBOR”.


 


“Applicable
Law”: The meaning specified in Section 6.3(aa).


 


“ARRC”:
The Alternative Reference Rates Committee.


 


“Asset-backed
Commercial Paper”: Commercial paper or other short-term obligations of a program that primarily issues externally rated
commercial paper backed by assets or exposures held in a bankruptcy-remote, special purpose entity.


 


“Assets”:
The meaning assigned in the Granting Clause hereof.


 


“Assigned
Moody’s Rating”: The meaning specified in Schedule 3 hereto.


 


“Assumed
Reinvestment Rate”: LIBOR (as determined on the most recent Interest Determination Date relating to an Interest Accrual
Period beginning on a Payment Date or the Closing Date) minus 0.25% per annum; provided that the Assumed
Reinvestment Rate shall not be less than 0.00%.


 


“Authenticating
Agent”: With respect to the Notes or a Class of the Notes, the Person designated by the Trustee to authenticate such
Notes on behalf of the Trustee pursuant to Section 6.14 hereof.


 


“Average
Life”: The meaning specified in the definition of “Weighted Average Life”.


 


“Balance”:
On any date, with respect to Cash or Eligible Investments in any account, the aggregate of the (i) current balance of Cash,
demand deposits, time deposits, certificates of deposit and federal funds; (ii) principal amount of interest-bearing corporate
and government securities, money market accounts and repurchase obligations; and (iii) purchase price (but not greater than
the face amount) of non-interest-bearing government and corporate securities and commercial paper.


 






    -8-


     


    

 


“Bank”:
Deutsche Bank Trust Company Americas, in its individual capacity and not as Trustee or any successor thereto.


 


“Bankruptcy
Code”: The federal Bankruptcy Code, Title 11 of the United States Code, as amended from time to time.


 


“Bankruptcy
Law”: The Bankruptcy Code, as amended from time to time, and any bankruptcy, insolvency, winding up, reorganization
or similar law enacted under the laws of any other applicable jurisdiction.


 


“BDC”:
Golub Capital BDC 3, Inc., a Maryland corporation.


 


“Beneficial
Ownership Certificate”: The meaning specified in Section 14.2(e).


 


“Benefit
Plan Investor”: An employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the
fiduciary responsibility provisions of Title I of ERISA, a plan to which Section 4975 of the Code applies or an entity whose
underlying assets include “plan assets” by reason of such an employee benefit plan’s or a plan’s investment
in such entity.


 


“Base
Rate Modifier”: (a) A modifier determined by the Collateral Manager applied to a reference rate to the extent necessary
to cause such rate to be comparable to three-month Libor, which may include an addition to or subtraction from such unadjusted
rate or (b) any other spread adjustment (which may be a positive or negative value or zero) that has been selected by the Collateral
Manager giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread
adjustment. .


 


“Benchmark
Replacement Date”: The earlier to occur of the following events with respect to LIBOR, as determined by the Collateral
Manager: (i) in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (x)
the date of the public statement or publication of information referenced therein and (y) the date on which the administrator
of LIBOR permanently or indefinitely ceases to provide LIBOR; (ii) in the case of clause (c) of the definition of “Benchmark
Transition Event,” the date of the public statement or publication of information referenced therein; or (iii) in the case
of clause (d) or (e) of the definition of “Benchmark Transition Event,” the date on which the Collateral Manager has
notified the Trustee and the Calculation Agent that a “Benchmark Replacement Date” has occurred.


 


“Benchmark
Transition Event”: The occurrence of one or more of the following events with respect to LIBOR, as determined by the
Collateral Manager: (a) a public statement or publication of information by or on behalf of the administrator of LIBOR announcing
that such administrator has ceased or will cease to provide LIBOR, permanently or indefinitely, provided that, at the time of
such statement or publication, there is no successor administrator that will continue to provide LIBOR; (b) a public statement
or publication of information by the regulatory supervisor for the administrator of LIBOR, the Relevant Governmental Body, an
insolvency official with jurisdiction over the administrator for LIBOR, a resolution authority with jurisdiction over the administrator
for LIBOR or a court or an entity with similar insolvency or resolution authority over the administrator for LIBOR, which states
that the administrator of LIBOR has ceased or will cease to provide LIBOR permanently or indefinitely, provided that, at the time
of such statement or publication, there is no successor administrator that will continue to provide LIBOR; (c) a public statement
or publication of information by the regulatory supervisor for the administrator of LIBOR announcing that LIBOR is no longer representative;
(d) (x) the aggregate principal balance of Floating Rate Obligations included in the Assets (on a trade date basis) that are utilizing
a benchmark rate that is not LIBOR or has had a benchmark transition event (however denominated) occur divided by (y) the aggregate
principal balance of all Floating Rate Obligations included in the Assets (on a trade date basis) is greater than 50%; or (e)
the Collateral Manager reasonably determines that LIBOR is likely to cease to exist or be reported on the Reuters Screen. 
If one year has passed since the occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date and the
Collateral Manager has not determined an Alternative Rate in accordance with the definition of “LIBOR”, then the Alternative
Rate with respect to the Secured Notes shall be the rate (including any applicable spread adjustments thereto) that is consistent
with the reference rate most commonly being used in the quarterly pay Floating Rate Obligations included in the Assets; provided
that the Collateral Manager may following the implementation of such rate select a different Alternative Rate in accordance
with the definition of “LIBOR”.


 






    -9-


     


    

 


“Bond”:
A debt security.


 


“Bridge
Loan”: Any loan or other obligation that (x) is incurred in connection with a merger, acquisition, consolidation,
or sale of all or substantially all of the assets of a Person or similar transaction and (y) by its terms, is required to
be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings (it being understood
that any such loan or debt security that has a nominal maturity date of one year or less from the incurrence thereof but has a
term-out or other provision whereby (automatically or at the sole option of the obligor thereof) the maturity of the indebtedness
thereunder may be extended to a later date is not a Bridge Loan).


 


“Broadly
Syndicated Loan”: A Loan (a) that is part of a credit facility with a Facility Size on the date of origination thereof
at least equal to U.S.$250,000,000 and (b) as to which, on the date of origination thereof, (i) Moody’s has either (x) assigned
a corporate family rating on an Obligor thereon or (y) assigned to such credit facility a monitored publicly available rating
or (ii) S&P has either (x) assigned an issuer credit rating to the issuer thereof or (y) assigned to such credit facility
a monitored publicly available rating.


 


“Business
Day”: Any day other than (i) a Saturday or a Sunday or (ii) a day on which commercial banks are authorized
or required by applicable law, regulation or executive order to close in New York, New York or in the city in which the Corporate
Trust Office of the Trustee is located or, for any final payment of principal, in the relevant place of presentation.


 


“Calculation
Agent”: The meaning specified in Section 7.16(a).


 


“Cash”:
Such funds denominated in currency of the United States of America as at the time shall be legal tender for payment of all public
and private debts, including funds standing to the credit of an Account.


 


“CCC
Collateral Obligation”: A Collateral Obligation (other than a Defaulted Obligation or a Deferring Obligation) with an
S&P Rating of “CCC+” or lower.


 






    -10-


     


    

 


“CCC
Excess”: An amount equal to the excess of the Principal Balance of all CCC Collateral Obligations over an amount equal
to 25.0% of the sum of (a) the Collateral Principal Amount as of such date of determination and (b) the aggregate outstanding
principal balance of all Defaulted Obligations as of such date of determination; provided that, in determining which of
the CCC Collateral Obligations shall be included in the CCC Excess, the CCC Collateral Obligations with the lowest Market Value
(expressed as a percentage of the outstanding principal balance of such Collateral Obligations as of such date of determination)
shall be deemed to constitute such CCC Excess.


 


“Certificate
of Authentication”: The meaning specified in Section 2.1.


 


“Certificated
Note”: The meaning specified in Section 2.2(b)(iv).


 


“Certificated
Secured Note”: The meaning specified in Section 2.2(b)(iii).


 


“Certificated
Security”: The meaning specified in Section 8-102(a)(4) of the UCC.


 


“Certificated
Subordinated Note”: The meaning specified in Section 2.2(b)(iv).


 


“CFR”:
The meaning specified in Schedule 3 hereto.


 


“Class”:
In the case of the (x) Secured Notes, all of the Secured Notes having the same Interest Rate, Stated Maturity and class designation
and (y) Subordinated Notes, all of the Subordinated Notes. With respect to any exercise of voting rights, any Pari Passu Classes
of Notes that are entitled to vote on a matter will vote together as a single Class, except that each Pari Passu Class (A) will
be treated as a separate Class for purposes of a Refinancing or a Re-Pricing and (B) will be treated as a separate Class, and
will vote separately, in connection with any proposed supplemental indenture that affects any Pari Passu Class in a materially
different manner.


 


“Class
A/B Coverage Tests”: The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied with respect
to the Class A Notes and the Class B Notes.


 


“Class
A Notes”: The Class A Senior Secured Floating Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3.


 


“Class
B Notes”: The Class B Senior Secured Floating Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3.


 


“Class
Break-even Default Rate”: With respect to the Class A Notes (or, if the Class A Notes are no longer Outstanding, the
most senior Class of Secured Notes Outstanding):


 


		(i)	during
                                         any S&P CDO Formula Election Period, the rate equal to (a) 0.169713 plus (b)
                                         the product of (x) 3.103841 and (y) the Weighted Average Floating Spread plus
                                         (c) the product of (x) 1.250577 and (y) the Weighted Average S&P Recovery Rate; or



 


		(ii)	during
                                         any S&P CDO Monitor Election Period, the maximum percentage of defaults, at any time,
                                         that the Current Portfolio or the Proposed Portfolio, as applicable, can sustain, determined
                                         through application of the S&P CDO Monitor, which, after giving effect to S&P’s
                                         assumptions on recoveries, defaults and timing and to the Priority of Payments, will
                                         result in sufficient funds remaining for the payment of such Class or Classes of Notes
                                         in full. After any S&P CDO Monitor Election Date, S&P will provide the Collateral
                                         Manager with the Class Break-even Default Rates for each S&P CDO Monitor input file
                                         based upon the Weighted Average Floating Spread and the Weighted Average S&P Recovery
                                         Rate to be associated with such S&P CDO Monitor input file as selected by the Collateral
                                         Manager from Section 2 of Schedule 4 or any other Weighted Average Floating Spread
                                         and Weighted Average S&P Recovery Rate selected by the Collateral Manager from time
                                         to time.



 






    -11-


     


    

 


“Class
C Coverage Tests”: The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied with respect
to the Class C Notes.


 


“Class
C Notes”: Collectively, the Class C-1 Notes and the Class C-2 Notes.


 


“Class
C-1 Notes”: The Class C-1 Secured Deferrable Floating Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3.


 


“Class
C-2 Notes”: The Class C-2 Secured Deferrable Fixed Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3.


 


“Class
D Coverage Test”: The Overcollateralization Ratio Test, as applied with respect to the Class D Notes.


 


“Class
D Notes”: The Class D Secured Deferrable Floating Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3.


 


“Class
D Par Subordination Condition”: A condition that will be satisfied if the Funded Amount does not exceed an amount equal
to (i) (A) (x) 1 minus (y) the Par Subordination Requirement multiplied by (B) the Adjusted Collateral Principal Amount minus
(ii) the Aggregate Outstanding Amount of the Class A Notes, the Class B Notes and the Class C Notes.


 


“Class
D Required Overcollateralization Ratio”: The percentage specified in the row entitled “Class D Required Overcollateralization
Ratio” in the table below that corresponds to the Adjusted Collateral Principal Amount specified in the row entitled “Adjusted
Collateral Principal Amount” in the table below that is equal to the actual Adjusted Collateral Principal Amount calculated
immediately following the first Unfunded Class Funding.


 


	Adjusted
    Collateral Principal Amount	 	greater
    than or equal to $400,000,000	 	greater
    than or equal to $397,020,000 but less than $400,000,000	 	greater
    than or equal to $394,062,000 but less than $397,020,000	 	greater
    than or equal to $391,126,000 but less than $394,062,000 
	Class
    D Required Overcollateralization Ratio	 	116.7%	 	117.7%	 	118.7%	 	119.7%


 






    -12-


     


    

 


“Class
Default Differential”: With respect to the Class A Notes (or, if the Class A Notes are no longer outstanding, the most
senior Class of Secured Notes outstanding), the rate calculated by subtracting the Class Scenario Default Rate at such time for
such Class of Notes from (x) during any S&P CDO Formula Election Period, the Adjusted Class Break-even Default Rate or (y)
during any S&P CDO Monitor Election Period, the Class Break-even Default Rate, in each case, for such Class of Notes at such
time.


 


“Class
Scenario Default Rate”: With respect to the Class A Notes (or, if the Class A Notes are no longer Outstanding, the most
senior Class of Secured Notes Outstanding then rated by S&P):


 


		(i)	during
                                         any S&P CDO Formula Election Period, the rate at such time equal to (a) 0.247621
                                         plus (b) the quotient of (x) the S&P Weighted Average Rating Factor divided by
                                         (y) 9125.65 minus (c) the quotient of (x) the Default Rate Dispersion divided
                                         by (y) 16757.2 minus (d) the quotient of (x) the Obligor Diversity Measure
                                         divided by (y) 7677.8 minus (e) the quotient of (x) the Industry Diversity
                                         Measure divided by (y) 2177.56 minus (f) the quotient of (x) the Regional
                                         Diversity Measure divided by (y) 34.0948 plus (g) the quotient of (x) the
                                         S&P Weighted Average Life divided by (y) 27.3896; or



 


		(ii)	during
                                         any S&P CDO Monitor Election Period, an estimate of the cumulative default rate for
                                         the Current Portfolio or the Proposed Portfolio, as applicable, consistent with S&P’s
                                         Initial Rating of such Class of Notes, determined by the Collateral Manager (which determination
                                         shall be made solely by application of the S&P CDO Monitor at such time).



 


“Clean-Up
Call Purchase Price”: The meaning specified in Section 9.9(b).


 


“Clean-Up
Call Redemption”: The meaning specified in Section 9.9(a).


 


“Clearing
Agency”: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange
Act.


 


“Clearing
Corporation”: (i) Clearstream, (ii) DTC, (iii) Euroclear and (iv) any entity included within the
meaning of “clearing corporation” under Section 8-102(a)(5) of the UCC.


 


“Clearing
Corporation Security”: Securities which are in the custody of or maintained on the books of a Clearing Corporation or
a nominee subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly
endorsed to or registered in the name of the Clearing Corporation or such nominee.


 


“Clearstream”:
Clearstream Banking, société anonyme, a corporation organized under the laws of the Duchy of Luxembourg (formerly
known as Cedelbank, société anonyme).


 


“Closing
Date”: March 11, 2021.


 


“Closing
Date Master Loan Sale Agreement”: An agreement, dated as of the Closing Date, among the BDC, as seller, the Collateral
Manager, as closing date seller, the Issuer, as buyer, and GCIC Funding LLC, as warehouse borrower.


 






    -13-


     


    

 


“Closing
Date Participation Condition”: A condition satisfied as of any date of determination if all Closing Date Participation
Interests have been elevated to assignments on or prior to such date.


 


“Closing
Date Participation Interests”: Participation arrangements entered into by the Issuer with the BDC and/or one or more
of its subsidiaries to provide for participation interests in certain Collateral Obligations (whose title is held by the BDC or
a subsidiary thereof) prior to being elevated to a full assignment.


 


“Code”:
The United States Internal Revenue Code of 1986, as amended.


 


“Collateral
Administration Agreement”: An agreement dated as of the Closing Date among the Issuer, the Collateral Manager and the
Collateral Administrator, as amended from time to time in accordance with the terms thereof.


 


“Collateral
Administrator”: Deutsche Bank Trust Company Americas, in its capacity as collateral administrator under the Collateral
Administration Agreement, and any successor thereto.


 


“Collateral
Interest Amount”: As of any date of determination, without duplication, the aggregate amount of Interest Proceeds that
has been received or that is expected to be received (other than Interest Proceeds (i) expected to be received from Defaulted
Obligations and Deferring Obligations, but including Interest Proceeds actually received from Defaulted Obligations and Deferring
Obligations or (ii) designated as such pursuant to clauses (ix) or (x) of the definition of “Interest Proceeds”),
in each case during the Collection Period in which such date of determination occurs (or after such Collection Period but on or
prior to the related Payment Date if such Interest Proceeds would be treated as Interest Proceeds with respect to such Collection
Period).


 


“Collateral
Management Agreement”: The agreement dated as of the Closing Date, between the Issuer and the Collateral Manager relating
to the management of the Collateral Obligations and the other Assets by the Collateral Manager on behalf of the Issuer, as amended
from time to time in accordance with the terms thereof.


 


“Collateral
Management Fee”: The fee payable to the Collateral Manager in arrears on each Payment Date (prorated for the related
Interest Accrual Period) pursuant to Section 8(a) of the Collateral Management Agreement and Section 11.1 of this Indenture,
in an amount equal to 0.35% per annum (calculated on the basis of the actual number of days in the applicable Collection
Period divided by 360) of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment Date.


 


“Collateral
Management Fee Shortfall Amount”: To the extent the Collateral Management Fee is not paid on a Payment Date due to insufficient
Interest Proceeds or Principal Proceeds (and such fee was not voluntarily deferred or waived by the Collateral Manager), the Collateral
Management Fee due on such Payment Date (or the unpaid portion thereof, as applicable). Such amount is automatically deferred
for payment on the succeeding Payment Date, with interest at the rate specified in the Collateral Management Agreement, as certified
to the Trustee by the Collateral Manager (with a copy to the Collateral Administrator), in accordance with the Priority of Payments.


 






    -14-


     


    

 


“Collateral
Manager”: GC Advisors LLC, a Delaware limited liability company, until a successor Person shall have become the Collateral
Manager pursuant to the provisions of the Collateral Management Agreement, and thereafter “Collateral Manager” shall
mean such successor Person.


 


“Collateral
Manager Notes”: Any Notes owned by the Collateral Manager, an Affiliate thereof, or any account, fund, client or portfolio
established and controlled by the Collateral Manager or an Affiliate thereof or for which the Collateral Manager or an Affiliate
thereof acts as the investment adviser or with respect to which the Collateral Manager or an Affiliate thereof exercises discretionary
control.


 


“Collateral
Manager Standard”: The standard of care applicable to the Collateral Manager set forth in the Collateral Management
Agreement.


 


“Collateral
Obligation”: A Senior Secured Loan (including, but not limited to, interests in Broadly Syndicated Loans and Middle
Market Loans acquired by way of a purchase or assignment), or a Participation Interest therein, or a Second Lien Loan, or a Participation
Interest therein, or a Permitted Non-Loan Asset, that as of the date of purchase by the Issuer:


 


(i)               is not a Bond (unless it is a Permitted Non-Loan Asset) or a letter of credit;


 


(ii)              is not (A) an Equity Security or (B) by its terms convertible into or exchangeable for an Equity Security;


 


(iii)             is not a Synthetic Security;


 


(iv)             is U.S. Dollar denominated and is neither convertible by the issuer thereof into, nor payable in, any other currency;


 


(v)              is not (A) a Defaulted Obligation or (B) a Credit Risk Obligation;


 


(vi)             is not a lease (including a finance lease);


 


(vii)            provides for a fixed amount of principal payable in Cash on scheduled payment dates and/or at maturity and does not by its terms
provide for earlier amortization or prepayment at a price of less than par;


 


(viii)           does not constitute Margin Stock;


 


(ix)             has payments that do not and will not subject the Issuer to withholding tax or other similar tax (except for withholding or other
similar taxes on commitment fees or similar fees or fees that by their nature are commitment fees or similar fees) unless the
related obligor is required to make “gross-up” payments that ensure that the net amount actually received by the Issuer
(after payment of all such taxes) will equal the full amount that the Issuer would have received had no such taxes been imposed;


 


(x)              has an S&P Rating;


 






    -15-


     


    

 


(xi)             is not a debt obligation whose repayment is subject to substantial non-credit related risk as determined by the Collateral Manager;


 


(xii)            except for Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations, is not an obligation pursuant to which
any future advances or payments to the borrower or the Obligor thereof may be required to be made by the Issuer; provided that
the Issuer may be required, as a lender under the Underlying Instruments, to make customary protective advances or provide customary
indemnities to the agent of the Collateral Obligation (for which the Issuer may receive a Participation Interest or other right
of repayment);


 


(xiii)           does not have an “f”, “p”, “pi”, “sf” or “t” subscript assigned by
S&P or an “sf” subscript assigned by Moody’s;


 


(xiv)           is not a repurchase obligation, an Unsecured Loan, a Bridge Loan, a Commercial Real Estate Loan, a Structured Finance Obligation
or a Step-Down Obligation;


 


(xv)            will not require the Issuer or the pool of Assets to be registered as an investment company under the 1940 Act;


 


(xvi)           is not the subject of an Offer of exchange, or tender by its issuer, for cash, securities or any other type of consideration other
than a Permitted Offer;


 


(xvii)         
has an S&P Rating of at least “CCC-”;


 


(xviii)       
  either (A) does not mature after the earliest Stated Maturity of the Secured Notes or (B) is a Permitted Maturity Obligation;


 


(xix)            other than in the case of a Fixed Rate Obligation, accrues interest at a floating rate determined by reference to (a) the
Dollar prime rate, federal funds rate or LIBOR or (b) a similar interbank offered rate, commercial deposit rate or any other
index;


 


(xx)             is Registered;


 


(xxi)            does not pay interest less frequently than annually;


 


(xxii)          
is not an interest in a grantor trust;


 


(xxiii)       
   is issued by a Non-Emerging Market Obligor;


 


(xxiv)       
  if it is a Participation Interest, the Third Party Credit Exposure Limits are satisfied with respect to the acquisition thereof;


 


(xxv)         
is not an obligation of a Portfolio Company;


 


(xxvi)       
  is not a commodity forward contract;


 


(xxvii)     
   does not include or support a letter of credit;


 






    -16-


     


    

 


(xxviii)   
    is purchased at a price at least equal to 65% of its outstanding principal balance;


 


(xxix)       
   is not issued by an obligor that belongs to the S&P Industry Classification of “Tobacco”; and


 


(xxx)         
  is not issued by an obligor that, as determined by the Collateral Manager in its sole discretion, is engaged in the production
or marketing of controversial weapons (including antipersonnel landmines, cluster weapons, chemical and biological weapons), the
development of nuclear weapons programs, the production of nuclear weapons, thermal coal production or oil sands production;


 


provided
that, notwithstanding anything to the contrary, any Permitted Collateral Obligation shall be deemed a “Collateral Obligation”
subject to treatment as a Defaulted Obligation in accordance with Section 12.2(j).


 


For
the avoidance of doubt, any Permitted Collateral Obligation or Equity Security designated as a Collateral Obligation by the Collateral
Manager in accordance with the terms specified in the definitions of “Permitted Collateral Obligation” or “Equity
Security,” as applicable, shall constitute a Collateral Obligation (and not a Permitted Collateral Obligation or Equity
Security) following such designation.


 


“Collateral
Principal Amount”: As of any date of determination, the sum of (a) the aggregate outstanding principal balance
of the Collateral Obligations and (b) without duplication, the amounts on deposit in any Account (including Eligible Investments
therein but excluding the Revolver Funding Account) representing Principal Proceeds.


 


“Collateral
Quality Tests”: A test satisfied on any date of determination on or after the Effective Date if, in the aggregate, the
Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation on or after the Effective Date,
proposed to be owned) by the Issuer satisfy each of the tests set forth below (or, if a test is not satisfied as of such date,
the degree of compliance with such test is maintained or improved after giving effect to the investment), calculated in each case
as required by Section 1.3 herein:


 


(i)               the Minimum Floating Spread Test;


 


(ii)           
   the Minimum Weighted Average Coupon Test;


 


(iii)         
    the S&P CDO Monitor Test;


 


(iv)         
   at any time during the S&P CDO Monitor Election Period, the Minimum Weighted Average S&P Recovery Rate Test; and


 


(v)             the Weighted Average Life Test.


 


“Collection
Account”: The trust account established pursuant to Section 10.2 which consists of the Principal Collection
Subaccount and the Interest Collection Subaccount.


 






    -17-


     


    

 


“Collection
Period”: (i) With respect to the first Payment Date, the period commencing on the Closing Date and ending at the
close of business on the tenth Business Day prior to the first Payment Date; and (ii) with respect to any other Payment Date,
the period commencing on the day immediately following the prior Collection Period and ending (a) in the case of the final Collection
Period preceding the latest Stated Maturity of any Class of Notes, on the day of such Stated Maturity, (b) in the case of the
final Collection Period preceding an Optional Redemption, Tax Redemption or Clean-Up Call Redemption in whole of the Notes, on
the Redemption Date and (c) in any other case, at the close of business on the tenth Business Day prior to the Payment Date; provided
that, with respect to any Payment Date after the date on which no Secured Notes are deemed or considered Outstanding, “Collection
Period” shall mean the period commencing on the third Business Day prior to the preceding Payment Date (or in the case of
the first Payment Date following the date in which the Secured Notes are no longer Outstanding, commencing on the day immediately
following the prior Collection Period) and ending on (but excluding) the third Business Day prior to such Payment Date.


 


“Commercial
Real Estate Loan”: Any Loan for which the underlying collateral consists primarily of real property owned by the obligor
and is evidenced by a note or other evidence of indebtedness.


 


“Commodity
Exchange Act”: The Commodity Exchange Act of 1936, as amended.


 


“common
equity”: Any security that by its terms does not provide for periodic payments of interest at a stated coupon rate and
repayment of principal at a stated maturity.


 


“Compounded
SOFR”: A rate equal to the compounded average of SOFRs for the applicable Corresponding Tenor, with such rate, or methodology
for such rate, and conventions for such rate (which, for example, may be compounded in arrears with a lookback and/or suspension
period as a mechanism to determine the interest amount payable prior to the end of each Interest Accrual Period or compounded
in advance) being established by the Collateral Manager in accordance with the rate, or methodology for this rate, and conventions
for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that if, and
to the extent that, the Collateral Manager determines that Compounded SOFR cannot be determined in accordance with the foregoing,
then the rate, or methodology for this rate, and conventions for this rate shall be selected by the Collateral Manager giving
due consideration to any industry-accepted market practice for similar Dollar-denominated collateralized loan obligation securitization
transactions at such time.


 


“Concentration
Limitations”: Limitations satisfied on any date of determination on or after the Effective Date and during the Reinvestment
Period if, in the aggregate, the Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation,
proposed to be owned) by the Issuer comply with all of the requirements set forth below (or in relation to a proposed purchase
on or after the Effective Date, if not in compliance, the relevant requirements must be maintained or improved after giving effect
to such purchase), calculated in each case as required by Section 1.3 herein:


 


(i)              
not less than 92.5% of the Collateral Principal Amount may consist of Senior Secured Loans, Cash and Eligible Investments;


 






    -18-


     


    

 


(ii)           
   not more than 7.5% of the Collateral Principal Amount may consist of First-Lien Last-Out Loans and Second Lien Loans;


 


(iii)         
   not more than 2.5% of the Collateral Principal Amount may consist of obligations issued by a single Obligor and its Affiliates,
except that, Collateral Obligations issued by up to eight Obligors and their respective Affiliates may each constitute up to 3.0%
of the Collateral Principal Amount;


 


(iv)         
   (a) not more than 1.5% of the Collateral Principal Amount may consist of First-Lien Last-Out Loans issued by a single Obligor
and its Affiliates; (b) not more than 1.0% of the Collateral Principal Amount may consist of Second Lien Loans issued by a single
Obligor and its Affiliates and (c) not more than 2.0% of the Collateral Principal Amount may consist of First-Lien Last-Out Loans
and Second Lien Loans issued by a single Obligor and its Affiliates;


 


(v)           
   not more than 25.0% of the Collateral Principal Amount may consist of CCC Collateral Obligations;


 


(vi)         
    not more than 7.5% of the Collateral Principal Amount may consist of Fixed Rate Obligations;


 


(vii)       
     not more than 2.5% of the Collateral Principal Amount may consist of Current Pay Obligations;


 


(viii)     
      not more than 5.0% of the Collateral Principal Amount may consist of DIP Collateral Obligations;


 


(ix)         
    not more than 15.0% of the Collateral Principal Amount may consist, in the aggregate, of unfunded commitments under Delayed Drawdown
Collateral Obligations and unfunded and funded commitments under Revolving Collateral Obligations;


 


(x)           
   (a) not more than 5.0% of the Collateral Principal Amount may consist of Participation Interests and (b) the Third Party Credit
Exposure Limits may not be exceeded with respect to any such Participation Interest;


 


(xi)         
    not more than 10.0% of the Collateral Principal Amount may have an S&P Rating derived from a Moody’s Rating as set forth
in clause (iii)(a) of the definition of the term “S&P Rating”;


 


 


 






    -19-


     


    




(xii)       
     (a) all of the Collateral Obligations must be issued by Non-Emerging Market Obligors; and (b) no more than the percentage listed
below of the Collateral Principal Amount may be issued by Obligors Domiciled in the country or countries set forth opposite such
percentage:

 


 


	%
    Limit	 	Country
    or Countries
	 	 	 
	20.0%	 	All
    countries (in the aggregate) other than the United States;
	 	 	 
	15.0%	 	Canada;
	 	 	 
	5.0%	 	all
    countries (in the aggregate) other than the United States, Canada and the United Kingdom;
	 	 	 
	2.5%	 	any
    individual Group I Country;
	 	 	 
	2.0%	 	all
    Group II Countries in the aggregate;
	 	 	 
	2.0%	 	any
    individual Group II Country;
	 	 	 
	1.5%	 	all
    Group III Countries in the aggregate, except that up to 5.0% of the Collateral Principal Amount, collectively with all Collateral
    Obligations issued by Obligors Domiciled in Group III Countries, may be issued by Obligors Domiciled in Luxembourg;
	 	 	 
	0.0%	 	Greece,
Italy, Portugal and Spain in the aggregate; and

	 	 	 
	1.0%	 	any
    individual country other than the United States, the United Kingdom, Canada, the Netherlands, any Group I Country, any Group
    II Country or any Group III Country;


 


(xiii)     
      not more than 12.0% of the Collateral Principal Amount may consist of Collateral Obligations that are issued by Obligors that
belong to any single S&P Industry Classification, except that (x) the largest S&P Industry Classification may represent
up to 20.0% of the Collateral Principal Amount; (y) the second-largest S&P Industry Classification may represent up to
17.0% of the Collateral Principal Amount and (z) the third-largest S&P Industry Classification may represent up to 15.0%
of the Collateral Principal Amount;


 


(xiv)     
      not more than 5.0% of the Collateral Principal Amount may consist of Collateral Obligations that pay interest less frequently
than quarterly;


 


(xv)       
     not more than 10.0% of the Collateral Principal Amount may consist of Collateral Obligations that are Discount Obligations;


 


(xvi)     
      not more than 5.0% of the Collateral Principal Amount may consist of Collateral Obligations that are Deferrable Obligations;


 


(xvii)   
       not more than 5.0% of the Collateral Principal Amount may consist of Collateral Obligations that are Permitted Maturity Obligations;


 






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(xviii) 
        not more than (x) 25.0% of the Collateral Principal Amount may consist of Cov-Lite Loans and (y) 12.5% of the Collateral Principal
Amount may consist of Cov-Lite Loans with respect to which the related Obligor had an EBITDA (calculated in accordance with the
related Underlying Instruments) of less than $50,000,000 at the time of acquisition;


 


(xix)     
      not more than 10.0% of the Collateral Principal Amount may consist of Collateral Obligations issued by Obligors with a most recently
calculated EBITDA (calculated in accordance with the related Underlying Instruments) of less than $10,000,000; and


 


(xx)            
not more than 5.0% of the Collateral Principal Amount may consist of Permitted Non-Loan Assets.


 


Notwithstanding
the foregoing, the Collateral Manager may on behalf of the Issuer request an exception (an “Exception”) to
the limitations set forth in the Concentration Limitations (which Exception may be an increase in the percentage of the Collateral
Principal Amount permitted in any of clauses (i) through (xx) above or the elimination of any of the restrictions set forth in
clauses (i) through (xx) in its entirety) by submitting a written request therefor to the Controlling Class and the Subordinated
Notes. If the Collateral Manager, the Trustee and the Issuer have received the written consent of a Majority of the Subordinated
Notes and a Majority of the Controlling Class to an Exception, the Collateral Manager and the Issuer will be permitted to utilize
the limitations contained in such Exception when measuring satisfaction, maintenance or improvement of the Concentration Limitations
with the terms of such Exception and notice of such Exception will be provided by the Issuer, or the Collateral Manager on its
behalf, to the Rating Agency; provided that prior to the utilization of the limitations contained in any Exception to clause
(vi), (vii), (xiv) or (xvi) above, the S&P Rating Condition must be satisfied. Notice of such Exception will be included in
the Monthly Report next succeeding the date on which such Exception becomes effective.


 


“Confidential
Information”: The meaning specified in Section 14.15(b).


 


“Confirmation
of Registration”: The meaning specified in Section 2.2(b)(vi).


 


“Contribution”:
The meaning specified in Section 11.1(e).


 


“Contributor”:
The meaning specified in Section 11.1(e).


 


“Controlling
Class”: The Class A Notes so long as any Class A Notes are Outstanding; then the Class B Notes so long as any Class
B Notes are Outstanding; then the Class C Notes so long as any Class C Notes are Outstanding; then the Class D Notes so long as
any Class D Notes are Outstanding; and then the Subordinated Notes.


 


“Controlling
Person”: A Person (other than a Benefit Plan Investor) who has discretionary authority or control with respect
to the assets of an entity or any Person who provides investment advice for a fee (direct or indirect) with respect to such
assets or an affiliate of any such Person. For this purpose, an “affiliate” of a Person includes any Person, directly
or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the Person. “Control,”
with respect to a Person other than an individual, means the power to exercise a controlling influence over the management or
policies of such Person, and “Controlling” shall have the meaning correlative to the foregoing.


 






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“Corresponding
Tenor”: With respect to an Alternative Rate, a tenor having approximately the same length (disregarding business day
adjustment) as the applicable tenor for LIBOR or the then current Alternative Rate.


 


“Corporate
Trust Office”: The designated corporate trust office of the Trustee, currently located at (i) for purposes of surrender,
transfer or exchange of any Note, Deutsche Bank Trust Company Americas, c/o DB Services Americas, Inc., 5022 Gate Parkway, Suite
200, Jacksonville, Florida 32256, Attn: Transfer Unit, and (ii) for all other purposes, Deutsche Bank Trust Company Americas,
c/o Deutsche Bank National Trust Company, 1761 East St. Andrew Place, Santa Ana, California 92705-4934, Attention: Structured
Credit Services – GOLUB CAPITAL BDC 3 CLO 1, telephone number (714) 247-6000, facsimile number (714) 656-2568, or such other
address as the Trustee may designate from time to time by notice to the Holders, the Collateral Manager and the Issuer, or the
principal corporate trust office of any successor Trustee.


 


“Coverage
Tests”: The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied to each specified Class
or Classes of Secured Notes.


 


“Covered
Audit Adjustment”: The meaning specified in Section 7.17(l).


 


“Cov-Lite
Loan”: A Collateral Obligation, the Underlying Instruments for which do not (i) contain any financial covenants or (ii)
require the borrower thereunder to comply with any Maintenance Covenant (regardless of whether compliance with one or more Incurrence
Covenants is otherwise required by such Underlying Instruments); provided that for all purposes other than the determination
of the S&P Recovery Rate for such Collateral Obligation, a Collateral Obligation described in clause (i) or (ii) above which
either contains a cross-default or cross-acceleration provision to, or is pari passu with, another loan of the underlying
obligor which contains both an Incurrence Covenant and a Maintenance Covenant will be deemed not to be a Cov-Lite Loan.


 


“Credit
Improved Obligation”: Any Collateral Obligation that in the Collateral Manager’s commercially reasonable business
judgment has significantly improved in credit quality from the condition of its credit at the time of purchase which judgment
may (but need not) be based on one or more of the following facts:


  


(i)            it has a market price that is greater than the price that is warranted by its terms and credit characteristics, or improved in
credit quality since its acquisition by the Issuer;


 


(ii)           the issuer of such Collateral Obligation has shown improved financial results since the published financial reports first produced
after it was purchased by the Issuer;


 


(iii)          the obligor of such Collateral Obligation since the date on which such Collateral Obligation was purchased by the Issuer has raised
significant equity capital or has raised other capital that has improved the liquidity or credit standing of such obligor; or


 






    -22-


     


    

 


(iv)          with respect to which one or more of the following criteria applies:


 


(A)            
such Collateral Obligation has been upgraded or put on a watch list for possible upgrade by the Rating Agency since the date on
which such Collateral Obligation was acquired by the Issuer;


 


(B)             
if such Collateral Obligation is a loan, the Sale Proceeds (excluding Sale Proceeds that constitute Interest Proceeds) of such
loan would be at least 101% of its purchase price;


 


(C)             
if such Collateral Obligation is a loan or bond, the price of such loan or bond, as applicable, has changed during the period
from the date on which it was acquired by the Issuer to the proposed sale date by a percentage either at least 0.25% more positive,
or 0.25% less negative, as the case may be, than the percentage change in the average price of the applicable Eligible Loan Index
or Eligible Bond Index, as applicable, over the same period;


 


(D)            
if such Collateral Obligation is a loan, the spread over the applicable reference rate for such Collateral Obligation has been
decreased in accordance with the underlying Collateral Obligation since the date of acquisition by (1) 0.25% or more (in the case
of a loan with a spread (prior to such decrease) less than or equal to 2.00%), (2) 0.375% or more (in the case of a loan with
a spread (prior to such decrease) greater than 2.00% but less than or equal to 4.00%) or (3) 0.50% or more (in the case of a loan
with a spread (prior to such decrease) greater than 4.00%) due, in each case, to an improvement in the related borrower’s
financial ratios or financial results;


 


(E)             
with respect to fixed rate Collateral Obligations, there has been a decrease in the difference between its yield compared to the
yield on the relevant United States Treasury security of more than 7.5% since the date of purchase; or


 


(F)              it has a projected cash flow interest coverage ratio (earnings before interest and taxes divided by cash interest expense
as estimated by the Collateral Manager) of the underlying borrower or other obligor of such Collateral Obligation that is expected
to be more than 1.15 times the current year’s projected cash flow interest coverage ratio.


 






    -23-


     


    

 


“Credit
Risk Obligation”: Any Collateral Obligation:


 


(a)          that in the Collateral Manager’s commercially reasonable business judgment has a significant risk of declining in credit
quality or market value which judgment may (but need not) be based on one or more of the following facts:


 


(i)            such Collateral Obligation has been downgraded or put on a watch list for possible downgrade by the Rating Agency since the date
on which such Collateral Obligation was acquired by the Issuer;


 


(ii)           if such Collateral Obligation is a loan or bond, the price of such loan or bond, as applicable, has changed during the period
from the date on which it was acquired by the Issuer to the proposed sale date by a percentage either at least 0.25% more negative,
or at least 0.25% less positive, as the case may be, than the percentage change in the average price of an Eligible Loan Index
or Eligible Bond Index, as applicable;


 


(iii)          if such Collateral Obligation is a loan, the Market Value of such Collateral Obligation has decreased by at least 1.00% of the
price paid by the Issuer for such Collateral Obligation;


 


(iv)          if such Collateral Obligation is a loan, the spread over the applicable reference rate for such Collateral Obligation has been
increased in accordance with the underlying Collateral Obligation since the date of acquisition by (1) 0.25% or more (in the case
of a loan with a spread (prior to such increase) less than or equal to 2.00%), (2) 0.375% or more (in the case of a loan with
a spread (prior to such increase) greater than 2.00% but less than or equal to 4.00%) or (3) 0.50% or more (in the case of a loan
with a spread (prior to such increase) greater than 4.00%) due, in each case, to a deterioration in the related borrower’s
financial ratios or financial results;


 


(v)           such Collateral Obligation has a projected cash flow interest coverage ratio (earnings before interest and taxes divided by
cash interest expense as estimated by the Collateral Manager) of the underlying borrower or other obligor of such Collateral
Obligation of less than 1.00 or that is expected to be less than 0.85 times the current year’s projected cash flow interest
coverage ratio;


 


(vi)          with respect to a fixed rate Collateral Obligation, there has been an increase since the date of purchase of more than 7.5% in
the difference between the yield on such Collateral Obligation and the yield on the relevant United States Treasury security;
or


 


(vii)         the expected recovery rate of such Collateral Obligation has decreased since the date on which such Collateral Obligation was
acquired by the Issuer; or


 


(b)           with respect to which a Majority of the Controlling Class consents to treat such Collateral Obligation as a Credit Risk Obligation.


 


“Cumulative
Deferred Management Fee”: All or a portion of the previously deferred Collateral Management Fees or Collateral Management
Fee Shortfall Amounts (including accrued interest prior to the Payment Date on which the payment of such Collateral Management
Fee Shortfall Amount was deferred by the Collateral Manager), which may be declared due and payable by the Collateral Manager
on any Payment Date (with written notice to the Trustee and the Collateral Administrator).


 






    -24-


     


    

 


“Current
Deferred Management Fee”: With respect to a Payment Date, all or a portion of the Collateral Management Fees or Collateral
Management Fee Shortfall Amounts (including accrued interest), due and owing to the Collateral Manager the payment of which is
voluntarily deferred (for payment on a subsequent Payment Date), without interest, by the Collateral Manager (with written notice
to the Trustee and the Collateral Administrator).


 


“Current
Pay Obligation”: Any Collateral Obligation (other than a DIP Collateral Obligation) that would otherwise be treated
as a Defaulted Obligation but as to which no payments are due and payable that are unpaid and with respect to which the Collateral
Manager has certified to the Trustee (with a copy to the Collateral Administrator) in writing that it believes, in its reasonable
business judgment, that (a) the Obligor or issuer of such Collateral Obligation is current on all interest payments, principal
payments and other amounts due and payable thereunder and will continue to make scheduled payments of interest thereon and will
pay the principal thereof and all other amounts due and payable thereunder by maturity or as otherwise contractually due, (b)
if the Obligor or issuer is subject to a bankruptcy proceeding, it has been the subject of an order of a bankruptcy court that
permits it to make the scheduled payments on such Collateral Obligation and all interest payments, principal payments and other
amounts due and payable thereunder have been paid in Cash when due and (c) either (i) the Collateral Obligation has a Market Value
of at least 80% of its par value (Market Value being determined, solely for the purposes of this clause (c)(i), without taking
into consideration clause (iii) of the definition of the term “Market Value”) or (ii) the Obligor of such Collateral
Obligation has made an S&P Distressed Exchange Offer and the Collateral Obligation is already held by the Issuer and is subject
to the S&P Distressed Exchange Offer or ranks equal to or higher in priority than the obligation subject to the S&P Distressed
Exchange Offer.


 


“Current
Portfolio”: At any time, the portfolio of Collateral Obligations, Cash and Eligible Investments representing Principal
Proceeds (determined in accordance with Section 1.3 to the extent applicable), then held by the Issuer.


 


“Custodial
Account”: The custodial account established pursuant to Section 10.3(b).


 


“Custodian”:
The meaning specified in the first sentence of Section 3.3(a) with respect to items of collateral referred to
therein, and each entity with which an Account is maintained, as the context may require, each of which shall be a Securities
Intermediary.


 


“Cut-Off
Date”: Each date on or after the Closing Date on which a Collateral Obligation is transferred to the Issuer.


 


“Daily
Simple SOFR”: For any day, SOFR for the Corresponding Tenor, with the rate, or methodology for this rate, and conventions
for this rate (which, for example, may include a lookback) being established by the Collateral Manager in accordance with: (1)
the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body
for determining “Daily Simple SOFR”; provided that: (2) if, and to the extent that, the Collateral Manager determines
that Daily Simple SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate,
and conventions for this rate that have been selected by the Collateral Manager giving due consideration to any industry-accepted
market practice for similar U.S. dollar denominated collateralized loan obligation securitization transactions at such time.


 






    -25-


     


    

 


“Default”:
Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.


 


“Default
Rate Dispersion”: As of any date of determination, the number obtained by (a) summing the products for each Collateral
Obligation (other than Defaulted Obligations) of (i) the absolute value of (x) the S&P Rating Factor of such Collateral Obligation
minus (y) the S&P Weighted Average Rating Factor multiplied by (ii) the outstanding principal balance at such time of such
Collateral Obligation and (b) dividing such sum by the aggregate outstanding principal balance on such date of all Collateral
Obligations (other than Defaulted Obligations).


 


“Defaulted
Obligation”: Any Collateral Obligation included in the Assets as to which:


 


(a)              a default as to the payment of principal and/or interest has occurred and is continuing with respect to such Collateral Obligation
(without regard to any grace period applicable thereto, or waiver thereof, after the passage of five Business Days or seven calendar
days, whichever is greater, but in no case beyond the passage of any grace period applicable thereto);


 


(b)              a default known to the Collateral Manager as to the payment of principal and/or interest has occurred and is continuing on another
debt obligation of the same Obligor or issuer which is senior or pari passu in right of payment to such Collateral Obligation
(in the case of a default that in the Collateral Manager’s judgment, as certified to the Trustee and the Collateral Administrator
in writing, is not due to credit-related causes) after the passage of five Business Days or seven calendar days, whichever
is greater, but in no case beyond the passage of any grace period applicable thereto; provided that both the Collateral
Obligation and such other debt obligation are full recourse obligations of the applicable Obligor or issuer or secured by the
same collateral;


 


(c)              the Obligor, issuer or others have instituted proceedings to have the Obligor or issuer adjudicated as bankrupt or insolvent or
placed into receivership and such proceedings have not been stayed or dismissed or such Obligor or issuer has filed for protection
under Chapter 11 of the Bankruptcy Code;


 


(d)              such Collateral Obligation has an S&P Rating of “SD” or “CC” or lower or had such rating before such
rating was withdrawn;


 


(e)              such Collateral Obligation is junior or pari passu in right of payment as to the payment of principal and/or interest to
another debt obligation of the same Obligor that has an S&P Rating of “SD” or “CC” or lower or had
such rating before such rating was withdrawn; provided that both the Collateral Obligation and such other debt obligation
are full recourse obligations of the applicable Obligor or secured by the same collateral;


 






    -26-


     


    

 


(f)               the Collateral Manager has received notice or a Responsible Officer thereof has actual knowledge that a default has occurred under
the Underlying Instruments and any applicable grace period has expired and the holders of such Collateral Obligation have accelerated
the repayment of the Collateral Obligation (but only until such acceleration has been rescinded) in the manner provided in
the Underlying Instruments;


 


(g)              the Collateral Manager has in its reasonable commercial judgment otherwise declared such debt obligation to be a “Defaulted
Obligation” and such declaration remains in effect;


 


(h)              such Collateral Obligation is a Participation Interest with respect to which the Selling Institution has defaulted in any respect
in the performance of any of its payment obligations under the Participation Interest; or


 


(i)               such Collateral Obligation is a Participation Interest in a Loan that would, if such Loan were a Collateral Obligation, constitute
a “Defaulted Obligation” or with respect to which the Selling Institution has an S&P Rating of “SD”
or “CC” or lower or had such rating before such rating was withdrawn;


 


provided
that (x) a Collateral Obligation shall not constitute a Defaulted Obligation pursuant to clauses (b) through (e) above
if such Collateral Obligation (or, in the case of a Participation Interest, the underlying Loan) is a Current Pay Obligation (provided
that the Aggregate Principal Balance of Current Pay Obligations exceeding 5% of the Collateral Principal Amount will be treated
as Defaulted Obligations) and (y) a Collateral Obligation shall not constitute a Defaulted Obligation pursuant to any of clauses
(b), (c), (d), (e) and (i) above if such Collateral Obligation (or, in the case of a Participation Interest, the underlying Loan)
is a DIP Collateral Obligation (other than a DIP Collateral Obligation that has an S&P Rating of “SD” or “CC”
or lower).


 


Notwithstanding
anything in this Indenture to the contrary, the Collateral Manager shall give the Trustee and the Collateral Administrator prompt
written notice should any Collateral Obligation become a Defaulted Obligation.


 


“Defaulted
Obligation Balance”: (a) For any Defaulted Obligation (other than a Permitted Collateral Obligation that meets the requirements
of clause (b) below) or Deferring Obligation, the S&P Collateral Value of such Defaulted Obligation or Deferring Obligation
and (b) for any Permitted Collateral Obligation that (i) is deemed to constitute a Defaulted Obligation pursuant to Section
12.2(j) but would not constitute a Defaulted Obligation pursuant to the definition thereof, (ii) is senior to the related
Collateral Obligation and (iii) does not have an S&P Recovery Rating, the lower of the Market Value and 75% of the par value
of such Permitted Collateral Obligation.


 


“Deferrable
Obligation”: A Collateral Obligation that by its terms permits the deferral or capitalization of payment of accrued,
unpaid interest; provided that, for all purposes other than clause (xvi) of the Concentration Limitations, the foregoing
shall include any Permitted Deferrable Obligation.


 


“Deferred
Interest”: With respect to the Class C Notes and the Class D Notes, the meaning specified in Section 2.7(a).


 






    -27-


     


    

 


“Deferring
Obligation”: A Deferrable Obligation that is paying an amount of cash interest that is less than LIBOR as of such date
of determination and that is currently deferring the payment of the cash interest due thereon and (i) with respect to Collateral
Obligations that have an S&P Rating of at least “BBB-,” has been so deferring the payment of cash interest due
thereon for twelve consecutive months or has deferred payments of interest in an amount equal to two periodic payments, and (ii)
with respect to Collateral Obligations that have an S&P Rating of “BB+” or below, has been so deferring the payment
of interest for six consecutive months or deferred payments of interest in an amount equal to one periodic interest payment, which
deferred capitalized interest has not, as of the date of determination, been paid in Cash.


 


“Delayed
Drawdown Collateral Obligation”: A Collateral Obligation that (a) requires the Issuer to make one or more future
advances to the borrower under the Underlying Instruments relating thereto, (b) specifies a maximum amount that can be borrowed
on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the borrower
thereunder; but any such Collateral Obligation will be a Delayed Drawdown Collateral Obligation only until all commitments by
the Issuer to make advances to the borrower expire or are terminated or are reduced to zero.


 


“Deliver”
or “Delivered” or “Delivery”: The taking of the following steps:


 


(i)           
in the case of each Certificated Security (other than a Clearing Corporation Security), Instrument and Participation Interest
in which the underlying loan is represented by an Instrument,


 


		(a)	causing
                                         the delivery of such Certificated Security or Instrument to the Custodian by registering
                                         the same in the name of the Custodian or its affiliated nominee or by endorsing the same
                                         to the Custodian or in blank;



 


		(b)	causing
                                         the Custodian to indicate continuously on its books and records that such Certificated
                                         Security or Instrument is credited to the applicable Account; and



 


		(c)	causing
                                         the Custodian to maintain continuous possession of such Certificated Security or Instrument;



 


(ii)          
in the case of each Uncertificated Security (other than a Clearing Corporation Security),


 


		(a)	causing
                                         such Uncertificated Security to be continuously registered on the books of the issuer
                                         thereof to the Custodian; and



 


		(b)	causing
                                         the Custodian to indicate continuously on its books and records that such Uncertificated
                                         Security is credited to the applicable Account;



 






    -28-


     


    

 


(iii)         
in the case of each Clearing Corporation Security,


 


		(a)	causing
                                         the relevant Clearing Corporation to credit such Clearing Corporation Security to the
                                         securities account of the Custodian, and



 


		(b)	causing
                                         the Custodian to indicate continuously on its books and records that such Clearing Corporation
                                         Security is credited to the applicable Account;



 


(iv)         
in the case of each security issued or guaranteed by the United States of America or agency or instrumentality thereof and that
is maintained in book-entry records of a Federal Reserve Bank (“FRB”) (each such security, a “Government
Security”),


 


		(a)	causing
                                         the creation of a Security Entitlement to such Government Security by the credit of such
                                         Government Security to the securities account of the Custodian at such FRB, and



 


		(b)	causing
                                         the Custodian to indicate continuously on its books and records that such Government
                                         Security is credited to the applicable Account;



 


(v)           
in the case of each Security Entitlement not governed by clauses (i) through (iv) above,


 


		(a)	causing
                                         a Securities Intermediary (x) to indicate on its books and records that the underlying
                                         Financial Asset has been credited to the Custodian’s securities account, (y) to
                                         receive a Financial Asset from a Securities Intermediary or acquire the underlying Financial
                                         Asset for a Securities Intermediary, and in either case, accepting it for credit to the
                                         Custodian’s securities account or (z) to become obligated under other law,
                                         regulation or rule to credit the underlying Financial Asset to a Securities Intermediary’s
                                         securities account,



 


		(b)	causing
                                         such Securities Intermediary to make entries on its books and records continuously identifying
                                         such Security Entitlement as belonging to the Custodian and continuously indicating on
                                         its books and records that such Security Entitlement is credited to the Custodian’s
                                         securities account, and



 


		(c)	causing
                                         the Custodian to indicate continuously on its books and records that such Security Entitlement
                                         (or all rights and property of the Custodian representing such Security Entitlement) is
                                         credited to the applicable Account;



 


(vi)         
in the case of Cash or Money,


 


		(a)	causing
                                         the delivery of such Cash or Money to the Trustee for credit to the applicable Account
                                         or to the Custodian,



 






    -29-


     


    

 


		(b)	if
                                         delivered to the Custodian, causing the Custodian to treat such Cash or Money as a Financial
                                         Asset maintained by such Custodian for credit to the applicable Account in accordance
                                         with the provisions of Article 8 of the UCC or causing the Custodian to deposit such
                                         Cash or Money to a deposit account over which the Custodian has control (within the meaning
                                         of Section 9-104 of the UCC), and



 


		(c)	causing
                                         the Custodian to indicate continuously on its books and records that such Cash or Money
                                         is credited to the applicable Account; and



 


(vii)       
in the case of each general intangible (including any Participation Interest in which neither the Participation Interest nor the
underlying loan is represented by an Instrument),


 


		(a)	causing
                                         the filing of a Financing Statement in the office of the Secretary of State of the State
                                         of Delaware.



 


In
addition, the Collateral Manager on behalf of the Issuer will obtain any and all consents required by the Underlying Instruments
relating to any general intangibles for the transfer of ownership and/or pledge hereunder (except to the extent that the requirement
for such consent is rendered ineffective under Section 9-406 of the UCC).


 


“Delivery
Certificate”: An Officer’s certificate of the Collateral Manager to the effect that immediately before the Delivery
of the Collateral Obligations:


 


(A)          the
information with respect to each Collateral Obligation in the Schedule of Collateral Obligations is true and correct and such
schedule is complete with respect to each such Collateral Obligation;


 


(B)          each
Collateral Obligation in the Schedule of Collateral Obligations satisfies the requirements of the definition of “Collateral
Obligation”; and


 


(C)           the
Issuer purchased or entered into each Collateral Obligation in the Schedule of Collateral Obligations in compliance with Section
12.2.


 


“Designated
Maturity”: Three months; provided that, (i) with respect to the period (x) from and including the Closing Date
to but excluding the First Interest Determination End Date, the Designated Maturity shall be interpolated between one and two
months and (y) from and including the First Interest Determination End Date to but excluding the first Payment Date, the Designated
Maturity shall be three months and (ii) in connection with any Refinancing upon a redemption of the Secured Notes in whole, but
not in part, solely with respect to the first Interest Accrual Period following the related Redemption Date, the Designated Maturity
of the replacement securities issued in connection with such Refinancing will be determined by the Collateral Manager in connection
with such Refinancing.


 


“Designated
Principal Proceeds”: The meaning set forth in Section 10.2(h).


 






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“Designated
Unused Proceeds”: The meaning set forth in Section 10.3(c).


 


“Determination
Date”: The last day of each Collection Period and, for the purposes of determining whether Interest Proceeds and Principal
Proceeds can be transferred to the Payment Account and applied pursuant to the Priority of Payments in connection with a Redemption
Distribution Date, the Business Day preceding such Redemption Distribution Date.


 


“DIP
Collateral Obligation”: A loan made to a debtor-in-possession pursuant to Section 364 of the Bankruptcy Code having
the priority allowed by either Section 364(c) or 364(d) of the Bankruptcy Code and fully secured by senior liens.


 


“Discount
Obligation”: In the case of any Collateral Obligation forming part of the Assets that was purchased (as determined without
averaging prices of purchases on different dates) for less than (a) 85% of its outstanding principal balance, if such Collateral
Obligation has an S&P Rating lower than “B-,” or (b) 80% of its outstanding principal balance, if such Collateral
Obligation has an S&P Rating of “B-” or higher; provided that (x) such Collateral Obligation shall cease
to be a Discount Obligation at such time as the Market Value determined for such Collateral Obligation on each day during any
period of 30 consecutive days since the acquisition by the Issuer of such Collateral Obligation equals or exceeds 90% of its outstanding
principal balance; (y) any Collateral Obligation that would otherwise be considered a Discount Obligation, but that is purchased
in accordance with the Investment Criteria with the proceeds of a sale of a Collateral Obligation that was not a Discount Obligation
at the time of its purchase will not be considered to be a Discount Obligation, so long as such purchased Collateral Obligation
(A) is purchased or committed to be purchased within ten Business Days of such sale and (B) is purchased at a purchase price (expressed
as a percentage of the par amount of such Collateral Obligation) not less than 65% of its outstanding principal balance and (C)
is purchased at a purchase price (expressed as a percentage of the par amount of such Collateral Obligation) equal to or greater
than the sale price of the sold Collateral Obligation; and (z) clause (y) above in this proviso shall not apply to any such
Collateral Obligation at any time on or after the acquisition by the Issuer of such Collateral Obligation if, as determined at
the time of such acquisition, such application would result in (A) more than 5% of the Collateral Principal Amount consisting
of Collateral Obligations to which such clause (y) has been applied (or more than 2.5% of the Collateral Principal Amount
consisting of Collateral Obligations to which such clause (y) has been applied if the purchase price of the Collateral Obligation
is less than 75% of the outstanding principal balance thereof) or (B) the aggregate principal balance of all Collateral Obligations
to which such clause (y) has been applied since the Closing Date being more than 10% of the Reinvestment Target Par Balance.


 


“Distribution
Compliance Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which
Notes are first offered to Persons other than the initial Holders and any other distributor (as such term is defined in Regulation
S) of the Notes and (b) the Closing Date.


 


“Distribution
Report”: The meaning specified in Section 10.7(b).


 


“Dollar”
or “U.S.$”: A dollar or other equivalent unit in such coin or currency of the United States of America as at
the time shall be legal tender for all debts, public and private.


 






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“Domicile”
or “Domiciled”: With respect to any Obligor with respect to, or issuer of, a Collateral Obligation:


 


(a)             its country of organization;


 


(b)             if it is organized in a Tax Jurisdiction, each of such jurisdiction and the country in which, in the Collateral Manager’s
good faith estimate, a substantial portion of its operations are located or from which a substantial portion of its revenue is
derived, in each case directly or through subsidiaries (which shall be any jurisdiction and country known at the time of designation
by the Collateral Manager to be the source of the majority of revenues, if any, of such Obligor or issuer); or


 


(c)             if its payment obligations in respect of such Collateral Obligation are guaranteed by a person or entity that is organized in
the United States or Canada, then the United States or Canada.


 


“DTC”:
The Depository Trust Company, its nominees, and their respective successors.


 


“Due
Date”: Each date on which any payment is due on an Asset in accordance with its terms.


 


“E.U.
Retention Deficiency”: The failure of the E.U./U.K. Retention Provider to hold the E.U./U.K. Retained Interest at the
relevant measurement time.


 


“E.U.
Securitization Laws”: Regulation (EU) 2017/2402 of December 12, 2017 (the “Securitization Regulation”),
together with any final guidance and technical standards published in relation thereto and the guidelines published in relation
to the preceding risk retention legislation by the European Supervisory Authorities which continue to apply to the provisions
of the Securitization Regulation as of the Closing Date.


 


“E.U./U.K.
Retained Interest”: The net economic interest the E.U./U.K. Retention Provider will retain in the securitization pursuant
to the terms of the Risk Retention Letter, being in an amount of not less than 5% in the form specified in paragraph (d) of Article
6(3) of the Securitization Regulation, as such regulation is in effect as of the Closing Date, by way of holding, subject to the
provisions of the Risk Retention Letter, a 100% ownership interest in the Retention Holder, and causing the Retention Holder to
hold the minimum principal amount of Subordinated Notes required by the E.U. Securitization Laws, as of the Closing Date, being
an amount equal to 5% of the nominal value of the Collateral Obligations (the “Retained Amount”).


 


“E.U./U.K.
Retention Provider”: Golub Capital BDC 3, Inc., in its capacity as the E.U./U.K. Retention Provider indirectly through
the Retention Holder holding the E.U./U.K. Retained Interest.


 


“Effective
Date”: The earlier to occur of (i) June 2, 2021 and (ii) the first date on which the Collateral Manager certifies
to the Trustee and the Collateral Administrator that the Target Initial Par Condition has been satisfied.


 


“Effective
Date Certificate”: The meaning specified in Section 7.18(c)(iv).


 






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“Effective
Date Condition”: The meaning specified in Section 7.18(c).


 


“Effective
Date Interest Deposit Restriction”: The meaning specified in Section 10.3(c).


 


“Effective
Date Report”: The meaning specified in Section 7.18(c)(ii).


 


“Eligible
Bond Index”: The Merrill Lynch US High Yield Master II Index (or such other nationally recognized high yield index as
the Collateral Manager selects and provides notice to S&P).


 


“Eligible
Investment Required Ratings”: Such obligation or security has a short-term credit rating of at least “A-1”
from S&P and, in the case of any obligation or security with a maturity of greater than 60 days, a long-term credit rating
of at least “AA-” by S&P.


 


“Eligible
Investments”: (a) Cash or (b) any United States dollar investment that at the time it is Delivered (directly or through
an intermediary or bailee), is one or more of the following obligations or securities:


 


(i)             
  direct Registered obligations of, and Registered obligations the timely payment of principal and interest on which is fully and
expressly guaranteed by, the United States of America or any agency or instrumentality of the United States of America the obligations
of which are expressly backed by the full faith and credit of the United States of America and which obligations of such agency
or instrumentality satisfy the Eligible Investment Required Ratings;


 


(ii)           
  demand and time deposits in, certificates of deposit of, bank deposit products of, trust accounts with, bankers’ acceptances
issued by, or federal funds sold by any depository institution or trust company incorporated under the laws of the United States
of America or any state thereof and subject to supervision and examination by federal and/or state banking authorities, in each
case payable within 183 days after issuance, so long as the commercial paper and/or the debt obligations of such depository institution
or trust company at the time of such investment or contractual commitment providing for such investment have the Eligible
Investment Required Ratings;


 


(iii)         
   commercial paper or other short-term obligations (other than Asset-backed Commercial Paper and extendible commercial paper) with
the Eligible Investment Required Ratings and that either bear interest or are sold at a discount from the face amount thereof
and have a maturity of not more than 183 days from their date of issuance; and


 


(iv)         
    registered money market funds that have, at all times, a credit rating of “AAAm” by S&P;


 






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provided
that (1) Eligible Investments purchased with funds in the Collection Account shall be held until maturity except as otherwise
specifically provided herein and shall include only such obligations, other than those referred to in clause (iv) above, as mature
(or are putable at par to the issuer thereof) no later than the earlier of (a) 60 days from the date of purchase and (b) the Business
Day prior to the next Payment Date unless such Eligible Investments are issued by the Bank in its capacity as a banking institution,
in which event such Eligible Investments may mature on such Payment Date; and (2) none of the foregoing obligations shall constitute
Eligible Investments if (a) such obligation has an “f,” “p,” “pi,” “t” or “sf”
subscript assigned to the rating by S&P, (b) all, or substantially all, of the remaining amounts payable thereunder consist
of interest and not principal payments, (c) payments with respect to such obligations or proceeds of disposition are subject to
withholding taxes by any jurisdiction unless the payor is required to make “gross-up” payments that cover the full
amount of any such withholding tax on an after-tax basis, (d) such obligation is secured by real property, (e) such obligation
is purchased at a price greater than 100% of the principal or face amount thereof, (f) such obligation is subject of a tender
offer, voluntary redemption, exchange offer, conversion or other similar action, (g) in the Collateral Manager’s judgment,
such obligation is subject to material non-credit related risks, (h) such obligation is a Structured Finance Obligation or (i)
such obligation is represented by a certificate of interest in a grantor trust. Eligible Investments may include, without limitation,
those investments issued by or made with the Bank or for which the Bank or the Trustee or an Affiliate of the Bank or the Trustee
acts as offeror, is the obligor or depository institution, or provides services and receives compensation.


 


“Eligible
Loan Index”: With respect to each Collateral Obligation that is a Senior Secured Loan or a Second Lien Loan, one of
the following indices as selected by the Collateral Manager in writing delivered to the Trustee and to the Collateral Administrator
upon acquisition of such Collateral Obligation: CS Leveraged Loan Index (formerly CSFB Leveraged Loan Index), the Deutsche Bank
Leveraged Loan Index, the Goldman Sachs/Loan Pricing Corporation Liquid Leveraged Loan Index, the Banc of America Securities Leveraged
Loan Index, the S&P/LSTA Leveraged Loan Indices or any other loan index for which the S&P Rating Condition has been obtained.


 


“Enforcement
Event”: The meaning specified in Section 11.1(a)(iii).


 


“Equity
Security”: Any security that at the time of acquisition, conversion or exchange is not eligible for purchase by the
Issuer as a Collateral Obligation and is not an Eligible Investment or any debt obligation received by the Issuer pursuant to
Section 10.2(d) or Section 12.2 that is not a Collateral Obligation or a Permitted Collateral Obligation; provided
that on any Business Day as of which such Equity Security satisfies the definition of “Collateral Obligation,”
(as tested on such date and without giving effect to the proviso set forth therein), the Collateral Manager may designate (by
written notice to the Issuer and the Collateral Administrator) such Equity Security as a “Collateral Obligation”.
For the avoidance of doubt, any Equity Security designated as a Collateral Obligation in accordance with the terms of this definition
shall constitute a Collateral Obligation (and not an Equity Security), in each case, following such designation.


 


“ERISA”:
The United States Employee Retirement Income Security Act of 1974, as amended.


 


“Euroclear”:
Euroclear Bank S.A./N.V.


 


“European
Supervisory Authorities”: Collectively, the European Banking Authority (including any successor or replacement organization
thereto), the European Securities and Markets Authority (including any successor or replacement organization thereto) and the
European Insurance and Occupational Pensions Authority (including any successor or replacement organization thereto).


 






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“Event
of Default”: The meaning specified in Section 5.1.


 


“Excel
Default Model Input File”: The meaning specified in Section 7.18(c)(i).


 


“Exception”:
The meaning specified in the definition of “Concentration Limitations”.


 


“Excess
CCC Adjustment Amount”: As of any date of determination, an amount equal to the excess, if any, of (a) the Aggregate
Principal Balance of all Collateral Obligations included in the CCC Excess, over (b) the sum of the Market Values
of all Collateral Obligations included in the CCC Excess; provided that (i) any Long-Dated Obligation shall be included
in clause (a) at its value in the Long-Dated Obligation Amount and (ii) for purposes of this definition, the Market Value of each
Long-Dated Obligation shall not exceed its value in the Long-Dated Obligation Amount.


 


“Excess
Par Amount”: An amount, as of any Determination Date, equal to the greater of (a) zero and (b) (i) the Collateral Principal
Amount less (ii) the Reinvestment Target Par Balance.


 


“Excess
Weighted Average Coupon”: A percentage equal as of any date of determination to a number obtained by multiplying
(a) the excess, if any, of the Weighted Average Coupon over the Minimum Weighted Average Coupon by (b) the number obtained
by dividing the aggregate outstanding principal balance of all Fixed Rate Obligations by the aggregate outstanding
principal balance of all Floating Rate Obligations.


 


“Excess
Weighted Average Floating Spread”: A percentage equal as of any date of determination to a number obtained by multiplying
(a) the excess, if any, of the Weighted Average Floating Spread over the Minimum Floating Spread by (b) the number
obtained by dividing the aggregate outstanding principal balance of all Floating Rate Obligations by the aggregate
outstanding principal balance of all Fixed Rate Obligations.


 


“Exchange
Act”: The United States Securities Exchange Act of 1934, as amended.


 


“Exercise
Notice”: The meaning specified in Section 9.8.


 


“Expense
Reserve Account”: The trust account established pursuant to Section 10.3(d).


 


“Facility
Size”: With respect to any credit facility on any date of determination, the maximum aggregate principal amount of indebtedness
for borrowed money that is or, in accordance with commitments to extend additional credit, may become outstanding under the term
loan agreement, revolving loan agreement or other similar credit agreement that governs such credit facility; provided
that, for this purpose, such aggregate principal amount shall include deposits and reimbursement obligations arising from drawings
pursuant to letters of credit and other similar instruments.


 


“Failed
Optional Redemption”: Any announced Optional Redemption (i) with respect to which notice of redemption has been given
pursuant to Section 9.4, (ii) such notice is no longer capable of being withdrawn pursuant to Section 9.4(c), and
(iii) the Issuer has insufficient funds to pay the Redemption Prices due and payable on the Secured Notes in respect of such announced
Optional Redemption on the related Redemption Date in accordance with the Priority of Payments.


 






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“Fallback
Rate”: The reference rate (which may include a Base Rate Modifier and, if applicable, the methodology for calculating
such reference rate) determined by the Collateral Manager based on (1) a quarterly rate acknowledged as a standard replacement
in the leveraged loan market for Libor by the Loan Syndications and Trading Association® or (2) if 50% or more of the Assets
are quarterly pay Floating Rate Obligations, the rate that is consistent with the reference rate most commonly being used in (x)
the quarterly pay Floating Rate Obligations included in the Collateral Obligations or (y) the floating quarterly rate securities
issued in the new issue collateralized loan obligation market in the prior month that bear interest based on a reference rate
other than Libor; provided, that if at any time when the Fallback Rate is effective the Collateral Manager notifies the
Issuer, the Trustee and the Calculation Agent that any Alternative Rate can be determined by the Collateral Manager, then the
Fallback Rate shall be replaced with such Alternative Rate commencing with the Interest Accrual Period immediately succeeding
the Interest Accrual Period during which the Collateral Manager provides such notification.


 


“FATCA”:
Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered
into pursuant to Section 1471(b) of the Code, any intergovernmental agreement entered into in connection with the implementation
of such Sections of the Code, or any fiscal or regulatory legislation, guidance notes, rules or practices adopted pursuant to
any such intergovernmental agreement.


 


“Federal
Reserve Bank of New York’s Website”: The website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.


 


“Fee
Basis Amount”: As of any date of determination, the sum of (a) the Collateral Principal Amount, (b) without
duplication, the aggregate outstanding principal balance of all Defaulted Obligations, Permitted Collateral Obligations and Equity
Securities that are debt obligations and (c) the aggregate amount of all Principal Financed Accrued Interest.


 


“Financial
Asset”: The meaning specified in Section 8-102(a)(9) of the UCC.


 


“Financing
Statements”: The meaning specified in Section 9-102(a)(39) of the UCC.


 


“First
Interest Determination End Date”: April 15, 2021


 


“First-Lien
Last-Out Loan”: A Collateral Obligation that is a Senior Secured Loan that, prior to an event of default under the applicable
Underlying Instruments, is entitled to receive payments pari passu with other senior secured loans of the same Obligor,
but following an event of default under the applicable Underlying Instruments, such Collateral Obligation becomes fully subordinated
to other senior secured loans of the same Obligor and is not entitled to any payments until such other senior secured loans are
paid in full.


 


“Fixed
Rate Notes”: Any notes issued under this Indenture that bear a fixed rate of interest.


 


“Fixed
Rate Obligation”: Any Collateral Obligation that bears a fixed rate of interest.


 






    -36-


     


    

 


“Floating
Rate Notes”: All of the Secured Notes other than any Fixed Rate Note.


 


“Floating
Rate Obligation”: Any Collateral Obligation that bears a floating rate of interest.


 


“FRB”:
The meaning specified in the definition of the terms “Deliver”, “Delivered” or “Delivery”.


 


“Funded
Amount”: The aggregate principal amount of the Class D Notes funded in each Unfunded Class Funding (as distinct from
the funding price thereof expressed as a percentage of such principal amount), as specified in each Unfunded Class Funding Notice
and adjusted to reflect the failure of any Holder of Notes of the Unfunded Class to fund its pro rata share of the Unfunded Class.


 


“Funding
Blackout Period”: With respect to any Payment Date, the period beginning on, and including, the earlier of the Determination
Date for such Payment Date and 5 Business Days prior to the applicable Record Date for the Class D Notes to be funded, and ending
on such Payment Date.


 


“Funding
Date”: The date of any Unfunded Class Funding, which date shall only occur during the Reinvestment Period; provided
that no Funding Date shall occur during a Funding Blackout Period.


 


“Funding
Date Payment”: With respect to the proceeds of an Unfunded Class Funding, the payment to the holders of the Subordinated
Notes of any portion of such proceeds designated for application as a “Funding Date Payment” in the Unfunded Class
Funding Notice.


 


“GAAP”:
The meaning specified in Section 6.3(j).


 


“Global
Note”: The Global Secured Notes and the Rule 144A Global Subordinated Notes.


 


“Global
Secured Note”: Any Regulation S Global Secured Note or Rule 144A Global Secured Note.


 


“Government
Authority”: Whether U.S. or non-U.S., (i) any national, state, county, municipal or regional government or quasi-governmental
authority or political subdivision thereof; (ii) any agency, regulator, arbitrator, board, body, branch, bureau, commission, corporation,
department, master, mediator, panel, referee, system or instrumentality of any such government or quasi-government entity, or
political subdivision thereof; and (iii) any court.


 


“Government
Security”: The meaning specified in the definition of the terms “Deliver”, “Delivered” or “Delivery”.


 


“Grant”
or “Granted”: To grant, bargain, sell, convey, assign, transfer, mortgage, pledge, create and grant a security
interest in and right of setoff against, deposit, set over and confirm. A Grant of the Assets, or of any other instrument, shall
include all rights, powers and options (but none of the obligations) of the granting party thereunder, including, the immediate
continuing right to claim for, collect, receive and receipt for principal and interest payments in respect of the Assets, and
all other Monies payable thereunder, to give and receive notices and other communications, to make waivers or other agreements,
to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and
receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto.


 






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“Group
I Country”: The Netherlands, Australia, Japan, Singapore and New Zealand (and any other additional countries as may
be determined by the Collateral Manager in its sole discretion which may be based on publicly available published criteria from
Moody’s from time to time).


 


“Group
II Country”: Germany, Ireland, Sweden and Switzerland (and any other additional countries as may be determined by the
Collateral Manager in its sole discretion which may be based on publicly available published criteria from Moody’s from
time to time).


 


“Group
III Country”: Austria, Belgium, Denmark, Finland, France, Luxembourg and Norway (and any other additional countries
as may be determined by the Collateral Manager in its sole discretion which may be based on publicly available published criteria
from Moody’s from time to time).


 


“Holder”:
With respect to any Note, the Person whose name appears on the Register as the registered holder of such Note.


 


“Incurrence
Covenant”: A covenant by any borrower to comply with one or more financial covenants only upon the occurrence of certain
actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.


 


“Indenture”:
This instrument as originally executed and, if from time to time supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended.


 


“Independent”:
As to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any
member thereof, or an investment bank and any member thereof) who (i) does not have and is not committed to acquire
any material direct or any material indirect financial interest in such Person or in any Affiliate of such Person, and (ii) is
not connected with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, manager, director or Person
performing similar functions. “Independent” when used with respect to any accountant may include an accountant who
audits the books of such Person if in addition to satisfying the criteria set forth above, the accountant is independent with
respect to such Person within the meaning of Rule 101 of the Code of Professional Conduct of the American Institute of Certified
Public Accountants. For purposes of this definition, no manager or director of any Person will fail to be Independent solely because
such Person acts as an independent manager or independent director thereof or of any such Person’s Affiliates.


 


Whenever
any Independent Person’s opinion or certificate is to be furnished to the Trustee, such opinion or certificate shall state
that the signer has read this definition and that the signer is Independent within the meaning hereof.


 


Any
pricing service, certified public accountant or legal counsel that is required to be Independent of another Person under this
Indenture must satisfy the criteria above with respect to the Issuer, the Collateral Manager and their Affiliates.


 






    -38-


     


    

 


“Independent
Manager”: A natural person who, (A) for the five-year period prior to his or her appointment as Independent Manager,
has not been, and during the continuation of his or her service as Independent Manager is not: (i) an employee, director, stockholder,
member, manager, partner or officer or direct or indirect legal or beneficial owner (or a Person who controls, whether directly,
indirectly, or otherwise any of the foregoing) of the Issuer, the member of the Issuer or any of their respective Affiliates (other
than his or her service as a special member or an independent manager of the Issuer or other Affiliates that are structured to
be “bankruptcy remote”); (ii) a customer, consultant, creditor, contractor or supplier (or a Person who controls,
whether directly, indirectly, or otherwise any of the foregoing) of the Issuer, the member of the Issuer or any of their respective
Affiliates (other than his or her service as a special member or an independent manager of the Issuer); (iii) affiliated with
a tax-exempt entity that receives significant contributions from the member of the Issuer or any of its Affiliates; or (iv) any
member of the immediate family of a person described in clause (i), (ii) or (iii) above (other than with respect to clause (i),
(ii) or (iii) relating to his or her service as (y) an Independent Manager of the Issuer or (z) an independent manager of any
Affiliate of the Issuer which is a bankruptcy remote limited purpose entity), and (B) has, (i) prior experience as an Independent
Manager for a corporation or limited liability company whose charter documents required the unanimous consent of all Independent
Managers thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency
proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy
and (ii) at least three years of employment experience with one or more entities that provide, in the ordinary course of their
respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments,
agreements or securities.


 


“Industry
Diversity Measure”: As of any date of determination, the number obtained by dividing (a) 1 by (b) the sum of the squares
of the quotients, for each S&P Industry Classification, obtained by dividing (i) the aggregate outstanding principal balance
at such time of all Collateral Obligations (other than Defaulted Obligations) issued by Obligors that belong to such S&P Industry
Classification by (ii) the aggregate outstanding principal balance at such time of all Collateral Obligations (other than Defaulted
Obligations).


 


“Information”:
S&P’s “Credit Estimate Information Requirements” dated April 2011 and any other available information S&P
reasonably requests in order to produce a credit estimate for a particular asset.


 


“Information
Agent”: The Collateral Administrator.


 


“Initial
Purchaser”: Deutsche Bank Securities Inc., in its capacity as initial purchaser of the Secured Notes under the Purchase
Agreement.


 


“Initial
Rating”: With respect to the Secured Notes, the rating or ratings, if any, indicated in Section 2.3.


 


“Institutional
Accredited Investor”: An Accredited Investor identified in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act.


 


“Instrument”:
The meaning specified in Section 9-102(a)(47) of the UCC.


 






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“Interest
Accrual Period”: (i) With respect to the initial Payment Date (or, in the case of a Re-Priced Class or a Class that
is subject to Refinancing or Notes issued in connection with an additional issuance, the first Payment Date following the Re-Pricing
Date, the Refinancing or the date of such additional issuance, respectively), the period from and including the Closing Date (or,
in the case of (x) a Refinancing, the date of issuance of the replacement notes or debt obligations and (y) a Re-Pricing, the
Re-Pricing Date) to but excluding such Payment Date; and (ii) with respect to each succeeding Payment Date, the period from and
including the immediately preceding Payment Date to but excluding the following Payment Date (or, in the case of a Class that
is being redeemed on a Partial Redemption Date, to but excluding such Partial Redemption Date) until the principal of the Secured
Notes are paid or made available for payment. For purposes of determining any Interest Accrual Period, in the case of any Fixed
Rate Notes, (i) for any Payment Date that is not a Redemption Date or a Re-Pricing Date, the Payment Date shall be assumed to
be the 15th day of the relevant month (irrespective of whether such day is a Business Day) and (ii) for any Payment Date that
is a Redemption Date or a Re-Pricing Date, the Payment Date shall be the Redemption Date or the Re-Pricing Date, as applicable.


 


“Interest
Collection Subaccount”: The meaning specified in Section 10.2(a).


 


“Interest
Coverage Ratio”: For any designated Class or Classes of Secured Notes, as of any date of determination, the percentage
derived from the following equation: (A – B) / C, where:


 


A
= The Collateral Interest Amount as of such date of determination;


 


B
= Amounts payable (or expected as of the date of determination to be payable) on the following Payment Date as set forth
in clauses (A) and (B) in Section 11.1(a)(i); and


 


C
= Interest due and payable on the Secured Notes of such Class or Classes and each Class of Secured Notes that rank senior to or
pari passu with such Class or Classes (excluding Deferred Interest but including any interest on Deferred Interest with
respect to the Class C Notes and the Class D Notes) on such Payment Date.


 


“Interest
Coverage Test”: The test that is satisfied with respect to any Class or Classes of Secured Notes as of any date of determination
on, or subsequent to, the Determination Date occurring immediately prior to the second Payment Date, if (i) the Interest
Coverage Ratio for such Class or Classes on such date is at least equal to the Required Interest Coverage Ratio for such Class
or Classes or (ii) such Class or Classes of Secured Notes are no longer outstanding.


 


“Interest
Determination Date”: (a) With respect to the first Interest Accrual Period (x) for the period from and including the
Closing Date to but excluding the First Interest Determination End Date, the second London Banking Day preceding the Closing Date
and (y) for the period from and including the First Interest Determination End Date to but excluding the first Payment Date, the
second London Banking Day preceding the First Interest Determination End Date and (b) with respect to each Interest Accrual Period
thereafter, the second London Banking Day preceding the first day of each Interest Accrual Period and (c) any Interest Accrual
Period in which the Interest Rate is not LIBOR, as determined at the time of the relevant Benchmark Transition Event and its related
Benchmark Replacement Date; provided that, in connection with any Refinancing upon a redemption of the Secured Notes in
whole, but not in part, solely with respect to the first Interest Accrual Period following the related Redemption Date, the Interest
Determination Date for the replacement securities issued in connection with such Refinancing will be determined by the Collateral
Manager in connection with such Refinancing.


 






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“Interest
Proceeds”: With respect to any Collection Period or Determination Date, without duplication, the sum of:


 


(i)             
all payments of interest and delayed compensation (representing compensation for delayed settlement) received in Cash by the Issuer
during the related Collection Period on the Collateral Obligations and Eligible Investments, including the accrued interest received
in connection with a sale thereof during the related Collection Period, less any such amount that represents Principal Financed
Accrued Interest;


 


(ii)           
   all principal and interest payments received by the Issuer during the related Collection Period on Eligible Investments purchased
with Interest Proceeds;


 


(iii)         
    all amendment and waiver fees, late payment fees and other fees received by the Issuer during the related Collection Period, except
for those in connection with (a) the lengthening of the maturity of the related Collateral Obligation if after such a lengthening,
the Weighted Average Life Test is not satisfied or (b) except with respect to call premiums or prepayment fees, the reduction
of the par amount of the related Collateral Obligation, in each case, as determined by the Collateral Manager with notice to the
Trustee and the Collateral Administrator;


 


(iv)         
   commitment fees and other similar fees received by the Issuer during such Collection Period in respect of Revolving Collateral
Obligations and Delayed Drawdown Collateral Obligations;


 


(v)           
  any amounts deposited in the Expense Reserve Account as Interest Proceeds pursuant to Section 3.1(xi)(B);


 


(vi)         
    [reserved];


 


(vii)       
     any Designated Principal Proceeds and any Designated Unused Proceeds;


 


(viii)     
     any Principal Proceeds designated by the Collateral Manager (with notice to the Collateral Administrator) as Interest Proceeds
in connection with any Refinancing pursuant to which the all Classes of Secured Notes are being refinanced, up to the Excess Par
Amount for payment on the Redemption Date of a Refinancing;


 


(ix)         
    any Contributions made to the Issuer which are designated as Interest Proceeds as permitted by this Indenture;


 


(x)           
   net proceeds from the issuance of additional Subordinated Notes and/or Junior Mezzanine Notes that have been designated as Interest
Proceeds by the Collateral Manager with the consent of a Majority of the Subordinated Notes;


 






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(xi)         
    any amounts deposited in the Interest Reserve Account as Interest Proceeds; and


 


(xii)       
     the proceeds received in connection with any Unfunded Class Funding that are designated as Interest Proceeds, if any, in the Unfunded
Class Funding Notice;


 


provided
that (1) except as expressly set forth in clauses (2) and (3) below, any amounts received (including, but not limited to,
any fees, commissions or other recoveries) in respect of any Defaulted Obligation will constitute Principal Proceeds (and not
Interest Proceeds) until the aggregate of all collections in respect of such Defaulted Obligation since it became a Defaulted
Obligation equals the outstanding principal balance of such Collateral Obligation at the time it became a Defaulted Obligation;
and (2) any amounts received (including, but not limited to, any fees, commissions or other recoveries) in respect of any Permitted
Collateral Obligation that is acquired using Interest Proceeds and/or Contributions shall constitute (A) Principal Proceeds (and
not Interest Proceeds) until the aggregate of all recoveries in respect of such Permitted Collateral Obligation since it was acquired
by the Issuer equals the Defaulted Obligation Balance of such Permitted Collateral Obligation and then (B) Interest Proceeds thereafter;
(3) any amounts received (including, but not limited to, any fees, commissions or other recoveries) in respect of any Permitted
Collateral Obligation that is acquired in part or in whole using Principal Proceeds and treated as a Defaulted Obligation pursuant
to Section 12.2(i) shall constitute (x) Principal Proceeds (and not Interest Proceeds) until the aggregate of all recoveries
in respect of such Permitted Collateral Obligation (together with all recoveries in respect of the related obligation for which
it was exchanged) since it was acquired by the Issuer (or, in the case of any exchanged obligation, since the earliest date on
which such obligation became an Equity Security, a Credit Risk Obligation or a Defaulted Obligation, as applicable) equals the
sum (A) of the greater of (I) the Issuer’s purchase price for such Permitted Collateral Obligation (II) the Defaulted Obligation
Balance of such Permitted Collateral Obligation and (B) and the Principal Balance of any exchanged obligation (as of the earliest
date on which such obligation became an Equity Security, a Credit Risk Obligation or a Defaulted Obligation, as applicable) and
then (y) Interest Proceeds thereafter; provided further that capitalized interest shall not constitute Interest Proceeds;
provided further that any amounts received by the Issuer with respect to equity securities or Permitted Collateral Obligations
that are acquired with Principal Proceeds pursuant to Section 10.2(d) will constitute Principal Proceeds until 100% of
such Principal Proceeds used to acquire such asset have been recovered. Notwithstanding the foregoing, the Collateral Manager
may designate in its discretion (to be exercised on or before the related Determination Date), on any date after the first Payment
Date, that any portion of Interest Proceeds in a Collection Period be deemed to be Principal Proceeds so long as the Collateral
Manager believes that such designation will not result in an Event of Default pursuant to clause (a) of the definition thereof
on the next succeeding Payment Date. For the avoidance of doubt, under no circumstances will Interest Proceeds include any Margin
Stock held by the Issuer or any interest earned thereon.


 


“Interest
Rate”: With respect to each Class of Secured Notes, the per annum stated interest rate payable on such Class
with respect to each Interest Accrual Period equal to the rate specified in Section 2.3 or, in the case of the Notes
of the Unfunded Class, such lower rated specified in the Unfunded Class Funding Notice.


 


“Interest
Reserve Account”: The account established pursuant to Section 10.3(f).


 






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“Interest
Reserve Amount”: U.S.$500,000.


 


“Interpolated
Screen Rate”: The rate which results from interpolating on a linear basis between (a) the applicable Screen Rate for
the longest period (for which that Screen Rate is available or can be obtained) which is less than the Designated Maturity and
(b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available or can be obtained) which exceeds
the Designated Maturity.


 


“Intervening
Event”: With respect to any Trading Plan, the prepayment of any Collateral Obligation included in such Trading Plan
or any change in any characteristic of any Collateral Obligation (or the obligor thereof) relevant to any Investment Criteria,
in each case to the extent beyond the Issuer’s or the Collateral Manager’s control, so long as no other Collateral
Obligation (or the obligor thereof) included in such Trading Plan had any change in any characteristic relevant to any Investment
Criteria since the first day of the related Trading Plan Period.


 


“Investment
Advisers Act”: The Investment Advisers Act of 1940, as amended.


 


“Investment
Criteria”: The criteria specified in Section 12.2(a).


 


“Investment
Criteria Adjusted Balance”: With respect to each Collateral Obligation, the outstanding principal balance of such Collateral
Obligation; provided that the Investment Criteria Adjusted Balance of any:


 


		(i)	Deferring
                                         Obligation will be the S&P Collateral Value of such Deferring Obligation;



 


		(ii)	Defaulted
                                         Obligation will be the S&P Collateral Value of such Defaulted Obligation;



 


		(iii)	Discount
                                         Obligation, will be the product of the (x) purchase price (expressed as a percentage
                                         of par) and (y) the principal balance of such Collateral Obligation;



 


		(iv)	Long-Dated
                                         Obligation will equal its applicable Long-Dated Obligation Amount; and



 


		(v)	Collateral
                                         Obligation included in the CCC Excess will be the Market Value of such Collateral Obligation;



 


provided
further that the Investment Criteria Adjusted Balance for any Collateral Obligation that satisfies more than one of the definitions
of Deferring Obligation, Defaulted Obligation, Long-Dated Obligation or Discount Obligation and/or is included in the CCC Excess
will be the lowest amount determined pursuant to clauses (i) – (v) above.


 


“IRS”:
The U.S. Internal Revenue Service.


 


“Issuer”:
The Person named as such on the first page of this Indenture until a successor Person shall have become the Issuer pursuant to
the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person.


 


“Issuer
Order” and “Issuer Request”: A written order or request (which may be a standing order or request)
dated and signed in the name of the Issuer or by a Responsible Officer of the Issuer or the Issuer or by the Collateral Manager
by a Responsible Officer thereof, on behalf of the Issuer. An order or request provided in a facsimile, email or other electronic
communication by a Responsible Officer of the Issuer or the Issuer or by a Responsible Officer of the Collateral Manager on behalf
of the Issuer shall constitute an Issuer Order, in each case except to the extent the Trustee requests otherwise.


 






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“Issuer’s
Website”: The internet website of the Issuer, initially located at www.structuredfn.com,
access to which is limited to S&P and NRSRO’s that have provided an NRSRO Certification.


 


“Junior
Class”: With respect to a particular Class of Notes, each Class of Notes that are subordinated to such Class, as indicated
in Section 2.3.


 


“Junior
Mezzanine Notes”: The meaning specified in Section 2.4(a).


 


“Knowledgeable
Employee”: The meaning set forth in Rule 3c-5(a)(4) promulgated under the 1940 Act.


 


“Libor”:
The London interbank offered rate.


 


“LIBOR”:
With respect to the Floating Rate Notes for (i) the period from and including the Closing Date to but excluding the First Interest
Determination End Date, (ii) the period from and including the First Interest Determination End Date to the first Payment Date
and (iii) any subsequent Interest Accrual Period, the greater of (a) 0.0% and (b) (I) the rate appearing on the Reuters Screen
(the “Screen Rate”) for deposits with a term of the Designated Maturity, (II) if the rate referred to in clause
(I) is temporarily or permanently unavailable or cannot be obtained from the Reuters Screen for such Designated Maturity, the
Interpolated Screen Rate or (III) if such rate cannot be determined under clauses (I) or (II), LIBOR shall be determined on the
basis of the rates at which deposits in U.S. Dollars are offered by four major banks in the London market selected by the Calculation
Agent after consultation with the Collateral Manager (the “Reference Banks”) at approximately 11:00 a.m., London
time, on the Interest Determination Date to prime banks in the London interbank market for a period approximately equal to such
Interest Accrual Period (or, for each calculation during the first Interest Accrual Period, the related portion thereof) and an
amount approximately equal to the aggregate outstanding principal amount of the applicable Floating Rate Notes. The Calculation
Agent will request the principal London office of each Reference Bank to provide a quotation of its rate. If at least two such
quotations are provided, LIBOR shall be the arithmetic mean of such quotations (rounded upward to the next higher 1/100 of a percent).
If fewer than two quotations are provided as requested, LIBOR with respect to such Interest Accrual Period (or portion thereof,
in the case of the first Interest Accrual Period) will be the arithmetic mean of the rates quoted by three major banks in New
York, New York selected by the Calculation Agent after consultation with the Collateral Manager at approximately 11:00 a.m., New
York Time, on such Interest Determination Date for loans in U.S. Dollars to leading European banks for a term approximately equal
to such Interest Accrual Period (or, in the case of the period from and including the Closing Date to but excluding the First
Interest Determination End Date, or the period from and including the First Interest Determination End Date to but excluding the
first Payment Date, the related portion thereof) and an amount approximately equal to the aggregate outstanding principal amount
of the Floating Rate Notes. If the Calculation Agent is required but is unable to determine a rate in accordance with at least
one of the procedures described above, LIBOR will be LIBOR as determined on the previous Interest Determination Date. “LIBOR,”
when used with respect to a Collateral Obligation, means the “libor” rate determined in accordance with the terms
of such Collateral Obligation. Notwithstanding anything in the foregoing, if at any time while any Floating Rate Notes are outstanding
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR, then the Collateral
Manager (on behalf of the Issuer) may select (with notice to the Trustee, the Calculation Agent and the Collateral Administrator)
an alternative rate, including any applicable spread adjustments thereto (the “Alternative Rate”) that in its
commercially reasonable judgment is consistent with the successor for LIBOR, which is, as certified to the Issuer and the Trustee,
(x) Daily Simple SOFR, Compounded SOFR, Term SOFR or any other rate or any other rate proposed or recommended by the LSTA or ARRC
as the successor for LIBOR with respect to loans or (y) expected to be used in the quarterly pay Floating Rate Obligations included
in the Assets or the new issue collateralized loan obligation market and all references herein to “LIBOR” will mean
such Alternative Rate selected by the Collateral Manager. If at any time while any Floating Rate Notes are Outstanding, LIBOR
ceases to exist or be reported and the Collateral Manager has not determined an Alternative Rate in accordance with the foregoing,
at the direction of the Collateral Manager (by notice to the Issuer, the Trustee (who shall forward such notice to the Holders)
and the Calculation Agent) and without a supplemental indenture, the Alternative Rate with respect to the Floating Rate Notes
shall be the Fallback Rate. Notwithstanding anything to the contrary in this Indenture, neither the Calculation Agent nor the
Trustee shall have any responsibility or liability for determining or selecting an Alternative Rate or a Fallback Rate (including,
without limitation, any Base Rate Modifier or any other modifier thereto) as a successor or replacement benchmark to LIBOR (including
whether any such rate is an Alternative Rate or a Fallback Rate or whether a Benchmark Replacement Date or a Benchmark Transition
Event has occurred, or any other conditions to the designation of such rate have been satisfied) and shall be entitled to rely
upon any designation of such a rate (and any Base Rate Modifier) by the Collateral Manager. Notwithstanding anything herein, LIBOR
(including any Alternative Rate or Fallback Rate) with respect to the Floating Rate Notes shall in no event be calculated below
0.0%.


 






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“LIBOR
Floor Obligation”: As of any date of determination, a Floating Rate Obligation (a) the interest in respect of which
is paid based on a London interbank offered rate and (b) that provides that such London interbank offered rate is (in effect)
calculated as the greater of (i) a specified “floor” rate per annum and (ii) the London interbank offered rate
for the applicable interest period for such Collateral Obligation.


 


“Lien”:
Any grant of a security interest in, mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature
whatsoever, including, without limitation, any conditional sale or other title retention agreement, and any financing lease having
substantially the same economic effect as any of the foregoing (including any UCC financing statement or any similar instrument
filed against a Person’s assets or properties).


 


“Listed
Notes”: The Notes specified as such in Section 2.3.


 


“Loan”:
Any obligation for the payment or repayment of borrowed money that is documented by a term loan agreement, revolving loan agreement
or other similar credit agreement.


 






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“London
Banking Day”: A day on which commercial banks are open for business (including dealings in foreign exchange and foreign
currency deposits) in London, England.


 


“Long-Dated
Obligation”: Any Collateral Obligation (or portion thereof) with a maturity later than the earliest Stated Maturity
of the Secured Notes (including, for the avoidance of doubt, any Permitted Maturity Obligation).


 


“Long-Dated
Obligation Amount”: As of any date of determination, for each Long-Dated Obligation, an amount equal to the lower of
(i) the Market Value of such Long-Dated Obligation and (ii) the product of the Principal Balance of such Long-Dated Obligation
multiplied by 70%.


 


“LSTA”:
The Loan Syndications and Trading Association®, together with any successor organization.


 


“Maintenance
Covenant”: A covenant by any borrower to comply with one or more financial covenants during each reporting period, whether
or not such borrower has taken any specified action and includes a covenant that applies only when the related Loan is funded,
regardless of whether such covenant is only applicable until or after the expiration of a certain period of time after the initial
issuance of such loan.


 


“Majority”:
With respect to any Class or Classes of Notes, the Holders of more than 50% of the Aggregate Outstanding Amount of the Notes of
such Class or Classes, as applicable.


 


“Margin
Stock”: “Margin Stock” as defined under Regulation U issued by the Board of Governors of the Federal Reserve
System, including any debt security which is by its terms convertible into “Margin Stock.”


 


“Market
Value”: With respect to any loans or other assets, the amount (determined by the Collateral Manager) equal to the
product of the Principal Balance thereof and the price (expressed as a percentage of par) determined in the following manner:


 


(i)           the bid price determined by the Loan Pricing Corporation, LoanX Inc., Markit Group Limited or any other nationally recognized
pricing service subscribed to by the Collateral Manager; or


 


(ii)          if the price described in clause (i) is not available or the Collateral Manager determines in accordance with the Collateral
Manager Standard that such price does not reflect the value of such asset;


 


(A)            
the average of the bid prices determined by three broker-dealers active in the trading of such asset that are Independent (without
giving effect to the last sentence in the definition thereof) from each other and the Issuer and the Collateral Manager;


 


(B)             
if only two such bids can be obtained, the lower of the bid prices of such two bids; or


 






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(C)             
if only one such bid can be obtained, and such bid was obtained from a Qualified Broker/Dealer, such bid; or


 


(iii)         if a value cannot be obtained by the Collateral Manager exercising reasonable efforts pursuant to the means contemplated by clauses
(i) or (ii), the value determined as the bid side market value of such Collateral Obligation as reasonably determined by the Collateral
Manager (so long as the Collateral Manager is a Registered Investment Adviser, or has applied to be a Registered Investment Adviser)
consistent with the Collateral Manager Standard and certified by the Collateral Manager to the Trustee; or


 


(iv)         if the Market Value of an asset is not determined in accordance with clause (i), (ii) or (iii) above, then such Market
Value shall be deemed to be zero until such determination is made in accordance with clause (i), (ii) or (iii) above.


 


“Master
Loan Sale Agreements”: Collectively, the Closing Date Master Loan Sale Agreement and the Retention Holder Master Loan
Sale Agreement.


 


“Material
Covenant Default”: A default by an Obligor with respect to any Collateral Obligation, and subject to any grace periods
contained in the related Underlying Instruments, that gives rise to the right of the lender(s) thereunder to accelerate the principal
of such Collateral Obligation.


 


“Maturity”:
With respect to each Note, the date on which the unpaid principal of such Notes becomes due and payable as therein or herein provided,
whether at the related Stated Maturity or by declaration of acceleration, call for redemption or otherwise.


 


“Maturity
Amendment”: An amendment (other than in connection with an insolvency, bankruptcy, reorganization, debt restructuring
or workout of the Obligor thereof) to the Underlying Instruments governing a Collateral Obligation that extends the stated maturity
of such Collateral Obligation. For the avoidance of doubt, an amendment that would extend the stated maturity date of any tranche
of the credit facility of which a Collateral Obligation is part, but would not extend the stated maturity date of the Collateral
Obligation held by the Issuer, does not constitute a Maturity Amendment.


 


“Measurement
Date”: (i) Any day on which a purchase of a Collateral Obligation occurs, (ii) any Determination Date, (iii) the
date as of which the information in any Monthly Report is calculated, (iv) with five Business Days’ prior written notice,
any Business Day requested by the Rating Agency and (v) the Effective Date.


 


“Merging
Entity”: The meaning specified in Section 7.10.


 


“Middle
Market Loan”: Any Loan other than a Broadly Syndicated Loan.


 


“Minimum
Floating Spread”: The applicable percentage set forth in the definition of “S&P CDO Monitor” upon the
option chosen by the Collateral Manager in accordance with Section 2 of Schedule 4.


 






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“Minimum
Floating Spread Test”: The test that is satisfied on any date of determination if the Weighted Average Floating Spread
plus the Excess Weighted Average Coupon equals or exceeds the Minimum Floating Spread.


 


“Minimum
Weighted Average Coupon”: If any of the Collateral Obligations are Fixed Rate Obligations, 7.00%.


 


“Minimum
Weighted Average Coupon Test”: The test that is satisfied on any date of determination as of which the Collateral Obligations
include any Fixed Rate Obligations if the Weighted Average Coupon plus the Excess Weighted Average Floating Spread equals
or exceeds the Minimum Weighted Average Coupon.


 


“Minimum
Weighted Average S&P Recovery Rate Test”: The test that is satisfied on any date of determination, during any S&P
CDO Monitor Election Period if the Weighted Average S&P Recovery Rate for the Class A Notes (or, if the Class A Notes are
no longer Outstanding, the most senior Class of Secured Notes Outstanding) equals or exceeds the Weighted Average S&P Recovery
Rate for such Class selected by the Collateral Manager in connection with the S&P CDO Monitor.


 


“Money”:
The meaning specified in Section 1-201(24) of the UCC.


 


“Monthly
Report”: The meaning specified in Section 10.7(a).


 


“Monthly
Report Determination Date”: The meaning specified in Section 10.7(a).


 


“Moody’s”:
Moody’s Investors Service, Inc. and any successor thereto.


 


“Moody’s
Default Probability Rating”: With respect to any Collateral Obligation, the rating determined pursuant to Schedule 3
hereto (or such other schedule provided by Moody’s to the Issuer, the Trustee, the Collateral Administrator and the
Collateral Manager).


 


“Moody’s
Derived Rating”: With respect to any Collateral Obligation whose Moody’s Rating or Moody’s Default Probability
Rating cannot otherwise be determined pursuant to the definitions thereof, the rating determined for such Collateral Obligation
as set forth in Schedule 3 hereto (or such other schedule provided by Moody’s to the Issuer, the Trustee, the
Collateral Administrator and the Collateral Manager).


 


“Moody’s
Rating”: With respect to any Collateral Obligation, the rating determined pursuant to Schedule 3 hereto
(or such other schedule provided by Moody’s to the Issuer, the Trustee, the Collateral Administrator and the Collateral
Manager).


 


“Net
Exposure Amount”: As of the applicable Cut-Off Date, with respect to any Collateral Obligation which is a Revolving
Collateral Obligation or Delayed Drawdown Collateral Obligation, the lesser of (i) the aggregate amount of the then unfunded funding
obligations thereunder and (ii) the amount necessary to cause, on the applicable Cut-Off Date with respect to such Collateral
Obligation, the amount of funds on deposit in the Revolver Funding Account to be at least equal to the sum of the unfunded funding
obligations under all Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations then included in the Assets.


 






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“Net
Purchased Loan Balance”: As of any date of determination, an amount equal to (a) the sum of (i) the Aggregate Principal
Balance of all Collateral Obligations conveyed by the E.U./U.K. Retention Provider to the Issuer prior to such date, calculated
as of the respective Cut-Off Dates of such Collateral Obligations, and (ii) the Aggregate Principal Balance of all Collateral
Obligations acquired by the Issuer other than from the E.U./U.K. Retention Provider prior to such date minus (b) the Aggregate
Principal Balance of all Collateral Obligations sold to or repurchased or substituted by, or otherwise transferred to, the E.U./U.K.
Retention Provider prior to such date.


 


“Non-Call
Period”: (i) With respect to each Class of Secured Notes other than the Unfunded Class, the period from the Closing
Date to the Payment Date in, April 2023 and (ii) with respect to the Unfunded Class, the Unfunded Class Non-Call Period (if any).


 


“Non-Emerging
Market Obligor”: An Obligor that is Domiciled in (a) the United States of America, (b) any country that has a foreign
currency government bond rating of at least “Aa3” by Moody’s and a foreign currency issuer credit rating of
at least “AA-” by S&P or (c) a Tax Jurisdiction.


 


“Non-Permitted
ERISA Holder”: The meaning specified in Section 2.11(d).


 


“Non-Permitted
Holder”: The meaning specified in Section 2.11(b).


 


“Non-U.S.
Beneficial Ownership Certification”: The meaning specified in Section 2.2(b)(i).


 


“Note
Interest Amount”: With respect to any Class of Secured Notes and any Payment Date, the amount of interest for the related
Interest Accrual Period payable in respect of each U.S.$100,000 of outstanding principal amount of such Class of Secured Notes.


 


“Note
Payment Sequence”: The application, in accordance with the Priority of Payments, of Interest Proceeds or Principal Proceeds,
as applicable, in the following order:


 


(i)             
  to the payment of principal of the Class A Notes, until the Class A Notes have been paid in full;


 


(ii)           
   to the payment of principal of the Class B Notes, until the Class B Notes have been paid in full;


 


(iii)         
    to the payment of (1) first, any accrued and unpaid interest (excluding Deferred Interest but including interest on
Deferred Interest) on the Class C-1 Notes and the Class C-2 Notes, allocated pro rata in proportion to the amounts
of accrued and unpaid interest payable on each such Class and (2) second, to the payment of any Deferred Interest
on the Class C-1 Notes and the Class C-2 Notes, allocated pro rata in proportion to the amounts of Deferred Interest
on each such Class, in each case, until such amounts have been paid in full;


 


(iv)         
    to the payment of principal of the Class C-1 Notes and the Class C-2 Notes, allocated pro rata in proportion to their
respective Aggregate Outstanding Amounts, until the Class C Notes have been paid in full;


 






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(v)           
  to the payment of (1) first, any accrued and unpaid interest (excluding Deferred Interest but including interest on
Deferred Interest) on the Class D Notes and (2) second, to the payment of any Deferred Interest on the Class D Notes,
in each case, until such amounts have been paid in full; and


 


(vi)         
    to the payment of principal of the Class D Notes, until the Class D Notes have been paid in full.


 


“Notes”:
Collectively, the Secured Notes and the Subordinated Notes authorized by, and authenticated and delivered under, this Indenture
(as specified in Section 2.4) or any supplemental indenture (and including any Additional Notes issued hereunder pursuant
to Section 2.13).


 


“NRSRO”:
A nationally recognized statistical rating organization registered with the SEC under the Exchange Act.


 


“NRSRO
Certification”: A certification substantially in the form of Exhibit D executed by a NRSRO in favor of the Issuer
that states that such NRSRO has provided the Issuer with the appropriate certifications under Exchange Act Rule 17g-5(e) and that
such NRSRO has access to the Issuer’s Website.


 


“Obligor”:
With respect to any Collateral Obligation, any Person or Persons obligated to make payments pursuant to or with respect to such
Collateral Obligation, including any guarantor thereof, but excluding, in each case, any such Person that is an obligor or guarantor
that is in addition to the primary obligors or guarantors with respect to the assets, cash flows or credit on which the related
Collateral Obligation is principally underwritten.


 


“Obligor
Diversity Measure”: As of any date of determination, the number obtained by dividing (a) 1 by (b) the sum of the squares
of the quotients, for each Obligor, obtained by dividing (i) the aggregate outstanding principal balance at such time of all Collateral
Obligations (other than Defaulted Obligations) issued by such Obligor by (ii) the aggregate outstanding principal balance at such
time of all Collateral Obligations (other than Defaulted Obligations).


 


“Offer”:
The meaning specified in Section 10.8(c).


 


“Offering”:
The offering of each Note pursuant to the relevant Offering Circular.


 


“Offering
Circular”: Each offering circular relating to the offer and sale of the Notes, including any supplements thereto.


 


“Officer”:
(a) With respect to the Issuer and any limited liability company, any managing member or manager thereof or any person to whom
the rights and powers of management thereof are delegated in accordance with the limited liability company agreement of such limited
liability company and (b) with respect to the Collateral Manager, any manager of the Collateral Manager or any duly authorized
officer of the Collateral Manager (as indicated on an incumbency certificate delivered to the Trustee) with direct responsibility
for the administration of the Collateral Management Agreement and this Indenture and also, with respect to a particular matter,
any other duly authorized officer of the Collateral Manager to whom such matter is referred because of such officer’s knowledge
of and familiarity with the particular subject.


 






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“Opinion
of Counsel”: A written opinion addressed to the Trustee and, if required by the terms hereof, the Rating Agency, in
form and substance reasonably satisfactory to the Trustee (and, if so addressed, the Rating Agency) of an attorney admitted to
practice, or a nationally or internationally recognized and reputable law firm one or more of the partners of which are admitted
to practice, before the highest court of any State of the United States or the District of Columbia, which attorney or law firm,
as the case may be, may, except as otherwise expressly provided herein, be counsel for the Issuer, and which attorney or law firm,
as the case may be, shall be reasonably satisfactory to the Trustee. Whenever an Opinion of Counsel is required hereunder, such
Opinion of Counsel may rely on opinions of other counsel who are so admitted and so satisfactory, which opinions of other counsel
shall accompany such Opinion of Counsel and shall be addressed to the Trustee (and, if required by the terms hereof, the Rating
Agency) or shall state that the Trustee (and, if required by the terms hereof, the Rating Agency) shall be entitled to rely thereon.


 


“Optional
Redemption”: A redemption of the Notes in accordance with Section 9.2.


 


“Other
Plan Law”: Any state, local, federal, non-U.S. or other laws or regulations that are substantially similar to the prohibited
transaction provisions of Section 406 of ERISA or Section 4975 of the Code.


 


“Outstanding”:
With respect to the Notes or the Notes of any specified Class, as of any date of determination, all of the Notes or all of the
Notes of such Class, as the case may be, theretofore authenticated and delivered under this Indenture, except:


 


(i)             
  Notes theretofore canceled by the Registrar or delivered to the Registrar for cancellation in accordance with the terms of Section
2.9 (including, without limitation and for the avoidance of doubt, pursuant to Section 9.7);


 


(ii)           
   Notes or portions thereof for whose payment or redemption funds in the necessary amount have been theretofore irrevocably deposited
with the Trustee or any Paying Agent in trust for the Holders of such Notes pursuant to Section 4.1(a)(ii); provided
that if such Notes or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to this
Indenture or provision therefor satisfactory to the Trustee has been made;


 


(iii)         
    Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, unless
proof satisfactory to the Trustee is presented that any such Notes are held by a “protected purchaser” (within the
meaning of Section 8-303 of the UCC); and


 


(iv)         
    Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued as provided in Section 2.6;


 


provided
that in determining whether the Holders of the requisite Aggregate Outstanding Amount of any Class of Notes have given any
request, demand, authorization, direction, notice, consent or waiver hereunder, (a) Notes owned by the Issuer or (only in
the case of a vote on (i) the removal of the Collateral Manager for “cause” and (ii) the waiver of any event
constituting “cause”, in each case, unless all Notes of such Class are Collateral Manager Notes) Collateral Manager
Notes shall be disregarded and deemed not to be Outstanding, except that (x) in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Trust Officer
of the Trustee actually knows, based solely on transfer certificates received pursuant to the terms of Section 2.5, to
be so owned shall be so disregarded and (y) if all Notes of such Class are Collateral Manager Notes, Collateral Manager Notes
shall not be so disregarded and (b) Notes so owned that have been pledged in good faith shall be regarded as Outstanding
if the pledgee establishes to the reasonable satisfaction of the Trustee the pledgee’s right so to act with respect to such
Notes and that the pledgee is not one of the Persons specified above.


 






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“Overcollateralization
Ratio”: With respect to any specified Class or Classes of Secured Notes as of any date of determination, the percentage
derived from: (i) the Adjusted Collateral Principal Amount on such date divided by (ii) the Aggregate Outstanding
Amount on such date of the Secured Notes of such Class or Classes (including, in the case of the Class C Notes and the Class D
Notes, any accrued Deferred Interest that remains unpaid), each Priority Class of Secured Notes and each Pari Passu Class of Secured
Notes.


 


“Overcollateralization
Ratio Test”: The test that is satisfied with respect to any designated Class or Classes of Secured Notes as of each
Determination Date occurring (A) with respect to the Class A Notes, the Class B Notes and the Class C Notes, on or after the Effective
Date and (B) with respect to the Class D Notes, on or after the later of (1) the Effective Date and (2) the first Funding Date
if (i) the Overcollateralization Ratio for such Class or Classes on such date is at least equal to the Required Overcollateralization
Ratio for such Class or Classes or (ii) such Class or Classes of Secured Notes are no longer Outstanding.


 


“Par
Subordination Requirement”: 18.5%.


 


“Pari
Passu Class”: With respect to any specified Class of Notes, each Class of Notes that ranks pari passu to such
Class, as indicated in Section 2.3.


 


“Partial
Redemption Date”: Any date on which a Refinancing of one or more but not all Classes of Secured Notes occurs.


 


“Partial
Refinancing Interest Proceeds”: In connection with a Refinancing in part by Class of one or more Classes of Secured
Notes, with respect to each such Class, Interest Proceeds up to the amount of accrued and unpaid interest on such Class, but only
to the extent that such Interest Proceeds would be available under the Priority of Payments to pay accrued and unpaid interest
on such Class on the date of a Refinancing of such Class (or, in the case of a Refinancing occurring on a date other than a Payment
Date (without giving effect to clause (ii) of the definition thereof), only to the extent that the Collateral Manager determines
that such Interest Proceeds would be available under the Priority of Payments to pay accrued and unpaid interest on such Class
on the next Payment Date, taking into account Scheduled Distributions on the Assets that are expected to be received prior to
the next Determination Date).


 






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“Participation
Interest”: An undivided 100% participation interest in a loan that, at the time of acquisition, or the Issuer’s
commitment to acquire the same, satisfies each of the following criteria: (i) such participation would constitute a Collateral
Obligation were it acquired directly, (ii) the seller of the participation is the lender on the loan, (iii) the aggregate participation
in the loan does not exceed the principal amount or commitment of such loan, (iv) such participation does not grant, in the aggregate,
to the participant in such participation a greater interest than the seller holds in the loan or commitment that is the subject
of the participation, (v) the entire purchase price for such participation is paid in full (without the benefit of financing from
the Selling Institution or its affiliates) at the time of its acquisition (or, in the case of a participation in a Revolving Collateral
Obligation or Delayed Drawdown Collateral Obligation, at the time of the funding of such loan), (vi) the participation provides
the participant all of the economic benefit and risk of the whole or part of the loan or commitment that is the subject of the
loan participation, and (vii) such participation is documented under a Loan Syndications and Trading Association, Loan Market
Association or similar agreement standard for loan participation transactions among institutional market participants; provided
that, any Closing Date Participation Interest shall be deemed to (a) be a Collateral Obligation for all purposes hereunder
(provided that the related Senior Secured Loan or Second Lien Loan in which such Closing Date Participation Interest is granted
satisfies the definition of Collateral Obligation) and (b) not be a Participation Interest until the 90th day following the Closing
Date if such Closing Date Participation Interest has not been elevated by such day. For the avoidance of doubt a Participation
Interest shall not include a sub-participation interest in any loan.


 


“Partner”:
The meaning specified in Section 7.17(a).


 


“Partnership
Interest”: The meaning specified in Section 7.17(a).


 


“Partnership
Representative”: The meaning specified in Section 7.17(l).


 


“Partnership
Tax Audit Rules”: The meaning specified in Section 7.17(l).


 


“Paying
Agent”: Any Person authorized by the Issuer to pay the principal of or interest on each Note on behalf of the Issuer
as specified in Section 7.2.


 


“Payment
Account”: The payment account of the Trustee established pursuant to Section 10.3(a).


 


“Payment
Date”: (i) Each of the 15th day of January, April, July and October of each year (or, if such day is not a Business
Day, the next succeeding Business Day), commencing in July 2021, except that the final Payment Date (subject to any earlier redemption
or payment of the Notes) shall be the latest Stated Maturity, (ii) each Redemption Date (other than a Redemption Date in
connection with a Failed Optional Redemption or a Redemption Date in connection with a redemption of Secured Notes in part by
Class) and a Re-Pricing Date and (iii) after the date on which no Secured Notes are deemed or considered Outstanding, any Business
Day that the Collateral Manager shall designate as a “Payment Date” pursuant to Section 11.1(f).


 


“PBGC”:
The United States Pension Benefit Guaranty Corporation.


 






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“Permitted
Collateral Obligation”: A debt obligation, other than a subordinated loan, received by the Issuer in exchange for a
Collateral Obligation or received in connection with the insolvency, bankruptcy, reorganization, restructuring or workout of a
Collateral Obligation or the related Obligor (1) which, if it is a debt obligation of the same Obligor as the related Collateral
Obligation, is senior or pari passu in right of payment to the obligation for which it is received or the related Collateral
Obligation, (2) the receipt of which will, in the Collateral Manager’s reasonable business judgment, result in a better
overall likelihood of recovery, (3) which is issued by the same Obligor (or any Affiliate thereof) as the Collateral Obligation
for which it is exchanged or the related Collateral Obligation and (4) that does not satisfy one or more of the following criteria
in the definition of “Collateral Obligation” but otherwise satisfies the remaining criteria in such definition: the
introductory clause (provided that such Permitted Collateral Obligation shall be a loan, bond or note) and clauses (i)
(only with respect to whether such debt obligation is a Bond that is not a Permitted Non-Loan Asset; provided that any
such debt obligation shall be an unsecured bond or subordinated bond issued by a corporation, limited liability company, partnership,
trust or similar business entity), (v), (x), (xvii), (xx), (xxv) or (xxviii); provided that on any Business Day as of which
such Permitted Collateral Obligation satisfies the definition of “Collateral Obligation,” (as tested on such date
and without giving effect to the proviso set forth therein), the Collateral Manager may designate (by written notice to the Issuer
and the Collateral Administrator) such Permitted Collateral Obligation as a “Collateral Obligation”. For the avoidance
of doubt, any Permitted Collateral Obligation designated as a Collateral Obligation in accordance with the terms of this definition
shall constitute a Collateral Obligation (and not a Permitted Collateral Obligation), in each case, following such designation.


 


“Permitted
Deferrable Obligation”: Any Deferrable Obligation that (or the Underlying Instruments of which) carries a current cash
pay interest rate of not less than (a) in the case of a Floating Rate Obligation, LIBOR plus 1.00% per annum or
(b) in the case of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating interest rate swap with a term equal
to five years.


 


“Permitted
Liens”: With respect to the Assets: (i) security interests, liens and other encumbrances created pursuant to the Transaction
Documents, (ii) with respect to agented Collateral Obligations, security interests, liens and other encumbrances in favor of the
lead agent, the Trustee or the paying agent on behalf of all holders of indebtedness of such Obligor under the related facility,
(iii) with respect to any Equity Security, any security interests, liens and other encumbrances granted on such Equity Security
to secure indebtedness of the related Obligor and/or any security interests, liens and other rights or encumbrances granted under
any governing documents or other agreement between or among or binding upon the Issuer as the holder of equity in such Obligor
and (iv) security interests, liens and other encumbrances, if any, which have priority over first priority perfected security
interests in the Collateral Obligations or any portion thereof under the UCC or any other applicable law.


 


“Permitted
Maturity Obligation”: A Loan that at both the time of initial acquisition by the Issuer and as of the most recent Measurement
Date matures after the earliest Stated Maturity (but no later than two years following such Stated Maturity) of the Secured Notes.


 


“Permitted
Non-Loan Assets”: Secured bonds and senior secured notes issued by a corporation, limited liability company, partnership,
trust or similar business entity.


 


“Permitted
Offer”: An Offer (i) pursuant to the terms of which the offeror offers to acquire a debt obligation (including a Collateral
Obligation) in exchange for consideration consisting solely of Cash in an amount equal to or greater than the full face amount
of such debt obligation plus any accrued and unpaid interest and (ii) as to which the Collateral Manager has determined
in its reasonable commercial judgment that the offeror has sufficient access to financing to consummate the Offer.


 






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“Permitted
Use”: With respect to any amount on deposit in the Supplemental Reserve Account, any of the following uses: (i) the
transfer of the applicable portion of such amount to the Collection Account for application as Principal Proceeds; provided
that amounts designated as Principal Proceeds pursuant to this clause (i) shall not be redesignated as Interest Proceeds;
(ii) the repurchase or prepayment of Secured Notes of any Class through a tender offer, in the open market, or in a private negotiated
transaction (in each case, subject to applicable law and the provisions of Section 9.7); (iii) the purchase of assets pursuant
to Section 12.2(h); (iv) after the Non-Call Period, to pay expenses or other amounts due in connection with an Optional
Redemption and (v) any other application or purpose not specifically prohibited by this Indenture.


 


“Person”:
An individual, corporation (including a business trust), partnership, limited liability company, joint venture, association, joint
stock company, statutory trust, trust (including any beneficiary thereof), unincorporated association or government or any agency
or political subdivision thereof.


 


“Portfolio
Company”: Any company that at the time the Loan is acquired by the Issuer is controlled by the Collateral Manager, an
Affiliate thereof, or an account, fund, client or portfolio established and controlled by the Collateral Manager or an Affiliate
thereof.


 


“Post-Reinvestment
Period Settlement Obligation”: The meaning specified in Section 12.2(a).


 


“Principal
Balance”: Subject to Section 1.3, with respect to (a) any Asset other than a Revolving Collateral Obligation
or Delayed Drawdown Collateral Obligation, as of any date of determination, the outstanding principal amount of such Asset (excluding
any capitalized interest) and (b) any Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation, as
of any date of determination, the outstanding principal amount of such Revolving Collateral Obligation or Delayed Drawdown Collateral
Obligation (excluding any capitalized interest), plus (except as expressly set forth herein) any undrawn commitments
that have not been irrevocably reduced or withdrawn with respect to such Revolving Collateral Obligation or Delayed Drawdown Collateral
Obligation; provided that for all purposes the Principal Balance of any Equity Security or interest only strip shall be
deemed to be zero; provided further that solely for purposes of the definition of Adjusted Collateral Principal Amount,
the Principal Balance of any Zero Coupon Bond shall be the accreted value of such Zero Coupon Bond.


 


“Principal
Collection Subaccount”: The meaning specified in Section 10.2(a).


 


“Principal
Financed Accrued Interest”: The amount of Principal Proceeds, if any, applied towards the purchase of accrued interest
on a Collateral Obligation.


 


“Principal
Proceeds”: With respect to any Collection Period or Determination Date, all amounts received by the Issuer from any
source during the related Collection Period that do not constitute Interest Proceeds and any other amounts that have been designated
as Principal Proceeds pursuant to the terms of this Indenture. For the avoidance of doubt, Principal Proceeds shall not include
any Margin Stock held by the Issuer.


 






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“Priority
Category”: With respect to any Collateral Obligation, the applicable category listed in the table under the heading
 “Priority Category” in Section 1(b) of Schedule 4.


 


“Priority
Class”: With respect to any specified Class of Notes, each Class of Notes that ranks senior to such Class, as indicated
in Section 2.3.


 


“Priority
of Payments”: The meaning specified in Section 11.1(a).


 


“Proceeding”:
Any suit in equity, action at law or other judicial or administrative proceeding.


 


“Proposed
Portfolio”: The portfolio of Collateral Obligations and Eligible Investments resulting from the proposed purchase, sale,
maturity or other disposition of a Collateral Obligation or a proposed reinvestment in an additional Collateral Obligation, as
the case may be.


 


“Prospectus
Regulation”: European Union Regulation 2017/1129/EU, including any relevant implementing measure in a Relevant Member
State.


 


“Purchase
Agreement”: The note purchase agreement, dated as of the Closing Date, among the Issuer, the BDC and the Initial Purchaser,
as amended from time to time in accordance with the terms thereof.


 


“QIB/QP”:
Any Person that, at the time of its acquisition, purported acquisition or proposed acquisition of Notes are both a Qualified Institutional
Buyer and a Qualified Purchaser.


 


“Qualified
Broker/Dealer”: Any of Bank of America/Merrill Lynch; The Bank of Montreal; The Bank of New York Mellon; Barclays Bank
plc; BNP Paribas; Broadpoint Securities; Calyon; Citibank, N.A.; Credit Agricole S.A.; Canadian Imperial Bank of Commerce; Credit
Suisse; Deutsche Bank AG; Dresdner Bank AG; GE Capital; Goldman Sachs & Co.; Guggenheim Securities LLC; HSBC Bank; Imperial
Capital LLC; Jefferies & Company, Inc.; JPMorgan Chase Bank, N.A.; Key Bank National Association; Lloyds TSB Bank; Madison
Capital; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley & Co.; Natixis; NewStar Financial, Inc.; Northern
Trust Company; Royal Bank of Canada; The Royal Bank of Scotland plc; Société Générale; SunTrust Bank,
Inc.; The Toronto-Dominion Bank; UBS AG; U.S. Bank National Association; and Wells Fargo Bank, National Association, and any successor
or successors to each of the foregoing.


 


“Qualified
Institutional Buyer”: The meaning specified in Rule 144A under the Securities Act.


 


“Qualified
Purchaser”: The meaning specified in Section 2(a)(51) of the 1940 Act and Rule 2a51-1, 2a51-2 or 2a51-3 under
the 1940 Act.


 


“Ramp-Up
Account”: The trust account established pursuant to Section 10.3(c).


 






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“Rated
Notes” means the Secured Notes; provided that if, prior to the first Funding Date, (a) S&P has not provided
written confirmation of its initial ratings of the Class D Notes and the Effective Date Condition has not been satisfied, (b)
the S&P Rating Condition is not satisfied with respect to the Class D Notes or (c) or S&P has withdrawn its rating of
the Class D Notes; then, with the consent of the Collateral Manager and the Holders of each Class D Note, the Class D Notes shall
be deemed not to be “Rated Notes”.


 


“Rating
Agency”: S&P or, with respect to Assets generally, if at any time S&P ceases to provide rating services with
respect to debt obligations, any other nationally recognized investment rating agency selected by the Issuer (or the Collateral
Manager on behalf of the Issuer).


 


“Record
Date”: With respect to any applicable Payment Date, Redemption Date, Redemption Distribution Date or Re-Pricing Date,
(i) with respect to the Global Secured Notes, the Rule 144A Global Subordinated Notes and the Uncertificated Secured Notes, the
date one day prior to such Payment Date, Redemption Date, Redemption Distribution Date or Re-Pricing Date, as applicable, and
(ii) with respect to the Certificated Secured Notes and the Certificated Subordinated Notes, the last day of the month immediately
preceding such Payment Date, Redemption Date, Redemption Distribution Date or Re-Pricing Date, as applicable (whether or not a
Business Day) (or, after the date on which no Secured Notes are deemed or considered Outstanding, the third Business Day preceding
such Payment Date).


 


“Redemption
Date”: Any Business Day specified for a redemption of Notes pursuant to Article IX (other than a mandatory redemption
pursuant to Section 9.1).


 


“Redemption
Distribution Date”: The meaning set forth in Section 9.2(j).


 


“Redemption
Distribution Direction”: The meaning set forth in Section 10.7(j).


 


“Redemption
Price”: (a) For the Secured Notes of each class to be redeemed, (x) 100% of the Aggregate Outstanding Amount of such
Secured Notes, plus (y) accrued and unpaid interest thereon (including any defaulted interest and any accrued and unpaid
interest thereon and any Deferred Interest and any accrued and unpaid interest thereon) to but excluding the Redemption Date or
Re-Pricing Date, as applicable, and (b) for each Subordinated Note, (x) if such Subordinated Note is being redeemed in connection
with a liquidation of Assets, its proportional share (based on the outstanding principal amount of such Subordinated Note) of
the amount of the proceeds of the Assets remaining after giving effect to the Optional Redemption, Tax Redemption or Clean-Up
Call Redemption of the Secured Notes in whole or after all of the Secured Notes has been repaid in full and payment in full of
(and/or creation of a reserve for) all expenses (including all Aggregate Collateral Management Fees and Administrative Expenses)
of the Issuer or (y) if such Subordinated Note is being redeemed upon the occurrence of a Refinancing of all of the Secured Notes,
the applicable Subordinated Note Redemption Price; provided that, in connection with any Re-Pricing, Tax Redemption, Optional
Redemption or Clean-Up Call Redemption of the Secured Notes in whole, holders of 100% of the Aggregate Outstanding Amount of any
Class of Secured Notes may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the holders
of such Class of Secured Notes, and such price shall be the “Redemption Price”.


 






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“Reference
Banks”: The meaning specified in the definition of “LIBOR”.


 


“Refinancing”:
A loan or an issuance of replacement securities, whose terms in each case will be negotiated by the Collateral Manager on behalf
of the Issuer, from one or more financial institutions or purchasers to refinance the Notes in connection with an Optional Redemption.


 


“Refinancing
Proceeds”: The Cash proceeds from a Refinancing.


 


“Refinancing
Rate Condition”: With respect to any Refinancing in part by Class of one or more Classes of Secured Notes, a condition
that is satisfied for the related Notes that is to be refinanced by the related replacement obligations when: (x) the obligations
providing the Refinancing shall have the same or lower spread over LIBOR as the Class or Classes of Secured Notes subject to such
Refinancing (measured as of the date of such Refinancing), if both the obligations providing the Refinancing and the Class or
Classes of Secured Notes subject to such Refinancing are Floating Rate Notes, (y) the obligations providing the Refinancing shall
have the same or lower Interest Rate as the Class or Classes of Secured Notes subject to such Refinancing (measured as of the
date of such Refinancing), if both the obligations providing the Refinancing and the Class or Classes of Secured Notes subject
to such Refinancing are Fixed Rate Notes or (z) the interest rate of the replacement obligations does not exceed the weighted
average interest rate of the Secured Notes subject to such Refinancing; provided that a Class of Floating Rate Note may
be refinanced with a Class of Fixed Rate Note and a Class of Fixed Rate Note may be refinanced with a Class of Floating Rate Note
if, in the Collateral Manager’s reasonable business judgment, the interest payable on the replacement obligations providing
the Refinancing is anticipated to be lower than the interest that would have been payable in respect of the Class or Classes being
redeemed (determined on a weighted average basis over the expected life of such Class or Classes) if such Refinancing had not
occurred; provided further that, in the case of a Refinancing of the Class A Notes, the Class B Notes and/or the Class
C Notes, the S&P Rating Condition shall be satisfied with respect to each Class of Rated Notes that remains Outstanding and
is not subject to such Refinancing if the obligations providing the Refinancing with respect to the Class A Notes, the Class B
Notes and/or the Class C Notes have a higher spread over LIBOR than the corresponding Class or Classes of Secured Notes subject
to such Refinancing, as applicable.


 


“Regional
Diversity Measure”: As of any date of determination, the number obtained by dividing (a) 1 by (b) the sum of the squares
of the quotients, for each S&P region classification, obtained by dividing (i) the aggregate outstanding principal balance
at such time of all Collateral Obligations (other than Defaulted Obligations) issued by Obligors that belong to such S&P region
classification by (ii) the aggregate outstanding principal balance at such time of all Collateral Obligations (other than Defaulted
Obligations).


 


“Register”
and “Registrar”: The respective meanings specified in Section 2.5(a).


 


“Registered”:
In registered form for U.S. federal income tax purposes (or in registered or bearer form if not a “registration-required
obligation” as defined in Section 163(f)(2)(A) of the Code).


 


“Registered
Investment Adviser”: A Person duly registered as an investment adviser in accordance with and pursuant to Section 203
of the Investment Advisers Act.


 






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“Regulation S”:
Regulation S, as amended, under the Securities Act.


 


“Regulation
S Global Secured Note”: The meaning specified in Section 2.2(b)(i).


 


“Reinvestment
Balance Criteria”: Criteria that shall be satisfied if, excluding Collateral Obligations being sold but including, without
duplication, the Collateral Obligations being purchased and the anticipated cash proceeds, if any, of such sale that are not applied
to the purchase of such additional Collateral Obligations, either (1) the Investment Criteria Adjusted Balance is maintained or
increased, (2) the Collateral Principal Amount is greater than or equal to the Reinvestment Target Par Balance or (3) the Aggregate
Principal Balance of the Collateral Obligations and Eligible Investments constituting Principal Proceeds is maintained or increased.


 


“Reinvestment
Period”: The period from and including the Closing Date to and including the earliest of (i) the Payment Date in April
2025, (ii) the date of the acceleration of the maturity of any Class of Secured Notes pursuant to Section 5.2 and
(iii) (A) an Optional Redemption in whole from Sale Proceeds and/or Contributions of Cash pursuant to Section 9.2(a) and
(B) a redemption in whole of the Subordinated Notes pursuant to Section 9.2(c), in each case, in connection with which
all Assets are sold.


 


“Reinvestment
Target Par Balance”: (x) For all purposes other than as set forth in clause (y), the Aggregate Risk Adjusted Par Amount
plus the Aggregate Outstanding Amount of any Additional Notes issued pursuant to Sections 2.13 and 3.2, or,
if greater, the aggregate amount of Principal Proceeds that result from the issuance of such Additional Notes and (y) for the
purposes of determining compliance with Section 12.2(a)(ii) and Section 12.2(a)(iv), the Reinvestment Balance Criteria,
the calculation of the Weighted Average Life Test, the limitations set forth in the definitions of Discount Obligation and Interest
Proceeds, the criteria for the exercise of warrants or rights to acquire equity securities in Section 10.2(d)(i) and the
criteria for the acquisition of loan assets or debt securities in Section 10.2(d)(ii) as of any date of determination,
the Target Initial Par Amount plus the Aggregate Outstanding Amount of any Additional Notes issued under and in accordance
with this Indenture, or, if greater, the aggregate amount of Principal Proceeds that result from the issuance of such Additional
Notes minus, in the case of each of clause (x) and clause (y), the amount of any reduction in the Aggregate Outstanding
Amount of the Notes through the payment of Principal Proceeds (it being understood that no funding of the Unfunded Class at an
amount that is less than the maximum notional amount of the Unfunded Class shall constitute a reduction in the Aggregate Outstanding
Amount of the Notes for purposes of this definition).


 


“Relevant
Governmental Body”: The Board of Governors of the Federal Reserve System and/or the Federal Reserve Bank of New York,
or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System and/or the Federal Reserve
Bank of New York, including the Alternative Reference Rates Committee (“ARRC”), or any successor thereto.


 


“Relevant
Member State”: Each member state of the European Economic Area which has implemented the Prospectus Regulation.


 


“Re-Priced
Class”: The meaning specified in Section 9.8.


 


“Re-Pricing”:
The meaning specified in Section 9.8.


 






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“Re-Pricing
Date”: The meaning specified in Section 9.8.


 


“Re-Pricing
Intermediary”: The meaning specified in Section 9.8.


 


“Re-Pricing
Rate”: The meaning specified in Section 9.8(a).


 


“Required
Interest Coverage Ratio”: (a) For the Class A Notes and the Class B Notes (in aggregate and not separately by Class),
120.0% and (b) for the Class C Notes, 110.0%.


 


“Required
Overcollateralization Ratio”: (a) For the Class A Notes and the Class B Notes (in aggregate and not separately by Class),
148.7%, (b) for the Class C Notes, 126.2% and (c) for the Class D Notes, the Class D Required Overcollateralization Ratio.


 


“Resolution”:
With respect to the Issuer, a resolution of the board of directors of the designated manager of the Issuer.


 


“Responsible
Officer”: With respect to any Person, any duly authorized director, officer or manager of such Person with direct responsibility
for the administration of the applicable agreement and also, with respect to a particular matter, any other duly authorized director,
officer or manager of such Person to whom such matter is referred because of such director’s, officer’s or manager’s
knowledge of and familiarity with the particular subject. Each party may receive and accept a certification of the authority of
any other party (which may contain contact information including an email address) as conclusive evidence of the authority of
any Person to act, and such certification may be considered as in full force and effect until receipt by such other party of written
notice to the contrary.


 


“Restricted
Notes”: (i) The Class D Notes, unless and until the Issuer has obtained written advice from Dechert LLP or an opinion
of tax counsel of nationally recognized standing in the United States experienced in such matters that the Class D Notes will
be characterized as indebtedness for U.S. federal income tax purposes, and (ii) the Subordinated Notes.


 


“Restricted
Trading Period”: Each day during which, both: (i) (A) S&P’s rating of the Class A Notes (if then Outstanding)
is one or more subcategories below its initial rating thereof or has been withdrawn (unless it has been reinstated) or (B) S&P’s
rating of the Class B Notes, the Class C-1 Notes or the Class C-2 Notes is two or more subcategories below its initial rating
thereof or has been withdrawn (unless it has been reinstated); and (ii) after giving effect to the applicable sale and reinvestment
in Collateral Obligations, the sum of the Aggregate Principal Balance of all Collateral Obligations (excluding the Collateral
Obligations being sold) and all Eligible Investments constituting Principal Proceeds (including, without duplication, the net
proceeds of any such sale) is less than the Reinvestment Target Par Balance; provided however that a Majority of the Controlling
Class may elect to waive the Restricted Trading Period, which waiver will remain in effect until the earlier of (A) revocation
of such waiver by a Majority of the Controlling Class and (B) further downgrade or withdrawal of the rating of the Class A Notes,
the Class B Notes, the Class C-1 Notes or the Class C-2 Notes; provided, further that for purposes of determining clauses
(i) and (ii) above, to the extent any such Class of Secured Notes are on credit watch by S&P with positive implication at
the time of such determination, then such rating will be treated as being one rating subcategory above its rating on such day.


 






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“Retained
Amount”: The meaning specified in the definition of “E.U./U.K. Retained Interest”.


 


“Retention
Holder”: Golub Capital BDC 3 CLO 1 Depositor LLC, in its capacity as U.S. Retention Provider and the entity that will
hold the Retained Amount.


 


“Retention
Holder Master Loan Sale Agreement”: An agreement, dated as of the Closing Date, among the BDC, as seller, the Retention
Holder, as intermediate seller, and the Issuer, as buyer.


 


“Reuters
Screen”: The rates for deposits in dollars which appear on the Reuters Screen LIBOR01 Page (or such other page that
may replace that page on such service for the purpose of displaying comparable rates) on the Bloomberg Financial Markets Commodities
News as of 11:00 a.m., London time, on the Interest Determination Date.


 


“Revolver
Funding Account”: The account established pursuant to Section 10.4.


 


“Revolving
Collateral Obligation”: Any Collateral Obligation (other than a Delayed Drawdown Collateral Obligation) that is
a loan (including, without limitation, revolving loans, including funded and unfunded portions of revolving credit lines, unfunded
commitments under specific facilities and other similar loans and investments) that by its terms may require one or more
future advances to be made to the borrower by the Issuer; provided that any such Collateral Obligation will be a Revolving
Collateral Obligation only until all commitments to make advances to the borrower expire or are terminated or irrevocably reduced
to zero.


 


“Risk
Retention Issuance”: An additional issuance of Notes directed by the Collateral Manager in connection with a Refinancing
or a Re-Pricing and for purpose of compliance with the U.S. Risk Retention Rules.


 


“Risk
Retention Letter”: The letter relating to the retention of net economic interest by the E.U./U.K. Retention Provider,
and addressed to the Issuer and the Trustee.


 


“Rule
144A”: Rule 144A, as amended, under the Securities Act.


 


“Rule
144A Global Secured Note”: The meaning specified in Section 2.2(b)(ii).


 


“Rule
144A Global Subordinated Note”: The meaning specified in Section 2.2(b)(ii).


 


“Rule
144A Information”: The meaning specified in Section 7.15.


 


“Rule
17g-5”: Rule 17g-5 under the Exchange Act.


 


“S&P”:
S&P Global Ratings, an S&P Global Ratings Inc. business, and any successor or successors thereto.


 


“S&P
CDO Formula Election Date”: The date designated by the Collateral Manager upon at least five Business Days’ prior
written notice to S&P, the Trustee and the Collateral Administrator as the date on which the Issuer will cease to utilize
the S&P CDO Monitor in determining compliance with the S&P CDO Monitor Test.


 






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“S&P
CDO Formula Election Period”: (i) The period from the Effective Date until the occurrence of an S&P CDO Monitor
Election Date and (ii) thereafter, any date on and after an S&P CDO Formula Election Date. Only one S&P CDO Formula Election
Date may occur following the Closing Date.


 


“S&P
CDO Monitor”: The dynamic, analytical computer model developed by S&P used to calculate the default frequency in
terms of the amount of debt assumed to default as a percentage of the original principal amount of the Collateral Obligations
consistent with a specified benchmark rating level based upon certain assumptions (including the applicable Weighted Average S&P
Recovery Rate) and S&P’s proprietary corporate default studies, as may be amended by S&P from time to time upon
notice to the Issuer, the Trustee, the Collateral Manager and the Collateral Administrator. The model is available at https://www.sp.sfproducttools.com/sfdist/login.ex.
Each S&P CDO Monitor will be chosen by the Collateral Manager and associated with either (x) a Weighted Average S&P Recovery
Rate and a Weighted Average Floating Spread from Section 2 of Schedule 4 or (y) a Weighted Average S&P Recovery Rate
and a Weighted Average Floating Spread confirmed by S&P, provided, that as of any date of determination the Weighted
Average S&P Recovery Rate for the Class A Notes (or, if the Class A Notes are no longer Outstanding, the most senior Class
of Secured Notes Outstanding) equals or exceeds the Weighted Average S&P Recovery Rate for such Class chosen by the Collateral
Manager and the Weighted Average Floating Spread equals or exceeds the Weighted Average Floating Spread chosen by the Collateral
Manager.


 


“S&P
CDO Monitor Benchmarks”: The S&P Weighted Average Rating Factor, the Default Rate Dispersion, the Obligor Diversity
Measure, the Industry Diversity Measure, the Regional Diversity Measure and the S&P Weighted Average Life.


 


“S&P
CDO Monitor Election Date”: The meaning specified in Section 7.18(f).


 


“S&P
CDO Monitor Election Period”: Any date on and after an S&P CDO Monitor Election Date so long as no S&P CDO Formula
Election Date has occurred since such S&P CDO Monitor Election Date.


 


“S&P
CDO Monitor Non-Model Adjustments”: For purposes of determining compliance with the S&P CDO Monitor Test in connection
with the Effective Date Report, (a) the Aggregate Funded Spread will be calculated without giving effect to clause (ii) in the
second paragraph thereof and each LIBOR Floor Obligation will be assumed to bear interest at a rate equal to the stated interest
rate spread over the LIBOR-based index for such Collateral Obligation and (b) any Principal Proceeds that may be designated by
the Collateral Manager as Interest Proceeds will be excluded from the Collateral Principal Amount in the calculation of the Adjusted
Class Break-even Default Rate.


 


“S&P
CDO Monitor Test”: The test that is satisfied on any date of determination on and after the Effective Date (and, during
any S&P CDO Monitor Election Period, following receipt by the Collateral Manager of the Class Break-even Default Rates
for each S&P CDO Monitor input file (in accordance with the definition of “Class Break-even Default Rate”))
if, after giving effect to the sale of a Collateral Obligation or the purchase of a Collateral Obligation, the Class Default Differential
of the Proposed Portfolio with respect to the Class A Notes (or, if the Class A Notes are no longer Outstanding, the most senior
Class of Secured Notes Outstanding) is positive. The S&P CDO Monitor Test will be considered to be improved if each Class
Default Differential of the Proposed Portfolio with respect to the Class A Notes (or, if the Class A Notes are no longer Outstanding,
the most senior Class of Secured Notes Outstanding) is greater than the corresponding Class Default Differential of the Current
Portfolio.


 






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“S&P
Collateral Value”: With respect to any Defaulted Obligation or Deferring Obligation, the lesser of (i) the S&P Recovery
Amount of such Defaulted Obligation or Deferring Obligation, as of the relevant Measurement Date and (ii) the Market Value of
such Defaulted Obligation or Deferring Obligation as of the relevant Measurement Date.


 


“S&P
Distressed Exchange Offer”: An offer by the issuer of a Collateral Obligation to exchange one or more of its outstanding
debt obligations for a different debt obligation or to repurchase one or more of its outstanding debt obligations for cash, or
any combination thereof; provided that, an offer by such issuer to exchange unregistered debt obligations for registered
debt obligations shall not be considered an S&P Distressed Exchange Offer.


 


“S&P
Equivalent Diversity Score”: A single number that indicates collateral concentration in terms of both issuer and industry
concentration, calculated as set forth in Schedule 5 hereto.


 


“S&P
Equivalent Weighted Average Rating Factor”: The number determined by summing the products obtained by multiplying
the Principal Balance of each Collateral Obligation by its S&P Equivalent Rating Factor, dividing such sum
by the Aggregate Principal Balance of all such Collateral Obligations and then rounding the result up to
the nearest whole number.


 


“S&P
Industry Classification”: The S&P Industry Classifications set forth in Schedule 2 hereto, which industry
classifications may be updated at the option of the Collateral Manager if S&P publishes revised industry classifications.


 


“S&P
Rating”: With respect to any Collateral Obligation, as of any date of determination, the rating determined in accordance
with the following methodology:


 


		(i)	(a)
                                         if there is an issuer credit rating of the issuer of such Collateral Obligation by S&P
                                         as published by S&P, or the guarantor which unconditionally and irrevocably guarantees
                                         such Collateral Obligation pursuant to a form of guaranty that complies with the then-current
                                         S&P criteria, then the S&P Rating shall be such rating (regardless of whether
                                         there is a published rating by S&P on the Collateral Obligations of such issuer held
                                         by the Issuer; provided that private ratings (that is, ratings provided at the
                                         request of the Obligor) may be used for purposes of this definition if the related Obligor
                                         has consented to the disclosure thereof and a copy of such consent has been provided
                                         to S&P) or (b) if there is no issuer credit rating of the issuer by S&P but (1)
                                         there is a senior secured rating on any obligation or security of the issuer, then the
                                         S&P Rating of such Collateral Obligation shall be one sub-category below such rating;
                                         (2) if clause (1) above does not apply, but there is a senior unsecured rating on any
                                         obligation or security of the issuer, the S&P Rating of such Collateral Obligation
                                         shall equal such rating; and (3) if neither clause (1) nor clause (2) above applies,
                                         but there is a subordinated rating on any obligation or security of the issuer, then
                                         the S&P Rating of such Collateral Obligation shall be one sub-category above such
                                         rating;



 






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		(ii)	with
                                         respect to any Collateral Obligation that is a DIP Collateral Obligation, (a) the S&P
                                         Rating thereof shall be the credit rating assigned to such issue by S&P, or if such
                                         DIP Collateral Obligation was assigned a point-in-time rating by S&P that was withdrawn,
                                         such withdrawn rating may be used for 12 months after the assignment of such rating,
                                         and (b) the Collateral Manager (on behalf of the Issuer) will notify S&P if the Collateral
                                         Manager has actual knowledge of the occurrence of any material amendment or event with
                                         respect to such Collateral Obligation that would, in the reasonable business judgment
                                         of the Collateral Manager, have a material adverse impact on the credit quality of such
                                         Collateral Obligation, including any amortization modifications, extensions of maturity,
                                         reductions of principal amount owed, or non-payment of timely interest or principal due;



 


		(iii)	if
                                         there is not a rating by S&P on the issuer or on an obligation of the issuer, then
                                         the S&P Rating may be determined pursuant to clauses (a) through (c) below:



 


		(a)	if
                                         an obligation of the issuer is publicly rated by Moody’s, then the S&P Rating
                                         will be determined in accordance with the methodologies for establishing the Moody’s
                                         Rating set forth above except that the S&P Rating of such obligation will be (1)
                                         one sub-category below the S&P equivalent of the Moody’s Rating if such Moody’s
                                         Rating is “Baa3” or higher and (2) two sub-categories below the S&P equivalent
                                         of the Moody’s Rating if such Moody’s Rating is “Ba1” or lower;



 


		(b)	the
                                         S&P Rating may be based on a credit estimate provided by S&P, and in connection
                                         therewith, the Issuer, the Collateral Manager on behalf of the Issuer or the issuer of
                                         such Collateral Obligation shall, prior to or within 30 days after the acquisition of
                                         such Collateral Obligation, apply (and concurrently submit all available Information
                                         in respect of such application) to S&P for a credit estimate which shall be its S&P
                                         Rating; provided that until the receipt from S&P of such estimate, such Collateral
                                         Obligation shall have an S&P Rating as determined by the Collateral Manager in its
                                         sole discretion if the Collateral Manager certifies to the Trustee that it believes that
                                         such S&P Rating determined by the Collateral Manager is commercially reasonable and
                                         will be at least equal to such rating; provided further that, if such Information
                                         is not submitted within such 30-day period, then, pending receipt from S&P of such
                                         estimate, the Collateral Obligation shall have (1) the S&P Rating as determined by
                                         the Collateral Manager for a period of up to 90 days after the acquisition of such Collateral
                                         Obligation and (2) an S&P Rating of “CCC-” following such 90-day period;
                                         unless, during such 90-day period, the Collateral Manager has requested the extension
                                         of such period and S&P, in its sole discretion, has granted such request; provided
                                         further that, if the Collateral Obligation has had a public rating by S&P that
                                         S&P has withdrawn or suspended within six months prior to the date of such application
                                         for a credit estimate in respect of such Collateral Obligation, the S&P Rating in
                                         respect thereof shall be “CCC-” pending receipt from S&P of such estimate,
                                         and S&P may elect not to provide such estimate until a period of six months (or such
                                         other period as provided in S&P’s then-current criteria) have elapsed after
                                         the withdrawal or suspension of the public rating; provided further that with
                                         respect to any Collateral Obligation for which S&P has provided a credit estimate,
                                         the Collateral Manager (on behalf of the Issuer) will request that S&P confirm or
                                         update such estimate annually (and pending receipt of such confirmation or new estimate,
                                         the Collateral Obligation will have the prior estimate); provided further that
                                         such credit estimate shall expire 12 months after the acquisition of such Collateral
                                         Obligation, following which such Collateral Obligation shall have an S&P Rating of
                                         “CCC-” unless, during such 12-month period, the Issuer applies for renewal
                                         thereof in accordance with Section 7.14(b) (and concurrently submits all available
                                         Information in respect of such renewal), in which case such credit estimate shall continue
                                         to be the S&P Rating of such Collateral Obligation until S&P has confirmed or
                                         revised such credit estimate, upon which such confirmed or revised credit estimate shall
                                         be the S&P Rating of such Collateral Obligation; provided further that such
                                         confirmed or revised credit estimate shall expire on the next succeeding 12-month anniversary
                                         of the date of the acquisition of such Collateral Obligation and (when renewed annually
                                         in accordance with Section 7.14(b)) on each 12-month anniversary thereafter; provided
                                         further that the Issuer will submit all available Information in respect of such
                                         Collateral Obligation to S&P notwithstanding that the Issuer is not applying to S&P
                                         for a confirmed or updated credit estimate; provided further that the Issuer will
                                         promptly notify S&P of any material events affecting any such Collateral Obligation
                                         if the Collateral Manager reasonably determines that such notice is required in accordance
                                         with S&P’s publication on credit estimates titled “What Are Credit
                                         Estimates And How Do They Differ From Ratings?” dated April 2011 (as the same
                                         may be amended or updated from time to time); or



 






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		(c)	with
                                         respect to a Collateral Obligation that is not a Defaulted Obligation, the S&P Rating
                                         of such Collateral Obligation will at the election of the Issuer (at the direction of
                                         the Collateral Manager) be “CCC-;” provided that (i) neither the issuer
                                         of such Collateral Obligation nor any of its Affiliates are subject to any bankruptcy
                                         or reorganization proceedings and (ii) the issuer has not defaulted on any payment obligation
                                         in respect of any debt security or other obligation of the issuer at any time within
                                         the two year period ending on such date of determination, all such debt securities and
                                         other obligations of the issuer that are pari passu with or senior to the Collateral
                                         Obligation are current and the Collateral Manager reasonably expects them to remain current;
                                         provided that the Issuer will submit all available Information in respect of such
                                         Collateral Obligation to S&P as if the Issuer were applying to S&P for a credit
                                         estimate; provided further that the Issuer will promptly notify S&P of any
                                         material events affecting any such Collateral Obligation if the Collateral Manager reasonably
                                         determines that such notice is required in accordance with S&P’s publication
                                         on credit estimates titled “What Are Credit Estimates And How Do They Differ
                                         From Ratings?” dated April 2011 (as the same may be amended or updated from
                                         time to time); or



 


		(iv)	(a)
                                         with respect to a DIP Collateral Obligation that has no issue rating by S&P, the
                                         S&P Rating of such DIP Collateral Obligation will be, at the election of the Issuer
                                         (at the direction of the Collateral Manager), “CCC-” or, for a period of
                                         up to 90 days following the issuance of such DIP Collateral Obligation (or such earlier
                                         date if an S&P Rating is assigned prior to the expiration of such 90-day period),
                                         such higher rating (but in no event higher than “B-”) as reasonably determined
                                         by the Collateral Manager (not to be called into question as a result of subsequent events)
                                         so long as the Collateral Manager reasonably expects that such DIP Collateral Obligation
                                         will be assigned an S&P Rating equal to or higher than such S&P Rating determined
                                         by the Collateral Manager no later than 90 days after such determination; provided that
                                         (A) if such DIP Collateral Obligation has no issue rating by S&P at the expiration
                                         of such 90-day period, the S&P Rating will be, at the election of the Issuer, “CCC-”
                                         and (B) the Collateral Manager will provide Information with respect to such DIP Collateral
                                         Obligation to S&P, if available and (b) with respect to a Current Pay Obligation,
                                         the S&P Rating of such Current Pay Obligation will be the higher of such obligation’s
                                         issue rating and “CCC”;



 






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provided
that for purposes of the determination of the S&P Rating, (x) if the applicable rating assigned by S&P to an obligor
or its obligations is on “credit watch positive” by S&P, such rating will be treated as being one sub-category
above such assigned rating and (y) if the applicable rating assigned by S&P to an obligor or its obligations is on “credit
watch negative” by S&P, such rating will be treated as being one sub-category below such assigned rating; provided
further that, for purposes of the determination of the S&P Rating, if (x) the issuer or Obligor of any Collateral Obligation
was a debtor under Chapter 11, during which time such issuer, Obligor or Selling Institution, as applicable, or any of its obligations
(including any Collateral Obligation) either had an S&P rating of “SD” or “CC” or lower from S&P
or had an S&P rating that was withdrawn by S&P and (y) such issuer, Obligor or Selling Institution, as applicable, is
no longer a debtor under Chapter 11, then, notwithstanding the fact that such issuer, Obligor or Selling Institution, as applicable,
or any of its obligations (including any Collateral Obligation) continues to have an S&P rating of “SD” or “CC”
or lower from S&P (or, in the case of any withdrawal, continues to have no S&P rating), the S&P Rating for any such
obligation (including any Collateral Obligation), issuer, Obligor or Selling Institution, as applicable, shall be deemed to be
 “CCC-” for up to 12-months after the date on which the issuer, Obligor or Selling Institution, as applicable, ceased
to be a debtor under Chapter 11, so long as S&P has not taken any rating action with respect thereto since the date on which
the issuer, Obligor or Selling Institution, as applicable, ceased to be a debtor under Chapter 11; provided further that,
(i) if any issuer, Obligor or Selling Institution, as applicable, has not exited the applicable bankruptcy proceeding and (ii)
the applicable rating assigned by S&P to such issuer, Obligor or Selling Institution, as applicable, or any of its obligations
(including any Collateral Obligation) has been withdrawn, then the S&P Rating for such issuer, Obligor or Selling Institution,
as applicable, or any of its obligations (including any Collateral Obligation) shall be deemed to be such withdrawn S&P rating
(other than any such rating that was withdrawn, as expressly indicated in the relevant S&P press release, for a reason other
than the applicable bankruptcy proceeding), so long as S&P has not taken any rating action with respect thereto since the
date on which such S&P rating was withdrawn.


 


“S&P
Rating Condition”: With respect to any action taken or to be taken by or on behalf of the Issuer, a condition that is
satisfied if S&P has confirmed in writing (including by means of electronic message, facsimile transmission, press release
or posting to its internet website) to the Issuer, the Trustee, the Collateral Administrator and the Collateral Manager (unless
in the form of a press release or posted to its internet website that does not require the Issuer and the Trustee to be identified
as addressees) that no immediate withdrawal or reduction with respect to its then-current rating by S&P of any Class of Rated
Notes will occur as a result of such action; provided that such rating condition shall be deemed inapplicable with respect
to such event or circumstance if (i) S&P has given notice to the effect that it will no longer review events or circumstances
of the type requiring satisfaction of the S&P Rating Condition for purposes of evaluating whether to confirm the then-current
ratings (or initial ratings) of obligations rated by S&P; or (ii) S&P has communicated to the Issuer, the Collateral Manager
or the Trustee (or their counsel) that it will not review such event or circumstance for purposes of evaluating whether to confirm
the then-current ratings (or Initial Ratings) of the Notes. In the event that S&P no longer rates any Class of Notes, the
S&P Rating Condition shall not apply to such Class.


 






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“S&P
Equivalent Rating Factor”: With respect to each Collateral Obligation, the number set forth in the table below opposite
the S&P Rating for such Collateral Obligation:


 


	S&P
Rating
	S&P
Equivalent Rating Factor

	AAA	1
	AA+	10
	AA	20
	AA-	40
	A+	70
	A	120
	A-	180
	BBB+	260
	BBB	360
	BBB-	610
	BB+	940
	BB	1,350
	BB-	1,766
	B+	2,220
	B	2,720
	B-	3,490
	CCC+	4,770
	CCC	6,500
	CCC-	8,070
	CC+
    or lower	10,000


 


“S&P
Rating Factor”: With respect to each Collateral Obligation, the number set forth in the table below opposite the S&P
Rating for such Collateral Obligation:


 


	S&P
Rating
	S&P
Rating Factor

	AAA	13.51
	AA+	26.75
	AA	46.36
	AA-	63.90
	A+	99.50
	A	146.35
	A-	199.83
	BBB+	271.01
	BBB	361.17
	BBB-	540.42
	BB+	784.92
	BB	1233.63
	BB-	1565.44
	B+	1982.00
	B	2859.50
	B-	3610.11
	CCC+	4641.40
	CCC	5293.00
	CCC-	5751.10
	CC
    or lower	10000.00
	SD	10000.00
	D	10000.00


 


 






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“S&P
Recovery Amount”: With respect to any Collateral Obligation, an amount equal to:


 


(a)
      the applicable S&P Recovery Rate; multiplied by


 


(b)
      the Principal Balance of such Collateral Obligation.


 


“S&P
Recovery Rate”: With respect to a Collateral Obligation, the recovery rate set forth in Section 1 of Schedule 4
using the Initial Rating of the Class A Notes (or, if the Class A Notes are no longer Outstanding, the most senior Class of Secured
Notes Outstanding) at the time of determination.


 


“S&P
Recovery Rating”: With respect to a Collateral Obligation for which an S&P Recovery Rate is being determined, the
 “Recovery Rating” assigned by S&P to such Collateral Obligation based upon the tables set forth in Schedule
4 hereto.


 


“S&P
Weighted Average Life”: As of any date of determination with respect to all Collateral Obligations other than Defaulted
Obligations, the number of years following such date obtained by dividing (a) the sum of the products of (i) the number
of years (rounded to the nearest one-hundredth thereof) from such date of determination to the stated maturity of each such Collateral
Obligation multiplied by (ii) the outstanding principal balance of such Collateral Obligation by (b) the aggregate remaining
principal balance at such time of all Collateral Obligations other than Defaulted Obligations.


 


“S&P
Weighted Average Rating Factor”: The number determined by:


 


(a)
     summing the products of (i) the Principal Balance of each Collateral Obligation (excluding Defaulted Obligations and Equity Securities)
multiplied by (ii) the S&P Rating Factor of such Collateral Obligation and


 


(b)
    dividing such sum by the Principal Balance of all such Collateral Obligations.


 


“Sale”:
The meaning specified in Section 5.17(a).


 






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“Sale
Proceeds”: All proceeds (excluding accrued interest, if any) received with respect to Assets as a result of sales
of such Assets in accordance with Article XII less any reasonable expenses incurred by the Collateral Manager, the
Collateral Administrator or the Trustee (other than amounts payable as Administrative Expenses) in connection with such sales.
Sale Proceeds will include Principal Financed Accrued Interest received in respect of such sale.


 


“Schedule of
Collateral Obligations”: The schedule of Collateral Obligations attached as Schedule 1 hereto, which schedule
shall include the issuer, Principal Balance, coupon/spread, the stated maturity, the S&P Rating (unless such rating is based
on a credit estimate or is a private or confidential rating from the Rating Agency) and the S&P Industry Classification for
each Collateral Obligation and the percentage of the aggregate commitment under each Revolving Collateral Obligation and Delayed
Drawdown Collateral Obligation that is funded, as amended from time to time (without the consent of or any action on the part
of any Person) to reflect the release of Collateral Obligations pursuant to Article X hereof, the inclusion of additional
Collateral Obligations pursuant to Section 7.18 hereof and the inclusion of additional Collateral Obligations
as provided in Section 12.2 hereof.


 


“Scheduled
Distribution”: With respect to any Collateral Obligation, each payment of principal and/or interest scheduled to be
made by the related Obligor under the terms of such Collateral Obligation (determined in accordance with the assumptions specified
in Section 1.3 hereof) after the related Cut-Off Date, as adjusted pursuant to the terms of the related Underlying Instruments.


 


“Screen
Rate”: The meaning specified in the definition of “LIBOR”.


 


“Second
Lien Loan”: Any assignment of or Participation Interest in a Loan that: (a) is not (and cannot by its terms become)
subordinate in right of payment to any other obligation of the Obligor of the Loan but which is subordinated (with respect to
liquidation preferences with respect to pledged collateral but subject to exceptions for customary permitted liens) to a Senior
Secured Loan of the obligor; and (b) is secured by a valid second-priority perfected security interest or lien in, to or on specified
collateral securing the Obligor’s obligations under the Second Lien Loan the value of which is adequate (in the commercially
reasonable judgment of the Collateral Manager) to repay the Loan in accordance with its terms and to repay all other Loans of
equal or higher seniority secured by a lien or security interest in the same collateral.


 


“Secured
Noteholders”: The Holders of the Secured Notes.


 


“Secured
Notes”: The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.


 


“Secured
Obligations”: The meaning specified in the Granting Clauses.


 


“Secured
Parties”: The meaning specified in the Granting Clauses.


 


“Securities
Account Control Agreement”: The Securities Account Control Agreement dated as of the Closing Date between the Issuer,
the Trustee and Deutsche Bank Trust Company Americas, as custodian.


 






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“Securities
Act”: The United States Securities Act of 1933, as amended.


 


“Securities
Intermediary”: The meaning specified in Section 8-102(a)(14) of the UCC.


 


“Securitization
Regulation”: The meaning specified in the definition of “E.U. Securitization Laws”.


 


“Security
Entitlement”: The meaning specified in Section 8-102(a)(17) of the UCC.


 


“Selling
Institution”: The entity obligated to make payments to the Issuer under the terms of a Participation Interest.


 


“Senior
Secured Loan”: Any assignment of or Participation Interest in a Loan that: (a) is not (and cannot by its terms
become) subordinate in right of payment to any other obligation of the Obligor of the Loan (other than with respect to liquidation,
trade claims, capitalized leases or similar obligations); (b) is secured by a valid first-priority perfected security interest
or lien in, to or on specified collateral securing the Obligor’s obligations under the Loan; and (c) the value of the
collateral securing the Loan at the time of purchase together with other attributes of the Obligor (including, without limitation,
its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is
adequate (in the commercially reasonable judgment of the Collateral Manager) to repay the Loan in accordance with its terms
and to repay all other Loans of equal seniority secured by a first lien or security interest in the same collateral.


 


“Senior
Syndicated Secured Loan”: A Senior Secured Loan with a total loan-to-value of not greater than 75% that in the case
of an event of default under the applicable Underlying Instrument, the lenders thereunder will be paid after one or more Syndicated
Tranches. For the avoidance of doubt, a Senior Syndicated Secured Loan is not a First-Lien Last-Out Loan.


 


“Similar
Law”: Any federal, state, local, non-U.S. or other law or regulation that could cause the underlying assets of the Issuer
to be treated as assets of the investor in each Note (or any interest therein) by virtue of its interest and thereby subject the
Issuer or the Collateral Manager (or other Persons responsible for the investment and operation of the Issuer’s assets)
to Other Plan Law.


 


“SOFR”:
With respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.


 


“Special
Redemption”: The meaning specified in Section 9.6.


 


“Special
Redemption Amount”: The meaning specified in Section 9.6.


 


“Special
Redemption Date”: The meaning specified in Section 9.6.


 


“Specified
Obligor Information”: The meaning specified in Section 14.15(b).


 


“STAMP”:
The meaning specified in Section 2.5.


 






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“Standby
Directed Investment”: JPM USD Liquidity LVNAV Institutional (dist.) (103813712) or such other Eligible Investment designated
by the Issuer (or the Collateral Manager on behalf of the Issuer) by written notice to the Trustee.


 


“Stated
Maturity”: With respect to (i) the Secured Notes, the Payment Date in April 2033 and (ii) the Subordinated Notes, March
11, 2121.


 


“Step-Down
Obligation”: An obligation or security which by the terms of the related Underlying Instruments provides for a decrease
in the per annum interest rate on such obligation or security (other than by reason of any change in the applicable index
or benchmark rate used to determine such interest rate) or in the spread over the applicable index or benchmark rate, solely as
a function of the passage of time; provided that an obligation or security providing for payment of a constant rate of
interest at all times after the date of acquisition by the Issuer shall not constitute a Step-Down Obligation.


 


“Step-Up
Obligation”: An obligation or security which by the terms of the related Underlying Instruments provides for an increase
in the per annum interest rate on such obligation or security, or in the spread over the applicable index or benchmark
rate, solely as a function of the passage of time; provided that an obligation or security providing for payment of a constant
rate of interest at all times after the date of acquisition by the Issuer shall not constitute a Step-Up Obligation.


 


“Structured
Finance Obligation”: Any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing
ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed
securities; provided that any ABL Facility and loans directly to financial service companies, factoring businesses, health
care providers and other genuine operating businesses do not constitute Structured Finance Obligations.


 


“Subordinated
Note Purchase Agreement”: Each of the agreements to be entered into between the Issuer and the Retention Holder and
between the Issuer and GC Advisors LLC, each as amended from time to time in accordance with the terms thereof.


 


“Subordinated
Note Redemption Price”: The price for such Subordinated Note, as determined by the Collateral Manager on or about the
date of a Refinancing, equal to the following: (a) amounts on deposit in the Principal Collection Subaccount, the Interest Collection
Subaccount and the Revolver Funding Account immediately prior to such Refinancing plus (b) an amount equal to the sum of
the products of (x) the average of the “bid” and “ask” price for each Collateral Obligation held by the
Issuer (as determined in the sole discretion of the Collateral Manager) and (y) the principal balance of each such Collateral
Obligation (excluding solely for purposes of this definition the unfunded commitments under any Revolving Collateral Obligation
or Delayed Drawdown Collateral Obligation) plus (c) an amount equal to the sum of the products of (x) the average of the
 “bid” and “ask” price of each Revolving Collateral Obligation and Delayed Drawdown Collateral Obligation
minus 100% and (y) the unfunded commitments under each Revolving Collateral Obligation and Delayed Drawdown Collateral
Obligation plus (d) an amount equal to the accrued interest on the Collateral Obligations (other than Defaulted Obligations)
held by the Issuer immediately prior to such Refinancing plus (e) the sum of the “fair market values” (as determined
in the sole discretion of the Collateral Manager) of each Asset not included in clauses (a) through (d) above minus (f)
the Redemption Prices of the Secured Notes minus (g) any fees and expenses incurred in connection with such Refinancing
and the associated supplemental indenture that are allocable to the redemption of the applicable Notes as determined by the Collateral
Manager.


 






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“Subordinated
Notes”: The subordinated notes issued pursuant to this Indenture and having the characteristics specified in Section 2.3.


 


“Successor
Entity”: The meaning specified in Section 7.10(a).


 


“Supermajority”:
With respect to any Class of Notes, the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of the Notes of such Class.


 


“Supplemental
Reserve Account”: The trust account established pursuant to Section 10.3(e).


 


“Syndicated
Tranche”: With respect to any loan, a senior secured facility incurred by the Obligor of such loan that is prior in
right of payment to such loan (a) so long as the outstanding principal balance and unfunded commitments of such facility does
not exceed 25% of the sum of (x) the outstanding principal balance of the loan, plus (y) the outstanding principal balance
and unfunded commitments of such revolving facility, plus (z) the outstanding principal balance of any other debt for borrowed
money incurred by such Obligor that is pari passu with such loan and (b) which (i) have a leverage ratio of not greater
than 1.5x or (ii) have a loan-to-value of not greater than 17.5%.


 


“Synthetic
Security”: A security or swap transaction, other than a Participation Interest, that has payments associated with either
payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation.


 


“Target
Initial Par Amount”: U.S.$400,000,000.


 


“Target
Initial Par Condition”: A condition satisfied (I) as of the Effective Date or (II) with respect to any Designated Unused
Proceeds or Designated Principal Proceeds after the Effective Date and on or prior to the Determination Date related to the second
Payment Date, on the date of such designation if the Aggregate Principal Balance of Collateral Obligations (i) that are held by
the Issuer and (ii) of which the Issuer has committed to purchase on such date, together with (a) any unreceived Principal Financed
Accrued Interest, (b) the amount of any proceeds of prepayments, maturities or redemptions of Collateral Obligations purchased
by the Issuer prior to such date (other than any such proceeds that have been reinvested, or committed to be reinvested, in Collateral
Obligations by the Issuer on the Effective Date) and (c) without duplication of clause (a) or (b) above, amounts designated as
Principal Proceeds and transferred to the Collection Account (other than any such amounts that have been reinvested or committed
to be reinvested in Collateral Obligations, by the Issuer on the Effective Date), will equal or exceed the Target Initial Par
Amount; provided that for purposes of this definition, any Defaulted Obligation shall be treated as having a principal
balance equal to its S&P Collateral Value.


 






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“Tax”:
Any tax, levy, impost, duty, charge, assessment, deduction, withholding, or fee of any nature (including interest, penalties and
additions thereto) imposed by any governmental taxing authority.


 


“Tax
Event”: An event that occurs if either (i) (x) one or more Collateral Obligations that were not subject to withholding
tax when the Issuer committed to purchase them have become subject to withholding tax or the rate of withholding has increased
on one or more Collateral Obligations that were subject to withholding tax when the Issuer committed to purchase them and (y)
in any Collection Period, the aggregate of the payments subject to withholding tax on new withholding tax obligations and the
increase in payments subject to withholding tax on increased rate withholding tax obligations, in each case to the extent not
 “grossed-up” (on an after-tax basis) by the related obligor, represent 5% or more of the aggregate amount of Interest
Proceeds that have been received or that is expected to be received for such Collection Period; or (ii) taxes, fees, assessments,
or other similar charges are imposed on the Issuer in an aggregate amount in any twelve-month period in excess of U.S.$2,000,000,
other than any deduction or withholding for or on account of any tax with respect to any payment owing in respect of any obligation
that at the time of acquisition, conversion, or exchange does not satisfy the requirements of a Collateral Obligation.


 


Notwithstanding
anything in this Indenture, the Collateral Manager shall give the Trustee prompt written notice of the occurrence of a Tax Event
upon its discovery thereof. Until the Trustee receives written notice from the Collateral Manager or otherwise, the Trustee shall
not be deemed to have notice or knowledge to the contrary.


 


“Tax
Jurisdiction”: A sovereign jurisdiction that is commonly used as the place of organization of special purpose vehicles
(including, by way of example, the Cayman Islands, Ireland, Bermuda, Curaçao, St. Maarten and the Channel Islands).


 


“Tax
Matters Partner”: The meaning specified in Section 7.17(k).


 


“Tax
Redemption”: The meaning specified in Section 9.3(a).


 


“Temporary
Regulation S Global Secured Note”: The meaning specified in Section 2.2(b)(i).


 


“Term
SOFR” means the forward-looking term rate for the Corresponding Tenor based on SOFR that has been selected or recommended
by the Relevant Governmental Body.


 






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“Third
Party Credit Exposure”: As of any date of determination, the sum (without duplication) of the outstanding Principal
Balance of each Collateral Obligation that consists of a Participation Interest.







 


“Third
Party Credit Exposure Limits”: Limits that shall be satisfied if the Third Party Credit Exposure with counterparties
having the ratings below from S&P do not exceed the percentage of the Collateral Principal Amount specified below:


 


	S&P’s
    credit rating of 

Selling Institution 	 	Aggregate

    Percentage

    Limit	 	Individual

    Percentage

    Limit
	AAA	 	20%	 	20%
	AA+	 	10%	 	10%
	AA	 	10%	 	10%
	AA-	 	10%	 	10%
	A+	 	5%	 	5%
	A	 	5%	 	5%
	A-
    or below	 	0%	 	0%


 


provided
that a Selling Institution having an S&P credit rating of “A” must also have a short-term S&P rating of
 “A-1” otherwise its “Aggregate Percentage Limit” and “Individual Percentage Limit” (each as
shown above) shall be 0%.


 


“Trading
Plan”: The meaning specified in Section 12.2(b).


 


“Trading
Plan Period”: The meaning specified in Section 12.2(b).


 


“Transaction
Documents”: This Indenture, the Collateral Management Agreement, the Collateral Administration Agreement, the Securities
Account Control Agreement, the Subordinated Note Purchase Agreements, the Purchase Agreement and the Master Loan Sale Agreements.


 


“Transfer
Agent”: The Person or Persons, which may be the Issuer, authorized by the Issuer to exchange or register the transfer
of Notes.


 


“Transfer
Deposit Amount”: On any date of determination with respect to any Collateral Obligation, an amount equal to the sum
of the outstanding principal balance of such Collateral Obligation, together with accrued interest thereon through such date of
determination, and in connection with any Collateral Obligation which is a Revolving Collateral Obligation or a Delayed Drawdown
Collateral Obligation, an amount equal to the Net Exposure Amount thereof as of the applicable Cut-Off Date.


 


“Treasury
Regulations”: The United States Department of Treasury regulations promulgated under the Code.


 


“Trust
Officer”: When used with respect to the Trustee, any officer within the Corporate Trust Office (or any successor group
of the Trustee) including any vice president, assistant vice president or officer of the Trustee customarily performing functions
similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust
matter is referred at the Corporate Trust Office because of such Person’s knowledge of and familiarity with the particular
subject and, in each case, having direct responsibility for the administration of this transaction.


 


“Trustee”:
The meaning specified in the first sentence of this Indenture.


 






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“UCC”:
The Uniform Commercial Code as in effect in the State of New York or, if different, the political subdivision of the United States
that governs the perfection of the relevant security interest, as amended from time to time.


 


“Uncertificated
Secured Note”: The meaning specified in Section 2.2(b)(vi).


 


“U.K.
Securitization Laws” means the U.K. Securitization Regulation, together with any supplementary regulatory technical
standards, implementing standards and any official guidance published in relation thereto by the U.K. Financial Conduct Authority
and/or the U.K. Prudential Regulation Authority, and any implementing laws or regulations, each as in force on the Closing Date.


 


“U.K.
Securitization Regulation” means the E.U. Securitization Regulation (which forms part of U.K. domestic law by virtue
of the European Union (Withdrawal) Act 2018, as amended by the Securitization (Amendment) (EU Exit) Regulations 2019 of the United
Kingdom).


 


“Uncertificated
Security”: The meaning specified in Section 8-102(a)(18) of the UCC.


 


“Underlying
Instruments”: The loan agreement, credit agreement or other customary agreement pursuant to which an Asset has been
created or issued and each other agreement that governs the terms of or secures the obligations represented by such Asset or of
which the holders of such Asset are the beneficiaries.


 


“Unfunded
Class”: Any portion of the Class D Notes that has not been subject to an Unfunded Class Funding.


 


“Unfunded
Class Funding”: A funding by the holders of the Unfunded Class by payment by such holders or their nominee to the Issuer,
by wire transfer, in immediately available funds according to the payment instructions set forth in the Unfunded Class Funding
Notice and in accordance with the terms of this Indenture.


 


“Unfunded
Class Funding Notice”: The meaning specified in Section 2.14(c).


 


“Unfunded
Class Non-Call Period”: Such non-call period, if any, established for the Unfunded Class as set forth in the Unfunded
Class Funding Notice delivered in accordance with the terms of this Indenture. For the avoidance of doubt, if no Unfunded Class
Non-Call Period is in effect, the Unfunded Class may be redeemed or re-priced as if the Unfunded Class Non-Call Period had ended.


 


“United
States Tax Person”: A “United States person” within the meaning of Section 7701(a)(30) of the Code.


 


“Unregistered
Securities”: The meaning specified in Section 5.17(c).


 


“Unsaleable
Asset”: (a) Any Defaulted Obligation (during the continuation of an Event of Default only), Equity Security, obligation
received in connection with a tender offer, voluntary redemption, exchange offer, conversion, restructuring or plan of reorganization
with respect to the Obligor, or other exchange or any other security or debt obligation that is part of the Assets, in respect
of which the Issuer has not received a payment in Cash during the preceding 12 months or (b) any asset, claim or other property
identified in a certificate of the Collateral Manager as having a Market Value of less than U.S.$1,000, in each case with respect
to which the Collateral Manager certifies to the Trustee that (x) it has made commercially reasonable efforts to dispose of such
Collateral Obligation for at least 90 days and (y) in its commercially reasonable judgment such Collateral Obligation is not expected
to be saleable for the foreseeable future.


 






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“Unsecured
Loan”: A senior unsecured Loan obligation of any Person which is not (and by its terms is not permitted to become) subordinate
in right of payment to any other debt for borrowed money incurred by the obligor under such Loan.


 


“U.S.
Person” and “U.S. person”: The meanings specified in Regulation S.


 


“U.S.
Retention Interest”: The “eligible horizontal residual interest” offset, transferred and allocated to the
U.S. Retention Provider by the Collateral Manager (as the “sponsor” for purposes of the U.S. Risk Retention Rules).


 


“U.S.
Retention Provider”: On the Closing Date, Golub Capital BDC 3 CLO 1 Depositor LLC, and thereafter any successor, assignee
or transferee thereof or any Person permitted under the U.S. Risk Retention Rules to hold the U.S. Retention Interest.


 


“U.S.
Risk Retention Rules”: The federal interagency credit risk retention rules, codified at 17 C.F.R. part 246.


 


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


 


“Weighted
Average Coupon”: As of any Measurement Date, the number obtained by dividing:


 


(a)              the amount equal to the Aggregate Coupon; by


 


(b)              an amount equal to the aggregate outstanding principal balance of all Fixed Rate Obligations as of such Measurement Date.


 


“Weighted
Average Floating Spread”: As of any Measurement Date, the number obtained by dividing: (a) the amount equal
to (A) the Aggregate Funded Spread plus (B) the Aggregate Unfunded Spread by (b) an amount equal
to the aggregate outstanding principal balance of all Floating Rate Obligations as of such Measurement Date.


 


“Weighted
Average Life”: On any date of determination with respect to any Collateral Obligation (other than any Defaulted Obligation),
the number obtained by (a) summing the products obtained by multiplying (i) the Average Life at such time
of each such Collateral Obligation by (ii) the outstanding principal balance of such Collateral Obligation and (b) dividing
such sum by the aggregate outstanding principal balance at such time of all Collateral Obligations (excluding any Defaulted
Obligation); provided, that when determining the Weighted Average Life of the Collateral Obligations for the Weighted Average
Life Test the Issuer and the Collateral Manager shall only take into account that portion of the aggregate outstanding principal
balance that is equal to or less than the product of (1) the Reinvestment Target Par Balance and (2) 101.00% (using the Collateral
Obligations that will result in the shortest Weighted Average Life) and the outstanding aggregate principal balance of all other
Collateral Obligations may be excluded from the calculation thereof.


 






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For
the purposes of the foregoing, the “Average Life” is, on any date of determination with respect to any Collateral
Obligation, the quotient obtained by dividing (i) the sum of the products of (a) the number of years (rounded
to the nearest one hundredth thereof) from such date of determination to the respective dates of each successive Scheduled
Distribution of principal of such Collateral Obligation and (b) the respective amounts of principal of such Scheduled Distributions
by (ii) the sum of all successive Scheduled Distributions of principal on such Collateral Obligation.


 


“Weighted
Average Life Test”: A test satisfied on any date of determination if the Weighted Average Life of the Collateral Obligations
as of such date is less than or equal to the value in the column entitled “Weighted Average Life Value” in the table
below corresponding to the immediately preceding Payment Date (or, prior to the first Payment Date, the Closing Date):


 


	Weighted
Average Life Value

	Closing
    Date	8.00
	July
    15 2021	7.67
	October
    15, 2021	7.42
	January
    15, 2022	7.17
	April
    15, 2022	6.92
	July
    15, 2022	6.67
	October
    15, 2022	6.42
	January
    15, 2023	6.17
	April
    15, 2023	5.92
	July
    15, 2023	5.67
	October
    15, 2023	5.42
	January
    15, 2024	5.17
	April
    15, 2024	4.92
	July
    15, 2024	4.67
	October
    15, 2024	4.42
	January
    15, 2025	4.17
	April
    15, 2025	3.92
	July
    15, 2025	3.67
	October
    15, 2025	3.42
	January
    15, 2026	3.17
	April
    15, 2026	2.92
	July
    15, 2026	2.67
	October
    15, 2026	2.42
	January
    15, 2027	2.17
	April
    15, 2027	1.92
	July
    15, 2027	1.67
	October
    15, 2027	1.42
	January
    15, 2028	1.17
	April
    15, 2028	0.92
	July
    15, 2028	0.67
	October
    15, 2028	0.42
	January
    15, 2029	0.17
	April
    15, 2029 (and thereafter)	0









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“Weighted
Average S&P Recovery Rate”: As of any date of determination, the number, expressed as a percentage and determined
separately for each Class of Secured Notes, obtained by summing the products obtained by multiplying the Principal
Balance of each Collateral Obligation by its corresponding S&P Recovery Rate, dividing such sum by the Aggregate Principal
Balance of all Collateral Obligations, and rounding to the nearest tenth of a percent.


 


“Zero
Coupon Bond”: Any debt security that by its terms (a) does not bear interest for all or part of the remaining period
that it is outstanding, (b) provides for periodic payments of interest in cash less frequently than semi-annually or (c) pays
interest only at its stated maturity.


 


Section
1.2            Usage of Terms. With respect to all terms in this
Indenture, the singular includes the plural and the plural the singular; words importing any gender include the other genders;
references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form;
references to agreements and other contractual instruments include all amendments, modifications and supplements thereto or any
changes therein entered into in accordance with their respective terms and not prohibited by this Indenture; references to Persons
include their permitted successors and assigns; and the term “including” means “including without limitation.”


 


Section
1.3            Assumptions as to Assets. In connection with all
calculations required to be made pursuant to this Indenture with respect to Scheduled Distributions on any Asset, or any payments
on any other assets included in the Assets, with respect to the sale of and reinvestment in Collateral Obligations, and with respect
to the income that can be earned on Scheduled Distributions on such Assets and on any other amounts that may be received for deposit
in the Collection Account, the provisions set forth in this Section 1.3 shall be applied. The provisions of this Section 1.3
shall be applicable to any determination or calculation that is covered by this Section 1.3, whether or not reference
is specifically made to Section 1.3, unless some other method of calculation or determination is expressly specified
in the particular provision.


 


(a)            All calculations with respect to Scheduled Distributions on the Assets securing the Notes shall be made on the basis of information
as to the terms of each such Asset and upon reports of payments, if any, received on such Asset that are furnished by or on behalf
of the issuer of such Asset and, to the extent they are not manifestly in error, such information or reports may be conclusively
relied upon in making such calculations.


 


(b)           For purposes of calculating the Coverage Tests, except as otherwise specified in the Coverage Tests, such calculations will not
include scheduled interest and principal payments on Defaulted Obligations unless or until such payments are actually made.


 






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(c)           For each Collection Period and as of any date of determination, the Scheduled Distribution on any Asset (including Current Pay
Obligations and DIP Collateral Obligations but excluding Defaulted Obligations, which, except as otherwise provided herein, shall
be assumed to have a Scheduled Distribution of zero, except to the extent any payments have actually been received) shall
be the sum of (i) the total amount of payments and collections to be received during such Collection Period in respect of
such Asset (including the proceeds of the sale of such Asset received and, in the case of sales which have not yet settled, to
be received during the Collection Period and not reinvested in additional Collateral Obligations or Eligible Investments or retained
in the Collection Account for subsequent reinvestment pursuant to Section 12.2) that, if received as scheduled,
will be available in the Collection Account at the end of the Collection Period and (ii) any such amounts received by the
Issuer in prior Collection Periods that were not disbursed on a previous Payment Date.


 


(d)           Each Scheduled Distribution receivable with respect to a Collateral Obligation shall be assumed to be received on the applicable
Due Date, and each such Scheduled Distribution shall be assumed to be immediately deposited in the Collection Account to earn
interest at the Assumed Reinvestment Rate. All such funds shall be assumed to continue to earn interest until the date on which
they are required to be available in the Collection Account for application, in accordance with the terms hereof, to payments
of principal of or interest on the Notes or other amounts payable pursuant to this Indenture. For purposes of the applicable determinations
required by Section 10.7(b)(v), Article XII and the definition of “Interest Coverage Ratio”, the
expected interest on the Secured Notes and Floating Rate Obligations will be calculated using the then current interest rates
applicable thereto.


 


(e)           References in Section 11.1(a) to calculations and determinations made on a “pro forma basis”
or to the extent such Class of Notes are the “Controlling Class” shall mean such calculations and determinations after
giving effect to all payments, in accordance with the Priority of Payments described herein, that precede (in priority of payment) or
include the clause in which such calculation is made.


 


(f)            For purposes of calculating all Concentration Limitations, in both the numerator and the denominator of any component of the Concentration
Limitations, Defaulted Obligations will be treated as having a Principal Balance equal to the Defaulted Obligation Balance.


 


(g)           If a Collateral Obligation included in the Assets would be deemed a Current Pay Obligation but for the applicable percentage limitation
in the proviso to clause (x) of the proviso to the definition of “Defaulted Obligation”, then the Current Pay Obligations
with the lowest Market Value (expressed as a percentage of the outstanding principal balance of such Current Pay Obligations as
of the date of determination) shall be deemed Defaulted Obligations. Each such Defaulted Obligation will be treated as a
Defaulted Obligation for all purposes until such time as the Aggregate Principal Balance of Current Pay Obligations would not
exceed, on a pro forma basis including such Defaulted Obligation, the applicable percentage of the Collateral Principal
Amount.


 






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(h)           Except where expressly referenced herein for inclusion in such calculations, Defaulted Obligations will not be included in the
calculation of the Collateral Quality Tests, the S&P Equivalent Weighted Average Rating Factor or the S&P Equivalent Diversity
Score.


 


(i)            For purposes of calculating compliance with the Investment Criteria, upon the direction of the Collateral Manager by notice to
the Trustee and the Collateral Administrator, any Eligible Investment representing Principal Proceeds received upon the sale or
other disposition of a Collateral Obligation shall be deemed to have the characteristics of such Collateral Obligation as of the
date of such sale or other disposition until reinvested in an additional Collateral Obligation. Such calculations shall be based
upon the principal amount of such Collateral Obligation, except in the case of Defaulted Obligations and Credit Risk Obligations,
in which case the calculations will be based upon the Principal Proceeds received on the disposition or sale of such Defaulted
Obligation or Credit Risk Obligation.


 


(j)            For purposes of calculating compliance with each of the Concentration Limitations all calculations will be rounded to the
nearest 0.1%. All other calculations, unless otherwise set forth herein or the context otherwise requires, shall be rounded
to the nearest ten-thousandth if expressed as a percentage, and to the nearest one-hundredth if expressed otherwise.


 


(k)           Except as expressly set forth in this Indenture, the “principal balance” and “outstanding principal balance”
of a Revolving Collateral Obligation or a Delayed Drawdown Collateral Obligation shall include all unfunded commitments that have
not been irrevocably reduced or withdrawn.


 


(l)            Notwithstanding any other provision of this Indenture to the contrary, all monetary calculations under this Indenture shall be
in Dollars.


 


(m)          Any reference herein to an amount of the Trustee’s or the Collateral Administrator’s fees calculated with respect
to a period at a per annum rate shall be computed on the basis of the actual number of days in the applicable Interest
Accrual Period divided by 360 and shall be based on the aggregate face amount of the Assets.


 


(n)           To the extent of any ambiguity in the interpretation of any definition or term contained herein or to the extent more than one
methodology can be used to make any of the determinations or calculations set forth herein, the Collateral Manager may direct
the Collateral Administrator or the Collateral Administrator may, but shall not be obligated to, request direction from the Collateral
Manager, as to the interpretation and/or methodology to be used, and the Collateral Administrator shall follow such direction,
and together with the Trustee shall be entitled to conclusively rely thereon without any responsibility or liability therefor.


 


(o)           For purposes of calculating the Collateral Quality Tests, DIP Collateral Obligations will be treated as having an S&P Recovery
Rate equal to the S&P Recovery Rate for Senior Secured Loans.


 






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(p)           For purposes of calculating compliance with any tests under this Indenture, the trade date (and not the settlement date) with
respect to any acquisition or disposition of a Collateral Obligation or Eligible Investment shall be used to determine whether
and when such acquisition or disposition has occurred.


 


(q)           For all purposes where expressly used in this Indenture, the “principal balance” and “outstanding principal
balance” shall exclude capitalized interest, if any.


 


(r)            For the purposes of the definition of Collateral Obligation, the reference to the “purchase” of an obligation shall
include the purchase of an obligation with cash, the receipt of an obligation by the Issuer in connection with a Contribution
and the receipt of a new obligation in connection with the redemption and re-issuance of an obligation in a cashless roll where
the redemption proceeds with respect to the Collateral Obligation being redeemed are “rolled” into the new obligation.


 


(s)            For purposes of calculating the Sale Proceeds of a Collateral Obligation in sale transactions, Sale Proceeds will include any
Principal Financed Accrued Interest received in respect of such sale.


 


(t)            Any direction or Issuer Order required hereunder relating to the purchase, acquisition, sale, disposition or other transfer of
Assets may be in the form of a trade ticket, confirmation of trade, instruction to post or to commit to the trade or similar instrument
or document or other written instruction (including by email or other electronic communication) from the Collateral Manager on
which the Trustee and Collateral Administrator may rely.


 


(u)           To the fullest extent permitted by applicable law and notwithstanding anything to the contrary contained in this Indenture, whenever
herein the Collateral Manager is permitted or required to make a decision in its “sole discretion,” “reasonable
discretion” or “discretion” or under a grant of similar authority or latitude, the Collateral Manager shall
be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or
obligation to give any consideration to any interest of or factors affecting the Issuer, Holders or any other Person. The intent
of granting authority to act in its “discretion” to the Collateral Manager is that no other express consent of another
party is required to be obtained by the Collateral Manager when acting pursuant to such grant of authority under this Indenture;
provided that any action taken pursuant to such grant of discretion is consistent with the legal, contractual and fiduciary duties
owed by the Collateral Manager.


 


ARTICLE
II



The Notes


 


Section
2.1            Forms Generally. The Notes and the Trustee’s
or Authenticating Agent’s certificate of authentication thereon (the “Certificate of Authentication”) shall
be in substantially the forms required by this Article, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon, as may be consistent herewith, determined by the Responsible Officers of the Issuer executing
such Notes as evidenced by their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse
thereof, with an appropriate reference thereto on the face of the Note.


 






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Section
2.2           Forms of Notes. (a) The forms of the Notes, including
the forms of Certificated Secured Notes, Certificated Subordinated Notes, Temporary Regulation S Global Secured Notes, Regulation S
Global Secured Notes, Rule 144A Global Secured Notes and Rule 144A Global Subordinated Notes, shall be as set forth in the applicable
part of Exhibit A hereto.


 


(b)          Secured Notes and Subordinated Notes.


 


(i)            The Notes of each Class of Secured Notes (other than Class D Notes issued on the Closing Date) sold to Qualified Purchasers that
are not U.S. persons in offshore transactions (as defined in Regulation S) in reliance on Regulation S shall each be issued
initially in the form of one temporary global Secured Note per Class in definitive, fully registered form without interest coupons
substantially in the applicable form attached as Exhibit A-1 hereto (each, a “Temporary Regulation S Global
Secured Note”), which shall be deposited on the Closing Date on behalf of the purchasers of such Notes represented thereby
with the Trustee, at its applicable Corporate Trust Office, as custodian for, and registered in the name of a nominee of, DTC
for the account of designated agents holding on behalf of Euroclear and/or Clearstream. Prior to the end of the Distribution Compliance
Period, beneficial interests in each Temporary Regulation S Global Secured Note may be held only through Euroclear or Clearstream.
After the expiration of the Distribution Compliance Period, beneficial interests in a Temporary Regulation S Global Secured Note
shall be exchanged for an interest in one permanent global note per Class in definitive, fully registered form without interest
coupons substantially in the applicable form attached as Exhibit A-1 hereto (each, a “Regulation S Global Secured
Note”), and shall be deposited on behalf of the subscribers for such Notes represented thereby with the Trustee as custodian
for, and registered in the name of a nominee of, DTC for the respective accounts of Euroclear and Clearstream, duly executed by
the Issuer and authenticated by the Trustee as hereinafter provided. During the Distribution Compliance Period, distributions
due in respect of a beneficial interest in a Temporary Regulation S Global Secured Note shall only be made upon delivery to the
Trustee by Euroclear or Clearstream, as applicable, of a certificate (a “Non-U.S. Beneficial Ownership Certification”)
to the effect that Euroclear or Clearstream, as applicable, has received a certificate substantially in the form of Exhibit
B-7 hereto. After the expiration of the Distribution Compliance Period, distributions due in respect of any beneficial interests
in a Temporary Regulation S Global Secured Note shall not be made to the holders of such beneficial interests unless exchange
for a beneficial interest in the Regulation S Global Secured Note is improperly withheld or refused.


 


(ii)           The Notes of each Class (other than the Class D Notes issued on the Closing Date) sold to Persons that are QIB/QPs shall each
be issued initially in the form of one permanent global Secured Note per Class in definitive, fully registered form without interest
coupons substantially in the applicable form attached as Exhibit A-1 hereto, in the case of the Secured Notes (each,
a “Rule 144A Global Secured Note”) and in the form of one permanent global Subordinated Note in definitive,
fully registered form without interest coupons substantially in the applicable form attached as Exhibit A-2 hereto, in
the case of the Subordinated Notes (each, a “Rule 144A Global Subordinated Note”) and shall be deposited on
behalf of the subscribers for such Notes represented thereby with the Trustee as custodian for, and registered in the name of
Cede & Co., a nominee of, DTC, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided.


 






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(iii)          The Secured Notes (other than the Class D Notes issued on the Closing Date) sold to persons that, at the time of the acquisition,
purported acquisition or proposed acquisition of any such Secured Note, are Institutional Accredited Investors (that are not Qualified
Institutional Buyers) and Qualified Purchasers (or a corporation, partnership, limited liability company or other entity (other
than a trust), each shareholder, partner, member or other equity owner of which is a Qualified Purchaser) shall be issued in the
form of definitive, fully registered notes without coupons substantially in the applicable form attached as Exhibit A-3
hereto (a “Certificated Secured Note”) which shall be registered in the name of the beneficial owner or
a nominee thereof, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided.


 


(iv)          The Subordinated Notes sold to U.S. Persons that are Accredited Investors (that are not Qualified Institutional Buyers) and either
Qualified Purchasers, Knowledgeable Employees with respect to the Issuer, Collateral Manager, or a corporation, partnership, limited
liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is either
a Qualified Purchaser or a Knowledgeable Employee with respect to the Issuer or the Collateral Manager and shall be issued
in the form of definitive, fully registered notes without coupons substantially in the form attached as Exhibit A-4 hereto
(each, a “Certificated Subordinated Note” and, together with the Certificated Secured Notes, “Certificated
Notes”) which shall be registered in the name of the beneficial owner or a nominee thereof, duly executed by the
Issuer and authenticated by the Trustee as hereinafter provided.


 


(v)           The aggregate principal amount of the Regulation S Global Secured Notes, the Rule 144A Global Secured Notes and the Rule 144A
Global Subordinated Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee or
DTC or its nominee, as the case may be, as hereinafter provided.


 


(vi)          The Class D Notes shall be issued to (i) non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities
Act that are Qualified Purchasers or (ii) Persons that are both (x) Qualified Institutional Buyers or (y) Institutional Accredited
Investors and, in the case of (x) and (y) above, (a) Qualified Purchasers or (b) any corporation, partnership, limited liability
company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a Qualified
Purchaser, in each case in uncertificated, fully registered form (each, an “Uncertificated Secured Note”),
evidenced by entry in the Register, which shall be registered in the name of the beneficial owner or a nominee thereof (other
than in the name of a Clearing Agency or its nominee). The Trustee shall provide to the beneficial owner, promptly after the registration
of the Uncertificated Secured Note in the Register by the Registrar, a confirmation of registration substantially in the form
of Exhibit A-5 hereto (each, a “Confirmation of Registration”).


 






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(vii)         Except as otherwise expressly provided herein:


 


(A)            
Uncertificated Secured Notes registered in the name of a Person shall be considered “held” by such Person for all
purposes under this Indenture.


 


(B)             
With respect to any Uncertificated Secured Note, (x) references herein to authentication and delivery of a Note shall be deemed
to refer to creation of an entry for such Note in the Register and registration of such Note in the name of the owner, (y) references
herein to cancellation of a Note shall be deemed to refer to deregistration of such Note and (z) references herein to the date
of authentication of a Note shall refer to the date of registration of such Note in the Register in the name of the owner thereof.


 


(C)             
References to execution of Notes by the Issuer, to surrender of Notes and to presentment of Notes shall be deemed not to refer
to Uncertificated Secured Notes.


 


(D)            
Section 2.6 shall not apply to any Uncertificated Secured Notes.


 


(E)             
The Register shall be conclusive evidence of the ownership of an Uncertificated Secured Note.


 


(c)            Book Entry Provisions. This Section 2.2(c) shall apply only to Global Secured Notes deposited with or
on behalf of DTC.


 


The
provisions of the “Operating Procedures of the Euroclear System” of Euroclear and the “Terms and Conditions
Governing Use of Participants” of Clearstream, respectively, will be applicable to the Global Secured Notes and the Rule
144A Global Subordinated Notes insofar as interests in such Global Secured Notes and Rule 144A Global Subordinated Notes are held
by the Agent Members of Euroclear or Clearstream, as the case may be.


 


Agent
Members and owners of beneficial interests in Global Notes shall have no rights under this Indenture with respect to any Global
Secured Notes or Rule 144A Global Subordinated Notes held on their behalf by the Trustee, as custodian for DTC, and DTC may be
treated by the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the absolute owner of such Note for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee, or any agent of the Issuer or
the Trustee from giving effect to any written certification, proxy or other authorization furnished by DTC or impair, as between
DTC and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note.


 






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Section
2.3            Authorized Amount; Stated Maturity; Denominations.
The aggregate principal amount of Secured Notes and Subordinated Notes that may be authenticated and delivered under this Indenture
is limited to U.S.$426,850,000 aggregate principal amount of Notes (except for (i) Notes authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.5, Section 2.6 or
Section 8.5 of this Indenture or (ii) Additional Notes issued in accordance with Sections 2.13 and 3.2).


 


Such
Notes shall be divided into the Classes, having the designations, original principal amounts and other characteristics as follows:


 


Notes


 


	Class
Designation
	A
	B
	C-1
	C-2
	D2
	Subordinated

	Original
    Principal Amount 	U.S.
    $224,000,000	U.S.
    $28,000,000	U.S.
    $36,000,000	U.S.
    $10,000,000	U.S.
    $28,000,000	U.S.
    $100,850,000
	Stated
    Maturity 	April
    15, 2033	April
    15, 2033	April
    15, 2033	April
    15, 2033	April
    15, 2033	March
    11, 2121
	Interest
    Rate1 	LIBOR
    + 1.60%	LIBOR
    + 1.85%	LIBOR
    + 2.80%	3.91%	LIBOR
    + 5.00%3	N/A
	Fixed
    Rate Note 	No	No	No	Yes	No	N/A
	Floating
Rate Note 	Yes	Yes	Yes	No	Yes	N/A
	Initial
    S&P Rating 	“AAA(sf)”	“AA(sf)”	“A(sf)”	“A(sf)”	“BBB-(sf)”	N/A
	Priority
    Classes 	None	A	A,
    B	A,
    B	A,
    B, C	A,
    B, C, D
	Pari
Passu Classes 	None	None	C-2	C-1	None	None
	Junior
    Classes 	B,
    C, D, Subordinated	C,
    D, Subordinated	D,
    Subordinated	D,
    Subordinated	Subordinated	None
	Listed
    Notes 	Yes	No	No	No	No	No
	Interest
Deferrable 	No	No	Yes	Yes	Yes	N/A



 




 





		1	The
                                         spread over LIBOR for each Class of Secured Notes (other than the Class A Notes) is subject
                                         to reduction pursuant to Section 9.8.






		2	On
                                         the Closing Date, the Issuer will issue the Unfunded Class (the Class D Notes) to the
                                         initial holder(s) thereof. The initial principal amount of the Class D Notes set forth
                                         in the table above is a notional amount representing the aggregate principal amount of
                                         the Class D Notes (the “Aggregate Unfunded Class Amount”) and is undrawn
                                         on and as of the Closing Date. On each Funding Date, the principal amount of the Class
                                         D Notes will be set forth in the Unfunded Class Funding Notice for such Funding Date;
                                         provided that no Unfunded Class Funding shall be permitted if after giving effect
                                         to such Unfunded Class Funding the Aggregate Funded Amount would exceed the Aggregate
                                         Unfunded Class Amount. The Class D Notes will not be “Outstanding” on the
                                         Closing Date, and except for purposes of transfers of Notes prior to the Funding Date
                                         (if any) will have an initial Aggregate Outstanding Amount of zero until such time as
                                         the applicable Funding Date (if any) occurs pursuant to Section 2.14.






		3	The
                                         spread or fixed interest rate, as applicable, for the Class D Notes will be set in connection
                                         with the Funding Date (if any); provided that the spread or interest rate, as
                                         applicable, will not be greater than the spread or fixed interest rate specified above.



 






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The
Secured Notes (other than the Class D Notes) shall be issued in minimum denominations of U.S.$250,000 and integral multiples of
U.S.$1.00 in excess thereof. The Class D Notes will be issued in minimum denominations of U.S.$500,000 and integral multiples
of U.S.$1.00 in excess thereof. The Subordinated Notes shall be issued in minimum denominations of U.S.$3,000,000 and integral
multiples of U.S.$1.00 in excess thereof. Notes shall only be transferred or resold in compliance with the terms of this Indenture.


 


Section
2.4            Execution, Authentication, Delivery and Dating. The
Notes shall be executed on behalf of the Issuer by one of its respective Officers. The signature of such Officer on the Notes
may be manual or facsimile.


 


Notes
bearing the manual or facsimile signatures of individuals who were at the time of execution the Officers of the Issuer shall bind
the Issuer notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication
and delivery of such Notes or did not hold such offices at the date of issuance of such Notes.


 


At
any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the
Issuer to the Trustee or the Authenticating Agent for authentication and the Trustee or the Authenticating Agent, upon Issuer
Order (which shall be deemed to be provided upon delivery of such executed Notes), shall authenticate and deliver such Notes as
provided herein and not otherwise.


 


Each
Note authenticated and delivered by the Trustee or the Authenticating Agent upon Issuer Order on the Closing Date shall be dated
as of the Closing Date. All other Notes that are authenticated after the Closing Date for any other purpose under this Indenture
shall be dated the date of their authentication.


 


Notes
issued upon transfer, exchange or replacement of other Notes shall be issued in authorized denominations reflecting the original
aggregate principal amount of the Notes so transferred, exchanged or replaced, but shall represent only the current outstanding
principal amount of the Notes so transferred, exchanged or replaced. If any Note is divided into more than one Note in accordance
with this Article II, the original principal amount of such Note shall be proportionately divided among the Notes delivered
in exchange therefor and shall be deemed to be the original aggregate principal amount of such subsequently issued Notes.


 


No
Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on
such Note a Certificate of Authentication, substantially in the form provided for herein, executed by the Trustee or by the Authenticating
Agent by the manual signature of one of their authorized signatories, and such certificate upon any Note shall be conclusive evidence,
and the only evidence, that such Note has been duly authenticated and delivered hereunder.


 






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Section
2.5            Registration, Registration of Transfer and Exchange.
(a) The Issuer shall cause the Notes to be Registered and shall cause to be kept a register (the “Register”) at
the office of the Trustee in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the
registration of Notes and the registration of transfers of Notes. The Trustee is hereby initially appointed registrar (the “Registrar”)
for the purpose of registering Notes and transfers of such Notes with respect to the Register maintained in the United States
as herein provided. Upon any resignation or removal of the Registrar, the Issuer shall promptly appoint a successor or, in the
absence of such appointment, assume the duties of Registrar.


 


If
a Person other than the Trustee is appointed by the Issuer as Registrar, the Issuer will give the Trustee prompt written notice
of the appointment of a Registrar and of the location, and any change in the location, of the Register, and the Trustee shall
have the right to inspect the Register at all reasonable times and to obtain copies thereof and the Trustee shall have the right
to rely upon a certificate executed on behalf of the Registrar by an Officer thereof as to the names and addresses of the Holders
of the Notes and the principal or face amounts and numbers of such Notes. Upon written request at any time the Registrar shall
provide to the Issuer, the Collateral Manager, the Initial Purchaser or any Holder a current list of Holders as reflected in the
Register.


 


Subject
to this Section 2.5, upon surrender for registration of transfer of any Notes at the office or agency of the Issuer
to be maintained as provided in Section 7.2, the Issuer shall execute, and the Trustee shall authenticate and deliver,
in the name of the designated transferee or transferees, one or more new Notes of any authorized denomination and of a like aggregate
principal or face amount. At any time, the Issuer, the Collateral Manager or the Initial Purchaser may request a list of Holders
from the Trustee.


 


In
addition, the Issuer, the Trustee and the Collateral Manager shall be entitled to rely conclusively upon any certificate of ownership
provided to the Trustee by a beneficial owner of a Note (including a Beneficial Ownership Certificate) and/or other forms of reasonable
evidence of such ownership as to the names and addresses of such beneficial owner and the Classes, principal amounts and CUSIP
numbers of Notes beneficially owned thereby. At any time, upon request of the Issuer, the Collateral Manager or the Initial Purchaser,
the Trustee shall provide such requesting Person a copy of each Beneficial Ownership Certificate that the Trustee has received;
provided, however, the Trustee shall have no obligation or duty to verify information with respect to such Beneficial Ownership
Certificate and shall only be required to retain copies of such documents presented to it.


 


At
the option of the Holder, Notes may be exchanged for Notes of like terms, in any authorized denominations and of like aggregate
principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Note is surrendered for exchange,
the Issuer shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled
to receive.


 


All
Notes issued and authenticated upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer,
evidencing the same debt (to the extent they evidence debt), and entitled to the same benefits under this Indenture as the Notes
surrendered upon such registration of transfer or exchange.


 






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Every
Note presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written
instrument of transfer in a form reasonably satisfactory to the Registrar, duly executed by the Holder thereof or such Holder’s
attorney duly authorized in writing with such signature guaranteed by an “eligible guarantor institution” meeting
the requirements of the Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion
Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act.


 


No
service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Trustee may require payment
of a sum sufficient to cover any transfer, tax or other governmental charge payable in connection therewith. The Registrar or
the Trustee shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signatures
of the transferor and transferee.


 


(b)           No Note may be sold or transferred (including, without limitation, by pledge or hypothecation) unless such sale or transfer
is exempt from the registration requirements of the Securities Act, is exempt from the registration requirements under applicable
state securities laws and will not cause the Issuer to become subject to the requirement that it register as an investment company
under the 1940 Act.


 


(c)           No transfer of any Subordinated Note (or any interest therein) will be effective if after giving effect to such transfer 25% or
more of the Aggregate Outstanding Amount of the Subordinated Notes would be held by Persons who have represented that they are
Benefit Plan Investors. For purposes of these calculations and all other calculations required by this sub-section, (A) any Notes
of the Issuer held by a Person (other than a Benefit Plan Investor) who is a Controlling Person, the Trustee, the Collateral Manager,
the Retention Holder, the Initial Purchaser or any of their respective affiliates (other than those interests held by a Benefit
Plan Investor) shall be disregarded and not treated as Outstanding and (B) an “affiliate” of a Person shall include
any Person, directly or indirectly through one or more intermediaries, controlling, controlled by or under common control with
the Person, and “control” with respect to a Person other than an individual shall mean the power to exercise a controlling
influence over the management or policies of such Person. The Trustee shall be entitled to rely exclusively upon the information
set forth in the face of the transfer certificates received pursuant to the terms of this Section 2.5 and only Notes that
a Trust Officer of the Trustee actually knows to be so held shall be so disregarded. In addition, no Rule 144A Global Subordinated
Notes (other than Rule 144A Global Subordinated Notes (x) purchased from the Issuer as part of the initial offering on the Closing
Date or (y) transferred to accounts managed by the Collateral Manager or its affiliates (other than any Benefit Plan Investor)
following the Closing Date with the consent of the Issuer and the Collateral Manager) may be held by or transferred to a Benefit
Plan Investor or Controlling Person and each beneficial owner of an interest in a Rule 144A Global Subordinated Note acquiring
its interest in the Subordinated Notes in the initial offering on the Closing Date shall provide to the Issuer a written certification
in the form of Exhibit B-5 attached hereto.


 






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(d)           Each subsequent transferee of a Note, by acceptance of such Note or an interest in such Note, shall be deemed to have agreed to
comply with Section 2.12.


 


(e)           Notwithstanding anything contained herein to the contrary, the Trustee shall not be responsible for ascertaining whether any transfer
complies with, or for otherwise monitoring or determining compliance with, the registration provisions of or any exemptions from
the Securities Act, applicable state securities laws or the applicable laws of any other jurisdiction, ERISA, the Code, the 1940
Act, or the terms hereof; provided that if a certificate is specifically required by the terms of this Section 2.5
to be provided to the Trustee by a prospective transferor or transferee, the Trustee shall be under a duty to receive and
examine the same to determine whether or not the certificate substantially conforms on its face to the applicable requirements
of this Indenture and shall promptly notify the party delivering the same and the Issuer if such certificate does not comply with
such terms.


 


(f)            Transfers of Uncertificated Secured Notes shall only be made in accordance with Section 2.2(b) and this Section 2.5(f).


 


(i)            Transfer of Uncertificated Secured Notes. If a Holder of an Uncertificated Secured Note wishes at any time to, or is required
to, transfer such security, such Uncertificated Secured Note may be transferred upon receipt by the Registrar of (A) a request
for issuance of an Uncertificated Secured Note, substantially in the form of Exhibit F; (B) a representation letter substantially
in the form of Exhibit B-10 executed by the transferee, which representation letter shall be forwarded to the Issuer and
the Collateral Manager; and (C) written consent to such transfer from each of the Collateral Manager and the Issuer. The Registrar
shall record the transfer in the Register in accordance with Section 2.5(a), and the Trustee shall deliver a Confirmation
of Registration to the transferee or transferees.


 


(ii)           Exchange of Notes of the Unfunded Class.


 


(A)            
Upon any Unfunded Class Funding by a Holder of an Uncertificated Secured Note, (x) such Unfunded Class Funding shall, in accordance
with terms of Section 2.14 and subject to the requirements of this Section 2.5(f)(ii), be evidenced by a Class D
Note having a principal amount equal to the Funded Amount, which Class D Note may be a Certificated Secured Note or, provided
that such Holder is eligible to hold a beneficial interest therein, a Global Secured Note, as requested by the Holder of such
Uncertificated Secured Note (and, if in the form of a Global Secured Note, upon receipt of a request to approve an increase in
the principal amount thereof pursuant to the applicable DTC procedures) and (y) the Registrar shall reduce the remaining unfunded
notional amount of such Holder’s Uncertificated Secured Notes by an amount equal to the Funded Amount.


 






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(B)             Upon receipt of (i) written instructions from such Holder, in the form of Exhibit F, setting forth the CUSIP and/or ISIN
numbers of each Class D Note so funded, the Funded Amount and the form of Secured Note to evidence such Unfunded Class Funding
and (ii) if such Secured Note is to be issued in global form, (x) instructions given in accordance with Euroclear, Clearstream
or DTC’s procedures, as the case may be, from an Agent Member to instruct DTC to cause to be credited a beneficial interest
in the applicable global note in an amount equal to such Unfunded Class Funding, and (y) a written order given in accordance with
DTC’s procedures containing information regarding the participant’s account at DTC and/or Euroclear or Clearstream
to be credited with such increase, the Registrar shall (1) in the case of a Certificated Secured Note, notify the Issuer, who
shall execute the Certificated Secured Note, and the Trustee shall authenticate and deliver such Certificated Secured Note registered
in the name specified in the written instructions received pursuant to clause (i) above, in the principal amounts designated by
the applicable Holder and in an authorized denomination, (2) in the case of a Global Secured Note, confirm the instructions at
DTC to increase the principal amount of the applicable Global Secured Note by Funded Amount, and to credit or cause to be credited
to the securities account of the Person specified in such instructions a beneficial interest in such Global Secured Note equal
to the amount specified in the written instructions received pursuant to clause (i) above and (3) deliver a Confirmation of Registration
to the Holder reflecting the remaining notional amount of the Holder’s Uncertificated Secured Note as reduced by an amount
equal to Funded Amount; provided that such Holder must deliver the certificates or representation letters that would be
required pursuant to Section 2.5 from a transferee or exchanging holder of the applicable Class of Secured Notes.


 


(iii)          No Uncertificated Secured Notes may be transferred without the prior written consent of the Collateral Manager and the Issuer
and any transfer without such consent will be void ab initio.


 


(g)           Transfers of Global Secured Notes shall only be made in accordance with Section 2.2(b) and this Section 2.5(g).


 






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(i)            Rule 144A Global Secured Note to Temporary Regulation S Global Secured Note or Regulation S Global Secured Note. If a holder
of a beneficial interest in a Rule 144A Global Secured Note deposited with DTC wishes at any time to exchange its interest in
such Rule 144A Global Secured Note for, during the Distribution Compliance Period, an interest in a corresponding Temporary Regulation
S Global Secured Note, or after the Distribution Compliance Period, to transfer its interest in such Rule 144A Global Secured
Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Regulation S Global Secured
Note, such holder (provided that such holder or, in the case of a transfer, the transferee is a Qualified Purchaser that
is not a U.S. person and is acquiring such interest in an offshore transaction (as defined in Regulation S)) may, subject to the
immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of,
such interest for an equivalent beneficial interest in the corresponding Temporary Regulation S Global Secured Note or Regulation
S Global Secured Note, as applicable. Upon receipt by the Registrar of (A) instructions given in accordance with DTC’s
procedures from an Agent Member directing the Registrar to credit or cause to be credited a beneficial interest in the corresponding
Temporary Regulation S Global Secured Note or Regulation S Global Secured Note, as applicable, but not less than the minimum denomination
applicable to such holder’s Notes, in an amount equal to the beneficial interest in the Rule 144A Global Secured Note to
be exchanged or transferred, (B) a written order given in accordance with DTC’s procedures containing information regarding
the participant account of DTC and the Euroclear or Clearstream account to be credited with such increase, (C) a certificate
in the form of Exhibit B-1 attached hereto given by the holder of such beneficial interest stating that the exchange or
transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global Secured Notes, including
that the holder or the transferee, as applicable, is a Qualified Purchaser that is not a U.S. person, and is acquiring such interest
in an offshore transaction pursuant to and in accordance with Regulation S and (D) a written certification in the form
of Exhibit B-7 attached hereto given by the transferee in respect of such beneficial interest stating, among other
things, that such transferee is a Qualified Purchaser that is not a U.S. person purchasing such beneficial interest in an offshore
transaction pursuant to Regulation S, then the Registrar shall approve the instructions at DTC to reduce the principal amount
of the Rule 144A Global Secured Note and to increase the principal amount of the Temporary Regulation S Global Secured Note or
the Regulation S Global Secured Note, as applicable, by the aggregate principal amount of the beneficial interest in the Rule
144A Global Secured Note to be exchanged or transferred, and to credit or cause to be credited to the securities account of the
Agent Member specified in such instructions a beneficial interest in the corresponding Temporary Regulation S Global Secured Note
or Regulation S Global Secured Note, as applicable, equal to the reduction in the principal amount of the Rule 144A Global Secured
Note.


 






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(ii)           Temporary Regulation S Global Secured Note or Regulation S Global Secured Note to Rule 144A Global Secured Note. If a holder
of a beneficial interest in, during the Distribution Compliance Period, a Temporary Regulation S Global Secured Note or, after
the Distribution Compliance Period, a Regulation S Global Secured Note, as applicable, deposited with DTC wishes at any time to
exchange its interest in such Temporary Regulation S Global Secured Note or Regulation S Global Secured Note, as applicable, for
an interest in the corresponding Rule 144A Global Secured Note or to transfer its interest in such Temporary Regulation S Global
Secured Note or such Regulation S Global Secured Note, as applicable, to a Person who wishes to take delivery thereof in the form
of an interest in the corresponding Rule 144A Global Secured Note, such holder may, subject to the immediately succeeding sentence
and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or cause the exchange
or transfer of, such interest for an equivalent beneficial interest in the corresponding Rule 144A Global Secured Note. Upon receipt
by the Registrar of (A) instructions from Euroclear, Clearstream and/or DTC, as the case may be, directing the Registrar
to cause to be credited a beneficial interest in the corresponding Rule 144A Global Secured Note in an amount equal to the beneficial
interest in such Temporary Regulation S Global Secured Note or such Regulation S Global Secured Note, as applicable, but not less
than the minimum denomination applicable to such holder’s Notes to be exchanged or transferred, such instructions to contain
information regarding the participant account with DTC to be credited with such increase, (B) a certificate in the form of
Exhibit B-3 attached hereto given by the holder of such beneficial interest and stating, among other things, that,
in the case of a transfer, the Person transferring such interest in such Temporary Regulation S Global Secured Note or such Regulation
S Global Secured Note, as applicable, reasonably believes that the Person acquiring such interest in a Rule 144A Global Secured
Note is a Qualified Purchaser and a Qualified Institutional Buyer, is obtaining such beneficial interest in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other
jurisdiction and (C) a written certification in the form of Exhibit B-6 attached hereto given by the transferee
in respect of such beneficial interest stating, among other things, that such transferee is a Qualified Institutional Buyer and
a Qualified Purchaser, then the Registrar will approve the instructions at DTC to reduce, or cause to be reduced, the Temporary
Regulation S Global Secured Note or the Regulation S Global Secured Note, as applicable, by the aggregate principal amount of
the beneficial interest in the Temporary Regulation S Global Secured Note or the Regulation S Global Secured Note, as applicable,
to be transferred or exchanged and the Registrar shall instruct DTC, concurrently with such reduction, to credit or cause to be
credited to the securities account of the Agent Member specified in such instructions a beneficial interest in the corresponding
Rule 144A Global Secured Note equal to the reduction in the principal amount of the Temporary Regulation S Global Secured Note
or the Regulation S Global Secured Note, as applicable.


 


(iii)          Global Secured Note to Certificated Secured Note. Subject to Section 2.10(a), if a holder of a beneficial interest
in a Global Secured Note (other than a Temporary Regulation S Global Secured Note) deposited with DTC wishes at any time to transfer
its interest in such Global Secured Note to a Person who wishes to take delivery thereof in the form of a corresponding Certificated
Secured Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream
and/or DTC, as the case may be, transfer, or cause the transfer of, such interest for a Certificated Secured Note. Upon receipt
by the Registrar of (A) certificates substantially in the form of Exhibit B-2 attached hereto executed by the transferee
and (B) appropriate instructions from DTC, if required, the Registrar will approve the instructions at DTC to reduce, or
cause to be reduced, the Global Secured Note by the aggregate principal amount of the beneficial interest in the Global Secured
Note to be transferred, record the transfer in the Register in accordance with Section 2.5(a) and upon execution
by the Issuer and authentication and delivery by the Trustee, deliver one or more corresponding Certificated Secured Notes, registered
in the names specified in the instructions described in clause (B) above, in principal amounts designated by the transferee
(the aggregate of such principal amounts being equal to the aggregate principal amount of the interest in such Global Secured
Note transferred by the transferor), and in authorized denominations.


 






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(iv)          Temporary Regulation S Global Secured Note to Regulation S Global Secured Note. Interests in a Temporary Regulation S Global
Secured Note may be exchanged after the Distribution Compliance Period for interests in a Regulation S Global Secured Note. Until
so exchanged in full and except as provided therein, the Temporary Regulation S Global Secured Note, and the Notes evidenced thereby,
shall in all respects be entitled to the same benefits under this Indenture as the Regulation S Global Secured Note and Rule 144A
Global Secured Note authenticated and delivered hereunder.


 


(v)           Distribution Compliance Period. Prior to the termination of the Distribution Compliance Period with respect to the issuance
of the Notes, transfers of interests in the Temporary Regulation S Global Secured Notes to U.S. persons (as defined in Regulation
S) shall be limited to transfers made pursuant to the provisions of clause (ii) above. The Trustee shall be entitled to assume
that the Distribution Compliance Period ends on the 40th day following the Closing Date, except to the extent notified to the
contrary by the Issuer or the Collateral Manager on the Issuer’s behalf.


 


(h)           Transfers of Certificated Secured Notes shall only be made in accordance with Section 2.2(b) and this Section 2.5(h).


 


(i)            Certificated Secured Notes to Global Secured Notes. If a holder of a Certificated Secured Note wishes at any time to transfer
such Certificated Secured Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a corresponding
Global Secured Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear,
Clearstream and/or DTC, as the case may be, exchange or transfer, or cause the exchange or transfer of, such Certificated Secured
Note for a beneficial interest in a corresponding Global Secured Note. Upon receipt by the Registrar of (A) a Holder’s
Certificated Secured Note properly endorsed for assignment to the transferee, (B) a certificate substantially in the form
of Exhibit B-1 or Exhibit B-3 (as applicable) attached hereto executed by the transferor and a certificate
substantially in the form of Exhibit B-6 or B-7 (as applicable) attached hereto executed by the transferee,
(C) instructions given in accordance with Euroclear, Clearstream or DTC’s procedures, as the case may be, from an Agent
Member to instruct DTC to cause to be credited a beneficial interest in the applicable Global Secured Notes in an amount equal
to the Certificated Secured Notes to be transferred or exchanged, and (D) a written order given in accordance with DTC’s
procedures containing information regarding the Agent Member’s account at DTC and/or Euroclear or Clearstream to be credited
with such increase, the Registrar shall cancel such Certificated Secured Note in accordance with Section 2.9, record
the transfer in the Register in accordance with Section 2.5(a) and approve the instructions at DTC, concurrently with
such cancellation, to credit or cause to be credited to the securities account of the Agent Member specified in such instructions
a beneficial interest in the corresponding Global Secured Note equal to the principal amount of the Certificated Secured Note
transferred or exchanged.


 






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(ii)           Certificated Secured Notes to Certificated Secured Notes. Upon receipt by the Registrar of (A) a Holder’s Certificated
Secured Note properly endorsed for assignment to the transferee, and (B) certificates substantially in the form of Exhibit B-2
attached hereto executed by the transferee, the Registrar shall cancel such Certificated Secured Note in accordance with Section 2.9,
record the transfer in the Register in accordance with Section 2.5(a) and upon execution by the Issuer and authentication
and delivery by the Trustee, deliver one or more Certificated Secured Notes bearing the same designation as the Certificated Secured
Note endorsed for transfer, registered in the names specified in the assignment described in clause (A) above, in principal
amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of
the Certificated Secured Note surrendered by the transferor), and in authorized denominations.


 


(i)            Transfers and exchanges of Subordinated Notes shall only be made in accordance with Section 2.2(b) and this Section 2.5(i).


 


(i)            Certificated Subordinated Note to Certificated Subordinated Note. Upon receipt by the Registrar of (A) a Holder’s
Certificated Subordinated Note properly endorsed for assignment to the transferee, and (B) certificates in the form of Exhibits
B-4 and B-5 attached hereto given by the transferee of such Certificated Subordinated Note, the Registrar shall cancel
such Certificated Subordinated Note in accordance with Section 2.9, record the transfer in the Register in accordance
with Section 2.5(a) and upon execution by the Issuer and authentication and delivery by the Trustee, deliver
one or more Certificated Subordinated Notes bearing the same designation as the Certificated Subordinated Note endorsed for transfer,
registered in the names specified in the assignment described in clause (A) above, in principal amounts designated by the
transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the Certificated Subordinated
Note surrendered by the transferor), and in authorized denominations.


 


(ii)           Rule 144A Global Subordinated Note to Certificated Subordinated Note. Subject to Section 2.10(a), if a holder of
a beneficial interest in a Rule 144A Global Subordinated Note deposited with DTC wishes at any time to transfer its interest in
such Rule 144A Global Subordinated Note to a Person who wishes to take delivery thereof in the form of a corresponding Certificated
Subordinated Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear,
Clearstream and/or DTC, as the case may be, transfer, or cause the transfer of, such interest for a Certificated Subordinated
Note. Upon receipt by the Registrar of (A) certificates substantially in the form of Exhibits B-4 and B-5 attached
hereto executed by the transferee and (B) appropriate instructions from DTC, if required, the Registrar will approve the
instructions at DTC to reduce, or cause to be reduced, the Rule 144A Global Subordinated Note by the aggregate principal amount
of the beneficial interest in the Rule 144A Global Subordinated Note to be transferred, record the transfer in the Register in
accordance with Section 2.5(a) and upon execution by the Issuer and authentication and delivery by the Trustee,
deliver one or more corresponding Certificated Subordinated Notes, registered in the names specified in the instructions described
in clause (B) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal
to the aggregate principal amount of the interest in such Rule 144A Global Subordinated Note transferred by the transferor), and
in authorized denominations.


 






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(iii)          Certificated Subordinated Notes to Rule 144A Global Subordinated Notes. If a holder of a Certificated Subordinated Note
wishes at any time to transfer such Certificated Subordinated Note to a Person who wishes to take delivery thereof in the form
of a beneficial interest in a corresponding Rule 144A Global Subordinated Note, such holder may, subject to the immediately succeeding
sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or cause
the exchange or transfer of, such Certificated Subordinated Note for a beneficial interest in a corresponding Rule 144A Global
Subordinated Note. Upon receipt by the Registrar of (A) a Holder’s Certificated Subordinated Note properly endorsed
for assignment to the transferee, (B) a certificate substantially in the form of Exhibit B-8 attached hereto
executed by the transferor and a certificate substantially in the form of Exhibit B-9 attached hereto executed by
the transferee, (C) instructions given in accordance with Euroclear, Clearstream or DTC’s procedures, as the case may
be, from an Agent Member to instruct DTC to cause to be credited a beneficial interest in the applicable Rule 144A Global Subordinated
Note in an amount equal to the Certificated Subordinated Notes to be transferred or exchanged, and (D) a written order given
in accordance with DTC’s procedures containing information regarding the Agent Member’s account at DTC and/or Euroclear
or Clearstream to be credited with such increase, the Registrar shall cancel such Certificated Subordinated Note in accordance
with Section 2.9, record the transfer in the Register in accordance with Section 2.5(a) and approve the
instructions at DTC, concurrently with such cancellation, to credit or cause to be credited to the securities account of the Agent
Member specified in such instructions a beneficial interest in the corresponding Rule 144A Global Subordinated Note equal to the
principal amount of the Certificated Subordinated Note transferred or exchanged.


 


(j)             If Notes issued upon the transfer, exchange or replacement of Notes bearing the applicable legends set forth in the applicable
part of Exhibit A hereto, and if a request is made to remove such applicable legend on such Notes, the Notes so issued
shall bear such applicable legend, or such applicable legend shall not be removed, as the case may be, unless there is delivered
to the Trustee and the Issuer such satisfactory evidence, which may include an Opinion of Counsel acceptable to them, as may be
reasonably required by the Issuer (and which shall by its terms permit reliance by the Trustee), to the effect that neither such
applicable legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with
the provisions of the Securities Act, the 1940 Act, ERISA or the Code. Upon provision of such satisfactory evidence, the Trustee
or its Authenticating Agent, at the written direction of the Issuer shall, after due execution by the Issuer authenticate and
deliver Notes that do not bear such applicable legend.


 






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(k)            Each Person who becomes a beneficial owner of Notes represented by an interest in a Global Secured Note or a Rule 144A Global
Subordinated Note will be deemed to have represented and agreed as follows:


 


(i)                
In connection with the purchase of such Notes: (A) none of the Issuer, the Collateral Manager, the Initial Purchaser, the
Trustee the Collateral Administrator, the Retention Holder or any of their respective Affiliates is acting as a fiduciary or financial
or investment adviser for such beneficial owner; (B) such beneficial owner is not relying (for purposes of making any investment
decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the Issuer, the Collateral
Manager, the Trustee, the Collateral Administrator, the Initial Purchaser, the Retention Holder or any of their respective Affiliates
other than any statements in the final Offering Circular for such Notes, and such beneficial owner has read and understands such
final Offering Circular; (C) such beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions
regarding the suitability of any transaction pursuant to this Indenture) based upon its own judgment and upon any advice
from such advisors as it has deemed necessary and not upon any view expressed by the Issuer, the Collateral Manager, the Trustee
the Collateral Administrator, the Initial Purchaser, the Retention Holder or any of their respective Affiliates; (D) such
beneficial owner is either (1) (in the case of a beneficial owner of an interest in a Rule 144A Global Secured Note or a
Rule 144A Global Subordinated Note)  both (a) a “qualified institutional buyer” (as defined under Rule 144A under
the Securities Act) that is not a broker-dealer which owns and invests on a discretionary basis less than U.S.$25,000,000 in securities
of issuers that are not affiliated persons of the dealer and is not a plan referred to in paragraph (a)(1)(d) or (a)(1)(e) of
Rule 144A under the Securities Act or a trust fund referred to in paragraph (a)(1)(f) of Rule 144A under the Securities Act that
holds the assets of such a plan, if investment decisions with respect to the plan are made by beneficiaries of the plan and (b)
a Qualified Purchaser for purposes of Section 3(c)(7) of the 1940 Act (or a corporation, partnership, limited liability company
or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a Qualified Purchaser)
or (2) (in the case of a beneficial owner of an interest in a Regulation S Global Secured Note) a Qualified Purchaser that is
not a “U.S. person” as defined in Regulation S and is acquiring the Notes in an offshore transaction (as defined
in Regulation S) in reliance on the exemption from registration provided by Regulation S; (E) such beneficial owner
is acquiring its interest in such Notes for its own account; (F) such beneficial owner was not formed for the purpose of
investing in such Notes; (G) such beneficial owner understands that the Issuer may receive a list of participants holding
interests in the Notes from one or more book-entry depositories; (H) such beneficial owner will hold and transfer at least
the minimum denomination of such Notes; (I) such beneficial owner is a sophisticated investor and is purchasing the Notes
with a full understanding of all of the terms, conditions and risks thereof, and is capable of and willing to assume those risks;
and (J) such beneficial owner will provide notice of the relevant transfer restrictions to subsequent transferees.


 






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(ii)              
With respect to the Secured Notes, (A) if such Person is, or is acting on behalf of, a Benefit Plan Investor, its acquisition,
holding and disposition of such interest do not and will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code, and (B) if such Person is, or is acting on behalf of, a governmental, church,
non-U.S. or other plan which is subject to any Other Plan Law, such Person’s acquisition, holding and disposition of such
Note will not constitute or result in a non-exempt violation of any such Other Plan Law.


 


(iii)            
With respect to a Rule 144A Global Class D Note or Rule 144A Global Subordinated Note or any interest therein (1) if it is a purchaser
of Rule 144A Global Class D Note or Rule 144A Global Subordinated Notes from the Issuer as part of the initial offering on the
Closing Date, it will be required to represent and warrant (a) whether or not for so long as it holds such Notes or interest therein
it is or will be, or is or will be acting on behalf of, a Benefit Plan Investor, (b) for so long as it holds such Notes or interest
therein it is or will be a Controlling Person and (c) (i) if it is, or is acting on behalf of, a Benefit Plan Investor, that its
acquisition, holding and disposition of such Notes will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code or (ii) if it is, or is acting on behalf of, a governmental, church, non-U.S.
or other plan, (x) it is not, and for so long as it holds such Notes or interest therein will not be, subject to Similar Law and
(y) its acquisition, holding and disposition of such Notes does not and will not constitute or result in a non-exempt violation
of any Other Plan Law, (2) if it is a purchaser or subsequent transferee, as applicable, of an interest in a Rule 144A Global
Class D Note or Rule 144A Global Subordinated Note transferred to accounts managed by the Collateral Manager or its affiliates
following the Closing Date with the consent of the Issuer and the Collateral Manager, it will be required to represent and warrant
in writing to the Trustee that (a) it is not, and for so long as it holds an interest in such Notes or interest therein will not
be, a Benefit Plan Investor or acting on behalf of a Benefit Plan Investor, (b) whether or not it is, for so long as it holds
such Notes or interest therein or will be, a Controlling Person, (c) if it is, or is acting on behalf of, a governmental, church,
non-U.S. or other plan, (x) it will not, and for so long as it holds such Notes or interest therein will not be, subject to Similar
Law and (y) its acquisition, holding and disposition of such Class D Notes or Rule 144A Global Subordinated Notes does not and
will not constitute or result in a non-exempt violation of any Other Plan Law, and (3) each purchaser or subsequent transferee,
as applicable, of an interest in a Rule 144A Global Class D Note or Rule 144A Global Subordinated Note other than from the Issuer
as part of the initial offering on the Closing Date and other than as specified in clause (2) above, on each day from the date
on which such beneficial owner acquires its interest in such Notes through and including the date on which such beneficial owner
disposes of its interest in such Notes, will be deemed to have represented and agreed that (a) it is not, and is not acting on
behalf of, and for so long as it holds such Notes or interest therein will not be and will not be acting on behalf of, a Benefit
Plan Investor and it is not and will not be a Controlling Person and (b) if it is, or is acting on behalf of, a governmental,
church, non-U.S. or other plan, (x) it is not, and for so long as it holds such Notes or interest therein will not be, subject
to Similar Law and (y) its acquisition, holding and disposition of such Class D Note or Subordinated Notes will not constitute
or result in a non-exempt violation of any Other Plan Law.


 






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(iv)          Such beneficial owner understands that such Notes are being offered only in a transaction not involving any public offering in
the United States within the meaning of the Securities Act, such Notes have not been and will not be registered under the Securities
Act, and, if in the future such beneficial owner decides to offer, resell, pledge or otherwise transfer such Notes, such Notes
may be offered, resold, pledged or otherwise transferred only in accordance with the provisions of this Indenture and the legend
on such Notes. Such beneficial owner acknowledges that no representation has been made as to the availability of any exemption
under the Securities Act or any state securities laws for resale of such Notes. Such beneficial owner understands that the Issuer
has not been registered under the 1940 Act and is exempt from registration as such by virtue of Section 3(c)(7) of the 1940
Act.


 


(v)           Such beneficial owner is aware that, except as otherwise provided herein, any Secured Notes being sold to it in reliance on Regulation S
will be represented by one or more Regulation S Global Secured Notes and that beneficial interests therein may be held only through
DTC for the respective accounts of Euroclear or Clearstream.


 


(vi)          Such beneficial owner will provide notice to each Person to whom it proposes to transfer any interest in the Secured Notes of
the transfer restrictions and representations set forth in this Section 2.5, including the Exhibits referenced herein.


 


(vii)         Such beneficial owner is obtaining such beneficial interest in compliance with certain restrictions imposed during the Distribution
Compliance Period.


 


(viii)        Such beneficial owner consents on behalf of itself to the Issuer’s acquisition of the initial Collateral Obligations.


 


(ix)           Such beneficial owner represents, acknowledges and agrees to the transfer restrictions set forth in Section 2.12.


 


(l)           Each Person who becomes an owner of a Certificated Secured Note will be required to make the representations and agreements set
forth in Exhibit B-2. Each Person who purchases an interest in a Rule 144A Global Subordinated Note directly from
the Issuer as part of the initial offering on the Closing Date will be required to make the representations and agreements set
forth in Exhibit B-5. Each account managed by the Collateral Manager or its affiliates who is transferred a beneficial
interest in a Rule 144A Global Subordinated Note following the Closing Date with the consent of the Issuer and the Collateral
Manager will be required to make the representations and agreements set forth in Exhibit B-5. Each Person who becomes an
owner of a Certificated Subordinated Note (including a transfer of an interest in a Rule 144A Global Subordinated Note to a transferee
acquiring a Subordinated Note in certificated form) will be required to make the representations and agreements set forth in Exhibit B-4
and Exhibit B-5. Each Person who becomes an owner of an Uncertificated Secured Note will be required to make the representations
and agreements set forth in Exhibit B-10 (or, in the case of Uncertificated Secured Notes purchased as part of the Offering,
as may be otherwise expressly agreed in writing between the Issuer and such Person).


 






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(m)            
Any purported transfer of a Note not in accordance with this Section 2.5 shall be null and void and shall not be given
effect for any purpose whatsoever.


 


(n)              
To the extent required by the Issuer, as determined by the Issuer or the Collateral Manager on behalf of the Issuer, the Issuer
may, upon written notice to the Trustee impose additional transfer restrictions on the Notes to comply with the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 and other similar laws or regulations,
including, without limitation, requiring each transferee of a Note to make representations to the Issuer in connection with such
compliance.


 


(o)              
The Registrar, the Trustee and the Issuer shall be entitled to conclusively rely on the information set forth on the face of any
transferor and transferee certificate delivered pursuant to this Section 2.5 and shall be able to presume conclusively
the continuing accuracy thereof, in each case without further inquiry or investigation. Notwithstanding anything in this Indenture
to the contrary, the Trustee shall not be required to obtain any certificate specifically required by the terms of this Section
2.5 if the Trustee is not notified of or in a position to know of any transfer requiring such a certificate to be presented
by the proposed transferor or transferee. Neither the Trustee nor the Registrar shall be liable for any delay in the delivery
of directions from DTC and may conclusively rely on, and shall be fully protected in relying on, such direction as to the names
of the beneficial owners in whose names such Certificated Notes shall be registered or as to delivery instructions for such Certificated
Notes.


 


(p)              
For the avoidance of doubt, notwithstanding anything in this Indenture to the contrary, the Initial Purchaser may hold a position
in a Regulation S Global Secured Note prior to the distribution of the applicable Secured Notes represented by such position.


 


(q)              
Neither the Trustee nor the Registrar shall be liable for any delay in the delivery of directions from the depository and may
conclusively rely on, and shall be fully protected in relying on, such direction as to the names of the beneficial owners in whose
names such Certificated Notes shall be registered or as to delivery instructions for such Certificated Notes.


 






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Section
2.6            Mutilated, Defaced, Destroyed, Lost or Stolen Note.
If (a) any mutilated or defaced Note is surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the
Trustee and the relevant Transfer Agent evidence to their reasonable satisfaction of the destruction, loss or theft of any Note,
and (b) there is delivered to the Issuer, the Trustee and such Transfer Agent such security or indemnity as may be required
by them to save each of them harmless, then, in the absence of notice to the Issuer, the Trustee or such Transfer Agent that such
Note has been acquired by a protected purchaser, the Issuer shall execute and, upon Issuer Order, the Trustee shall authenticate
and deliver to the Holder, in lieu of any such mutilated, defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including
the same date of issuance) and equal principal or face amount, registered in the same manner, dated the date of its authentication,
bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen Note and bearing
a number not contemporaneously outstanding.


 


If,
after delivery of such new Note, a protected purchaser of the predecessor Note presents for payment, transfer or exchange such
predecessor Note, the Issuer, the Transfer Agent and the Trustee shall be entitled to recover such new Note from the Person to
whom it was delivered or any Person taking therefrom, and shall be entitled to recover upon the security or indemnity provided
therefor to the extent of any loss, damage, cost or expense incurred by the Issuer, the Trustee and the Transfer Agent in connection
therewith.


 


In
case any such mutilated, defaced, destroyed, lost or stolen Note has become due and payable, the Issuer in its discretion may,
instead of issuing a new Note pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall
be surrendered.


 


Upon
the issuance of any new Note under this Section 2.6, the Issuer may require the payment by the Holder thereof of a
sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including
the fees and expenses of the Trustee) connected therewith.


 


Every
new Note issued pursuant to this Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note shall
constitute an original additional contractual obligation of the Issuer and such new Note shall be entitled, subject to the second
paragraph of this Section 2.6, to all the benefits of this Indenture equally and proportionately with any and all
other Notes of the same Class duly issued hereunder.


 


The
provisions of this Section 2.6 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Notes.


 






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Section
2.7            Payment of Principal and Interest and Other Amounts;
Principal and Interest Rights Preserved. (a) The Secured Notes of each Class shall accrue interest during each Interest Accrual
Period at the applicable Interest Rate and such interest will be payable in arrears on each Payment Date on the Aggregate Outstanding
Amount (and, with respect to the Class C Notes and the Class D Notes, any Deferred Interest thereon, as applicable, as described
below) thereof on the first day of the related Interest Accrual Period (after giving effect to payments of principal thereof on
such date), except as otherwise set forth below; provided that, for the avoidance of doubt, with respect to any payment
of interest on a Redemption Date, such interest shall be determined in accordance with the calculation above solely for the period
from, and including, the first day of such Interest Accrual Period through, but excluding, such Redemption Date; provided further
that, with respect to any Interest Accrual Period during which a Re-Pricing has occurred, the applicable Interest Rate of
any Re-Priced Class shall reflect the applicable Re-Pricing Rate from and including, the applicable Re-Pricing Date. Payment of
interest on each Class of Secured Notes (and payments of available Interest Proceeds to the Holders of the Subordinated Notes)
will be subordinated to the payment of interest on each related Priority Class as provided in Section 11.1. So long as
any Priority Class is Outstanding with respect to the Class C Notes or the Class D Notes, any payment of interest due on the Class
C Notes or the Class D Notes which is not available to be paid in accordance with the Priority of Payments on any Payment Date
(“Deferred Interest”) shall not be considered “due and payable” for the purposes of Section
5.1(a) (and the failure to pay such interest shall not be an Event of Default) until the earliest of (i) the Payment Date
on which funds are available to pay such Deferred Interest in accordance with the Priority of Payments, (ii) the Redemption Date
or the Re-Pricing Date, as applicable, with respect to the Class C Notes or the Class D Notes, as applicable, and (iii) the Stated
Maturity of the Class C Notes or the Class D Notes, as applicable. Deferred Interest on the Class C Notes or the Class D Notes,
as applicable, shall be payable on the first Payment Date on which funds are available to be used for such purpose in accordance
with the Priority of Payments, but in any event no later than the earlier of the Payment Date (i) which is the Redemption Date
or Re-Pricing Date, as applicable, with respect to the Class C Notes or the Class D Notes, as applicable, and (ii) which is the
Stated Maturity of the Class C Notes or the Class D Notes, as applicable. Regardless of whether any Priority Class is Outstanding
with respect to the Class C Notes or the Class D Notes, as applicable, to the extent that funds are not available on any Payment
Date (other than the Redemption Date or the Re-Pricing Date with respect to, or Stated Maturity of, the Class C Notes or the Class
D Notes, as applicable) to pay previously accrued Deferred Interest, such previously accrued Deferred Interest will not be due
and payable on such Payment Date and any failure to pay such previously accrued Deferred Interest on such Payment Date will not
be an Event of Default. Interest will cease to accrue on each Secured Note, or in the case of a partial repayment, on such repaid
part, from the date of repayment. To the extent lawful and enforceable, interest on any interest that is not paid when due on
any Class A Notes, or if no Class A Notes are Outstanding, any Class B Notes, or if no Class A Notes or Class B Notes are Outstanding,
any Class C Notes, or if no Class A Notes, Class B Notes or Class C Notes are Outstanding, any Class D Notes, shall accrue at
the Interest Rate for such Class until paid as provided herein.


 


(b)           The principal of Secured Notes of each Class matures at par and is due and payable on the date of the Stated Maturity for such
Class, unless such principal has been previously repaid or unless the unpaid principal of such Secured Note becomes due and payable
at an earlier date by declaration of acceleration, call for redemption or otherwise. Notwithstanding the foregoing, the payment
of principal of each Class of Secured Notes (and payments of Principal Proceeds to the Holders of the Subordinated Notes) may
only occur in accordance with the Priority of Payments. Payments of principal on any Class of Secured Notes, and distributions
of Principal Proceeds to Holders of Subordinated Notes, which are not paid, in accordance with the Priority of Payments, on any
Payment Date (other than the Payment Date which is the Stated Maturity of such Class of Notes or any Redemption Date or Re-Pricing
Date, as applicable), because of insufficient funds therefor shall not be considered “due and payable” for purposes
of Section 5.1(a) until the Payment Date on which such principal may be paid in accordance with the Priority
of Payments or all Priority Classes with respect to such Class have been paid in full.


 






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(c)               
Principal payments on the Notes will be made in accordance with the Priority of Payments and Article IX.


 


(d)              
The Paying Agent shall require the previous delivery of properly completed and signed applicable tax certifications (generally,
in the case of U.S. federal income tax, an IRS Form W-9 (or applicable successor form) in the case of a United States Tax Person
or the appropriate IRS Form W-8 (or applicable successor form) in the case of a Person that is not a United States Tax Person)
or other certification acceptable to it to enable the Issuer, the Trustee and any Paying Agent to determine their duties and liabilities
with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in respect of such
Notes or the Holder or beneficial owner of such Notes under any present or future law or regulation of the United States, any
other jurisdiction or any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements
under any such law or regulation and to determine if payments by the Issuer are subject to withholding. The Issuer shall not be
obligated to pay any additional amounts to the Holders or beneficial owners of the Notes as a result of deduction or withholding
for or on account of any present or future taxes, duties, assessments or governmental charges with respect to the Notes. Nothing
herein shall be construed to obligate the Paying Agent or the Trustee to determine the duties or liabilities of the Issuer or
any other paying agent with respect to any tax certification or withholding requirements, or any tax certification or withholding
requirements of any jurisdiction, political subdivision or taxing authority outside the United States.


 


(e)               
Payments in respect of interest on and principal of Secured Notes and any payment with respect to any Subordinated Note shall
be made by the Trustee in Dollars (i) to DTC or its nominee with respect to a Global Secured Note or Rule 144A Global Subordinated
Note and (ii) to the Holder or its nominee with respect to a Certificated Note, by wire transfer, as directed by the Holder, in
immediately available funds to a Dollar account maintained by DTC or its nominee with respect to a Global Secured Note or a Rule
144A Global Subordinated Note, and to the Holder or its nominee with respect to a Certificated Note; provided that in the
case of a Certificated Note (1) the Holder thereof shall have provided written wiring instructions to the Trustee on or before
the related Record Date and (2) if appropriate instructions for any such wire transfer are not received by the related Record
Date, then such payment shall be made by check drawn on a U.S. bank mailed to the address of the Holder specified in the Register.
Upon final payment due on the Maturity of a Note, the Holder thereof shall present and surrender such Note at the Corporate Trust
Office of the Trustee or at the office of any Paying Agent on or prior to such Stated Maturity; provided that if the Trustee
and the Issuer shall have been furnished such security or indemnity as may be required by them to save each of them harmless and
an undertaking thereafter to surrender such certificate, then, in the absence of notice to the Issuer or the Trustee that the
applicable Note has been acquired by a protected purchaser, such final payment shall be made without presentation or surrender.
Neither the Issuer, the Collateral Manager, the Trustee nor any Paying Agent will have any responsibility or liability for any
aspects of the records (or for maintaining, supervising or reviewing such records) maintained by DTC, Euroclear, Clearstream or
any of the Agent Members relating to or for payments made thereby on account of beneficial interests in a Global Secured Note
or Rule 144A Global Subordinated Note. In the case where any final payment of principal and interest is to be made on any Secured
Notes (other than on the Stated Maturity thereof) or any final payment is to be made on any Subordinated Note (other than
on the Stated Maturity thereof), the Trustee in the name and at the expense of the Issuer shall prior to the date on which such
payment is to be made, mail (by first class mail, postage prepaid) to the Persons entitled thereto at their addresses appearing
on the Register a notice which shall specify the date on which such payment will be made, the amount of such payment per U.S.$1,000
original principal amount of Secured Notes, original principal amount of Subordinated Notes and the place where such Notes may
be presented and surrendered for such payment.


 






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(f)               
Payments of principal to Holders of the Secured Notes of each Class shall be made in the proportion that the Aggregate Outstanding
Amount of the Secured Notes of such Class registered in the name of each such Holder on the applicable Record Date bears to the
Aggregate Outstanding Amount of all Secured Notes of such Class on such Record Date. Payments to the Holders of the Subordinated
Notes from Interest Proceeds and Principal Proceeds shall be made in the proportion that the Aggregate Outstanding Amount of the
Subordinated Notes registered in the name of each such Holder on the applicable Record Date bears to the Aggregate Outstanding
Amount of all Subordinated Notes on such Record Date.


 


(g)              
Interest accrued with respect to the Floating Rate Notes shall be calculated on the basis of the actual number of days elapsed
in the applicable Interest Accrual Period divided by 360. Interest accrued with respect to the Fixed Rate Notes shall be
computed on the basis of a 360-day year consisting of twelve 30-day months; provided, that if a redemption occurs on a Business
Day that would not otherwise be a Payment Date, interest on such Fixed Rate Notes shall be calculated on the basis of the actual
number of days elapsed in the applicable Interest Accrual Period divided by 360.


 


(h)              
All reductions in the principal amount of a Note (or one or more predecessor Notes) effected by payments of installments
of principal made on any Payment Date, Redemption Date or Re-Pricing Date, as applicable, shall be binding upon all future Holders
of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether
or not such payment is noted on such Note.


 


(i)                
Notwithstanding any other provision of this Indenture, the obligations of the Issuer under the Notes and this Indenture are limited
recourse obligations of the Issuer, payable solely from the Assets and following realization of the Assets, and application of
the proceeds thereof in accordance with this Indenture, all obligations of and any claims against the Issuer hereunder or in connection
herewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer,
director, manager, partner, member, employee, shareholder, authorized Person or incorporator of the Issuer, the Collateral Manager,
the Retention Holder or their respective Affiliates, successors or assigns for any amounts payable under the Notes or this Indenture.
It is understood that the foregoing provisions of this paragraph (i) shall not (i) prevent recourse to the Assets for
the sums due or to become due under any security, instrument or agreement which is part of the Assets or (ii) constitute
a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by this Indenture until such
Assets have been realized. It is further understood that the foregoing provisions of this paragraph (i) shall not limit the
right of any Person to name the Issuer as a party defendant in any Proceeding or in the exercise of any other remedy under the
Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be
asked for or (if obtained) enforced against any such Person or entity. The Subordinated Notes are not secured hereunder.


 






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(j)            Subject to the foregoing provisions of this Section 2.7, each Note delivered under this Indenture and upon registration
of transfer of or in exchange for or in lieu of any other Note shall carry the rights to unpaid interest and principal (or other
applicable amount) that were carried by such other Note.


 


Section
2.8            Persons Deemed Owners. The Issuer, the Trustee, and
any agent of the Issuer or the Trustee shall treat as the owner of the Notes the Person in whose name such Notes are registered
on the Register on the applicable Record Date for the purpose of receiving payments of principal of and interest on such Notes
and on any other date for all other purposes whatsoever (whether or not such Notes are overdue), and none of the Issuer, the Trustee,
or any agent of the Issuer or the Trustee shall be affected by notice to the contrary.


 


Section
2.9            Cancellation. All Notes surrendered for payment,
cancellation pursuant to Section 9.7, registration of transfer, exchange or redemption, or deemed lost or stolen, shall
be promptly canceled by the Trustee and may not be reissued or resold. No Note may be surrendered (including any surrender in
connection with any abandonment, gift, donation or other cause or event) except for payment as provided herein, for cancellation
pursuant to Section 9.7 or for registration of transfer, exchange or redemption in accordance with Article IX hereof
(in the case of a Special Redemption or a mandatory redemption, only to the extent that such Special Redemption or mandatory redemption
results in payment in full of the applicable Class of Notes), or for replacement in connection with any Note deemed lost or stolen.
Any Notes surrendered for cancellation as permitted by this Section 2.9 shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as
provided in this Section 2.9, except as expressly permitted by this Indenture. All canceled Notes held by the Trustee
shall be destroyed or held by the Trustee in accordance with its standard retention policy unless the Issuer shall direct by an
Issuer Order received prior to destruction that they be returned to it.


 


Section
2.10          DTC Ceases to be Depository. (a) A Global Secured Note or Rule 144A Global
Subordinated Note deposited with DTC pursuant to Section 2.2 shall be transferred in the form of a corresponding
Certificated Note to the beneficial owners thereof only if (A) such transfer complies with Section 2.5 of
this Indenture and (B) either (x) (i) DTC notifies the Issuer that it is unwilling or unable to continue as depository
for such Global Secured Note or Rule 144A Global Subordinated Note or (ii) DTC ceases to be a Clearing Agency registered
under the Exchange Act and, in each case, a successor depository is not appointed by the Issuer within 90 days after such event
or (y) an Event of Default has occurred and is continuing and such transfer is requested by any beneficial owner of an interest
in such Global Secured Note or Rule 144A Global Subordinated Note.


 






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(b)           Any Global Secured Note or Rule 144A Global Subordinated Note that is transferable in the form of a corresponding Certificated
Note to the beneficial owner thereof pursuant to this Section 2.10 shall be surrendered by DTC to the Corporate Trust
Office to be so transferred, in whole or from time to time in part, without charge, and the Issuer shall execute and the Trustee
shall authenticate and deliver, upon such transfer of each portion of such Global Secured Note or Rule 144A Global Subordinated
Note, an equal aggregate principal amount of definitive physical certificates (pursuant to the instructions of DTC) in authorized
denominations. Any Certificated Note delivered in exchange for an interest in a Global Secured Note or Rule 144A Global Subordinated
Note shall, except as otherwise provided by Section 2.5, bear the legends set forth in the applicable Exhibit A
and shall be subject to the transfer restrictions referred to in such legends.


 


(c)           Subject to the provisions of paragraph (b) of this Section 2.10, the Holder of a Global Secured Note or Rule
144A Global Subordinated Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may
hold interests through Agent Members, to take any action which such Holder is entitled to take under this Indenture or the Notes.


 


(d)           In the event of the occurrence of any of the events specified in clause (B) of sub-section (a) of this Section 2.10,
the Issuer will promptly make available to the Trustee a reasonable supply of Certificated Notes.


 


If
Certificated Notes are not so issued by the Issuer to such beneficial owners of interests in Global Secured Notes or Rule 144A
Global Subordinated Notes as required by sub-section (a) of this Section 2.10, the Issuer expressly acknowledges
that the beneficial owners shall be entitled to pursue any remedy that the Holders of a Global Secured Note or Rule 144A Global
Subordinated Note would be entitled to pursue in accordance with Article V of this Indenture (but only to the extent of
such beneficial owner’s interest in the Global Secured Note or Rule 144A Global Subordinated Note) as if corresponding
Certificated Notes had been issued; provided that the Trustee shall be entitled to rely upon any certificate of ownership
provided by such beneficial owners (including a certificate in the form of Exhibit C) and/or other forms of reasonable
evidence of such ownership.


 


Neither
the Trustee nor the Registrar shall be liable for any delay in the delivery of directions from the depository and may conclusively
rely on, and shall be fully protected in relying on, such direction as to the names of the beneficial owners in whose names such
Certificated Notes shall be registered or as to delivery instructions for such Certificated Notes.


 


Section
2.11           Non-Permitted Holders. (a) Notwithstanding anything to the contrary elsewhere
herein, (x) any transfer of a beneficial interest in any Secured Notes to a U.S. person that is not a QIB/QP (other than
a U.S. person that is an Institutional Accredited Investor and is also a Qualified Purchaser (or a corporation, partnership, limited
liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a
Qualified Purchaser)) and (y) any transfer of a beneficial interest in any Subordinated Note to a U.S. person that is not
(A) a Qualified Institutional Buyer or an Accredited Investor and (B) a Qualified Purchaser, a Knowledgeable Employee with respect
to the Issuer, Collateral Manager or a corporation, partnership, limited liability company or other entity (other than a trust),
each shareholder, partner, member or other equity owner of which is either a Qualified Purchaser or a Knowledgeable Employee with
respect to the Issuer or Collateral Manager shall be null and void and any such purported transfer of which the Issuer or the
Trustee shall have notice may be disregarded by the Issuer and the Trustee for all purposes.


 






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(b)           If (x) any U.S. person that is not a QIB/QP (other than a U.S. person that is an Institutional Accredited Investor and is also
a Qualified Purchaser (or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder,
partner, member or other equity owner of which is a Qualified Purchaser)) shall become the beneficial owner of an interest in
any Secured Notes or (y) any U.S. person that is not both (i) a Qualified Institutional Buyer or an Accredited Investor and also
(ii) a Knowledgeable Employee with respect to the Issuer or the Collateral Manager or a corporation, partnership, limited liability
company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is either a Qualified
Purchaser or a Knowledgeable Employee with respect to the Issuer or Collateral Manager shall become the beneficial owner of an
interest in any Subordinated Note (any such Person a “Non-Permitted Holder”), the acquisition of Notes by such
holder shall be null and void ab initio. The Issuer (or the Collateral Manager on behalf of the Issuer) shall, promptly
after discovery that such person is a Non-Permitted Holder by the Issuer or the Trustee or upon notice to the Issuer from the
Trustee (if a Trust Officer of the Trustee obtains actual knowledge), send notice to such Non-Permitted Holder demanding that
such Non-Permitted Holder transfer its interest in the Notes held by such Person to a Person that is not a Non-Permitted Holder
within 30 days after the date of such notice. If such Non-Permitted Holder fails to so transfer such Notes, the Issuer or
the Collateral Manager acting for the Issuer shall have the right, without further notice to the Non-Permitted Holder, to sell
such Notes or interest in such Notes to a purchaser selected by the Issuer that is not a Non-Permitted Holder on such terms as
the Issuer may choose. The Issuer, or the Collateral Manager acting on behalf of the Issuer, may select the purchaser by soliciting
one or more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Notes
and sell such Notes to the highest such bidder; provided that the Collateral Manager, its Affiliates and accounts, funds,
clients or portfolios established and controlled by the Collateral Manager shall be entitled to bid in any such sale. However,
the Issuer or the Collateral Manager may select a purchaser by any other means determined by it in its sole discretion. The Holder
of each Note, the Non-Permitted Holder and each other Person in the chain of title from the Holder to the Non-Permitted Holder,
by its acceptance of an interest in the Notes agrees to cooperate with the Issuer, the Collateral Manager and the Trustee to effect
such transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be
remitted to the Non-Permitted Holder. The terms and conditions of any sale under this sub-section shall be determined in
the sole discretion of the Issuer, and none of the Issuer, the Trustee or the Collateral Manager shall be liable to any Person
having an interest in the Notes sold as a result of any such sale or the exercise of such discretion.


 






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(c)           Notwithstanding anything to the contrary elsewhere herein, any transfer of a beneficial interest in any Subordinated Note to a
Person who has made an ERISA-related representation required by Section 2.5(c) that is subsequently shown to
be false or misleading shall be null and void and any such purported transfer of which the Issuer or the Trustee shall have notice
may be disregarded by the Issuer and the Trustee for all purposes.


 


(d)           If any Person shall become the beneficial owner of an interest in each Note who has made or is deemed to have made a prohibited
transaction, Benefit Plan Investor, Controlling Person, Similar Law or Other Plan Law representation required by Section 2.5 that
is subsequently shown to be false or misleading or whose beneficial ownership otherwise causes Benefit Plan Investors to hold
25% or more of the value of the Class D Notes or Subordinated Notes (any such Person a “Non-Permitted ERISA Holder”),
the Issuer shall, promptly after discovery that such Person is a Non-Permitted ERISA Holder by the Issuer or upon notice to the
Issuer from the Trustee (if a Trust Officer of the Trustee obtains actual knowledge), send notice to such Non-Permitted ERISA
Holder demanding that such Non-Permitted ERISA Holder transfer its interest in the Notes to a Person that is not a Non-Permitted
ERISA Holder within 10 days after the date of such notice. If such Non-Permitted ERISA Holder fails to so transfer its interest
in such Notes, the Issuer shall have the right, without further notice to the Non-Permitted ERISA Holder, to sell such Non-Permitted
ERISA Holder’s interest in such Notes to a purchaser selected by the Issuer that is not a Non-Permitted ERISA Holder on
such terms as the Issuer may choose. The Issuer may select the purchaser by soliciting one or more bids from one or more brokers
or other market professionals that regularly deal in securities similar to the Notes and selling such Notes to the highest such
bidder. However, the Issuer may select a purchaser by any other means determined by the Issuer in its sole discretion. The Holder
of the Notes, the Non-Permitted ERISA Holder and each other Person in the chain of title from the Holder to the Non-Permitted
ERISA Holder, by its acceptance of an interest in the Notes, agrees to cooperate with the Issuer and the Trustee to effect such
transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted
to the Non-Permitted ERISA Holder. The terms and conditions of any sale under this sub-section shall be determined in the
sole discretion of the Issuer, and none of the Issuer, the Trustee or the Collateral Manager shall be liable to any Person having
an interest in the Notes sold as a result of any such sale or the exercise of such discretion.


 


Section
2.12          Treatment and Tax Certification. (a) Each Holder (including, for purposes
of this Section 2.12, any beneficial owner of an interest in Notes) of Secured Notes agrees to treat the Secured Notes
as indebtedness for U.S. federal, state and local income and franchise tax purposes, except as otherwise required by law.


 


(b)           Each Holder of a Subordinated Note agrees to treat the Subordinated Notes as equity for U.S. federal, state and local income and
franchise tax purposes.


 


(c)           Each Holder of a Note agrees and understands that the failure to provide the Issuer and the Trustee (and any of their agents)
with the properly completed and signed tax certifications (generally, in the case of U.S. federal income tax, an IRS Form W-9
(or applicable successor form) in the case of a person that is a United States Tax Person or the appropriate IRS Form W-8 (or
applicable successor form) in the case of a person that is not a United States Tax Person) may result in withholding from payments
in respect of such Note, including U.S. federal withholding or back-up withholding.


 






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(d)           Each Holder of a Subordinated Note represents and warrants that it is a United States Tax Person, agrees to provide the Issuer
and the Trustee (and any of their agents) with a correct, complete and properly executed IRS Form W-9 (or applicable successor
form), and acknowledges that if it fails to provide the Issuer and the Trustee (and any of their agents) with the properly completed
and signed tax certifications specified above, the acquisition of its interest in such Note shall be void ab initio.


 


(e)           Each Holder of a Note agrees to provide the Issuer, the Trustee and any relevant intermediary with any information or documentation
that is required under FATCA or that the Issuer or relevant intermediary deems appropriate to enable the Issuer or relevant intermediary
to determine their duties and liabilities with respect to any taxes they may be required to withhold pursuant to FATCA in respect
of such Note or the Holder of such Note. In addition, each purchaser and subsequent transferee of such Notes (or any interest
therein) understands and acknowledges that the Issuer has the right under this Indenture to withhold on any Holder of a Note that
fails to comply with FATCA.


 


(f)            Each Holder of a Secured Note that is not a United States Tax Person represents that either (a) it is not (i) a bank (or an entity
affiliated with a bank) extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
(within the meaning of Section 881(c)(3)(A) of the Code), (ii) a “10 percent shareholder” with respect to the Issuer
within the meaning of Section 871(h)(3) or Section 881(c)(3)(D) of the Code, or (iii) a “controlled foreign corporation”
that is related to the Issuer within the meaning of Section 881(c)(3)(C) of the Code; (b) it is a person that is eligible for
benefits under an income tax treaty with the United States that eliminates U.S. federal income taxation of U.S. source interest
not attributable to a permanent establishment in the United States; or (c) it has provided an IRS Form W-8ECI representing that
all payments received or to be received by it on the Notes are effectively connected with the conduct of a trade or business in
the United States.


 


(g)           Each Holder of a Restricted Note represents, acknowledges and agrees that:


 


(i)            such Note may not be acquired or owned by any person that is classified for U.S. federal income tax purposes as a partnership,
Subchapter S corporation or grantor trust unless (i) (a) except in the case of the Retention Holder, none of the direct or indirect
beneficial owners of any interest in such person have or ever will have more than 40% of the value of its interest in such person
attributable to the aggregate interest of such person in the combined value of the Restricted Notes (and any other interest treated
as equity in the Issuer for U.S. federal income tax purposes), and (b) it is not and will not be a principal purpose of the arrangement
involving the investment of such person in any Restricted Notes and any other equity interests of the Issuer to permit any partnership
to satisfy the 100 partner limitation of Treasury Regulations Section 1.7704-1(h)(1)(ii)
or (ii) such person obtains written advice of Dechert LLP or an opinion of nationally recognized U.S. tax counsel reasonably acceptable
to the Issuer that such transfer will not cause the Issuer to be treated as a publicly traded partnership taxable as a corporation;


 






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(ii)              
it will not participate in the creation or other transfer of any financial instrument or contract the value of which is determined
in whole or in part by reference to the Issuer (including the amount of distributions by the Issuer, the value of the Issuer’s
assets, or the results of the Issuer’s operations) or the Restricted Notes;


 


(iii)            
it will not acquire, or sell, transfer, assign, participate, pledge or otherwise dispose of the Restricted Note or cause the Restricted
Note to be marketed, (i) on or through an “established securities market” within the meaning of Section 7704(b)(1)
of the Code and Treasury Regulations Section 1.7704-1(b), including without limitation,
an interdealer quotation system that regularly disseminates firm buy or sell quotations or (ii) if such acquisition, sale, transfer,
assignment, participation, pledge or other disposition would cause the combined number of holders of the Restricted Notes and
any other equity interests in the Issuer to be more than 90; and


 


(iv)            
it acknowledges and agrees that any sale, transfer, assignment, participation, pledge, or other disposition of the Restricted
Note that would violate any of the three preceding paragraphs above or otherwise cause the Issuer to be unable to rely on the
 “private placement” safe harbor of Treasury Regulations Section 1.7704-1(h)
will be void and of no force or effect, and it will not transfer any interest in the Restricted Note to any person that does not
agree to be bound by the three preceding paragraphs above or by this paragraph.


 


(h)           Each Holder of a Secured Note that is not a United
States Tax Person represents and acknowledges that it is not and will not become a member of an “expanded group” (within
the meaning of the regulations issued under Section 385 of the Code) that includes a domestic corporation (as determined for U.S.
federal income tax purposes) if either (i) the Issuer is an entity disregarded as separate from such domestic corporation for
U.S. federal income tax purposes or (ii) the Issuer is a “controlled partnership” (within the meaning of the regulations)
with respect to such expanded group or an entity disregarded as separate from such controlled partnership for U.S. federal income
tax purposes.


 


(i)            Each Holder of a Subordinated Note acknowledges and agrees that, for so long as the Issuer is classified as a partnership for
U.S. federal income tax purposes, it shall not acquire any Subordinated Notes (or any other interest treated as equity in the
Issuer for U.S. federal income tax purposes) if such transfer would result in the Issuer being treated as a disregarded entity
for U.S. federal income tax purposes.


 


(j)            Each Holder of a Subordinated Note acknowledges and agrees that, for so long as the Issuer is disregarded as separate from it
for U.S. federal income tax purposes, a Note may not be transferred by it (except to a person that is disregarded as separate
from such Holder for U.S. federal income tax purposes), unless it has received written advice of Dechert LLP or an opinion of
nationally recognized U.S. tax counsel reasonably acceptable to the Issuer that such transfer will not result in the Issuer becoming
classified as an association taxable as a corporation or as a publicly traded partnership taxable as a corporation for U.S. federal
income tax purposes and will not cause the Issuer to be subject to U.S. federal income tax on a net basis.


 






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(k)           Each Holder of a Subordinated Note acknowledges and agrees that, it shall not transfer any Secured Note (except to a Person that
is disregarded as separate from it for U.S. federal income tax purposes) if at any time prior to such transfer the Issuer was
disregarded as separate from such Holder for U.S. federal income tax purposes, unless it shall have received written advice of
Dechert LLP or an opinion of tax counsel of nationally recognized standing in the United States experienced in such matters that,
immediately following such transfer, such Note and other outstanding Notes of the same Class (other than any Notes that it holds
immediately after such transfer) will be fungible for U.S. federal income tax purposes.


 


(l)            Each Holder of a Restricted Note agrees to deliver to the transferee, with a copy to the Trustee, prior to the transfer of such
Note, a properly completed certificate, in a form reasonably acceptable to the transferee and the Trustee, stating, under penalty
of perjury, the transferor’s United States taxpayer identification number and that the transferor is not a foreign person
within the meaning of Section 1446(f)(2) of the Code (such certificate, a “Non-Foreign Status Certificate”).
Each Holder of a Restricted Note acknowledges that the failure to provide a Non-Foreign Status Certificate to the transferee may
result in withholding on the amount realized on its disposition of such Note.


 


(m)          Each Holder of a Note agrees that it will indemnify the Issuer, the Trustee, and their respective agents from any and all damages,
cost and expenses (including any amount of taxes, fees, interest, additions to tax, or penalties) resulting from the failure by
it to comply with its obligations under the Note. It acknowledges that the indemnification will continue with respect to any period
during which it held such Note, notwithstanding it ceasing to be a Holder of the Note.


 


Section
2.13         Additional Issuance. (a) At any time within the Reinvestment Period (or,
in the case of an issuance solely of additional Subordinated Notes or Junior Mezzanine Notes, at any time), the Issuer may, pursuant
to a supplemental indenture in accordance with Section 8.1 hereof, issue (i) Additional Notes of each Class (on a
pro rata basis with respect to each Class of Notes that are subordinate to the Class A Notes, except, that a larger proportion
of Subordinated Notes may be issued) and/or (ii) additional Subordinated Notes and/or additional notes of any one or more new
classes of notes that are fully subordinated to the existing Secured Notes (or to the most junior class of securities of the Issuer
(other than the Subordinated Notes) issued pursuant to this Indenture, if any class of securities issued pursuant to this Indenture
other than the Secured Notes and the Subordinated Notes is then outstanding) (such additional notes, “Junior Mezzanine
Notes”) and use the proceeds to purchase additional Collateral Obligations or as otherwise permitted under this Indenture
(including Permitted Uses); provided that the following conditions are met:


 


(i)            the Collateral Manager and the Retention Holder each consents to such issuance and such issuance is consented to by a Supermajority
of the Subordinated Notes;


 






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(ii)              
the aggregate principal amount of Additional Notes of any Class issued in all additional issuances shall not exceed 100% of the
respective original outstanding principal amount of the Notes of such Class;


 


(iii)            
the terms of the Notes issued must be identical to the respective terms of previously issued Notes of the applicable Class (except
that the interest due on additional Secured Notes will accrue from the issue date of such additional Secured Notes and that the
spread over LIBOR and prices of such Notes may be lower (but not higher) than those of the initial Notes of that Class) and such
additional issuance shall not be considered a Refinancing hereunder;


 


(iv)            
the net proceeds of the issuance of any additional Subordinated Notes and Junior Mezzanine Notes shall be deposited in the Supplemental
Reserve Account and employed in connection with any Permitted Use; provided that this subclause (iv) shall only apply if
such additional Subordinated Notes and Junior Mezzanine Notes are the only Notes included in such additional issuance;


 


(v)              
unless only additional Subordinated Notes or Junior Mezzanine Notes are being issued, the S&P Rating Condition shall have
been satisfied;


 


(vi)            
the proceeds of any Additional Notes (net of fees and expenses incurred in connection with such issuance) shall be treated as
Principal Proceeds, used to purchase additional Collateral Obligations or, solely in the case of (x) additional Subordinated Notes
in excess of the amount of additional Subordinated Notes that would be on a pro rata basis with respect to each Class of
Notes that are subordinate to the Class A Notes and (y) Junior Mezzanine Notes other than additional Subordinated Notes and Junior
Mezzanine Notes, as another Permitted Use;


 


(vii)          
to the extent such issuance would be of additional Secured Notes (other than in connection with a Risk Retention Issuance), the
prior written consent of a Majority of the Controlling Class has been obtained;


 


(viii)        
the Overcollateralization Ratio with respect to each Class of Notes shall not be reduced after giving effect to such issuance;


 


(ix)            
written advice from Dechert LLP or an opinion of tax counsel of nationally recognized standing in the United States experienced
in such matters will be delivered to the Issuer (with a copy to the Trustee), in form and substance satisfactory to the Collateral
Manager, to the effect that (1) such additional issuance will not result in the Issuer being treated as a publicly traded partnership
taxable as a corporation for U.S. federal income tax purposes or otherwise subject to U.S. federal income tax on a net basis and
(2) any additional Secured Notes (other than Restricted Notes) will be characterized as indebtedness for U.S. federal income
tax purposes; provided, however, that the opinion described in this clause (2) will not be required with respect
to any additional Secured Notes that bear a different CUSIP number (or equivalent identifier) from the Secured Notes of the same
Class that are outstanding at the time of the additional issuance;


 






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(x)              
such issuance is accomplished in a manner that allows the independent accountants of the Issuer to accurately provide the tax
information relating to original issue discount that this Indenture requires to be provided to the Holders of Secured Notes (including
the Additional Notes); and


 


(xi)            
to the extent such issuance would be of additional Subordinated Notes (other than an additional issuance effected, in the sole
discretion of the Collateral Manager, in order to permit the Collateral Manager or the sponsor of the Issuer under the U.S. Risk
Retention Rules to comply with the U.S. Risk Retention Rules), not less than $1,000,000 in principal amount of additional Subordinated
Notes are issued in such additional issuance; and


 


(xii)          
an Officer’s certificate of the Issuer shall be delivered to the Trustee stating that the conditions of this Section
2.13(a) have been satisfied.


 


(b)           The terms and conditions of the Additional Notes of each Class issued pursuant to this Section 2.13 shall be identical
to those of the initial Notes of that Class (except that the interest due on the Additional Notes that is Secured Notes shall
accrue from the issue date of such Additional Notes and the interest rate and price of such Additional Notes may be lower (but
not higher) than those of the initial Notes of that Class). Interest on the Additional Notes that is Secured Notes shall be payable
commencing on the first Payment Date following the issue date of such Additional Notes (if issued prior to the applicable Record
Date). The Additional Notes shall rank pari passu in all respects with the initial Notes of that Class.


 


(c)           Except with respect to a Risk Retention Issuance, any Additional Notes of each Class issued pursuant to this Section 2.13
shall, to the extent reasonably practicable, be offered first to Holders of that Class in such amounts as are necessary to
preserve their pro rata holdings of Notes of such Class.


 


(d)           In addition, Additional Notes may be issued in connection with any Refinancing of the Secured Notes in whole without regard to
the restrictions in this Section 2.13.


 


(e)           The Issuer may not issue additional Class D Notes unless an Unfunded Class Funding has occurred.


 


(f)            For the avoidance of doubt, at any time the Holders of the Subordinated Notes may make additional capital contributions to the
Issuer.


 






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Section
2.14           Funding of the Unfunded Class.


 


(a)            The Unfunded Class will be issued on the Closing Date with an initial principal amount and Aggregate Outstanding Amount of zero;
provided that solely for purposes of issuance and transfers of the Class D Notes prior to the Unfunded Class Funding, the
Aggregate Outstanding Amount of the Class D Notes will be deemed to be the notional amount thereof. Any Unfunded Class Funding
(if any) will be evidenced by an increase in the Aggregate Outstanding Amount of the Class D Notes in an amount equal to such
Unfunded Class Funding as specified in the definition of “Aggregate Outstanding Amount”.


 


(b)           The Issuer, acting at the direction of a Majority of the Subordinated Notes and with the consent of the Collateral Manager, will
be permitted to request one or more Unfunded Class Fundings; provided that, no Unfunded Class Funding may occur (1) during
any Funding Blackout Period and (2) unless, as certified by the Collateral Manager to the Issuer and the Trustee, (a) the Class
D Par Subordination Condition will be satisfied immediately following the Unfunded Class Funding, (b) after giving effect to such
Unfunded Class Funding, the Aggregate Funded Amount will not exceed the Aggregate Unfunded Class Amount, (c) if such Unfunded
Class Funding is the first Unfunded Class Funding with respect to such Class of Notes, and such Notes are not Rated Notes, then
the Collateral Manager and the Holders of such Class of Notes have consented to such Unfunded Class Funding and (d) in the event
any Class D Note is to be held in the form of a Global Secured Note, such Global Secured Note has been accepted for clearance
through DTC; provided, further, that each Unfunded Class Funding shall be in a minimum amount of $1,000,000 and the Funded
Amount with respect to any Unfunded Class Funding of any Class that occurs after the initial Unfunded Class Funding of such Class
shall include accrued interest that would have accrued on such Note from and including the immediately preceding Payment Date;
provided further that the Issuer shall request no more than three Unfunded Class Fundings.


 


(c)           Each Unfunded Class Funding will be effected by the Issuer providing written notice (at the direction of the Collateral Manager)
(an “Unfunded Class Funding Notice”) to the Trustee (who shall forward a copy of such notice to the Holders),
the Collateral Administrator, the Calculation Agent and the Rating Agency at least five Business Days prior to the proposed Funding
Date. The terms of the Unfunded Class Funding Notice shall have been approved by a Majority of the Subordinated Notes with the
consent of the Collateral Manager. The Unfunded Class Funding Notice shall specify (i) the CUSIP number (or equivalent identifier)
and principal amount of the Unfunded Class to be funded (which shall be an amount equal to or less than the initial principal
amount of the Unfunded Class), (ii) the spread over LIBOR of the Unfunded Class (which shall be a spread or fixed rate of interest
equal to or less than the respective spread specified in the table set forth in Section 2.3), (iii) the proposed Funding
Date, (iv) the applicable Unfunded Class Non-Call Period (if any), (v) the amount of proceeds of the Funded Amount that shall
constitute Interest Proceeds (if any), Principal Proceeds (if any) or a Funding Date Payment and (vi) information regarding the
appropriate participant account with DTC to be credited; provided that any portion of proceeds attributable to accrued
interest included in the Funded Amount shall be designated as Interest Proceeds. If a Funding Date Payment is directed to be made,
the Trustee shall disburse the Funding Date Payment pro rata to the holders of the Subordinated Notes as of the applicable Record
Date as soon as reasonably practicable, and in no event later than five Business Days after the applicable Funding Date. An Unfunded
Class Funding shall be effective on the Funding Date specified in the applicable Funding Notice and upon receipt of the Funded
Amount. With respect to any Unfunded Class Funding requested hereunder, all holder(s) of the Unfunded Class (or their nominee(s))
shall fund their pro rata portion of the Funded Amount, by wire transfer of immediately available funds on the applicable Funding
Date as specified in the Unfunded Class Funding Notice. Any holder that does not fund its pro rata portion of the Funded Amount
shall have no rights to any of the principal or interest on any Class D Notes that are funded. The failure of any such holder(s)
or their nominee(s) on the Funding Date to fund their respective pro rata portion of the Funded Amount shall not constitute an
Event of Default or an Unfunded Class Funding, and the Unfunded Class Funding shall be automatically reduced by any such amount
not funded within 10 Business Days following the Funding Date.


 






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(d)           For the avoidance of doubt, (a) any Unfunded Class Funding shall not be deemed to be an additional issuance of Notes and (b) an
Unfunded Class Funding may occur without respect to whether the Class D Notes are Rated Notes.


 


(e)           Notwithstanding anything to the contrary, at the direction and at the expense of a Holder of Notes of the Unfunded Class with
the consent of the Collateral Manager, prior to delivering any Unfunded Class Funding Notice the Issuer shall obtain a new CUSIP
number (or equivalent identifier) to facilitate the funding of such Unfunded Class at a different spread over LIBOR than that
applicable to previously funded Notes of the Unfunded Class, and such new CUSIP shall not be deemed to be an additional issuance
of Notes or require a Supplemental Indenture (provided that, notwithstanding the foregoing, all funded Notes of the Unfunded
Class shall constitute Pari Passu Classes with one another (including for purposes of the Priority of Payments) regardless of
CUSIP identifier). Additionally, in the event any Class D Note is to be held in the form of a Global Secured Note, the Issuer,
at the expense of a Holder of Notes of the Unfunded Class, shall cause such Global Secured Note (i) to be accepted for clearance
through DTC, and (ii) on the Funding Date to be deposited with the Trustee as custodian for, and registered in the name of Cede
 & Co., a nominee of DTC, subject to the minimum denomination and applicable procedures of DTC. For avoidance of doubt, neither
the Trustee nor the Paying Agent shall have any obligation or responsibility to cause any Class D Global Secured Note to be accepted
for clearance through DTC or obtain any the CUSIP number (or equivalent identifier) for such Class D Note.


 






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ARTICLE
III



Conditions Precedent


 


Section
3.1            Conditions to Issuance of Notes on Closing Date.
The Notes to be issued on the Closing Date (other than the Uncertificated Secured Notes) may be executed by the Issuer and delivered
to the Trustee for authentication and thereupon the same shall be authenticated and delivered by the Trustee, and the Uncertificated
Secured Notes to be issued on the Closing Date may be registered in the names of the respective Holders thereof and a Confirmation
of Registration shall be delivered by the Trustee to each such Holder, in each case upon Issuer Order and upon receipt by the
Trustee of the following:


 


(i)               Officers’ Certificate of the Issuer Regarding Corporate Matters. An Officer’s certificate of the Issuer (A) evidencing
the authorization by Resolution of the execution and delivery of this Indenture, the Collateral Management Agreement, the Collateral
Administration Agreement, the Master Loan Sale Agreements and related transaction documents and in each case the execution, authentication
and delivery of the Notes applied for by it and specifying the Stated Maturity, principal amount and Interest Rate of each Class
of Secured Notes to be authenticated and delivered and the Stated Maturity and principal amount of Subordinated Notes to be authenticated
and delivered and (B) certifying that (1) the attached copy of the Resolution is a true and complete copy thereof, (2) such
Resolutions have not been rescinded and are in full force and effect on and as of the Closing Date and (3) the Officers authorized
to execute and deliver such documents hold the offices and have the signatures indicated thereon.


 


(ii)              Governmental Approvals. From the Issuer either (A) a certificate of the Issuer or other official document evidencing
the approval or consent of any governmental body or bodies, at the time having jurisdiction in the premises, together with an
Opinion of Counsel of the Issuer that no other approval or consent of any governmental body is required for the valid issuance
of the Notes or (B) an Opinion of Counsel of the Issuer that no such approval or consent of any governmental body is required
for the valid issuance of such Notes except as has been given.


 


(iii)            
U.S. Counsel Opinions. Opinions of (A) Dechert LLP, special U.S. counsel to the Issuer, the Collateral Manager, the Retention
Holder and Special U.S. Tax Counsel to the Issuer, (B) Clark Hill PLC, Delaware counsel to the Issuer and (C) Nixon Peabody LLP,
counsel to the Trustee and Collateral Administrator, each dated the Closing Date.


 


(iv)            
Officers’ Certificate of the Issuer Regarding Indenture. An Officer’s certificate of the Issuer stating that,
to the best of the signing Officer’s knowledge, the Issuer is not in default under this Indenture and that the issuance
of the Notes applied for by it will not result in a default or a breach of any of the terms, conditions or provisions of, or constitute
a default under, its organizational documents, any indenture or other agreement or instrument to which it is a party or by which
it is bound, or any order of any court or administrative agency entered in any Proceeding to which it is a party or by which it
may be bound or to which it may be subject; that all conditions precedent provided herein relating to the authentication and delivery
of the Notes applied for by it have been complied with; and that all expenses due or accrued with respect to the Offering of such
Notes or relating to actions taken on or in connection with the Closing Date have been paid or reserves therefor have been made.
The Officer’s certificate of the Issuer shall also state that, to the best of the signing Officer’s knowledge, all
of the Issuer’s representations and warranties contained herein are true and correct as of the Closing Date.


 






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(v)           Transaction
Documents. An executed counterpart of each Transaction Document.


 


(vi)          Certificate of the Collateral Manager. An Officer’s certificate of the Collateral Manager, dated as of the Closing
Date, to the effect that immediately before the Delivery of the Collateral Obligations on the Closing Date:


 


(A)          the information with respect to each Collateral Obligation in the Schedule of Collateral Obligations is true and correct and such
schedule is complete with respect to each such Collateral Obligation;


 


(B)           each Collateral Obligation in the Schedule of Collateral Obligations satisfies the requirements of the definition of “Collateral
Obligation”;


 


(C)           the Issuer purchased or entered into each Collateral Obligation in the Schedule of Collateral Obligations in compliance with Section 12.2;
and


 


(D)           the Aggregate Principal Balance of the Collateral Obligations which the Issuer has purchased, acquired, entered into binding commitments
to purchase, or identified for purchase on or prior to the Closing Date is at least U.S.$359,373,669.75.


 


(vii)        Grant of Collateral Obligations. The Grant pursuant to the Granting Clauses of this Indenture of all of the Issuer’s
right, title and interest in and to the Collateral Obligations pledged to the Trustee for inclusion in the Assets on the Closing
Date shall be effective, and Delivery of such Collateral Obligations (including each promissory note and all other Underlying
Instruments related thereto to the extent received by the Issuer) as contemplated by Section 3.3 shall have
been effected.


 


(viii)       Certificate of the Issuer Regarding Assets. An Officer’s certificate of the Issuer, dated as of the Closing Date,
to the effect that:


 


(A)          in the case of each Collateral Obligation pledged to the Trustee for inclusion in the Assets, on the Closing Date and immediately
prior to the Delivery thereof (or immediately after Delivery thereof, in the case of clause (VI)(ii) below) on the Closing Date;


 


(I)             the Issuer is the owner of such Collateral Obligation free and clear of any liens, claims or encumbrances of any nature whatsoever
except for (i) those which are being released on the Closing Date; (ii) those Granted pursuant to this Indenture and
(iii) any other Permitted Liens;


 






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(II)            the Issuer has acquired its ownership in such Collateral Obligation in good faith without notice of any adverse claim, except
as described in clause (I) above;


 


(III)         
  the Issuer has not assigned, pledged or otherwise encumbered any interest in such Collateral Obligation (or, if any such interest
has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Indenture;


 


(IV)         
  the Issuer has full right to Grant a security interest in and assign and pledge such Collateral Obligation to the Trustee;


 


(V)            based on the certificate of the Collateral Manager delivered pursuant to Section 3.1(vi), the information set forth
with respect to such Collateral Obligation in the Schedule of Collateral Obligations is true and correct;


 


(VI)         
(i) based on the certificate of the Collateral Manager delivered pursuant to Section 3.1(vi), each Collateral Obligation
included in the Assets satisfies the requirements of the definition of “Collateral Obligation” and (ii) the requirements
of Section 3.1(vii) have been satisfied;


 


(VII)      
    upon the Grant by the Issuer, the Trustee has a first priority perfected security interest in the Collateral Obligations and other
Assets, except as permitted by this Indenture; and


 


(B)           based on the certificate of the Collateral Manager delivered pursuant to Section 3.1(vi), the Aggregate Principal Balance
of the Collateral Obligations which the Issuer has purchased, acquired, entered into binding commitments to purchase, or identified
for purchase on or prior to the Closing Date is at least U.S. $359,373,669.75 .


 


(ix)          Rating Letter. An Officer’s certificate of the Issuer to the effect that attached thereto is a true and correct copy
of a letter from the Rating Agency and confirming that each Class of Notes (other than the Class D Notes) has been assigned the
applicable Initial Rating and that such ratings are in effect on the Closing Date.


 


(x)           Accounts. Evidence of the establishment of each of the Accounts.


 


(xi)          Issuer Order for Deposit of Funds into Accounts. (A) An Issuer Order signed in the name of the Issuer by a Responsible
Officer of the Issuer, dated as of the Closing Date, authorizing the deposit of U.S.$295,007,000 from the proceeds of the issuance
of the Notes into the Ramp-Up Account for use pursuant to Section 10.3(c), (B) an Issuer Order signed in the
name of the Issuer by a Responsible Officer of the Issuer, dated as of the Closing Date, authorizing the deposit of U.S.$1,950,000
from the proceeds of the issuance of the Notes into the Expense Reserve Account as Interest Proceeds for use pursuant to Section 10.3(d)
and (C) an Issuer Order signed in the name of the Issuer by a Responsible Officer of the Issuer, dated as of the Closing
Date, authorizing the deposit of the Interest Reserve Amount from the proceeds of the issuance of the Notes into the Interest
Reserve Account as Interest Proceeds for use pursuant to Section 10.3(f).


 






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(xii)         Other Documents. Such other documents as the Trustee may reasonably require; provided that nothing in this clause
(xii) shall imply or impose a duty on the part of the Trustee to require any other documents.


 


In
addition, upon the execution and delivery of this Indenture and the issuance of the Notes, the Trustee is authorized and directed
to release from the lien of this Indenture the amount from the proceeds of the issuance of the Notes designated by the Issuer
to pay the aggregate purchase price owing under the Master Loan Sale Agreements.


 


Section
3.2            Conditions to Additional Issuance. Additional Notes
to be issued on an Additional Notes Closing Date pursuant to Section 2.13 may be executed by the Issuer and delivered
to the Trustee for authentication and thereupon the same shall be authenticated and delivered to the Issuer by the Trustee upon
Issuer Order (setting forth registration, delivery and authentication instructions) and upon receipt by the Trustee of the following:


 


(i)                
Officers’ Certificates of the Issuer Regarding Corporate Matters. An Officer’s certificate of the Issuer (A) evidencing
the authorization by Resolution of the execution and delivery of a supplemental indenture pursuant to Section 8.1(a)(xii)
and the execution, authentication and delivery of the Additional Notes applied for by it, and specifying the Stated Maturity,
the principal amount and Interest Rate of each Class of such Additional Notes that is Secured Notes and the Stated Maturity and
principal amount of the Subordinated Notes to be authenticated and delivered and (B) certifying that (1) the attached
copy of such Resolution is a true and complete copy thereof, (2) such Resolutions have not been rescinded and are in full
force and effect on and as of the Additional Notes Closing Date and (3) the Officers authorized to execute and deliver such
documents hold the offices and have the signatures indicated thereon.


 


(ii)              
Governmental Approvals. From the Issuer either (A) a certificate of the Issuer or other official document evidencing
the due authorization, approval or consent of any governmental body or bodies, at the time having jurisdiction in the premises,
together with an Opinion of Counsel of the Issuer to the effect that no other authorization, approval or consent of any governmental
body is required for the valid issuance of such Additional Notes or (B) an Opinion of Counsel of the Issuer to the effect
that no such authorization, approval or consent of any governmental body is required for the valid issuance of such Additional
Notes except as have been given (provided that the opinion delivered pursuant to Section 3.2(iii) may satisfy the
requirement).


 






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(iii)            
U.S. Counsel Opinions. Opinions of Dechert LLP, special U.S. counsel to the Issuer or other counsel reasonably acceptable
to the Trustee, dated as of the Additional Notes Closing Date, in form and substance satisfactory to the Issuer and the Trustee.
An opinion of Special Tax Counsel or tax counsel of nationally recognized standing in the United States experienced in such matters
delivered pursuant to Section 2.13(a)(ix).


 


(iv)            
Officers’ Certificates of Issuer Regarding Indenture. An Officer’s certificate of the Issuer stating that the
Issuer is not in default under this Indenture and that the issuance of the Additional Notes applied for by it shall not result
in a default or a breach of any of the terms, conditions or provisions of, or constitute a default under, its organizational documents,
any indenture or other agreement or instrument to which it is a party or by which it is bound, or any order of any court or administrative
agency entered in any Proceeding to which it is a party or by which it may be bound or to which it may be subject; that all conditions
precedent provided in this Indenture and the supplemental indenture pursuant to Section 8.1(a)(xii) relating to the authentication
and delivery of the Additional Notes applied for have been complied with and that the authentication and delivery of the Additional
Notes are authorized or permitted under this Indenture and the supplemental indenture entered into in connection with such Additional
Notes; and that all expenses due or accrued with respect to the offering of the Additional Notes or relating to actions taken
on or in connection with the Additional Notes Closing Date have been paid or reserved. The Officer’s certificate of the
Issuer shall also state that all of its representations and warranties contained herein are true and correct as of the Additional
Notes Closing Date.


 


(v)              
Accountants’ Report. An Accountants’ Report in form and content satisfactory to the Issuer (A) if applicable,
comparing the issuer, Principal Balance, coupon/spread, Stated Maturity and country of Domicile with respect to each Collateral
Obligation pledged in connection with the issuance of such Additional Notes and the information provided by the Issuer with respect
to every other asset included in the Assets, by reference to such sources as shall be specified therein, if additional Assets
are pledged directly in accordance with such Additional Notes issuance and (B) specifying the procedures undertaken by them to
review data and computations relating to the foregoing statement; provided that if only additional Subordinated Notes are
being issued, no such Accountants’ Report shall be required.


 


(vi)            
S&P Rating Condition. Unless only additional Subordinated Notes or Junior Mezzanine Notes are being issued, evidence
that the S&P Rating Condition has been satisfied with respect to such issuance of Additional Notes.


 


(vii)          
Other Documents. Such other documents as the Trustee may reasonably require; provided that nothing in this clause
(vii) shall imply or impose a duty on the Trustee to so require any other documents.


 






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Prior
to any Additional Notes Closing Date, the Trustee shall provide to the Holders notice of such issuance of Additional Notes as
soon as reasonably practicable but in no case less than fifteen (15) days prior to the Additional Notes Closing Date; provided
that the Trustee shall receive such notice at least five (5) Business Days prior to the 15th day prior to such Additional
Notes Closing Date. On or prior to any Additional Notes Closing Date, the Trustee shall provide to the Holders copies of any supplemental
indentures executed as part of such issuance pursuant to the requirements of Section 8.1.


 


Section
3.3            Custodianship; Delivery of Collateral Obligations and
Eligible Investments. (a) The Collateral Manager, on behalf of the Issuer, shall deliver or cause to be delivered to a custodian
appointed by the Issuer, which shall be a Securities Intermediary (the “Custodian”) or the Trustee, as applicable,
all Assets in accordance with the definition of “Deliver.” The Custodian appointed hereby shall act as custodian for
the Issuer and as custodian, agent and bailee for the Trustee on behalf of the Secured Parties for purposes of perfecting the
Trustee’s security interest in those Assets in which a security interest is perfected by Delivery of the related Assets
to the Custodian. Initially, the Custodian shall be the Trustee. Any successor custodian shall be a state or national bank or
trust company that (i) has (A) capital and surplus of at least U.S.$200,000,000 and (B) a credit risk assessment or senior unsecured
rating of at least “BBB+” by S&P and (ii) is a Securities Intermediary. Subject to the limited right to relocate
Assets as provided in Section 7.5(b), the Trustee or the Custodian, as applicable, shall hold (i) all Collateral
Obligations, Eligible Investments, Cash and other investments purchased in accordance with this Indenture and (ii) any other
property of the Issuer otherwise Delivered to the Trustee or the Custodian, as applicable, by or on behalf of the Issuer, in the
relevant Account established and maintained pursuant to Article X; as to which in each case the Trustee shall have entered
into the Securities Account Control Agreement with the Custodian providing, inter alia, that the establishment and maintenance
of such Account will be governed by a law of a jurisdiction satisfactory to the Issuer and the Trustee.


 


(b)           Each time that the Collateral Manager on behalf of the Issuer directs or causes the acquisition of any Collateral Obligation,
Eligible Investment or other investment, the Collateral Manager (on behalf of the Issuer) shall, if the Collateral Obligation,
Eligible Investment or other investment is required to be, but has not already been, transferred to the relevant Account, cause
the Collateral Obligation, Eligible Investment or other investment to be Delivered to the Custodian to be held in the Custodial
Account (or in the case of any such investment that is not a Collateral Obligation, in the Account in which the funds used to
purchase the investment are held in accordance with Article X) for the benefit of the Trustee in accordance with this
Indenture. The security interest of the Trustee in the funds or other property used in connection with the acquisition shall,
immediately and without further action on the part of the Trustee, be released. The security interest of the Trustee shall nevertheless
come into existence and continue in the Collateral Obligation, Eligible Investment or other investment so acquired, including
all interests of the Issuer in and to any contracts related to and proceeds of such Collateral Obligation, Eligible Investment
or other investment.


 






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ARTICLE
IV



Satisfaction And Discharge


 


Section
4.1           Satisfaction and Discharge of Indenture. This Indenture
shall be discharged and shall cease to be of further effect except as to (i) rights of registration of transfer and exchange,
(ii) substitution of mutilated, defaced, destroyed, lost or stolen Notes, (iii) rights of Holders to receive payments
of principal thereof and interest thereon, (iv) the rights and immunities of the Trustee hereunder and the obligations set
forth in Section 4.2, (v) the rights, obligations and immunities of the Collateral Manager hereunder and under the
Collateral Management Agreement, (vi) the rights and immunities of the Collateral Administrator under the Collateral Administration
Agreement and (vii) the rights of Holders as beneficiaries hereof with respect to the property deposited with the Trustee
and payable to all or any of them (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture) when:


 


(a)           either:


 


(i)                
all Notes theretofore authenticated and delivered to Holders (other than (A) Notes which have been mutilated, defaced, destroyed,
lost or stolen and which have been replaced or paid as provided in Section 2.6 and (B) Notes for whose payment
Money has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer or discharged from such trust, as
provided in Section 7.3) have been delivered to the Trustee for cancellation; or


 


(ii)              
all Notes not theretofore delivered to the Trustee for cancellation (A) have become due and payable, or (B) will become
due and payable at their Stated Maturity within one year, or (C) are to be called for redemption pursuant to Article IX
under an arrangement satisfactory to the Trustee for the giving of notice of redemption by the Issuer pursuant to Section 9.4 and
the Issuer has irrevocably deposited or caused to be deposited with the Trustee, in trust for such purpose, Cash or non-callable
direct obligations of the United States of America; provided that the obligations are entitled to the full faith and credit
of the United States of America or are debt obligations which are rated “AAA” by Fitch, in an amount sufficient, as
recalculated in an Accountants’ Report by a firm of Independent certified public accountants which are nationally recognized,
to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal
and interest to the date of such deposit (in the case of Notes which has become due and payable), or to their Stated Maturity
or Redemption Date, as the case may be, and shall have Granted to the Trustee a valid perfected security interest in such Eligible
Investment that is of first priority and free of any adverse claim, as applicable, and shall have furnished an Opinion of Counsel
with respect thereto; provided that this sub-section (ii) shall not apply if an election to act in accordance with the
provisions of Section 5.5(a) shall have been made and not rescinded, it being understood that the requirements of this
clause (a) may be satisfied as set forth in Section 5.7.


 






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(b)           the Issuer has paid or caused to be paid all other sums then due and payable hereunder (including, without limitation, any amounts
then due and payable pursuant to the Collateral Administration Agreement and the Collateral Management Agreement, in each case,
without regard to the Administrative Expense Cap) by the Issuer and no other amounts are scheduled to be due and payable
by the Issuer, it being understood that the requirements of this clause (b) may be satisfied as set forth in Section 5.7;
and


 


(c)           the Issuer has delivered to the Trustee Officers’ certificates and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with;


 


Notwithstanding
the satisfaction and discharge of this Indenture, the rights and obligations of the Issuer, the Trustee, the Collateral Manager
and, if applicable, the Holders, as the case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18,
6.1, 6.3, 6.6, 6.7, 7.1, 7.3, 13.1, 14.10, 14.11, 14.12
and 14.17 shall survive.


 


Section
4.2            Application of Trust Money. All Cash and obligations
deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it in accordance with
the provisions of the Notes and this Indenture, including, without limitation, the Priority of Payments, to the payment of principal
and interest (or other amounts with respect to the Subordinated Notes), either directly or through any Paying Agent, as the Trustee
may determine; and such Cash and obligations shall be held in a segregated account identified as being held in trust for the benefit
of the Secured Parties.


 


Section
4.3            Repayment of Monies Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes, all Monies then held by any Paying Agent other
than the Trustee under the provisions of this Indenture shall, upon demand of the Issuer, be paid to the Trustee to be held and
applied pursuant to Section 7.3 hereof and in accordance with the Priority of Payments and thereupon such Paying
Agent shall be released from all further liability with respect to such Monies.


 


Section
4.4            Liquidation of Assets. (a) In the event of the liquidation
of the Assets as specified in accordance with Article V and the net proceeds from such liquidation and all available Cash
has been used for the payment of (or establishment of a reserve for) all Administrative Expenses (in the same manner and order
of priority in the definition thereof), Aggregate Collateral Management Fees and interest and principal on the Secured Notes so
that the Secured Notes has been redeemed and paid in full, the Subordinated Notes will become the Controlling Class and the holders
of the Subordinated Notes will have all rights of the holders of the Controlling Class under this Indenture. In addition, the
holders of the Subordinated Notes, as the holders of the Controlling Class, would be able to cause the satisfaction and discharge
of this Indenture.


 


(b)
To the extent the Assets are liquidated as specified in Article V in herein in any way and the net proceeds from such liquidation
and all available Cash has been used for the payment of (or establishment of a reserve for) all Administrative Expenses (in the
same manner and order of priority in the definition thereof), Aggregate Collateral Management Fees and interest and principal
on the Secured Notes so that the Secured Notes has been redeemed and paid in full, any excess amounts shall be paid on the Subordinated
Notes pursuant to Section 11.1(a) and if such amounts are insufficient to pay the Subordinated Notes in full or there are
no excess amounts to pay on the Subordinated Notes, the Subordinated Notes shall be deemed to be redeemed and paid in full, unless
such Subordinated Notes were previously redeemed or repaid prior thereto as otherwise described herein.


 






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ARTICLE
V



Remedies


 


Section
5.1            Events of Default. “Event of Default”,
wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body):


 


(a)           a default in the payment, when due and payable, of (i) any interest on any Class A Note or any Class B Note or, if there
are no Class A Notes Outstanding or Class B Notes Outstanding, any interest on any Secured Notes in the Class then comprising
the Controlling Class and, in each case, the continuation of any such default, for five Business Days after a Trust Officer of
the Trustee has actual knowledge or receives written notice from any holder of Notes of such payment default or (ii) any
principal of, or interest or Deferred Interest on, or any Redemption Price in respect of, any Secured Notes at its Stated Maturity
or any Redemption Date; provided that the failure to effect any Optional Redemption which is withdrawn by the Issuer in
accordance with this Indenture or with respect to which any Refinancing fails to occur shall not constitute an Event of Default
and provided further that, solely with respect to clause (i) above, in the case of a failure to disburse funds due to an
administrative error or omission by the Collateral Manager, Trustee, Collateral Administrator or any Paying Agent, such failure
continues for seven Business Days after a Trust Officer of the Trustee receives written notice or has actual knowledge of
such administrative error or omission; provided further, that, in the case of a default in the payment of any interest
on each Note on any Redemption Date thereof where (A) such default is due solely to a delayed or failed settlement of any asset
sale by the Issuer (or the Collateral Manager on the Issuer’s behalf), (B) the Issuer (or the Collateral Manager on the
Issuer’s behalf) had entered into a binding agreement of sale for such asset prior to the applicable Redemption Date and
(C) the Issuer (or the Collateral Manager on the Issuer’s behalf) has used commercially reasonable efforts to cause such
settlement to occur prior to the Redemption Date, then such default will not be an Event of Default unless such failure continues
for 60 calendar days after such Redemption Date;


 


(b)           the failure on any Payment Date to disburse amounts available in the Payment Account in excess of U.S.$100,000 in accordance with
the Priority of Payments and continuation of such failure for a period of ten Business Days or, in the case of a failure
to disburse due to an administrative error or omission by the Trustee, the Collateral Administrator or any Paying Agent, such
failure continues for five Business Days after a Trust Officer of the Trustee receives written notice or has actual knowledge
of such administrative error or omission;


 






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(c)           the Issuer or the Assets become an investment company required to be registered under the 1940 Act and such requirement has not
been eliminated after a period of 45 days;


 


(d)           except as otherwise provided in this Section 5.1, a material breach of any other covenant of the Issuer herein (other
than any failure to satisfy any of the Concentration Limitations, Collateral Quality Tests or Coverage Tests, or other covenants
or agreements for which a specific remedy has been provided hereunder or any failure to satisfy the requirements of Section 7.18),
or the failure of any material representation or warranty of the Issuer made herein or in any certificate or other writing delivered
pursuant hereto or in connection herewith to be correct in each case in all material respects when the same shall have been made
which breach or failure has a material adverse effect on the Holders of the Notes, and the continuation of such breach or failure
for a period of 45 days after notice to the Issuer and the Collateral Manager by the Trustee (at the direction of a Supermajority
of the Controlling Class) or to the Issuer the Collateral Manager and the Trustee by the Holders of at least a Supermajority of
the Controlling Class in each case, by registered or certified mail or overnight delivery service, specifying such breach or failure
and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; provided that
the delivery of a certificate or other report which corrects any inaccuracy contained in a previous report or certification
shall be deemed to cure such inaccuracy as of the date of delivery of such updated report or certificate and any and all inaccuracies
arising from continuation of such initial inaccurate report or certificate and the sale or other disposition of any asset that
did not at the time of its acquisition satisfy clause (a) of the Investment Criteria shall cure any breach or failure arising
therefrom as of the date of such failure;


 


(e)           the entry of a decree or order by a court having competent jurisdiction adjudging the Issuer as bankrupt or insolvent, or approving
as properly filed a petition seeking reorganization, arrangement, adjustment or composition of the Issuer under the applicable
Bankruptcy Law or any other applicable law, or appointing a receiver, liquidator, assignee, or sequestrator (or other similar
official) of the Issuer or of any substantial part of its property, respectively, or ordering the winding up or liquidation
of its affairs, respectively, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
days;


 


(f)            the institution by the Issuer of Proceedings to have the Issuer adjudicated as bankrupt or insolvent, or the consent of the Issuer
to the institution of bankruptcy or insolvency Proceedings against the Issuer, or the filing by the Issuer of a petition or answer
or consent seeking reorganization or relief under the applicable Bankruptcy Law or any other similar applicable law, or the consent
by the Issuer to the filing of any such petition or to the appointment in a Proceeding of a receiver, liquidator, assignee, trustee
or sequestrator (or other similar official) of the Issuer or of any substantial part of its property, respectively, or the
making by the Issuer of an assignment for the benefit of creditors, or the admission by the Issuer in writing of its inability
to pay its debts generally as they become due, or the taking of any action by the Issuer in furtherance of any such action; or


 






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(g)           on any Measurement Date as of which the Class A Notes are Outstanding, failure of the percentage equivalent of a fraction, (i) the
numerator of which is equal to (1) the Collateral Principal Amount plus (2) the aggregate Market Value of all
Defaulted Obligations on such date and (ii) the denominator of which is equal to the Aggregate Outstanding Amount of the
Class A Notes, to equal or exceed 102.5%.


 


Upon
a Responsible Officer’s (or a Trust Officer’s, in the case of the Trustee) obtaining knowledge of the occurrence of
an Event of Default, each of (i) the Issuer, (ii) the Trustee and (iii) the Collateral Manager shall notify each
other. Upon the occurrence of an Event of Default known to a Trust Officer of the Trustee, the Trustee shall promptly (and in
no event later than three Business Days thereafter) notify the Holders (as their names appear on the Register), each Paying Agent
and the Rating Agency (unless such Event of Default has been waived as provided in Section 5.14).


 


Section
5.2            Acceleration of Maturity; Rescission and Annulment.
(a) If an Event of Default occurs and is continuing (other than an Event of Default specified in Section 5.1(e) or
(f)), the Trustee may, and shall, upon the written direction of a Supermajority of the Controlling Class, by notice to
the Issuer and the Rating Agency, declare the principal of all the Secured Notes to be immediately due and payable, and upon any
such declaration such principal, together with all accrued and unpaid interest thereon, and other amounts payable hereunder, shall
become immediately due and payable. If an Event of Default specified in Section 5.1(e) or (f) occurs,
all unpaid principal, together with all accrued and unpaid interest thereon, of all the Secured Notes, and other amounts payable
thereunder and hereunder, shall automatically become due and payable without any declaration or other act on the part of the Trustee
or any Holder.


 


(b)           At any time after such a declaration of acceleration of maturity has been made and before a judgment or decree for payment of
the Money due has been obtained by the Trustee as hereinafter provided in this Article V, a Majority of the Controlling
Class by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if:


 


(i)            The Issuer has paid or deposited with the Trustee a sum sufficient to pay:


 


(A)            
all unpaid installments of interest and principal then due on the Secured Notes (other than any principal amounts due to the occurrence
of an acceleration);


 


(B)             
to the extent that the payment of such interest is lawful, interest upon any Deferred Interest at the applicable Interest Rate;
and


 


(C)             
all unpaid taxes and Administrative Expenses of the Issuer and other sums paid or advanced by the Trustee hereunder or by the
Collateral Administrator under the Collateral Administration Agreement or hereunder, accrued and unpaid Aggregate Collateral Management
Fees then due and owing and any other amounts then payable by the Issuer hereunder prior to such Administrative Expenses and such
Aggregate Collateral Management Fees.


 






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(ii)           It has been determined that all Events of Default, other than the nonpayment of the interest on or principal of the Secured Notes
that has become due solely by such acceleration, have:


 


(A)         been cured; and


 


(I)              in the case of an Event of Default specified in Section 5.1(a) due to failure to pay interest on the Class A Notes or the
Class B Notes or in the case of an Event of Default specified in Section 5.1(g), the Holders of at least a Majority of
the Class A Notes, by written notice to the Trustee, has agreed with such determination (which agreement shall not be unreasonably
withheld); provided that no Class of Secured Notes (other than the Class A Notes) shall have any rights pursuant to this
subclause (I), regardless of whether any such Class subsequently becomes the Controlling Class; or


 


(II)            in the case of any other Event of Default, the Holders of at least a Majority of each Class of Secured Notes (voting separately
by Class), in each case, by written notice to the Trustee, has agreed with such determination (which agreement shall not be unreasonably
withheld); or


 


(B)          been waived as provided in Section 5.14.


 


No
such rescission shall affect any subsequent Default or impair any right consequent thereon. The Trustee shall promptly give written
notice of any such rescission to the Rating Agency.


 


(c)           Notwithstanding anything in this Section 5.2 to the contrary, the Secured Notes will not be subject to acceleration
by the Trustee solely as a result of the failure to pay any amount due on the Secured Notes that are not of the Controlling Class
other than any failure to pay interest due on the Class B Notes.


 


Section
5.3            Collection of Indebtedness and Suits for Enforcement
by Trustee. The Issuer covenants that if a default shall occur in respect of the payment of any principal of or interest when
due and payable on any Secured Notes, the Issuer will, upon demand of the Trustee, pay to the Trustee, for the benefit of the
Holder of such Secured Notes, the whole amount, if any, then due and payable on such Secured Notes for principal and interest
with interest upon the overdue principal and, to the extent that payments of such interest shall be legally enforceable, upon
overdue installments of interest, at the applicable Interest Rate, and, in addition thereto, such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of
the Trustee and its agents and counsel.


 






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If
the Issuer fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust,
may, and shall, subject to the terms of this Indenture (including Section 6.3(e)) upon direction of a Majority of the Controlling
Class, institute a Proceeding for the collection of the sums so due and unpaid, may prosecute such Proceeding to judgment or final
decree, and may enforce the same against the Issuer or any other obligor upon the Secured Notes and collect the Monies adjudged
or decreed to be payable in the manner provided by law out of the Assets.


 


If
an Event of Default occurs and is continuing, the Trustee may in its discretion, and shall, subject to the terms of this Indenture
(including Section 6.3(e)) upon written direction of the Supermajority of the Controlling Class, proceed to protect and
enforce its rights and the rights of the Secured Parties by such appropriate Proceedings as the Trustee shall deem most effectual
(if no such direction is received by the Trustee) or as the Trustee may be directed by the Majority of the Controlling Class,
to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement herein or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee
by this Indenture or by law.


 


In
case there shall be pending Proceedings relative to the Issuer or any other obligor upon the Secured Notes under the applicable
Bankruptcy Law or any other applicable bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee
in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession
of the Issuer or its respective property or such other obligor or its property, or in case of any other comparable Proceedings
relative to the Issuer or other obligor upon the Secured Notes, or the creditors or property of the Issuer or such other obligor,
the Trustee, regardless of whether the principal of any Secured Notes shall then be due and payable as therein expressed or by
declaration or otherwise and regardless of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.3,
shall be entitled and empowered, by intervention in such Proceedings or otherwise:


 


(a)           to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Secured
Notes upon direction by a Majority of the Controlling Class and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each
predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all reasonable expenses and
liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence or
bad faith) and of the Holders of the Secured Notes allowed in any Proceedings relative to the Issuer or to the creditors
or property of the Issuer;


 


(b)           unless prohibited by applicable law and regulations, to vote on behalf of the Holders of the Secured Notes upon the direction
of a Majority of the Controlling Class, in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation
or other bankruptcy or insolvency Proceedings or Person performing similar functions in comparable Proceedings; and


 






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(c)           to collect and receive any Monies or other property payable to or deliverable on any such claims, and to distribute all amounts
received with respect to the claims of the Holders and of the Trustee on their behalf; and any trustee, receiver or liquidator,
custodian or other similar official is hereby authorized by each of the Holders of the Secured Notes to make payments to the Trustee,
and, if the Trustee shall consent to the making of payments directly to the Holders of the Secured Notes to pay to the Trustee
such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective
agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Trustee
and each predecessor Trustee except as a result of negligence or bad faith.


 


Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf
of any Holder of Secured Notes, any plan of reorganization, arrangement, adjustment or composition affecting the Secured Notes
or any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of Secured Notes, as applicable,
in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person.


 


In
any Proceedings brought by the Trustee on behalf of the Holders of the Secured Notes (and any such Proceedings involving the interpretation
of any provision of this Indenture to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders
of the Secured Notes.


 


Notwithstanding
anything in this Section 5.3 to the contrary, the Trustee may not sell or liquidate the Assets or institute Proceedings
in furtherance thereof pursuant to this Section 5.3 except according to the provisions specified in Section 5.5(a).


 


Section
5.4            Remedies. (a) If an Event of Default has occurred
and is continuing, and the Secured Notes has been declared due and payable and such declaration and its consequences have not
been rescinded and annulled, the Issuer agrees that the Trustee may, and shall, subject to the terms of this Indenture (including
Section 6.3(e)), upon written direction of a Supermajority of the Controlling Class, to the extent permitted by applicable
law, exercise one or more of the following rights, privileges and remedies:


 


(i)               institute Proceedings for the collection of all amounts then payable on the Secured Notes or otherwise payable under this Indenture,
whether by declaration or otherwise, enforce any judgment obtained, and collect from the Assets any Monies adjudged due;


 


(ii)              sell or cause the sale of all or a portion of the Assets or rights or interests therein, at one or more public or private sales
called and conducted in any manner permitted by law and in accordance with Section 5.17 hereof; provided that
the Trustee shall promptly give written notice of any such sale of Assets to the Rating Agency;


 


(iii)            
institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Assets;


 






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(iv)            
exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights
and remedies of the Trustee and the Holders of the Secured Notes hereunder (including exercising all rights of the Trustee under
the Securities Account Control Agreement); and


 


(v)              exercise any other rights and remedies that may be available at law or in equity;


 


provided
that the Trustee may not sell or liquidate the Assets or institute Proceedings in furtherance thereof pursuant to this Section 5.4 except
according to the provisions of Section 5.5(a).


 


The
Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking firm of national reputation (the
cost of which shall be payable as an Administrative Expense) in structuring and distributing securities similar to the Secured
Notes, which may be the Initial Purchaser, as to the feasibility of any action proposed to be taken in accordance with this Section 5.4
and as to the sufficiency of the proceeds and other amounts receivable with respect to the Assets to make the required payments
of principal of and interest on the Secured Notes which opinion shall be conclusive evidence as to such feasibility or sufficiency.


 


(b)           If an Event of Default as described in Section 5.1(d) hereof shall have occurred and be continuing the Trustee
may, and at the direction of the Holders of not less than 25% of the Aggregate Outstanding Amount of the Controlling Class shall,
subject to the terms of this Indenture (including Section 6.3(e)), institute a Proceeding solely to compel performance
of the covenant or agreement or to cure the representation or warranty, the breach of which gave rise to the Event of Default
under Section 5.1(d), and enforce any equitable decree or order arising from such Proceeding.


 


(c)           Upon any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings, any Secured Party may bid
for and purchase the Assets or any part thereof and, upon compliance with the terms of sale, may hold, retain, possess or dispose
of such property in its or their own absolute right without accountability.


 


Upon
any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings, the receipt of the Trustee,
or of the Officer making a sale under judicial Proceedings, shall be a sufficient discharge to the purchaser or purchasers at
any sale for its or their purchase Money, and such purchaser or purchasers shall not be obliged to see to the application thereof.


 


Any
such sale, whether under any power of sale hereby given or by virtue of judicial Proceedings, shall bind the Issuer, the Trustee
and the Holders of the Notes, shall operate to divest all right, title and interest whatsoever, either at law or in equity, of
each of them in and to the property sold, and shall be a perpetual bar, both at law and in equity, against each of them and their
successors and assigns, and against any and all Persons claiming through or under them.


 


(d)           Notwithstanding any other provision of this Indenture, none of the Trustee, the Secured Parties or the Holders may, prior to the
date which is one year and one day (or if longer, any applicable preference period and one day) after the payment in full
of all Notes, institute against, or join any other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement,
insolvency, moratorium or liquidation Proceedings, or other Proceedings under U.S. federal or state bankruptcy or similar laws.
Nothing in this Section 5.4 shall preclude, or be deemed to stop, the Trustee (i) from taking any action
prior to the expiration of the aforementioned period in (A) any case or Proceeding voluntarily filed or commenced by the
Issuer or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Trustee or (ii) from
commencing against the Issuer or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement,
insolvency, moratorium or liquidation Proceeding.


 






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Section
5.5           Optional Preservation of Assets. (a) Notwithstanding
anything to the contrary herein (but subject to the right of the Collateral Manager to direct the Trustee to sell Collateral Obligations
or Equity Securities in strict compliance with Section 12.1), if an Event of Default shall have occurred and be continuing,
the Trustee shall retain the Assets securing the Secured Notes intact, collect and cause the collection of the proceeds thereof
and make and apply all payments and deposits and maintain all accounts in respect of the Assets and the Notes in accordance with
the Priority of Payments and the provisions of Article X, Article XII and Article XIII unless:


 


(i)               the Trustee, pursuant to Section 5.5(c), determines that the anticipated proceeds of a sale or liquidation of the
Assets (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full the
amounts then due (or, in the case of interest, accrued) and unpaid on the Secured Notes for principal and interest (including
accrued and unpaid Deferred Interest) and all other amounts payable prior to payment of principal on such Secured Notes (including
amounts due and owing as Administrative Expenses (without regard to the Administrative Expense Cap) and any due and unpaid Aggregate
Collateral Management Fees) and a Supermajority of the Controlling Class agrees with such determination;


 


(ii)              in the case of an Event of Default specified in Section 5.1(a) due to failure to pay interest on the Class A Notes, the
Holders of at least a Supermajority of the Class A Notes (so long as the Class A Notes are Outstanding) direct the sale and liquidation
of the Assets (without regard to whether another Event of Default has occurred prior, contemporaneously or subsequent to such
Event of Default); provided that no Class of Secured Notes (other than the Class A Notes) shall have any rights to direct
the sale and liquidation of the Assets pursuant to this clause (ii), regardless of whether any such Class subsequently becomes
the Controlling Class;


 


(iii)            
in the case of an Event of Default specified in Section 5.1(e), (f) or (g) of the definition of such term,
the Holders of at least a Supermajority of the Class A Notes direct the sale and liquidation of the Assets (without regard to
whether another Event of Default has occurred prior, contemporaneously or subsequent to such Event of Default); provided that
no Class of Secured Notes (other than the Class A Notes) will have any rights to direct the sale and liquidation of the Assets
pursuant to the provisions of this Indenture as described in this clause (iii), regardless of whether any such Class becomes the
Controlling Class; or


 






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(iv)            
in the case of each other Event of Default, the Holders of at least a Supermajority of each Class of Secured Notes (in each case,
voting separately by Class) direct the sale and liquidation of the Assets.


 


So
long as such Event of Default is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at
any time when the conditions specified in clause (i), (ii), (iii) or (iv) exist. In the event that a liquidation of the Assets
is effected pursuant to clause (i), (ii), (iii) or (iv) above, the Trustee shall use reasonable efforts to notify S&P.


 


(b)           Nothing contained in Section 5.5(a) shall be construed to require the Trustee to sell the Assets securing the
Secured Notes if the conditions set forth in clause (i), (ii), (iii) or (iv) of Section 5.5(a) are not satisfied.
Nothing contained in Section 5.5(a) shall be construed to require the Trustee to preserve the Assets securing the
Notes if prohibited by applicable law.


 


(c)           In determining whether the condition specified in Section 5.5(a)(i)  exists, the Trustee shall use reasonable
efforts to obtain, with the cooperation of the Collateral Manager, bid prices with respect to each Asset from two nationally recognized
dealers (as specified by the Collateral Manager in writing) at the time making a market in such Assets and shall compute
the anticipated proceeds of sale or liquidation on the basis of the lower of such bid prices for each such Asset. In the event
that the Trustee, with the cooperation of the Collateral Manager, is only able to obtain bid prices with respect to each Asset
from one nationally recognized dealer at the time making a market in such Assets, the Trustee shall compute the anticipated proceeds
of the sale or liquidation on the basis of such one bid price for each such Asset. In addition, for the purposes of determining
issues relating to the execution of a sale or liquidation of the Assets and the execution of a sale or other liquidation thereof
in connection with a determination whether the condition specified in Section 5.5(a)(i) exists, the Trustee may
retain and conclusively rely on an opinion of an Independent investment banking firm of national reputation (the cost of which
shall be payable as an Administrative Expense).


 


(d)           The Trustee shall deliver to the Holders and the Collateral Manager a report stating the results of any determination required
pursuant to Section 5.5(a)(i) no later than 10 days after such determination is made. The Trustee shall
make the determinations required by Section 5.5(a)(i) within 30 days after an Event of Default and at the
request of a Supermajority of the Controlling Class at any time during which the Trustee retains the Assets pursuant to Section 5.5(a)(i).


 


(e)           Prior to the sale of any Assets in connection with Section 5.5(a), the Trustee shall offer the Collateral Manager or an
Affiliate thereof the right to purchase such Asset at a price equal to the highest bid price received by the Trustee in accordance
with Section 5.5(c) (or if only one bid price is received, such bid price). The Collateral Manager or an Affiliate thereof
shall have the right to bid on any Assets sold in any sale pursuant to this Section 5.5.


 






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Section
5.6            Trustee May Enforce Claims Without Possession of Notes.
All rights of action and claims under this Indenture or under any of the Secured Notes may be prosecuted and enforced by the Trustee
without the possession of any of the Secured Notes or the production thereof in any trial or other Proceeding relating thereto,
and any such action or Proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and
any recovery of judgment shall be applied as set forth in Section 5.7 hereof.


 


Section
5.7            Application of Money Collected. Any Money collected
by the Trustee (after payment of costs of collection, liquidation and enforcement) with respect to the Notes pursuant to this
Article V and any Money that may then be held or thereafter received by the Trustee with respect to the Notes hereunder
shall be applied, subject to Section 13.1 and in accordance with the provisions of Section 11.1(a)(iii),
at the date or dates fixed by the Trustee. Upon the final distribution of all proceeds of any liquidation effected hereunder,
the provisions of Section 4.1(a) and (b) shall be deemed satisfied for the purposes of discharging this Indenture
pursuant to Article IV. Furthermore, upon such liquidation and final distribution, the Subordinated Notes shall be deemed
to be redeemed and paid in full, even if amounts paid pursuant to Section 11.1(a) are insufficient to pay the Subordinated
Notes in full as set forth in Section 4.4(b).


 


Section
5.8            Limitation on Suits. No Holder of each Note shall
have any right to institute any Proceedings, judicial or otherwise, with respect to this Indenture or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless:


 


(a)           such Holder has previously given to the Trustee written notice of an Event of Default;


 


(b)           the Holders of not less than 25% of the then Aggregate Outstanding Amount of the Notes of the Controlling Class shall have made
written request to the Trustee to institute Proceedings in respect of such Event of Default in its own name as Trustee hereunder
and such Holder or Holders have provided the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses
(including reasonable attorneys’ fees and expenses) and liabilities to be incurred in compliance with such request;


 


(c)           the Trustee, for 30 days after its receipt of such notice, request and provision of such indemnity, has failed to institute
any such Proceeding; and


 


(d)           no direction inconsistent with such written request has been given to the Trustee during such 30-day period by a Majority of the
Controlling Class; it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatever
by virtue of, or by availing itself of, any provision of this Indenture to affect, disturb or prejudice the rights of any other
Holders of Notes of the same Class or to obtain or to seek to obtain priority or preference over any other Holders of the Notes
of the same Class or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable
benefit of all the Holders of Notes of the same Class subject to and in accordance with Section 13.1 and the
Priority of Payments.


 






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In
the event the Trustee shall receive conflicting or inconsistent requests and indemnity pursuant to this Section 5.8 from
two or more groups of Holders of the Controlling Class, each representing less than a Majority of the Controlling Class, the Trustee
shall act in accordance with the request specified by the group of Holders with the greatest percentage of the Aggregate Outstanding
Amount of the Controlling Class, notwithstanding any other provisions of this Indenture. If all such groups represent the same
percentage, the Trustee, in its sole discretion, may determine what action, if any, shall be taken.


 


Section
5.9            Unconditional Rights of Holders of Secured Notes to Receive
Principal and Interest. Subject to Section 2.7(i), but notwithstanding any other provision of this Indenture,
the Holder of any Secured Notes shall have the right, which is absolute and unconditional, to receive payment of the principal
of and interest on such Secured Notes, as such principal, interest and other amounts become due and payable in accordance with
the Priority of Payments and Section 13.1, as the case may be, and, subject to the provisions of Section 5.8,
to institute proceedings for the enforcement of any such payment, and such right shall not be impaired without the consent of
such Holder. Holders of Secured Notes ranking junior to Notes still Outstanding shall have no right to institute Proceedings or,
except as otherwise expressly set forth in Section 5.8(b), to request the Trustee to institute proceedings for the enforcement
of any such payment until such time as no Secured Notes ranking senior to such Secured Notes remains Outstanding, which right
shall be subject to the provisions of Section 5.8, and shall not be impaired without the consent of any such Holder.


 


Section
5.10          Restoration of Rights and Remedies. If the Trustee or any Holder has instituted
any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for
any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Issuer, the Trustee
and the Holder shall, subject to any determination in such Proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Trustee and the Holder shall continue as though no such Proceeding
had been instituted.


 


Section
5.11         Rights and Remedies Cumulative. No right or remedy herein conferred upon
or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.


 


Section
5.12          Delay or Omission Not Waiver. No delay or omission of the Trustee or any
Holder of Secured Notes to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy
or constitute a waiver of any such Event of Default or an acquiescence therein or of a subsequent Event of Default. Every right
and remedy given by this Article V or by law to the Trustee or to the Holders of the Secured Notes may be exercised from
time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of the Secured Notes.


 






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Section
5.13          Control by Supermajority of Controlling Class. A Supermajority of the Controlling
Class shall have the right following the occurrence, and during the continuance, of an Event of Default to cause the institution
of and direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee or exercising any
trust or power conferred upon the Trustee under this Indenture; provided that:


 


(a)           such direction shall not conflict with any rule of law or with any express provision of this Indenture;


 


(b)           the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction; provided that
subject to Section 6.1, the Trustee need not take any action that it determines might involve it in liability or expense
(unless the Trustee has received the indemnity as set forth in (c) below);


 


(c)           the Trustee shall have been provided with an indemnity reasonably satisfactory to it; and


 


(d)           notwithstanding the foregoing, any direction to the Trustee to undertake a Sale of the Assets shall be by the Holders of Notes
representing the requisite percentage of the Aggregate Outstanding Amount of Notes specified in Section 5.4 and/or
Section 5.5.


 


Section
5.14          Waiver of Past Defaults. Prior to the time a judgment or decree for payment
of the Money due has been obtained by the Trustee, as provided in this Article V, a Majority of the Controlling Class may
on behalf of the Holders of all the Notes waive any past Default or Event of Default and its consequences, except a Default:


 


(a)           in the payment of the principal of any Secured Notes (which may be waived only with the consent of the Holder of such Secured
Notes);


 


(b)           in the payment of interest on any Secured Notes (which may be waived only with the consent of the Holder of such Secured Notes);


 


(c)           in respect of a covenant or provision hereof that under Section 8.2 cannot be modified or amended without the
waiver or consent of the Holder of any Outstanding Notes materially and adversely affected thereby (which may be waived only with
the consent of each such Holder); or


 


(d)           in respect of a representation contained in Section 7.19 (which may be waived only by a Majority of the Controlling
Class if the S&P Rating Condition is satisfied).


 


In
the case of any such waiver, the Issuer, the Trustee and the Holders of the Notes shall be restored to their former positions
and rights hereunder, respectively, but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereto. The Trustee shall promptly give written notice of any such waiver to the Rating Agency, the Collateral Manager and each
Holder. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to
have been cured, for every purpose of this Indenture.


 


Section
5.15          Undertaking for Costs. All parties to this Indenture agree, and each Holder
of each Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken, or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit,
and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but
the provisions of this Section 5.15 shall not apply to any suit instituted by the Trustee, to any suit instituted
by any Holder, or group of Holders, holding in the aggregate more than 10% of the Aggregate Outstanding Amount of the Controlling
Class, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on each Note
on or after the applicable Stated Maturity (or, in the case of redemption, on or after the applicable Redemption Date).


 






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Section
5.16          Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that
it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law or any valuation, appraisement, redemption or marshalling law or rights, in
each case wherever enacted, now or at any time hereafter in force, which may affect the covenants set forth in, the performance
of, or any remedies under this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law or rights, and covenant that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been
enacted or rights created.


 


Section
5.17          Sale of Assets. (a) The power to effect any sale (a “Sale”) of
any portion of the Assets pursuant to Sections 5.4 and 5.5 shall not be exhausted by any one or more Sales as to
any portion of such Assets remaining unsold, but shall continue unimpaired (subject to Section 5.5(e) in the case
of sales pursuant to Section 5.5) until the entire Assets shall have been sold or all amounts secured by the Assets shall
have been paid. The Trustee may upon notice to the Holders, and shall, upon direction of a Majority of the Controlling Class,
from time to time postpone any Sale by public announcement made at the time and place of such Sale. The Trustee hereby expressly
waives its rights to any amount fixed by law as compensation for any Sale; provided that the Trustee shall be authorized
to deduct the reasonable costs, charges and expenses incurred by it in connection with such Sale from the proceeds thereof notwithstanding
the provisions of Section 6.7 or other applicable terms hereof.


 


(b)           The Trustee may bid for and acquire any portion of the Assets in connection with a public Sale thereof, and may pay all or part
of the purchase price by crediting against amounts owing on the Secured Notes in the case of the Assets or other amounts secured
by the Assets, all or part of the net proceeds of such Sale after deducting the reasonable costs, charges and expenses incurred
by the Trustee in connection with such Sale notwithstanding the provisions of Section 6.7 hereof or other applicable
terms hereof. The Secured Notes need not be produced in order to complete any such Sale, or in order for the net proceeds of such
Sale to be credited against amounts owing on the Notes. The Trustee may hold, lease, operate, manage or otherwise deal with any
property so acquired in any manner permitted by law in accordance with this Indenture.


 


(c)           If any portion of the Assets consists of securities issued without registration under the Securities Act (“Unregistered
Securities”), the Trustee may seek an Opinion of Counsel, or, if no such Opinion of Counsel can be obtained and with
the consent of a Majority of the Controlling Class, seek a no action position from the Securities and Exchange Commission or any
other relevant federal or State regulatory authorities, regarding the legality of a public or private Sale of such Unregistered
Securities.


 






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(d)           The Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of the
Assets in connection with a Sale thereof, without recourse, representation or warranty. In addition, the Trustee is hereby irrevocably
appointed the agent and attorney in fact of the Issuer to transfer and convey its interest in any portion of the Assets in connection
with a Sale thereof, and to take all action necessary to effect such Sale. No purchaser or transferee at such a sale shall be
bound to ascertain the Trustee’s authority, to inquire into the satisfaction of any conditions precedent or see to the application
of any Monies.


 


Section
5.18          Action on the Notes. The Trustee’s right to seek and recover judgment
on the Notes or under this Indenture shall not be affected by the seeking or obtaining of or application for any other relief
under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Trustee or the Holders
shall be impaired by the recovery of any judgment by the Trustee against the Issuer or by the levy of any execution under such
judgment upon any portion of the Assets or upon any of the assets of the Issuer.


 


ARTICLE
VI



The Trustee 


 


Section
6.1            Certain Duties and Responsibilities. (a) Except during
the continuance of an Event of Default known to the Trustee:


 


(i)               the Trustee undertakes to perform such duties and only such duties as are specifically set forth herein, and no implied covenants
or obligations shall be read into this Indenture against the Trustee; and


 


(ii)              in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; provided that in the case of any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
substantially conform on their face to the requirements of this Indenture and shall promptly, but in any event within three Business
Days in the case of an Officer’s certificate furnished by the Collateral Manager, notify the party delivering the same if
such certificate or opinion does not conform. If a corrected form shall not have been delivered to the Trustee within 15 days
after such notice from the Trustee, the Trustee shall so notify the Holders.


 


(b)           In case an Event of Default known to the Trustee has occurred and is continuing, the Trustee shall, prior to the receipt of directions,
if any, from a Majority of the Controlling Class, or such other percentage or Class as permitted by this Indenture, exercise such
of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent
Person would exercise or use under the circumstances in the conduct of such Person’s own affairs.


 






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(c)           No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that:


 


(i)               this sub-section shall not be construed to limit the effect of sub-section (a) of this Section 6.1;


 


(ii)              the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it shall be proven that
the Trustee was negligent in ascertaining the pertinent facts;


 


(iii)            
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
the direction of the Issuer or the Collateral Manager in accordance with this Indenture and/or a Majority (or such other percentage
as may be required by the terms hereof) of the Controlling Class (or other Class if required or permitted by the terms hereof),
relating to the time, method and place of conducting any Proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee, under this Indenture;


 


(iv)            
no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial or other
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder,
if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity satisfactory to it against
such risk or liability is not reasonably assured to it unless such risk or liability relates to the performance of its ordinary
incidental services, including mailing of notices under this Indenture; and


 


(v)              in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage (including lost profits) even
if the Trustee has been advised of the likelihood of such losses or damages and regardless of such action.


 


(d)           For all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Default or Event of
Default described in Sections 5.1(c), (d), (e), or (f) unless a Trust Officer assigned to and
working in the Corporate Trust Office has actual knowledge thereof or unless written notice of any event which is in fact such
an Event of Default or Default is received by the Trustee at the Corporate Trust Office, and such notice references the Notes
generally, the Issuer, the Assets or this Indenture. For purposes of determining the Trustee’s responsibility and liability
hereunder, whenever reference is made herein to such an Event of Default or a Default, such reference shall be construed to refer
only to such an Event of Default or Default of which the Trustee is deemed to have notice as described in this Section 6.1.


 


(e)           Upon the Trustee receiving written notice from the Collateral Manager that an event constituting “Cause” as defined
in the Collateral Management Agreement has occurred, the Trustee shall, not later than three Business Days thereafter, forward
such notice to the Holders (as their names appear in the Register).


 






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(f)            Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of this Section 6.1.


 


(g)           The Trustee is hereby directed to accept and acknowledge the Risk Retention Letter; provided, that the Trustee shall have no obligation
to monitor any party’s compliance with its obligations under the Risk Retention Letter or any obligations with respect to
the U.S. Risk Retention Rules.


 


(h)           The Trustee shall have no duty to monitor or verify whether the Closing Date Participation Condition is satisfied.


 


(i)            The Trustee shall have no obligation to appoint or monitor any Partnership Representative or Tax Matters Partner, or otherwise
perform the duties of any such Person.


 


Section
6.2            Notice of Event of Default. Promptly (and in no event
later than three Business Days) after the occurrence of any Event of Default actually known to a Trust Officer of the Trustee
or after any declaration of acceleration has been made or delivered to the Trustee pursuant to Section 5.2, the Trustee
shall give notice to the Collateral Manager and all Holders, as their names and addresses appear on the Register, notice of all
Event of Defaults hereunder known to the Trustee, unless such Default shall have been cured or waived.


 


Section
6.3            Certain Rights of Trustee. Except as otherwise provided
in Section 6.1:


 


(a)           the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document believed by
it to be genuine and to have been signed or presented by the proper party or parties, any electronically signed document delivered
via electronic mail or other transmission method from a person purporting to be an Authorized Officer shall be considered signed
or executed by such Authorized Officer on behalf of the applicable Person. The Trustee shall have no duty to inquire into or investigate
the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic
signature without any liability with respect thereto, Any electronically signed document delivered via electronic mail or other
transmission method from a person purporting to be an Authorized Officer shall be considered signed or executed by such Authorized
Officer on behalf of the applicable Person. The Trustee shall have no duty to inquire into or investigate the authenticity or
authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without
any liability with respect thereto;


 


(b)           any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order,
as the case may be;


 






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(c)               
whenever in the administration of this Indenture the Trustee shall (i) deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, rely upon an Officer’s certificate or Issuer Order or (ii) be required to
determine the value of any Assets or funds hereunder or the cash flows projected to be received therefrom, the Trustee may, in
the absence of bad faith on its part, rely on reports of nationally recognized accountants (which may or may not be the Independent
accountants appointed by the Issuer pursuant to Section 10.9), investment bankers or other Persons qualified to provide
the information required to make such determination, including nationally recognized dealers in Assets of the type being valued,
securities quotation services, loan pricing services and loan valuation agents;


 


(d)              
as a condition to the taking or omitting of any action by it hereunder, the Trustee may consult with counsel and the advice of
such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken
or omitted by it hereunder in good faith and in reliance thereon;


 


(e)               
the Trustee shall be under no obligation to exercise, enforce or to honor any of the rights or powers vested in it by this Indenture
at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have provided to the Trustee
security or indemnity reasonably satisfactory to it against the costs, expenses (including reasonable attorneys’ fees and
expenses) and liabilities which might reasonably be incurred by it in compliance with such request or direction;


 


(f)               
the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document, but the Trustee, in
its discretion, may, and upon the written direction of a Majority of the Controlling Class or of the Rating Agency shall (subject
to the right hereunder to be indemnified to its reasonable satisfaction for associated expense and liability), make such further
inquiry or investigation into such facts or matters as it may see fit or as it shall be directed, and the Trustee shall be entitled,
on reasonable prior notice to the Issuer and the Collateral Manager, to examine the books and records relating to the Notes and
the Assets, personally or by agent or attorney, during the Issuer’s or the Collateral Manager’s normal business hours;
provided that the Trustee shall, and shall cause its agents to, hold in confidence all such information, except (i) to
the extent disclosure may be required by law or by any regulatory, administrative, judicial or governmental authority and (ii) to
the extent that the Trustee, in its sole discretion, may determine that such disclosure is consistent with its obligations hereunder;
provided further that the Trustee may disclose on a confidential basis any such information to its agents, attorneys and
auditors in connection with the performance of its responsibilities hereunder;


 


(g)              
the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys; provided that the Trustee shall not be responsible for any misconduct or negligence on the part of
any agent appointed or attorney appointed, with due care by it hereunder;


 






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(h)              
the Trustee shall not be liable for any action it takes or omits to take in good faith that it reasonably believes to be authorized
or within its rights or powers hereunder, including actions or omissions to act at the direction of the Collateral Manager;


 


(i)                
nothing herein shall be construed to impose an obligation on the part of the Trustee to monitor, recalculate, evaluate or verify
or independently determine the accuracy of any report, certificate or information received from the Issuer or Collateral Manager
(unless and except to the extent otherwise expressly set forth herein);


 


(j)                
to the extent any defined term hereunder, or any calculation required to be made or determined by the Trustee hereunder, is dependent
upon or defined by reference to generally accepted accounting principles (as in effect in the United States) (“GAAP”),
the Trustee shall be entitled to request and receive (and rely upon) instruction from the Issuer or the accountants identified
in the Accountants’ Report (and in the absence of its receipt of timely instruction therefrom, shall be entitled to obtain
from an Independent accountant at the expense of the Issuer) as to the application of GAAP in such connection, in any instance;


 


(k)              
the Trustee shall not be liable for the actions or omissions of, or any inaccuracies in the records of, the Collateral Manager,
the Issuer, any Paying Agent (other than the Trustee), DTC, Euroclear, Clearstream, or any other clearing agency or depository and
without limiting the foregoing, the Trustee shall not be under any obligation to monitor, evaluate or verify compliance by the
Collateral Manager with the terms hereof or of the Collateral Management Agreement, or to verify or independently determine the
accuracy of information received by the Trustee from the Collateral Manager (or from any selling institution, agent bank, trustee
or similar source) with respect to the Assets;


 


(l)                
notwithstanding any term hereof (or any term of the UCC that might otherwise be construed to be applicable to a “securities
intermediary” as defined in the UCC) to the contrary, none of the Trustee, the Custodian or the Securities Intermediary
shall be under a duty or obligation in connection with the acquisition or Grant by the Issuer to the Trustee of any item constituting
the Assets, or to evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Issuer in connection
with its Grant or otherwise, or in that regard to examine any Underlying Instrument, in each case, in order to determine compliance
with applicable requirements of and restrictions on transfer in respect of such Assets;


 


(m)            
in the event the Bank is also acting in the capacity of Paying Agent, Registrar, Transfer Agent, Custodian, Calculation Agent
or Securities Intermediary, the rights, protections, benefits, immunities and indemnities afforded to the Trustee pursuant to
this Article VI shall also be afforded to the Bank acting in such capacities; provided that such rights, protections,
benefits, immunities and indemnities shall be in addition to any rights, protections, benefits, immunities and indemnities provided
in the Securities Account Control Agreement or any other documents to which the Bank in such capacity is a party;


 






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(n)              
any permissive right of the Trustee to take or refrain from taking actions enumerated herein shall not be construed as a duty;


 


(o)              
to the extent permitted by applicable law, the Trustee shall not be required to give any bond or surety in respect of the execution
of this Indenture or otherwise;


 


(p)              
the Trustee shall not be deemed to have notice or knowledge of any matter unless a Trust Officer has actual knowledge thereof
or unless written notice thereof is received by the Trustee at the Corporate Trust Office and such notice references the Notes
generally, the Issuer or this Indenture. Whenever reference is made herein to a Default or an Event of Default such reference
shall, insofar as determining any liability on the part of the Trustee is concerned, be construed to refer only to a Default or
an Event of Default of which the Trustee is deemed to have knowledge in accordance with this paragraph;


 


(q)              
the Trustee shall not be responsible for delays or failures in performance resulting from circumstances beyond its control (such
circumstances include but are not limited to acts of God, strikes, lockouts, riots, epidemics or pandemics, government mandated
closures, acts of war, loss or malfunctions of utilities, computer (hardware or software) or communications services);


 


(r)                
to help fight the funding of terrorism and money laundering activities, the Trustee will obtain, verify, and record information
that identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee will ask
for the name, address, tax identification number and other information that will allow the Trustee to identify the individual
or entity who is establishing the relationship or opening the account. The Trustee may also ask for formation documents such as
articles of incorporation, an offering memorandum, or other identifying documents to be provided;


 


(s)               
to the extent not inconsistent herewith, the rights, protections, immunities and indemnities afforded to the Trustee pursuant
to this Indenture also shall be afforded to the Bank in each of its capacities under the Transaction Documents and also to the
Collateral Administrator; provided that, with respect to the Collateral Administrator, such rights, protections, immunities
and indemnities shall be in addition to any rights, protections, immunities and indemnities provided in the Collateral Administration
Agreement;


 


(t)                
in making or disposing of any investment permitted by this Indenture, the Trustee is authorized to deal with itself (in its individual
capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis, whether it or such Affiliate
is acting as a subagent of the Trustee or for any third party or dealing as principal for its own account. If otherwise qualified,
obligations of the Bank or any of its Affiliates shall qualify as Eligible Investments hereunder;


 


(u)              
the Trustee or its Affiliates are permitted to receive additional compensation that could be deemed to be in the Trustee’s
economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or subcustodian
with respect to certain of the Eligible Investments, (ii) using Affiliates to effect transactions in certain Eligible Investments
and (iii) effecting transactions in certain Eligible Investments. Such compensation is not payable or reimbursable under Section
6.7 of this Indenture;


 






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(v)              
the Trustee shall have no duty (i) to see to any recording, filing, or depositing of this Indenture or any supplemental indenture
or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such
recording, filing or depositing or to any rerecording, refiling or redepositing of any thereof or (ii) to maintain any insurance;


 


(w)            
unless the Trustee receives written notice of an error or omission related to financial information or disbursements provided
to Holders within 90 days of Holders’ receipt of the same, the Trustee shall have no liability in connection with such and,
absent direction by the requisite percentage of Holders entitled to direct the Trustee, no further obligations in connection thereof;


 


(x)              
None of the Collateral Administrator, the Calculation Agent or the Trustee shall have any liability or responsibility for (i)
the monitoring or determination of the unavailability or the cessation of LIBOR, (ii) the determination (other than, in the case
of the Calculation Agent, the calculation of such rate once such applicable rate has been selected and adopted pursuant to this
Indenture), selection or verification of an Alternative Rate, a Fallback Rate, or an alternative base rate (including, without
limitation, whether any such rate is an Alternative Rate or a Fallback Rate or whether a Benchmark Replacement Date or a Benchmark
Transition Event has occurred, or any other conditions to the designation of such rate have been satisfied), (iii) the determination
or selection of any Base Rate Modifier or any other modifier thereto, or (iv) the determination or selection of any methodology
or conventions for the calculation of an Alternative Rate (which, for example, may include operational, administrative or technical
parameters for compounding such Alternative Rate). None of the Collateral Administrator, the Trustee or the Calculation Agent
shall have any liability for any failure or delay in performing its duties under this Indenture or the other Transaction Documents
as a result of the unavailability of a “LIBOR” rate as described in the definition thereof, or as a result of the
Collateral Manager’s failure or delay in selecting or designating a non-Libor reference rate or timely proposing an Alternative
Rate, Fallback Rate or other alternative base rate, or otherwise;


 


(y)              
the Trustee will be under no obligation to (i) confirm or verify whether the conditions to the Delivery of the Assets have been
satisfied or to determine whether or not a Collateral Obligation is eligible for purchase hereunder or meets the criteria in the
definition thereof or (ii) evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Issuer
in connection with the Grant by the Issuer to the Trustee of any item constituting the Assets or otherwise, or in that regard
to examine any Underlying Instruments, in order to determine compliance with the applicable requirements of and restrictions on
transfer of a Collateral Obligation;


 


(z)               
the Trustee shall have no obligation to determine the E.U./U.K. Retained Interest or verify or monitor whether an E.U. Retention
Deficiency has occurred or whether the E.U. Securitization Laws or the U.S. Risk Retention Rules have been or will be complied
with; and


 






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(aa)         in order to comply with the laws, rules, regulations, and executive orders in effect from time to time applicable to banking institutions,
including, without limitation, those relating to the funding of terrorist activities and money laundering including Section 326
of the USA PATRIOT Act of the United States (“Applicable Law”), the Trustee is required to obtain, verify,
record, and update certain information relating to individuals and entities which maintain a business relationship with the Trustee.
Accordingly, each of the parties agrees to provide to the Trustee upon its request from time to time such identifying information
and documentation as may be available for such party in order to enable the Trustee to comply with Applicable Law.


 


Section
6.4            Not Responsible for Recitals or Issuance of Notes.
The recitals contained herein and in the Notes, other than the Certificate of Authentication thereon, shall be taken as the statements
of the Issuer; and the Trustee assumes no responsibility for their correctness. The Trustee makes no representation as to the
validity or sufficiency of this Indenture (except as may be made with respect to the validity of the Trustee’s obligations
hereunder), the Assets or the Notes. The Trustee shall not be accountable for the use or application by the Issuer of the Notes
or the proceeds thereof or any Money paid to the Issuer pursuant to the provisions hereof.


 


Section
6.5            May Hold Notes. The Trustee, any Paying Agent,
Registrar or any other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Notes
and may otherwise deal with the Issuer or any of its Affiliates with the same rights it would have if it were not Trustee, Paying
Agent, Registrar or such other agent.


 


Section
6.6            Money Held in Trust. Money held by the Trustee hereunder
shall be held in trust to the extent required herein. The Trustee shall be under no liability for interest on any Money received
by it hereunder except to the extent of income or other gain on investments which are deposits in or certificates of deposit of
the Bank in its commercial capacity and income or other gain actually received by the Trustee on Eligible Investments.


 


Section
6.7            Compensation and Reimbursement. (a) The Issuer agrees:


 


(i)                
to pay the Trustee on each Payment Date reasonable compensation, as set forth in a separate fee schedule, for all services rendered
by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of
an express trust);


 


(ii)              
except as otherwise expressly provided herein, to reimburse the Trustee in a timely manner upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture or other
Transaction Document (including, without limitation, securities transaction charges and the reasonable compensation and expenses
and disbursements of its agents and legal counsel and of any accounting firm or investment banking firm employed by the Trustee
pursuant to Section 5.4, 5.5, 6.3(c) or 10.7, except any such expense, disbursement or advance
as may be attributable to its negligence, willful misconduct or bad faith) but with respect to securities transaction charges,
only to the extent any such charges have not been waived during a Collection Period due to the Trustee’s receipt of a payment
from a financial institution with respect to certain Eligible Investments, as specified by the Collateral Manager;


 






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(iii)            
to indemnify the Trustee and its Officers, directors, employees and agents for, and to hold them harmless against, any loss, liability
or expense (including reasonable attorneys’ fees and expenses) incurred without negligence, willful misconduct or bad faith
on their part, arising out of or in connection with the acceptance or administration of this trust or the performance of its duties
hereunder, including the costs and expenses of defending themselves (including reasonable attorney’s fees and costs) against
any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder and under any
other agreement or instrument related hereto; and


 


(iv)            
to pay the Trustee reasonable additional compensation together with its expenses (including reasonable counsel fees) for
any collection or enforcement action taken pursuant to Section 6.13 or Article V, respectively.


 


(b)           The Trustee shall receive amounts pursuant to this Section 6.7 and any other amounts payable to it under this Indenture
or in any of the Transaction Documents to which the Trustee is a party only as provided in Sections 11.1(a)(i), (ii) and
(iii) but only to the extent that funds are available for the payment thereof. Subject to Section 6.9, the
Trustee shall continue to serve as Trustee under this Indenture notwithstanding the fact that the Trustee shall not have received
amounts due it hereunder; provided that nothing herein shall impair or affect the Trustee’s rights under Section 6.9.
No direction by the Holders shall affect the right of the Trustee to collect amounts owed to it under this Indenture. If, on any
date when a fee or an expense shall be payable to the Trustee pursuant to this Indenture, insufficient funds are available for
the payment thereof, any portion of a fee or an expense not so paid shall be deferred and payable on such later date on which
a fee or an expense shall be payable and sufficient funds are available therefor.


 


(c)           The Trustee hereby agrees not to cause the filing against the Issuer or any of its subsidiaries, of a petition in bankruptcy for
the non-payment to the Trustee of any amounts provided by this Section 6.7 until at least one year and one day, or,
if longer, the applicable preference period then in effect and one day, after the payment in full of all Notes issued under this
Indenture.


 


(d)           The Issuer’s payment obligations to the Trustee under this Section 6.7 shall be secured by the lien of this
Indenture payable in accordance with the Priority of Payments, and shall survive the discharge of this Indenture and the resignation
or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Default or an Event of Default under Section
5.1(e) or Section 5.1(f), the expenses are intended to constitute expenses of administration under the Bankruptcy Code
or any other applicable federal or state bankruptcy, insolvency or similar law.


 






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Section
6.8            Corporate Trustee Required; Eligibility. There shall
at all times be a Trustee hereunder which shall be an Independent organization or entity organized and doing business under the
laws of the United States of America or of any state thereof, authorized under such laws to exercise corporate trust powers, having
a combined capital and surplus of at least U.S.$200,000,000, subject to supervision or examination by federal or state authority,
having a long-term credit rating of at least “BBB-” by S&P or a short-term credit rating of at least “A2”
by S&P and having an office within the United States. If the Trustee is downgraded by S&P below S&P’s minimum
rating provided in this Section 6.8, the Trustee may obtain, at its own expense, a confirmation from S&P that S&P’s
then-current rating of the Secured Notes will not be downgraded or withdrawn by reason of its downgrade of the Trustee’s
rating and upon receipt of such confirmation the Trustee shall be deemed to be eligible for purposes of this Section 6.8 until
a further downgrade. If such organization or entity publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.8, the combined
capital and surplus of such organization or entity shall be deemed to be its combined capital and surplus as set forth in its
most recent published report of condition. If at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section 6.8, it shall resign immediately in the manner and with the effect hereinafter specified in this Article
VI.


 


Section
6.9            Resignation and Removal; Appointment of Successor. (a) No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article VI shall become
effective until the acceptance of appointment by the successor Trustee under Section 6.10.


 


(b)           Subject to Section 6.9(a), the Trustee may resign at any time by giving not less than 30 days’ written notice
thereof to the Issuer, the Collateral Manager, the Holders of the Notes and the Rating Agency. Upon receiving such notice of resignation,
the Issuer shall promptly appoint a successor trustee or trustees satisfying the requirements of Section 6.8 by
written instrument, in duplicate, executed by a Responsible Officer of the Issuer, one copy of which shall be delivered to the
Trustee so resigning and one copy to the successor Trustee or Trustees, together with a copy to each Holder and the Collateral
Manager; provided that such successor Trustee shall be appointed only upon the written consent of a Majority of the Secured
Notes of each Class or, at any time when an Event of Default shall have occurred and be continuing or when a successor Trustee
has been appointed pursuant to Section 6.9(e), by an Act of a Majority of the Controlling Class. If no successor Trustee
shall have been appointed and an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee or any Holder, on behalf of itself and
all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee satisfying
the requirements of Section 6.8.


 


(c)           The Trustee may be removed at any time upon 30 days written notice by an Act of a Majority of each Class of Notes, voting separately,
or, at any time when an Event of Default shall have occurred and be continuing by an Act of a Majority of the Controlling Class,
delivered to the Trustee and to the Issuer.


 






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(d)           If at any time:


 


(i)                
the Trustee shall cease to be eligible under Section 6.8 and shall fail to resign after written request therefor
by the Issuer or by any Holder; or


 


(ii)              
the Trustee shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or liquidator of the
Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation;


 


then,
in any such case (subject to Section 6.9(a)), (A) the Issuer, by Issuer Order, may remove the Trustee, or (B) subject
to Section 5.15, any Holder may, on behalf of itself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.


 


(e)           If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Trustee
for any reason (other than resignation), the Issuer, by Issuer Order, shall promptly appoint a successor Trustee. If the Issuer
shall fail to appoint a successor Trustee within 30 days after such resignation, removal or incapability or the occurrence of
such vacancy, a successor Trustee may be appointed by a Majority of the Controlling Class by written instrument delivered to the
Issuer and the retiring Trustee. The successor Trustee so appointed shall, forthwith upon its acceptance of such appointment,
become the successor Trustee and supersede any successor Trustee proposed by the Issuer. If no successor Trustee shall have been
so appointed by the Issuer or a Majority of the Controlling Class and shall have accepted appointment in the manner hereinafter
provided, subject to Section 5.15, the Trustee or any Holder may, on behalf of itself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee.


 


(f)            The Issuer shall give prompt notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee
by providing written notice of such event to the Collateral Manager, to the Rating Agency, to the Trustee and to the Holders of
the Notes as their names and addresses appear in the Register. Each notice shall include the name of the successor Trustee and
the address of its Corporate Trust Office. If the Issuer fails to provide such notice within ten days after acceptance of appointment
by the successor Trustee, the successor Trustee shall cause such notice to be given at the expense of the Issuer. If the Bank
shall resign or be removed as Trustee, the Bank shall also resign or be removed as Custodian, Paying Agent, Calculation Agent,
Collateral Administrator, Registrar and any other capacity in which the Bank is then acting pursuant to this Indenture or any
other Transaction Document.


 


Section
6.10          Acceptance of Appointment by Successor. Every successor Trustee appointed
hereunder shall meet the requirements of Section 6.8 and shall execute, acknowledge and deliver to the Issuer and
the retiring Trustee an instrument accepting such appointment. Upon delivery of the required instruments, the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts, duties and obligations of the retiring Trustee; but, on request of the Issuer
or a Majority of any Class of Secured Notes or the successor Trustee, such retiring Trustee shall, upon payment of its charges
then unpaid, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and Money held by such retiring
Trustee hereunder. Upon request of any such successor Trustee, the Issuer shall execute any and all instruments for more fully
and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts.


 






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Section
6.11        Merger, Conversion, Consolidation or Succession to Business of Trustee.
Any organization or entity into which the Trustee may be merged or converted or with which it may be consolidated, or any organization
or entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or
entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder; provided that such organization or entity shall be otherwise qualified and eligible under this Article VI,
without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any of the Notes
has been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if
such successor Trustee had itself authenticated such Notes.


 


Section
6.12        Co-Trustees. At any time or times, the Issuer and the Trustee shall have
power to appoint one or more Persons to act as co-trustee (subject to written notice to the Rating Agency), jointly with the Trustee,
of all or any part of the Assets, with the power to file such proofs of claim and take such other actions pursuant to Section 5.6 herein
and to make such claims and enforce such rights of action on behalf of the Holders, as such Holders themselves may have the right
to do, subject to the other provisions of this Section 6.12.


 


The
Issuer shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper
to appoint a co-trustee. If the Issuer does not join in such appointment within 15 days after the receipt by it of a request to
do so, the Trustee shall have the power to make such appointment.


 


Should
any written instrument from the Issuer be required by any co-trustee so appointed, more fully confirming to such co-trustee such
property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the
Issuer. The Issuer agrees to pay, to the extent funds are available therefor under Section 11.1(a)(i)(A), for any
reasonable fees and expenses in connection with such appointment.


 


Every
co-trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms:


 


(a)               
the Notes shall be authenticated and delivered and all rights, powers, duties and obligations hereunder in respect of the custody
of securities, Cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall
be exercised solely by the Trustee;


 


(b)              
the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by
the appointment of a co-trustee shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee
and such co-trustee jointly as shall be provided in the instrument appointing such co-trustee;


 






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(c)           the Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Issuer evidenced by an Issuer
Order, may accept the resignation of or remove any co-trustee appointed under this Section 6.12, and in case an Event
of Default has occurred and is continuing, the Trustee shall have the power to accept the resignation of, or remove, any such
co-trustee without the concurrence of the Issuer. A successor to any co-trustee so resigned or removed may be appointed in the
manner provided in this Section 6.12;


 


(d)           no co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee hereunder;


 


(e)           the Trustee shall not be liable by reason of any act or omission of a co-trustee; and


 


(f)            any Act of the Holders delivered to the Trustee shall be deemed to have been delivered to each co-trustee.


 


The
Issuer shall notify the Rating Agency of the appointment of a co-trustee hereunder.


 


Section
6.13         Certain Duties of Trustee Related to Delayed Payment of Proceeds. If the
Trustee shall not have received a payment with respect to any Asset on its Due Date, (a) the Trustee shall promptly notify
the Issuer and the Collateral Manager in writing or electronically and (b) unless within three Business Days (or the end
of the applicable grace period for such payment, if any) after such notice (x) such payment shall have been received
by the Trustee or (y) the Issuer, in its absolute discretion (but only to the extent permitted by Section 10.2(a)),
shall have made provision for such payment satisfactory to the Trustee in accordance with Section 10.2(a), the Trustee
shall, not later than the Business Day immediately following the last day of such period and in any case upon request by the Collateral
Manager, request the issuer of such Asset, the trustee under the related Underlying Instrument or a paying agent designated by
either of them, as the case may be, to make such payment not later than three Business Days after the date of such request. If
such payment is not made within such time period, the Trustee, subject to the provisions of clause (iv) of Section 6.1(c),
shall take such reasonable action as the Collateral Manager shall direct. Any such action shall be without prejudice to any right
to claim a Default or Event of Default under this Indenture. If the Issuer or the Collateral Manager requests a release of an
Asset and/or delivers an additional Collateral Obligation in connection with any such action under the Collateral Management Agreement
or under this Indenture, such release shall be subject to Section 10.8 and Article XII of this Indenture,
as the case may be. Notwithstanding any other provision hereof, the Trustee shall deliver to the Issuer or its designee any payment
with respect to any Asset or any additional Collateral Obligation received after the Due Date thereof to the extent the Issuer
previously made provisions for such payment satisfactory to the Trustee in accordance with this Section 6.13 and such
payment shall not be deemed part of the Assets.


 






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Section
6.14         Authenticating Agents. Upon the request of the Issuer, the Trustee shall,
and if the Trustee so chooses the Trustee may, appoint one or more Authenticating Agents with power to act on its behalf and subject
to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.4,
2.5, 2.6 and 8.5, as fully to all intents and purposes as though each such Authenticating Agent had
been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication
of Notes by an Authenticating Agent pursuant to this Section 6.14 shall be deemed to be the authentication of Notes
by the Trustee.


 


Any
Person into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any Person succeeding to the
corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the
execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor Person.


 


Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and the Issuer. The Trustee
may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating
Agent and the Issuer. Upon receiving such notice of resignation or upon such a termination, the Trustee shall, upon the written
request of the Issuer, promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to
the Issuer.


 


Unless
the Authenticating Agent is also the same entity as the Trustee, the Issuer agrees to pay to each Authenticating Agent from time
to time reasonable compensation for its services, and reimbursement for its reasonable expenses relating thereto as an Administrative
Expense. The provisions of Sections 2.8, 6.4 and 6.5 shall be applicable to any Authenticating
Agent.


 


Section
6.15          Withholding. The Trustee is hereby authorized and directed to retain from
amounts otherwise distributable to any Holder sufficient funds for the payment of any such tax that is legally owed or required
to be withheld by the Issuer (but such authorization shall not prevent the Trustee from contesting any such tax in appropriate
Proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such Proceedings) or may be withheld
because of a failure by a Holder to provide any required information and to timely remit such amounts to the appropriate taxing
authority. The amount of any withholding tax imposed with respect to each Note shall be treated as Cash distributed to the relevant
Holder at the time it is withheld by the Trustee. If there is a reasonable possibility that withholding is required by applicable
law with respect to a distribution, the Paying Agent or the Trustee may, in its sole discretion, withhold such amounts in accordance
with this Section 6.15. If any Holder or beneficial owner wishes to apply for a refund of any such withholding tax,
the Trustee shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees
to reimburse the Trustee for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation on the part of the
Trustee to determine the amount of any tax or withholding obligation on the part of the Issuer or in respect of the Notes.


 






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Section
6.16          Representative for Secured Noteholders only; Agent for each other Secured Party
and the Holders of the Subordinated Notes. With respect to the security interest created hereunder, the delivery of any item
of Asset to the Trustee is to the Trustee as representative of the Holders of the Secured Notes and agent for each other Secured
Party and the Holders of the Subordinated Notes. In furtherance of the foregoing, the possession by the Trustee of any Asset,
and the endorsement to or registration in the name of the Trustee of any Asset (including without limitation as entitlement holder
of the Custodial Account) are all undertaken by the Trustee in its capacity as representative of the Holders of the Secured
Notes, and agent for each other Secured Party and the Holders of the Subordinated Notes.


 


Section
6.17           Representations and Warranties of the Bank. The Bank hereby represents and
warrants as follows:


 


(a)           Organization. The Bank has been duly organized and is validly existing as a banking corporation formed under the laws of
the State of New York and has the power to conduct its business and affairs as a trustee, collateral agent, paying agent, registrar,
transfer agent, custodian, calculation agent and securities intermediary.


 


(b)           Authorization; Binding Obligations. The Bank has the corporate power and authority to perform the duties and obligations
of Trustee, Paying Agent, Registrar, Transfer Agent, Custodian, Calculation Agent, Collateral Administrator and Securities Intermediary
under this Indenture. The Bank has taken all necessary corporate action to authorize the execution, delivery and performance of
this Indenture, and all of the documents required to be executed by the Bank pursuant hereto. This Indenture has been duly authorized,
executed and delivered by the Bank and constitutes the legal, valid and binding obligation of the Bank enforceable in accordance
with its terms subject, as to enforcement, (i) to the effect of bankruptcy, insolvency or similar laws affecting generally
the enforcement of creditors’ rights as such laws would apply in the event of any bankruptcy, receivership, insolvency or
similar event applicable to the Bank and (ii) to general equitable principles (whether enforcement is considered in a proceeding
at law or in equity).


 


(c)           Eligibility. The Bank is eligible under Section 6.8 to serve as Trustee hereunder.


 


(d)           No Conflict. Neither the execution, delivery and performance of this Indenture, nor the consummation of the transactions
contemplated by this Indenture, is prohibited by, or requires the Bank to obtain any consent, authorization, approval or
registration under, any law, statute, rule, regulation, judgment, order, writ, injunction or decree that is binding upon the Bank.


 






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ARTICLE
VII



Covenants


 


Section
7.1            Payment of Principal and Interest. The Issuer will
duly and punctually pay the principal of and interest on the Secured Notes, in accordance with the terms of such Notes and this
Indenture pursuant to the Priority of Payments. The Issuer will, to the extent funds are available pursuant to the Priority of
Payments, duly and punctually pay all required distributions on the Subordinated Notes, in accordance with the Subordinated Notes
and this Indenture.


 


Amounts
properly withheld under the Code or other applicable law by any Person from a payment under each Note shall be considered as having
been paid by the Issuer to the relevant Holder for all purposes of this Indenture.


 


Section
7.2            Maintenance of Office or Agency. The Issuer hereby
appoints the Trustee as a Paying Agent for payments on the Notes, and appoints the Trustee as Transfer Agent at its applicable
Corporate Trust Office as the Issuer’s agent where Notes may be surrendered for registration of transfer or exchange. The
Issuer hereby appoints C T Corporation System, 28 Liberty Street, New York, NY 10005, as its agent upon whom process or demands
may be served in any action arising out of or based on this Indenture or the transactions contemplated hereby.


 


The
Issuer may at any time and from time to time vary or terminate the appointment of any such agent or appoint any additional agents
for any or all of such purposes; provided that (x) the Issuer will maintain in the Borough of Manhattan, the City
of New York, an office or agency where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may
be served and, subject to any laws or regulations applicable thereto, an office or agency outside of the United States where Notes
may be presented for payment; and (y) no paying agent shall be appointed in a jurisdiction which subjects payments on the
Notes to withholding tax solely as a result of such Paying Agent’s activities. The Issuer shall at all times maintain a
duplicate copy of the Register at the Corporate Trust Office. The Issuer shall give prompt written notice to the Trustee, the
Rating Agency and the Holders of the appointment or termination of any such agent and of the location and any change in the location
of any such office or agency.


 


If
at any time the Issuer shall fail to maintain any such required office or agency in the Borough of Manhattan, The City of New
York, or outside the United States, or shall fail to furnish the Trustee with the address thereof, presentations and surrenders
may be made (subject to the limitations described in the preceding paragraph) at, notices and demands may be served on the
Issuer, and Notes may be presented and surrendered for payment to the appropriate Paying Agent at its main office, and the Issuer
hereby appoints the same as its agent to receive such respective presentations, surrenders, notices and demands.


 


Section
7.3            Money for Note Payments to be Held in Trust. All
payments of amounts due and payable with respect to each Note that is to be made from amounts withdrawn from the Payment Account
shall be made on behalf of the Issuer by the Trustee or a Paying Agent with respect to payments on the Notes.


 


When
the Issuer shall have a Paying Agent that is not also the Registrar, it shall furnish, or cause the Registrar to furnish, no later
than the fifth calendar day after each Record Date a list, if necessary, in such form as such Paying Agent may reasonably request,
of the names and addresses of the Holders and of the certificate numbers of individual Notes held by each such Holder.


 


Whenever
the Issuer shall have a Paying Agent other than the Trustee, it shall, on or before the Business Day next preceding each Payment
Date and any Redemption Date, as the case may be, direct the Trustee to deposit on such Payment Date or such Redemption Date,
as the case may be, with such Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due (to
the extent funds are then available for such purpose in the Payment Account), such sum to be held in trust for the benefit of
the Persons entitled thereto and (unless such Paying Agent is the Trustee) the Issuer shall promptly notify the Trustee of
its action or failure so to act. Any Monies deposited with a Paying Agent (other than the Trustee) in excess of an amount
sufficient to pay the amounts then becoming due on the Notes with respect to which such deposit was made shall be paid over by
such Paying Agent to the Trustee for application in accordance with Article XI.


 






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The
initial Paying Agent shall be as set forth in Section 7.2. Any additional or successor Paying Agents shall be appointed
by Issuer Order with written notice thereof to the Trustee; provided that so long as the Notes of any Class is rated by
the Rating Agency, with respect to any additional or successor Paying Agent, either (i) such Paying Agent has a long-term debt
rating of “A+” or higher by S&P or a short-term debt rating of “A-1” by S&P or (ii) the S&P
Rating Condition is satisfied. If such successor Paying Agent ceases to have a long-term debt rating of “A+” or higher
by S&P or a short-term debt rating of “A-1” by S&P, the Issuer shall promptly remove such Paying Agent and
appoint a successor Paying Agent. The Issuer shall not appoint any Paying Agent that is not, at the time of such appointment,
a depository institution or trust company subject to supervision and examination by federal and/or state and/or national banking
authorities. The Issuer shall cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument
in which such Paying Agent shall agree with the Trustee and if the Trustee acts as Paying Agent, it hereby so agrees, subject
to the provisions of this Section 7.3, that such Paying Agent will:


 


(a)               
allocate all sums received for payment to the Holders of Notes and the Issuer for which it acts as Paying Agent on each Payment
Date and any Redemption Date among such Holders in the proportion specified in the applicable Distribution Report to the extent
permitted by applicable law;


 


(b)              
hold all sums held by it for the payment of amounts due with respect to the Notes and otherwise to the Issuer in trust for the
benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided
and pay such sums to such Persons as herein provided;


 


(c)               
if such Paying Agent is not the Trustee, immediately resign as a Paying Agent and forthwith pay to the Trustee all sums held by
it in trust for the payment of Notes and otherwise to the Issuer if at any time it ceases to meet the standards set forth above
required to be met by a Paying Agent at the time of its appointment;


 


(d)              
if such Paying Agent is not the Trustee, immediately give the Trustee notice of any default by the Issuer in the making of any
payment required to be made; and


 


(e)               
if such Paying Agent is not the Trustee, during the continuance of any such default, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such Paying Agent.


 






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The
Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose,
pay, or by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Issuer or such Paying Agent,
such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Issuer or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability
with respect to such Money.


 


Except
as otherwise required by applicable law, any Money deposited with the Trustee or any Paying Agent in trust for any payment on
each Note and remaining unclaimed for two years after such amount has become due and payable shall be paid to the Issuer on Issuer
Order; and the Holder of such Notes shall thereafter, as an unsecured general creditor, look only to the Issuer for payment of
such amounts (but only to the extent of the amounts so paid to the Issuer) and all liability of the Trustee or such Paying
Agent with respect to such trust Money shall thereupon cease. The Trustee or such Paying Agent, before being required to make
any such release of payment, may, but shall not be required to, adopt and employ, at the expense of the Issuer any reasonable
means of notification of such release of payment, including, but not limited to, mailing notice of such release to Holders whose
Notes have been called but have not been surrendered for redemption or whose right to or interest in Monies due and payable but
not claimed is determinable from the records of any Paying Agent, at the last address of record of each such Holder.


 


Section
7.4            Existence of Issuer. (a) The Issuer shall, to the
maximum extent permitted by applicable law, maintain in full force and effect its existence and rights as a limited liability
company organized under the laws of the State of Delaware and shall obtain and preserve its qualification to do business as a
limited liability company in each jurisdiction in which such qualifications are or shall be necessary to protect the validity
and enforceability of this Indenture, the Notes, or any of the Assets; provided that the Issuer shall be entitled to change
its jurisdiction of formation from the State of Delaware to any other jurisdiction reasonably selected by the Issuer so long as
(i) the Issuer has received a legal opinion (upon which the Trustee may conclusively rely) to the effect that such change is not
disadvantageous in any material respect to the Holders, (ii) written notice of such change shall have been given to the Trustee
by the Issuer, which notice shall be promptly forwarded by the Trustee to the Holders, the Collateral Manager and the Rating Agency
and (iii) on or prior to the 15th Business Day following receipt of such notice the Trustee shall not have received written notice
from a Majority of the Controlling Class objecting to such change.


 


(b)           The Issuer (i) shall ensure that all limited liability company or other formalities regarding its existence (including, if required,
holding regular meetings of its manager(s) and member(s), or other similar, meetings) are followed and (ii) shall not have any
employees (other than its managers to the extent they are employees). The Issuer shall not take any action, or conduct its affairs
in a manner, that is likely to result in its separate existence being ignored or in its assets and liabilities being substantively
consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding. Without limiting the foregoing,
(A) the Issuer shall not have any subsidiaries; and (B) (x) the Issuer shall not (1) except as contemplated by the Offering Circular,
the Collateral Management Agreement or the Issuer’s limited liability company agreement, engage in any transaction with
any member that would constitute a conflict of interest or (2) make distributions other than in accordance with the terms of this
Indenture and the Issuer’s limited liability company agreement and (y) the Issuer shall (1) maintain books and records separate
from any other Person, (2) maintain its accounts separate from those of any other Person, (3) not commingle its assets with those
of any other Person, (4) conduct its own business in its own name, (5) maintain separate financial statements, (6) pay its own
liabilities out of its own funds, (7) maintain an arm’s length relationship with its Affiliates, (8) use separate stationery,
invoices and checks, (9) hold itself out as a separate Person, (10) correct any known misunderstanding regarding its separate
identity and (11) have at least one manager that is Independent of the Collateral Manager.


 






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Section
7.5            Protection of Assets. (a) The Collateral Manager
on behalf of the Issuer will cause the taking of such action within the Collateral Manager’s control as is reasonably necessary
in order to maintain the perfection and priority of the security interest of the Trustee in the Assets; provided that the
Collateral Manager shall be entitled to rely on any Opinion of Counsel delivered pursuant to Section 7.6 and any opinion
delivered on the Closing Date to determine what actions are reasonably necessary, and shall be fully protected in so relying on
such an Opinion of Counsel, unless the Collateral Manager has actual knowledge that the procedures described in any such Opinion
of Counsel are no longer adequate to maintain such perfection and priority. The Issuer shall from time to time execute and deliver
all such supplements and amendments hereto and file or authorize the filing of all such Financing Statements, continuation statements,
instruments of further assurance and other instruments, and shall take such other action as may be necessary or advisable or desirable
to secure the rights and remedies of the Holders of the Secured Notes hereunder and to:


 


(i)               Grant more effectively all or any portion of the Assets;


 


(ii)              maintain, preserve and perfect any Grant made or to be made by this Indenture including, without limitation, the first priority
nature of the lien or carry out more effectively the purposes hereof;


 


(iii)            
perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture (including, without limitation,
any and all actions necessary or desirable as a result of changes in law or regulations);


 


(iv)            
enforce any of the Assets or other instruments or property included in the Assets;


 


(v)              preserve and defend title to the Assets and the rights therein of the Trustee and the Holders of the Secured Notes in the Assets
against the claims of all Persons and parties; or


 


(vi)            
pay or cause to be paid any and all taxes levied or assessed upon all or any part of the Assets.


 


The
Issuer hereby designates the Trustee as its agent and attorney in fact to prepare and file and hereby authorizes the filing of
any Financing Statement, continuation statement and all other instruments, and take all other actions, required pursuant to this
Section 7.5. Such designation shall not impose upon the Trustee, or release or diminish, the Issuer’s and the
Collateral Manager’s obligations under this Section 7.5. The Issuer further authorizes and shall cause the Issuer’s
counsel to file without the Issuer’s signature a Financing Statement that names the Issuer as debtor and the Trustee, on
behalf of the Secured Parties, as secured party and that describes “all personal property of the Debtor now owned or hereafter
acquired”, other than any Margin Stock held by the Issuer, as the Assets in which the Trustee has a Grant.


 






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(b)           The Trustee shall not, except in accordance with Section 5.5 or Section 10.8(a), (b) and (c),
as applicable, permit the removal of any portion of the Assets or transfer any such Assets from the Account to which it is credited,
or cause or permit any change in the Delivery made pursuant to Section 3.3 with respect to any Assets, if, after
giving effect thereto, the jurisdiction governing the perfection of the Trustee’s security interest in such Assets is different
from the jurisdiction governing the perfection at the time of delivery of the most recent Opinion of Counsel pursuant to Section 7.6 (or,
if no Opinion of Counsel has yet been delivered pursuant to Section 7.6, the Opinion of Counsel delivered at the Closing
Date) unless the Trustee shall have received an Opinion of Counsel to the effect that the lien and security interest created
by this Indenture with respect to such property and the priority thereof will continue to be maintained after giving effect to
such action or actions.


 


Section
7.6            Opinions as to Assets. Within the six-month period
preceding the fifth anniversary of the Closing Date (and every five years thereafter), the Issuer shall furnish to the Trustee
an Opinion of Counsel stating that in the opinion of such counsel as of the date of such opinion under the Delaware UCC, the UCC
financing statement(s) filed in connection with the lien and security interests created by this Indenture are effective and that
no further action (other than as specified in such opinion) is required to maintain the continued effectiveness of such lien over
the next five years.


 


Section
7.7            Performance of Obligations. (a) The Issuer shall
not take any action, and will use its best efforts not to permit any action to be taken by others, that would release any Person
from any of such Person’s covenants or obligations under any instrument included in the Assets, except in the case of enforcement
action taken with respect to any Defaulted Obligation in accordance with the provisions hereof and actions by the Collateral Manager
under the Collateral Management Agreement and in conformity therewith or with this Indenture, as applicable, or as otherwise required
hereby or deemed necessary or advisable by the Collateral Manager in accordance with the Collateral Management Agreement.


 


(b)
The Issuer shall notify S&P within 10 Business Days after it has received notice from any Holder or the Issuer of any material
breach of any Transaction Document, following any applicable cure period for such breach.


 


Section
7.8            Negative Covenants. (a) The Issuer will not, from
and after the Closing Date:


 


(i)                
sell, transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise encumber (or permit such to occur
or suffer such to exist), any part of the Assets or Margin Stock (if any), except as expressly permitted by this Indenture and
the Collateral Management Agreement;


 






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(ii)              
claim any credit on, make any deduction from, or dispute the enforceability of payment of the principal or interest payable (or
any other amount) in respect of the Notes (other than amounts withheld or deducted in accordance with the Code or any applicable
laws of any other applicable jurisdiction);


 


(iii)            
(A) incur or assume or guarantee any indebtedness, other than the Notes, this Indenture and the transactions contemplated
hereby or (B)(1) issue any additional class of Notes except in accordance with Sections 2.13 and 3.2 or
(2) issue any additional limited liability company interests, except in accordance with the Issuer’s limited liability
company agreement, other than in connection with a Refinancing;


 


(iv)            
(A) permit the validity or effectiveness of this Indenture or any Grant hereunder to be impaired, or permit the lien of this
Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants
or obligations with respect to this Indenture or the Notes except as may be permitted hereby or by the Collateral Management Agreement,
(B) except as permitted by this Indenture, permit any lien, charge, adverse claim, security interest, mortgage or other encumbrance
(other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden any part of the Assets
or Margin Stock (if any), any interest therein or the proceeds thereof, or (C) except as permitted by this Indenture, take
any action that would permit the lien of this Indenture not to constitute a valid first priority security interest in the Assets;


 


(v)              
amend the Collateral Management Agreement except pursuant to the terms thereof and Article XV of this Indenture;


 


(vi)            
dissolve or liquidate in whole or in part, except as permitted hereunder or required by applicable law;


 


(vii)           
pay any distributions other than in accordance with the Priority of Payments;


 


(viii)          
permit the formation of any subsidiaries;


 


(ix)            
conduct business under any name other than its own;


 


(x)              
have any employees (other than its managers to the extent they are employees);


 


(xi)            
sell, transfer, exchange or otherwise dispose of Assets, or enter into an agreement or commitment to do so or enter into or engage
in any business with respect to any part of the Assets, except as expressly permitted by both this Indenture and the Collateral
Management Agreement;


 






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(xii)          
fail to maintain an Independent Manager under the Issuer’s limited liability company agreement; and


 


(xiii)        
elect, or take any other action, to be treated as an association taxable as a corporation for U.S. federal income tax purposes.


 


(b)           The Issuer shall not be party to any agreements without including customary “non-petition” and “limited
recourse” provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party), except
for any agreements related to the purchase and sale of any Assets which contain customary (as determined by the Collateral Manager
in its sole discretion) purchase or sale terms or which are documented using customary (as determined by the Collateral Manager
in its sole discretion) loan trading documentation.


 


(c)           Notwithstanding anything contained herein to the contrary, the Issuer may not acquire any of the Secured Notes; provided that
this Section 7.8(c) shall not be deemed to limit an optional or mandatory redemption pursuant to the terms of this Indenture
or the purchase of Secured Notes pursuant to Section 9.7 hereof.


 


(d)           The Issuer shall not acquire or hold any Collateral Obligation or Eligible Investment that is a debt obligation in bearer form
unless the Collateral Obligation or Eligible Investment is not required to be in registered form under Section 163(f)(2)(A) of
the Code.


 


Section
7.9            Statement as to Compliance. On or before December
31 in each calendar year commencing in 2021, or immediately if there has been a Default under this Indenture and prior to the
issuance of any Additional Notes pursuant to Section 2.13, the Issuer shall deliver to the Trustee (to be forwarded by
the Trustee to the Collateral Manager, the Collateral Administrator, each Holder making a written request therefor and the Rating
Agency) an Officer’s certificate of the Issuer that, having made reasonable inquiries of the Collateral Manager, and
to the best of the knowledge, information and belief of the Issuer, there did not exist, as at a date not more than five days
prior to the date of the certificate, nor had there existed at any time prior thereto since the date of the last certificate (if
any), any Default hereunder or, if such Default did then exist or had existed, specifying the same and the nature and status thereof,
including actions undertaken to remedy the same, and that the Issuer has complied with all of its obligations under this Indenture
or, if such is not the case, specifying those obligations with which it has not complied.


 


Section
7.10        Issuer May Consolidate, etc., Only on Certain Terms. The Issuer (the
 “Merging Entity”) shall not consolidate or merge with or into any other Person or transfer or convey all
or substantially all of its assets to any Person, unless permitted by United States and Delaware law and unless:


 


(a)           the Merging Entity shall be the surviving entity, or the Person (if other than the Merging Entity) formed by such consolidation
or into which the Merging Entity is merged or to which all or substantially all of the assets of the Merging Entity are transferred
(the “Successor Entity”) (A) if the Merging Entity is the Issuer, shall be a company organized and existing
under the laws of the State of Delaware or such other jurisdiction approved by a Majority of the Controlling Class; provided
that no such approval shall be required in connection with any such transaction undertaken solely to effect a change in the
jurisdiction of formation pursuant to Section 7.4, and (B) shall expressly assume, by an indenture supplemental hereto
and an omnibus assumption agreement, executed and delivered to the Trustee, each Holder, the Collateral Manager and the Collateral
Administrator, the due and punctual payment of the principal of and interest on all Secured Notes, the payments of the Subordinated
Notes and the performance and observance of every covenant of this Indenture and of each other Transaction Document on its part
to be performed or observed, all as provided herein or therein, as applicable;


 






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(b)              
the Rating Agency shall have been notified in writing of such consolidation or merger and the Trustee shall have received written
confirmation from the Rating Agency that its then-current ratings issued with respect to the Secured Notes then rated by the Rating
Agency will not be reduced or withdrawn as a result of the consummation of such transaction;


 


(c)               
if the Merging Entity is not the Successor Entity, the Successor Entity shall have agreed with the Trustee (i) to observe
the same legal requirements for the recognition of such formed or surviving entity as a legal entity separate and apart from any
of its Affiliates as are applicable to the Merging Entity with respect to its Affiliates and (ii) not to consolidate or merge
with or into any other Person or transfer or convey the Assets or all or substantially all of its assets to any other Person except
in accordance with the provisions of this Section 7.10;


 


(d)              
if the Merging Entity is not the Successor Entity, the Successor Entity shall have delivered to the Trustee and the Rating Agency
an Officer’s certificate and an Opinion of Counsel each stating that such Person is duly organized, validly existing and
in good standing in the jurisdiction in which such Person is organized; that such Person has sufficient power and authority to
assume the obligations set forth in sub-section (a) above and to execute and deliver an indenture supplemental hereto
for the purpose of assuming such obligations; that such Person has duly authorized the execution, delivery and performance of
a supplemental indenture hereto for the purpose of assuming such obligations and that such supplemental indenture is a valid,
legal and binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy, reorganization,
insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); if the Merging Entity
is the Issuer, that, immediately following the event which causes such Successor Entity to become the successor to the Issuer,
(i) such Successor Entity has title, free and clear of any lien, security interest or charge, other than the lien and security
interest of this Indenture and any other Permitted Liens, to the Assets securing all of the Secured Notes and (ii) the Trustee
continues to have a valid perfected first priority security interest in the Assets securing all of the Secured Notes; and in each
case as to such other matters as the Trustee or any Holder may reasonably require; provided that nothing in this clause
shall imply or impose a duty on the Trustee to require such other documents;


 






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(e)               
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;


 


(f)               
the Merging Entity shall have notified the Rating Agency of such consolidation, merger, transfer or conveyance and shall have
delivered to the Trustee and each Holder an Officer’s certificate and an Opinion of Counsel each stating that such consolidation,
merger, transfer or conveyance and such supplemental indenture comply with this Article VII and that all conditions precedent
in this Article VII relating to such transaction have been complied with;


 


(g)              
the Merging Entity shall have delivered to the Trustee an Opinion of Counsel stating that after giving effect to such transaction,
the Issuer (or, if applicable, the Successor Entity) (i) will not be required to register as an investment company under
the 1940 Act and (ii) will not be treated as an association or a publicly traded partnership, in each case, that is taxable as
a corporation for U.S. federal income tax purposes or otherwise subject to U.S. federal income tax on a net basis;


 


(h)              
after giving effect to such transaction, the outstanding stock of the Merging Entity (or, if applicable, the Successor Entity) will
not be beneficially owned within the meaning of the 1940 Act by any U.S. Person; and


 


(i)                
the fees, costs and expenses of the Trustee (including any reasonable legal fees and expenses) associated with the matters addressed
in this Section 7.10 shall have been paid by the Merging Entity (or, if applicable, the Successor Entity) or otherwise
provided for to the satisfaction of the Trustee.


 


Section
7.11        Successor Substituted. Upon any consolidation or merger, or transfer or
conveyance of all or substantially all of the assets of the Issuer in accordance with Section 7.10 in which the
Merging Entity is not the surviving entity, the Successor Entity shall succeed to, and be substituted for, and may exercise every
right and power of, the Merging Entity under this Indenture with the same effect as if such Person had been named as the Issuer
herein. In the event of any such consolidation, merger, transfer or conveyance, the Person named as the “Issuer” in
the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner prescribed in this
Article VII may be dissolved, wound up and liquidated at any time thereafter, and such Person thereafter shall be released
from its liabilities as obligor and maker on all the Notes and from its obligations under this Indenture and the other Transaction
Documents to which it is a party.


 


Section
7.12        No Other Business. The Issuer shall not have any employees (other than its
managers to the extent they are employees) and shall not engage in any business or activity other than issuing, selling, paying
and redeeming the Notes and any Additional Notes issued pursuant to this Indenture and acquiring, holding, selling, exchanging,
redeeming and pledging, solely for its own account, the Assets and other incidental activities thereto, including entering into
the Transaction Documents to which it is a party.


 






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Section
7.13        Listing; Notice Requirements. So long as the Listed Notes remain Outstanding,
the Issuer shall use all reasonable efforts to maintain listing on the Cayman Islands Stock Exchange (and/or any other listing
obtained in respect of the Listed Notes).


 


So
long as the Listed Notes are listed on the Cayman Islands Stock Exchange (and the guidelines of the such exchange so require),
all notices delivered to Holders pursuant to the terms of this Indenture shall also be delivered to the Cayman Islands Stock Exchange.
Upon the cancellation of Listed Notes in accordance with the provisions of Section 2.9, the Trustee shall arrange for notice
of such cancellation to be delivered to the Cayman Islands Stock Exchange, so long as any Listed Notes are listed thereon and
the guidelines of such exchange so required.


 


Section
7.14        Annual Rating Review. (a) So long as any of the Secured Notes of any Class
remains Outstanding, on or before December 31 in each year commending in 2021, the Issuer shall obtain and pay for an annual review
of the rating of each such Class of Secured Notes from the Rating Agency. The Issuer shall promptly notify the Trustee and the
Collateral Manager in writing (and the Trustee shall promptly provide the Holders with a copy of such notice) if at any time the
then-current rating of any such Class of Secured Notes has been, or is known will be, changed or withdrawn.


 


(b)         The Issuer shall obtain and pay for an annual review of any middle market loan that has an S&P Rating derived as set forth
in clause (iii)(b) of the definition of the term “S&P Rating”.


 


Section
7.15        Reporting. At any time when the Issuer is not subject to Section 13
or 15(d) of the Exchange Act and are not exempt from reporting pursuant to Rule 12g3 - 2(b) under the Exchange Act, upon
the request of a Holder or beneficial owner of Notes, the Issuer shall promptly furnish or cause to be furnished Rule 144A Information
to such Holder or beneficial owner, to a prospective purchaser of such Notes designated by such Holder or beneficial owner, or
to the Trustee for delivery upon an Issuer Order to such Holder or beneficial owner or a prospective purchaser designated by such
Holder or beneficial owner, as the case may be, in order to permit compliance by such Holder or beneficial owner with Rule 144A
under the Securities Act in connection with the resale of such Notes. “Rule 144A Information” shall be such information
as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto).


 


Section
7.16        Calculation Agent. (a) The Issuer hereby agrees that for so long as any
Secured Notes remains Outstanding there will at all times be an agent appointed (which does not control or is not controlled or
under common control with the Issuer or its Affiliates or the Collateral Manager or its Affiliates) to calculate LIBOR in respect
of each Interest Accrual Period (or portion thereof) in accordance with the terms hereof (the “Calculation Agent”).
The Issuer hereby appoints the Collateral Administrator as Calculation Agent. The Calculation Agent may be removed by the Issuer
or the Collateral Manager, on behalf of the Issuer, at any time. If the Calculation Agent is unable or unwilling to act as such
or is removed by the Issuer or the Collateral Manager, on behalf of the Issuer, in respect of any Interest Accrual Period, the
Issuer or the Collateral Manager, on behalf of the Issuer, will promptly appoint a replacement Calculation Agent which does not
control or is not controlled by or under common control with the Issuer or its Affiliates or the Collateral Manager or its Affiliates.
The Calculation Agent may not resign its duties or be removed without a successor having been duly appointed.


 






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(b)         The Calculation Agent shall be required to agree (and the Collateral Administrator as Calculation Agent does hereby agree) that,
as soon as possible after 11:00 a.m. London time on each Interest Determination Date, but in no event later than 11:00 a.m. New
York time on the London Banking Day immediately following each Interest Determination Date, the Calculation Agent will calculate
the Interest Rate applicable to each Class of Floating Rate Notes during the related Interest Accrual Period (or portion thereof)
and the Notes Interest Amount (in each case, rounded to the nearest cent, with half a cent being rounded upward)
payable on the related Payment Date in respect of such Class of Floating Rate Notes in respect of the related Interest Accrual
Period. At such time, the Calculation Agent will communicate such rates and amounts to the Issuer, the Trustee, each Paying Agent,
the Collateral Manager, Euroclear and Clearstream. The Calculation Agent will also specify to the Issuer the quotations upon which
the foregoing rates and amounts are based, and in any event the Calculation Agent shall notify the Issuer before 5:00 p.m. (New
York time) on every Interest Determination Date if it has not determined and is not in the process of determining any
such Interest Rate or Note Interest Amount together with its reasons therefor. The Calculation Agent’s determination of
the foregoing rates and amounts for any Interest Accrual Period (or portion thereof) will (in the absence of manifest error) be
final and binding upon all parties.


 


Section
7.17        Certain Tax Matters. (a) For so long as the Subordinated Notes and any other
interest that is treated as equity in the Issuer is held by a single owner for U.S. federal income tax purposes, the Issuer shall
treat itself as disregarded as separate from such owner for such purposes, and in all other situations the Issuer shall treat
itself as a partnership (other than a publicly traded partnership), and each Holder or beneficial owner of a Subordinated Note
(or any interest therein) or any other interest that is treated as equity in the Issuer for U.S. federal income tax purposes (each
such Note or interest, a “Partnership Interest”, and each such Holder or beneficial owner, a “Partner”)
shall not take or permit any action that is inconsistent with such treatment. Sections 7.17(i), (j), (k)
and (l) will apply only for so long as the Issuer is treated as a partnership for U.S. federal income tax purposes.


 


(b)         The Issuer shall treat (i) the Secured Notes as indebtedness of the Issuer for U.S. federal, state and local income and franchise
tax purposes, except as otherwise required by law and (ii) the Subordinated Notes as equity in the Issuer for U.S. federal, state
and local income and franchise tax purposes.


 


(c)         The Issuer shall file, or cause to be filed, any tax returns, including information tax returns, required by any governmental
authority, and the Paying Agent shall be authorized to file any information tax returns as required by any governmental authority.


 


(d)         If the Issuer has purchased an interest and the Issuer is aware that such interest is a “reportable transaction” within
the meaning of Section 6011 of the Code, and a Holder of a Subordinated Note (or any other Note that is required to be treated
as equity for U.S. federal income tax purposes) requests in writing information about any such transactions in which the Issuer
is an investor, the Issuer shall provide, or cause its Independent accountants to provide, such information it has reasonably
available that is required to be obtained by such Holder under the Code as soon as practicable after such request.


 






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(e)               
Notwithstanding anything herein to the contrary, the Collateral Manager, the Issuer, the Trustee, the Collateral Administrator,
the Initial Purchaser, the Retention Holder, the Holders and beneficial owners of the Notes and each employee, representative
or other agent of those Persons, may disclose to any and all Persons, without limitation of any kind, the U.S. tax treatment and
tax structure of the transactions contemplated by this Indenture and all materials of any kind, including opinions or other tax
analyses, that are provided to those Persons. This authorization to disclose the U.S. tax treatment and tax structure does not
permit disclosure of information identifying the Collateral Manager, the Issuer, the Trustee, the Collateral Administrator, the
Initial Purchaser, the Retention Holder or any other party to the transactions contemplated by this Indenture, the Offering or
the pricing (except to the extent such information is relevant to U.S. tax structure or tax treatment of such transactions).


 


(f)               
Upon the Issuer’s receipt of a request of a Holder of Secured Notes or written request of a Person certifying that it is
an owner of a beneficial interest in a Secured Note (including, in each case, Holders and beneficial owners of any Additional
Notes issued hereunder) for the information described in Treasury Regulations Section 1.1275-3(b)(1)(i) that is applicable to
such Note, the Issuer will cause its Independent certified public accountants to provide promptly to the Trustee and such requesting
Holder or owner of a beneficial interest in such a Note all of such information. Any additional issuance of Notes shall be accomplished
in a manner that will allow the Independent certified public accountants of the Issuer to accurately calculate original issue
discount income to holders of the Additional Notes. Upon request by the Independent accountants, the Trustee shall provide to
the Independent accountants information reasonably available to it as reasonably requested by the Independent accountants to comply
with this Section 7.17, including information contained in the Register.


 


(g)              
If required to prevent the withholding and imposition of United States income tax on payments made to the Issuer, the Issuer shall
deliver or cause to be delivered an IRS Form W-9 or applicable successor form certifying as to the United States Tax Person status
of the Issuer (or, if applicable, the United States Tax Person status of the person from whom the Issuer is disregarded as separate
for U.S. federal income tax purposes) to the issuer or obligor of or counterparty with respect to an Asset at the time such Asset
is purchased or entered into by the Issuer and thereafter prior to the obsolescence or expiration of such form.


 


(h)              
[Reserved.]


 


(i)                
If so requested by a Majority of the Subordinated Notes, and if such Holders agree to reimburse the Issuer for all costs associated
with such election, the Issuer is authorized to make (or hire accountants to make) an election under Section 754 of the Code.


 






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(j)           (i) The Tax Matters Partner shall establish and maintain or cause to be established and maintained on the books and records
of the Issuer an individual capital account for each Partner in accordance with Section 704(b) of the Code and Treasury Regulations
Section 1.704-1(b)(2)(iv).


 


(ii)            For capital account purposes, all items of income, gain, loss and deduction shall be allocated among the Partners in a manner
such that, if the Issuer were dissolved, its affairs wound up, its assets sold for their respective “book values”
(within the meaning of Treasury Regulations Section 1.704-1(b)(2)(iv)) and its liabilities satisfied in full (except that nonrecourse
liabilities with respect to an asset shall be satisfied only to the extent that such nonrecourse liabilities do not exceed the
book value of such asset) and its assets distributed to the Partners in accordance with their respective capital account balances
immediately after making such allocation, such distributions would, as nearly as possible, be equal to the distributions that
would be made pursuant to the provisions of this Indenture. Any special allocations provided for in Section 7.17(j)(iv)-(vii) shall be taken into account for capital account purposes. For U.S. federal, state and local income tax purposes, items of
income, gain, loss, deduction and credit shall be allocated to the Partners in accordance with the allocations of the corresponding
items for capital account purposes under this Section 7.17(j), except that items with respect to which there is a difference between
tax and book basis will be allocated in accordance with Section 704(c) of the Code and Treasury Regulations Section 1.704-1(b)(4)(i).


 


(iii)           The provisions of this Section 7.17(j) relating to the maintenance of capital accounts are intended to comply with Treasury
Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such regulations. The Tax Matters
Partner shall be authorized to make appropriate amendments to the allocations of items pursuant to this Section 7.17(j)
if necessary in order to comply with Section 704 of the Code or the appropriate provisions of Treasury Regulations.


 


(iv)           Notwithstanding any other provision set forth in this Section 7.17(j), no item of deduction or loss shall be allocated
to a Partner to the extent the allocation would cause a negative balance in the Partner’s capital account (after taking
into account the adjustments, allocations and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4),
(5) and (6)) that exceeds the amount that such Partner would be required to reimburse the Issuer pursuant to this Indenture or
under applicable law. In the event some but not all of the Partners would have such excess capital account deficits as a consequence
of such an allocation of loss or deduction, the limitation set forth in this Section 7.17(j)(iv) shall be applied on a
Partner by Partner basis so as to allocate the maximum permissible deduction or loss to each such Partner under Treasury Regulations
Section 1.704-1(b)(2)(ii)(d). In the event any loss or deduction is specially allocated to a Partner pursuant to either of the
two preceding sentences, an equal amount of income of the Issuer shall be specially allocated to such Partner prior to any allocation
pursuant to Section 7.17(j)(ii).


 



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(v)            In the event any Partner unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulations
Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6), items of Issuer income and gain shall be specially allocated to such Partner in
an amount and manner sufficient to eliminate as quickly as possible any deficit balance in its capital account in excess of that
permitted under Section 7.17(j)(iv) created by such adjustments, allocations or distributions. Any special allocations
of items of income or gain pursuant to this Section 7.17(j)(v) shall be taken into account in computing subsequent allocations
pursuant to this Section 7.17(j)(v) so that the net amount of any items so allocated and all other items allocated to each
Partner pursuant to this Section 7.17(j)(v) shall, to the extent possible, be equal to the net amount that would have been
allocated to each such Partner pursuant to the provisions of this Section 7.17(j) if such unexpected adjustments, allocations
or distributions had not occurred.


 


(vi)           In the event the Issuer incurs any nonrecourse liabilities, income and gain shall be allocated in accordance with the “minimum
gain chargeback” provisions of Treasury Regulations Sections 1.704-1(b)(4)(iv) and 1.704-2.


 


(vii)          The capital accounts of the Partners shall be adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f) to
reflect the fair market value of Issuer property whenever a Partnership Interest is relinquished to the Issuer, whenever an additional
Person becomes a Partner as permitted under this Indenture, upon any termination of the Issuer within the meaning of Section 708
of the Code, and when the Issuer is liquidated as permitted under this Indenture, and shall be adjusted in accordance with Treasury
Regulations Section 1.704-1(b)(2)(iv)(e) in the case of a distribution of any property (other than cash).


 


(k)          The Retention Holder will be the initial “partnership representative” (as defined in Section 6223 of the Code) (the
 “Tax Matters Partner”) and may designate the Tax Matters Partner from time to time from among any willing Holder
of Subordinated Notes (including itself and any of its Affiliates) with respect to any taxable year of the Issuer during which
the Retention Holder or any of its Affiliates holds or has held any Subordinated Notes (and if such designee is not eligible under
the Code to be the Tax Matters Partner, it shall be the agent and attorney-in-fact of the Tax Matters Partner); provided,
that during any other period or if the Retention Holder declines to so designate a Tax Matters Partner, the Issuer (after consultation
with the Collateral Manager) shall designate the Tax Matters Partner from among any Holder of Subordinated Notes (excluding the
Retention Holder and its Affiliates) (and if such designee is not eligible under the Code to be the Tax Matters Partner, it shall
be the agent and attorney-in-fact of the Tax Matters Partner). The Tax Matters Partner (or, if applicable, its agent and attorney-in-
fact) shall sign the Issuer’s tax returns and is authorized to make tax elections on behalf of the Issuer in its reasonable
discretion, to determine the amount and characterization of any allocations or tax items described in this Section 7.17
in its reasonable discretion, and to take all actions and do such things as required or as it shall deem appropriate under the
Code, at the Issuer’s sole expense, including representing the Issuer before taxing authorities and courts in tax matters
affecting the Issuer and the Partners. Any action taken by the Tax Matters Partner in connection with audits of the Issuer under
the Code will, to the extent permitted by law, be binding upon the Partners. Each such Partner agrees that it will treat any Issuer
item on such Partner’s income tax returns consistently with the treatment of the item on the Issuer’s tax return and
that such Partner will not independently act with respect to tax audits or tax litigation affecting the Issuer, unless previously
authorized to do so in writing by the Tax Matters Partner (or, if applicable, its agent and attorney-in-fact), which authorization
may be withheld in the complete discretion of the Tax Matters Partner (or, if applicable, its agent and attorney-in fact). The
Issuer will, to the fullest extent permitted by law, reimburse and indemnify the Tax Matters Partner and any agent and attorney-in-fact
of such Tax Matters Partner in connection with any expenses reasonably incurred in connection with its performance of its duties
as or on behalf of the Tax Matters Partner. For the avoidance of doubt, any indemnity or reimbursement provided pursuant to the
immediately foregoing sentence shall be treated as an Administrative Expense pursuant to the definition thereof.


 



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(l)           The Tax Matters Partner shall be the “partnership representative” for purposes of Section 6223 of the Code, as amended
by the Bipartisan Budget Act of 2015 (the “Partnership Representative”) (or, if not eligible to be the Partnership
Representative, as agent-in-fact of the Partnership Representative). If the IRS, in connection with an audit governed by the tax
audit rules that apply to partnerships that are contemplated by the Bipartisan Budget Act of 2015 (the “Partnership Tax
Audit Rules”), proposes an adjustment greater than $25,000 in the amount of any item of income, gain, loss, deduction
or credit of the Issuer, or any Partner’s distributive share thereof, and such adjustment results in an “imputed underpayment”
as described in Section 6225(b) of the Code, as amended by the Bipartisan Budget Act of 2015, together with any guidance issued
thereunder or successor provisions (a “Covered Audit Adjustment”), the Partnership Representative will use
commercially reasonable efforts (taking into account whether the Partnership Representative has received any needed information
on a timely basis from the Partners), to apply the alternative method provided by Section 6226 of the Code, as amended by the
Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor provisions (the “Alternative
Method”). In the event the proposed adjustment is equal to or less than $25,000, the Partnership Representative may
in its sole discretion elect to have the Issuer pay such adjustment. To the extent that the Partnership Representative does not
(or is unable to) elect the Alternative Method with respect to a Covered Audit Adjustment and such Covered Audit Adjustment is
material as to the Issuer (determined in the Partnership Representative’s sole discretion), the Partnership Representative
shall use commercially reasonable efforts to (i) to the extent not economically or administratively burdensome or onerous, make
reasonable modifications available under Sections 6225(c)(3), (4) and (5) of the Code, as amended by the Bipartisan Budget Act
of 2015, together with any guidance issued thereunder or successor provisions, to the extent that such modifications are available
(taking into account whether the Partnership Representative has received any needed information on a timely basis from the Partners)
and would reduce any taxes payable by the Issuer with respect to the Covered Audit Adjustment, and (ii) if reasonably requested
by a Partner, provide to such Partner available information allowing such Partner to file an amended U.S. federal income tax return,
as described in Section 6225(c)(2) of the Code, as amended by the Bipartisan Budget Act of 2015, together with any guidance issued
thereunder or successor provisions, to the extent that such amended return and payment of any related U.S. federal income taxes
would reduce any taxes payable by the Issuer with respect to the Covered Audit Adjustment (after taking into account any modifications
described in clause (i)). Similar procedures shall be followed in connection with any state or local income tax audit governed
by the Partnership Tax Audit Rules. Any U.S. federal income taxes (and any related interest and penalties) paid by the Issuer
(or any diminution in distributable proceeds resulting from an adjustment under Partnership Tax Audit Rules) may be allocated
in the reasonable discretion of the Partnership Representative to those Partners to whom such amounts are specifically attributable
(whether as a result of their status, actions, inactions or otherwise), as determined in the reasonable discretion of the Partnership
Representative. The Partnership Representative shall not elect or cause any election to be made to apply the Partnership Tax Audit
Rules to the Issuer prior to the generally applicable effective date of such legislation, unless the Partnership Representative,
in good faith, reasonably determines that such an election would be in the best interests of the Issuer and all Holders of the
Notes. Each Partner hereby agrees to take any and all actions, and to furnish any and all information, requested by the Partnership
Representative to permit the Issuer to minimize any tax liability that would otherwise be imposed on the Issuer under Section
6225 of the Code, or any successor provision, including (if requested by the Partnership Representative) by (i) filing amended
tax returns to take into account any adjustment to the amount of any item of income, gain, loss, deduction, or credit of the Partner,
or of any Person’s distributive share thereof, and (ii) providing the Issuer with any information necessary for the Issuer
to (x) establish the amount of any tax liability resulting from any such adjustment and (y) elect (in accordance with Section
6226 of the Code, or any successor provision) for each Partner to take any such adjustment into account directly. Each Partner
acknowledges and agrees that it will be liable for all taxes and related interest, additional amounts and penalties and other
liabilities including reasonable administrative costs resulting from or otherwise attributable to the Partner’s allocable
share (determined with respect to the applicable adjustment period) of the tax items affected by any applicable audit adjustment.


 






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(m)         Upon a Re-Pricing or the designation of an Alternative Rate, the Issuer will cause its Independent accountants to comply with
any requirements under Treasury Regulation Section 1.1273-2(f)(9) (or any successor provision) including (as applicable), to (i)
determine whether Notes of the Re-Priced Class, the Notes subject to the designation of an Alternative Rate, or Notes replacing
the Re-Priced Class are traded on an established market, and (ii) if so traded, to determine the fair market value of such Notes
and to make available such fair market value determination to holders in a commercially reasonable fashion, including by electronic
publication, within 90 days of the date that the new Notes are issued.


 


Section
7.18         Effective Date; Purchase of Additional Collateral Obligations. (a) The Issuer
will use commercially reasonable efforts to purchase, on or before the Effective Date, Collateral Obligations (i) such that the
Target Initial Par Condition is satisfied and (ii) that satisfy, as of the Effective Date, the Concentration Limitations, the
Collateral Quality Tests and the Coverage Tests.


 


(b)          During the period from the Closing Date to and including the Effective Date, the Issuer will use the following funds to purchase
additional Collateral Obligations in the following order: (i) to pay for the principal portion of any Collateral Obligation,
first, any amounts on deposit in the Ramp-Up Account, and second, any Principal Proceeds on deposit in the Collection
Account and (ii) to pay for accrued interest on any such Collateral Obligation, first, any amounts on deposit in the
Ramp-Up Account and second, any Principal Proceeds on deposit in the Collection Account. In addition, the Issuer will use
commercially reasonable efforts to acquire such Collateral Obligations that will satisfy, on the Effective Date, the Concentration
Limitations, the Collateral Quality Tests and each Overcollateralization Ratio Test.


 






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(c)          Within 30 calendar days after the Effective Date (but in any event, prior to the Determination Date relating to the first Payment
Date), the Issuer shall provide, or (at the Issuer’s expense) cause the Collateral Manager to provide, the following documents:


 


(i)              to the Rating Agency (via email to CDOEffectiveDatePortfolios@spglobal.com), a report identifying Collateral Obligations and a
Microsoft Excel file (“Excel Default Model Input File”) that provides all of the inputs required to determine
whether the S&P CDO Monitor Test has been satisfied and the Collateral Manager shall provide a Microsoft Excel file including,
at a minimum, the following data with respect to each Collateral Obligation: LoanX identification number, CUSIP number (if any),
name of Obligor, coupon, spread (if applicable), LIBOR floor (if any), legal final maturity date, average life, outstanding principal
balance, Principal Balance, identification as a Cov-Lite Loan or otherwise, identification as a First-Lien Last-Out Loan or otherwise,
settlement date, the purchase price with respect to any Collateral Obligation the purchase of which has not settled, S&P Industry
Classification and S&P Recovery Rate, and requesting that S&P reaffirm its Initial Ratings of the Rated Notes;


 


(ii)            to the Trustee and the Rating Agency (via email to CDOEffectiveDatePortfolios@spglobal.com) a report, prepared by the Collateral
Administrator (the “Effective Date Report”), (A) setting forth the issuer, principal balance, coupon/spread,
Stated Maturity, S&P Rating and country of Domicile with respect to each Collateral Obligation as of the Effective Date and
(B) calculating as of the Effective Date the level of compliance with, or satisfaction or non-satisfaction of (1) each Overcollateralization
Ratio Test, (2) the Collateral Quality Tests (excluding the S&P CDO Monitor Test), (3) the Concentration Limitations and (4)
the Target Initial Par Condition;


 


(iii)           to the Trustee and the Collateral Manager, (A) an Accountants’ Report comparing, as of the Effective Date, the issuer, Principal
Balance, coupon/spread, stated maturity, S&P Rating and country of Domicile with respect to each Collateral Obligation by
reference to such sources as shall be specified therein (such report, the “Accountants’ Effective Date Comparison
AUP Report”) and (B) an Accountants’ Report performing agreed upon procedures as of the Effective Date including
recalculating and comparing the following items in the Effective Date Report: (1) each Overcollateralization Ratio Test, the Collateral
Quality Tests (excluding the S&P CDO Monitor Test) and the Concentration Limitations, and (2) whether the Target Initial Par
Condition is satisfied (such report, the “Accountants’ Effective Date Recalculation AUP Report” and together
with the Accountants’ Effective Date Comparison AUP Report, the “Accountants’ Effective Date AUP Reports”),
with both Accountants’ Effective Date AUP Reports containing a statement specifying the procedures undertaken by them to
review data and computations relating to such Accountants’ Effective Date AUP Reports; and


 



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(iv)           to the Trustee and the Rating Agency (via email to CDOEffectiveDatePortfolios@spglobal.com)
an Officer’s certificate of the Issuer (the “Effective Date Certificate”) certifying as to the level
of compliance with, or satisfaction or non-satisfaction of, (1) each Overcollateralization Ratio Test, (2) the Collateral Quality
Tests (excluding the S&P CDO Monitor Test), (3) the Concentration Limitations, and (4) the Target Initial Par Condition, in
each case, as of the Effective Date.


 


If
(v) the Issuer or the Collateral Manager, as the case may be, provides the foregoing Accountants’ Effective Date AUP Reports
to the Trustee with the results of the items set forth in subclause (iii)(B) above, and such results do not indicate any failure
of any such tested item, (w) the Issuer delivers the Effective Date Certificate to the Trustee and the Rating Agency and causes
the Collateral Administrator to make available to the Rating Agency (i) a report identifying the Collateral Obligations and (ii)
the Effective Date Report, and such Effective Date Certificate and Effective Date Report indicates satisfaction of the S&P
CDO Monitor Test as of the Effective Date, (x) the Collateral Manager certifies to S&P (which may be in the form of an e-mail)
that as of the Effective Date the S&P CDO Monitor Test is satisfied (testing as though an S&P CDO Formula Election Period
were in effect and taking into account the S&P CDO Monitor Non-Model Adjustments), (y) the Collateral Manager provides to
S&P an electronic copy of the Current Portfolio used to generate the passing test result and (z) the Collateral Manager certifies
that the Closing Date Participation Condition is satisfied, a written confirmation from S&P of its Initial Ratings of the
Rated Notes shall be deemed to have been provided (the “Effective Date Condition”). For the avoidance of doubt,
the Effective Date Certificate and the Effective Date Report shall not include or refer to the Accountants’ Effective Date
AUP Reports. In accordance with SEC Release No. 34-72936, Form 15-E, only in its complete and unedited form which includes the
Accountants’ Effective Date Comparison AUP Report as an attachment, will be provided by the Independent accountants to the
Issuer and Information Agent who will post such Form 15-E on the Issuer’s Website. Copies of the Accountants’ Effective
Date Recalculation AUP Report or any other agreed upon procedures report provided by the Independent accountants to the Issuer
will not be provided to any other party including the Rating Agency or posted on the Issuer’s Website (other than as provided
in any access letter between such Person and the accountants).


 


(d)          If, by the Determination Date relating to the first Payment Date (unless the Effective Date Condition is satisfied) S&P has
not provided written confirmation of its Initial Ratings of the Rated Notes, then the Collateral Manager, on behalf of the Issuer,
shall instruct the Trustee in writing to transfer amounts from the Interest Collection Subaccount to the Principal Collection
Subaccount (and with such funds the Issuer shall purchase additional Collateral Obligations) in an amount sufficient to obtain
from S&P a confirmation of its Initial Ratings of the Rated Notes (provided that the amount of such transfer would
not result in default in the payment of interest with respect to the Class A Notes or the Class B Notes); provided that,
in the alternative, the Collateral Manager on behalf of the Issuer may take such other action, including but not limited to, a
Special Redemption and/or transferring amounts from the Interest Collection Subaccount to the Principal Collection Subaccount
as Principal Proceeds (for use in a Special Redemption), sufficient to obtain from S&P a confirmation of its Initial Ratings
of the Rated Notes.


 



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(e)          The failure of the Issuer to satisfy the requirements of this Section 7.18 will not constitute an Event of Default
unless such failure constitutes an Event of Default under Section 5.1(d) hereof and the Issuer, or the Collateral
Manager acting on behalf of the Issuer, has acted in bad faith. Of the proceeds of the issuance of the Notes which are not applied
to pay for the purchase of Collateral Obligations acquired by the Issuer on the Closing Date an amount equal to U.S.$295,007,000
will be deposited in the Ramp-Up Account on the Closing Date. At the direction of the Issuer (or the Collateral Manager on behalf
of the Issuer), the Trustee shall apply amounts held in the Ramp-Up Account to purchase additional Collateral Obligations from
the Closing Date to and including the Effective Date as described in clause (b) above. If on the Effective Date, any amounts
on deposit in the Ramp-Up Account have not been applied to purchase Collateral Obligations, such amounts shall be applied as described
in Section 10.3(c).


 


(f)           Weighted Average S&P Recovery Rate. The Collateral Manager may, at any time after the Closing Date upon at least 5
Business Days’ prior written notice to S&P, the Trustee and the Collateral Administrator, elect to utilize the S&P
CDO Monitor in determining compliance with the S&P CDO Monitor Test (the effective date specified by the Collateral Manager
for such election, the “S&P CDO Monitor Election Date”). On or prior to the later of (x) the S&P CDO
Monitor Election Date and (y) the Effective Date, the Collateral Manager shall elect the Weighted Average S&P Recovery Rate
that shall apply on and after such date to the Collateral Obligations for purposes of determining compliance with the Minimum
Weighted Average S&P Recovery Rate Test, and the Collateral Manager will so notify the Trustee and the Collateral Administrator.
Thereafter, at any time during any S&P CDO Monitor Election Period on written notice to the Trustee, the Collateral Administrator
and S&P, the Collateral Manager may elect a different Weighted Average S&P Recovery Rate to apply to the Collateral Obligations;
provided, that if (i) the Collateral Obligations are currently in compliance with the Weighted Average S&P Recovery
Rate case then applicable to the Collateral Obligations but the Collateral Obligations would not be in compliance with the Weighted
Average S&P Recovery Rate case to which the Collateral Manager desires to change, then such changed case shall not apply or
(ii) the Collateral Obligations are not currently in compliance with the Weighted Average S&P Recovery Rate case then applicable
to the Collateral Obligations and would not be in compliance with any other Weighted Average S&P Recovery Rate case, the Weighted
Average S&P Recovery Rate to apply to the Collateral Obligations shall be the lowest Weighted Average S&P Recovery Rate
in Section 2 of Schedule 4. If the Collateral Manager does not notify the Trustee and the Collateral Administrator that
it will alter the Weighted Average S&P Recovery Rate in the manner set forth above, the Weighted Average S&P Recovery
Rate chosen as of the S&P CDO Monitor Election Date or the Effective Date, as applicable, shall continue to apply.






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Section
7.19        Representations Relating to Security Interests in the Assets. (a) The Issuer
hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution
of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder):


 


(i)            The Issuer owns each Asset free and clear of any lien, claim or encumbrance of any Person, other than such as are created under,
or permitted by, this Indenture and any other Permitted Liens.


 


(ii)           Other than the security interest Granted to the Trustee pursuant to this Indenture, except as permitted by this Indenture, the
Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Assets. The Issuer has
not authorized the filing of and is not aware of any Financing Statements against the Issuer that include a description of collateral
covering the Assets other than any Financing Statement relating to the security interest granted to the Trustee hereunder or that
has been terminated; the Issuer is not aware of any judgment, PBGC liens or tax lien filings against the Issuer.


 


(iii)          All Assets constitute Cash, accounts (as defined in Section 9-102(a)(2) of the UCC), Instruments, general intangibles
(as defined in Section 9-102(a)(42) of the UCC), uncertificated securities (as defined in Section 8-102(a)(18) of
the UCC), Certificated Securities or security entitlements to financial assets resulting from the crediting of financial assets
to a “securities account” (as defined in Section 8-501(a) of the UCC).


 


(iv)          All Accounts constitute “securities accounts” under Section 8-501(a) of the UCC.


 


(v)           This Indenture creates a valid and continuing security interest (as defined in Section 1 - 201(37) of the UCC) in
such Assets in favor of the Trustee, for the benefit and security of the Secured Parties, which security interest is prior to
all other liens, claims and encumbrances (except as permitted otherwise herein), and is enforceable as such against creditors
of and purchasers from the Issuer.


 


(b)          The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the
execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder),
with respect to Assets that constitute Instruments:


 


(i)            Either (x) the Issuer has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate
Financing Statements in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security
interest in the Instruments granted to the Trustee, for the benefit and security of the Secured Parties or (y) (A) all
original executed copies of each promissory note or mortgage note that constitutes or evidences the Instruments have been delivered
to the Trustee or the Issuer has received written acknowledgement from a custodian that such custodian is holding the mortgage
notes or promissory notes that constitute evidence of the Instruments solely on behalf of the Trustee and for the benefit of the
Secured Parties and (B) none of the Instruments that constitute or evidence the Assets has any marks or notations indicating
that they are pledged, assigned or otherwise conveyed to any Person other than the Trustee, for the benefit of the Secured Parties.


 



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(ii)           The Issuer has received all consents and approvals required by the terms of the Assets to the pledge hereunder to the Trustee
of its interest and rights in the Assets.


 


(c)          The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the
execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder),
with respect to the Assets that constitute Security Entitlements:


 


(i)            All of such Assets have been and will have been credited to one of the Accounts which are securities accounts within the meaning
of Section 8-501(a) of the UCC. The Securities Intermediary for each Account has agreed to treat all assets credited
to such Accounts as “financial assets” within the meaning of Section 8-102(a)(9) the UCC.


 


(ii)           The Issuer has received all consents and approvals required by the terms of the Assets to the pledge hereunder to the Trustee
of its interest and rights in the Assets.


 


(iii)          (x) The Issuer has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate Financing
Statements in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest
granted to the Trustee, for the benefit and security of the Secured Parties, hereunder and (y) (A) the Issuer has delivered
to the Trustee a fully executed Securities Account Control Agreement pursuant to which the Custodian has agreed to comply with
all instructions originated by the Trustee relating to the Accounts without further consent by the Issuer or (B) the Issuer
has taken all steps necessary to cause the Custodian to identify in its records the Trustee as the Person having a security entitlement
against the Custodian in each of the Accounts.


 


(iv)          The Accounts are not in the name of any Person other than the Issuer or the Trustee. The Issuer has not consented to the Custodian
to comply with the entitlement order (as defined in Section 8-102(a)(8) of the UCC) of any Person other than the Trustee (and
the Issuer prior to a notice of exclusive control being provided by the Trustee).


 


(d)          The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the
execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder),
with respect to Assets that constitute general intangibles:


 



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(i)            The Issuer has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate Financing Statements
in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in
the Assets granted to the Trustee, for the benefit and security of the Secured Parties, hereunder.


 


(ii)           The Issuer has received, or will receive, all consents and approvals required by the terms of the Assets to the pledge hereunder
to the Trustee of its interest and rights in the Assets.


 


(e)          The Issuer agrees to notify the Collateral Manager and the Rating Agency promptly if it becomes aware of the breach of any of
the representations and warranties contained in this Section 7.19 and shall not, without satisfaction of the S&P
Rating Condition, waive any of the representations and warranties in this Section 7.19 or any breach thereof.


 


ARTICLE
VIII



Supplemental Indentures


 


Section
8.1            Supplemental Indentures Without Consent of Holders of
Notes. (a) Without the consent of the Holders of each Note (except any consent explicitly required below) but with the written
consent of the Collateral Manager, at any time and from time to time subject to Section 8.3 and without an Opinion
of Counsel being provided to the Issuer or the Trustee as to whether any Class of Notes would be materially and adversely affected
thereby (except as may be explicitly required below), the Issuer and the Trustee may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:


 


(i)            to evidence the succession of another Person to the Issuer and the assumption by any such successor Person of the covenants of
the Issuer herein and in the Notes;


 


(ii)           to add to the covenants of the Issuer or the Trustee for the benefit of the Secured Parties, or to surrender any right or power
herein conferred upon the Issuer;


 


(iii)          to convey, transfer, assign, mortgage or pledge any property to or with the Trustee or add to the conditions, limitations or restrictions
on the authorized amount, terms and purposes of the issue, authentication and delivery of the Notes;


 


(iv)         to evidence and provide for the acceptance of appointment hereunder by a successor Trustee and to add to or change any of the
provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee
or collateral agent, pursuant to the requirements of Sections 6.9, 6.10 and 6.12 hereof;


 



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(v)           to correct or amplify the description of any property at any time subject to the lien of this Indenture, or to better assure,
convey and confirm unto the Trustee any property subject or required to be subjected to the lien of this Indenture (including,
without limitation, any and all actions necessary or desirable as a result of changes in law or regulations, whether pursuant
to Section 7.5 or otherwise) or to subject to the lien of this Indenture any additional property;


 


(vi)          to modify the restrictions on and procedures for resales and other transfers of Notes to reflect any changes in ERISA or other
applicable law or regulation (or the interpretation thereof) or to enable the Issuer to rely upon any exemption from registration
under the Securities Act or the 1940 Act or otherwise comply with any applicable securities law;


 


(vii)         to remove restrictions on resale and transfer of Notes to the extent not required under clause (vi) above;


 


(viii)       
to make such changes (including the removal and appointment of any listing agent) as shall be necessary or advisable in order
for the Listed Notes to be or remain listed on an exchange, including the Cayman Islands Stock Exchange;


 


(ix)          to correct or supplement any inconsistent or defective provisions herein, to cure any ambiguity, omission or errors herein; provided
that, notwithstanding anything herein to the contrary and without regard to any other consent requirement specified herein,
any supplemental indenture to be entered into pursuant to this clause (ix) may also provide for any corrective measures or ancillary
amendments to this Indenture to give effect to such supplemental indenture as if it had been effective as of the Closing Date;


 


(x)           to conform the provisions of this Indenture to the Offering Circular; provided that, notwithstanding anything herein to
the contrary and without regard to any other consent requirement specified herein, any supplemental indenture to be entered into
pursuant to this clause (x) may also provide for any corrective measures or ancillary amendments to this Indenture to give effect
to such supplemental indenture as if it had been effective as of the Closing Date;


 


(xi)          to take any action necessary, advisable, or helpful to prevent the Issuer, the Trustee or the holders of each Note from being
subject to (or to otherwise reduce) withholding or other taxes, fees or assessments;


 


(xii)       
(A) with the consent or at the direction of a Supermajority of the Subordinated Notes (and, in the case of an additional issuance
of Secured Notes (other than in connection with a Risk Retention Issuance or the issuance of Junior Mezzanine Notes), a Majority
of the Controlling Class), to permit the Issuer to issue or incur, as applicable, Additional Notes of any one or more existing
Classes of Notes and/or Junior Mezzanine Notes; or (B) with the consent or at the direction of a Majority of the Subordinated
Notes to permit the Issuer (1) to issue a replacement loan or securities or other indebtedness in connection with a Refinancing,
including any modification necessary to (I) reflect the Refinancing of Fixed Rate Notes with Floating Rate Notes or vice versa,
(II) establish a non-call period and, if applicable, prohibit future Refinancing and Re-Pricing of any class of refinancing obligations
or (III) in the case of a Refinancing of all Classes of Secured Notes (a) modify the Weighted Average Life Test or (b) extend
the Reinvestment Period, and to make such other changes as shall be necessary to facilitate a Refinancing or (2) to make such
changes as shall be necessary to facilitate the Issuer to effect a Re-Pricing;


 



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(xiii)         
to modify the procedures herein relating to compliance with Rule 17g-5 of the Exchange Act;


 


(xiv)         
to accommodate the issuance of the Notes in book-entry form through the facilities of the depository or otherwise;


 


(xv)          
to take any action necessary or advisable to prevent the Issuer or the pool of Assets from being required to register under the
1940 Act, or to avoid any requirement that the Collateral Manager or any Affiliate consolidate the Issuer on its financial statements
for financial reporting purposes (provided that no Holders are materially adversely affected thereby);


 


(xvi)         
to reduce the permitted minimum denomination of the Secured Notes;


 


(xvii)        
to change the date on which reports are required to be delivered under this Indenture;


 


(xviii)       
to modify Section 3.3 or Section 7.19 to conform with applicable law;


 


(xix)         
with the consent of a Majority of the Controlling Class, to evidence any waiver or elimination by any Rating Agency of any requirement
or condition of such Rating Agency set forth herein;


 


(xx)          
with the consent of a Majority of the Controlling Class, to conform to ratings criteria and other guidelines (including, without
limitation, any alternative methodology published by the Rating Agency) relating to collateral debt obligations in general published
by the Rating Agency; provided that the S&P Rating Condition is satisfied;


 


(xxi)         
with the consent of a Majority of the Controlling Class, to modify any defined term in Section 1.1 or any Schedule to this
Indenture that begins with or includes the word “S&P” (other than the defined term “S&P Rating Condition”)
so long as the S&P Rating Condition is satisfied;


 


(xxii)        
to change the name of the Issuer in connection with the change in name or identity of the Collateral Manager or as otherwise required
pursuant to a contractual obligation or to avoid the use of a trade name or trademark in respect of which the Issuer does not
have a license;


 



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(xxiii)       
to amend, modify or otherwise accommodate changes to this Indenture to comply with any rule or regulation enacted by regulatory
agencies of the United States federal government, any Member State of the European Economic Area, the United Kingdom, stock exchange
authority, listing agent, transfer agent or additional registrar after the Closing Date that are applicable to the Notes; provided
that, other than in connection with an amendment solely to comply with the U.S. Risk Retention Rules, the E.U. Securitization
Laws or the U.K. Securitization Laws to permit a Refinancing, if a Majority of any Class of Notes notifies the Trustee in accordance
with this Indenture that such supplemental indenture materially and adversely affects such Holders, the Trustee shall not execute
any such supplemental indenture without the consent of a Majority of such Class of Notes;


 


(xxiv)       
to make any modification or amendment determined by the Issuer or the Collateral Manager (in consultation with the legal counsel
of national reputation experienced in such matters) as necessary or advisable (A) for any Class of Secured Notes to not be considered
an “ownership interest” as defined for purposes of the Volcker Rule or (B) for the Issuer to not otherwise be considered
a “covered fund” as defined for purposes of the Volcker Rule, in each case so long as any such modification or amendment
would not have a material adverse effect on any Class of Notes, as evidenced by an opinion of counsel (which may be supported
as to factual (including financial and capital markets) matters by any relevant certificates and other documents necessary or
advisable in the judgment of the counsel delivering the opinion);


 


(xxv)        
with the consent of the Controlling Class, to modify the definition of “Credit Improved Obligation” or “Credit
Risk Obligation” in a manner not materially adverse to any holders of any Class of Notes as evidenced by an Officer’s
certificate of the Collateral Manager to the effect that such modification would not be materially adverse to the holder of any
Class of Notes;


 


(xxvi)       
to permit the Issuer to enter into any additional agreements not expressly prohibited by this Indenture as well as any amendment,
modification or waiver thereof if the Issuer determines that such additional agreement, amendment, modification or waiver would
not, upon or after becoming effective, materially and adversely affect the rights or interests of holders of any Class of Notes;
provided that (A) any such additional agreement shall include customary limited recourse and non-petition provisions; (B)
the consent to such supplemental indenture has been obtained from a Majority of the Controlling Class and (C) the Trustee receives
an opinion of counsel with respect to whether the interests of holders of any Class of Notes would be materially and adversely
affected (which opinion may be supported as to factual (including financial and capital markets) matters by any relevant certificates
and other documents necessary or advisable in the judgment of counsel delivering the opinion);


 


(xxvii)      
with the consent of a Majority of the Controlling Class, to modify (A) the Collateral Quality Tests or the definitions related
thereto, (B) any of the Investment Criteria, (C) the requirements regarding the Issuer (or the Collateral Manager on the Issuer’s
behalf) voting in favor of a Maturity Amendment or (D) the Coverage Tests or the definitions related thereto or the calculation
thereof;


 


(xxviii)     
to modify any provision to facilitate an exchange of one obligation for another obligation of the same Obligor that has substantially
identical terms except transfer restrictions, including to effect any serial designation relating to the exchange; provided that
no such supplemental indenture shall be required to facilitate any exchanges of one obligation for another obligation in accordance
with Article XII hereof;


 



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(xxix)       
 with the consent of a Majority of the Controlling Class, to modify or amend any component of the Concentration Limitations and
the definitions related thereto which affect the calculation thereof so long as (1) the Collateral Manager certifies that no Class
of Secured Notes would be materially and adversely affected thereby and (2) the S&P Rating Condition is satisfied;


 


(xxx)        
to make any necessary or advisable changes to this Indenture in connection with the adoption of an Alternative Rate or Fallback
Rate;


 


(xxxi)       
to make any modification determined by the Collateral Manager necessary or advisable to comply with U.S. Risk Retention Rules,
the E.U. Securitization Laws or the U.K. Securitization Laws, including (without limitation) in connection with a Refinancing,
Optional Redemption, Re-Pricing, additional issuance of Notes or material amendment to any of the Transaction Documents; or


 


(xxxii)      
 as determined by the Collateral Manager, to make such changes as are necessary, helpful or appropriate to permit the Issuer to
acquire, receive or retain, as applicable, Permitted Non-Loan Assets; provided that, notwithstanding the foregoing, the
Collateral Manager shall not be permitted to make any changes to clause (xx) of the definition of “Concentration Limitations”.


 


Section
8.2           Supplemental Indentures With Consent of Holders of Notes.
Subject to the provisions of Section 8.1 and Section 8.3 and the provisions in this Section 8.2, with the
consent of a Majority of the Secured Notes of each Class materially and adversely affected thereby, if any, and if the Subordinated
Notes are materially and adversely affected thereby, a Majority of the Subordinated Notes, the Trustee and the Issuer may execute
one or more supplemental indentures to add provisions to, or change in any manner or eliminate any provisions of, this Indenture
or modify in any manner the rights of the Holders of the Notes of any Class under this Indenture; provided that without
the consent of each Holder of each Outstanding Note of each Class materially and adversely affected thereby, no such supplemental
indenture described above may:


 


(i)              change the Stated Maturity of the principal of or the due date of any installment of interest on any Secured Notes, reduce the
principal amount thereof or the rate of interest thereon, other than in connection with a Re-Pricing or in connection with the
adoption of an Alternative Rate or Fallback Rate, or, except as otherwise expressly permitted by this Indenture, the Redemption
Price with respect to each Note, or change the earliest date on which Notes of any Class may be redeemed, change the provisions
of this Indenture relating to the application of proceeds of any Assets to the payment of principal of or interest on the Secured
Notes or distributions on the Subordinated Notes or change any place where, or the coin or currency in which, Notes or the principal
thereof or interest or any distribution thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the applicable Redemption Date);


 



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(ii)            reduce the percentage of the Aggregate Outstanding Amount of Holders of Notes of each Class whose consent is required for the
authorization of any such supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or
certain defaults hereunder or their consequences provided for herein;


 


(iii)           impair or adversely affect the Assets except as otherwise permitted herein;


 


(iv)           except as otherwise permitted by this Indenture, permit the creation of any lien ranking prior to or on a parity with the lien
of this Indenture with respect to any part of the Assets or terminate such lien on any property at any time subject hereto or
deprive the Holder of any Secured Notes of the security afforded by the lien of this Indenture;


 


(v)            reduce the percentage of the Aggregate Outstanding Amount of Holders of any Class of Secured Notes whose consent is required to
request the Trustee to preserve the Assets or rescind the Trustee’s election to preserve the Assets pursuant to Section 5.5 or
to sell or liquidate the Assets pursuant to Section 5.4 or 5.5;


 


(vi)           modify any of the provisions of (x) this Section 8.2, except to increase the percentage of Outstanding Class
A Notes, Class B Notes, Class C-1 Notes, Class C-2 Notes, Class D Notes or Subordinated Notes the consent of the Holders of which
is required for any such action or to provide that certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each Class A Note Outstanding, Class B Note Outstanding, Class C-1 Note Outstanding, Class C-2
Note Outstanding, Class D Note Outstanding or Subordinated Note Outstanding and affected thereby or (y) Section 8.1 or Section 8.3;


 


(vii)          modify the definition of the term “Outstanding” or the Priority of Payments set forth in Section 11.1(a); or


 


(viii)        
modify any of the provisions of this Indenture in such a manner as to affect the calculation of the amount of any payment of interest
or principal on any Secured Note or any amount available for distribution to the Subordinated Notes, or to affect the rights of
the Holders of any Secured Notes to the benefit of any provisions for the redemption of such Secured Notes contained herein.


 



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Notwithstanding
any other provision relating to supplemental indentures herein, at any time after the expiration of the Non-Call Period, if any
Class of Notes has been or contemporaneously with the effectiveness of any supplemental indenture will be paid in full in accordance
with this Indenture as so supplemented or amended, the written consent of any Holder of each Note of such Class will not be required
with respect to such supplemental indenture.


 


Section
8.3          Execution of Supplemental Indentures. (a) The Collateral
Manager shall not be bound to follow any amendment or supplement to this Indenture unless it has consented thereto in accordance
with this Article VIII. No amendment to this Indenture will be effective against the Collateral Administrator if such amendment
would adversely affect the Collateral Administrator including, without limitation, any amendment or supplement that would increase
the duties or liabilities of, or adversely change the economic consequences to, the Collateral Administrator, unless the Collateral
Administrator otherwise consents in writing.


 


(b)          Notwithstanding anything to the contrary in Section 8.1 or Section 8.3(g) below, in the case of any supplemental
indenture described in Section 8.1(a)(viii), any supplemental indenture described in Section 8.1(a)(xii)(A) in relation
to an additional issuance of Subordinated Notes or Junior Mezzanine Notes only, any supplemental indenture described in Section
8.1(a)(xii)(B)(1) effecting a Refinancing or any supplemental indenture to which the Holders of each Outstanding Note of each
Class have provided their consent (i) such supplemental indenture shall not be subject to the satisfaction of the S&P Rating
Condition, (ii) except in the case of a supplemental indenture described in Section 8.1(a)(xii)(B) effecting a Refinancing,
the Trustee shall not be required to provide notice of such supplemental indenture to the Rating Agency and (iii) the Trustee
shall not be required to request written confirmation from the Rating Agency that the S&P Rating Condition has been satisfied.
Notwithstanding the foregoing, the Trustee shall subsequently provide to S&P a copy of any supplemental indenture described
in the immediately preceding sentence.


 


(c)          No supplemental indenture will be required to be entered into in connection with any Exception.


 


(d)          The Trustee may conclusively rely on an Opinion of Counsel (which may be supported as to factual (including financial and capital
markets) matters by any relevant certificates and other documents necessary or advisable in the judgment of counsel delivering
the opinion) or a Responsible Officer’s certificate of the Collateral Manager as to whether the interests of any holder
of Notes would be materially and adversely affected by the modifications set forth in any supplemental indenture, it being expressly
understood and agreed that the Trustee shall have no obligation to make any determination as to the satisfaction of the requirements
related to any supplemental indenture which may form the basis of such Opinion of Counsel or such Responsible Officer’s
certificate. Such determination by such Class as to whether the interests of any Holder have been materially and adversely affected
shall be conclusive and binding on all present and future Holders. The Trustee shall not be liable for any determination made
in good faith and in reliance upon an Opinion of Counsel or such a Responsible Officer’s certificate delivered to the Trustee
as described herein.


 






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(e)          The Trustee shall join in the execution of any such supplemental indenture and to make any further appropriate agreements and
stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture
which affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise.


 


(f)           In executing or accepting the additional trusts created by any supplemental indenture permitted by this Article VIII or
the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Sections
6.1 and 6.3) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture and that all conditions precedent thereto have been satisfied. The Trustee
shall not be liable for any reliance made in good faith upon such an Opinion of Counsel. Such determination shall, in each case,
be conclusive and binding on all present and future Holders and beneficial owners.


 


(g)          At the cost of the Issuer, for so long as each Note shall remain Outstanding, not later than 10 days prior to the execution of
any proposed supplemental indenture pursuant to Section 8.1 and not later than 7 days prior to the execution of any
proposed supplemental indenture pursuant to Section 8.2, the Trustee shall deliver to the Collateral Manager, the
Collateral Administrator and the Holders a copy of such proposed supplemental indenture; provided that, for any party entitled
to receive notice, this provision will be deemed satisfied (1) upon the written waiver of such party to receipt of such notice
or (2) in the case of the holders, the simultaneous payment in full of the Notes held by such holders pursuant to the proposed
supplemental indenture. At the cost of the Issuer, for so long as any Class of Secured Notes shall remain Outstanding and such
Class is rated by the Rating Agency, the Trustee shall provide to the Rating Agency a copy of any proposed supplemental indenture
at least 7 days prior to the execution thereof by the Trustee (unless such period is waived by the Rating Agency). Following such
deliveries by the Trustee, if any changes are made to such proposed supplemental indenture other than to correct typographical
errors or to adjust formatting, then at the cost of the Issuer, for so long as each Note shall remain Outstanding, not later than
3 days prior to the execution of such proposed supplemental indenture (provided that the execution of such proposed supplemental
indenture shall not in any case occur earlier than the date 10 days or 7 days, as applicable, after the initial distribution of
such proposed supplemental indenture pursuant to the first sentence of this Section 8.3(g)), the Trustee shall deliver
to the Collateral Manager, the Collateral Administrator, the Rating Agency and the Holders a copy of such supplemental indenture
as revised, indicating the changes that were made. Any failure of the Trustee to publish or deliver such notices, or any defect
therein, shall not in any way impair or affect the validity of any such supplemental indenture. In the case of a supplemental
indenture to be entered into pursuant to Section 8.1(a)(xii)(B), the foregoing notice periods shall not apply and a copy
of the proposed supplemental indenture shall be included in the notice of Optional Redemption given to each holder of Secured
Notes under Section 9.2; and, upon execution of the supplemental indenture, at the cost of the Issuer, a copy thereof shall
be delivered to the Rating Agency and each Holder of Notes.


 



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(h)          Without limiting the rights of any Class to consent to any supplemental indenture as set forth herein, it shall not be necessary
for any Act of the Holders to approve the particular form of any proposed supplemental indenture, but it shall be sufficient,
if the consent of any Holders to such proposed supplemental indenture is required, that such Act shall approve the substance thereof.


 


(i)           At any time during or after the Reinvestment Period, at the written direction of any Holder or Holders of Subordinated Notes,
substantially in the form of Exhibit D (solely for Contributions of Cash or Eligible Investments), but without any amendment
to this Indenture, satisfaction of the S&P Rating Condition or the consent of any other holder of Notes (i) such Holder may
make a Contribution of Cash, Eligible Investments or Collateral Obligations or (ii) solely with respect to Holders of Certificated
Subordinated Notes, such Holder may designate (prior to the Determination Date) all or a specified portion of amounts that would
otherwise be distributed on such Payment Date to such Holder or Holders of Subordinated Notes be retained by the Trustee in the
Supplemental Reserve Account as a Contribution and be available for reinvestment in additional Collateral Obligations and other
Permitted Uses as directed by the applicable Contributor, so long as the Collateral Manager consents to such Permitted Use(s)
(or, if no direction is given by the Contributor, at the Collateral Manager’s reasonable discretion).


 


(j)           Unless the Trustee and the Issuer are notified within 7 days after notice by the Trustee to the holders of a proposed supplemental
indenture by a Majority of any Class from whom consent is not being requested that the holders of such Class giving such notice
believe that they will be materially and adversely affected by the proposed supplemental indenture, the interests of such Class
will be deemed for all purposes to not be materially and adversely affected by such proposed supplemental indenture.


 


Section
8.4           Effect of Supplemental Indentures. Upon the execution
of any supplemental indenture under this Article VIII, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Notes theretofore and thereafter
authenticated and delivered hereunder shall be bound thereby.


 


Section
8.5            Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered as part of a transfer, exchange or replacement pursuant to Article II of Notes originally
issued hereunder after the execution of any supplemental indenture pursuant to this Article VIII may, and if required by
the Issuer shall, bear a notice as to any matter provided for in such supplemental indenture. If the Issuer shall so determine,
new Notes, so modified as to conform in the opinion of the Issuer to any such supplemental indenture, may be prepared and executed
by the Issuer and authenticated and delivered by the Trustee in exchange for Outstanding Notes.


 


Section
8.6            Hedge Agreements. The Issuer and the Trustee shall
not enter into any supplemental indenture that permits the Issuer to enter into a hedge agreement unless the S&P Rating Condition
is satisfied with respect thereto and the Issuer obtains (a) a certification from the Collateral Manager that (i) the hedge agreement
is an interest rate derivative or foreign exchange derivative, (ii) the written terms of the derivative directly relate to the
Collateral Obligations or the Notes and (iii) such derivative reduces the interest rate and/or foreign exchange risks related
to the Collateral Obligations or the Notes, (b) written advice of counsel that such hedge agreement will not cause any Person
to be required to register as a “commodity pool operator” (within the meaning of the Commodity Exchange Act) with
the Commodity Futures Trading Commission in connection with the Issuer and (c) the consent of a Majority of the Controlling Class.


 






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ARTICLE
IX



Redemption Of Notes


 


Section
9.1           Mandatory Redemption. If a Coverage Test is not met
on any Determination Date on which such Coverage Test is applicable, the Issuer shall apply available amounts in the Payment Account
to make payments on the Secured Notes pursuant to the Priority of Payments.


 


Section
9.2           Optional Redemption. (a) The Secured Notes shall
be redeemable by the Issuer at the written direction of a Majority of the Subordinated Notes (and in the case of a Refinancing,
with the consent of the Collateral Manager and the U.S. Retention Provider) as follows: (i) the Secured Notes shall be redeemed
in whole in order of seniority (with respect to all Classes of Secured Notes) but not in part on any Business Day after the end
of the Non-Call Period from Sale Proceeds, Contributions of Cash and/or Refinancing Proceeds and all or a specified (as directed
by Holders of Certificated Subordinated Notes entitled to receive such Interest Proceeds and as determined by the Issuer, or the
Collateral Manager on behalf of the Issuer) portion of Interest Proceeds that are otherwise payable pursuant to Section 11.1(a)(i)(M)
or (ii) the Secured Notes shall be redeemed in part by Class from Refinancing Proceeds, Contributions of Cash and/or
Partial Refinancing Interest Proceeds and all or a specified (as directed by Holders of Certificated Subordinated Notes entitled
to receive such Interest Proceeds and as determined by the Issuer, or the Collateral Manager on behalf of the Issuer) portion
of Interest Proceeds that are otherwise payable pursuant to Section 11.1(a)(i)(M) on any Business Day after the end of
the Non-Call Period as long as the Class of Secured Notes to be redeemed represents not less than the entire Class of such Secured
Notes. In connection with any such redemption, the Secured Notes shall be redeemed at the applicable Redemption Prices and a Majority
of the Subordinated Notes must provide the above described written direction (and the Collateral Manager and the U.S. Retention
Provider must provide the above described consent in the case of a Refinancing) to the Issuer and the Trustee not later than 10
days (or such shorter period of time as the Trustee and the Collateral Manager find reasonably acceptable) prior to the Business
Day on which such redemption is to be made; provided that all Secured Notes to be redeemed must be redeemed simultaneously.


 


(b)          Upon receipt of a notice of any redemption of Secured Notes in whole pursuant to Section 9.2(a)(i), the Collateral Manager
in its sole discretion shall direct the sale (and the manner thereof) of all or part of the Collateral Obligations and other Assets
such that the proceeds from such sale and all other funds available for such purpose in the Collection Account and the Payment
Account will be at least sufficient to pay the Redemption Prices of the Secured Notes to be redeemed and to pay all Administrative
Expenses (regardless of the Administrative Expense Cap) and Aggregate Collateral Management Fees due and payable under the Priority
of Payments. If such proceeds of such sale and all other funds available for such purpose in the Collection Account and the Payment
Account would not be sufficient to redeem all Secured Notes and to pay such fees and expenses, the Secured Notes may not be redeemed.
The Collateral Manager, in its sole discretion, may effect the sale of all or any part of the Collateral Obligations or other
Assets through the direct sale of such Collateral Obligations or other Assets or by participation, merger or other arrangement.


 



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(c)          The Subordinated Notes may be redeemed, for the relevant Redemption Price, on any Business Day on or after the redemption (including
in connection with a Refinancing of all Classes of Secured Notes) or repayment of all of the Secured Notes, at the written direction
of a Majority of the Subordinated Notes delivered to the Trustee and the Collateral Manager on behalf of the Issuer at least five
Business Days prior to the designated Business Day on which the Subordinated Notes are to be redeemed (which direction may be
given in connection with a direction to redeem the Secured Notes or at any time after the Secured Notes has been redeemed or repaid
in full).


 


(d)          In addition to (or in lieu of) a sale of Collateral Obligations and/or Eligible Investments in the manner provided in Section 9.2(b),
the Secured Notes may be redeemed on any Business Day after the expiration of the Non-Call Period in whole from Refinancing Proceeds,
Contributions of Cash and/or Sale Proceeds or in part by Class from Refinancing Proceeds, Contributions of Cash and/or Partial
Refinancing Interest Proceeds as provided in Section 9.2(a)(ii) by a Refinancing; provided that the terms of
such Refinancing and any financial institutions acting as lenders thereunder or purchasers thereof must be acceptable to the Collateral
Manager, the U.S. Retention Provider and a Majority of the Subordinated Notes and such Refinancing otherwise satisfies the conditions
described below.


 


(e)          In the case of a Refinancing upon a redemption of the Secured Notes in whole but not in part pursuant to Section 9.2(a)(i),
such Refinancing will be effective only if (i) the Refinancing Proceeds, any amounts in the Supplemental Reserve Account,
all or a specified (as directed by Holders of Certificated Subordinated Notes entitled to receive such Interest Proceeds and as
determined by the Issuer, or the Collateral Manager on behalf of the Issuer) portion of Interest Proceeds that are otherwise payable
pursuant to Section 11.1(a)(i)(M), all Sale Proceeds, if any, from the sale of Collateral Obligations and Eligible Investments
in accordance with the procedures set forth herein, Contributions of Cash and all other available funds will be at least sufficient
to redeem simultaneously the Secured Notes then required to be redeemed, in whole but not in part (subject to any election to
receive less than 100% of Redemption Price as noted below), and to pay all accrued and unpaid Administrative Expenses (regardless
of the Administrative Expense Cap), including, without limitation, the reasonable fees, costs, charges and expenses incurred by
the Trustee and the Collateral Administrator (including reasonable attorneys’ fees and expenses) in connection with such
Refinancing, (ii) the Refinancing Proceeds, any amounts in the Supplemental Reserve Account, all or a specified (as directed
by Holders of Certificated Subordinated Notes entitled to receive such Interest Proceeds and as determined by the Issuer, or the
Collateral Manager on behalf of the Issuer) portion of Interest Proceeds that is otherwise payable pursuant to Section 11.1(a)(i)(M),
all Sale Proceeds, if any, Contributions of Cash and other available funds are used (to the extent necessary) to make such redemption,
(iii) the agreements relating to the Refinancing contain limited recourse and non-petition provisions equivalent (mutatis
mutandis) to those contained in Section 13.1(b) and Section 2.7(i) and (iv) the Collateral Manager and
the U.S. Retention Provider each consents to such Refinancing.


 



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(f)           In the case of a Refinancing upon a redemption of the Secured Notes in part by Class pursuant to Section 9.2(a)(ii), such
Refinancing will be effective only if: (i) the Issuer has provided notice thereof to the Rating Agency, (ii) the Refinancing Proceeds,
the Partial Refinancing Interest Proceeds, Contributions of Cash, any amounts in the Supplemental Reserve Account and all or a
specified (as directed by Holders of Certificated Subordinated Notes entitled to receive such Interest Proceeds and as determined
by the Issuer, or the Collateral Manager on behalf of the Issuer) portion of Interest Proceeds that are otherwise payable pursuant
to Section 11.1(a)(i)(M) will be at least sufficient to pay in full the aggregate Redemption Prices of the entire Class
or Classes of Secured Notes subject to Refinancing, (iii) the Refinancing Proceeds, the Partial Refinancing Interest Proceeds,
Contributions of Cash, any amounts in the Supplemental Reserve Account and all or a specified (as directed by Holders of Certificated
Subordinated Notes entitled to receive such Interest Proceeds and as determined by the Issuer, or the Collateral Manager on behalf
of the Issuer) portion of Interest Proceeds that is otherwise payable pursuant to Section 11.1(a)(i)(M) are used (to the
extent necessary) to make such redemption, (iv) the agreements relating to the Refinancing contain limited recourse and non-petition
provisions equivalent (mutatis mutandis) to those contained in Section 13.1(b) and Section 2.7(i), (v) the
aggregate principal amount of any obligations providing the Refinancing is equal to the aggregate principal amount of the Secured
Notes being redeemed with the proceeds of such obligations plus, if so directed by a Majority of the Subordinated Notes,
an amount equal to the reasonable fees, costs, charges and expenses incurred in connection with such Refinancing, (vi) the stated
maturity of each class of obligations providing the Refinancing is no earlier than the corresponding Stated Maturity of each Class
of Secured Notes being refinanced; provided that, the stated maturity of a class of obligations providing the Refinancing
may be later (but in no case earlier) than the corresponding Stated Maturity of a Class of Notes being refinanced if the S&P
Rating Condition is satisfied with respect to each Class of Rated Notes not subject to the Refinancing, (vii) the reasonable fees,
costs, charges and expenses incurred in connection with such Refinancing have been paid or will be adequately provided for from
the Refinancing Proceeds (except for expenses owed to Persons that the Collateral Manager informs the Trustee will be paid solely
as Administrative Expenses payable in accordance with this Indenture; provided that any such fees and expenses due to the
Trustee and determined by the Collateral Manager to be paid in accordance with the Priority of Payments shall not be subject to
the Administrative Expense Cap), (viii) the Refinancing Rate Condition is satisfied, (ix) the obligations providing the Refinancing
are subject to the Priority of Payments and do not rank higher in priority pursuant to the Priority of Payments than the Class
of Secured Notes being refinanced, (x) the voting rights, consent rights, redemption rights and all other rights of the obligations
providing the Refinancing are the same as the rights of the corresponding Class of Secured Notes being refinanced (except that,
at the Issuer’s election, the earliest date, if any, on which the obligations providing the Refinancing may be redeemed
at the option of the Issuer may be different than the earliest date on which the Secured Notes redeemed in connection with such
Refinancing were subject to redemption at the option of the Issuer), (xi) each of the Collateral Manager and the U.S. Retention
Provider consents to such Refinancing, (xii) the Issuer has received written advice from Dechert LLP or an opinion of counsel
of nationally recognized standing that (A) such Refinancing will not result in the Issuer being treated as a publicly traded partnership
taxable as a corporation for U.S. federal income tax purposes and (B) such Refinancing will not result in the Issuer being subject
to U.S. federal income tax on a net basis and (xiii) the Issuer (or the Collateral Manager on behalf of the Issuer) has provided
an Officer’s certificate to the Trustee certifying that the conditions to such Refinancing have been satisfied.


 



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(g)          The Holders of the Subordinated Notes will not have any cause of action against the Issuer, the Collateral Manager, the Collateral
Administrator or the Trustee for any failure to obtain a Refinancing. If a Refinancing is obtained meeting the requirements specified
above as certified by the Collateral Manager, the Issuer and the Trustee (at the direction of the Issuer) shall amend this Indenture
to the extent necessary to reflect the terms of the Refinancing and no further consent for such amendments shall be required from
the Holders of Notes other than a Majority of the Subordinated Notes directing the redemption. The Trustee shall not be obligated
to enter into any amendment that, in its view, adversely affects its duties, obligations, liabilities or protections hereunder,
and the Trustee shall be entitled to conclusively rely upon an Opinion of Counsel as to matters of law (which may be supported
as to factual (including financial and capital markets) matters by any relevant certificates and other documents necessary or
advisable in the judgment of counsel delivering such Opinion of Counsel) provided by the Issuer to the effect that such amendment
meets the requirements specified above and is permitted under this Indenture (except that such officer or counsel shall have no
obligation to certify or opine as to the sufficiency of the Refinancing Proceeds, or the sufficiency of the Accountants’
Report).


 


(h)          In the event of any redemption pursuant to this Section 9.2, the Issuer shall, at least 10 days (in the case of an
Optional Redemption of the Secured Notes) (or such shorter period of time as the Trustee and the Collateral Manager find reasonably
acceptable) or 5 Business Days (in the case of an Optional Redemption of the Subordinated Notes) (or such shorter period of time
as the Trustee and the Collateral Manager find reasonably acceptable) prior to the Redemption Date, notify the Trustee in writing
of such Redemption Date, the applicable Record Date, the principal amount of Notes to be redeemed on such Redemption Date and
the applicable Redemption Price (which Redemption Price shall be the Redemption Price to be paid in the event no Redemption Distribution
Date occurs and may be decreased as a result of payments on Redemption Distribution Dates to the extent that such payment reduces
the amount of interest that accrues on one or more Classes of Notes); provided that failure to effect any Optional Redemption
which is withdrawn by the Issuer in accordance with this Indenture or with respect to which a Refinancing fails to occur shall
not constitute an Event of Default.


 


(i)           In connection with any Optional Redemption of the Secured Notes in whole, Holders of 100% of the Aggregate Outstanding Amount
of any Class of Secured Notes may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the
Holders of such Class of Secured Notes.


 



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(j)           In connection with an Optional Redemption of all Classes of Secured Notes, a Majority of the Subordinated Notes may, at any time
following the date on which a notice of redemption is distributed to Holders of Notes pursuant to Section 9.4(a) hereof,
direct the Issuer (who shall give written notice to the Trustee no less than 4 Business Days prior to such date) to distribute
amounts on deposit in the Collection Account to pay a portion of the Redemption Price pursuant to the Priority of Payments on
one or more Business Days prior to the Redemption Date (any such date a “Redemption Distribution Date”). The
Collateral Manager may elect (by direction to the Trustee not later than three Business Days prior to the related Redemption Distribution
Date) to distribute Interest Proceeds, Principal Proceeds or both on such Redemption Distribution Date pursuant to the applicable
Priority of Payments. Notwithstanding anything herein to the contrary, in connection with electing to make any payments on a Redemption
Distribution Date that is not a Payment Date, the Collateral Manager shall be entitled to direct that only Principal Proceeds
be applied on such Redemption Distribution Date, and in such event such amounts shall, at the direction of the Collateral Manager,
be applied pursuant to the Priority of Payments set forth in Section 11.1(a)(ii) to the payment of principal in respect of the
Aggregate Outstanding Amount of Notes without regard to clauses (A) through (G) of Section 11.1(a)(ii), in each case to the extent
that the Collateral Manager has reasonably determined that sufficient amounts will be available on the Redemption Date to pay
the amounts set forth in such clauses (A) through (G). To the extent the Collateral Manager does not elect to distribute amounts
on any such Redemption Distribution Date pursuant to Section 11.1(a)(i), holders of Notes (other than the Class A Notes) shall
not be entitled to receive any amounts on account of accrued and unpaid interest on such date, and such amounts in respect of
accrued and unpaid interest through such Redemption Distribution Date shall be payable on the Redemption Date (without the payment
of any interest on such unpaid accrued interest); provided, that in connection with any payment of Principal Proceeds to
the holders of the Class A Notes on a Redemption Distribution Date, such holders shall on such date also receive a distribution
of Interest Proceeds in accordance with this clause (j) in an amount equal to any accrued and unpaid interest through such Redemption
Distribution Date on such repaid Class A Notes.


 


Section
9.3           Tax Redemption. (a) The Notes shall be redeemed in
whole but not in part on any Business Day (any such redemption, a “Tax Redemption”) at their applicable Redemption
Prices at the written direction (delivered to the Trustee) of (x) a Majority of any Affected Class or (y) a Majority of the Subordinated
Notes, in either case following the occurrence and continuation of a Tax Event.


 


(b)          In connection with any Tax Redemption, Holders of 100% of the Aggregate Outstanding Amount of any Class of Secured Notes may elect
to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class of Secured Notes.


 


(c)          Upon its receipt of such written direction directing a Tax Redemption, the Trustee shall promptly notify the Collateral Manager,
the Holders and the Rating Agency thereof.


 



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(d)          If an Officer of the Collateral Manager obtains actual knowledge of the occurrence of a Tax Event, the Collateral Manager shall
promptly notify the Issuer, the Collateral Administrator and the Trustee thereof, and upon receipt of such notice the Trustee
shall promptly notify the Holders of the Notes and the Rating Agency thereof.


 


Section
9.4           Redemption Procedures. (a) In the event of any redemption
pursuant to Section 9.2, the written direction of a Majority of the Subordinated Notes (and in the case of a Refinancing,
the consent of the Collateral Manager and the U.S. Retention Provider) shall be provided to the Issuer, the Trustee and the Collateral
Manager not later than 10 days (or such shorter period of time as the Trustee and the Collateral Manager find reasonably acceptable)
prior to the Business Day on which such redemption is to be made (which date shall be designated in such notice). In the event
of any redemption pursuant to Section 9.2 or 9.3, a notice of redemption shall be given by the Trustee by overnight
delivery service (or through the applicable procedures of DTC), postage prepaid, mailed not later than 4 Business Days prior to
the applicable Redemption Date, to each Holder of Notes, at such Holder’s address in the Register.


 


(b)          All notices of redemption delivered pursuant to Section 9.4(a) shall state:


 


(i)             the applicable Redemption Date;


 


(ii)            the Redemption Prices of the Notes to be redeemed;


 


(iii)           all of the Secured Notes that is to be redeemed is to be redeemed in full and that interest on such Secured Notes shall cease
to accrue on the Business Day specified in the notice;


 


(iv)           the place or places where Notes are to be surrendered for payment of the Redemption Prices, which shall be the office or agency
of the Issuer to be maintained as provided in Section 7.2; and


 


(v)            if all Secured Notes are being redeemed, whether the Subordinated Notes are to be redeemed in full on such Redemption Date and,
if so, the place or places where the Subordinated Notes are to be surrendered for payment of the Redemption Prices, which shall
be the office or agency of the Issuer to be maintained as provided in Section 7.2.


 


(c)          The Issuer may withdraw any such notice of redemption delivered pursuant to Section 9.2 up to the Business Day prior
to the proposed Redemption Date by written notice to the Trustee.


 


(d)          Notice of redemption pursuant to Section 9.2 or 9.3 shall be given by the Issuer or, upon an Issuer Order,
by the Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any
Holder of each Note selected for redemption shall not impair or affect the validity of the redemption of any other Notes.


 



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(e)          Unless Refinancing Proceeds are being used to redeem the Secured Notes in whole or in part, in the event of any redemption pursuant
to Section 9.2 or 9.3, no Secured Notes may be optionally redeemed unless (i) at least five Business Days
before the scheduled Redemption Date the Collateral Manager shall have furnished to the Trustee evidence, in a form reasonably
satisfactory to the Trustee (which may be in the form of a certificate of a Responsible Officer of the Collateral Manager), that
the Collateral Manager on behalf of the Issuer has entered into a binding agreement or agreements with a financial or other institution
or institutions whose short-term unsecured debt obligations (other than such obligations whose rating is based on the credit of
a Person other than such institution) are rated, or guaranteed by a Person whose short-term unsecured debt obligations are
rated, at least “F1” by Fitch to purchase (directly or by participation, merger or other arrangement), not later than
the Business Day immediately preceding the scheduled Redemption Date in immediately available funds, all or part of the Assets
at a purchase price at least sufficient, together with the Eligible Investments maturing, redeemable or putable to the issuer
thereof at par on or prior to the scheduled Redemption Date, to pay all Administrative Expenses (regardless of the Administrative
Expense Cap) and Aggregate Collateral Management Fees payable in connection with such Optional Redemption or Tax Redemption, in
each case, as applicable and in accordance with the Priority of Payments, and redeem the applicable Class of Secured Notes on
the scheduled Redemption Date (and after giving effect to payment on any applicable Redemption Distribution Dates) at the applicable
Redemption Prices (or, such other amount that the Holders of such Class have elected to receive, where Holders of such Class have
elected to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class), or (ii) prior
to selling any Collateral Obligations and/or Eligible Investments, the Collateral Manager shall certify to the Trustee that, in
its judgment, the aggregate sum of (A) expected proceeds from the sale of Eligible Investments, and (B) the Market Value
of each Collateral Obligation is expected to exceed the sum of (x) the aggregate Redemption Prices (or in the case of any
Class of Secured Notes, such other amount that the Holders of such Class have elected to receive, where Holders of such Class
have elected to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class) of
the applicable Class of Secured Notes and (y) all Administrative Expenses (regardless of the Administrative Expense Cap)
and Aggregate Collateral Management Fees payable in connection with such Optional Redemption or Tax Redemption, in each case,
as applicable and in accordance with the Priority of Payments (after giving effect to payments on any Redemption Distribution
Date). Any certification delivered by the Collateral Manager pursuant to this Section 9.4(e) shall include (1) the
prices of, and expected proceeds from, the sale (directly or by participation, merger or other arrangement) of any Collateral
Obligations and/or Eligible Investments and (2) all calculations required by this Section 9.4(e). Any Holder
of Notes, the Collateral Manager or any of their Affiliates or accounts managed thereby or by any of their respective Affiliates
shall have the right, subject to the same terms and conditions afforded to other bidders, to bid on Assets to be sold as part
of an Optional Redemption or Tax Redemption.


 


(f)           If a Class or Classes of Secured Notes are redeemed in connection with a Refinancing in part by Class, Refinancing Proceeds, together
with Partial Refinancing Interest Proceeds, and/or Contributions of Cash, shall be used to pay the Redemption Price(s) of such
Class or Classes of Secured Notes without regard to the Priority of Payments.


 



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Section
9.5           Notes Payable on Redemption Date. (a) Notice of redemption
pursuant to Section 9.4 having been given as aforesaid, the Notes to be redeemed shall, on the Redemption Date,
subject to Section 9.4(e) and the Issuer’s right to withdraw any notice of redemption pursuant to Section 9.4(c),
become due and payable at the Redemption Prices therein specified, and from and after the Redemption Date (unless the Issuer shall
default in the payment of the Redemption Prices and accrued interest) all such Notes that is Secured Notes shall cease to
bear interest on the Redemption Date. Upon final payment on a Note to be so redeemed, the Holder shall present and surrender such
Note at the place specified in the notice of redemption on or prior to such Redemption Date; provided that if there is
delivered to the Issuer and the Trustee such security or indemnity as may be required by them to save such party harmless and
an undertaking thereafter to surrender such Note, then, in the absence of notice to the Issuer or the Trustee that the applicable
Notes have been acquired by a protected purchaser, such final payment shall be made without presentation or surrender. Payments
of interest on Secured Notes so to be redeemed which are payable on or prior to the Redemption Date shall be payable to the Holders
of such Secured Notes, or one or more predecessor Notes, registered as such at the close of business on the relevant Record Date
according to the terms and provisions of Section 2.7(e).


 


(b)          If any Secured Note called for redemption shall not be paid upon surrender thereof for redemption, the principal thereof shall,
until paid, bear interest from the Redemption Date at the applicable Interest Rate for each successive Interest Accrual Period
such Secured Note remains Outstanding; provided that the reason for such non-payment is not the fault of such Holder.


 


Section
9.6           Special Redemption. Principal payments on the Secured
Notes shall be made in part in accordance with the Priority of Payments on any Payment Date (i) during the Reinvestment Period,
if the Collateral Manager in its sole discretion notifies the Trustee at least five Business Days prior to the applicable Special
Redemption Date that it has been unable, for a period of at least 20 consecutive Business Days, to identify additional Collateral
Obligations that are deemed appropriate by the Collateral Manager in its sole discretion and which would satisfy the Investment
Criteria in sufficient amounts to permit the investment or reinvestment of all or a portion of the funds then in the Collection
Account that are to be invested in additional Collateral Obligations or (ii) after the Effective Date, if the Collateral
Manager notifies the Trustee that a redemption is required pursuant to Section 7.18 in order to obtain from S&P
written confirmation of its initial ratings of the Rated Notes (unless the Effective Date Condition has been satisfied) (in each
case, a “Special Redemption”). On the first Payment Date (and all subsequent Payment Dates) identified by the
Collateral Manager for the Special Redemption (in the case of a Special Redemption described in clause (i) above) or Payment Date
(and all subsequent Payment Dates) following the Collection Period in which such notice is given (in the case of a Special Redemption
described in clause (ii) above) (any such initial date a “Special Redemption Date”), the amount in the Collection
Account representing as applicable either (1) Principal Proceeds which the Collateral Manager has determined cannot be reinvested
in additional Collateral Obligations or (2) Interest Proceeds and Principal Proceeds available therefor in accordance with
the Priority of Payments on each Payment Date until the Issuer obtains confirmation from S&P of the initial ratings of the
Rated Notes (provided that such confirmation is not required if the Effective Date Condition has been satisfied) (such
amount, a “Special Redemption Amount”) will be available to be applied in accordance with the Priority of Payments.
Notice of payments pursuant to this Section 9.6 shall be given by the Trustee not less than (x) in the case of a Special
Redemption described in clause (i) above, three Business Days prior to the applicable Special Redemption Date and (y) in the case
of a Special Redemption described in clause (ii) above, one Business Day prior to the Special Redemption Date, in each case by
facsimile, email transmission or first class mail, postage prepaid, to each Holder of Secured Notes affected thereby at such Holder’s
facsimile number, email address or mailing address in the Register and to the Rating Agency.


 



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Section
9.7           Issuer Purchases of Secured Notes. Notwithstanding
anything to the contrary in this Indenture, the Issuer may conduct purchases of the Secured Notes, in whole or in part, in accordance
with, and subject to, the terms and conditions of this Section 9.7. Notwithstanding the provisions of Section 10.2
(or any other terms hereof to the contrary), amounts in the Principal Collection Subaccount and/or the Supplemental Reserve
Account may be disbursed for purchases of Secured Notes in accordance with the provisions described in this Section 9.7.
Upon written instruction by the Issuer, the Trustee shall cancel any such purchased Secured Notes surrendered to it for cancellation
or, in the case of any Global Secured Note, the Trustee shall decrease the aggregate outstanding principal amount of such Global
Secured Note in its records by the full par amount of the purchased Secured Notes, and instruct DTC or its nominee, as the case
may be, to conform its records. In connection with any such cancellation of an interest in a Global Secured Note, the Issuer (or
other beneficial owner of such interest) shall reasonably cooperate with the Trustee in connection with such cancellation, including
without limitation, surrendering such interest and providing any necessary instructions to DTC. The cancellation (and/or decrease,
as applicable) of any such surrendered Secured Notes shall be taken into account for purposes of all relevant calculations thereafter
made pursuant to the terms of this Indenture.


 


No
purchases of the Secured Notes by the Issuer may occur unless each of the following conditions is satisfied:


 


(i)             such purchases of Secured Notes shall occur in the following sequential order of priority: first, the Class A Notes, until the
Class A Notes are retired in full; second, the Class B Notes, until the Class B Notes are retired in full; third, the Class C-1
Notes and the Class C-2 Notes, pro rata based on the Aggregate Outstanding Amount of each Class, until the Class C-1 Notes
and the Class C-2 Notes are retired in full; and fourth, the Class D Notes, until the Class D Notes are retired in full;


 


(ii)             (A) each such purchase of Secured Notes of any Class shall be made pursuant to an offer made to all Holders and beneficial
owners of the Secured Notes of such Class, by notice to such Holders and beneficial owners, which notice shall specify the purchase
price (as a percentage of par) at which such purchase will be effected, the maximum amount of Principal Proceeds that will be
used to effect such purchase and the length of the period during which such offer will be open for acceptance, (B) each such
Holder or beneficial owner of Secured Notes shall have the right, but not the obligation, to accept such offer in accordance with
its terms and (C) if the aggregate outstanding principal amount of Notes of the relevant Class held by the Holders or beneficial
owners who accept such offer exceeds the amount of Principal Proceeds specified in such offer, a portion of the Notes of each
accepting Holder and beneficial owner shall be purchased (subject to the minimum denominations and the applicable procedures of
DTC) pro rata based on the respective principal amount held by each such Holder or beneficial owner;


 






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(iii)           each such purchase shall be effected only at prices discounted from par;


 


(iv)           each such purchase of Secured Notes shall occur during the Reinvestment Period and shall be effected with Principal Proceeds;


 


(v)            each Coverage Test is satisfied immediately prior to each such purchase and will be satisfied, maintained or improved after giving
effect to such purchase;


 


(vi)           to the extent that Sale Proceeds are used to consummate any such purchase, either (I) each requirement or test, as the case
may be, of the Concentration Limitations and the Collateral Quality Tests (except the S&P CDO Monitor Test) will be satisfied
after giving effect to such purchase or (II) if any such requirement or test was not satisfied immediately prior to such
purchase, such requirement or test will be maintained or improved after giving effect to such purchase;


 


(vii)          no Event of Default shall have occurred and be continuing;


 


(viii)        
each such purchase will otherwise be conducted in accordance with applicable law;


 


(ix)           the Trustee shall have received an Officer’s certificate of the Collateral Manager to the effect that the conditions in
the foregoing clauses (i) through (viii) have been satisfied; and


 


(x)            notice of each such purchase shall be provided to the Rating Agency.


 


Any
Secured Notes to be purchased shall be surrendered to the Trustee for cancellation in accordance with Section 2.9.
Upon receipt of the Officer’s certificate described in preceding sub-clause (ix), the Trustee shall disburse any available
amount in the Principal Collection Subaccount on any Business Day pursuant to Issuer instruction (or the Collateral Manager acting
on behalf of the Issuer), which instruction shall identify that such disbursement is for the purchase of Secured Notes pursuant
to and in accordance with this Section 9.7. The Issuer reserves the right to cancel any offer to purchase Secured
Notes prior to finalizing such offer.


 


Section
9.8           Optional Re-Pricing. On any Business Day after the
Non-Call Period, at the direction of a Majority of the Subordinated Notes and with the consent of the Collateral Manager and the
U.S. Retention Provider, the Issuer shall reduce the spread over LIBOR or fixed rate of interest with respect to any Class of
Secured Notes, other than the Class A Notes (such reduction with respect to any such Class of Notes, a “Re-Pricing”
and any Class of Secured Notes to be subject to a Re-Pricing, a “Re-Priced Class”); provided that the
Issuer shall not effect any Re-Pricing unless each condition specified below is satisfied with respect thereto; provided further
that in the case of a Re-Pricing of the Class D Notes, with the consent of all holders of the Class D Notes, such Re-Pricing
(a) may apply only to a portion of the Class D Notes and (b) may allow Re-Pricing of such portion of the Class D Notes from a
floating rate of interest to a fixed rate of interest or from a fixed rate of interest to a floating rate of interest. For the
avoidance of doubt, no terms of any Secured Notes other than the Interest Rate applicable thereto may be modified or supplemented
in connection with a Re-Pricing. In connection with any Re-Pricing, the Issuer may engage a broker-dealer (the “Re-Pricing
Intermediary”) upon the recommendation and subject to the approval of a Majority of the Subordinated Notes and such
Re-Pricing Intermediary shall assist the Issuer in effecting the Re-Pricing.


 






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At
least 20 days (or such shorter period reasonably acceptable to the Trustee and the Collateral Manager) prior to the Business Day
fixed by a Majority of the Subordinated Notes for any proposed Re-Pricing (the “Re-Pricing Date”), the Issuer
(or the Re-Pricing Intermediary on behalf of the Issuer) shall deliver a notice in writing (with a copy to the Collateral Manager,
the Trustee and the Rating Agency) to each Holder of the proposed Re-Priced Class, which notice shall:


 


(a)          specify the proposed Re-Pricing Date and the revised spread over LIBOR or fixed rate of interest to be applied with respect to
such Class (the “Re-Pricing Rate”);


 


(b)          request each Holder of the Re-Priced Class to approve the proposed Re-Pricing; and


 


(c)          specify the price at which Notes of any Holder of the Re-Priced Class which does not approve the Re-Pricing may be sold and transferred
pursuant to the following paragraph, which, for purposes of such Re-Pricing, shall be the Redemption Price after giving effect
on a pro forma basis to all payments to be made pursuant to the Priority of Payments on the Re-Pricing Date.


 


In
the event any Holders of the Re-Priced Class do not deliver written consent to the proposed Re-Pricing on or before the date that
is not more than 5 Business Days after such notice, the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall
deliver written notice thereof to the consenting Holders of the Re-Priced Class, specifying the aggregate principal amount of
the Notes of the Re-Priced Class held by such non-consenting Holders, and shall request each such consenting Holder provide written
notice to the Issuer, the Trustee, the Collateral Manager and the Re-Pricing Intermediary if such Holder would like to purchase
all or any portion of the Notes of the Re-Priced Class held by the non-consenting Holders (each such notice, an “Exercise
Notice”) within five Business Days after receipt of such notice (subject to the minimum denomination and applicable
procedures of DTC). In the event the Issuer shall receive Exercise Notices with respect to more than the aggregate principal amount
of the Notes of the Re-Priced Class held by non-consenting Holders, the Issuer, or the Re-Pricing Intermediary on behalf of the
Issuer, shall cause the sale and transfer of such Notes, without further notice to the non-consenting Holders thereof (for settlement
on the Re-Pricing Date) to the Holders delivering Exercise Notices with respect thereto, pro rata based on the aggregate
principal amount of the Notes such Holders indicated an interest in purchasing pursuant to their Exercise Notices (subject to
the minimum denomination and applicable procedures of DTC). In the event the Issuer shall receive Exercise Notices with respect
to less than the aggregate principal amount of the Notes of the Re-Priced Class held by non-consenting Holders, the Issuer, or
the Re-Pricing Intermediary on behalf of the Issuer (subject to the minimum denomination and applicable procedures of DTC), shall
cause the sale and transfer of such Notes, without further notice to the non-consenting Holders thereof, for settlement on the
Re-Pricing Date to the Holders delivering Exercise Notices with respect thereto, and any excess Notes of the Re-Priced Class held
by non-consenting Holders shall be sold (for settlement on the Re-Pricing Date) to a transferee designated by the Re-Pricing Intermediary
on behalf of the Issuer. All sales of Notes to be effected pursuant to this paragraph shall be made at a price equal to the aggregate
principal amount of such Notes together with any accrued and unpaid interest thereon, including any Deferred Interest and any
accrued and unpaid interest on such Deferred Interest, in each case after giving effect on a pro forma basis to all payments
to be made pursuant to the Priority of Payments on the Re-Pricing Date, and shall be effected only if the related Re-Pricing is
effected in accordance with the provisions of this Indenture described in this Section 9.8. The Holder of any Secured Notes,
by its acceptance of an interest in the Secured Notes, agrees to sell and transfer its Secured Notes in accordance with the provisions
of this Indenture described in this Section 9.8 and agrees to cooperate with the Issuer, the Re-Pricing Intermediary and
the Trustee to effect such sales and transfers. The Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall deliver
written notice to the Trustee and the Collateral Manager not later than five Business Days prior to the proposed Re-Pricing Date
confirming that the Issuer has received written commitments to purchase all Notes of the Re-Priced Class held by non-consenting
Holders. For the avoidance of doubt, other than with respect to a Re-Pricing of the Class D Notes, such Re-Pricing will apply
to all the Notes of the Re-Priced Class, including the Notes of the Re-Priced Class held by non-consenting Holders.


 






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The
Issuer shall not effect any proposed Re-Pricing unless: (i) with the consent of the Majority of the Subordinated Notes, the Collateral
Manager and the U.S. Retention Provider, the Issuer and the Trustee shall have entered into a supplemental indenture dated as
of the Re-Pricing Date solely to decrease the spread over LIBOR or fixed interest rate with respect to the Re-Priced Class; (ii)
the Issuer (or the Re-Pricing Intermediary on behalf of the Issuer) confirms in writing that all Notes of the Re-Priced Class
held by non-consenting Holders have been sold and transferred pursuant to clause (c) above; (iii) the Rating Agency shall have
been notified of such Re-Pricing and, in the case of a partial Re-Pricing of Class D Notes, the S&P Rating Condition has been
satisfied with respect to the Class D Notes; (iv) all expenses of the Issuer and the Trustee (including the fees of the Re-Pricing
Intermediary and fees of counsel) incurred in connection with the Re-Pricing shall not exceed the amount of Interest Proceeds
available after taking into account all amounts required to be paid pursuant to the Priority of Payments on the subsequent Payment
Date prior to distributions to the Holders of the Subordinated Notes, unless such expenses shall have been paid (including from
proceeds of any additional issuance of Subordinated Notes) or shall be adequately provided for by an entity other than the Issuer;
and (v) the Issuer has received written advice from Dechert LLP or an opinion of counsel of nationally recognized standing that
(A) such Re-Pricing will not result in the Issuer being treated as a publicly traded partnership taxable as a corporation for
U.S. federal income tax purposes and (B) such Re-Pricing will not result in the Issuer being subject to U.S. federal income tax
on a net basis.


 


If
notice has been received by the Trustee from the Collateral Manager pursuant to this Indenture, notice of a Re-Pricing shall be
given by the Trustee by first class mail, postage prepaid, mailed not less than three Business Days prior to the proposed Re-Pricing
Date, to each Holder of Notes of the Re-Priced Class at the address in the Register (with a copy to the Collateral Manager), specifying
the applicable Re-Pricing Date and Re-Pricing Rate. Notice of Re-Pricing shall be given by the Trustee at the expense of the Issuer.
Failure to give a notice of Re-Pricing, or any defect therein, to any Holder of any Re-Priced Class shall not impair or affect
the validity of the Re-Pricing or give rise to any claim based upon such failure or defect. Any notice of a Re-Pricing may be
withdrawn by a Majority of the Subordinated Notes on or prior to the Business Day prior to the scheduled Re-Pricing Date by written
notice to the Issuer, the Trustee and the Collateral Manager for any reason. Upon receipt of such notice of withdrawal, the Trustee
shall send such notice to the Holders of Notes and the Rating Agency.


 






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The
Issuer shall direct the Trustee to segregate payments and take other reasonable steps to effect the Re-Pricing and the Trustee
shall have the authority to take such actions as may be directed by the Issuer or the Collateral Manager as the Issuer (or the
Re-Pricing Intermediary on behalf of the Issuer) or Collateral Manager shall deem necessary or desirable to effect a Re-Pricing.
In order to give effect to the Re-Pricing, the Issuer shall, to the extent necessary, obtain and assign a separate CUSIP or CUSIPs
to the Notes of each Class held by such consenting or non-consenting Holder(s), or in the case of a partial Re-Pricing of the
Class D Notes, obtain and assign a separate CUSIP or CUSIPs to the Class D Notes which are subject to such Re-Pricing. The Trustee
shall be entitled to receive, and shall be fully protected in relying upon an Opinion of Counsel stating that the Re-Pricing is
authorized or permitted by this Indenture and that all conditions precedent thereto have been complied with. The Trustee may request
and rely on an Issuer Order providing direction and any additional information requested by the Trustee in order to effect a Re-Pricing.


 


For
the avoidance of doubt, if no Unfunded Class Non-Call Period is in effect, the Class D Notes may be subject to a Re-Pricing as
if any Unfunded Class Non-Call Period had ended.


 


Section
9.9            Clean-Up Call Redemption.


 


(a)           At the written direction of either a Majority of the Subordinated Notes or the Collateral Manager in its sole discretion (which
direction shall be given so as to be received by the Issuer, the Trustee, the Rating Agency and, in the case of such direction
delivered by a Majority of the Subordinated Notes, the Collateral Manager not later than 30 days prior to the proposed Redemption
Date specified in such direction), the Secured Notes will be subject to redemption by the Issuer, in whole but not in part (a
 “Clean-Up Call Redemption”), at the Redemption Price therefor, on any Business Day after the Non-Call Period
if the Collateral Principal Amount is less than 20.0% of the Target Initial Par Amount.


 


(b)          Upon receipt of notice directing the Issuer to effect a Clean-Up Call Redemption and subject to any transfer restriction, the
Issuer (or, at the written direction and expense of the Issuer, the Trustee on behalf of the Issuer) will offer to the Collateral
Manager, the holders of the Subordinated Notes and any other Person identified by the Issuer or the Collateral Manager the right
to bid to purchase the Collateral Obligations at a price not less than the Clean-Up Call Purchase Price. Any Clean-Up Call Redemption
is subject to (i) the sale of the Collateral Obligations by the Issuer to the highest bidder therefor (it being understood that
any such sale of Collateral Obligations may consist of multiple transactions in which Collateral Obligations are sold in groups
or on an individual basis, or any combination of the two, or as an entire pool, as determined by the Collateral Manager) on or
prior to the third Business Day immediately preceding the related Redemption Date, for a purchase price in cash (the “Clean-Up
Call Purchase Price”) payable prior to or on the Redemption Date at least equal to the greater of (1) the sum of (a)
the sum of the Redemption Prices of the Secured Notes, plus (b) the aggregate of all other amounts owing by the Issuer
on the date of such redemption that are payable in accordance with the Priority of Payments prior to distributions in respect
of the Subordinated Notes, minus (c) all other Assets available for application in accordance with the Priority of Payments
on the Redemption Date and (2) the Market Value of such Assets being purchased, and (ii) the receipt by the Trustee from the Collateral
Manager, prior to such purchase, of certification from the Collateral Manager that the sum expected to be received satisfies clause
(i). Upon receipt by the Trustee of the certification referred to in the preceding sentence, the Trustee (pursuant to written
direction from, and at the expense of, the Issuer) and the Issuer shall take all actions necessary to sell, assign and transfer
the Assets to the applicable holder of Subordinated Notes, the Collateral Manager or such other Person upon payment in immediately
available funds of the Clean-Up Call Purchase Price. The Trustee shall deposit such payment into the applicable sub-account of
the Collection Account in accordance with the instructions of the Collateral Manager.


 






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(c)          Upon receipt from a Majority of the Subordinated Notes or the Collateral Manager of a direction in writing to effect a Clean-Up
Call Redemption, the Issuer shall set the related Redemption Date (as specified in the direction delivered pursuant to clause
(a) above) and the Record Date for any redemption pursuant to this Section 9.9 and give written notice thereof to the Trustee
(which shall forward such notice to the Holders), the Collateral Administrator, the Collateral Manager and the Rating Agency not
later than 15 Business Days prior to the proposed Redemption Date.


 


(d)          Any notice of Clean-Up Call Redemption may be withdrawn by the Issuer up to two Business Days prior to the related scheduled Redemption
Date by written notice to the Trustee, the Rating Agency and the Collateral Manager only if amounts equal to the Clean-Up Call
Purchase Price are not received in full in immediately available funds by the third Business Day immediately preceding such Redemption
Date. Notice of any such withdrawal of a notice of Clean-Up Call Redemption shall be given by the Trustee at the expense of the
Issuer to each Holder of Notes to be redeemed at such Holder’s address in the Register, by overnight courier guaranteeing
next day delivery not later than the second Business Day prior to the related scheduled Redemption Date.


 


(e)          On the Redemption Date related to any Clean-Up Call Redemption, the Clean-Up Call Purchase Price shall be distributed pursuant
to the Priority of Payments.


 






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ARTICLE
X



Accounts, Accountings And Releases


 


Section
10.1         Collection of Money. (a) Except as otherwise expressly provided herein,
the Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance
of any fiscal agent or other intermediary, all Money and other property payable to or receivable by the Trustee pursuant to this
Indenture, including all payments due on the Assets, in accordance with the terms and conditions of such Assets. The Trustee shall
segregate and hold all such Money and property received by it in trust for the Holders of the Notes and shall apply it as provided
herein. Each Account shall be established and maintained (i) with a federal or state-chartered depository institution that has
a short-term issuer rating of at least “A-1” by S&P or a long-term issuer rating of at least “A” by
S&P or (ii) with respect to securities held in segregated trust accounts with the corporate trust department of a federal
or state-chartered depository institution that has a short term issuer rating of at least “A-2” by S&P or a long
term issuer rating of at least “BBB+” by S&P and is subject to regulations regarding fiduciary funds on deposit
similar to Title 12 of the Code of Federal Regulations Section 9.10(b). Such institution shall have a combined capital and surplus
of at least U.S.$200,000,000. All Cash deposited in the Accounts shall be invested only in Eligible Investments or Collateral
Obligations in accordance with the terms of this Indenture. To avoid the consolidation of the Assets of the Issuer with the general
assets of the Bank under any circumstances, the Trustee shall comply, and shall cause the Custodian to comply, with all law applicable
to it as a national bank with trust powers holding segregated trust assets in a fiduciary capacity.


 


(b)          If any institution described in Section 10.1(a) above falls below the requirements specified in Section 10.1(a)(I) or
(II), the assets held in such Account shall be moved by the Issuer within 30 calendar days to another institution that
has ratings that satisfy such requirements.


 


Section
10.2          Collection Account. (a) In accordance with this Indenture and the Securities
Account Control Agreement, the Issuer shall, on or prior to the Closing Date, cause the Trustee to establish at the Custodian
two segregated trust subaccounts, one of which will be designated the “Interest Collection Subaccount” and one of
which will be designated the “Principal Collection Subaccount” (and which together will comprise the Collection Account),
each held in the name of the Trustee, for the benefit of the Secured Parties and each of which shall be maintained with the Custodian
in accordance with the Securities Account Control Agreement. The Trustee shall from time to time deposit into the Interest Collection
Subaccount, in addition to the deposits required pursuant to Section 10.6(a), immediately upon receipt thereof or
upon transfer from the Payment Account, all Interest Proceeds (unless simultaneously reinvested in additional Collateral Obligations
in accordance with Article XII or in Eligible Investments). The Trustee shall deposit immediately upon receipt thereof
or upon transfer from the Expense Reserve Account or Revolver Funding Account all other amounts remitted to the Collection Account
into the Principal Collection Subaccount, including in addition to the deposits required pursuant to Section 10.6(a),
(i) any funds designated as Principal Proceeds by the Collateral Manager in accordance with this Indenture and (ii) all
other Principal Proceeds (unless simultaneously reinvested in additional Collateral Obligations in accordance with Article
XII or in Eligible Investments). The Issuer may, but under no circumstances shall be required to, deposit from time to time
into the Collection Account, in addition to any amount required hereunder to be deposited therein, such Monies received from external
sources for the benefit of the Secured Parties or the Issuer (other than payments on or in respect of the Collateral Obligations,
Eligible Investments or other existing Assets) as the Issuer deems, in its sole discretion, to be advisable and to designate them
as Interest Proceeds or Principal Proceeds. All Monies deposited from time to time in the Collection Account pursuant to this
Indenture shall be held by the Trustee as part of the Assets and shall be applied to the purposes herein provided. Subject to
Section 10.2(d), amounts in the Collection Account shall be reinvested pursuant to Section 10.6(a).


 






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(b)          The Trustee, within one Business Day after receipt of any distribution or other proceeds in respect of the Assets which are not
Cash, shall so notify the Issuer and the Issuer (or the Collateral Manager on behalf of the Issuer) shall use its commercially
reasonable efforts to, within five Business Days after receipt of such notice from the Trustee (or as soon as practicable thereafter),
sell such distribution or other proceeds for Cash in an arm’s length transaction and deposit the proceeds thereof in the
Collection Account; provided that the Issuer (i) need not sell such distributions or other proceeds if it delivers
an Issuer Order or an Officer’s certificate to the Trustee certifying that such distributions or other proceeds constitute
Collateral Obligations, Equity Securities or Eligible Investments or (ii) may otherwise retain such distribution or other
proceeds for up to two years from the date of receipt thereof if it delivers an Officer’s certificate to the Trustee certifying
that (x) it will sell such distribution within such two-year period and (y) retaining such distribution is not otherwise
prohibited by this Indenture.


 


(c)           At any time when reinvestment is permitted pursuant to Article XII, the Collateral Manager on behalf of the Issuer may
by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order the Trustee shall, withdraw funds on deposit in the
Principal Collection Subaccount representing Principal Proceeds (together with any Principal Financed Accrued Interest) and reinvest
(or invest, in the case of funds referred to in Section 7.18) such funds in additional Collateral Obligations,
in each case in accordance with the requirements of Article XII and such Issuer Order and the purchase price for such Collateral
Obligations (including accrued interest and other accrued amounts for such additional Collateral Obligations) may be paid on or
following the settlement thereof as directed in an Issuer Order. At any time, the Collateral Manager on behalf of the Issuer may
by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order the Trustee shall, withdraw funds on deposit in the
Principal Collection Subaccount representing Principal Proceeds and deposit such funds in the Revolver Funding Account to meet
funding requirements on Delayed Drawdown Collateral Obligations or Revolving Collateral Obligations.


 


(d)          The Collateral Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order
the Trustee shall, pay from amounts on deposit in the Collection Account on any Business Day during any Interest Accrual Period:
(i) any amount required to exercise a warrant held in the Assets or right to acquire equity securities; provided that if
such payment is made from Principal Proceeds, unless such Principal Proceeds were designated as such pursuant to a Contribution,
(x) the Adjusted Collateral Principal Amount is greater than or equal to the Reinvestment Target Par Balance after giving effect
to such payment and (y) each Overcollateralization Ratio Test is satisfied both prior to and after giving effect to such payment
or (ii) any amount required to acquire loan assets or debt securities in connection with the insolvency, bankruptcy, reorganization,
restructuring or workout of a Collateral Obligation or the Obligor thereof (including, for the avoidance of doubt, any Permitted
Collateral Obligation (which Permitted Collateral Obligation shall be treated as a Collateral Obligation, subject to treatment
as a Defaulted Obligation in accordance with Section 12.2(j)))) in accordance with such Issuer Order; provided that, so
long as any Notes Outstanding are rated by S&P, (A) if such payment is made from Interest Proceeds, in the reasonable judgment
of the Collateral Manager, such payment will not cause a default in the payment, when due and payable, of any interest on
any Class of Notes, (B) if such payment is made from Principal Proceeds to acquire securities, unless such Principal Proceeds
were designated as such pursuant to a Contribution, (x) the Adjusted Collateral Principal Amount is greater than or equal to the
Reinvestment Target Par Balance after giving effect to such payment, (y) each Overcollateralization Ratio Test is satisfied both
prior to and after giving effect to such payment and (z) the aggregate amount of all such payments pursuant to this clause (ii)
does not exceed 10.0% of the Target Initial Par Amount and (C) notice thereof is provided to the Rating Agency; (iii) any amount
required to make customary protective advances or provide customary indemnities to the agent of the Collateral Obligation (for
which the Issuer may receive a participation interest or other right of repayment) as may be required by the Issuer as a lender
under the Underlying Instruments; and (iv) from Interest Proceeds only, any Administrative Expenses (such payments to be
counted against the Administrative Expense Cap for the applicable period and to be subject to the order of priority as stated
in the definition of Administrative Expenses); provided that the aggregate Administrative Expenses paid pursuant to this
Section 10.2(d) during any Collection Period shall not exceed the Administrative Expense Cap for the related
Payment Date; provided further that the Trustee shall be entitled (but not required) without liability on its part, to
refrain from making any such payment of an Administrative Expense pursuant to this Section 10.2 on any day other than a
Payment Date if, in its reasonable determination, the payment of such amount is likely to leave insufficient funds available to
pay in full each of the items described in Section 11.1(a)(i)(A) as reasonably anticipated to be or become due and payable
on the next Payment Date, taking into account the Administrative Expense Cap.


 






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(e)          The Trustee shall transfer to the Payment Account, from the Collection Account for application pursuant to Section 11.1(a),
on the Business Day immediately preceding each Payment Date and on any Redemption Date or Redemption Distribution Date and, in
the case of proceeds received in connection with a Refinancing of the Secured Notes in whole, on the date of receipt thereof,
the amount set forth to be so transferred in the Distribution Report for such Payment Date or the Redemption Distribution Direction
for such Redemption Distribution Date.


 


(f)           The Collateral Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order
the Trustee shall, (i) transfer from amounts on deposit in the Interest Collection Subaccount to the Principal Collection Subaccount,
amounts necessary for application pursuant to Section 7.18(d) and/or (ii) apply amounts in the Principal Collection
Subaccount to the purchase of Secured Notes pursuant to Section 9.7.


 


(g)          In connection with a Refinancing in part by Class of one or more Classes of Secured Notes, the Collateral Manager on behalf of
the Issuer may direct the Trustee to apply Partial Refinancing Interest Proceeds from the Interest Collection Subaccount on the
date of a Refinancing of one or more Classes of Secured Notes to the payment of the Redemption Price(s) of the Class or Classes
of Secured Notes subject to Refinancing without regard to the Priority of Payments.


 






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(h)          From time to time on or prior to the Determination Date related to the second Payment Date, the Collateral Manager may (with notice
to the Collateral Administrator, the Trustee), designate Principal Proceeds received by the Issuer as Interest Proceeds (Principal
Proceeds so designated as Interest Proceeds, “Designated Principal Proceeds”), so long as, after giving effect
to such designation (together with the designation of Designated Unused Proceeds as Interest Proceeds), the Effective Date Interest
Deposit Restriction will be satisfied.


 


Section
10.3          Transaction Accounts.


 


(a)          Payment Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, prior
to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing trust account held
in the name of the Trustee, for the benefit of the Secured Parties, which shall be designated as the Payment Account, which shall
be maintained with the Custodian in accordance with the Securities Account Control Agreement. Except as provided in Section 11.1(a),
the only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Payment Account shall
be to pay amounts due and payable on the Notes in accordance with their terms and the provisions of this Indenture and, upon Issuer
Order, to pay Administrative Expenses, fees and other amounts due and owing to the Collateral Manager under the Collateral Management
Agreement and other amounts specified herein, each in accordance with the Priority of Payments. The Issuer shall not have any
legal, equitable or beneficial interest in the Payment Account other than in accordance with this Indenture (including the Priority
of Payments) and the Securities Account Control Agreement. Amounts in the Payment Account shall remain uninvested.


 


(b)          Custodial Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, prior
to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing trust account held
in the name of the Trustee, for the benefit of the Secured Parties, which shall be designated as the Custodial Account, which
shall be maintained with the Custodian in accordance with the Securities Account Control Agreement. All Collateral Obligations
shall be credited to the Custodial Account. The only permitted withdrawals from the Custodial Account shall be in accordance with
the provisions of this Indenture. The Trustee agrees to give the Issuer immediate notice if (to the actual knowledge of a Trust
Officer of the Trustee) the Custodial Account or any assets or securities on deposit therein, or otherwise to the credit
of the Custodial Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process.
The Issuer shall not have any legal, equitable or beneficial interest in the Custodial Account other than in accordance with this
Indenture and the Priority of Payments. Amounts in the Custodial Account shall remain uninvested.


 






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(c)          Ramp-Up Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, prior
to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing trust account held
in the name of the Trustee, for the benefit of the Secured Parties, which shall be designated as the Ramp-Up Account, which shall
be maintained with the Custodian in accordance with the Securities Account Control Agreement. The Issuer shall direct the Trustee
to deposit $295,007,000 to the Ramp-Up Account on the Closing Date. In connection with any purchase of an additional Collateral
Obligation, the Trustee will apply amounts held in the Ramp-Up Account as provided by Section 7.18(b). On the Effective
Date or upon the occurrence of an Event of Default (and excluding any proceeds that will be used to settle binding commitments
entered into prior to such date), the Trustee will deposit any remaining amounts in the Ramp-Up Account into the Principal Collection
Subaccount as Principal Proceeds. After the Effective Date and on or prior to the Determination Date related to the second Payment
Date (so long as the Target Initial Par Condition has been satisfied, and with respect to any distribution in connection with
clause (b) below, is satisfied on a pro forma basis after giving effect to such distribution, and a Special Redemption
was not required and excluding any proceeds that will be used to settle binding commitments entered into prior to that date),
(a) at the direction of the Collateral Manager the Trustee will deposit any remaining amounts in the Ramp-Up Account into the
Principal Collection Subaccount as Principal Proceeds (except as provided in clause (b) below) and (b) the Collateral Manager
may designate any remaining amounts in the Ramp-Up Account as Interest Proceeds to be deposited into the Interest Collection Subaccount
(amounts so designated as Interest Proceeds, “Designated Unused Proceeds”), so long as, after giving effect
to such designation, the aggregate amount of Designated Principal Proceeds and Designated Unused Proceeds does not exceed 1.0%
of the Target Initial Par Amount (such requirements, the “Effective Date Interest Deposit Restriction”). Any
income earned on amounts deposited in the Ramp-Up Account will be deposited in the Interest Collection Subaccount as Interest
Proceeds.


 


(d)          Expense Reserve Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall,
on or prior to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing trust
account held in the name of the Trustee, for the benefit of the Secured Parties, which shall be designated as the Expense Reserve
Account, which shall be maintained with the Custodian in accordance with the Securities Account Control Agreement. The Issuer
shall direct the Trustee to deposit $1,950,000 to the Expense Reserve Account. On any Business Day from the Closing Date to and
including the Determination Date relating to the first Payment Date, the Trustee shall apply funds from the Expense Reserve Account,
as directed by the Collateral Manager, to pay expenses of the Issuer incurred in connection with the formation of the Issuer,
the structuring and consummation of the Offering and the issuance of the Notes or to the Collection Account as Interest Proceeds
or Principal Proceeds. By the Determination Date relating to the first Payment Date, all funds in the Expense Reserve Account
(after deducting any expenses paid on such Determination Date) will be deposited in the Collection Account as Interest Proceeds
or Principal Proceeds, as designated by the Collateral Manager, and the Expense Reserve Account will be closed. Any income earned
on amounts deposited in the Expense Reserve Account will be deposited in the Interest Collection Subaccount as Interest Proceeds
as it is received.


 


(e)          Supplemental Reserve Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer
shall, on or prior to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing
trust account held in the name of the Trustee, for the benefit of the Secured Parties, which shall be designated as the “Supplemental
Reserve Account,” which shall be held by the Custodian in accordance with the Securities Account Control Agreement. Contributions
of Cash or Eligible Investments, any amounts in connection with an additional issuance of Subordinated Notes only and amounts
designated for deposit into the Supplemental Reserve Account pursuant to Section 11.1(a)(i)(L) will be deposited into the
Supplemental Reserve Account and transferred to the Collection Account at the written direction of the Collateral Manager to the
Trustee for a Permitted Use designated by the applicable Contributor or the Collateral Manager, as applicable, in such written
direction.


 






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(f)           Interest Reserve Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall,
on or prior to the Closing Date, cause the Trustee to establish a single, segregated non-interest bearing trust account in the
name of the Trustee for the benefit of the Secured Parties which will be designated as the “Interest Reserve Account.”
On the Closing Date, the Issuer shall direct the Trustee to deposit an amount equal to the Interest Reserve Amount into the Interest
Reserve Account. On the Determination Date relating to the first Payment Date, the Issuer, at the direction of the Collateral
Manager, shall direct that an amount on deposit in the Interest Reserve Account equal to the lesser of the Interest Reserve Amount
and the amount necessary to cause clauses (A) through (K) of Section 11.1(a)(i) to be paid on such Payment Date shall be
deposited in the Interest Collection Subaccount as Interest Proceeds and the Collateral Manager may direct that any remaining
amounts in the Interest Reserve Account be transferred to the Collection Account and included as Interest Proceeds or Principal
Proceeds on such Payment Date. On the Business Day immediately preceding the first Payment Date, all amounts on deposit in the
Interest Reserve Account will be transferred to the Payment Account and applied as Interest Proceeds or Principal Proceeds (as
directed by the Collateral Manager) in accordance with the Priority of Payments on such Payment Date, and the Trustee will close
the Interest Reserve Account. Prior to the closing of the Interest Reserve Account, any income earned on amounts deposited in
the Interest Reserve Account will be deposited in the Interest Collection Subaccount as Interest Proceeds as it is paid.


 


Section
10.4         The Revolver Funding Account. Upon the purchase or acquisition of any Delayed
Drawdown Collateral Obligation or Revolving Collateral Obligation identified by written notice to the Trustee, funds in an amount
equal to the undrawn portion of such obligation shall be withdrawn at the direction of the Collateral Manager first from the Ramp-Up
Account and, if necessary, from the Principal Collection Subaccount and deposited by the Trustee in a single, segregated trust
account established (in accordance with this Indenture and the Securities Account Control Agreement) at the Custodian and held
in the name of the Trustee, for the benefit of the Secured Parties (the “Revolver Funding Account”). Upon initial
purchase or acquisition of any such obligations, funds deposited in the Revolver Funding Account in respect of any Delayed Drawdown
Collateral Obligation or Revolving Collateral Obligation will be treated as part of the purchase price therefor. Amounts on deposit
in the Revolver Funding Account will be invested in overnight funds that are Eligible Investments selected by the Collateral Manager
pursuant to Section 10.6 and earnings from all such investments will be deposited in the Interest Collection
Subaccount as Interest Proceeds.


 






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The
Issuer shall, at all times maintain sufficient funds on deposit in the Revolver Funding Account such that the sum of the amount
of funds on deposit in the Revolver Funding Account shall be equal to or greater than the sum of the unfunded funding obligations
under all such Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations then included in the Assets. Funds
shall be deposited in the Revolver Funding Account upon the purchase of any Delayed Drawdown Collateral Obligation or Revolving
Collateral Obligation and upon the receipt by the Issuer of any Principal Proceeds with respect to a Revolving Collateral Obligation
as directed by the Collateral Manager on behalf of the Issuer. In the event of any shortfall in the Revolver Funding Account,
the Collateral Manager (on behalf of the Issuer) may direct the Trustee to, and the Trustee thereafter shall, transfer funds in
an amount equal to such shortfall from the Principal Collection Subaccount to the Revolver Funding Account.


 


Any
funds in the Revolver Funding Account (other than earnings from Eligible Investments therein) will be treated as Principal
Proceeds and will be available at the direction of the Collateral Manager solely to cover any drawdowns on the Delayed Drawdown
Collateral Obligations and Revolving Collateral Obligations; provided that any excess of (A) the amounts on deposit
in the Revolver Funding Account over (B) the sum of the unfunded funding obligations under all Delayed Drawdown Collateral
Obligations and Revolving Collateral Obligations that are included in the Assets (which excess may occur for any reason, including
upon (i) the sale or maturity of a Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation, (ii) the occurrence
of an event of default with respect to any such Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation or (iii)
any other event or circumstance which results in the irrevocable reduction of the undrawn commitments under such Delayed Drawdown
Collateral Obligation or Revolving Collateral Obligation) may be transferred by the Trustee (at the written direction of the Collateral
Manager on behalf of the Issuer) from time to time as Principal Proceeds to the Principal Collection Subaccount.


 


Section
10.5        Ownership of the Accounts. For the avoidance of doubt, the Accounts (including
income, if any, earned on the investments of funds in such account) will be owned by the Issuer, for federal income tax purposes.
The Issuer is required to provide to the Trustee (i) an IRS Form W-9 or appropriate IRS Form W-8 no later than the Closing Date,
and (ii) any additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation upon the
reasonable request of the Trustee as may be necessary (i) to reduce or eliminate the imposition of U.S. withholding taxes and
(ii) to permit the Trustee to fulfill its tax reporting obligations under applicable law with respect to the Accounts or any amounts
paid to the Issuer. If any IRS form or other documentation previously delivered becomes inaccurate in any respect, the Issuer
shall timely provide to the Trustee accurately updated and complete versions of such IRS forms or other documentation. The Bank,
both in its individual capacity and in its capacity as Trustee, shall have no liability to the Issuer or any other person in connection
with any tax withholding amounts paid or withheld from the Accounts pursuant to applicable law arising from the Issuer’s
failure to timely provide an accurate, correct and complete IRS Form W-9, an appropriate IRS Form W-8 or such other documentation
contemplated under this paragraph. For the avoidance of doubt, no funds shall be invested with respect to such Accounts absent
the Trustee having first received (i) the requisite written investment direction with respect to the investment of such funds,
and (ii) the IRS forms and other documentation required by this paragraph.


 






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Section
10.6          Reinvestment of Funds in Accounts; Reports by Trustee. (a) By Issuer Order
(which may be in the form of standing instructions), the Issuer (or the Collateral Manager on behalf of the Issuer) shall
at all times direct the Trustee to, and, upon receipt of such Issuer Order, the Trustee shall, invest all funds on deposit in
the Collection Account, the Ramp-Up Account, the Interest Reserve Account, the Revolver Funding Account, the Expense Reserve Account
and the Supplemental Reserve Account, as so directed in Eligible Investments having stated maturities no later than the Business
Day preceding the next Payment Date (or such shorter maturities expressly provided herein). If prior to the occurrence of an Event
of Default, the Issuer shall not have given any such investment directions, the Trustee shall seek instructions from the Collateral
Manager within three Business Days after transfer of any funds to such accounts. If the Trustee does not thereafter receive written
instructions from the Collateral Manager within five Business Days after transfer of such funds to such accounts, it shall invest
and reinvest the funds held in such accounts, as fully as practicable, in the Standby Directed Investment. If after the occurrence
of an Event of Default, the Issuer shall not have given such investment directions to the Trustee for three consecutive days,
the Trustee shall invest and reinvest such Cash as fully as practicable in the Standby Directed Investment. Except to the extent
expressly provided otherwise herein, all interest and other income from such investments shall be deposited in the Interest Collection
Subaccount, any gain realized from such investments shall be credited to the Principal Collection Subaccount upon receipt, and
any loss resulting from such investments shall be charged to the Principal Collection Subaccount. The Trustee shall not in any
way be held liable by reason of any insufficiency of such accounts which results from any loss relating to any such investment;
provided that nothing herein shall relieve the Bank of (i) its obligations or liabilities under any security or obligation
issued by the Bank or any Affiliate thereof or (ii) liability for any loss resulting from gross negligence, willful misconduct
or fraud on the part of the Bank or any Affiliate thereof.


 


(b)          The Trustee agrees to give the Issuer immediate notice if any Account or any funds on deposit in any Account, or otherwise to
the credit of an Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process.


 


(c)          The Trustee shall supply, in a timely fashion, to the Issuer, the Rating Agency and the Collateral Manager any information regularly
maintained by the Trustee that the Issuer, the Rating Agency or the Collateral Manager may from time to time reasonably request
with respect to the Assets, the Accounts and the other Assets and provide any other requested information reasonably available
to the Trustee by reason of its acting as Trustee hereunder and required to be provided by Section 10.7 or to
permit the Collateral Manager to perform its obligations under the Collateral Management Agreement or the Issuer’s obligations
hereunder that have been delegated to the Collateral Manager. The Trustee shall promptly forward to the Collateral Manager copies
of notices and other writings received by it from the obligor or issuer of any Asset or from any Clearing Agency with respect
to any Asset which notices or writings advise the holders of such Asset of any rights that the holders might have with respect
thereto (including, without limitation, requests to vote with respect to amendments or waivers and notices of prepayments and
redemptions) as well as all periodic financial reports received from such obligor or issuer and Clearing Agencies with respect
to such issuer.


 






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Section
10.7          Accountings.


 


(a)           Monthly. Not later than the 15th calendar day (or, if such day is not a Business Day, on the next succeeding Business Day) of
each calendar month (other than any month for which a Distribution Report is prepared and made available) and commencing
in May 2021, the Issuer shall compile and make available (or cause to be compiled and made available) to the Rating Agency,
the Trustee, the Collateral Manager, the Initial Purchaser, any Holder shown on the Register of Notes and any beneficial owner
of Notes who has delivered a Beneficial Ownership Certificate to the Trustee a monthly report on a settlement date basis (except
as otherwise expressly provided in this Indenture) (each such report a “Monthly Report”). As used herein, the
 “Monthly Report Determination Date” with respect to any calendar month will be the tenth Business Day prior
to the 15th calendar day of such calendar month. The Monthly Report for a calendar month shall contain the following information
with respect to the Collateral Obligations and Eligible Investments included in the Assets, and shall be determined as of the
Monthly Report Determination Date for such calendar month:


 


(i)           Aggregate Principal Balance of Collateral Obligations, the aggregate outstanding principal balance of Collateral Obligations,
the aggregate unfunded commitments of the Collateral Obligations, any capitalized interest on the Collateral Obligations and Eligible
Investments representing Principal Proceeds.


 


(ii)          Adjusted Collateral Principal Amount of Collateral Obligations.


 


(iii)         Collateral Principal Amount of Collateral Obligations.


 


(iv)         A list of Collateral Obligations, including, with respect to each such Collateral Obligation, the following information:


 


(A)         The obligor thereon (including the issuer ticker, if any);


 


(B)          The CUSIP, LoanX-ID (if any) or security identifier thereof;


 


(C)          The Principal Balance thereof, the outstanding principal balance thereof (in each case, other than any accrued interest that was
purchased with Principal Proceeds (but excluding any capitalized interest)) and any unfunded commitment pertaining thereto;


 


(D)          The percentage of the aggregate Collateral Principal Amount represented by such Collateral Obligation;


 


(E)          (x) The related interest rate or spread (in the case of a LIBOR Floor Obligation, calculated both with and without regard to the
applicable specified “floor” rate per annum), (y) if such Collateral Obligation is a LIBOR Floor Obligation,
the related LIBOR floor and (z) the identity of any Collateral Obligation that is not a LIBOR Floor Obligation and for which interest
is calculated with respect to any index other than LIBOR;


 


(F)          The stated maturity thereof;


 


(G)          The related S&P Industry Classification;


 






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(H)         The S&P Rating;


 


(I)           The country of Domicile;


 


(J)           An indication as to whether each such Collateral Obligation is (1) a Senior Secured Loan, (2) a Second Lien Loan, (3) a Defaulted
Obligation, (4) a Delayed Drawdown Collateral Obligation, (5) a Revolving Collateral Obligation, (6) a Participation
Interest (indicating the related Selling Institution, if applicable, and its ratings by the Rating Agency), (7) a Permitted
Deferrable Obligation, (8) a Fixed Rate Obligation, (9) a Current Pay Obligation, (10) a DIP Collateral Obligation,
(11) a Discount Obligation, (12) a Discount Obligation purchased in the manner described in clause (y) of
the proviso to the definition “Discount Obligation”, (13) a Cov-Lite Loan, (14) a First-Lien Last-Out Loan, (15) a
Senior Syndicated Secured Loan, (16) a Long-Dated Obligation or (17) a Broadly Syndicated Loan or, if not a Broadly Syndicated
Loan, a Middle Market Loan;


 


(K)         With respect to each Collateral Obligation that is a Discount Obligation purchased in the manner described in clause (y) of
the proviso to the definition “Discount Obligation”;


 


(I)             the identity of the Collateral Obligation (including whether such Collateral Obligation was classified as a Discount Obligation
at the time of its original purchase) the proceeds of whose sale are used to purchase the purchased Collateral Obligation;


 


(II)            the purchase price (as a percentage of par) of the purchased Collateral Obligation and the sale price (as a percentage of par)
of the Collateral Obligation the proceeds of whose sale are used to purchase the purchased Collateral Obligation; and


 


(III)         
the Aggregate Principal Balance of Collateral Obligations that have been excluded from the definition of “Discount Obligation”
and relevant calculations indicating whether such amount is in compliance with the limitations described in clauses (z)(A) and
(z)(B) of the proviso to the definition of “Discount Obligation.”


 


(L)          The Principal Balance of each Cov-Lite Loan and the Aggregate Principal Balance of all Cov-Lite Loans;


 


(M)         The S&P Recovery Rate; and


 


(N)         The date of the credit estimate of such Collateral Obligation.


 


(v)          If the Monthly Report Determination Date occurs on or after the Effective Date and prior to the last day of the Reinvestment Period,
for each of the limitations and tests specified in the definitions of Concentration Limitations and Collateral Quality Tests,
(1) the result (including, during any S&P CDO Formula Election Period, calculation of each of the S&P CDO Monitor
Benchmarks), (2) the related minimum or maximum test level and (3) a determination as to whether such result satisfies
the related test.


 






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(vi)         The calculation of each of the following:


 


(A)         Each Interest Coverage Ratio (and setting forth the percentage required to satisfy each Interest Coverage Test);


 


(B)         Each Overcollateralization Ratio (and setting forth the percentage required to satisfy each Overcollateralization Ratio Test);


 


(C)         The Weighted Average Coupon; and


 


(D)         The Weighted Average Floating Spread.


 


(vii)       
The calculation specified in Section 5.1(g).


 


(viii)      
For each Account, a schedule showing the beginning balance, each credit or debit specifying the nature, source and amount, and
the ending balance.


 


(ix)         
A schedule showing for each of the following the beginning balance, the amount of Interest Proceeds received from the date of
determination of the immediately preceding Monthly Report, and the ending balance for the current Measurement Date:


 


(A)         Interest Proceeds from Collateral Obligations; and


 


(B)         Interest Proceeds from Eligible Investments.


 


(x)          
Purchases, payments, and sales:


 


(A)         The identity, Principal Balance and outstanding principal balance (in each case other than any accrued interest that was purchased
with Principal Proceeds (but excluding any capitalized interest)), unfunded commitment (if any), capitalized interest (if any),
Principal Proceeds and Interest Proceeds received, and date for each Collateral Obligation that was released for sale or disposition
pursuant to Section 12.1 since the last Monthly Report Determination Date and whether such Collateral Obligation
was a Credit Risk Obligation or a Credit Improved Obligation, and whether the sale of such Collateral Obligation was a discretionary
sale and;


 


(B)          The identity, Principal Balance and outstanding principal balance (in each case other than any accrued interest that was purchased
with Principal Proceeds (but excluding any capitalized interest)), unfunded commitment (if any), Principal Proceeds and Interest
Proceeds received, and date for each Collateral Obligation that was substituted or repurchased pursuant to Section 12.3
since the last Monthly Report Determination Date, all as reported to the Trustee by the Collateral Manager at the time of such
repurchase or substitution; and


 






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(C)          The identity, Principal Balance and outstanding principal balance (in each case other than any accrued interest that was purchased
with Principal Proceeds (but excluding any capitalized interest)), unfunded commitment (if any), capitalized interest (if any)
and Principal Proceeds and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant to Section 12.2 since the last Monthly Report Determination Date.


 


(xi)        
The identity of each Defaulted Obligation, the S&P Collateral Value and the Market Value of each such Defaulted Obligation
and date of default thereof.


 


(xii)       
The identity of each Collateral Obligation with an S&P Rating of “CCC+” or below and the Market Value of each
such Collateral Obligation.


 


(xiii)      
The identity of each Deferring Obligation, the S&P Collateral Value and the Market Value of each Deferring Obligation, and
the date on which interest was last paid in full in Cash thereon.


 


(xiv)      
The identity of each Current Pay Obligation, the Market Value of each such Current Pay Obligation, and the percentage of the Collateral
Principal Amount comprised of Current Pay Obligations.


 


(xv)       
[Reserved].


 


(xvi)      
The percentage of the Collateral Principal Amount comprised of Broadly Syndicated Loans (which percentage shall be reflected on
the summary page of the Monthly Report).


 


(xvii)     
 A copy of the notice provided by the Collateral Manager pursuant to Section 12.2(b) hereof setting forth the details of
any Trading Plan (including, the proposed amendments and/or proposed investments identified by the Collateral Manager for acquisition
or entry, as applicable, as part of such Trading Plan (which details shall be reported on a dedicated page of the Monthly Report))
and the occurrence of the event, if any, described in clause (v) of the proviso to Section 12.2(b).


 


(xviii)    
Based solely on the confirmation given by the Issuer, or the Collateral Manager on behalf of the Issuer, to the Collateral Administrator
and the Trustee (for the benefit of the Holders), on which the Collateral Administrator and the Trustee may conclusively rely,
a statement as to whether the E.U./U.K. Retention Provider has confirmed it is in compliance with the requirements set forth in
paragraph 1 of the Risk Retention Letter.


 






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(xix)        
The S&P Equivalent Weighted Average Rating Factor and S&P Equivalent Diversity Score.


 


(xx)         
For each Account, (i) the name of the financial institution that holds such Account and (ii) the applicable ratings by S&P
required under Section 10.1(a) for such institution.


 


(xxi)        
Notice of any Exception that became effective since the last Monthly Report Determination Date, as provided by the Collateral
Manager.


 


(xxii)      
Such other information as the Rating Agency or the Collateral Manager may reasonably request.


 


For
each instance in which the Market Value is reported pursuant to the foregoing, the Monthly Report shall also indicate the manner
in which such Market Value was determined and the source(s) (if applicable) used in such determination, as provided by the Collateral
Manager.


 


Upon
receipt of each Monthly Report, the Trustee shall (a) if the relevant Monthly Report Determination Date occurred on or prior to
the last day of the Reinvestment Period, notify the Issuer (who shall notify S&P) if such Monthly Report indicates that the
S&P CDO Monitor Test has not been satisfied as of the relevant Measurement Date and (b) compare the information contained
in such Monthly Report to the information contained in its records with respect to the Assets and shall, within three Business
Days after receipt of such Monthly Report, notify the Issuer, the Collateral Administrator, the Rating Agency and the Collateral
Manager if the information contained in the Monthly Report does not conform to the information maintained by the Trustee with
respect to the Assets. If any discrepancy exists, the Collateral Administrator and the Issuer, or the Collateral Manager on behalf
of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall within
ten (10) Business Days notify the Collateral Manager who shall, on behalf of the Issuer, request that the Independent accountants
appointed by the Issuer pursuant to Section 10.9 perform agreed upon procedures on such Monthly Report and the
Trustee’s records to determine the cause of such discrepancy. If such review reveals an error in the Monthly Report or the
Trustee’s records, the Monthly Report or the Trustee’s records shall be revised accordingly and, as so revised, shall
be utilized in making all calculations pursuant to this Indenture and notice of any error in the Monthly Report shall be sent
as soon as practicable by the Issuer to all recipients of such report which may be accomplished by making a notation of such error
in the subsequent Monthly Report.


 


(b)         
Payment Date Accounting. The Issuer shall render an accounting (each a “Distribution Report”), determined
as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report
to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency, any Holder shown on the Register of a Note and
any beneficial owner of a Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business
Day preceding the related Payment Date. The Distribution Report shall contain the following information:


 






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(i)          
the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment
Date is not also a Re-Pricing Date or Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or
Refinancing in each case in whole but not in part;


 


(ii)         
(a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and
such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of
principal payments to be made on the Secured Notes of each Class on the next Payment Date, the amount of any Deferred Interest
on the Class C Notes and the Class D Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving
effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding
Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning
of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated
Notes, the amount of payments, if any, to be made on the Subordinated Notes on the next Payment Date, and the Aggregate Outstanding
Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage
of the original Aggregate Outstanding Amount of the Subordinated Notes;


 


(iii)        
the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date;


 


(iv)        
the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or
each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date;


 


(v)         
for the Collection Account:


 


(A)         the Balance on deposit in the Collection Account at the end of the related Collection Period (or, with respect to the Interest
Collection Subaccount, the next Business Day);


 


(B)          the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and
Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest
in additional Collateral Obligations pursuant to Article XII); and


 


(C)          the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and


 


(vi)         [reserved];


 






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(vii)        such other information as the Collateral Manager may reasonably request.


 


Each
Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer
such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in
Section 11.1 and Article XIII.


 


(c)          Interest Rate Notice. The Issuer (or the Collateral Administrator on behalf of the Issuer) shall include in the Monthly
Report a notice setting forth the Interest Rate for each Class of Secured Notes for the Interest Accrual Period preceding the
next Payment Date.


 


(d)          Failure to Provide Accounting. If the Trustee shall not have received any accounting provided for in this Section 10.7
on the first Business Day after the date on which such accounting is due to the Trustee, the Trustee shall notify the Collateral
Manager who shall use all reasonable efforts to obtain such accounting by the applicable Payment Date. To the extent the Collateral
Manager is required to provide any information or reports pursuant to this Section 10.7 as a result of the failure
of the Issuer to provide such information or reports, the Collateral Manager shall be entitled to retain an Independent certified
public accountant in connection therewith and the reasonable costs incurred by the Collateral Manager for such Independent certified
public accountant shall be paid by the Issuer.


 


(e)          Required Content of Certain Reports. Each Monthly Report and each Distribution Report sent to any Holder or beneficial
owner of an interest in Notes shall contain, or be accompanied by, the following notices:


 


The
Notes may be beneficially owned only by Persons that (a) in the case of the Secured Notes (i) are Qualified Purchasers that
are not U.S. persons (within the meaning of Regulation S under the United States Securities Act of 1933, as amended) and
are purchasing their beneficial interest in an offshore transaction (as defined in Regulation S) or (ii) are Qualified Institutional
Buyers or Institutional Accredited Investors and Qualified Purchasers (or corporations, partnerships, limited liability companies
or other entities (other than trusts) each shareholder, partner, member or other equity owner of which is either a Qualified
Purchaser) or (b) in the case of the Subordinated Notes, are Qualified Institutional Buyers or Accredited Investors and either
Qualified Purchasers, Knowledgeable Employees with respect to the Issuer, the Collateral Manager or corporations, partnerships,
limited liability companies or other entities (other than trusts) each shareholder, partner, member or other equity owner
of which is either a Qualified Purchaser or a Knowledgeable Employee with respect to the Issuer or Collateral Manager and (c)
in the case of clauses (a) and (b), can make the representations set forth in Section 2.5 of this Indenture or
the appropriate Exhibit to this Indenture.


 


Each
holder receiving this report agrees to keep all non-public information herein confidential and not to use such information for
any purpose other than its evaluation of its investment in the Notes; provided that any holder may provide such information
on a confidential basis to any prospective purchaser of such holder’s Notes that is permitted by the terms of this Indenture
to acquire such holder’s Notes and that agrees to keep such information confidential in accordance with the terms of this
Indenture.


 






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(f)           Initial Purchaser Information. The Issuer and the Initial Purchaser, or any successor to the Initial Purchaser, may post
the information contained in a Monthly Report or Distribution Report to a password-protected internet site accessible only to
the Holders of the Notes and to the Collateral Manager.


 


(g)          Distribution of Reports. The Trustee will make the Monthly Report, the Distribution Report, any Redemption Distribution
Direction and any notices or communications required to be delivered to the Holders in accordance with this Indenture available
via its internet website. The Trustee’s internet website shall initially be located at https://tss.sfs.db.com/investpublic/.
The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient
and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties
regarding any such changes. As a condition to access to the Trustee’s internet website, the Trustee may require registration
and the acceptance of a disclaimer. The Trustee shall be entitled to rely on but shall not be responsible for the content or accuracy
of any information provided in the Monthly Report and the Distribution Report which the Trustee disseminates in accordance with
this Indenture and may affix thereto any disclaimer it deems appropriate in its reasonable discretion.


 


(h)          In the event that the Trustee receives instructions to effect a securities transaction as contemplated in 12 C.F.R. 12.1, the
Issuer acknowledges that, upon its written request and at no additional cost, it has the right to receive notification from the
Trustee after the completion of such transaction as contemplated in 12 C.F.R. 12.4(a) or (b), the Issuer agrees that, absent a
specific request, such notification shall not be provided by the Trustee hereof and, in lieu of such notifications, the Trustee
shall make available each Monthly Report and Distribution Report in the manner required by this Indenture.


 


(i)           The Trustee is hereby authorized and directed to make available to Intex Solutions, Inc. and Moody’s Analytics, Inc. each
Monthly Report and Distribution Report.


 


(j)           “Fair Value” Report. The Issuer authorizes and directs the Trustee to make available to Holders via the Trustee’s
internet website any “fair value” report provided to the Trustee by the Issuer for posting in connection with the
U.S. Risk Retention Rules and provided to the Trustee for posting to the website. Notwithstanding anything herein to the contrary,
it is understood and agreed that the Trustee (i) has not participated in the preparation of any such report or the information
contained therein and (ii) is not responsible for, and is not making any representation concerning, the accuracy or completeness
of such report or the information contained therein, including, without limitation, in respect of the fair value of any Notes
identified therein or any assumptions, discount factors or other variables used to determine any such fair value.


 






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(k)          Redemption Distribution Direction. The Issuer shall render an accounting (each a “Redemption Distribution Direction”),
determined as of the close of business on each Determination Date preceding a Redemption Distribution Date, and shall make available
such Redemption Distribution Direction available to the Collateral Manager and the Trustee setting forth the amounts payable pursuant
to each applicable clause of Section 11.1(a)(i) and Section 11.1(a)(ii), as applicable, on the related Redemption
Distribution Date. Each Redemption Distribution Direction shall constitute instructions to the Trustee to withdraw funds from
the Payment Account and pay or transfer such amounts set forth in such Redemption Distribution Direction in the manner specified
and in accordance with the priorities established in Section 11.1 and Article XIII. No Redemption Distribution
Direction will be required to be reviewed by the Independent accountants appointed pursuant to this Indenture.


 


Section
10.8        Release of Assets. (a) Subject to Article XII, the Issuer may, by
Issuer Order executed by an Officer of the Collateral Manager, delivered to the Trustee at least one Business Day prior to the
settlement date for any sale of an Asset certifying that the sale, repurchase or substitution of such Asset is being made in accordance
with Section 12.1 hereof and such sale, repurchase or substitution complies with all applicable requirements of Section 12.1
(which certification shall be deemed to be made upon delivery of such Issuer Order or trade continuation in respect of such
sale) (provided that if an Enforcement Event has occurred and is continuing, neither the Issuer nor the Collateral Manager
(on behalf of the Issuer) may direct the Trustee to release or cause to be released such Asset from the lien of this Indenture
pursuant to a sale under Section 12.1(e), Section 12.1(f) or Section 12.1(g) unless the sale of such Asset
is permitted pursuant to Section 12.3(c)), direct the Trustee to release or cause to be released such Asset from the lien
of this Indenture and, upon receipt of such Issuer Order, the Trustee shall deliver any such Asset, if in physical form, duly
endorsed to the broker or purchaser designated in such Issuer Order or, if such Asset is a Clearing Corporation Security, cause
an appropriate transfer thereof to be made, in each case against receipt of the sales price therefor as specified by the Collateral
Manager in such Issuer Order; provided that the Trustee may deliver any such Asset in physical form for examination in
accordance with industry custom.


 


(b)          Subject to the terms of this Indenture, the Trustee shall upon an Issuer Order (i) deliver any Asset, and release or cause
to be released such Asset from the lien of this Indenture, which is set for any mandatory call or redemption or payment in full
to the appropriate payor or paying agent, as applicable, on or before the date set for such call, redemption or payment, in each
case against receipt of the call or redemption price or payment in full thereof and (ii) provide notice thereof to the Collateral
Manager.


 


(c)          Upon receiving actual notice of any Offer or any request for a waiver, direction, consent, amendment or other modification or
action with respect to any Asset, the Trustee on behalf of the Issuer shall notify the Collateral Manager of any Asset that is
subject to a tender offer, voluntary redemption, exchange offer, conversion or other similar action (an “Offer”) or
such request. Unless the Notes have been accelerated following an Event of Default, the Collateral Manager may, by Issuer Order,
direct (x) the Trustee to accept or participate in or decline or refuse to participate in such Offer and, in the case of
acceptance or participation, to release from the lien of this Indenture such Asset in accordance with the terms of the Offer against
receipt of payment therefor, or (y) the Issuer or the Trustee to agree to or otherwise act with respect to such consent,
direction, waiver, amendment, modification or action; provided that in the absence of any such direction, the Trustee shall
not respond or react to such Offer or request.


 






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(d)          As provided in Section 10.2(a), the Trustee shall deposit any proceeds received by it from the disposition or replacement
of an Asset in the applicable subaccount of the Collection Account, unless simultaneously applied to the purchase of additional
Collateral Obligations or Eligible Investments as permitted under and in accordance with the requirements of this Article X
and Article XII.


 


(e)          The Trustee shall, upon receipt of an Issuer Order at such time as there are no Secured Notes Outstanding and all obligations
of the Issuer hereunder have been satisfied, release any remaining Assets from the lien of this Indenture.


 


(f)           Any security, Collateral Obligation or amounts that are released pursuant to Section 10.8(a), (b) or (c)
shall be released from the lien of this Indenture.


 


(g)          Any amounts paid from the Payment Account to the Holders of the Subordinated Notes in accordance with the Priority of Payments
shall be released from the lien of this Indenture.


 


Section
10.9        Reports by Independent Accountants. (a) At the Closing Date, the Issuer
shall appoint one or more firms of Independent certified public accountants of recognized international reputation for purposes
of reviewing and delivering the reports or certificates of such accountants required by this Indenture, which may be the firm
of Independent certified public accountants that performs accounting services for the Issuer or the Collateral Manager. The Issuer
may remove any firm of Independent certified public accountants at any time without the consent of any Holder of Notes. Upon any
resignation by such firm or removal of such firm by the Issuer, the Issuer (or the Collateral Manager on behalf of the Issuer) shall
promptly appoint by Issuer Order delivered to the Trustee and the Rating Agency a successor thereto that shall also be a firm
of Independent certified public accountants of recognized international reputation, which may be a firm of Independent certified
public accountants that performs accounting services for the Issuer or the Collateral Manager. If the Issuer shall fail to appoint
a successor to a firm of Independent certified public accountants which has resigned within 30 days after such resignation,
the Issuer shall promptly notify the Trustee of such failure in writing. If the Issuer shall not have appointed a successor within
ten days thereafter, the Trustee shall promptly notify the Collateral Manager, who shall appoint a successor firm of Independent
certified public accountants of recognized international reputation. The fees of such Independent certified public accountants
and its successor shall be payable by the Issuer. In the event such firm requires the Bank in any of its capacities to agree to
the procedures performed by such firm, the Issuer hereby directs the Bank to so agree, which acknowledgment or agreement may include,
among other things, (i) acknowledgment of the responsibility for the sufficiency of the procedures to be performed by the Independent
accountants for its purposes, (ii) releases by the Bank (on behalf of itself and the Holders) of claims against the Independent
accountants and acknowledgement of other limitations of liability in favor of the Independent accountants and (iii) restrictions
or prohibitions on the disclosure of information or documents provided to it by such firm of Independent accountants (including
to the Holders). It is understood and agreed that the Bank will deliver such letter of agreement in conclusive reliance on the
foregoing direction of the Issuer, and the Bank shall not make any inquiry or investigation as to, and shall have no obligation
in respect of, the sufficiency, validity or correctness of such procedures. The Bank shall not be required to make any such agreements
that adversely affect the Bank in its individual capacity.


 






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(b)          On or before December 31 of each year commencing in 2021, the Issuer shall cause to be delivered to the Trustee, the Collateral
Manager and each Holder of the Notes upon written request therefor and subject to the execution of an agreement with the Independent
certified public accountants, a report from a firm of Independent certified public accountants for each Distribution Report occurring
in January and July of each year (i) indicating that such firm has performed agreed-upon procedures to recalculate certain
of the calculations within those Distribution Reports (excluding the S&P CDO Monitor Test) have been performed in accordance
with the applicable provisions of this Indenture and (ii) listing the Aggregate Principal Balance of the Assets and the Aggregate
Principal Balance of the Collateral Obligations securing the Secured Notes as of the relevant Determination Dates; provided
that in the event of a conflict between such firm of Independent certified public accountants and the Issuer with respect
to any matter in this Section 10.9, the determination by such firm of Independent public accountants shall be conclusive.


 


(c)          Upon the written request of the Trustee, or any Holder of a Subordinated Note (and subject to the execution of an agreement with
the firm of Independent certified public accountants), the Issuer will cause the firm of Independent certified public accountants
appointed pursuant to Section 10.9(a) to provide any Holder of Subordinated Notes with all of the information
required to be provided by the Issuer or pursuant to Section 7.17 or assist the Issuer in the preparation thereof.


 


Section
10.10       Reports to the Rating Agency and Additional Recipients. In addition to the information and reports
specifically required to be provided to the Rating Agency pursuant to the terms of this Indenture, the Issuer shall provide the
Rating Agency with all information or reports delivered to the Trustee hereunder (with the exception of any accountants’
reports or any Accountants’ Report) and such additional information as the Rating Agency may from time to time reasonably
request (including notification to the Rating Agency of any modification of any loan document relating to a DIP Collateral Obligation
or any release of collateral thereunder not permitted by such loan documentation but excluding any accountants’ reports
or any Accountants’ Report). With respect to credit estimates, the Issuer shall provide notification to S&P of any material
modification that would result in substantial changes to the terms of any loan document relating to a Collateral Obligation or
any release of collateral thereunder not permitted by such loan documentation if the Collateral Manager reasonably determines
that such notice is required in accordance with S&P’s publication on credit estimates titled “What Are Credit
Estimates And How Do They Differ From Ratings?” dated April 2011 (as the same may be amended or updated from time to
time). Within 10 Business Days after the Effective Date, together with each Monthly Report and on each Payment Date, the
Issuer shall provide to the Rating Agency, via e-mail in accordance with Section 14.3(a), a Microsoft Excel file of
the Excel Default Model Input File and, with respect to each Collateral Obligation, the name of each obligor or issuer thereof,
the CUSIP number thereof (if applicable) and the Priority Category thereof. In accordance with SEC Release No. 34-72936, Form
15-E, only in its complete and unedited form which includes the Accountants’ Effective Date Comparison AUP Report as an
attachment, will be provided by the Independent accountants to the Issuer and the Information Agent who will post such Form 15-E,
except for the redaction of any sensitive information by the Issuer, on the Issuer’s Website. Copies of the Accountants’
Effective Date Recalculation AUP Report or any other agreed-upon procedures report provided by the Independent accountants to
the Issuer will not be provided to any other party including the Rating Agency or posted on the Issuer’s Website (other
than as provided in any access letter between such Person and the accountants).


 






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Section
10.11       Procedures Relating to the Establishment of Accounts Controlled by the Trustee. Notwithstanding
anything else contained herein, the Issuer agrees that with respect to each of the Accounts, it will cause each Securities Intermediary
establishing such accounts to enter into a securities account control agreement and, if the Securities Intermediary is the Bank,
shall cause the Bank to comply with the provisions of such securities account control agreement. The Trustee shall have the right
to open such subaccounts of any such account as it deems necessary or appropriate for convenience of administration.


 


Section
10.12        Section 3(c)(7) Procedures. For so long as each Note is Outstanding, the Issuer shall do the following:


 


(a)           Notification. Each Monthly Report sent or caused to be sent by the Issuer to the Holders will include a notice to the following
effect:


 


“The
Investment Company Act of 1940, as amended (the “1940 Act”), requires that all holders of the outstanding securities
of the Issuer that are U.S. persons (as defined in Regulation S) be “Qualified Purchasers” (“Qualified Purchasers”)
as defined in Section 2(a)(51)(A) of the 1940 Act and related rules. Under the rules, the Issuer must have a “reasonable
belief” that all holders of its outstanding securities that are “U.S. persons” (as defined in Regulation S),
including transferees, are Qualified Purchasers. Consequently, all sales and resales of the Notes in the United States or to “U.S.
persons” (as defined in Regulation S) must be made solely to purchasers that are Qualified Purchasers. Each purchaser of
Secured Notes in the United States who is a “U.S. person” (as defined in Regulation S) (such Notes a “Restricted
Secured Notes”) will be deemed (or required, as the case may be) to represent at the time of purchase that: (i) the
purchaser is a Qualified Purchaser who is either (x) an institutional accredited investor (“IAI”) within the
meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)
or (y) a qualified institutional buyer as defined in Rule 144A under the Securities Act (“QIB”); (ii) the purchaser
is acting for its own account or the account of another Qualified Purchaser and QIB/IAI (as applicable); (iii) the purchaser is
not formed for the purpose of investing in the Issuer; (iv) the purchaser, and each account for which it is purchasing, will hold
and transfer at least the minimum denominations of the Notes specified herein; (v) the purchaser understands that the Issuer may
receive a list of participants holding positions in securities from one or more book-entry depositories; and (vi) the purchaser
will provide written notice of the foregoing, and of any applicable restrictions on transfer, to any subsequent transferees. The
Restricted Secured Notes may only be transferred to another Qualified Purchaser and QIB/IAI (as applicable) and all subsequent
transferees are deemed to have made representations (i) through (vi) above. Each purchaser of a Subordinated Note in the United
States who is a “U.S. person” (as defined in Regulation S) (such Note a “Restricted Subordinated Note”)
will be required to represent at the time of purchase that: (a) the purchaser is a Qualified Purchaser who is either (x) an accredited
investor (“AI”) within the meaning of Rule 501 under the Securities Act or (y) a QIB; (b) the purchaser is
acting for its own account or the account of another Qualified Purchaser and QIB/AI (as applicable); (c) the purchaser is not
formed for the purpose of investing in the Issuer; (d) the purchaser, and each account for which it is purchasing, will hold and
transfer at least the minimum denominations of the Notes specified herein; (e) the purchaser understands that the Issuer may receive
a list of participants holding positions in securities from one or more book-entry depositories; and (f) the purchaser will provide
written notice of the foregoing, and of any applicable restrictions on transfer, to any subsequent transferees. The Restricted
Subordinated Notes may only be transferred to another Qualified Purchaser and QIB/AI (as applicable) and all subsequent transferees
are deemed to have made representations (a) through (f) above.”


 






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“The
Issuer directs that the recipient of this notice, and any recipient of a copy of this notice, provide a copy to any Person having
an interest in this Note as indicated on the books of DTC or on the books of a participant in DTC or on the books of an indirect
participant for which such participant in DTC acts as agent.”


 


“The
Indenture provides that if, notwithstanding the restrictions on transfer contained therein, the Issuer determines that any holder
of, or beneficial owner of an interest in Restricted Secured Notes or a Restricted Subordinated Note is a “U.S. person”
(as defined in Regulation S) who is determined not to have been a Qualified Purchaser at the time of acquisition of such Restricted
Secured Notes or Restricted Subordinated Note, as applicable, or beneficial interest therein, the Issuer may require, by notice
to such Holder or beneficial owner, that such Holder or beneficial owner sell all of its right, title and interest to such Restricted
Secured Notes or a Restricted Subordinated Note, as applicable, (or any interest therein) to a Person that is either (x) in the
case of the Secured Notes, not a “U.S. person” (as defined in Regulation S) or (y) a Qualified Purchaser who is either
an IAI (or, in the case of the Subordinated Notes, another AI) or a QIB (as applicable), with such sale to be effected within
30 days after notice of such sale requirement is given. If such holder or beneficial owner fails to effect the transfer required
within such 30-day period, (i) the Issuer or the Collateral Manager acting for the Issuer, without further notice to such holder,
shall and is hereby irrevocably authorized by such holder or beneficial owner, to cause its Restricted Secured Notes or Restricted
Subordinated Note, as applicable, or beneficial interest therein to be transferred in a commercially reasonable sale (conducted
by the Collateral Manager in accordance with Article 9 of the UCC as in effect in the State of New York as applied to securities
that are sold on a recognized market or that may decline speedily in value) to a Person that certifies to the Trustee, the Issuer
and the Collateral Manager, in connection with such transfer, that such Person meets the qualifications set forth in clauses (x)
and (y) above and (ii) pending such transfer, no further payments will be made in respect of such Restricted Secured Notes or
Restricted Subordinated Note, as applicable, or beneficial interest therein held by such holder or beneficial owner.”


 


(b)          DTC Actions. The Issuer will direct DTC to take the following steps in connection with the Global Secured Notes:


 


(i)            The Issuer will direct DTC to include the marker “3c7” in the DTC 20-character security descriptor and the 48-character
additional descriptor for the Global Secured Notes in order to indicate that sales are limited to Qualified Purchasers.


 






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(ii)          The Issuer will direct DTC to cause each physical deliver order ticket that is delivered by DTC to purchasers to contain the 20-character
security descriptor. The Issuer will direct DTC to cause each deliver order ticket that is delivered by DTC to purchasers in electronic
form to contain a “3c7” indicator and a related user manual for participants. Such user manual will contain a description
of the relevant restrictions imposed by Section 3(c)(7).


 


(iii)         On or prior to the Closing Date, the Issuer will instruct DTC to send a Section 3(c)(7) Notice to all DTC participants in connection
with the offering of the Global Secured Notes.


 


(iv)         In addition to the obligations of the Registrar set forth in Section 2.5, the Issuer will from time to time (upon the request
of the Trustee) make a request to DTC to deliver to the Issuer a list of all DTC participants holding an interest in the Global
Secured Notes.


 


(v)          The Issuer will cause each CUSIP number obtained for a Global Note to have a fixed field containing “3c7” and “144A”
indicators, as applicable, attached to such CUSIP number.


 


(c)           Bloomberg Screens, Etc. The Issuer will from time to time request all third-party vendors to include on screens maintained
by such vendors appropriate legends regarding Rule 144A and Section 3(c)(7) under the 1940 Act restrictions on the Global Secured
Notes. Without limiting the foregoing, the Initial Purchaser will request that each third-party vendor include the following legends
on each screen containing information about the Notes:


 


(i)           Bloomberg.


 


(A)         “Iss’d Under 144A/3c7”, to be stated in the “Note Box” on the bottom of the “Security Display”
page describing the Global Secured Notes;


 


(B)          a flashing red indicator stating “See Other Available Information” located on the “Security Display” page;


 


(C)          a link to an “Additional Security Information” page on such indicator stating that the Global Secured Notes are being
offered in reliance on the exception from registration under Rule 144A of the Securities Act of 1933 to Persons that are both
(i) “Qualified Institutional Buyers” as defined in Rule 144A under the Securities Act and (ii) “Qualified Purchasers”
as defined under Section 2(a)(51) of the 1940 Act, as amended; and


 


(D)          a statement on the “Disclaimer” page for the Global Secured Notes that the Notes will not be and have not been registered
under the Securities Act of 1933, as amended, that the Issuer has not been registered under the 1940 Act, as amended, and that
the Global Secured Notes may only be offered or sold in accordance with Section 3(c)(7) of the 1940 Act, as amended.


 






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(ii)          Reuters.


 


(A)         a “144A – 3c7” notation included in the security name field at the top of the Reuters Instrument Code screen;


 


(B)          a “144A3c7Disclaimer” indicator appearing on the right side of the Reuters Instrument Code screen; and


 


(C)          a link from such “144A3c7Disclaimer” indicator to a disclaimer screen containing the following language: “These
Notes may be sold or transferred only to Persons who are both (i) Qualified Institutional Buyers, as defined in Rule 144A under
the Securities Act, and (ii) Qualified Purchasers, as defined under Section 3(c)(7) under the U.S. Investment Company Act of 1940.”


 


Section
10.13     No Further Reporting Following the Redemption of the Secured Notes. Notwithstanding any other provision
of this Indenture to the contrary, except with respect to (i) Section 4.1 or the satisfaction and discharge of this Indenture
and (ii) if at such time 100% of the Aggregate Outstanding Amount of the Subordinated Notes are not owned by the BDC (notice of
which shall be provided to the Trustee by, or on behalf of, the Issuer), the Retention Holder or any Affiliate thereof, Article
VIII, from and after the date on which no Secured Notes are deemed or considered Outstanding, all requirements herein that
the Issuer, Collateral Manager or Trustee deliver or cause to be delivered any reports, compliance certificates or opinions to
any party shall be deemed deleted and have no further force or effect.


 


ARTICLE
XI



Application Of Monies


 


Section
11.1       Disbursements of Monies from Payment Account. (a) Notwithstanding any other
provision herein, but subject to the other sub-sections of this Section 11.1 and to Section 13.1, on each
Payment Date and, if elected by the Collateral Manager, on each Redemption Distribution Date, the Trustee shall disburse amounts
transferred from the Collection Account to the Payment Account pursuant to Section 10.2 in accordance with the
following priorities (the “Priority of Payments”); provided that, unless an Enforcement Event has occurred
and is continuing, (x) amounts transferred from the Interest Collection Subaccount shall be applied solely in accordance
with Section 11.1(a)(i); and (y) amounts transferred from the Principal Collection Subaccount shall be applied
solely in accordance with Section 11.1(a)(ii).


 






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(i)           On each Payment Date other than any Stated Maturity, unless an Enforcement Event has occurred and is continuing and, if elected
by the Collateral Manager, on each Redemption Distribution Date, Interest Proceeds on deposit in the Collection Account, to the
extent received on or before the related Determination Date (or if such Determination Date is not a Business Day, the next succeeding
Business Day) and that are transferred into the Payment Account, shall be applied in the following order of priority:


 


(A)         to the payment of (1) first, taxes and governmental fees owing by the Issuer and (2) second, the accrued and
unpaid Administrative Expenses, in the priority stated in the definition thereof, up to the Administrative Expense Cap (except
as otherwise expressly provided in connection with any Optional Redemption or Tax Redemption);


 


(B)          to the payment to the Collateral Manager of (i) any accrued and unpaid Collateral Management Fee due on such Payment Date (including
any interest accrued on any Collateral Management Fee Shortfall Amount) minus the amount of any Current Deferred Management
Fee, if any, and (ii) any Cumulative Deferred Management Fee requested to be paid at the option of the Collateral Manager; provided
that Interest Proceeds shall only be used to make payments with respect to the Cumulative Deferred Management Fee pursuant
to this clause (B) to the extent such Interest Proceeds are not needed to pay the amounts referred to in any of clauses (C) through
(I) below (on a pro forma basis after giving effect to such proposed payment of the Cumulative Deferred Management Fee);


 


(C)          to the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class A Notes;


 


(D)          to the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class B Notes;


 


(E)          if either of the Class A/B Coverage Tests is not satisfied on the related Determination Date, to make payments in accordance with
the Note Payment Sequence to the extent necessary to cause all Class A/B Coverage Tests that are applicable on such Payment Date
to be satisfied on a pro forma basis after giving effect to all payments pursuant to this clause (E);


 


(F)           to the payment of (1) first, accrued and unpaid interest on the Class C-1 Notes and the Class C-2 Notes (in each case,
excluding Deferred Interest but including interest thereon), allocated pro rata in proportion to the amounts of accrued
and unpaid interest payable on each such Class and (2) second, any Deferred Interest on the Class C-1 Notes and the
Class C-2 Notes, allocated pro rata in proportion to the amounts of Deferred Interest on each such Class;


 


(G)          if either of the Class C Coverage Tests is not satisfied on the related Determination Date, to make payments in accordance with
the Note Payment Sequence to the extent necessary to cause all Class C Coverage Tests that are applicable on such Payment Date
to be satisfied on a pro forma basis after giving effect to all payments pursuant to this clause (G);


 






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(H)          to the payment of (1) first, accrued and unpaid interest on the Class D Notes (excluding Deferred Interest but including
interest thereon) and (2) second, any Deferred Interest on the Class D Notes;


 


(I)           if the Class D Coverage Test is not satisfied on the related Determination Date and the Class D Notes are Rated Notes, to make
payments in accordance with the Note Payment Sequence to the extent necessary to cause the Class D Coverage Test, if applicable
on such Payment Date, to be satisfied on a pro forma basis after giving effect to all payments pursuant to this clause (I);


 


(J)           if, with respect to any Payment Date following the Effective Date S&P has not yet confirmed its initial ratings of the Rated
Notes and the Effective Date Condition is not satisfied, amounts available for distribution pursuant to this clause (J) shall
be used for application in accordance with the Note Payment Sequence on such Payment Date in an amount sufficient to obtain from
S&P confirmation of its initial ratings of the Rated Notes;


 


(K)          to the payment of (1) first, any Administrative Expenses not paid pursuant to clause (A)(2) above due to the limitation contained
therein (in the same manner and order of priority stated therein) and (2) second, any Cumulative Deferred Management Fee not paid
pursuant to clause (B)(ii) above due to the limitations contained therein (in the same manner and order of priority stated therein);


 


(L)          during the Reinvestment Period, at the direction of the Collateral Manager, to the Supplemental Reserve Account; and


 


(M)         any remaining Interest Proceeds to be paid to the Holders of the Subordinated Notes.


 


(ii)          On each Payment Date other than any Stated Maturity, unless an Enforcement Event has occurred and is continuing and, if elected
by the Collateral Manager, on each Redemption Distribution Date, Principal Proceeds on deposit in the Collection Account that
are received on or before the related Determination Date (or if such Determination Date is not a Business Day, the next succeeding
Business Day) and that are transferred to the Payment Account (which will not include (i) amounts required to meet funding
requirements with respect to Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations that are deposited in
the Revolver Funding Account or (ii) during the Reinvestment Period, Principal Proceeds that have previously been reinvested
in Collateral Obligations or Principal Proceeds which the Issuer has entered into any commitment to reinvest in Collateral Obligations)
shall be applied in the following order of priority:


 


(A)         to pay the amounts referred to in clauses (A) through (D) of Section 11.1(a)(i) (and in the same manner and order of priority
stated therein), but only to the extent not paid in full thereunder; provided that Principal Proceeds shall only be used
to make payments with respect to the Cumulative Deferred Management Fee pursuant to Section 11.1(a)(i)(B) to the extent
such Principal Proceeds are not needed to pay amounts referred to in clause (B) below;


 






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(B)          to pay the amounts referred to in clause (E) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;


 


(C)          to pay the amounts referred to in clause (F) of Section 11.1(a)(i) (and in the same manner and order of priority stated
therein) to the extent not paid in full thereunder, only to the extent that the Class C Notes are the Controlling Class;


 


(D)          to pay the amounts referred to in clause (G) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;


 


(E)          to pay the amounts referred to in clause (H) of Section 11.1(a)(i) (and in the same manner and order of priority stated
therein) to the extent not paid in full thereunder, only to the extent that the Class D Notes are the Controlling Class;


 


(F)          (D) to pay the amounts referred to in clause (I) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;


 


(G)          if, with respect to any Payment Date following the Effective Date S&P has not yet confirmed its initial ratings of the Rated
Notes and the Effective Date Condition is not satisfied, amounts available for distribution pursuant to this clause (G) shall
be used for application in accordance with the Note Payment Sequence on such Payment Date in an amount sufficient to obtain from
S&P confirmation of its initial ratings of the Rated Notes;


 


(H)          if such Payment Date is a Redemption Date (other than a Special Redemption Date) or a Redemption Distribution Date, to make payments
in accordance with the Note Payment Sequence;


 


(I)           if such Payment Date is a Special Redemption Date occurring in connection with a Special Redemption described in clause (i) of
the first sentence of Section 9.6, to make payments in the amount of the Special Redemption Amount at the election of the
Collateral Manager, in accordance with the Note Payment Sequence;


 


(J)           during the Reinvestment Period, at the discretion of the Collateral Manager either (x) to the Collection Account as Principal
Proceeds to invest in Eligible Investments (pending the purchase of additional Collateral Obligations) and/or to purchase additional
Collateral Obligations or (y) if the reinvestment of such Principal Proceeds would, in the sole determination of the Collateral
Manager, cause (or would be likely to cause) an E.U. Retention Deficiency, to make payments in accordance with the Note Payment
Sequence in an amount determined by the Collateral Manager in its sole discretion (and for the avoidance of doubt such payment
shall not result in a termination of the Reinvestment Period);


 






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(K)          after the Reinvestment Period, to make payments in accordance with the Note Payment Sequence;


 


(L)          after the Reinvestment Period, to pay the amounts referred to in clause (K) of Section 11.1(a)(i) only to the extent not
already paid (in the same manner and order of priority stated therein); and


 


(M)         any remaining proceeds to be paid to the Holders of the Subordinated Notes.


 


On
any Stated Maturity, the Trustee shall pay the net proceeds from the liquidation of the Assets and all available Cash, but only
after the payment of (or establishment of a reserve for) all Administrative Expenses (in the same manner and order of priority
stated in the definition thereof), Aggregate Collateral Management Fees, and interest and principal on the Secured Notes, to the
Holders of the Subordinated Notes in final payment of such Subordinated Notes (such payments to be made in accordance with the
priority set forth in Section 11.1(a)(iii)).


 


For
the avoidance of doubt, to the extent that on any Redemption Distribution Date the Collateral Manager does not direct any payments
to be made pursuant to Section 11.1(a)(i), no payments will be required to be made pursuant to Section 11.1(a)(ii)(A)-(G).


 


(iii)         Notwithstanding the provisions of the foregoing Sections 11.1(a)(i) and 11.1(a)(ii) (other than the last paragraph
thereof), on (x) any Stated Maturity, (y) on a Redemption Date occurring with respect to a Failed Optional Redemption, or (z)
if the maturity of the Secured Notes has been accelerated following an Event of Default and has not been rescinded in accordance
with the terms herein (clause (z), an “Enforcement Event”), pursuant to Section 5.7, proceeds
in respect of the Assets will be applied in the following order of priority:


 


(A)         to the payment of (1) first, taxes and governmental fees owing by the Issuer and (2) second, the accrued and
unpaid Administrative Expenses, in the priority stated in the definition thereof, up to the Administrative Expense Cap (provided
that if a liquidation of the Assets has commenced, the Administrative Expense Cap shall not apply);


 


(B)          to the payment of the Aggregate Collateral Management Fee due and payable (including any accrued and unpaid interest thereon)
to the Collateral Manager until such amount has been paid in full, other than any Cumulative Deferred Management Fee, to the extent
not already paid;


 






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(C)          to the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class A Notes;


 


(D)          to the payment of principal of the Class A Notes, until the Class A Notes have been paid in full;


 


(E)          to the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class B Notes;


 


(F)          to the payment of principal of the Class B Notes, until the Class B Notes have been paid in full;


 


(G)          to the payment of accrued and unpaid interest (excluding Deferred Interest but including interest on Deferred Interest) on the
Class C-1 Notes and the Class C-2 Notes, allocated pro rata in proportion to the amounts of accrued and unpaid interest
payable on each such Class;


 


(H)          to the payment of any Deferred Interest on the Class C-1 Notes and the Class C-2 Notes, allocated pro rata in proportion
to the amounts of Deferred Interest on each such Class;


 


(I)           to the payment of principal of the Class C-1 Notes and the Class C-2 Notes, allocated pro rata in proportion to their
respective Aggregate Outstanding Amounts, until the Class C Notes have been paid in full;


 


(J)           to the payment of accrued and unpaid interest (excluding Deferred Interest but including interest on Deferred Interest) on the
Class D Notes;


 


(K)          to the payment of any Deferred Interest on the Class D Notes;


 


(L)          to the payment of principal of the Class D Notes, until the Class D Notes have been paid in full;


 


(M)         to the payment of (in the same manner and order of priority stated therein) any Administrative Expenses not paid pursuant
to clause (A)(2) above due to the limitation contained therein;


 


(N)          any Cumulative Deferred Management Fee to the extent not already paid; and


 


(O)          to pay the balance to the Holders of the Subordinated Notes.


 


If
any declaration of acceleration has been rescinded in accordance with the provisions herein, proceeds in respect of the Assets
will be applied in accordance with Section 11.1(a)(i) or (ii), as applicable.


 






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(b)          If on any Payment Date the amount available in the Payment Account is insufficient to make the full amount of the disbursements
required by the Distribution Report, the Trustee shall make the disbursements called for in the order and according to the priority
set forth under Section 11.1(a) above, subject to Section 13.1, to the extent funds are available
therefor.


 


(c)          In connection with the application of funds to pay Administrative Expenses of the Issuer in accordance with Section 11.1(a)(i),
Section 11.1(a)(ii) and Section 11.1(a)(iii), the Trustee shall remit such funds, to the extent available
(and subject to the order of priority set forth in the definition of “Administrative Expenses”), as directed and designated
in an Issuer Order (which may be in the form of standing instructions, including standing instructions to pay Administrative Expenses
in such amounts and to such entities as indicated in the Distribution Report in respect of such Payment Date) delivered to the
Trustee no later than the Business Day prior to each Payment Date.


 


(d)          The Collateral Manager may, in its sole discretion, elect to irrevocably waive payment of any or all of any Collateral Management
Fee otherwise due on any Payment Date by notice to the Issuer, the Collateral Administrator and the Trustee no later than the
Determination Date immediately prior to such Payment Date in accordance with the terms of Section 8(c) of the Collateral Management
Agreement. Any such Collateral Management Fee, once waived, shall not thereafter become due and payable and any claim of the Collateral
Manager therein shall be extinguished.


 


(e)           At any time during or after the Reinvestment Period, any Holder of Subordinated Notes may (i) make a Contribution of Cash, Eligible
Investments or Collateral Obligations or (ii) solely in the case of Certificated Subordinated Notes, in accordance with Section
8.3(i), designate all or a specified portion of amounts that would otherwise be distributed on a Payment Date to such Holder
of Subordinated Notes to be instead deposited in the Supplemental Reserve Account as a contribution (each, a “Contribution”
and each such Person, a “Contributor”); provided that no individual Contribution (treating all Contributions
made on the same Business Day as a single Contribution) may be in an amount less than U.S.$1,000,000 (except in the case of Contributions
designated for use in accordance with clause (iii) of the definition of “Permitted Use”); provided further
that a Notice of Contribution in the form of Exhibit D (solely for Contributions of Cash or Eligible Investments) is provided.
The Collateral Manager, on behalf of the Issuer, may accept or reject any Contribution in its sole discretion and shall notify
the Trustee and the Collateral Administrator of any such acceptance. Each accepted Contribution of Cash or Eligible Investments
shall be deposited into the Supplemental Reserve Account and may be withdrawn at the written direction of the Collateral Manager.
Contributions of Cash or Eligible Investments may only be used for a Permitted Use or Permitted Uses as directed by the applicable
Contributor at the time such Contribution is made, so long as the Collateral Manager consents to such Permitted Use or Permitted
Uses (or, if no direction is given by the Contributor, at the Collateral Manager’s reasonable discretion). No Contribution
of Eligible Investments or portion thereof will be returned to any applicable holder of Subordinated Notes at any time. From time
to time after the Closing Date, the Retention Holder may make Contributions or transfers of cash, Eligible Investments or Collateral
Obligations, or any combination thereof, either directly or through one or more intermediate related entities or Affiliates, to
the Issuer. For administrative convenience any Contributions or transfers of Cash, Eligible Investments or Collateral Obligations
made through one or more intermediate related entities or Affiliates of the Retention Holder may instead be made directly into
the Issuer, bypassing such intermediate related entity or Affiliate. The value received by the Issuer in Cash, Eligible Investments
and/or in the form of Collateral Obligations will not be affected by the elimination of such intermediate steps. In the case of
any such payment made to the Issuer in the form of a combination of Cash and Collateral Obligations, the Cash portion of such
payment shall be an amount equal to the total payment required to be made to the Issuer reduced by an amount equal to the fair
market value as determined by the Collateral Manager as of the date of Contribution of the Collateral Obligations and Eligible
Investments Contributed or transferred to the Issuer in respect of such payment.


 






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(f)           Notwithstanding any other provision of this Indenture to the contrary, from and after the date on which no Secured Notes are deemed
or considered to be Outstanding, (i) by 12:00 PM New York time, upon three Business Days prior notice to the Trustee, the Collateral
Manager may designate any Business Day as a “Payment Date” for purposes of this Section 11.1 and distribute
any Interest Proceeds or Principal Proceeds in accordance with the Priority of Payments and (ii) no further Monthly Reports or
Distribution Reports shall be required to be prepared.


 


ARTICLE
XII



SALE OF COLLATERAL OBLIGATIONS; 

PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS


 


Section
12.1        Sales of Collateral Obligations. Subject to the satisfaction of the conditions
specified in Section 12.3, the Collateral Manager on behalf of the Issuer may (except as otherwise specified in this
Section 12.1) direct the Trustee to sell and the Trustee shall sell on behalf of the Issuer in the manner directed
by the Collateral Manager any Collateral Obligation or Equity Security if, as certified by the Collateral Manager (which certification
shall be deemed to be provided upon delivery of an Issuer Order or trade confirmation in respect of such sale), such sale meets
the requirements of any one of paragraphs (a) through (l) of this Section 12.1 (subject in each case to
any applicable requirement of disposition under Section 12.1(h) and provided that if an Enforcement Event has
occurred and is continuing, the Collateral Manager may not direct the Trustee to sell any Collateral Obligation or Equity Security
pursuant to Section 12.1(e), Section 12.1(f) or Section 12.1(g)). For purposes of this Section 12.1,
the Sale Proceeds of a Collateral Obligation sold by the Issuer shall include any Principal Financed Accrued Interest received
in respect of such sale.


 


(a)          Credit Risk Obligations. The Collateral Manager may direct the Trustee to sell any Credit Risk Obligation at any time without
restriction.


 


(b)          Credit
Improved Obligations. The Collateral Manager may direct the Trustee to sell any Credit Improved Obligation at any time without
restriction.


 






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(c)          Defaulted Obligations. The Collateral Manager may direct the Trustee to sell any Defaulted Obligation at any time without
restriction.


 


(d)          Equity Securities. The Collateral Manager may direct the Trustee to sell any Equity Security at any time without restriction.


 


(e)          Optional Redemption. After the Issuer has notified the Trustee of an Optional Redemption of the Notes in accordance with
Section 9.2, if necessary to effect such Optional Redemption, the Collateral Manager shall direct the Trustee to sell
(which sale may be through participation or other arrangement) all or a portion of the Collateral Obligations if the requirements
of Article IX (including the certification requirements of Section 9.4(e)(ii), if applicable) are satisfied.
If any such sale is made through participations, the Issuer shall use reasonable efforts to cause such participations to be converted
to assignments within six months after the sale.


 


(f)           Tax Redemption. After a Majority of an Affected Class or a Majority of the Subordinated Notes has directed (by a written
direction delivered to the Trustee) a Tax Redemption, the Collateral Manager shall, if necessary to effect such Tax Redemption,
direct the Trustee to sell (which sale may be through participation or other arrangement) all or a portion of the Collateral
Obligations if the requirements of Article IX (including the certification requirements of Section 9.4(e)(ii),
if applicable) are satisfied. If any such sale is made through participations, the Issuer shall use reasonable efforts to
cause such participations to be converted to assignments within six months after the sale.


 


(g)          Discretionary Sales. During the Reinvestment Period, the Collateral Manager may direct the Trustee to sell any Collateral
Obligation at any time other than during a Restricted Trading Period if, commencing with the first calendar year after the Closing
Date, total sales pursuant to this Section 12.1(g) (measured by the par amount of all Collateral Obligations disposed of)
during the preceding 12-month period do not exceed (i) during the first calendar year following the Closing Date, 40% of the Collateral
Principal Amount and (ii) thereafter, 30% of the Collateral Principal Amount (in each case, measured as of the first day of such
12-month period); provided that for purposes of determining the percentage of Collateral Obligations sold pursuant to this
Section 12.1(g) during any such period, the amount of Collateral Obligations so sold shall be reduced to the extent of
any purchases of (or irrevocable commitments to purchase) Collateral Obligations of the same Obligor (which are pari passu
or senior to such sold Collateral Obligations) occurring within 45 Business Days of such sale, so long as any such sale pursuant
to this Section 12.1(g) of a Collateral Obligation was entered into with the intention of purchasing such Collateral Obligations
of the same Obligor.


 


(h)          Mandatory Sales. The Collateral Manager on behalf of the Issuer shall use its commercially reasonable efforts to effect
the sale of any Collateral Obligation that no longer meets the criteria described in clause (ix) of the definition of
 “Collateral Obligation”, within 18 months after the failure of such Collateral Obligation to meet any such criteria.


 


(i)           Unsaleable Assets. After the Reinvestment Period:


 






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(i)           Notwithstanding any other restriction in this Section 12.1, at the direction of the Collateral Manager, the Trustee (or
a liquidation agent appointed by the Trustee), at the expense of the Issuer, shall conduct an auction of Unsaleable Assets in
accordance with the procedures described in clause (ii). The Trustee may retain an agent to perform the obligations set forth
in this Section 12.1(i).


 


(ii)          Promptly after receipt of written notice from the Collateral Manager of an auction of Unsaleable Assets, the Trustee will forward
a notice in the Issuer’s name (prepared by the Collateral Manager) to the Holders and the Rating Agency, setting forth in
reasonable detail a description of each Unsaleable Asset and the following auction procedures:


 


(A)         Any Holder may submit a written bid to purchase one or more Unsaleable Assets no later than the date specified in the auction
notice (which shall be at least 15 Business Days after the date of such notice).


 


(B)          Each bid must include an offer to purchase for a specified amount of cash on a proposed settlement date no later than 20 Business
Days after the date of the auction notice.


 


(C)          If no Holder submits such a bid, unless delivery in kind is not legally or commercially practicable and subject to any transfer
restrictions (including minimum denominations), the Trustee shall provide notice thereof to each Holder and offer to deliver (at
no cost to the Trustee or Holder) a pro rata portion of each unsold Unsaleable Asset to the Holders of the Class with the
highest priority that provide delivery instructions to the Trustee on or before the date specified in such notice. To the extent
that minimum denominations do not permit a pro rata distribution, the Trustee shall distribute the Unsaleable Assets on
a pro rata basis to the extent possible and the Issuer or the Collateral Manager shall select by lottery the Holder to
whom the remaining amount will be delivered. The Issuer and the Trustee (at the direction of the Issuer or the Collateral Manager
on behalf of the Issuer) shall use commercially reasonable efforts to effect delivery of such interests.


 


(D)          If no such Holder provides delivery instructions to the Trustee, the Trustee shall promptly notify the Collateral Manager and
offer to deliver (at no cost to the Trustee) the Unsaleable Asset to the Collateral Manager. If the Collateral Manager declines
such offer, the Collateral Manager (on behalf of the Issuer) shall direct action to dispose of the Unsaleable Asset, which may
be by donation to a charity, abandonment or other means, and the Trustee (at no expense to the Trustee) shall take such action
as so directed.


 


(E)           The Trustee shall have no duty, obligation or responsibility with respect to the sale of any Unsaleable Asset other than upon
the written instruction of the Collateral Manager.


 






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(j)           The Collateral Manager may direct the Trustee at any time without restriction to sell any Collateral Obligation that (i) has a
Material Covenant Default or (ii) becomes subject to a proposed Maturity Amendment that fails to satisfy the criteria required
hereunder to allow the Issuer (or the Collateral Manager on the Issuer’s behalf) to vote in favor of such Maturity Amendment.


 


(k)          After the Collateral Manager has notified the Issuer and the Trustee of a Clean-Up Call Redemption in accordance with Section
 ‎9.9, the Collateral Obligations may be sold in accordance with the provisions of Section ‎9.9 without regard
to the limitations in this Section ‎12.1 by directing the Trustee to effect such sale; provided that the Sale
Proceeds therefrom are used for the purposes specified in Section ‎9.9 (and applied pursuant to the Priority of Payments).


 


Section
12.2         Purchase of Additional Collateral Obligations. On any date during the Reinvestment
Period, the Collateral Manager on behalf of the Issuer may, subject to the other requirements in this Indenture, direct the Trustee
to invest Principal Proceeds, proceeds of Additional Notes issued pursuant to Sections 2.13 and 3.2, amounts
on deposit in the Ramp-Up Account, the Supplemental Reserve Account and Principal Financed Accrued Interest, and the Trustee shall
invest such Principal Proceeds and other amounts in accordance with such direction. After the Reinvestment Period, the Collateral
Manager shall not direct the Trustee to invest any amounts on behalf of the Issuer; provided that cash on deposit in any
Account (other than the Payment Account) may be invested in Eligible Investments following the Reinvestment Period.


 


(a)          Investment during the Reinvestment Period. During the Reinvestment Period, no obligation may be purchased by the Issuer
unless each of the following criteria is satisfied as of the date the Collateral Manager commits on behalf of the Issuer to make
such purchase, in each case as determined by the Collateral Manager after giving effect to such purchase and all other sales or
purchases previously or simultaneously committed to (such criteria collectively, the “Investment Criteria”);
provided that the criteria set forth in clauses (ii) through (v) below need only be satisfied with respect to purchases
of Collateral Obligations occurring on or after the Effective Date:


 


(i)            such obligation is a Collateral Obligation;


 


(ii)           in the case of an additional Collateral Obligation purchased with the proceeds from the sale of a Credit Risk Obligation, either
(1) the aggregate outstanding principal balance of all additional Collateral Obligations purchased with the proceeds from such
sale will at least equal the Sale Proceeds from such sale or (2) the Reinvestment Balance Criteria will be satisfied;


 


(iii)         each Coverage Test will be satisfied, or if not satisfied, such Coverage Test will be maintained or improved;


 


(iv)         (I) in the case of an additional Collateral Obligation purchased with the proceeds from the sale of a Defaulted Obligation, either
(1) the aggregate outstanding principal balance of all additional Collateral Obligations purchased with the proceeds from such
sale will at least equal the Sale Proceeds from such sale or (2) the Reinvestment Balance Criteria will be satisfied, (II) in
the case of the use of Sale Proceeds of Credit Improved Obligations, either (1) the aggregate outstanding principal balance of
all Collateral Obligations purchased with such Sale Proceeds will be greater than or equal to the Investment Criteria Adjusted
Balance of the disposed Collateral Obligations, (2) after giving effect to such purchase, the Adjusted Collateral Principal Amount
will be maintained or increased (when compared to the Adjusted Collateral Principal Amount immediately prior to such sale) or
(3) after giving effect to such reinvestment of such Sale Proceeds, the Adjusted Collateral Principal Amount will be greater than
(or equal to) the Reinvestment Target Par Balance and (III) in the case of any other purchase of additional Collateral Obligations
purchased with the proceeds from the sale of any other Collateral Obligation, the Collateral Manager shall use commercially reasonable
efforts to ensure that after giving effect to such purchase, the Reinvestment Balance Criteria will be satisfied;


 






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(v)          either (A) each requirement or test, as the case may be, of the Concentration Limitations and the Collateral Quality Tests (except,
in the case of an additional Collateral Obligation purchased with the proceeds from the sale of a Credit Risk Obligation, a Defaulted
Obligation or an Equity Security, the S&P CDO Monitor Test) will be satisfied or (B) if any such requirement or test was not
satisfied immediately prior to such investment, such requirement or test will be maintained or improved after giving effect to
the investment; and


 


(vi)         the date on which the Issuer (or the Collateral Manager on behalf of the Issuer) commits to purchase such Collateral Obligation
occurs during the Reinvestment Period.


 


If
the Issuer has entered into a written trade ticket or other written binding commitment to purchase a Collateral Obligation during
the Reinvestment Period which purchase is not scheduled to settle prior to the end of the Reinvestment Period (such Collateral
Obligation, a “Post-Reinvestment Period Settlement Obligation”), such Post-Reinvestment Period Settlement Obligation
shall be treated as having been purchased by the Issuer prior to the end of the Reinvestment Period for purposes of the Investment
Criteria, and Principal Proceeds received after the end of the Reinvestment Period may be applied to the payment of the purchase
price of such Post-Reinvestment Period Settlement Obligation. Not later than the Business Day immediately preceding the end of
the Reinvestment Period, the Collateral Manager shall deliver to the Trustee a schedule of Collateral Obligations purchased by
the Issuer with respect to which purchases the trade date has occurred but the settlement date has not yet occurred and shall
certify to the Trustee (which certification will be deemed to be made upon delivery of such schedule) that sufficient Principal
Proceeds are available (including for this purpose, cash on deposit in the Principal Collection Subaccount as well as any Principal
Proceeds that will be received by the Issuer from the sale of Collateral Obligations for which the trade date has already occurred
but the settlement date has not yet occurred) to effect the settlement of such Collateral Obligations.


 






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(b)          Trading Plan Period. During the Reinvestment Period and for purposes of calculating compliance with the Investment Criteria,
at the election of the Collateral Manager in its sole discretion, any proposed investment (whether a single Collateral Obligation
or a group of Collateral Obligations) identified by the Collateral Manager as such at the time when compliance with the Investment
Criteria is required to be calculated (a “Trading Plan”) may be evaluated after giving effect to any expected
prepayments on Collateral Obligations included in such Trading Plan and all sales and reinvestments proposed to be entered into,
in each case, within the ten Business Days following the date of determination of such compliance (such period, the “Trading
Plan Period”); provided that (i) no Trading Plan may result in the purchase of Collateral Obligations having
an Aggregate Principal Balance that exceeds 7.5% of the Collateral Principal Amount as of the first day of the Trading Plan Period,
(ii) no Trading Plan Period may include a Determination Date, (iii) no more than one Trading Plan may be in effect at
any time during a Trading Plan Period, (iv) the Collateral Manager may modify any Trading Plan during a Trading Plan Period if
it determines that, but for the occurrence of an Intervening Event, the Investment Criteria would have been satisfied by the original
Trading Plan (provided that the Investment Criteria are satisfied by the modified Trading Plan), (v) with respect to the
Collateral Obligations to be acquired under such Trading Plan, no prices may be averaged with respect to determining compliance
with clause (xxviii) of the definition of “Collateral Obligation”, (vi) with respect to the Collateral Obligations
to be acquired under such Trading Plan, there may not be a differential of more than two years between the earliest stated maturity
and the latest stated maturity of such Collateral Obligations and (vii) if the Weighted Average Life Test is not satisfied prior
to the implementation of such Trading Plan, none of the Collateral Obligations to be acquired under such Trading Plan may have
a stated maturity of less than six months from such date of determination. If, on two occasions, the Investment Criteria are satisfied
prospectively after giving effect to a Trading Plan but are not satisfied upon the expiry of the related Trading Plan Period,
the Investment Criteria shall not at any time thereafter be evaluated by giving effect to a Trading Plan unless notice is provided
to S&P. The Collateral Manager shall provide prior written notice to the Rating Agency of any Trading Plan, which notice shall
specify the proposed investments identified by the Collateral Manager for acquisition as part of such Trading Plan, and shall
notify the Rating Agency of any Trading Plan failure.


 


(c)          Certification by Collateral Manager. Not later than the Cut-Off Date for any Collateral Obligation purchased in accordance
with this Section 12.2, the Collateral Manager shall deliver by e-mail or other electronic transmission to the Trustee
and the Collateral Administrator an Officer’s certificate of the Collateral Manager certifying that such purchase complies
with this Section 12.2 and Section 12.3 (which certification shall be deemed to be provided upon delivery
of an Issuer Order or trade confirmation in respect of such purchase).


 


(d)          Investment in Eligible Investments. Cash on deposit in any Account (other than the Payment Account) may be invested at
any time (including following the Reinvestment Period) in Eligible Investments in accordance with Article X.


 






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(e)          Maturity Amendments. The Issuer (or the Collateral Manager on the Issuer’s behalf) may not vote in favor of a Maturity
Amendment unless, as determined by the Collateral Manager:


 


(i)            (A) the Weighted Average Life Test will be satisfied after giving effect to such Maturity Amendment or (B) if the Weighted Average
Life Test was not satisfied immediately prior to giving effect to such Maturity Amendment, the level of compliance with the Weighted
Average Life Test will be improved or maintained after giving effect to such Maturity Amendment, in each case after giving effect
to any Trading Plan in effect during the applicable Trading Plan Period; and


 


(ii)           the following conditions are met: (A) the extended maturity date of such Collateral Obligation would not be later than two years
beyond the earliest Stated Maturity of the Secured Notes and (B) after giving effect to such Maturity Amendment not more than
2.5% of the Collateral Principal Amount may consist of Collateral Obligations that have been subject to a Maturity Amendment and
are Long-Dated Obligations solely due to such Maturity Amendment.


 


(f)           The Investment Criteria will not be required to be satisfied in connection with any commitment to purchase a Collateral Obligation
which purchase is scheduled to settle following the Redemption Date in connection with a Refinancing of the Secured Notes in whole
with respect to which notice of redemption has been given as set forth in Section 9.4 (and will instead be required to
comply with the terms of this Indenture as amended in connection with such Refinancing).


 


(g)          Notwithstanding anything in this Indenture to the contrary, but, for the avoidance of doubt, without limitation on any right of
the Collateral Manager or the Issuer to participate in an Offer in accordance with this Indenture, the Collateral Manager may
instruct the Trustee to exchange (i) a Credit Risk Obligation for any other Credit Risk Obligations and any related Equity Securities
(if any) (provided that (w) any Credit Risk Obligation to be received by the Issuer in such exchange (1) shall be treated
as a Collateral Obligation so long as it is a Permitted Collateral Obligation and does not have a stated maturity later than the
stated maturity of the Credit Risk Obligation to be exchanged and (2) shall not have a lower S&P Rating than the S&P Rating
of the Credit Risk Obligation to be exchanged, (x) after giving effect to such exchange, the Collateral Principal Amount of assets
acquired in exchanges pursuant to this clause (i), measured cumulatively from the Closing Date onward, is not more than 10.0%
of the Target Initial Par Amount, (y) after giving effect to such exchange, the Overcollateralization Ratio Test with respect
to the Class A Notes and the Class B Notes shall be satisfied and (z) such exchange may only occur if, in the Collateral Manager’s
reasonable business judgment, at the time of such exchange, any Credit Risk Obligation to be received by the Issuer has a better
likelihood of recovery than the Credit Risk Obligation to be exchanged), (ii) a Defaulted Obligation at any time for any other
Defaulted Obligations, any Credit Risk Obligations and/or any Equity Securities (provided that, such exchange may only
occur if, in the Collateral Manager’s reasonable business judgment, at the time of such exchange, any Defaulted Obligation,
Credit Risk Obligation and/or Equity Security to be received by the Issuer has a better likelihood of recovery than the Defaulted
Obligation to be exchanged) or (iii) an Equity Security for any other Equity Securities, any Credit Risk Obligations and/or any
Defaulted Obligations, in each case, regardless of whether such debt obligation satisfies the definition of “Collateral
Obligation” (which debt obligation shall be treated as a Collateral Obligation, subject to treatment as a Defaulted Obligation
in accordance with Section 12.2(j), so long as it is a Permitted Collateral Obligation); provided that in the case of any
exchange pursuant to clauses (ii) or (iii) above, after giving effect to such exchange, each Overcollateralization Ratio Test
must be satisfied, or if not satisfied, maintained or improved.


 






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(h)          At any time, at the direction of the Collateral Manager, the Issuer may direct the payment from amounts on deposit in the Principal
Collection Subaccount or the Interest Collection Subaccount to acquire any debt obligation or security in accordance with the
requirements of Section 10.2(d).


 


(i)           If an Equity Security meets the definition of “Permitted Collateral Obligation”, it shall be treated as a Permitted
Collateral Obligation and shall no longer be treated as an Equity Security for all purposes of this Indenture.  


 


(j)           A Permitted Collateral Obligation (other than a Permitted Collateral Obligation that satisfies all of the definition of “Collateral
Obligation” apart from the introductory clause or clause (i) (only with respect to whether such debt obligation is a Bond
that is not a Permitted-Non Loan Asset) thereof) shall be treated as a Defaulted Obligation for all purposes of this Indenture,
unless and until such Permitted Collateral Obligation meets the definition of “Collateral Obligation” (as tested on
such date and without giving effect to the proviso to the definition of “Collateral Obligation”), after which it shall
no longer be treated as a Defaulted Obligation.


 


Section
12.3        Conditions Applicable to All Sale and Purchase Transactions. (a) Any transaction
effected under this Article XII or in connection with the acquisition, disposition or substitution of any Asset shall be
conducted on an arm’s length basis and, if effected with a Person Affiliated with the Collateral Manager (or with an account
or portfolio for which the Collateral Manager or any of its Affiliates serves as investment adviser), shall be effected on terms
no less favorable to the Issuer than would be the case if such Person were not so Affiliated; provided that in the case
of any Collateral Obligation sold or otherwise transferred to a Person so Affiliated, the value thereof shall be the mid-point
between the “bid” and “ask” prices to the extent such prices are obtained from a nationally recognized
independent pricing service or, if unavailable or determined by the Collateral Manager to be unreliable, the fair market value
of such Collateral Obligation as reasonably determined by the Collateral Manager (so long as the Collateral Manager is a Registered
Investment Adviser) consistent with the Collateral Manager Standard, and such Affiliate shall acquire such Collateral Obligation
for a price equal to the value so determined; provided further that an aggregate amount of Collateral Obligations not exceeding
15% of the Net Purchased Loan Balance may be sold or otherwise transferred to the Retention Holder pursuant to this Indenture
at a price greater than the value determined pursuant to the immediately preceding proviso, but no greater than the Transfer Deposit
Amount of any such Collateral Obligation (and to the extent such price exceeds the fair market value of any such Collateral Obligation,
such excess shall be deemed to be a capital contribution from the Retention Holder to the Issuer); provided further that,
the Trustee shall have no responsibility to oversee compliance with this paragraph by the other parties. Notwithstanding anything
contained in this Article XII to the contrary, after the Closing Date, the Issuer shall not acquire any Collateral Obligation
from an Affiliate of the Collateral Manager unless (i) such transfer is from the BDC pursuant to the Master Loan Sale Agreements,
(ii) such transfer is from an Affiliate of the BDC or the Collateral Manager that is a bankruptcy-remote special purpose vehicle
or (iii) such transfer is made in accordance with the first proviso of this paragraph and other terms that the Collateral Manager
determines, based upon advice of counsel, would not adversely impact the conclusions set forth in any Opinion of Counsel relating
to bankruptcy matters that may be delivered by Dechert LLP on the Closing Date (if applicable).


 






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(b)          Upon any acquisition of a Collateral Obligation pursuant to this Article XII, all of the Issuer’s right, title
and interest to the Asset or Assets shall be Granted to the Trustee pursuant to this Indenture, such Asset or Assets shall be
Delivered to the Custodian, and, if applicable, the Custodian shall receive such Asset or Assets. The Trustee shall also receive,
not later than the Cut-Off Date, an Officer’s certificate of the Issuer containing the statements set forth in a Delivery
Certificate; provided that such requirement shall be satisfied, and such statements shall be deemed to have been made by
the Issuer, in respect of such acquisition by the delivery to the Trustee of a trade ticket pursuant to Section 1.3(s).


 


(c)          Notwithstanding anything contained in this Article XII or Article V to the contrary, the Issuer shall have the right
to effect any sale of any Asset or purchase of any Collateral Obligation (1) with the consent of Holders evidencing at least
(i) with respect to purchases or optional repurchases or substitutions during the Reinvestment Period and sales during or after
the Reinvestment Period, 75% of the Aggregate Outstanding Amount of each Class of Notes and (ii) with respect to purchases or
optional repurchases or substitutions after the Reinvestment Period, 100% of the Aggregate Outstanding Amount of each Class of
Notes and (2) of which the Trustee and the Rating Agency have been notified.


 


(d)          Notwithstanding anything contained in this Article XII or Article V to the contrary, upon the occurrence and during
the continuance of an Enforcement Event, the Issuer shall not have the right to effect any sale of any Asset or purchase of any
Collateral Obligation without the consent of a Majority of the Controlling Class.


 


ARTICLE
XIII



Holders’ Relations


 


Section
13.1         Subordination. (a) Anything in this Indenture or the Notes to the contrary
notwithstanding, the Holders of each Class of Notes that constitutes a Junior Class agree for the benefit of the Holders of the
Notes of each Priority Class with respect to such Junior Class that such Junior Class shall be subordinate and junior to the Notes
of each such Priority Class to the extent and in the manner expressly set forth in the Priority of Payments. In the event one
or more Holder(s) cause(s) the filing of a petition in bankruptcy against the Issuer prior to the expiration of the period set
forth in clause (b) of this Section 13.1, any claim(s) that such Holder(s) have against the Issuer (including under all
Notes of any Class held by such Holder(s)) or with respect to any Assets (including any proceeds thereof) shall, notwithstanding
anything to the contrary in the Priority of Payments and notwithstanding any objection to, or rescission of, such filing, be fully
subordinate in right of payment to the claims of each Holder (and each other secured creditor of the Issuer) that does not seek
to cause any such filing, with such subordination being effective until all Notes (and each claim of each other secured creditor)
held by each Holder of each Note that does not seek to cause any such filing is paid in full in accordance with the Priority of
Payments set forth herein (after giving effect to such subordination). The foregoing sentence shall constitute a “subordination
agreement” within the meaning of Section 510(a) of the U.S. Bankruptcy Code.


 






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(b)          The Holders of each Class of Notes and beneficial owners of each Class of Notes agree, for the benefit of all Holders of each
Class of Notes and beneficial owners of each Class of Notes, not to cause the filing of a petition in bankruptcy, insolvency or
a similar proceeding in the United States or any other jurisdiction against the Issuer until the payment in full of all Notes
and the expiration of a period equal to one year and one day or, if longer, the applicable preference period then in effect plus
one day, following such payment in full.


 


(c)          The Issuer shall timely file an answer and any other appropriate pleading objecting to (i) the institution of any Proceeding in
bankruptcy, insolvency or other similar proceeding in the United States or any other jurisdiction to have the Issuer adjudicated
as bankrupt or insolvent or (ii) the filing of any petition seeking relief, reorganization, arrangement, adjustment or composition
of or in respect of the Issuer under applicable Bankruptcy Law or other applicable law.  The reasonable fees, costs, charges
and expenses incurred by the Issuer (including reasonable attorneys’ fees and expenses) in connection with taking any such
action shall be payable as “Administrative Expenses.”


 


Section
13.2        Standard of Conduct. In exercising any of its or their voting rights, rights
to direct and consent or any other rights as a Holder under this Indenture, a Holder or Holders shall not have any obligation
or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to any Person for
any action taken by it or them or at its or their direction or any failure by it or them to act or to direct that an action be
taken, without regard to whether such action or inaction benefits or adversely affects any Holder, the Issuer, or any other Person,
except for any liability to which such Holder may be subject to the extent the same results from such Holder’s taking or
directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this Indenture.


 


ARTICLE
XIV



MISCELLANEOUS


 


Section
14.1         Form of Documents Delivered to Trustee . In any case where several matters
are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other
matters, and any such Person may certify or give an opinion as to such matters in one or several documents.


 






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Any
certificate or opinion of an Officer of the Issuer or the Collateral Manager may be based, insofar as it relates to legal matters,
upon a certificate or opinion of, or representations by, counsel (provided that such counsel is a nationally or internationally
recognized and reputable law firm, one or more of the partners of which are admitted to practice before the highest court of any
State of the United States or the District of Columbia which law firm may, except as otherwise expressly provided herein, be counsel
for the Issuer), unless such Officer knows, or should know, that the certificate or opinion or representations with respect to
the matters upon which such certificate or opinion is based are erroneous. Any such certificate of an Officer of the Issuer or
the Collateral Manager or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion
of, or representations by, the Issuer, the Collateral Manager or any other Person (on which the Trustee shall be entitled to rely),
stating that the information with respect to such factual matters is in the possession of the Issuer, the Collateral Manager or
such other Person, unless such Officer of the Issuer or the Collateral Manager or such counsel knows that the certificate or opinion
or representations with respect to such matters are erroneous. Any Opinion of Counsel may also be based, insofar as it relates
to factual matters, upon a certificate or opinion of, or representations by, an Officer of the Collateral Manager or the Issuer,
stating that the information with respect to such matters is in the possession of the Collateral Manager or the Issuer, unless
such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous.


 


Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions
or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.


 


Whenever
in this Indenture it is provided that the absence of the occurrence and continuation of a Default or Event of Default is a condition
precedent to the taking of any action by the Trustee at the request or direction of the Issuer, then notwithstanding that the
satisfaction of such condition is a condition precedent to the Issuer’s right to make such request or direction, the Trustee
shall be protected in acting in accordance with such request or direction if it does not have knowledge of the occurrence and
continuation of such Default or Event of Default as provided in Section 6.1(d).


 


The
Bank (in any capacity under the Transaction Documents) agrees to accept and act upon instructions or directions pursuant to the
Transaction Documents sent by unsecured email or facsimile transmission or other similar unsecured electronic methods; provided
that any Person providing such instructions or directions shall provide to the Bank an incumbency certificate listing authorized
persons designated to provide such instructions or directions, which incumbency certificate shall be amended whenever a person
is added or deleted from the listing. If such person elects to give the Bank email or facsimile instructions (or instructions
by a similar electronic method) and the Bank in its discretion elects to act upon such instructions, the Bank’s reasonable
understanding of such instructions shall be deemed controlling. The Bank shall not be liable for any losses, costs or expenses
arising directly or indirectly from the Bank’s reliance upon and compliance with such instructions notwithstanding such
instructions conflicting with or being inconsistent with a subsequent written instruction. Any Person providing such instructions
agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Bank,
including without limitation the risk of the Bank acting on unauthorized instructions accompanied by an incumbency certificate,
and the risk of interception and misuse by third parties. Any Person providing such instructions acknowledges and agrees that
there may be more secure methods of transmitting such instructions than the method(s) selected by such Person and agrees that
the security procedures (if any) to be followed in connection with such Person’s transmission of such instructions provide
to it a commercially reasonable degree of protection in light of its particular needs and circumstances.


 






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Section
14.2         Acts of Holders. (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action
or actions embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner provided
in this Section 14.2.


 


(b)          The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the Trustee
reasonably deems sufficient.


 


(c)          The principal amount or face amount, as the case may be, and registered numbers of Notes held by any Person, and the date of such
Person’s holding the same, shall be proved by the Register or shall be provided by certification by such Holder.


 


(d)          Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of each Note shall bind the
Holder (and any transferee thereof) of such and of all Notes issued upon the registration thereof or in exchange therefor
or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon,
whether or not notation of such action is made upon such Notes.


 


(e)          Notwithstanding anything herein to the contrary, a holder of a beneficial interest in a Global Note will have the right to receive
access to reports on the Trustee’s website and will be entitled to exercise rights to vote, give consents and directions
which holders of the related Class of Notes are entitled to give under this Indenture upon delivery of a beneficial ownership
certificate in the form of Exhibit C hereto (a “Beneficial Ownership Certificate”) to the Trustee which
certifies (i) that such Person is a beneficial owner of an interest in a Global Note, (ii) the amount and Class of Notes so owned,
and (iii) that such Person will notify the Trustee when it sells all or a portion of its beneficial interest in such Class of
Notes. A separate Beneficial Ownership Certificate must be delivered each time any such vote, consent or direction is given; provided
that, nothing shall prevent the Trustee from requesting additional information and documentation with respect to any such
beneficial owner; provided further that the Trustee shall be entitled to conclusively rely on the accuracy and the currency
of each Beneficial Ownership Certificate and shall not be required to obtain any further information in this regard.


 






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Section
14.3        Notices, etc., to the Trustee, the Issuer, the Collateral Manager, the Initial
Purchaser, the Collateral Administrator, the Paying Agent and the Rating Agency. (a) Any request, demand, authorization, direction,
instruction, order, notice, consent, waiver or Act of Holders or other documents or communication provided or permitted by this
Indenture to be made upon, given, e-mailed or furnished to, or filed with:


 


(i)            the Trustee shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to and mailed, by certified
mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing next day delivery, by electronic
mail, or by facsimile in legible form, to the Trustee addressed to it at its applicable Corporate Trust Office, or at any other
address previously furnished in writing to the other parties hereto by the Trustee, and such request, demand, authorization, direction,
instruction, order, notice, consent, waiver or Act of Holders or other documents or communication references the Notes generally,
the Issuer or this Indenture, and executed by a Responsible Officer of the entity sending such request, demand, authorization,
direction, instruction, order, notice, consent, waiver or other document; provided that any demand, authorization, direction,
instruction, order, notice, consent, waiver or other document sent to the Bank (in any capacity hereunder) will be deemed effective
only upon receipt thereof by the Bank;


 


(ii)           the Issuer shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and
mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the
Issuer addressed to it at c/o Golub Capital BDC 3, Inc., 200 Park Avenue, 25th Floor, New York, New York 10166, or at any other
address previously furnished in writing to the other parties hereto by the Issuer, with a copy to the Collateral Manager at its
address below;


 


(iii)         the Initial Purchaser shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand
delivered, sent by overnight courier service or by telecopy in legible form, addressed to Deutsche Bank Securities, Inc., 60 Wall
Street, New York, NY 10005, or at any other address previously furnished in writing to the Issuer and the Trustee by the Initial
Purchaser;


 


(iv)         the Collateral Administrator shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid,
hand delivered, sent by overnight courier service or by facsimile in legible form, to the Collateral Administrator addressed to
it at the Corporate Trust Office or at any other address previously furnished in writing to the other parties hereto;


 


(v)          the Collateral Manager shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid,
hand delivered, sent by overnight courier service or by facsimile in legible form, to the Collateral Manager addressed to it at
200 Park Avenue, 25th Floor, New York, New York 10166, or at any other address previously furnished in writing to the parties
hereto;


 






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(vi)         the Rating Agency shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing
to the Rating Agency or by email to CDO_Surveillance@spglobal.com; provided
that (x) in respect of any application for a credit estimate by S&P in respect of a Collateral Obligation, Information
must be submitted to creditestimates@spglobal.com, (y) in respect of any document
or notice sent to S&P pursuant to Section 7.18(c), such document or notice must be submitted to CDOEffectiveDatePortfolios@spglobal.com
and (z) in respect of any request to S&P relating to the S&P CDO Monitor, such request must be submitted to CDOMonitor@spglobal.com;
and


 


(vii)        the Cayman Islands Stock Exchange shall be sufficient for every purpose hereunder if in writing and mailed, first class postage
prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Cayman Islands Stock Exchange
addressed to it at Cayman Islands Stock Exchange, Listing, PO Box 2408, Grand Cayman, KY1-1105, Cayman Islands, facsimile no.
+1 (345) 945-6060, Email: listing@csx.ky and csx@csx.ky.


 


(b)          If any provision herein calls for any notice or document to be delivered simultaneously to the Trustee and any other Person, the
Trustee’s receipt of such notice or document shall entitle the Trustee to assume that such notice or document was delivered
to such other Person or entity unless otherwise expressly specified herein.


 


(c)          Notwithstanding any provision to the contrary contained herein or in any agreement or document related thereto, any report, statement
or other information required to be provided by the Issuer or the Trustee may be provided by providing access to a website containing
such information.


 


Section
14.4          Notices to Holders; Waiver. Except as otherwise expressly provided herein,
where this Indenture provides for notice to Holders of any event,


 


(a)          such notice shall be sufficiently given to Holders if in writing and mailed, first class postage prepaid, or by overnight delivery
service (or, in the case of Holders of Global Secured Notes, e-mailed to DTC), to each Holder affected by such event, at the address
of such Holder as it appears in the Register, not earlier than the earliest date and not later than the latest date prescribed
for the giving of such notice; and


 


(b)          such notice shall be in the English language.


 


Such
notices will be deemed to have been given on the date of such mailing.


 


Notwithstanding
clause (a) above, a Holder may give the Trustee a written notice that it is requesting that notices to it be given by electronic
mail or by facsimile transmissions and stating the electronic mail address or facsimile number for such transmission. Thereafter,
the Trustee shall give notices to such Holder by electronic mail or facsimile transmission, as so requested; provided that
if such notice also requests that notices be given by mail, then such notice shall also be given by mail in accordance with clause
(a) above. Notices for Holders may also be posted to the Trustee’s internet website.


 






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Subject
to the requirements of Section 14.15, the Trustee will deliver to the Holders any information or notice relating to this
Indenture requested to be so delivered by at least 25% of the Holders of any Class of Notes (by Aggregate Outstanding Amount),
at the expense of the Issuer; provided that the Trustee may decline to send any such notice that it reasonably determines
to be contrary to (i) any of the terms of this Indenture, (ii) any duty or obligation that the Trustee may have hereunder or (iii)
applicable law. The Trustee may require the requesting Holders to comply with its standard verification policies in order to confirm
Holder status.


 


Neither
the failure to mail any notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency
of such notice with respect to other Holders. In case by reason of the suspension of regular mail service as a result of a strike,
work stoppage or similar activity or by reason of any other cause it shall be impracticable to give such notice by mail of any
event to Holders when such notice is required to be given pursuant to any provision of this Indenture, then such notification
to Holders as shall be made with the approval of the Trustee shall constitute a sufficient notification to such Holders for every
purpose hereunder.


 


Where
this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver.


 


Section
14.5         Effect of Headings and Table of Contents. The Article and Section headings
herein (including those used in cross-references herein) and the Table of Contents are for convenience only and shall not
affect the construction hereof.


 


Section
14.6          Successors and Assigns. All covenants and agreements herein by the Issuer
shall bind its successors and assigns, whether so expressed or not.


 


Section
14.7         Severability. If any term, provision, covenant or condition of this Indenture
or the Notes, or the application thereof to any party hereto or any circumstance, is held to be unenforceable, invalid or illegal
(in whole or in part) for any reason (in any relevant jurisdiction), the remaining terms, provisions, covenants and conditions
of this Indenture or the Notes, modified by the deletion of the unenforceable, invalid or illegal portion (in any relevant jurisdiction),
will continue in full force and effect, and such unenforceability, invalidity, or illegality will not otherwise affect the enforceability,
validity or legality of the remaining terms, provisions, covenants and conditions of this Indenture or the Notes, as the case
may be, so long as this Indenture or the Notes, as the case may be, as so modified continues to express, without material change,
the original intentions of the parties as to the subject matter hereof and the deletion of such portion of this Indenture or the
Notes, as the case may be, will not substantially impair the respective expectations or reciprocal obligations of the parties
or the practical realization of the benefits that would otherwise be conferred upon the parties.


 


Section
14.8          Benefits of Indenture. Except as otherwise expressly set forth in this Indenture,
nothing herein or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto and their successors
hereunder, the Collateral Manager, the Collateral Administrator, the Holders of the Notes and (to the extent provided herein)
the other Secured Parties any benefit or any legal or equitable right, remedy or claim under this Indenture.


 






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Section
14.9          Legal Holidays. If the date of any Payment Date, Redemption Date or Stated
Maturity shall not be a Business Day, then notwithstanding any other provision of the Notes or this Indenture, payment need not
be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the nominal
date of any such Payment Date, Redemption Date or Stated Maturity date.


 


Section
14.10       Governing Law. This Indenture shall be construed in accordance with, and this Indenture and any
matters arising out of or relating in any way whatsoever to this Indenture (whether in contract, tort or otherwise), shall be
governed by, the law of the State of New York.


 


Section
14.11       Submission to Jurisdiction. With respect to any suit, action or proceedings relating to this Indenture
or any matter between the parties arising under or in connection with this Indenture (“Proceedings”), each
party irrevocably: (i) submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in
the Borough of Manhattan and the United States District Court for the Southern District of New York, and any appellate court from
any thereof; and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought
in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right
to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing herein precludes
any of the parties from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more
jurisdictions preclude the bringing of Proceedings in any other jurisdiction.


 


Section
14.12       Waiver of Jury Trial. EACH OF THE ISSUER, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE DEBT OR THE TRANSACTIONS CONTEMPLATED HEREBY. Each party hereby (i) certifies that no representative,
agent or attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a Proceeding,
seek to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into this Indenture by, among
other things, the mutual waivers and certifications in this paragraph.


 


Section
14.13        Counterparts. This Indenture shall be valid, binding, and enforceable against a party when executed
and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned,
or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global
and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures
law, including any relevant provisions of the UCC (collectively, “Signature Law”), in each case to the extent
applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the
same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled
to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or
other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity
or authenticity thereof. This Indenture may be executed in any number of counterparts, each of which shall be deemed to be an
original, but such counterparts shall, together, constitute one and the same instrument. For the avoidance of doubt, original
manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due
to the character or intended character of the writings.


 






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Section
14.14        Acts of Issuer. Any report, information, communication, request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given or performed by the Issuer shall be effective if
given or performed by the Issuer or by the Collateral Manager on the Issuer’s behalf.


 


The
Issuer agrees to coordinate with the Collateral Manager with respect to any communication to the Rating Agency and to comply with
the provisions of this Section 14.14 and Section 14.17 unless otherwise agreed to in writing by the Collateral Manager.


 


Section
14.15       Confidential Information. (a) The Trustee, the Collateral Administrator and each Holder or beneficial
owner of Notes will maintain the confidentiality of all Confidential Information in accordance with procedures adopted by such
Person in good faith to protect Confidential Information of third parties delivered to such Person; provided that such
Person may deliver or disclose Confidential Information to: (i) such Person’s directors, trustees, officers, employees,
agents, attorneys and affiliates who agree to hold confidential the Confidential Information substantially in accordance with
the terms of this Section 14.15 and to the extent such disclosure is reasonably required for the administration of
this Indenture, the matters contemplated hereby or the investment represented by the Notes; (ii) such Person’s legal
advisors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially
in accordance with the terms of this Section 14.15 and to the extent such disclosure is reasonably required for the
administration of this Indenture, the matters contemplated hereby or the investment represented by the Notes; (iii) any other
Holder or beneficial owner of Notes, or any of the other parties to this Indenture, the Collateral Management Agreement or the
Collateral Administration Agreement; (iv) except for Specified Obligor Information, any Person of the type that would be,
to such Person’s knowledge, permitted to acquire Notes in accordance with the requirements of Section 2.5 hereof
to which such Person sells or offers to sell any such Notes or any part thereof; (v) except for Specified Obligor Information,
any other Person from which such former Person offers to purchase any security of the Issuer; (vi) any federal or state or
other regulatory, governmental or judicial authority having jurisdiction over such Person; (vii) the National Association
of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access to information
about the investment portfolio of such Person, reinsurers and liquidity and credit providers that agree to hold confidential the
Confidential Information substantially in accordance with this Section 14.15; (viii) S&P (subject to Section
14.17); (ix) any other Person with the consent of the Issuer and the Collateral Manager; or (x) any other Person to which
such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation or order
applicable to such Person, (B) in response to any subpoena or other legal process (unless prohibited by applicable law, rule,
order or decree or other requirement having the force of law), (C) in connection with any litigation to which such Person
is a party (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law), (D) if
an Event of Default has occurred and is continuing, to the extent such Person may reasonably determine such delivery and disclosure
to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Notes or this Indenture
or (E) in the Trustee’s or the Collateral Administrator’s performance of its obligations under this Indenture, the
Collateral Administration Agreement or other transaction document related thereto; and provided that delivery to the Holders
or beneficial owners of Notes or to the accountants by the Trustee or the Collateral Administrator of any report of information
required by the terms of this Indenture to be provided to Holders or beneficial owners of Notes or to the accountants shall not
be a violation of this Section 14.15. Each Holder or beneficial owner of Notes will, by its acceptance of its Notes,
be deemed to have agreed, except as set forth in clauses (vi), (vii) and (x) above, that it shall use the Confidential
Information for the sole purpose of making an investment in the Notes or administering its investment in the Notes; and that the
Trustee and the Collateral Administrator shall neither be required nor authorized to disclose to Holders or beneficial owners
of Notes any Confidential Information in violation of this Section 14.15. In the event of any required disclosure
of the Confidential Information by such Holder or beneficial owner, such Holder or beneficial owner will, by its acceptance of
the Notes, be deemed to have agreed to use reasonable efforts to protect the confidentiality of the Confidential Information.
Each Holder or beneficial owner of Notes, by its acceptance of Notes, will be deemed to have agreed to be bound by and to be entitled
to the benefits of this Section 14.15 (subject to Section 7.17(e)).


 






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(b)          For the purposes of this Section 14.15, (A) “Confidential Information” means information delivered
to the Trustee, the Collateral Administrator or any Holder or beneficial owner of Notes by or on behalf of the Issuer in connection
with and relating to the transactions contemplated by or otherwise pursuant to this Indenture (including, without limitation,
information relating to Obligors); provided that such term does not include information that: (i) was publicly known
or otherwise known to the Trustee, the Collateral Administrator or such Holder or beneficial owner prior to the time of such disclosure;
(ii) subsequently becomes publicly known through no act or omission by the Trustee, the Collateral Administrator, any Holder
or beneficial owner of Notes or any Person acting on behalf of the Trustee, the Collateral Administrator or any Holder or beneficial
owner of Notes; (iii) otherwise is known or becomes known to the Trustee, the Collateral Administrator or any Holder or beneficial
owner of Notes other than (x) through disclosure by the Issuer or (y) to the knowledge of the Trustee, the Collateral
Administrator, a Holder or a beneficial owner of Notes, as the case may be, in each case after reasonable inquiry, as a result
of the breach of a fiduciary duty to the Issuer or a contractual duty to the Issuer; or (iv) is allowed to be treated as
non-confidential by consent of the Issuer; and (B) “Specified Obligor Information” means Confidential Information
relating to Obligors that is not otherwise included in the Monthly Reports or Distribution Reports.


 


(c)           Notwithstanding the foregoing, the Trustee and the Collateral Administrator may disclose Confidential Information to the extent
disclosure thereof may be required by law or by any regulatory or governmental authority and the Trustee and the Collateral Administrator
may disclose on a confidential basis any Confidential Information to its agents, attorneys and auditors in connection with the
performance of its responsibilities hereunder.


 






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Section
14.16       Proceedings. Each purchaser, beneficial owner and subsequent transferee of Notes will be deemed
by its purchase to acknowledge and agree as follows: (i) (a) the express terms of this Indenture govern the rights of the Holders
to direct the commencement of a Proceeding against any person, (b) this Indenture contains limitations on the rights of the Holders
to direct the commencement of any such Proceeding, and (c) each Holder shall comply with such express terms if it seeks to direct
the commencement of any such Proceeding; (ii) there are no implied rights under this Indenture to direct the commencement of any
such Proceeding; and (iii) notwithstanding any provision of this Indenture, or any provision of the Notes, or of the Collateral
Administration Agreement or of any other agreement, the Issuer shall be under no duty or obligation of any kind to the Holders,
or any of them, to institute any legal or other proceedings of any kind, against any person or entity, including, without limitation,
the Trustee, the Collateral Manager, the Collateral Administrator, the Trustee or the Calculation Agent.


 


Section
14.17       Communications with Rating Agencies. If the Issuer shall receive any written or oral communication
from any Rating Agency (or any of their respective officers, directors or employees) with respect to the transactions contemplated
hereby or under the Transaction Documents or in any way relating to the Notes, the Issuer agrees to refrain from communicating
with such Rating Agency and to promptly (and, in any event, within one Business Day) notify the Collateral Manager of such communication.
The Issuer agrees that in no event shall it engage in any oral or written communication with respect to the transactions contemplated
hereby or under the Transaction Documents or in any way relating to the Notes with any Rating Agency (or any of their respective
officers, directors or employees) without the participation of the Collateral Manager, unless otherwise agreed to in writing by
the Collateral Manager. For the avoidance of doubt, nothing in this Section 14.17 shall prohibit the Trustee from making
available on its internet website the Monthly Reports, Distribution Reports and other notices or documentation relating to the
Notes or this Indenture. For the avoidance of doubt, the Accountants’ Reports or reports prepared by the Independent accountants
pursuant to this Indenture (or information received, orally or in writing, about the contents of such reports) shall not be disclosed
or distributed to any Rating Agency. In accordance with SEC Release No. 34-72936, Form 15-E, only in its complete and unedited
form which includes the Accountants’ Effective Date Comparison AUP Report as an attachment, will be provided by the Independent
accountants to the Issuer who will post such Form 15-E on the 17g-5 website.


 


Section
14.18        Notices to S&P; Rule 17g-5 Procedures. (a) To enable the Rating Agency to comply with its obligations
under Rule 17g-5, the Issuer shall post on a password-protected internet website, at the same time such information is provided
to the Rating Agency, all information (which shall not include any Effective Date Report, Accountants’ Report or report
prepared by the Independent accountants pursuant to this Indenture) the Issuer provides to the Rating Agency for the purposes
of determining the initial credit rating of the Notes or undertaking credit rating surveillance of the Notes. In the case of information
provided for the purposes of undertaking credit rating surveillance of the Notes, such information shall be posted on a password
protected internet website in accordance with the procedures set forth in Section 14.18(b).


 






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(b)          To the extent that a Rating Agency makes an inquiry or initiates communications with the Issuer, the Collateral Manager, the Collateral
Administrator, the Trustee that is relevant to such Rating Agency’s credit rating surveillance of the Secured Notes, all
responses to such inquiries or communications from such Rating Agency shall be formulated in writing by the responding party or
its representative or advisor and shall be provided to the Information Agent who shall promptly forward such written response
to the Issuer’s Website in accordance with the procedures set forth in Section 14.18(d) and the Collateral Administration
Agreement and such responding party or its representative or advisor may provide such response to such Rating Agency and to the
extent that any of the Issuer, the Collateral Manager, the Collateral Administrator or the Trustee is required to provide any
information to, or communicate with, any Rating Agency in accordance with its obligations under this Indenture or the Collateral
Management Agreement, the Issuer, the Collateral Manager, the Collateral Administrator or the Trustee, as applicable (or their
respective representatives or advisors), shall provide such information or communication to the Information Agent by e-mail at
SEC.17g-5@db.com, which the Information Agent shall promptly forward to the Issuer’s Website in accordance with the procedures
set forth in Section 14.18(d) and the Collateral Administration Agreement.


 


(c)          Subject to Section 14.17 hereof, the Issuer, the Collateral Manager, the Collateral Administrator and the Trustee (and
their respective representatives and advisors) shall be permitted (but shall not be required) to orally communicate with the Rating
Agency regarding any Collateral Obligation or the Notes; provided, that such party summarizes the information provided
to the Rating Agency in such communication and provides the Information Agent with such summary in accordance with the procedures
set forth in this Section 14.18 and the Collateral Administration Agreement within one Business Day of such communication
taking place. The Information Agent shall forward such summary to the Issuer’s Website in accordance with the procedures
set forth in Section 14.18(d).


 


(d)          All information to be made available to the Rating Agency pursuant to this Section 14.18 shall be forwarded by the Information
Agent for posting on the Issuer’s Website pursuant to the Collateral Administration Agreement. Information will be posted
on the same Business Day of receipt; provided that such information is received by 12:00 p.m. (Eastern time) or, if received
after 12:00 p.m. (Eastern time), on the next Business Day. The Information Agent shall have no obligation or duty to verify, confirm
or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction or otherwise
is or is not anything other than what it purports to be. In the event that any information is delivered or posted in error, the
Issuer may remove it from the Issuer’s Website. None of the Trustee, the Collateral Manager, the Collateral Administrator
and the Information Agent shall have obtained or shall be deemed to have obtained actual knowledge of any information solely due
to receipt and posting to the Issuer’s Website. Access to the Issuer’s Website will be provided by the Issuer to (A)
any NRSRO (other than the Rating Agency) upon receipt by the Issuer and the Information Agent of an NRSRO Certification in the
form of Exhibit E hereto (which may be submitted electronically via the Issuer’s Website) and (B) the Rating Agency,
without submission of an NRSRO Certification.


 


(e)          None of the Issuer, the Trustee or the Collateral Manager shall be responsible or liable for any delays caused by the failure
of the Information Agent to forward the applicable response to the Issuer’s Website.


 






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(f)           Notwithstanding the requirements of this Section 14.18, neither the Trustee nor the Collateral Administrator shall have
any obligation to engage in, or respond to, any inquiry or oral communications from any Rating Agency. Neither the Trustee nor
the Collateral Administrator shall be responsible for maintaining the Issuer’s Website, posting information on the Issuer’s
Website or assuring that the Issuer’s Website complies with the requirements of this Indenture, Rule 17g-5, or any other
law or regulation. In no event shall the Trustee, the Information Agent or the Collateral Administrator be deemed to make any
representation as to the content of the Issuer’s Website (other than with respect to the Information Agent, to the extent
such content was prepared by the Information Agent) or with respect to compliance by the Issuer’s Website with this Indenture,
Rule 17g-5 or any other law or regulation.


 


(g)          In connection with providing access to the Issuer’s Website, the Issuer may require registration and the acceptance of a
disclaimer. The Information Agent shall not be liable for the dissemination of information in accordance with the terms of this
Indenture and the Collateral Administration Agreement and makes no representations or warranties as to the accuracy or completeness
of such information being made available, and assumes no responsibility for such information. The Information Agent shall not
be liable for its failure to make any information available to the Rating Agency or NRSROs unless such information was delivered
to the Information Agent at the email address set forth herein, with a subject heading of “Golub Capital BDC 3 CLO 1 LLC”
and sufficient detail to indicate that such information is required to be posted on the Issuer’s Website.


 


(h)          Notwithstanding anything therein to the contrary, the maintenance by the Trustee of the website described in Section 10.7(g)
shall not be deemed as compliance by or on behalf of the Issuer with Rule 17g-5 or other law or regulation related thereto.


 


(i)           Notwithstanding anything to the contrary in this Indenture (including, without limitation, Section 5.1), any failure by
the Issuer or any other Person to comply with the provisions of this Section 14.18 shall not constitute an Event of Default
or breach of this Indenture, the Collateral Management Agreement or any other agreement, and the Holders and the holders of any
beneficial interests in the Notes shall have no rights with respect thereto or under this Section 14.18. This Section
14.18 may be amended or modified by agreement of the Collateral Manager, the Issuer, the Trustee, the Information Agent and
the Rating Agency, without the consent of any Holder or any other Person.


 


(j)           In accordance with SEC Release No. 34-72936, Form 15-E, only in its complete and unedited form, will be provided by the Independent
accountants to the Issuer who will post such Form 15-E on the 17g-5 website.


 






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ARTICLE
XV



Assignment Of Certain Agreements


 


Section
15.1         Assignment of Collateral Management Agreement. (a) The Issuer hereby acknowledges
that its Grant pursuant to the first Granting Clause hereof includes all of the Issuer’s estate, right, title and interest
in, to and under the Collateral Management Agreement, including (i) the right to give all notices, consents and releases
thereunder, (ii) the right to give all notices of termination and to take any legal action upon the breach of an obligation
of the Collateral Manager thereunder, including the commencement, conduct and consummation of proceedings at law or in equity,
(iii) the right to receive all notices, accountings, consents, releases and statements thereunder and (iv) the right
to do any and all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided that notwithstanding
anything herein to the contrary, the Trustee shall not have the authority to exercise any of the rights set forth in (i) through
(iv) above or that may otherwise arise as a result of the Grant until the occurrence of an Event of Default hereunder and
such authority shall terminate at such time, if any, as such Event of Default is cured or waived. From and after the occurrence
and continuance of an Event of Default, the Collateral Manager shall continue to perform and be bound by the provisions of the
Collateral Management Agreement and this Indenture applicable thereto.


 


(b)          The assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair
or diminish the obligations of the Issuer under the provisions of the Collateral Management Agreement, nor shall any of the obligations
contained in the Collateral Management Agreement be imposed on the Trustee at any time, including following the resignation or
removal of the Collateral Manager.


 


(c)          Upon the retirement of the Notes, the payment of all amounts required to be paid pursuant to the Priority of Payments and the
release of the Assets from the lien of this Indenture, this assignment and all rights herein assigned to the Trustee for the benefit
of the Holders shall cease and terminate and all the estate, right, title and interest of the Trustee in, to and under the Collateral
Management Agreement shall revert to the Issuer and no further instrument or act shall be necessary to evidence such termination
and reversion.


 


(d)          The Issuer represents that, as of the date hereof, the Issuer has not executed any other assignment of the Collateral Management
Agreement.


 


(e)          The Issuer agrees that this assignment is irrevocable, and that it will not take any action which is inconsistent with this assignment
or make any other assignment inconsistent herewith. The Issuer will, from time to time, execute all instruments of further assurance
and all such supplemental instruments with respect to this assignment as may be necessary to continue and maintain the effectiveness
of such assignment.


 






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(f)           The Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the Collateral Manager in the Collateral
Management Agreement, to the following:


 


(i)            The Collateral Manager shall consent to the provisions of this assignment and agree to perform any provisions of this Indenture
applicable to the Collateral Manager subject to the terms (including the Collateral Manager Standard) of the Collateral Management
Agreement.


 


(ii)           The Collateral Manager shall acknowledge that the Issuer is assigning all of its right, title and interest in, to and under the
Collateral Management Agreement to the Trustee as representative of the Holders and the Collateral Manager shall agree that all
of the representations, covenants and agreements made by the Collateral Manager in the Collateral Management Agreement are also
for the benefit of the Trustee.


 


(iii)          The Collateral Manager shall deliver to the Trustee copies of all notices, statements, communications and instruments delivered
or required to be delivered by the Collateral Manager to the Issuer pursuant to the Collateral Management Agreement.


 


(iv)         Except as otherwise set forth herein and therein (including pursuant to Section 9 of the Collateral Management Agreement),
the Collateral Manager shall continue to serve as Collateral Manager under the Collateral Management Agreement notwithstanding
that the Collateral Manager shall not have received amounts due it under the Collateral Management Agreement because sufficient
funds were not then available hereunder to pay such amounts in accordance with the Priority of Payments set forth under Section 11.1.
The Collateral Manager agrees not to cause the filing of a petition in bankruptcy against the Issuer for the nonpayment of the
fees or other amounts payable by the Issuer to the Collateral Manager under the Collateral Management Agreement until the payment
in full of all Notes issued under this Indenture and the expiration of a period equal to one year and a day, or, if longer, the
applicable preference period and one day, following such payment. Nothing in this Section 15.1 shall preclude, or
be deemed to stop, the Collateral Manager (i) from taking any action prior to the expiration of the aforementioned period
in (A) any case or Proceeding voluntarily filed or commenced by the Issuer or (B) any involuntary insolvency Proceeding
filed or commenced by a Person other than the Collateral Manager, or (ii) from commencing against the Issuer or any of its
properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding.


 


(v)          Except with respect to transactions contemplated by Section 5 of the Collateral Management Agreement, if the Collateral Manager
determines that it or any of its Affiliates has a conflict of interest between the Holder of each Note and any other account or
portfolio for which the Collateral Manager or any of its Affiliates is serving as investment adviser which relates to any action
to be taken with respect to any Asset, then the Collateral Manager will give written notice briefly describing such conflict and
the action it proposes to take to the Trustee, who shall promptly forward such notice to the relevant Holder. The provisions of
this clause (v) shall not apply to any transaction permitted by the terms of the Collateral Management Agreement.


 






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(vi)         On each Measurement Date on which the S&P CDO Monitor Test is used, the Collateral Manager on behalf of the Issuer will measure
compliance under such test.


 


(g)          The Issuer and the Trustee agree that the Collateral Manager shall be a third party beneficiary of this Indenture, and shall be
entitled to rely upon and enforce such provisions of this Indenture to the same extent as if it were a party hereto.


 


(h)          Upon a Trust Officer of the Trustee receiving written notice from the Collateral Manager that an event constituting “Cause”
as defined in the Collateral Management Agreement has occurred, the Trustee shall, not later than two Business Days thereafter,
forward such notice to the Holders (as their names appear in the Register).


 


[Signature
Pages Follow]


 




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IN
WITNESS WHEREOF, we have set our hands as of the day and year first written above.


 





	 	GOLUB CAPITAL BDC 3 CLO 1
    LLC, as Issuer
	 	 	 
	 	By: Golub Capital BDC 3, Inc., its
    Designated Manager
	 	 	 
	 	By:	/s/ Ross A. Teune
	 	 	Name: Ross A. Teune
	 		Title:   Chief
    Financial Officer




 




     


     


    

 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
	 	 	 
	 	By:	/s/ Cindy Lai
	 	 	Name: Cindy Lai
	 	 	Title:   Assistant Vice President
	 	 	 
	 	By:	/s/ Kathleen Gannaway
	 	 	Name: Kathleen Gannaway
	 	 	Title:   Vice President




 




     


     


    

 


Schedule 1


 


List
of Collateral Obligations


 




    S-1-1


     


    

 


Schedule 2

S&P Industry Classifications


 


	Asset
    Type 

    Code	Description
	1020000	Energy
    Equipment and Services
	1030000	Oil,
    Gas and Consumable Fuels
	1033403	Mortgage
    Real Estate Investment Trusts (REITs)
	2020000	Chemicals
	2030000	Construction
    Materials
	2040000	Containers
    and Packaging
	2050000	Metals
    and Mining
	2060000	Paper
    and Forest Products
	3020000	Aerospace
    and Defense
	3030000	Building
    Products 
	3040000	Construction
    & Engineering
	3050000	Electrical
    Equipment
	3060000	Industrial
    Conglomerates
	3070000	Machinery
	3080000	Trading
    Companies and Distributors
	3110000	Commercial
    Services and Supplies
	3210000	Air
    Freight and Logistics
	3220000	Airlines
	3230000	Marine
	3240000	Road
    and Rail
	3250000	Transportation
    Infrastructure
	4011000	Auto
    Components
	4020000	Automobiles
	4110000	Household
    Durables
	4120000	Leisure
    Products
	4130000	Textiles,
    Apparel and Luxury Goods
	4210000	Hotels,
    Restaurants and Leisure
	4300001	Entertainment
	4300002	Interactive
    Media and Services
	4310000	Media
	4410000	Distributors
	4420000	Internet
    and Catalog Retail
	4430000	Multiline
    Retail
	4440000	Specialty
    Retail
	5020000	Food
    and Staples Retailing
	5110000	Beverages
	5120000	Food
    Products
	5130000	Tobacco



 






    S-2-1


     


    

 


	Asset
    Type 

    Code	Description
	5210000	Household
    Products
	5220000	Personal
    Products
	6020000	Healthcare
    Equipment and Supplies
	6030000	Healthcare
    Providers and Services
	6110000	Biotechnology
	6120000	Pharmaceuticals
	7011000	Banks
	7020000	Thrifts
    and Mortgage Finance
	7110000	Diversified
    Financial Services
	7120000	Consumer
    Finance
	7130000	Capital
    Markets
	7210000	Insurance
	7310000	Real
    Estate Management and Development
	7311000	Equity
    Real Estate Investment Trusts (REITs)
	8030000	IT
    Services
	8040000	Software
	8110000	Communications
    Equipment
	8120000	Technology
    Hardware, Storage and Peripherals
	8130000	Electronic
    Equipment, Instruments and Components
	8210000	Semiconductors
    and Semiconductor Equipment
	9020000	Diversified
    Telecommunication Services
	9030000	Wireless
    Telecommunication Services
	9520000	Electric
    Utilities
	9530000	Gas
    Utilities
	9540000	Multi-Utilities
	9550000	Water
    Utilities
	9551701	Diversified
    Consumer Services
	9551702	Independent
    Power and Renewable Electricity Producers
	9551727	Life
    Sciences Tools & Services
	9551729	Health
    Care Technology
	9612010	Professional
    Services
	1000-1099	Reserved



 


 






    S-2-2


     


    

 


	PROJECT
    FINANCE
	Asset
    Type 	Description
	PF1	Project
    finance:  Industrial equipment
	PF2	Project
    finance:  Leisure and gaming
	PF3	Project
    finance:  Natural resources and mining
	PF4	Project
    finance:  Oil and gas
	PF5	Project
    finance:  Power
	PF6	Project
    finance:  Public finance and real estate
	PF7	Project
    finance:  Telecommunications
	PF8	Project
    finance: Transport
	PF1000-PF1099	Reserved





 






    S-2-3


     


    

 


Schedule 3



MOODY’S RATING DEFINITIONS


 


For
purposes of this Schedule 3 and this Indenture, the terms “Assigned Moody’s Rating” and “CFR”
mean:


 


Assigned
Moody’s Rating


 


The
monitored publicly available rating or the estimated rating expressly assigned to a debt obligation (or facility) by Moody’s
that addresses the full amount of the principal and interest promised.


 


CFR


 


With
respect to an obligor of a Collateral Obligation, if such obligor has a corporate family rating by Moody’s, then such corporate
family rating; provided that if such obligor does not have a corporate family rating by Moody’s but any entity in
the obligor’s corporate family does have a corporate family rating, then the CFR is such corporate family rating.


 


For
purposes of this Indenture, the terms Moody’s Rating and Moody’s Derived Rating, have the meanings under the respective
headings below.


 


With
respect to any Collateral Obligation as of any date of determination, the rating determined in accordance with the following methodology:


 


MOODY’S
RATING


 


(i)           With respect to a Collateral Obligation that is a Senior Secured Loan:


 


(A)            
if such Collateral Obligation has an Assigned Moody’s Rating, such Assigned Moody’s Rating;


 


(B)             
if such Collateral Obligation does not have an Assigned Moody’s Rating but the obligor of such Collateral Obligation has
a CFR, then the Moody’s rating that is one subcategory higher than such CFR;


 


(C)             
if neither clause (A) nor (B) above apply, if such Collateral Obligation does not have an Assigned Moody’s Rating but the
obligor of such Collateral Obligation has one or more senior unsecured obligations with an Assigned Moody’s Rating, then
the Moody’s rating that is two subcategories higher than the Assigned Moody’s Rating on any such obligation as selected
by the Collateral Manager in its sole discretion;


 


(D)            
if none of clauses (A) through (C) above apply, at the election of the Collateral Manager, the Moody’s Derived Rating; and


 






    S-3-1


     


    

 


(E)             
if none of clauses (A) through (D) above apply, the Collateral Obligation will be deemed to have a Moody’s Rating of “B3”;
and


 


(ii)          With respect to a Collateral Obligation other than a Senior Secured Loan:


 


(A)            
if such Collateral Obligation has an Assigned Moody’s Rating, such Assigned Moody’s Rating;


 


(B)             
if such Collateral Obligation does not have an Assigned Moody’s Rating but the obligor of such Collateral Obligation has
one or more senior unsecured obligations with an Assigned Moody’s Rating, then the Assigned Moody’s Rating on any
such obligation as selected by the Collateral Manager in its sole discretion;


 


(C)             
if neither clause (A) nor (B) above apply, if such Collateral Obligation does not have an Assigned Moody’s Rating but the
obligor of such Collateral Obligation has a CFR, then the Moody’s rating that is one subcategory lower than such CFR;


 


(D)            
if none of clauses (A), (B) or (C) above apply, if such Collateral Obligation does not have an Assigned Moody’s Rating but
the obligor of such Collateral Obligation has one or more subordinated debt obligations with an Assigned Moody’s Rating,
then the Moody’s rating that is one subcategory higher than the Assigned Moody’s Rating on any such obligation as
selected by the Collateral Manager in its sole discretion;


 


(E)             
if none of clauses (A) through (D) above apply, at the election of the Collateral Manager, the Moody’s Derived Rating; and


 


(F)              
if none of clauses (A) through (E) above apply, the Collateral Obligation will be deemed to have a Moody’s Rating of “B3.”


 


MOODY’S
DERIVED RATING


 


With
respect to a Collateral Obligation whose Moody’s Rating cannot otherwise be determined pursuant to the definitions thereof,
such Moody’s Rating shall be determined as set forth below:


 






    S-3-2


     


    

 


(A)            
if such Collateral Obligation is rated by S&P, then the Moody’s Rating of such Collateral Obligation will be determined,
at the election of the Collateral Manager, in accordance with the methodology set forth in the following table below:


 


	Type
of Collateral Obligation
	 	S&P
Rating (Public and Monitored)
	 	Collateral
Obligation Rated by S&P
	 	Number
of Subcategories Relative to Moody’s Equivalent of S&P Rating

	Not
    Structured Finance Obligation	 	>
    “BBB-”	 	Not
    a Loan or Participation Interest in Loan	 	-1
	Not
    Structured Finance Obligation	 	<“BB+”	 	Not
    a Loan or Participation Interest in Loan	 	-2
	Not
    Structured Finance Obligation	 	 	 	Loan
    or Participation Interest in Loan	 	-2


 


 


(B)             
if such Collateral Obligation is not rated by S&P but another security or obligation of the obligor has a public and monitored
rating by S&P (a “parallel security”), then the rating of such parallel security will at the election of
the Collateral Manager be determined in accordance with the table set forth in subclause (i)(A) above, and the Moody’s Derived
Rating for purposes of the definitions of Moody’s Rating (as applicable) of such Collateral Obligation will be determined
in accordance with the methodology set forth in the following table (for such purposes treating the parallel security as if it
were rated by Moody’s at the rating determined pursuant to this subclause (i)(B)):


 


	Obligation
Category of Rated Obligation
	 	Rating
of Rated Obligation
	 	Number
of Subcategories Relative to Rated Obligation Rating

	Senior
    secured obligation	 	greater
    than or equal to B2	 	-1
	Senior
    secured obligation	 	less
    than B2	 	-2
	Subordinated
    obligation	 	greater
    than or equal to B3	 	+1
	Subordinated
    obligation	 	less
    than B3	 	0


 


or


 


(C)             
if such Collateral Obligation is a DIP Collateral Obligation, no Moody’s Derived Rating may be determined based on a rating
by S&P or any other rating agency.


 






    S-3-3


     


    

 


For
purposes of the definitions of “Moody’s Derived Rating” and “Moody’s Rating”, any credit estimate
assigned by Moody’s shall expire one year from the date such estimate was issued; provided that, for purposes of
any calculation under this Indenture, if Moody’s fails to renew for any reason a credit estimate for a previously acquired
Collateral Obligation thereunder on or before such one-year anniversary (which may be extended at Moody’s option to the
extent the annual audited financial statements for the Obligor have not yet been received), after the Issuer or the Collateral
Manager on the Issuer’s behalf has submitted to Moody’s all information that the Issuer or the Collateral Manager
believed in good faith was required to provide such renewal, (1) the Issuer for a period of 60 days will continue using the previous
credit estimate assigned by Moody’s with respect to such Collateral Obligation until such time as Moody’s renews the
credit estimate for such Collateral Obligation and (2) after 60 days but before Moody’s renews the credit estimate for such
Collateral Obligation, the Collateral Obligation will be deemed to have a Moody’s rating of “Caa3.”


 




    S-3-4


     


    

 


Schedule 4



S&P RECOVERY RATE TABLES


 


1.


 


		(a)	(i) If
                                         a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for
                                         such Collateral Obligation shall be determined as follows (taking into account, for any
                                         Collateral Obligation with an S&P Recovery Rating of ‘1’ through ‘6’,
                                         the recovery estimate indicated in the S&P published report therefor):



 


	 	 	 	 	 	 	 	Initial
                                         Liability Rating


	 
	S&P Recovery Rating
 of a Collateral
 Obligation	 	 	Recovery Estimate (%)* from S&P published reports**
	 	 	 	“AAA”
	 	 	 	“AA”
	 	 	 	“A”
	 	 	 	“BBB”
	 	 	 	“BB”
	 	 	 	“B” and

 below
	 
	  1+	 	 	100	 	 	 	75.00	%	 	 	85.00	%	 	 	88.00	%	 	 	90.00	%	 	 	92.00	%	 	 	95.00	%
	1	 	 	95	 	 	 	70.00	%	 	 	80.00	%	 	 	84.00	%	 	 	87.50	%	 	 	91.00	%	 	 	95.00	%
	1	 	 	90	 	 	 	65.00	%	 	 	75.00	%	 	 	80.00	%	 	 	85.00	%	 	 	90.00	%	 	 	95.00	%
	2	 	 	85	 	 	 	62.50	%	 	 	72.50	%	 	 	77.50	%	 	 	83.00	%	 	 	88.00	%	 	 	92.00	%
	2	 	 	80	 	 	 	60.00	%	 	 	70.00	%	 	 	75.00	%	 	 	81.00	%	 	 	86.00	%	 	 	89.00	%
	2	 	 	75	 	 	 	55.00	%	 	 	65.00	%	 	 	70.50	%	 	 	77.00	%	 	 	82.50	%	 	 	84.00	%
	2	 	 	70	 	 	 	50.00	%	 	 	60.00	%	 	 	66.00	%	 	 	73.00	%	 	 	79.00	%	 	 	79.00	%
	3	 	 	65	 	 	 	45.00	%	 	 	55.00	%	 	 	61.00	%	 	 	68.00	%	 	 	73.00	%	 	 	74.00	%
	3	 	 	60	 	 	 	40.00	%	 	 	50.00	%	 	 	56.00	%	 	 	63.00	%	 	 	67.00	%	 	 	69.00	%
	3	 	 	55	 	 	 	35.00	%	 	 	45.00	%	 	 	51.00	%	 	 	58.00	%	 	 	63.00	%	 	 	64.00	%
	3	 	 	50	 	 	 	30.00	%	 	 	40.00	%	 	 	46.00	%	 	 	53.00	%	 	 	59.00	%	 	 	59.00	%
	4	 	 	45	 	 	 	28.50	%	 	 	37.50	%	 	 	44.00	%	 	 	49.50	%	 	 	53.50	%	 	 	54.00	%
	4	 	 	40	 	 	 	27.00	%	 	 	35.00	%	 	 	42.00	%	 	 	46.00	%	 	 	48.00	%	 	 	49.00	%
	4	 	 	35	 	 	 	23.50	%	 	 	30.50	%	 	 	37.50	%	 	 	42.50	%	 	 	43.50	%	 	 	44.00	%
	4	 	 	30	 	 	 	20.00	%	 	 	26.00	%	 	 	33.00	%	 	 	39.00	%	 	 	39.00	%	 	 	39.00	%
	5	 	 	25	 	 	 	17.50	%	 	 	23.00	%	 	 	28.50	%	 	 	32.50	%	 	 	33.50	%	 	 	34.00	%
	5	 	 	20	 	 	 	15.00	%	 	 	20.00	%	 	 	24.00	%	 	 	26.00	%	 	 	28.00	%	 	 	29.00	%
	5	 	 	15	 	 	 	10.00	%	 	 	15.00	%	 	 	19.50	%	 	 	22.50	%	 	 	23.50	%	 	 	24.00	%
	5	 	 	10	 	 	 	5.00	%	 	 	10.00	%	 	 	15.00	%	 	 	19.00	%	 	 	19.00	%	 	 	19.00	%
	6	 	 	5	 	 	 	3.50	%	 	 	7.00	%	 	 	10.50	%	 	 	13.50	%	 	 	14.00	%	 	 	14.00	%
	6	 	 	0	 	 	 	2.00	%	 	 	4.00	%	 	 	6.00	%	 	 	8.00	%	 	 	9.00	%	 	 	9.00	%
	 	 	 	 	 	 	 	Recovery rate	 	 



 


*        The
recovery estimate from S&P’s published reports for a given loan is rounded down to the nearest 5%.


 






    S-4-1


     


    

 


**       If
a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of
 ‘1’ through ‘6’, the lower estimate for the applicable recovery rating will be assumed.


 


		(ii)	If
                                         (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral
                                         Obligation is a senior unsecured loan or second lien loan and (y) the issuer of such
                                         Collateral Obligation has issued another debt instrument that is outstanding and senior
                                         to such Collateral Obligation (a “Senior Secured Debt Instrument”)
                                         that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation
                                         shall be determined as follows:



 


For
Collateral Obligations Domiciled in Group A


 


	 	 	Initial
                                         Liability Rating
	 
	S&P Recovery Rating of the Senior Secured Debt Instrument	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and

 below	 
	  1+ 	 	 	18	%	 	 	20	%	 	 	23	%	 	 	26	%	 	 	29	%	 	 	31	%
	1	 	 	18	%	 	 	20	%	 	 	23	%	 	 	26	%	 	 	29	%	 	 	31	%
	2	 	 	18	%	 	 	20	%	 	 	23	%	 	 	26	%	 	 	29	%	 	 	31	%
	3	 	 	12	%	 	 	15	%	 	 	18	%	 	 	21	%	 	 	22	%	 	 	23	%
	4	 	 	5	%	 	 	8	%	 	 	11	%	 	 	13	%	 	 	14	%	 	 	15	%
	5	 	 	2	%	 	 	4	%	 	 	6	%	 	 	8	%	 	 	9	%	 	 	10	%
	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	Recovery rate	 




 


For
Collateral Obligations Domiciled in Group B


 


	 	 	 	Initial
                                         Liability Rating


	 
	S&P Recovery Rating of the Senior Secured Debt Instrument	 	 	“AAA”
	 	 	 	“AA”
	 	 	 	“A”
	 	 	 	“BBB”
	 	 	 	“BB”
	 	 	 	“B” and
 below
	 
	  1+	 	 	13	%	 	 	16	%	 	 	18	%	 	 	21	%	 	 	23	%	 	 	25	%
	1	 	 	13	%	 	 	16	%	 	 	18	%	 	 	21	%	 	 	23	%	 	 	25	%
	2	 	 	13	%	 	 	16	%	 	 	18	%	 	 	21	%	 	 	23	%	 	 	25	%
	3	 	 	8	%	 	 	11	%	 	 	13	%	 	 	15	%	 	 	16	%	 	 	17	%




 






    S-4-2


     


    



 


	 	 	Initial Liability Rating	 
	S&P Recovery
    Rating of the Senior Secured  Debt Instrument	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and 

below	 
	4	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	5	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%
	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	Recovery rate	 



 


For
Collateral Obligations Domiciled in Group C


 


	 	 	Initial Liability Rating	 
	 S&P Recovery Rating of the Senior Secured Debt Instrument	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and
 below	 
	  1+	 	 	10	%	 	 	12	%	 	 	14	%	 	 	16	%	 	 	18	%	 	 	20	%
	1	 	 	10	%	 	 	12	%	 	 	14	%	 	 	16	%	 	 	18	%	 	 	20	%
	2	 	 	10	%	 	 	12	%	 	 	14	%	 	 	16	%	 	 	18	%	 	 	20	%
	3	 	 	5	%	 	 	7	%	 	 	9	%	 	 	10	%	 	 	11	%	 	 	12	%
	4	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%
	5	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	Recovery rate	 



 


		(iii)	If
                                         (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral
                                         Obligation is a subordinated loan or subordinated bond and (y) the issuer of such Collateral
                                         Obligation has issued a Senior Secured Debt Instrument that has an S&P Recovery Rating,
                                         the S&P Recovery Rate for such Collateral Obligation shall be determined as follows:



 






    S-4-3


     


    

 


For
Collateral Obligations Domiciled in Groups A and B


 


		 	Initial Liability Rating	 
	S&P Recovery
    Rating of the Senior Secured Debt Instrument 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and
 below	 
	  1+	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	1	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	2	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	3	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	4	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%
	5	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	Recovery rate	 



 


For
Collateral Obligations Domiciled in Group C


 


	 	 	Initial Liability Rating	 
	S&P
    Recovery Rating of the Senior Secured Debt Instrument 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and 
 below	 
	  1+	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	1	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	2	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	3	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%
	4	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	5	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	Recovery rate	 



 


		(b)	If
                                         a recovery rate cannot be determined using clause (a), the recovery rate shall be determined
                                         using the following table.



 






    S-4-4


     


    

 


Recovery
rates for obligors Domiciled in Group A, B or C:


 


	 	 	Initial Liability Rating	 
	 Priority Category	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and 
 “CCC”	 
	Senior Secured Loans (other than First-Lien Last-Out Loans)*
	Group A	 	 	50	%	 	 	55	%	 	 	59	%	 	 	63	%	 	 	75	%	 	 	79	%
	Group B	 	 	39	%	 	 	42	%	 	 	46	%	 	 	49	%	 	 	60	%	 	 	63	%
	Group C	 	 	17	%	 	 	19	%	 	 	27	%	 	 	29	%	 	 	31	%	 	 	34	%
	Senior Secured Loans (Cov-Lite Loans), secured bonds**
	Group A	 	 	41	%	 	 	46	%	 	 	49	%	 	 	53	%	 	 	63	%	 	 	67	%
	Group B	 	 	32	%	 	 	35	%	 	 	39	%	 	 	41	%	 	 	50	%	 	 	53	%
	Group C	 	 	17	%	 	 	19	%	 	 	27	%	 	 	29	%	 	 	31	%	 	 	34	%
	Senior Syndicated Secured Loans***
	Group A	 	 	33.3	%	 	 	40	%	 	 	45.3	%	 	 	50.7	%	 	 	66.7	%	 	 	72	%
	Group B	 	 	18.7	%	 	 	22.7	%	 	 	28	%	 	 	32	%	 	 	46.7	%	 	 	50.7	%
	Group C	 	 	10	%	 	 	12	%	 	 	14	%	 	 	16	%	 	 	18	%	 	 	20	%
	Second Lien Loans, First-Lien Last-Out Loans, Unsecured Loans, senior secured notes, senior unsecured bonds†
	Group A	 	 	18	%	 	 	20	%	 	 	23	%	 	 	26	%	 	 	29	%	 	 	31	%
	Group B	 	 	13	%	 	 	16	%	 	 	18	%	 	 	21	%	 	 	23	%	 	 	25	%
	Group C	 	 	10	%	 	 	12	%	 	 	14	%	 	 	16	%	 	 	18	%	 	 	20	%
	Subordinated loans, subordinated bonds
	Group A	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	Group B	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	Group C	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	 	 	 	Recovery rate





 





 





Group
A: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Japan, Luxembourg, The
Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, U.K. and United States of America


Group
B: Brazil, Czech Republic, Italy, Mexico, Poland and South Africa


Group
C: Greece, India, Indonesia, Kazakhstan, Russia, Turkey, Ukraine, United Arab Emirates, Vietnam and any other country not included
in Group A or Group B.


 


Notwithstanding
the foregoing, for purposes of determining the S&P Recovery Rate of a Collateral Obligation that is a Senior Secured Loan
(including any Cov-Lite Loan) or a senior secured note secured solely or primarily by common stock or other equity interests,
such Collateral Obligation shall be deemed to be an Unsecured Loan.


 






    S-4-5


     


    

 


		*	For
                                         purposes of determining the S&P Recovery Rate, a senior secured note shall be deemed
                                         to be a Senior Secured Loan if such senior secured note, if it were a loan, would satisfy
                                         the definition of Senior Secured Loan.



 


		**	Solely
                                         for the purpose of determining S&P Recovery Rate: (a) “secured bond”
                                         shall mean a debt security (that is not a loan) that (i) is issued by a corporation,
                                         limited liability company, partnership, trust or similar business entity, (ii) if it
                                         is subordinated by its terms, is subordinated only with respect to liquidation, trade
                                         claims, capitalized leases or similar obligations, (iii) is secured by a valid first
                                         priority perfected security interest on specified collateral and (iv) the value of the
                                         collateral securing the debt security at the time of purchase together with other attributes
                                         of the obligor (including, without limitation, its general financial condition, ability
                                         to generate cash flow available for debt service and other demands for that cash flow)
                                         is adequate (in the commercially reasonable judgment of the Collateral Manager) to repay
                                         the debt security in accordance with its terms and to repay all other debt obligations
                                         of equal seniority secured by a first lien or security interest in the same collateral;
                                         (b) “senior unsecured bond” shall mean an unsecured debt security (that is
                                         not a loan) that (i) is issued by a corporation, limited liability company, partnership,
                                         trust or similar business entity and (ii) if it is subordinated by its terms, is subordinated
                                         only with respect to liquidation, trade claims, capitalized leases or similar obligations;
                                         (c) “subordinated bond” shall mean a debt security (that is not a loan) that
                                         (i) is issued by a corporation, limited liability company, partnership, trust or similar
                                         business entity and (ii) is subordinated by its terms other than with respect to liquidation,
                                         trade claims, capitalized leases or similar obligations; and (d) “senior secured
                                         note”: shall mean assignment of or Participation Interest in or other interest
                                         in a senior secured note issued pursuant to an indenture or equivalent document by a
                                         corporation, partnership, limited liability company, trust or other Person, bearing interest
                                         at a floating rate and that is secured by a pledge of collateral and has a senior pre-petition
                                         priority (including pari passu with other obligations of the Obligor, but subject to
                                         customary permitted liens, such as, but not limited to, any tax liens, liquidation, trade
                                         claims, capitalized leases or similar obligations) in any bankruptcy, reorganization,
                                         arrangement, insolvency, moratorium or liquidation proceedings.



 


		***	The
                                         S&P Recovery Rate for Senior Syndicated Secured Loans shall apply only to Senior
                                         Syndicated Secured Loans for which the Syndicated Tranche exceeds 20% of the sum of (x)
                                         the outstanding principal balance of the loan, plus (y) the outstanding principal balance
                                         and unfunded commitments of such revolving facility, plus (z) the outstanding principal
                                         balance of any other debt for borrowed money incurred by such Obligor that is pari passu
                                         with such loan.



 


		†	Solely
                                         for the purpose of determining the S&P Recovery Rate for such loan, the Aggregate
                                         Principal Balance of all First-Lien Last-Out Loans, Unsecured Loans, Second Lien Loans
                                         and senior unsecured Bonds that, in the aggregate, represent up to 15% of the Collateral
                                         Principal Amount shall have the S&P Recovery Rate specified for First-Lien Last-Out
                                         Loans, Unsecured Loans, Second Lien Loans and senior unsecured Bonds in the table above
                                         and the Aggregate Principal Balance of all First-Lien Last-Out Loans, Unsecured Loans,
                                         Second Lien Loans and senior unsecured Bonds in excess of 15% of the Collateral Principal
                                         Amount shall have the S&P Recovery Rate specified for subordinated loans in the table
                                         above.



 




    S-4-6


     


    

 


2.
S&P CDO Monitor


 


	Liability
    Rating of 

    S&P Highest 

    Ranking Class	 	Weighted
    Average S&P Recovery Rate 

    (in increments of 0.01%):
	 	Not
    Less Than (%)	 	Not
    Greater Than (%)
	“AAA”	 	35.00	 	50.00
	“AA”	 	40.00	 	60.00
	“A”	 	50.00	 	70.00
	“BBB-”	 	55.00	 	70.00


 


For
purposes of calculating the Collateral Quality Tests, DIP Collateral Obligations will be treated as having an S&P Recovery
Rate equal to the S&P Recovery Rate for Senior Secured Loan.


 


The
applicable weighted average spread will be the spread between 2.00% and 7.00% (in increments of .01%) without exceeding the Weighted
Average Floating Spread (determined for purposes of this definition as if all Discount Obligations instead constituted Collateral
Obligations that are not Discount Obligations) as of such Measurement Date.


 




    S-4-7


     


    

 


Schedule 5


 


S&P
EQUIVALENT DIVERSITY SCORE CALCULATION


 


The
S&P Equivalent Diversity Score is calculated as follows:


 


(a)          An “Issuer Par Amount” is calculated for each issuer of a Collateral Obligation, and is equal to the Aggregate
Principal Balance of all Collateral Obligations issued by that issuer and all affiliates.


 


(b)          An “Average Par Amount” is calculated by summing the Issuer Par Amounts for all issuers, and dividing by
the number of issuers.


 


(c)          An “Equivalent Unit Score” is calculated for each issuer, and is equal to the lesser of (x) one and (y) the
Issuer Par Amount for such issuer divided by the Average Par Amount.


 


(d)          An “Aggregate Industry Equivalent Unit Score” is then calculated for each of the S&P’s industry classification
groups, shown on Schedule 2, and is equal to the sum of the Equivalent Unit Scores for each issuer in such industry
classification group.


 


(e)          An “Industry Diversity Score” is then established for each S&P industry classification group, shown on
Schedule 2, by reference to the following table for the related Aggregate Industry Equivalent Unit Score; provided
that if any Aggregate Industry Equivalent Unit Score falls between any two such scores, the applicable Industry Diversity
Score will be the lower of the two Industry Diversity Scores:


 


	Aggregate	 	 	 	Aggregate	 	 	 	Aggregate	 	 	 	Aggregate	 	 
	Industry	 	Industry	 	Industry	 	Industry	 	Industry	 	Industry	 	Industry	 	Industry
	Equivalent	 	Diversity	 	Equivalent	 	Diversity	 	Equivalent	 	Diversity	 	Equivalent	 	Diversity
	Unit
    Score	 	Score	 	Unit
    Score	 	Score	 	Unit
    Score	 	Score	 	Unit
    Score	 	Score
	0.0000	 	0.0000	 	5.0500	 	2.7000	 	10.1500	 	4.0200	 	15.2500	 	4.5300
	0.0500	 	0.1000	 	5.1500	 	2.7333	 	10.2500	 	4.0300	 	15.3500	 	4.5400
	0.1500	 	0.2000	 	5.2500	 	2.7667	 	10.3500	 	4.0400	 	15.4500	 	4.5500
	0.2500	 	0.3000	 	5.3500	 	2.8000	 	10.4500	 	4.0500	 	15.5500	 	4.5600
	0.3500	 	0.4000	 	5.4500	 	2.8333	 	10.5500	 	4.0600	 	15.6500	 	4.5700
	0.4500	 	0.5000	 	5.5500	 	2.8667	 	10.6500	 	4.0700	 	15.7500	 	4.5800
	0.5500	 	0.6000	 	5.6500	 	2.9000	 	10.7500	 	4.0800	 	15.8500	 	4.5900
	0.6500	 	0.7000	 	5.7500	 	2.9333	 	10.8500	 	4.0900	 	15.9500	 	4.6000
	0.7500	 	0.8000	 	5.8500	 	2.9667	 	10.9500	 	4.1000	 	16.0500	 	4.6100
	0.8500	 	0.9000	 	5.9500	 	3.0000	 	11.0500	 	4.1100	 	16.1500	 	4.6200
	0.9500	 	1.0000	 	6.0500	 	3.0250	 	11.1500	 	4.1200	 	16.2500	 	4.6300
	1.0500	 	1.0500	 	6.1500	 	3.0500	 	11.2500	 	4.1300	 	16.3500	 	4.6400
	1.1500	 	1.1000	 	6.2500	 	3.0750	 	11.3500	 	4.1400	 	16.4500	 	4.6500
	1.2500	 	1.1500	 	6.3500	 	3.1000	 	11.4500	 	4.1500	 	16.5500	 	4.6600
	1.3500	 	1.2000	 	6.4500	 	3.1250	 	11.5500	 	4.1600	 	16.6500	 	4.6700
	1.4500	 	1.2500	 	6.5500	 	3.1500	 	11.6500	 	4.1700	 	16.7500	 	4.6800
	1.5500	 	1.3000	 	6.6500	 	3.1750	 	11.7500	 	4.1800	 	16.8500	 	4.6900
	1.6500	 	1.3500	 	6.7500	 	3.2000	 	11.8500	 	4.1900	 	16.9500	 	4.7000
	1.7500	 	1.4000	 	6.8500	 	3.2250	 	11.9500	 	4.2000	 	17.0500	 	4.7100
	1.8500	 	1.4500	 	6.9500	 	3.2500	 	12.0500	 	4.2100	 	17.1500	 	4.7200
	1.9500	 	1.5000	 	7.0500	 	3.2750	 	12.1500	 	4.2200	 	17.2500	 	4.7300



 






    S-5-1


     


    

 


	Aggregate	 	 	 	Aggregate	 	 	 	Aggregate	 	 	 	Aggregate	 	 
	Industry	 	Industry	 	Industry	 	Industry	 	Industry	 	Industry	 	Industry	 	Industry
	Equivalent	 	Diversity	 	Equivalent	 	Diversity	 	Equivalent	 	Diversity	 	Equivalent	 	Diversity
	Unit
    Score	 	Score	 	Unit
    Score	 	Score	 	Unit
    Score	 	Score	 	Unit
    Score	 	Score
	2.0500	 	1.5500	 	7.1500	 	3.3000	 	12.2500	 	4.2300	 	17.3500	 	4.7400
	2.1500	 	1.6000	 	7.2500	 	3.3250	 	12.3500	 	4.2400	 	17.4500	 	4.7500
	2.2500	 	1.6500	 	7.3500	 	3.3500	 	12.4500	 	4.2500	 	17.5500	 	4.7600
	2.3500	 	1.7000	 	7.4500	 	3.3750	 	12.5500	 	4.2600	 	17.6500	 	4.7700
	2.4500	 	1.7500	 	7.5500	 	3.4000	 	12.6500	 	4.2700	 	17.7500	 	4.7800
	2.5500	 	1.8000	 	7.6500	 	3.4250	 	12.7500	 	4.2800	 	17.8500	 	4.7900
	2.6500	 	1.8500	 	7.7500	 	3.4500	 	12.8500	 	4.2900	 	17.9500	 	4.8000
	2.7500	 	1.9000	 	7.8500	 	3.4750	 	12.9500	 	4.3000	 	18.0500	 	4.8100
	2.8500	 	1.9500	 	7.9500	 	3.5000	 	13.0500	 	4.3100	 	18.1500	 	4.8200
	2.9500	 	2.0000	 	8.0500	 	3.5250	 	13.1500	 	4.3200	 	18.2500	 	4.8300
	3.0500	 	2.0333	 	8.1500	 	3.5500	 	13.2500	 	4.3300	 	18.3500	 	4.8400
	3.1500	 	2.0667	 	8.2500	 	3.5750	 	13.3500	 	4.3400	 	18.4500	 	4.8500
	3.2500	 	2.1000	 	8.3500	 	3.6000	 	13.4500	 	4.3500	 	18.5500	 	4.8600
	3.3500	 	2.1333	 	8.4500	 	3.6250	 	13.5500	 	4.3600	 	18.6500	 	4.8700
	3.4500	 	2.1667	 	8.5500	 	3.6500	 	13.6500	 	4.3700	 	18.7500	 	4.8800
	3.5500	 	2.2000	 	8.6500	 	3.6750	 	13.7500	 	4.3800	 	18.8500	 	4.8900
	3.6500	 	2.2333	 	8.7500	 	3.7000	 	13.8500	 	4.3900	 	18.9500	 	4.9000
	3.7500	 	2.2667	 	8.8500	 	3.7250	 	13.9500	 	4.4000	 	19.0500	 	4.9100
	3.8500	 	2.3000	 	8.9500	 	3.7500	 	14.0500	 	4.4100	 	19.1500	 	4.9200
	3.9500	 	2.3333	 	9.0500	 	3.7750	 	14.1500	 	4.4200	 	19.2500	 	4.9300
	4.0500	 	2.3667	 	9.1500	 	3.8000	 	14.2500	 	4.4300	 	19.3500	 	4.9400
	4.1500	 	2.4000	 	9.2500	 	3.8250	 	14.3500	 	4.4400	 	19.4500	 	4.9500
	4.2500	 	2.4333	 	9.3500	 	3.8500	 	14.4500	 	4.4500	 	19.5500	 	4.9600
	4.3500	 	2.4667	 	9.4500	 	3.8750	 	14.5500	 	4.4600	 	19.6500	 	4.9700
	4.4500	 	2.5000	 	9.5500	 	3.9000	 	14.6500	 	4.4700	 	19.7500	 	4.9800
	4.5500	 	2.5333	 	9.6500	 	3.9250	 	14.7500	 	4.4800	 	19.8500	 	4.9900
	4.6500	 	2.5667	 	9.7500	 	3.9500	 	14.8500	 	4.4900	 	19.9500	 	5.0000
	4.7500	 	2.6000	 	9.8500	 	3.9750	 	14.9500	 	4.5000	 	 	 	 
	4.8500	 	2.6333	 	9.9500	 	4.0000	 	15.0500	 	4.5100	 	 	 	 
	4.9500	 	2.6667	 	10.0500	 	4.0100	 	15.1500	 	4.5200	 	 	 	 


 


(f)               
The S&P Equivalent Diversity Score is then calculated by summing each of the Industry Diversity Scores for each S&P’s
industry classification group shown on Schedule 2.


 


For
purposes of calculating the S&P Equivalent Diversity Score, affiliated issuers in the same Industry are deemed to be a single
issuer except as otherwise agreed to by S&P’s.


 




    S-5-2


     


    

 


Schedule 6



S&P REGION CLASSIFICATION TABLE


 


	Region
    Code	Region
    Name	Country
    Code	Country
    Name
	17	Africa:
    Eastern	253	Djibouti
	17	Africa:
    Eastern	291	Eritrea
	17	Africa:
    Eastern	251	Ethiopia
	17	Africa:
    Eastern	254	Kenya
	17	Africa:
    Eastern	252	Somalia
	17	Africa:
    Eastern	249	Sudan
	12	Africa:
    Southern	247	Ascension
	12	Africa:
    Southern	267	Botswana
	12	Africa:
    Southern	266	Lesotho
	12	Africa:
    Southern	230	Mauritius
	12	Africa:
    Southern	264	Namibia
	12	Africa:
    Southern	248	Seychelles
	12	Africa:
    Southern	27	South
    Africa
	12	Africa:
    Southern	290	St.
    Helena
	12	Africa:
    Southern	268	Swaziland
	13	Africa:
    Sub-Saharan	244	Angola
	13	Africa:
    Sub-Saharan	226	Burkina
    Faso
	13	Africa:
    Sub-Saharan	257	Burundi
	13	Africa:
    Sub-Saharan	225	Cote
    d’lvoire
	13	Africa:
    Sub-Saharan	240	Equatorial
    Guinea
	13	Africa:
    Sub-Saharan	241	Gabonese
    Republic
	13	Africa:
    Sub-Saharan	220	Gambia
	13	Africa:
    Sub-Saharan	233	Ghana
	13	Africa:
    Sub-Saharan	224	Guinea
	13	Africa:
    Sub-Saharan	245	Guinea-Bissau
	13	Africa:
    Sub-Saharan	231	Liberia
	13	Africa:
    Sub-Saharan	261	Madagascar
	13	Africa:
    Sub-Saharan	265	Malawi
	13	Africa:
    Sub-Saharan	223	Mali
	13	Africa:
    Sub-Saharan	222	Mauritania
	13	Africa:
    Sub-Saharan	258	Mozambique
	13	Africa:
    Sub-Saharan	227	Niger
	13	Africa:
    Sub-Saharan	234	Nigeria
	13	Africa:
    Sub-Saharan	250	Rwanda
	13	Africa:
    Sub-Saharan	239	Sao
    Tome & Principe
	13	Africa:
    Sub-Saharan	221	Senegal
	13	Africa:
    Sub-Saharan	232	Sierra
    Leone
	13	Africa:
    Sub-Saharan	255	Tanzania/Zanzibar
	13	Africa:
    Sub-Saharan	228	Togo



 






    S-6-1


     


    

 


	Region
    Code	Region
    Name	Country
    Code	Country
    Name
	13	Africa:
    Sub-Saharan	256	Uganda
	13	Africa:
    Sub-Saharan	260	Zambia
	13	Africa:
    Sub-Saharan	263	Zimbabwe
	13	Africa:
    Sub-Saharan	229	Benin
	13	Africa:
    Sub-Saharan	237	Cameroon
	13	Africa:
    Sub-Saharan	238	Cape
    Verde Islands
	13	Africa:
    Sub-Saharan	236	Central
    African Republic
	13	Africa:
    Sub-Saharan	235	Chad
	13	Africa:
    Sub-Saharan	269	Comoros
	13	Africa:
    Sub-Saharan	242	Congo-Brazzaville
	13	Africa:
    Sub-Saharan	243	Congo-Kinshasa
	3	Americas:
    Andean	591	Bolivia
	3	Americas:
    Andean	57	Colombia
	3	Americas:
    Andean	593	Ecuador
	3	Americas:
    Andean	51	Peru
	3	Americas:
    Andean	58	Venezuela
	4	Americas:
    Mercosur and Southern Cone	54	Argentina
	4	Americas:
    Mercosur and Southern Cone	55	Brazil
	4	Americas:
    Mercosur and Southern Cone	56	Chile
	4	Americas:
    Mercosur and Southern Cone	595	Paraguay
	4	Americas:
    Mercosur and Southern Cone	598	Uruguay
	1	Americas:
    Mexico	52	Mexico
	2	Americas:
    Other Central and Caribbean	1264	Anguilla
	2	Americas:
    Other Central and Caribbean	1268	Antigua
	2	Americas:
    Other Central and Caribbean	1242	Bahamas
	2	Americas:
    Other Central and Caribbean	246	Barbados
	2	Americas:
    Other Central and Caribbean	501	Belize
	2	Americas:
    Other Central and Caribbean	441	Bermuda
	2	Americas:
    Other Central and Caribbean	284	British
    Virgin Islands
	2	Americas:
    Other Central and Caribbean	345	Cayman
    Islands
	2	Americas:
    Other Central and Caribbean	506	Costa
    Rica
	2	Americas:
    Other Central and Caribbean	809	Dominican
    Republic
	2	Americas:
    Other Central and Caribbean	503	El
    Salvador
	2	Americas:
    Other Central and Caribbean	473	Grenada
	2	Americas:
    Other Central and Caribbean	590	Guadeloupe
	2	Americas:
    Other Central and Caribbean	502	Guatemala
	2	Americas:
    Other Central and Caribbean	504	Honduras
	2	Americas:
    Other Central and Caribbean	876	Jamaica
	2	Americas:
    Other Central and Caribbean	596	Martinique
	2	Americas:
    Other Central and Caribbean	505	Nicaragua
	2	Americas:
    Other Central and Caribbean	507	Panama
	2	Americas:
    Other Central and Caribbean	869	St.
    Kitts/Nevis
	2	Americas:
    Other Central and Caribbean	758	St.
    Lucia



 






    S-6-2


     


    

 


	Region
    Code	Region
    Name	Country
    Code	Country
    Name
	2	Americas:
    Other Central and Caribbean	784	St.
    Vincent & Grenadines
	2	Americas:
    Other Central and Caribbean	597	Suriname
	2	Americas:
    Other Central and Caribbean	868	Trinidad&
    Tobago
	2	Americas:
    Other Central and Caribbean	649	Turks
    & Caicos
	2	Americas:
    Other Central and Caribbean	297	Aruba
	2	Americas:
    Other Central and Caribbean	53	Cuba
	2	Americas:
    Other Central and Caribbean	599	Curacao
	2	Americas:
    Other Central and Caribbean	767	Dominica
	2	Americas:
    Other Central and Caribbean	594	French
    Guiana
	2	Americas:
    Other Central and Caribbean	592	Guyana
	2	Americas:
    Other Central and Caribbean	509	Haiti
	2	Americas:
    Other Central and Caribbean	664	Montserrat
	101	Americas:
    U.S. and Canada	2	Canada
	101	Americas:
    U.S. and Canada	1	USA
	7	Asia:
    China, Hong Kong, Taiwan	86	China
	7	Asia:
    China, Hong Kong, Taiwan	852	Hong
    Kong
	7	Asia:
    China, Hong Kong, Taiwan	886	Taiwan
	5	Asia:
    India, Pakistan and Afghanistan	93	Afghanistan
	5	Asia:
    India, Pakistan and Afghanistan	91	India
	5	Asia:
    India, Pakistan and Afghanistan	92	Pakistan
	6	Asia:
    Other South	880	Bangladesh
	6	Asia:
    Other South	975	Bhutan
	6	Asia:
    Other South	960	Maldives
	6	Asia:
    Other South	977	Nepal
	6	Asia:
    Other South	94	Sri
    Lanka
	8	Asia:
    Southeast, Korea and Japan	673	Brunei
	8	Asia:
    Southeast, Korea and Japan	855	Cambodia
	8	Asia:
    Southeast, Korea and Japan	62	Indonesia
	8	Asia:
    Southeast, Korea and Japan	81	Japan
	8	Asia:
    Southeast, Korea and Japan	856	Laos
	8	Asia:
    Southeast, Korea and Japan	60	Malaysia
	8	Asia:
    Southeast, Korea and Japan	95	Myanmar
	8	Asia:
    Southeast, Korea and Japan	850	North
    Korea
	8	Asia:
    Southeast, Korea and Japan	63	Philippines
	8	Asia:
    Southeast, Korea and Japan	65	Singapore
	8	Asia:
    Southeast, Korea and Japan	82	South
    Korea
	8	Asia:
    Southeast, Korea and Japan	66	Thailand
	8	Asia:
    Southeast, Korea and Japan	84	Vietnam
	8	Asia:
    Southeast, Korea and Japan	670	East
    Timor
	105	Asia-Pacific:
    Australia and New Zealand	61	Australia
	105	Asia-Pacific:
    Australia and New Zealand	682	Cook
    Islands
	105	Asia-Pacific:
    Australia and New Zealand	64	New
    Zealand
	9	Asia-Pacific:
    Islands	679	Fiji



 






    S-6-3


     


    

 


	Region
    Code	Region
    Name	Country
    Code	Country
    Name
	9	Asia-Pacific:
    Islands	689	French
    Polynesia
	9	Asia-Pacific:
    Islands	686	Kiribati
	9	Asia-Pacific:
    Islands	691	Micronesia
	9	Asia-Pacific:
    Islands	674	Nauru
	9	Asia-Pacific:
    Islands	687	New
    Caledonia
	9	Asia-Pacific:
    Islands	680	Palau
	9	Asia-Pacific:
    Islands	675	Papua
    New Guinea
	9	Asia-Pacific:
    Islands	685	Samoa
	9	Asia-Pacific:
    Islands	677	Solomon
    Islands
	9	Asia-Pacific:
    Islands	676	Tonga
	9	Asia-Pacific:
    Islands	688	Tuvalu
	9	Asia-Pacific:
    Islands	678	Vanuatu
	15	Europe:
    Central	420	Czech
    Republic
	15	Europe:
    Central	372	Estonia
	15	Europe:
    Central	36	Hungary
	15	Europe:
    Central	371	Latvia
	15	Europe:
    Central	370	Lithuania
	15	Europe:
    Central	48	Poland
	15	Europe:
    Central	421	Slovak
    Republic
	16	Europe:
    Eastern	355	Albania
	16	Europe:
    Eastern	387	Bosnia
    and Herzegovina
	16	Europe:
    Eastern	359	Bulgaria
	16	Europe:
    Eastern	385	Croatia
	16	Europe:
    Eastern	383	Kosovo
	16	Europe:
    Eastern	389	Macedonia
	16	Europe:
    Eastern	382	Montenegro
	16	Europe:
    Eastern	40	Romania
	16	Europe.
    Eastern	381	Serbia
	16	Europe:
    Eastern	90	Turkey
	14	Europe:
    Russia & CIS	374	Armenia
	14	Europe:
    Russia & CIS	994	Azerbaijan
	14	Europe:
    Russia & CIS	375	Belarus
	14	Europe:
    Russia & CIS	995	Georgia
	14	Europe:
    Russia & CIS	8	Kazakhstan
	14	Europe:
    Russia & CIS	996	Kyrgyzstan
	14	Europe:
    Russia & CIS	373	Moldova
	14	Europe:
    Russia & CIS	976	Mongolia
	14	Europe:
    Russia & CIS	7	Russia
	14	Europe:
    Russia & CIS	992	Tajikistan
	14	Europe:
    Russia & CIS	993	Turkmenistan
	14	Europe:
    Russia & CIS	380	Ukraine
	14	Europe:
    Russia & CIS	998	Uzbekistan
	102	Europe:
    Western	376	Andorra



 






    S-6-4


     


    

 


	Region
    Code	Region
    Name	Country
    Code	Country
    Name
	102	Europe:
    Western	43	Austria
	102	Europe:
    Western	32	Belgium
	102	Europe:
    Western	357	Cyprus
	102	Europe:
    Western	45	Denmark
	102	Europe:
    Western	358	Finland
	102	Europe:
    Western	33	France
	102	Europe:
    Western	49	Germany
	102	Europe:
    Western	30	Greece
	102	Europe:
    Western	354	Iceland
	102	Europe:
    Western	353	Ireland
	102	Europe:
    Western	101	Isle
    of Man
	102	Europe:
    Western	39	Italy
	102	Europe:
    Western	102	Liechtenstein
	102	Europe:
    Western	352	Luxembourg
	102	Europe:
    Western	356	Malta
	102	Europe:
    Western	377	Monaco
	102	Europe:
    Western	31	Netherlands
	102	Europe:
    Western	47	Norway
	102	Europe:
    Western	351	Portugal
	102	Europe:
    Western	386	Slovenia
	102	Europe:
    Western	34	Spain
	102	Europe:
    Western	46	Sweden
	102	Europe:
    Western	41	Switzerland
	102	Europe:
    Western	44	United
    Kingdom
	10	Middle
    East: Gulf States	973	Bahrain
	10	Middle
    East: Gulf States	98	Iran
	10	Middle
    East: Gulf States	964	Iraq
	10	Middle
    East: Gulf States	965	Kuwait
	10	Middle
    East: Gulf States	968	Oman
	10	Middle
    East: Gulf States	974	Qatar
	10	Middle
    East: Gulf States	966	Saudi
    Arabia
	10	Middle
    East: Gulf States	971	United
    Arab Emirates
	10	Middle
    East: Gulf States	967	Yemen
	11	Middle
    East: MENA	213	Algeria
	11	Middle
    East: MENA	20	Egypt
	11	Middle
    East: MENA	972	Israel
	11	Middle
    East MENA	962	Jordan
	11	Middle
    East: MENA	961	Lebanon
	11	Middle
    East: MENA	212	Morocco
	11	Middle
    East: MENA	970	Palestinian
    Settlements
	11	Middle
    East: MENA	963	Syrian
    Arab Republic
	11	Middle
    East: MENA	216	Tunisia
	11	Middle
    East: MENA	1212	Western
    Sahara






	11	Middle
    East: MENA	218	Libya









    S-6-5