FS Investment Corporation II 8-K


 


EXHIBIT
10.1


 





 






SENIOR SECURED

REVOLVING CREDIT AGREEMENT


 


dated as of


 


February 23, 2016


 


among


 


FS INVESTMENT CORPORATION II,


as Borrower


 


The LENDERS Party Hereto


 


and


 


ING CAPITAL LLC,

as Administrative Agent


 





 













    	 



    	 



    




TABLE OF CONTENTS


Page




	Article I
    

    

    DEFINITIONS
	 
	Section 1.01.   Defined
    Terms	1
	Section 1.02.   Classification
    of Loans and Borrowings	41
	Section 1.03.   Terms
    Generally	41
	Section 1.04.   Accounting
    Terms; GAAP	42
	Section 1.05.   Currencies
    Generally	42
	Section 1.06.   Special
    Provisions Relating to Euro	43
	 	 
	Article II
    

    

    THE CREDITS
	 
	Section 2.01.   The
    Commitments	43
	Section 2.02.   Loans
    and Borrowings	44
	Section 2.03.   Requests
    for Borrowings	45
	Section 2.04.   Letters
    of Credit	46
	Section 2.05.   Funding
    of Borrowings	51
	Section 2.06.   Interest
    Elections	51
	Section 2.07.   Termination,
    Reduction or Increase of the Commitments	53
	Section 2.08.   Repayment
    of Loans; Evidence of Debt	56
	Section 2.09.   Prepayment
    of Loans	57
	Section 2.10.   Fees	62
	Section 2.11.   Interest	63
	Section 2.12.   Eurocurrency
    Borrowing Provisions	64
	Section 2.13.   Increased
    Costs	65
	Section 2.14.   Break
    Funding Payments	67
	Section 2.15.   Taxes	67
	Section 2.16.   Payments
    Generally; Pro Rata Treatment: Sharing of Set-offs	71
	Section 2.17.   Defaulting
    Lenders	73
	Section 2.18.   Mitigation
    Obligations; Replacement of Lenders	75
	Section 2.19.   Acknowledgement
    and Consent to Bail-In of EEA Financial Institutions	77
	Section 2.20.   Illegality
    of Lending	77
	 	 
	Article III
    

    

    REPRESENTATIONS AND WARRANTIES
	 
	Section 3.01.   Organization;
    Powers	78
	Section 3.02.   Authorization;
    Enforceability	78
	Section 3.03.   Governmental
    Approvals; No Conflicts	78



 






    	(i)



    	 



    

 


	Section 3.04.   Financial
    Condition; No Material Adverse Effect	79
	Section 3.05.   Litigation	79
	Section 3.06.   Compliance
    with Laws and Agreements	79
	Section 3.07.   Taxes	79
	Section 3.08.   ERISA	80
	Section 3.09.   Disclosure	80
	Section 3.10.   Investment
    Company Act; Margin Regulations.	80
	Section 3.11.   Material
    Agreements and Liens	81
	Section 3.12.   Subsidiaries
    and Investments	81
	Section 3.13.   Properties	82
	Section 3.14.   Solvency	82
	Section 3.15.   Affiliate
    Agreements	82
	Section 3.16.   Structured
    Subsidiaries	82
	Section 3.17.   Compliance
    with OFAC	82
	 	 
	Article IV
    

    

    CONDITIONS
	 
	Section 4.01.   Effective
    Date	83
	Section 4.02.   Each
    Credit Event	86
	 	 
	Article V
    

    

    AFFIRMATIVE COVENANTS
	 
	Section 5.01.   Financial
    Statements and Other Information	87
	Section 5.02.   Notices
    of Material Events	89
	Section 5.03.   Existence;
    Conduct of Business	90
	Section 5.04.   Payment
    of Obligations	90
	Section 5.05.   Maintenance
    of Properties; Insurance	90
	Section 5.06.   Books
    and Records; Inspection and Audit Rights	90
	Section 5.07.   Compliance
    with Laws and Agreements	91
	Section 5.08.   Certain
    Obligations Respecting Subsidiaries; Further Assurances	91
	Section 5.09.   Use
    of Proceeds	95
	Section 5.10.   Status
    of RIC and BDC	95
	Section 5.11.   Investment
    Policies	95
	Section 5.12.   Portfolio
    Valuation and Diversification Etc.	95
	Section 5.13.   Calculation
    of Borrowing Base	98
	 	 
	Article VI
    

    

    NEGATIVE COVENANTS
	 
	Section 6.01.   Indebtedness	99
	Section 6.02.   Liens	100
	Section 6.03.   Fundamental
    Changes	101



 






    	(ii)



    	 



    




 


	Section 6.04.   Investments	102
	Section 6.05.   Restricted
    Payments	103
	Section 6.06.   Certain
    Restrictions on Subsidiaries	104
	Section 6.07.   Certain
    Financial Covenants	105
	Section 6.08.   Transactions
    with Affiliates	105
	Section 6.09.   Lines
    of Business	105
	Section 6.10.   No
    Further Negative Pledge	105
	Section 6.11.   Modifications
    of Indebtedness and Affiliate Agreements	106
	Section 6.12.   Payments
    of Longer-Term Indebtedness	106
	Section 6.13.   Modification
    of Investment Policies	107
	Section 6.14.   SBIC
    Guarantee	107
	 	 
	Article VII
    

    

    EVENTS OF DEFAULT
	 
	Article VIII
    

    

    THE ADMINISTRATIVE AGENT
	 
	Section 8.01.   Appointment
    of the Administrative Agent	112
	Section 8.02.   Capacity
    as Lender	112
	Section 8.03.   Limitation
    of Duties; Exculpation	112
	Section 8.04.   Reliance	113
	Section 8.05.   Sub-Agents	113
	Section 8.06.   Resignation;
    Successor Administrative Agent	113
	Section 8.07.   Reliance
    by Lenders	113
	Section 8.08.   Modifications
    to Loan Documents	114
	 	 
	Article IX
    

    

    MISCELLANEOUS
	 
	Section 9.01.   Notices;
    Electronic Communications	114
	Section 9.02.   Waivers;
    Amendments	116
	Section 9.03.   Expenses;
    Indemnity; Damage Waiver	119
	Section 9.04.   Successors
    and Assigns	122
	Section 9.05.   Survival	126
	Section 9.06.   Counterparts;
    Integration; Effectiveness; Electronic Execution	127
	Section 9.07.   Severability	127
	Section 9.08.   Right
    of Setoff	127
	Section 9.09.   Governing
    Law; Jurisdiction; Etc	128
	Section 9.10.   WAIVER
    OF JURY TRIAL	128
	Section 9.11.   Judgment
    Currency	129
	Section 9.12.   Headings	129
	Section 9.13.   Treatment
    of Certain Information; Confidentiality	129
	Section 9.14.   USA
    PATRIOT Act	130



 



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	Section 9.15.   Termination	131


 





	SCHEDULE 1.01(a) -	Commitments
	SCHEDULE 1.01(b) -	Industry Classification Groups
	SCHEDULE 3.10      -	Margin Stock
	SCHEDULE 3.11(a) -	Material Agreements
	SCHEDULE 3.11(b) -	Liens
	SCHEDULE 3.12(a) -	Subsidiaries
	SCHEDULE 3.12(b) -	Investments
	SCHEDULE 6.08      -	Certain Affiliate Transactions
	 	 










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



 



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SENIOR SECURED REVOLVING CREDIT AGREEMENT
dated as of February 23, 2016 (this “Agreement”), among FS INVESTMENT CORPORATION II, a Maryland corporation
(the “Borrower”), the LENDERS party hereto, and ING CAPITAL LLC, as Administrative Agent.


WHEREAS, the Borrower has requested that
the Lenders (as defined herein) extend credit to the Borrower from time to time pursuant to the commitments as set forth herein
and the Lenders have agreed to extend such credit upon the terms and conditions hereof.


NOW, THEREFORE, in consideration
of the premises and the covenants and agreements contained herein, the parties hereto hereby agree as follows:


Article I



DEFINITIONS


Section 1.01.          Defined
Terms. As used in this Agreement, the following terms have the meanings specified below:


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


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


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


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


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



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“Advance Rate” means,
as to any Eligible Portfolio Investment and subject to adjustment as provided in Section 5.12, the following percentages with respect
to such Eligible Portfolio Investment:


	Eligible Portfolio Investment	Unquoted	Quoted
	Cash and Cash Equivalents (including Short-Term U.S. Government Securities)	n/a	100%
	Long-Term U.S. Government Securities	n/a	95%
	Performing Cash Pay First Lien Bank Loans and Performing DIP Loans	75%	85%
	Performing Cash Pay Last Out Loans	65%	75%
	Performing Cash Pay Second Lien Bank Loans	65%	75%
	Performing Cash Pay High Yield Securities and Performing Cash Pay Covenant-Lite Loans	60%	70%
	Performing Cash Pay Mezzanine Investments, Performing Non-Cash Pay Bank Loans and Performing Structured Finance Debt Obligations	55%	65%
	Performing Non-Cash Pay High Yield Securities and Performing Non-Cash Pay Covenant-Lite Loans	50%	60%
	Performing Non-Cash Pay Mezzanine Investments	45%	55%
	Non-Performing First Lien Bank Loans	45%	45%
	Non-Performing Last Out Loans	35%	40%
	Non-Performing High Yield Securities	30%	30%
	Performing Capital Stock and Performing Structured Finance Equity	20%	30%
	Non-Performing Capital Stock, Non-Performing Second Lien Bank Loans, Non-Performing Mezzanine Investments and Non-Performing Structured Finance Obligations. 	0%	0%





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


“Affiliate Agreements”
means (i) that certain Investment Advisory and Administrative Services Agreement, dated as of February 8, 2012, by and between
the Borrower and Investment Advisor and (ii) that certain Investment Subadvisory Agreement, dated as of February 8, 2012, by and
Investment Advisor and Sub-Advisor.


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


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



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


“Applicable Dollar Percentage”
means, with respect to any Dollar Lender, the percentage of the total Dollar Commitments represented by such Dollar Lender’s
Dollar Commitment. If the Dollar Commitments have terminated or expired, the Applicable Dollar Percentage shall be determined based
upon the outstanding Dollar Loans then outstanding, giving effect to any assignments pursuant to Section 9.04(b).


“Applicable Margin”
means (a) with respect to any ABR Loan, 0.75% per annum; and (b) with respect to any Eurocurrency Loan, 1.75% per annum.


“Applicable Multicurrency Percentage”
means, with respect to any Multicurrency Lender, the percentage of the total Multicurrency Commitments represented by such Multicurrency
Lender’s Multicurrency Commitment. If the Multicurrency Commitments have terminated or expired, the Applicable Multicurrency
Percentage shall be determined based upon the outstanding Multicurrency Loans then outstanding, giving effect to any assignments
pursuant to Section 9.04(b).


“Applicable Percentage”
means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitments. If the
Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently
in effect, giving effect to any assignments pursuant to Section 9.04(b).


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


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



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


“Assuming Lender” has
the meaning assigned to such term in Section 2.07(e).


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


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


“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.


“Bank Loans” means debt
obligations (including, without limitation, term loans, revolving loans, debtor-in-possession financings, the funded portion of
revolving credit lines and letter of credit facilities and other similar loans and investments including interim loans, bridge
loans and senior subordinated loans) that are generally provided under a syndicated loan or credit facility or pursuant to any
loan agreement or other similar credit facility, whether or not syndicated.


“Bankruptcy Code” means
the Federal Bankruptcy Reform Act of 1978.


“Basel III” means any
rule, regulation or guideline applicable to such Affected Person and arising directly or indirectly from (a) any of the following
documents prepared by the Basel Committee on Banking Supervision of the Bank of International Settlements: (i) Basel III: International
Framework for Liquidity Risk Measurement, Standards and Monitoring (December 2010), (ii) Basel III: A Global Regulatory Framework
for More Resilient Banks and Banking Systems (June 2011), (iii) Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring
Tools (January 2013), or (iv) any document supplementing, clarifying or otherwise relating to any of the foregoing, or (b) any
accord, treaty, statute, law, rule, regulation, guideline or pronouncement (whether or not having the force of law) of any governmental
authority implementing, furthering or complementing any of the principles set forth in the foregoing documents of strengthening
capital and liquidity, in each case as from time to time amended, restated, supplemented or otherwise modified.


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



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“Bona Fide Debt Fund”
means any debt fund, investment vehicle, regulated bank entity or unregulated lending entity that is engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business which is
managed, sponsored or advised by any Person controlling, controlled by or under common control with (a) any Competitor of the Borrower
and/or any of its Subsidiaries (b) any Affiliate of such Competitor, but with respect to which no personnel involved with any investment
in such Person (i) makes, has the right to make or participates with others in making any investment decision with respect to such
debt fund, investment vehicle, regulated bank entity or unregulated lending entity or (ii) has access to any information (other
than information that is publicly available) relating to the Borrower of its Subsidiaries


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


“Borrowing” means (a) all
ABR Loans of the same Class made, converted or continued on the same date, (b) all Eurocurrency Loans of the same Class denominated
in the same Currency that have the same Interest Period and/or (c) a Pro-Rata Borrowing, as applicable.


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


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


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


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


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


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



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


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


“Canadian Dollar” means
the lawful money of Canada.


“Capital Lease Obligations”
of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying
the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP. Notwithstanding any other provision contained herein, solely with respect to
any change in GAAP after the Effective Date with respect to the accounting for leases as either operating leases or capital leases,
any lease that is not (or would not be) a capital lease under GAAP as in effect on Effective Date shall not be treated as a capital
lease, and any lease that would be treated as a capital lease under GAAP as in effect on the Effective Date shall continue to be
treated as a capital lease, hereunder and under the other Loan Documents, notwithstanding such change in GAAP after the Effective
Date, and all determinations of Capital Lease Obligations shall be made consistently therewith (i.e., ignoring any such changes
in GAAP after the Effective Date).


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


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


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


(a)          Short-Term U.S. Government
Securities;


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



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


(d)          fully collateralized repurchase
agreements with a term of not more than 30 days from the date of acquisition thereof for U.S. Government Securities and entered
into with a financial institution satisfying the criteria described in clause (c) of this definition; and


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


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


“Cash Pay” means, with
respect to any Portfolio Investment, that at the time of determination, (x) not less than 2/3rds (or, in the case of First Lien
Bank Loans, Last Out Loans or Second Lien Bank Loans, not less than 3/4ths) of the interest payable in respect of such Portfolio
Investment (including accretions and “pay-in-kind” interest) for the current monthly, quarterly or semi-annual period
(as applicable) is payable in cash or (y) (i) if such Portfolio Investment is a floating rate obligation, cash interest in an amount
greater than or equal to 4.5% above 3-month LIBOR is payable at least semi-annually or (ii) if such Portfolio Investment is a fixed
rate obligation, cash interest in an amount greater than or equal to 5.5% per annum is payable at least semi-annually.


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



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


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


“Change in Law” means
(a) the adoption of any law, rule or regulation or treaty after the Effective Date, (b) any change in any law, rule or
regulation or treaty or in the interpretation, implementation or application thereof by any Governmental Authority after the Effective
Date or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.13(b), by any lending office
of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline or directive
(whether or not having the force of law) of any Governmental Authority made or issued after the Effective Date; provided
that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and
all requests, rules, guidelines or directives in connection therewith and (ii) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee On Banking Supervision (or any successor or similar
authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case
be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.


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


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


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


“Collateral Agent” means
ING in its capacity as Collateral Agent under the Guarantee and Security Agreement, and includes any successor Collateral Agent
thereunder.


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



    	8



    	 



    




“Commitment Fee Rate”
means, with respect to any day during the period commencing on the Effective Date and ending on the earlier of the date the Commitments
are terminated and the Revolver Termination Date, a rate per annum equal to 0.375%.


“Commitment Increase”
has the meaning assigned to such term in Section 2.07(e).


“Commitment Increase Date”
has the meaning assigned to such term in Section 2.07(e).


“Competitor” means (a)
any Person primarily engaged in the business of private investment management as a business development company, mezzanine fund,
private debt fund, hedge fund or private equity fund, which is in direct or indirect competition with the Borrower or its investment
adviser or an Affiliate thereof that is an investment adviser, (b) any Person Controlled by, or Controlling, or under common Control
with, a Person referred to in clause (a) above or (c) any Person for which a Person referred to in clause (a) above serves as an
investment adviser with discretionary investment authority; provided that, notwithstanding the foregoing, in no event shall
any commercial bank, investment bank or insurance company or any Bona Fide Debt Fund be deemed a Competitor hereunder.


“Conduit Financing Arrangement”
has the meaning assigned to such term in Section 2.15(i).


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


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


“Covenant-Lite Loan”
means a Bank Loan that does not require the borrower thereunder to comply with any financial covenants (including without limitation
any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) regardless of whether compliance
with one or more incurrence covenants is otherwise required by such Bank Loan.


“Covered Debt Amount”
means, on any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such date plus (y) the
aggregate principal amount (including any increase in the aggregate principal amount resulting from payable-in-kind interest) of
Other Covered Indebtedness outstanding on such date minus (z) LC Exposure that has been cash collateralized or LC Exposure that
has been backstopped in a manner reasonably satisfactory to the Administrative Agent.


“Covered Taxes” means
Taxes other than Excluded Taxes and Other Taxes.


“Currency” means Dollars
or any Foreign Currency.



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“Currency Valuation Notice”
has the meaning assigned to such term in Section 2.09(b).


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


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


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


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


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


“Defaulted Obligation”
means any Investment in Indebtedness (i) as to which, (x) a default as to the payment of principal and/or interest has
occurred and is continuing for a period of thirty two (32) consecutive calendar days with respect to such Indebtedness (after taking
into account any grace period applicable thereto, or waiver thereof) or (y) a default not set forth in clause (x) has
occurred and the holders of such Indebtedness have accelerated all or a portion of the principal amount thereof as a result of
such default; (ii) as to which a default as to the payment of principal and/or interest has occurred and is continuing for
a period of the lesser of the applicable grace period or five (5) consecutive calendar days with respect to such Indebtedness on
another material debt obligation of the Portfolio Company under such Indebtedness which is senior or pari passu in right of payment
to such Indebtedness; (iii) as to which the Portfolio Company under such Indebtedness or others have instituted proceedings
to have such Portfolio Company adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been
stayed or dismissed or such Portfolio Company has filed for protection under Chapter 11 of the United States Bankruptcy Code (unless,
in the case of clause (ii) or (iii), such debt is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation
under such clause); (iv) as to which a default rate of interest has been and continues to be charged for more than 120 consecutive
calendar days, or foreclosure on collateral for such debt has been commenced and is being pursued by or on behalf of the holders
thereof; or (v) as to which the Borrower has delivered written notice to the Portfolio Company declaring such Indebtedness
in default or as to which the Borrower otherwise exercises significant remedies following a default.



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“Defaulting Lender”
means any Lender that has, as reasonably determined by the Administrative Agent, (a) failed to fund any portion of its Loans
or participations in Letters of Credit within three (3) Business Days of the date required to be funded by it hereunder, unless,
in the case of any Loans, such Lender’s failure is based on such Lender’s reasonable determination that the conditions
precedent to funding such Loan under this Agreement have not been met, such conditions have not otherwise been waived in accordance
with the terms of this Agreement and such Lender has advised the Administrative Agent in writing (with reasonable detail of those
conditions that have not been satisfied) prior to the time at which such funding was to have been made, (b) notified the Borrower,
the Administrative Agent, the Issuing Bank or any other Lender in writing that it does not intend to comply with any of its funding
obligations under this Agreement or has made a public statement that it does not intend to comply with its funding obligations
under this Agreement (unless such writing or public statement states that such position is based on such Lender’s determination
that one or more conditions precedent to funding (which conditions precedent, together with the applicable default, if any, shall
be specifically identified in such writing) cannot be satisfied), (c) failed, within three (3) Business Days after request
by the Administrative Agent to confirm in writing that it will comply with the terms of this Agreement relating to its obligations
to fund prospective Loans or participations in then outstanding Letters of Credit (provided that such Lender shall cease
to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent),
(d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount (other than a de minimis
amount) required to be paid by it hereunder within three (3) Business Days of the date when due, unless the subject of a good
faith dispute, or (e) other than via an Undisclosed Administration, either (i) has been adjudicated as, or determined by any
Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or has a parent company that
has been adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its assets
to be, insolvent or (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator,
trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its
business or custodian, appointed for it, or has a parent company that has become the subject of a bankruptcy or insolvency proceeding,
or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or custodian appointed for it (unless in the case of any Lender referred to in this
clause (e) the Borrower, the Administrative Agent and the Issuing Bank shall be satisfied in the exercise of their respective reasonable
discretion that such Lender intends, and has all approvals required to enable it, to continue to perform its obligations as a Lender
hereunder); provided that a Lender shall not qualify as a Defaulting Lender solely as a result of the acquisition or maintenance
of an ownership interest in such Lender or its parent company, or of the exercise of control over such Lender or any Person controlling
such Lender, by a Governmental Authority or instrumentality thereof, or solely as a result of an Undisclosed Administration, so
long as such ownership interest or Undisclosed Administration does not result in or provide such Lender with immunity from the
jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit
such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such
Lender.


                    “Designated Jurisdiction” means any country
or territory to the extent that such country or territory itself is the subject of any Sanction.


 



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“Designated Obligations”
means all obligations of the Borrower with respect to (a) principal of and interest on the Loans and L/C Exposure (other than LC
Exposure that has been cash collateralized or LC Exposure that has been backstopped in a manner reasonably satisfactory to the
Issuing Bank and the Administrative Agent) and (b) accrued and unpaid fees under the Loan Commitments.


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


“Dollar Commitment”
means, with respect to each Dollar Lender, the commitment of such Dollar Lender to make Loans denominated in Dollars hereunder,
expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Dollar Credit Exposure hereunder,
as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.07 or reduced from time to time pursuant
to Section 2.09 or as otherwise provided in this Agreement and (b) reduced or increased from time to time pursuant to assignments
by or to such Lender pursuant to Section 9.04. The aggregate amount of each Lender’s Dollar Commitment as of the Effective
Date is set forth on Schedule 1.01(a), or in the Assignment and Assumption pursuant to which such Lender shall have assumed its
Commitment, as applicable. The aggregate amount of the Lenders’ Dollar Commitments as of the Effective Date is $0.



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


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


“Dollar Loan” means
a Loan denominated in Dollars made by a Dollar Lender.


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


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


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


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


“Effective Date” means
February 23, 2016.


“Eligible Liens” means
(a) any right of offset, banker’s lien, security interest or other like rights against the Portfolio Investments held by
the Custodian pursuant to or in connection with its rights and obligations relating to the Custodian Account; provided that
such rights are subordinated, pursuant to the terms of the Custodian Agreement, to the first priority perfected security interest
in the Collateral created in favor of the Collateral Agent, except to the extent expressly provided therein and (b) any Lien on
a Special Equity Interest meeting the criteria described in the definition thereof.



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“Eligible Portfolio Investment”
means any Portfolio Investment held by any Obligor or by any Tax Blocker Subsidiary (and solely for purposes of determining the
Borrowing Base, Cash and Cash Equivalents held by any Obligor); provided, that no Portfolio Investment (other than Special
Equity Interests and Portfolio Investments held by Tax Blocker Subsidiaries), Cash or Cash Equivalent shall constitute an Eligible
Portfolio Investment or be included in the Borrowing Base if the Collateral Agent does not at all times maintain a first priority,
perfected Lien (subject to no other Liens other than Eligible Liens) on such Portfolio Investment, Cash or Cash Equivalent or if
such Portfolio Investment, Cash or Cash Equivalent has not been or does not at all times continue to be Delivered (as defined in
the Guarantee and Security Agreement); provided, further that no Portfolio Investment held by a Tax Blocker Subsidiary shall
be an Eligible Portfolio Investment if either such Portfolio Investment or the Equity Interest of such Tax Blocker Subsidiary is
subject to any Liens other than Eligible Liens. Without limiting the generality of the foregoing, it is understood and agreed that
(a) any Portfolio Investments that have been contributed or sold, purported to be contributed or sold or otherwise transferred
to any Financing Subsidiary, or held by any Financing Subsidiary, or which secure obligations of any Financing Subsidiary, shall
not be treated as Eligible Portfolio Investments until distributed, sold or otherwise transferred to the Borrower free and clear
of all Liens (other than Eligible Liens), and (b) any Investment that provides in favor of the obligor in respect of such Portfolio
Investment an express right of rescission, set-off, counterclaim or any other defenses shall not be considered an Eligible Portfolio
Investment.


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


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


“ERISA Affiliate” means
any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or
(c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.


“ERISA Event” means
(a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with
respect to a Plan (other than an event for which the 30-day notice period is waived); (b) with respect to any Plan, the failure
to satisfy the minimum funding standard (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not
waived; (c) the filing pursuant to Section 412(d) of the Code or Section 302(c) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA
Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower
or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans
or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability
with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; (g) the occurrence of any nonexempt prohibited
transaction within the meaning of Section 4975 of the Code or Section 406 of ERISA which could result in liability to an Lender;
(h) the failure to make any required contribution to a Multiemployer Plan or failure to make by its due date any required contribution
to any Plan; (i) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan
from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that
a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA; or (j)
the incurrence with respect to any “employee benefit plan” as defined in Section 3(3) of ERISA that is sponsored or
maintained by the Borrower of any material liability for post-retirement health or welfare benefits, except as may be required
by 4980B of the Code or similar laws.



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


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


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


“Excluded Taxes” means,
with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made by or on
account of any obligation of the Borrower hereunder, (a) Taxes imposed on (or measured by) its net income (however denominated),
franchise Taxes, and branch profits Taxes, in each case, (i) imposed by the United States or the jurisdiction (or any political
subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in
the case of any Lender, in which its applicable lending office is located, or (ii) that are Other Connection Taxes, (b) in the
case of a Lender (other than an assignee pursuant to a request by the Borrower under Section 2.18(b)), any withholding tax
that is imposed on amounts payable to or for the account of such Lender pursuant to a law in effect at the time such Lender becomes
a party to this Agreement (or designates a new lending office), except to the extent that such Lender (or its assignor, if any) was
entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with
respect to such withholding tax pursuant to Section 2.15(a), (c) Taxes attributable to a Lender’s failure to comply
with Section 2.15(f) and (d) any Taxes imposed under FATCA.


“Exemptive Order” has
the meaning set forth in Section 6.08(vii).


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



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“Federal Funds Effective Rate”
means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is
a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such
transactions received by the Administrative Agent from three (3) Federal funds brokers of recognized standing selected by
it.


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


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


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


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


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


“Foreign Eligible Portfolio Investments”
means any Eligible Portfolio Investment meeting all of the following criteria (and, in at least one instance, by reference to a
Permitted Foreign Jurisdiction): (i) it is denominated and payable only in Dollars or the currency of a Permitted Foreign Jurisdiction,
(ii) the Portfolio Company of such Portfolio Investment is organized under the laws of the United States or any state or Commonwealth
thereof (including the District of Columbia) or any Permitted Foreign Jurisdiction, (iii) such Portfolio Company is domiciled in
the United States or any Permitted Foreign Jurisdiction, (iv) the principal operations and any property or other assets of such
Portfolio Company thereunder pledged as collateral are located in the United States or a Permitted Foreign Jurisdiction and (v)
the only place of payment of such loans is the United States of America or a Permitted Foreign Jurisdiction..


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


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



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


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


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


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


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



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“Immaterial Subsidiaries”
means those Subsidiaries of the Borrower that are “designated” as “Immaterial Subsidiaries” by the Borrower
from time to time (it being understood that the Borrower may at any time change any such designation); provided that such
designated Immaterial Subsidiaries shall collectively meet all of the following criteria at all times: (a) such Subsidiaries and
their Subsidiaries do not hold any Eligible Portfolio Investment; (b) the aggregate assets of all such Subsidiaries and their Subsidiaries
(on a consolidated basis) do not exceed an amount equal to 3% of the consolidated assets of the Borrower and its Subsidiaries;
and (c) the aggregate revenues of all such Subsidiaries and their Subsidiaries (on a consolidated basis) for the most recent period
of four consecutive fiscal quarters of such Subsidiaries and their Subsidiaries for which financial statements required to be delivered
pursuant to Section 5.01 do not exceed an amount equal to 3% of the consolidated revenues of the Borrower and its Subsidiaries
on a pro forma basis for such period; provided, further that if the aggregate assets or revenues of all Subsidiaries
designated by the Borrower as “Immaterial Subsidiaries” (and not redesignated) shall as at any such time exceed the
limits set forth in clauses (a), (b) and (c) above, then all such Subsidiaries shall be deemed not to be Immaterial Subsidiaries
unless and until the Borrower shall redesignate one or more as not Immaterial Subsidiaries, in each case in a written notice to
the Administrative Agent, and, as a result thereof, the aggregate assets and revenues of all Subsidiaries still designated as “Immaterial
Subsidiaries” do not exceed such limits.


“Increasing Lender”
has the meaning assigned to such term in Section 2.07(e).


“Indebtedness” of any
Person means, without duplication, (a) (i) all obligations of such Person for borrowed money or (ii) deposits, loans or advances
of any kind that are required to be accounted for under GAAP as a liability on the financial statements of an Obligor (other than
deposits received in connection with a Portfolio Investment in the ordinary course of the Obligor’s business (including,
but not limited to, any deposits or advances in connection with expense reimbursement, prepaid agency fees, other fees, indemnification,
work fees, tax distributions or purchase price adjustments)), (b) all obligations of such Person evidenced by bonds, debentures,
notes or similar debt instruments, (c) all obligations of such Person under conditional sale or other title retention agreements
relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price
of property or services (other than trade accounts payable and accrued expenses in the ordinary course of business not past due
for more than 90 days after the date on which such trade account payable was due), (e) all Indebtedness of others secured
by any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (with
the value of such debt being the lower of the outstanding amount of such debt and the fair market value of the property subject
to such Lien), (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such
Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and
letters of guaranty and (i) the net amount such person would be obligated for under any Swap Agreement if such Swap Agreement
was terminated at that time and (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances.
The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person
is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in
or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable
therefor (or such Person is not otherwise liable for such Indebtedness). Notwithstanding the foregoing, “Indebtedness”
shall not include (x) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase
price of an asset or Investment to satisfy unperformed obligations of the seller of such asset or Investment or (y) a commitment
arising in the ordinary course of business to make a future Portfolio Investment or fund the delayed draw or unfunded portion of
any existing Portfolio Investment.



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“Independent” when used
with respect to any specified Person means that such Person (a) does not have any direct financial interest or any material
indirect financial interest in the Borrower or any of its Subsidiaries or Affiliates (including its investment adviser or any Affiliate
thereof) other than ownership of publicly traded stock of the Borrower or any such Subsidiary or Affiliate with a market value
not to exceed $1,000,000 and (b) is not an officer, employee, promoter, underwriter, trustee, partner, director or a Person
performing similar functions of the Borrower or of its Subsidiaries or Affiliates (including its investment advisor or any
Affiliate thereof).


“Independent Valuation Provider”
means any of Duff & Phelps LLC, Murray, Devine and Company, Lincoln Partners Advisors LLC, Houlihan Lokey and Valuation Research
Corporation, or any other Independent nationally recognized third-party appraisal firm selected by the Administrative Agent, and
reasonably acceptable to the Required Lenders and the Borrower.


“Industry Classification Group”
means any of the classification groups set forth in Schedule 1.01(b) hereto, together with any such classification groups
that may be subsequently established by Moody’s and provided by the Borrower to the Lenders.


“ING” means ING Capital
LLC.


“Interest Election Request”
means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.06.


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


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



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


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


“Investment Advisor”
means FSIC II Advisor, LLC, a Delaware limited liability company, or an Affiliate thereof.


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


“Investment Policies”
means the Borrower’s investment objectives, policies, restrictions and limitations as described in its most recent periodic
report filed with the SEC prior to the Effective Date, as may be amended or modified from time to time in accordance with the terms
hereof.


“Issuing Bank” means
a Lender satisfactory to the Borrower and the Administrative Agent, which shall be designated as an “Issuing Bank”
hereunder in a manner reasonably acceptable to the Borrower and the Administrative Agent, in its capacity as the issuer of Letters
of Credit hereunder, and its successors in such capacity as provided in Section 2.04(j).


“IVP External Unquoted Borrowing
Base Value” has the meaning assigned to such term in Section 5.12(b)(ii).


“IVP Tested Assets”
has the meaning assigned to such term in Section 5.12(b)(ii).


“IVP Testing Date” has
the meaning assigned to such term in Section 5.12(b)(ii).



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


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


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


“LC Disbursement” means
a payment made by the Issuing Bank pursuant to a Letter of Credit.


“LC Exposure” means,
at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time (including any
Letter of Credit for which a draft has been presented but not yet honored by the Issuing Bank) plus (b) the aggregate
amount of all LC Disbursements in respect of such Letters of Credit that have not yet been reimbursed by or on behalf of the Borrower
at such time. The LC Exposure of any Lender at any time shall be its Applicable Multicurrency Percentage of the total LC Exposure
at such time.


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


“Letter of Credit” means
any letter of credit issued pursuant to this Agreement.


“Letter of Credit Collateral Account”
has the meaning assigned to such term in Section 2.04(k).


“Letter of Credit Documents”
means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees
or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a)
the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security
for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.


“LIBO Quoted Currency”
means each of the following currencies: Dollars; Euro; and English Pounds Sterling; in each case so long as there is a published
LIBO rate with respect thereto.



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“LIBO Rate” means, for
any Interest Period:


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


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


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


“Lien” means, with respect
to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on
or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such
asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities (other than on market terms at fair value so long as in the case of any Portfolio Investment, the Value used in determining
the Borrowing Base is not greater than the purchase or call price), except in favor of the issuer thereof (and, for the avoidance
of doubt, in the case of Investments that are loans or other debt obligations, restrictions on assignments or transfers thereof
on customary and market based terms pursuant to the underlying documentation relating to such Investment shall not be deemed to
be a “Lien” and, in the case of Portfolio Investments that are equity securities, excluding customary drag-along, tag-along,
right of first refusal, restrictions on assignments or transfers and other similar rights in favor of other equity holders of the
same issuer).



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“Loan Documents” means,
collectively, this Agreement, any promissory notes delivered pursuant to Section 2.08(f) and the Security Documents.


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


“Local Time” means,
with respect to any Loan denominated in or any payment to be made in any Currency, the local time in the Principal Financial Center
for the Currency in which such Loan is denominated or such payment is to be made.


“Long-Term U.S. Government Securities”
means U.S. Government Securities maturing more than three (3) months from the applicable date of determination.


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


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


“Material Indebtedness”
means (a) Indebtedness (other than the Loans, Letters of Credit, Swap Agreements and total return swaps), of any one or more of
the Borrower and its Subsidiaries in an aggregate outstanding principal amount exceeding $25,000,000, (b) obligations in respect
of one or more Swap Agreements under which the maximum aggregate amount (giving effect to any netting agreements) that the
Borrower and the Subsidiaries would be required to pay if such Swap Agreement(s) were terminated at such time would exceed
$25,000,000 and (c) obligations in respect of any total return swap under which the outstanding utilized notional amount less all
of the cash collateral supporting such total return swap at such time would exceed $25,000,000.


“Maturity Date” means
the date that is the one (1) year anniversary of the Revolver Termination Date.


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


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



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“Multicurrency Commitments”
means, with respect to each Multicurrency Lender, the commitment of such Multicurrency Lender to make Loans, and to acquire participations
in Letters of Credit, denominated in Dollars and in Agreed Foreign Currencies hereunder, expressed as an amount representing the
maximum aggregate amount of such Lender’s Revolving Multicurrency Credit Exposure hereunder, as such commitment may be (a)
reduced or increased from time to time pursuant to Section 2.07 or reduced from time to time pursuant to Section 2.09 or as otherwise
provided in this Agreement and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant
to Section 9.04. The aggregate amount of each Lender’s Multicurrency Commitment as of the Effective Date is set forth on
Schedule 1.01(a), or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable.
The aggregate amount of the Lenders’ Multicurrency Commitments as of the Effective Date is $95,000,000.


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


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


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


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


“Net Asset Sale Proceeds”
means, with respect to any Asset Sale, an amount equal to (a) the sum of Cash payments and Cash Equivalents received by the Obligors
from such Asset Sale (including any Cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization
of, a note receivable or otherwise, but only as and when so received), minus (b) any costs, fees, commissions, premiums
and expenses incurred by any Obligor directly incidental to such Asset Sale, including reasonable legal fees and expenses minus
(c) all taxes paid or reasonably estimated to be payable by the Borrower as a result of such Asset Sale (after taking into
account any available tax credits or deductions), minus (d) amounts estimated in good faith by the Borrower to be necessary
for the Borrower to make distributions sufficient in amount to achieve the objectives set forth in clauses (i), (ii) and (iii)
of Section 6.05(b) hereof, solely to the extent that the Required Payment Amount in or with respect to any taxable year (or any
calendar year, as relevant) is increased as a result of such Asset Sale and minus (e) in the case of an Asset Sale
consisting of a Portfolio Investment that is Capital Stock, reserves for indemnification, purchase price adjustments or analogous
arrangements reasonably estimated by the Borrower or the relevant Subsidiary in connection with such Asset Sale; provided that,
(i) such reserved amount shall not be included in the Borrowing Base and (ii) if the amount of any estimated reserves
pursuant to this clause (e) exceeds the amount actually required to be paid in cash in respect of indemnification, purchase
price adjustments or analogous arrangements for such Asset Sale, the aggregate amount of such excess shall constitute Net Asset
Sale Proceeds (as of the date the Borrower determines such excess exists).



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“Net Extraordinary Receipts”
means an amount equal to (a) any Cash amount (and Cash proceeds of any non-Cash amount) received by or paid to any Obligor
on account of any foreign, United States, state or local tax refunds (other than for the avoidance of doubt, amounts received by
the Borrower pursuant to Section 2.15(i)), pension plan reversions, judgments, proceeds of settlements or other consideration of
any kind in connection with any cause of action, condemnation awards (and payments in lieu thereof), indemnity payments received
not in the ordinary course of business, purchase price adjustments received not in the ordinary course of business in connection
with any purchase agreement and proceeds of insurance, minus (b) any costs, fees, commissions, premiums and expenses
incurred by any Obligor directly incidental to such Cash receipts, including reasonable legal fees and expenses, minus (c) all
taxes paid or reasonably estimated to be payable as a result of such Cash receipts (after taking into account any available tax
credits or deductions); provided, however, that Net Extraordinary Receipts shall not include (i) proceeds
of any issuance of Equity Interests or issuances of Indebtedness by any Obligor, (ii) amounts that any Obligor receives from
the Administrative Agent or any Lender in connection with the Loan Documents, (iii) Cash receipts to the extent received from
proceeds of any casualty insurance or condemnation awards (or payments in lieu thereof) to the extent that such proceeds are used
within 90 days to repair or replace the assets giving rise to such proceeds, (iv) proceeds of business interruption insurance to
the extent such proceeds constitute compensation for lost earnings, or (v) indemnity payments or payments in respect of judgments
or settlements of claims, litigation or proceedings to the extent that such payments are received by any Person in respect of any
unaffiliated third party claim against or loss by such Person and promptly applied to pay (or to reimburse such Person for its
prior payment of) such claim or loss and the costs and expenses of such Person with respect thereto.


“Net Return of Capital”
means an amount equal to (a) any Cash amount (and Cash proceeds of any non-Cash amount) received by any Obligor at any time
in respect of the outstanding principal of any Portfolio Investment (whether at stated maturity, by acceleration or otherwise),
plus (b) without duplication of amounts received under clause (a), any Cash proceeds (including Cash proceeds of any
non-Cash consideration) received by any Obligor at any time from the sale of any property or assets pledged as collateral in respect
of any Portfolio Investment to the extent such Cash proceeds are less than or equal to the outstanding principal balance of such
Portfolio Investment, plus (c) any cash amount (and Cash proceeds of any non-Cash amount) received by any Obligor at
any time in respect of any Portfolio Investment that is an Equity Interest (x) upon the liquidation or dissolution of the
Portfolio Company of such Portfolio Investment, (y) as a distribution of capital made on or in respect of such Portfolio Investment
(other than, in the case of a Portfolio Investment that is Capital Stock, any distribution on account of actual taxes paid or reasonably
estimated to be payable), or (z) pursuant to the recapitalization or reclassification of the capital of the Portfolio Company
of such Portfolio Investment or pursuant to the reorganization of such Portfolio Company plus (d) any similar return
of capital received by any Obligor in Cash (and Cash proceeds of any non-Cash amount) in respect of any Portfolio Investment, minus
(e) (i) any costs, fees, commissions, premiums and expenses incurred by any Obligor directly incidental to such Cash receipts,
including reasonable legal fees and expenses and (ii) any amounts necessary to meet tax obligations from associated gain.



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


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


“Non-Performing Capital Stock”
means Capital Stock of an issuer that has issued debt that is not Performing.


“Non-Performing First Lien Bank
Loans” means First Lien Bank Loans that are not Performing.


“Non-Performing High Yield Securities”
means High Yield Securities that are not Performing.


“Non-Performing Last Out Loans”
means Last Out Loans that are not Performing.


“Non-Performing Mezzanine Investments”
means Mezzanine Investments that are not Performing.


“Non-Performing Second Lien Bank
Loans” means Second Lien Bank Loans that are not Performing.


“Non-Performing Structured Finance
Obligations” means any Structured Finance Equity and Structured Finance Debt Obligations, in either case, with respect
to which the underlying interest or instrument is not receiving distributions due to the diversion of all available distributions
to one or more senior tranches pursuant to the terms of the related transaction documents; provided that, such Structured
Finance Equity and/or Structured Finance Debt Obligation shall no longer be classified as a Non-Performing Structured Finance Obligation
upon the resumption of distributions with respect to the underlying interest or instrument.


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


“Other Connection Taxes”
means, with respect to any recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, Taxes
imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than
connections arising solely from such recipient having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced
any Loan Document, or sold or assigned an interest in any Loan or Loan Document).


“Other Covered Indebtedness”
means, collectively, (i) Secured Longer-Term Indebtedness, (ii) Unsecured Shorter-Term Indebtedness and (iii) the net amount that
any Obligor would be obligated to pay under any Swap Agreement as a result of the termination of such Swap Agreement as of any
date of determination.



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“Other Taxes” means
any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising
from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to,
any Loan Document, except any such taxes imposed with respect to an assignment (other than an assignment made pursuant to Section
2.18(b) of the Agreement), participation or other transfer hereunder.


“Participant Register”
shall have the meaning assigned to such term in Section 9.04(f).


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


“Patriot Act” means
USA Patriot Act Title III of Pub. L. 107-56 (signed into law October 26, 2001).


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


“Performing” means with
respect to any Eligible Portfolio Investment, (i) such Eligible Portfolio Investment is not a Defaulted Obligation and (ii) other
than with respect to DIP Loans, does not represent debt of a Portfolio Company that has issued a Defaulted Obligation.


“Performing Capital Stock”
means Capital Stock of an issuer all of whose outstanding debt is Performing.


“Performing Cash Pay Covenant-Lite
Loans” means Performing Covenant-Lite Loans that are Cash Pay.


“Performing Cash Pay First Lien
Bank Loans” means Performing First Lien Bank Loans that are Cash Pay.


“Performing Cash Pay High Yield
Securities” means Performing High Yield Securities that are Cash Pay.


“Performing Cash Pay Last Out
Loans” means Performing Last Out Loans that are Cash Pay.


“Performing Cash Pay Mezzanine
Investments” means Performing Mezzanine Investments that are Cash Pay.


“Performing Cash Pay Second Lien
Bank Loans” means Performing Second Lien Bank Loans that are Cash Pay.


“Performing Covenant-Lite Loans”
means Covenant-Lite Loans that are Performing.



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


“Performing First Lien Bank Loans”
means First Lien Bank Loans that (a) are not DIP Loans or Covenant-Lite Loans and (b) are Performing.


“Performing High Yield Securities”
means High Yield Securities that are Performing.


“Performing Last Out Loans”
means Last Out Loans that (a) are not DIP Loans or Covenant-Lite Loans and (b) are Performing.


“Performing Mezzanine Investments”
means Mezzanine Investments that are Performing.


“Performing Non-Cash Pay Bank
Loans” means Performing First Lien Bank Loans, Performing Last Out Loans, and Performing Second Lien Bank Loans, in each
case that are not Cash Pay.


“Performing Non-Cash Pay Covenant-Lite
Loans” means Performing Covenant-Lite Loans that are not Cash Pay.


“Performing Non-Cash Pay High
Yield Securities” means Performing High Yield Securities that are not Cash Pay.


“Performing Non-Cash Pay Mezzanine
Investments” means Performing Mezzanine Investments that are not Cash Pay.


“Performing Second Lien Bank Loans”
means Second Lien Bank Loans that (a) are not DIP Loans or Covenant-Lite Loans and (b) are Performing.


“Performing Structured Finance
Debt Obligations” means Structured Finance Debt Obligations that are not Non-Performing Structured Finance Obligations.


“Performing Structured Finance
Equity” means Structured Finance Equity that is not a Non-Performing Structured Finance Obligation.


“Permitted Equity Interests”
means common stock of the Borrower that after its issuance is not subject to any agreement between the holder of such common stock
and the Borrower where the Borrower is required to purchase, redeem, retire, acquire, cancel or terminate any such common stock
at any time prior to the first anniversary of the later of the Maturity Date (as in effect from time to time) and the Termination
Date.


“Permitted Foreign Jurisdiction”
means Australia, Canada, the Cayman Islands, France, Germany, Ireland, Italy, Luxembourg, New Zealand, Sweden, Switzerland, the
Netherlands and the United Kingdom.



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“Permitted Liens” means
(a) Liens imposed by any Governmental Authority for taxes, assessments or charges (i) not yet due or (ii) that are being contested
in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower
in accordance with GAAP; (b) Liens of clearing agencies, broker-dealers and similar Liens incurred in the ordinary course
of business; provided that such Liens (i) attach only to the securities (or proceeds) being purchased or sold
and (ii) secure only obligations incurred in connection with such purchase or sale, and not any obligation in connection with
margin financing; (c) Liens imposed by law, such as materialmen’s, mechanics’, carriers’, workmen’s,
storage, landlord, and repairmen’s Liens and other similar Liens arising in the ordinary course of business and securing
obligations (other than Indebtedness for borrowed money) not yet due or that are being contested in good faith and by appropriate
proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance with GAAP; (d) Liens
incurred or pledges or deposits made to secure obligations incurred in the ordinary course of business under workers’ compensation
laws, unemployment insurance or other similar social security legislation (other than in respect of employee benefit plans subject
to ERISA) or to secure public or statutory obligations; (e) Liens securing the performance of, or payment in respect
of, bids, insurance premiums, deductibles or co-insured amounts, tenders, government or utility contracts (other than for the repayment
of borrowed money), surety, stay, customs and appeal bonds and other obligations of a similar nature incurred in the ordinary course
of business; (f) Liens arising out of judgments or awards that have been in force for less than the applicable period for
taking an appeal so long as such judgments or awards do not constitute an Event of Default; (g) customary rights of setoff
and liens upon (i) deposits of cash in favor of banks or other depository institutions in which such cash is maintained in
the ordinary course of business, (ii) cash and financial assets held in securities accounts in favor of banks and other financial
institutions with which such accounts are maintained in the ordinary course of business and (iii) assets held by a custodian
in favor of such custodian in the ordinary course of business, in the case of each of clauses (i) through (iii) above,
securing payment of fees, indemnities, charges for returning items and other similar obligations; (h) Liens arising solely
from precautionary filings of financing statements under the Uniform Commercial Code of the applicable jurisdictions in respect
of operating leases entered into by the Borrower or any of its Subsidiaries in the ordinary course of business; (i) zoning
restrictions, easements, licenses, or other restrictions on the use of any real estate (including leasehold title), in each case
which do not interfere with or affect in any material respect the ordinary course conduct of the business of the Borrower and its
Subsidiaries; (j) purchase money Liens on specific equipment and fixtures provided that (i) such Liens only attach
to such equipment and fixtures, (ii) the Indebtedness secured thereby is incurred in the ordinary course of business and does
not exceed $2,000,000 in the aggregate at any time outstanding and (iii) the Indebtedness secured thereby does not exceed
the lesser of the cost and the fair market value of such equipment and fixtures at the time of the acquisition thereof; (k) deposits
of money securing leases to which Borrower is a party as lessee made in the ordinary course of business; (l) Eligible Liens; (m)
Liens arising solely from precautionary filings of financing statements under the Uniform Commercial Code covering assets sold
or contributed to any Person in a transaction not prohibited hereunder; and (n) Liens in favor of any escrow agent solely on and
in respect of any cash earnest money deposits made by any Obligor in connection with any letter of intent or purchase agreement
(to the extent that the acquisition or disposition with respect thereto is otherwise permitted hereunder).



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


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


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


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


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


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


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


“Pounds Sterling” means
the lawful currency of England.


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



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


“Pro-Rata Borrowing”
has the meaning set forth in Section 2.03(a).


“Pro-Rata Dollar Portion”
means, in connection with any Pro-Rata Borrowing, an amount equal to (i) the aggregate amount of such Pro-Rata Borrowing multiplied
by (ii) the aggregate Dollar Commitments of all Dollar Lenders at such time divided by (iii) the aggregate Commitments
of all Lenders at such time.


“Pro-Rata Multicurrency Portion”
means, in connection with any Pro-Rata Borrowing in Dollars, an amount equal to (i) the aggregate amount of such Pro-Rata
Borrowing multiplied by (ii) the aggregate Multicurrency Commitments of all Multicurrency Lenders at such time divided by
(iii) the aggregate Commitments of all Lenders at such time.


“Quarterly Dates” means
the last Business Day of March, June, September and December in each year, commencing on June 30, 2016.


“Quoted Investments”
means any Eligible Portfolio Investments for which a market quotation is readily available based on an actual trade executed within
a reasonable period of the date of determination.


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


“Regulations D, T, U and X”
means, respectively, Regulations D, T, U and X of the Board of Governors of the Federal Reserve System (or any successor), as the
same may be modified and supplemented and in effect from time to time.


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


“Required Lenders” means,
at any time, subject to Section 2.17(b), Lenders having Revolving Credit Exposures and unused Commitments representing more
than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time. The “Required Lenders”
of a Class (which shall include the term “Required Multicurrency Lenders”) means Lenders having Revolving Credit Exposures
and unused Commitments of such Class representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments
of such Class.



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“Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any shares of any
class of capital stock of the Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such shares of capital stock of the Borrower or any option, warrant or other right to acquire any such shares
of capital stock of the Borrower (other than any equity awards granted to employees, officers, directors and consultants of the
Borrower and its Affiliates); provided, for clarity, neither the conversion of convertible debt into capital stock nor the
purchase, redemption, retirement, acquisition, cancellation or termination of convertible debt made solely with capital stock (other
than interest or expenses, which may be payable in cash) shall be a Restricted Payment hereunder.


“Restructured Investment”
means, as of any date of determination, (a) any Portfolio Investment that has been a Defaulted Obligation within the past six months,
(b) any Portfolio Investment that has in the past six months been on cash non-accrual, or (c) any Portfolio Investment that has
in the past six months been amended or subject to a deferral or waiver if both (i) the effect of such amendment, deferral or waiver
is either, among other things, to (1) change the amount of previously required scheduled debt amortization (other than by reason
of repayment thereof) or (2) extend the tenor of previously required scheduled debt amortization, in each case such that the remaining
weighted average life of such Portfolio Investment is extended by more than 20% and (ii) the reason for such amendment, deferral
or waiver is related to the deterioration of the credit profile of the underlying borrower such that, in the absence of such amendment,
deferral or waiver, it is reasonably expected by the Borrower that such underlying borrower either (x) will not be able to make
any such previously required scheduled debt amortization payment or (y) is anticipated to incur a breach of a material financial
covenant. A DIP Loan shall not be deemed to be a Restructured Investment, so long as it does not meet the conditions of the definition
of Restructured Investment.


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


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


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


“Revolving Multicurrency Credit
Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s
Loans at such time made or incurred under the Multicurrency Commitments, and its LC Exposure.


“Revolving Percentage”
means, as of any date of determination, the result, expressed as a percentage, of the aggregate Revolving Credit Exposure on such
date divided by the aggregate outstanding Covered Debt Amount on such date.


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



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


“Sanction” means any
international economic sanction administered or enforced by the United States Government (including without limitation, OFAC),
the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.


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


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


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


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


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


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


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



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


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


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


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


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



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


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


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


“Security Documents”
means, collectively, the Guarantee and Security Agreement, the Custodian Agreement and all other assignments, pledge agreements,
security agreements, control agreements and other instruments executed and delivered at any time by any of the Obligors pursuant
to the Guarantee and Security Agreement or otherwise providing or relating to any collateral security for any of the Secured Obligations
under and as defined in the Guarantee and Security Agreement.


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


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


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



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“Special Equity Interest”
means any Equity Interest that is subject to a Lien in favor of creditors of the issuer or issuer’s affiliates of such Equity
Interest, provided that (a) such Lien was created to secure Indebtedness owing by such issuer to such creditors, (b) such
Indebtedness was (i) in existence at the time the Obligors acquired such Equity Interest, (ii) incurred or assumed by
such issuer substantially contemporaneously with such acquisition or (iii) already subject to a Lien granted to such creditors
and (c) unless such Equity Interest is not intended to be included in the Collateral, the documentation creating or governing
such Lien does not prohibit the inclusion of such Equity Interest in the Collateral.


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


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


“Stockholders’ Equity”
means, at any date, the amount determined on a consolidated basis, without duplication, in accordance with GAAP, of stockholders’
equity for the Borrower and its Subsidiaries at such date.


“Structured Finance Debt Obligation”
means any Structured Finance Obligation that is not Structured Finance Equity.



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“Structured Finance Equity”
means any Structured Finance Obligation that is an Equity Interest and that (i) was initially issued as part of a transaction with
multiple tranches of Structured Finance Obligations by the same obligor, (ii) is secured by (or, if not secured, receiving payments
solely from) the same pool of receivables or other financial assets as other Structured Finance Obligations that are contained
in the same transaction, and (iii) is subordinated in right of payment to all other Structured Finance Obligations issued in the
same transaction.


“Structured Finance Obligations”
means any obligation secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial
assets, including credit-linked notes, credit default swaps, hedging arrangements, collateralized debt obligations and mortgaged-backed
securities. For the avoidance of doubt, if an obligation satisfies the definition of “Structured Finance Obligation”,
the Borrower shall identify the Portfolio Investment as a Structured Finance Obligation in the Borrowing Base Certificate and such
obligation shall not qualify as any other category of Portfolio Investment.


“Structured Subsidiaries”
means a direct or indirect Subsidiary of the Borrower which is formed in connection with third-party financings (including prior
to the closing thereof) and which engages in no material activities other than in connection with the purchase and financing of
assets from the Obligors or any other Person, and which is designated by the Borrower (as provided below) as a Structured Subsidiary,
so long as:


(a)          no portion of the Indebtedness or
any other obligations (contingent or otherwise) of such Subsidiary (i) is Guaranteed by any Obligor (other than Guarantees
in respect of Standard Securitization Undertakings), (ii) is recourse to or obligates any Obligor in any way other than pursuant
to Standard Securitization Undertakings or (iii) subjects any property of any Obligor (other than property that has been contributed
or sold or otherwise transferred to such Subsidiary in accordance with the terms of Section 6.03), directly or indirectly,
contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings or any Guarantee
thereof;


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


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


Except as provided in the next sentence,
any such designation by the Borrower shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative
Agent, which certificate shall include a statement to the effect that, to the best of such Financial Officer’s knowledge,
such designation complied with the foregoing conditions. Each of Wissahickon Creek LLC, Schuylkill River LLC, Lehigh River LLC,
Juniata River LLC, Green Creek LLC, Dunning Creek LLC, Darby Creek LLC, Cooper River LLC and Cobbs Creek LLC is, and shall be deemed,
a Structured Subsidiary; provided that any such Subsidiary (and any other Subsidiary designated by the Borrower from time
to time as a “Structured Subsidiary” pursuant hereto) shall not be deemed a Structured Subsidiary if it does not comply
with the foregoing conditions. Each Subsidiary of a Structured Subsidiary shall be deemed to be a Structured Subsidiary and shall
comply with the foregoing requirements of this definition.



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“Sub-Advisor” means
GSO/Blackstone Debt Funds Management LLC, a Delaware limited liability company, or an Affiliate thereof.


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


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


“Swap Agreement” means
any “swap agreement” as defined in Section 101(53B) of the Bankruptcy Code, or any successor provision, including,
without limitation, any credit default swap, interest rate protection agreement, foreign currency exchange protection agreement,
commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement.


“Swap Agreement Obligations”
has the meaning specified in the Guarantee and Security Agreement as in effect on the Effective Date.


“Tax Blocker Subsidiary”
means any wholly-owned Subsidiary of the Borrower from time to time designated in writing by the Borrower to the Administrative
Agent as a “Tax Blocker Subsidiary”; provided that at no time shall such Tax Blocker Subsidiary hold
any assets other than Portfolio Investments consisting of Equity Interests.


“Taxes” means any and
all present or future taxes levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority.


“Tender Offer” means
any quarterly all-cash tender offer by the Borrower for its shares of common stock.



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“Termination Date” means
the date on which the Commitments have expired or been terminated and the principal of and accrued interest on each Loan and all
fees and other amounts payable hereunder by the Borrower or any other Obligor shall have been paid in full (excluding, for the
avoidance of doubt, any amount in connection with any contingent, unasserted obligations) and all Letters of Credit shall have
(v) expired, (w) terminated, (x) been cash collateralized or (y) otherwise backstopped in a manner reasonably acceptable to the
Issuing Bank and the Administrative Agent and all LC Disbursements then outstanding have been reimbursed.


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


“Transparent Subsidiary”
means an entity classified as a partnership or as a disregarded entity for U.S. federal income taxes directly or indirectly owned
by an Obligor that has no material assets other than Equity Interests (held directly or indirectly through other Transparent Subsidiaries)
in one or more CFCs.


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


“Undisclosed Administration”
means, in relation to a Lender or its direct or indirect parent company, the appointment of an administrator, provisional liquidator,
conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the
law in the country where such Lender or its direct or indirect parent company is subject to home jurisdiction supervision if applicable
law requires that such appointment is not to be publicly disclosed and such appointment has not been publicly disclosed.


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


“United States” means
the United States of America.


“Unquoted Investments”
means Eligible Portfolio Investments that are not Quoted Investments.


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


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



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


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


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


“U.S. Government Securities”
means securities that are direct obligations of, and obligations the timely payment of principal and interest on which is fully
guaranteed by, the United States or any agency or instrumentality of the United States the obligations of which are backed by the
full faith and credit of the United States and in the form of conventional bills, bonds, and notes.



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“Value” means, with respect
to any Portfolio Investment as of any date of determination, the “value” of such Portfolio Investment as determined
in accordance with Section 5.12.


 


“Withholding Agent” means
any Obligor and the Administrative Agent.


 


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


 


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


 


“Write-Down and Conversion Powers”
means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from
time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described
in the EU Bail-In Legislation Schedule.


 


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


 


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


 






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Section 1.04.          Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed
in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent
that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Effective
Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower
that the Required Lenders request an amendment to any provision hereof for such purpose), then Borrower, Administrative Agent
and the Lenders agree to enter into negotiations in good faith in order to amend such provisions of the Agreement so as to equitably
reflect such change to comply with GAAP with the desired result that the criteria for evaluating the Borrower’s financial
condition shall be the same after such change to comply with GAAP as if such change had not been made; provided, however,
until such amendments to equitably reflect such changes are effective and agreed to by Borrower, Administrative Agent and the
Required Lenders, the Borrower’s compliance with such financial covenants shall be determined on the basis of GAAP as in
effect and applied immediately before such change in GAAP becomes effective. Notwithstanding the foregoing or anything herein
to the contrary, the Borrower covenants and agrees with the Lenders that whether or not the Borrower may at any time adopt Accounting
Standard Codification 825, all determinations relating to fair value accounting for liabilities or compliance with the terms and
conditions of this Agreement shall be made on the basis that the Borrower has not adopted Accounting Standard Codification 825.


 


Section 1.05.          Currencies
Generally. At any time, any reference in the definition of
the term “Agreed Foreign Currency” or in any other provision of this Agreement to the Currency of any particular nation
means the lawful currency of such nation at such time whether or not the name of such Currency is the same as it was on the date
hereof. Except as provided in Section 2.09(b) and the last sentence of Section 2.16(a), for purposes of determining (i) whether
the amount of any Borrowing under the Multicurrency Commitments, together with all other Borrowings under the Multicurrency Commitments
then outstanding or to be borrowed at the same time as such Borrowing, would exceed the aggregate amount of the Multicurrency
Commitments, (ii) the aggregate unutilized amount of the Multicurrency Commitments, (iii) the Revolving Credit Exposure, (iv)
the Covered Debt Amount and (v) the Borrowing Base or the Value or the fair market value of any Portfolio Investment, the outstanding
principal amount of any Borrowing that is denominated in any Foreign Currency or the Value or the fair market value of any Portfolio
Investment that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount of the Foreign
Currency of such Borrowing or Portfolio Investment, as the case may be, determined as of the date of such Borrowing (determined
in accordance with the last sentence of the definition of the term “Interest Period”) or the date of valuation of
such Portfolio Investment, as the case may be; provided that in connection with the delivery of any Borrowing Base Certificate
pursuant to Section 5.01(d) or (e), such amounts shall be determined as of the date of the delivery of such Borrowing Base Certificate.
Where any amount is denominated in Dollars under this Agreement but requires for its determination an amount which is denominated
in a Foreign Currency, such amounts shall be converted to the Foreign Currency Equivalent on the date of determination. Wherever
in this Agreement in connection with a Borrowing or Loan an amount, such as a required minimum or multiple amount, is expressed
in Dollars, but such Borrowing or Loan is denominated in a Foreign Currency, such amount shall be the relevant Foreign Currency
Equivalent of such Dollar Amount (rounded to the nearest 1,000 units of such Foreign Currency). Without limiting the generality
of the foregoing, for purposes of determining compliance with any basket in Sections 2.09(d), 5.02(c), 5.08(c)(ii), 6.01(f), 6.03(f)
or 6.04(h) of this Agreement, in no event shall the Borrower or any Obligor be deemed to not be in compliance with any such basket
solely as a result of a change in exchange rates.


 






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


 


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


 


Article II



THE CREDITS


 


Section 2.01.          The
Commitments.


 


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


 






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


 


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


 


Section 2.02.          Loans
and Borrowings.


 


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


 


(b)          Type of Loans. Subject to Section 2.12,
each Borrowing of a Class shall be constituted entirely of ABR Loans or of Eurocurrency Loans of such Class denominated in a single
Currency as the Borrower may request in accordance herewith. Each Pro-Rata Borrowing denominated in Dollars shall be constituted
entirely of ABR Loans or of Eurocurrency Loans. Each Borrowing denominated in an Agreed Foreign Currency shall be constituted entirely
of Eurocurrency Loans. Each Lender at its option may make any Eurocurrency Loan by causing any domestic or foreign branch or Affiliate
of such Lender to make such Loan; provided that (i) any exercise of such option shall not affect the obligation of
the Borrower to repay such Loan in accordance with the terms of this Agreement, and (ii) in exercising such option, such Lender
shall use reasonable efforts to minimize any increased costs to the Borrower resulting therefrom (which obligation of the Lender
shall not require it to take, or refrain from taking, actions that it determines would result in increased costs for which it will
not be compensated hereunder or that it determines would be otherwise disadvantageous to it and in the event of such request for
costs for which compensation is provided under this Agreement, the provisions of Section 2.13 shall apply).


 


(c)          Minimum Amounts. Each Borrowing
(whether Eurocurrency or ABR) shall be in an aggregate amount of $1,000,000 or a whole multiple of $100,000 in excess thereof or,
with respect to any Agreed Foreign Currency, such smaller minimum amount as may be agreed to by the Administrative Agent; provided
that a Borrowing of a Class may be in an aggregate amount that is equal to the entire unused balance of the total Commitments of
such Class or that is required to finance the reimbursement of an LC Disbursement of such Class as contemplated by Section 2.04(f).
Borrowings of more than one Class, Currency and Type may be outstanding at the same time.


 






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


 


Section 2.03.          Requests
for Borrowings.


 


(a)          Notice by the Borrower. To request
a Borrowing, the Borrower shall notify the Administrative Agent of such request by delivery of a signed Borrowing Request or by
telephone (followed promptly by delivery of a signed Borrowing Request) (i) in the case of a Eurocurrency Borrowing denominated
in Dollars, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of the proposed Borrowing
or (ii) in the case of a Eurocurrency Borrowing denominated in an Agreed Foreign Currency, not later than 11:00 a.m., New
York City time, three (3) Business Days before the date of the proposed Borrowing, or (iii) in the case of an ABR Borrowing, not
later than 11:00 a.m., New York City time, one Business Day before the date of the proposed Borrowing. Each such request for
a Borrowing shall be irrevocable. Notwithstanding the other provisions of this Agreement, in the case of any Borrowing denominated
in Dollars, the Borrower may request that such Borrowing be split into a Dollar Loan in an aggregate principal amount equal to
the Pro-Rata Dollar Portion and a Multicurrency Loan in an aggregate amount equal to the Pro-Rata Multicurrency Portion (any such
Borrowing, a “Pro-Rata Borrowing”). Except as set forth in this Agreement, a Pro-Rata Borrowing shall be treated
as being comprised of two separate Borrowings, a Dollar Borrowing under the Dollar Commitments and a Multicurrency Borrowing under
the Multicurrency Commitments.


 


(b)          Content of Borrowing Requests.
Each request for a Borrowing (whether a written Borrowing Request or a telephonic request) shall specify the following information
in compliance with Section 2.02:


 


(i)          whether such Borrowing is
to be made under the Dollar Commitments, the Multicurrency Commitments or is a Pro-Rata Borrowing;


 


(ii)         if such Borrowing is a Pro-Rata
Borrowing, the Pro-Rata Dollar Portion and the Pro-Rata Multicurrency Portion;


 


(iii)        the aggregate amount and
Currency of the requested Borrowing;


 


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


 


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


 


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


 






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(vii)       the location and number
of the Borrower’s account (or such other account(s) as the Borrower may designate in a written Borrowing Request accompanied
by information reasonably satisfactory to the Administrative Agent as to the identity and purpose of such other account(s)) to
which funds are to be disbursed, which shall comply with the requirements of Section 2.04.


 


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


 


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


 


Section 2.04.          Letters
of Credit.


 


(a)          General. Subject to the terms
and conditions set forth herein, in addition to the Loans provided for in Section 2.01, the Borrower may request the Issuing
Bank to issue, at any time and from time to time during the Availability Period and under the Multicurrency Commitments, Letters
of Credit denominated in Dollars or in any Agreed Foreign Currency for its own account or for the account of its designee (provided
the Obligors shall remain primarily liable to the Lenders hereunder for payment and reimbursement of all amounts payable in respect
of such Letter of Credit hereunder) for the purposes set forth in Section 5.09 in such form as is acceptable to the Issuing Bank
in its reasonable determination and for the benefit of such named beneficiary or beneficiaries as are specified by the Borrower.
Letters of Credit issued hereunder shall constitute utilization of the Multicurrency Commitments up to the aggregate amount then
available to be drawn thereunder.


 


(b)          Notice of Issuance, Amendment, Renewal
or Extension. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter
of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so
have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested
date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying
the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which
shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (d) of this
Section), the amount and Currency of such Letter of Credit, stating that such Letter of Credit is to be issued under the Multicurrency
Commitments, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend,
renew or extend such Letter of Credit. The Administrative Agent will promptly notify the Multicurrency Lenders following the issuance
of any Letter of Credit. If requested by the Issuing Bank, the Borrower also shall submit a letter of credit application on the
Issuing Bank’s standard form in connection with any request for a Letter of Credit. In the event of any inconsistency between
the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement
submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms
and conditions of this Agreement shall control.


 






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(c)          Limitations on Amounts. A Letter
of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter
of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal
or extension (i) the aggregate LC Exposure of the Issuing Bank (determined for these purposes without giving effect to the
participations therein of the Lenders pursuant to paragraph (e) of this Section) shall not exceed $25,000,000, (ii) the
total Revolving Multicurrency Credit Exposures shall not exceed the aggregate Multicurrency Commitments and (iii) the total
Covered Debt Amount shall not exceed the Borrowing Base then in effect.


 


(d)          Expiration Date. Each Letter
of Credit shall expire at or prior to the close of business on the date twelve months after the date of the issuance of such Letter
of Credit (or, in the case of any renewal or extension thereof, twelve months after the then-current expiration date of such Letter
of Credit, so long as such renewal or extension occurs within three months of such then-current expiration date); provided
that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods; provided,
further, that (x) in no event shall any Letter of Credit have an expiration date that is later than the Revolver Termination
Date unless the Borrower (1) deposits, on or prior to the Revolver Termination Date, into the Letter of Credit Collateral Account
Cash, in an amount equal to 102% of the undrawn face amount of all Letters of Credit that remain outstanding as of the close of
business on the Revolver Termination Date and (2) pays in full, on or prior to the Revolver Termination Date, all commissions required
to be paid with respect to any such Letter of Credit through the then-current expiration date of such Letter of Credit and (y)
no Letter of Credit shall have an expiry date after the Maturity Date.


 


(e)          Participations. By the issuance
of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) by the Issuing Bank, and without
any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Multicurrency Lender,
and each Multicurrency Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s
Applicable Multicurrency Percentage of the aggregate amount available to be drawn under such Letter of Credit. Each Multicurrency
Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of
Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal
or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments,
provided that no Multicurrency Lender shall be required to purchase a participation in a Letter of Credit pursuant to this
Section 2.04(e) if (x) the conditions set forth in Section 4.02 would not be satisfied in respect of a Borrowing
at the time such Letter of Credit was issued and (y) the Required Multicurrency Lenders shall have so notified the Issuing
Bank in writing and shall not have subsequently determined that the circumstances giving rise to such conditions not being satisfied
no longer exist.


 






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In consideration and in furtherance of the
foregoing, each Multicurrency Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for account
of the Issuing Bank, such Lender’s Applicable Multicurrency Percentage of each LC Disbursement made by the Issuing Bank in
respect of Letters of Credit promptly upon the request of the Issuing Bank at any time from the time of such LC Disbursement until
such LC Disbursement is reimbursed by the Borrower or at any time after any reimbursement payment is required to be refunded to
the Borrower for any reason. Such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each
such payment shall be made in the same manner as provided in Section 2.05 with respect to Loans made by such Lender (and Section 2.05
shall apply, mutatis mutandis, to the payment obligations of the Multicurrency Lenders), and the Administrative Agent shall promptly
pay to the Issuing Bank the amounts so received by it from the Multicurrency Lenders. Promptly following receipt by the Administrative
Agent of any payment from the Borrower pursuant to the next following paragraph, the Administrative Agent shall distribute such
payment to the Issuing Bank or, to the extent that the Multicurrency Lenders have made payments pursuant to this paragraph to reimburse
the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Multicurrency
Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement shall not constitute a Loan and shall not
relieve the Borrower of its obligation to reimburse such LC Disbursement.


 


(f)          Reimbursement. If the Issuing
Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Bank in respect
of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 11:00 a.m.,
New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursement, if such notice
is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately following the day that the
Borrower receives such notice, if such notice is not received prior to such time, provided that, if such LC Disbursement
is not less than $1,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with
Section 2.03 that such payment be financed with an ABR Borrowing of either Class (or a Pro-Rata Borrowing) in an equivalent
amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by
the resulting ABR Borrowing.


 


If the Borrower fails to make such payment
when due, the Administrative Agent shall notify each applicable Lender of the applicable LC Disbursement, the payment then due
from the Borrower in respect thereof and such Lender’s Applicable Multicurrency Percentage thereof.


 






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(g)          Obligations Absolute. The Borrower’s
obligation to reimburse LC Disbursements as provided in paragraph (f) of this Section shall be absolute, unconditional and
irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever
and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, or any term or provision therein,
(ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect
or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit
against presentation of a draft or other document that does not comply strictly with the terms of such Letter of Credit, and (iv) any
other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this
Section, constitute a legal or equitable discharge of the Borrower’s obligations hereunder.


 


Neither the Administrative Agent, the Lenders
nor the Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection
with the issuance or transfer of any Letter of Credit by the Issuing Bank or any payment or failure to make any payment thereunder
(irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or
delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including
any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising
from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing
Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect
of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused
by the Issuing Bank’s gross negligence or willful misconduct when determining whether drafts and other documents presented
under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that:


 


(i)           the Issuing Bank may accept
documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit without responsibility
for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents
that appear on their face to be in substantial compliance with the terms of such Letter of Credit;


 


(ii)          the Issuing Bank shall
have the right, in its sole discretion, to decline to accept such documents and to make such payment if such documents are not
in strict compliance with the terms of such Letter of Credit; and


 


(iii)         this sentence shall establish
the standard of care to be exercised by the Issuing Bank when determining whether drafts and other documents presented under a
Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by applicable law,
any standard of care inconsistent with the foregoing).


 


(h)          Disbursement Procedures. The
Issuing Bank shall, within a reasonable time following its receipt thereof, examine all documents purporting to represent a demand
for payment under a Letter of Credit. The Issuing Bank shall promptly after such examination notify the Administrative Agent and
the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will
make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the
Borrower of its obligation to reimburse the Issuing Bank and the applicable Lenders with respect to any such LC Disbursement.


 






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(i)          Interim Interest. If the Issuing
Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC
Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement
is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR
Loans; provided that, if the Borrower fails to reimburse such LC Disbursement within two Business Days following the date
when due pursuant to paragraph (f) of this Section, then the provisions of Section 2.11(c) shall apply. Interest
accrued pursuant to this paragraph shall be for account of the Issuing Bank, except that interest accrued on and after the date
of payment by any Lender pursuant to paragraph (f) of this Section to reimburse the Issuing Bank shall be for account
of such Lender to the extent of such payment.


 


(j)          Replacement of the Issuing Bank.
The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing
Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank.
In addition to the foregoing, if a Lender becomes, and during the period in which it remains, a Defaulting Lender, and any Default
has arisen from a failure of the Borrower to comply with Section 2.17(c), then the Issuing Bank may, upon prior written notice
to the Borrower and the Administrative Agent, resign as Issuing Bank, effective at the close of business New York City time on
a date specified in such notice (which date may not be less than five (5) Business Days after the date of such notice). On or after
the effective date of any such resignation, the Borrower and the Administrative Agent may, by written agreement, appoint a successor
Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time any such
replacement under any of the foregoing circumstances shall become effective, the Borrower shall pay all unpaid fees accrued for
account of the replaced Issuing Bank pursuant to Section 2.10(b). From and after the effective date of any such replacement,
(i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement
with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank”
shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks,
as the context shall require. After the replacement of the Issuing Bank hereunder, the replaced Issuing Bank shall remain a party
hereto and shall continue to have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters
of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.


 


(k)          Cash Collateralization. If the
Borrower shall be required or shall elect, as the case may be, to provide cover for LC Exposure pursuant to Section 2.04(d), Section 2.08(a),
Section 2.09(b), 2.17(c)(ii) or the third to last paragraph of Article VII, the Borrower shall immediately deposit into
a segregated collateral account or accounts (herein, collectively, the “Letter of Credit Collateral Account”) in
the name and under the dominion and control of the Administrative Agent Cash denominated in the Currency of the Letter of Credit
under which such LC Exposure arises in an amount equal to the amount required under the applicable section. Such deposit shall
be held by the Administrative Agent as collateral in the first instance for the LC Exposure under this Agreement and thereafter
for the payment of the “Secured Obligations” under and as defined in the Guarantee and Security Agreement, and for
these purposes the Borrower hereby grants a security interest to the Administrative Agent for the benefit of the Lenders in the
Letter of Credit Collateral Account and in any financial assets (as defined in the Uniform Commercial Code) or other property
held therein.


 






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Section 2.05.          Funding
of Borrowings.


 


(a)          Funding by Lenders. Each Lender
shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by
1:00 p.m., Local Time, to the account of the Administrative Agent most recently designated by it for such purpose by notice
to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received,
in like funds, to the account(s) designated by the Borrower in the applicable Borrowing Request; provided that ABR Borrowings
made to finance the reimbursement of an LC Disbursement as provided in Section 2.04(f) shall be remitted by the Administrative
Agent to the Issuing Bank.


 


(b)          Presumption by the Administrative
Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing
that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative
Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and,
in reliance upon such assumption, the Administrative Agent may (in its sole discretion and without any obligation to do so) make
available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount
is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of
such Lender, the Federal Funds Effective Rate and (ii) in the case of the Borrower, the interest rate applicable at the time
to the Loans comprising such Borrowing. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute
such Lender’s Loan included in such Borrowing. Nothing in this paragraph shall relieve any Lender of its obligation to fulfill
its commitments hereunder, and shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed
to make such payment to the Administrative Agent.


 


Section 2.06.          Interest
Elections.


 


(a)          Elections by the Borrower for Borrowings.
Subject to Section 2.03(d), the Loans constituting each Borrowing initially shall be of the Type specified in the applicable
Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have the Interest Period specified in such Borrowing Request.
Thereafter, subject to Section 2.06(e), the Borrower may elect to convert such Borrowing to a Borrowing of a different Type
or to continue such Borrowing as a Borrowing of the same Type and, in the case of a Eurocurrency Borrowing, may elect the Interest
Period therefor, all as provided in this Section; provided, however, that (i) a Borrowing of a Class may only be continued
or converted into a Borrowing of the same Class, (ii) a Borrowing denominated in one Currency may not be continued as, or converted
to, a Borrowing in a different Currency, (iii) no Eurocurrency Borrowing denominated in a Foreign Currency may be continued if,
after giving effect thereto, the aggregate Revolving Multicurrency Credit Exposures would exceed the aggregate Multicurrency Commitments,
and (iv) a Eurocurrency Borrowing denominated in a Foreign Currency may not be converted into a Borrowing of a different Type.
The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably among the Lenders of the respective Class holding the Loans constituting such Borrowing (except
as provided under Section 2.12(b)), and the Loans constituting each such portion shall be considered a separate Borrowing.


 






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


 


(c)          Content of Interest Election Requests.
Each telephonic and written notice of election pursuant to Section 2.06(b) shall specify the following information in compliance
with Section 2.02:


 


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


 


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


 


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


 


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


 


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


 






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


 


Section 2.07.          Termination,
Reduction or Increase of the Commitments.


 


(a)          Scheduled Termination. Unless
previously terminated in accordance with the terms of this Agreement, on the Revolver Termination Date the Commitments of each
Class shall automatically be reduced to an amount equal to the aggregate principal amount of the Loans and LC Exposure of all Lenders
of such Class outstanding on the Revolver Termination Date and thereafter to an amount equal to the aggregate principal amount
of the Loans and LC Exposure outstanding after giving effect to each payment of principal and each expiration or termination of
a Letter of Credit thereunder; provided that, for clarity, no Lender shall have any obligation to make new Loans or to issue,
amend or renew an existing Letter of Credit on or after the Revolver Termination Date, and any Loans outstanding on the Revolver
Termination Date shall be due and payable on the Maturity Date in accordance with Section 2.08.


 


(b)          Voluntary Termination or Reduction.
The Borrower may at any time terminate, or from time to time reduce, the Commitments ratably among each Class; provided
that (i) each reduction of the Commitments pursuant to this Section 2.07(b) shall be in an amount that is $5,000,000
or a whole multiple of $100,000 in excess thereof and (ii) the Borrower shall not terminate or reduce the Commitments if,
after giving effect to any concurrent prepayment of the Loans of any Class in accordance with Section 2.09, the total Revolving
Credit Exposures of such Class would exceed the total Commitments of such Class.


 


(c)          Notice of Voluntary Termination
or Reduction. The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under
paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or
reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative
Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall
be irrevocable; provided that a notice of termination of the Commitments of a Class delivered by the Borrower may state
that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by
the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not
satisfied.


 






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


 


(e)          Increase of the Commitments.


 


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


 


(A)          the minimum amount of the Commitment
of any Assuming Lender, and the minimum amount of the increase of the Commitment of any Increasing Lender, as part of such Commitment
Increase shall be $1,000,000 or a whole multiple of $500,000 in excess thereof (or, in each case, in such other amounts as agreed
by the Administrative Agent),


 


(B)          immediately after giving effect
to such Commitment Increase, the sum of the total Commitments of all of the Lenders hereunder shall not exceed $175,000,000;


 


(C)          each Assuming Lender shall
be consented to by the Administrative Agent and the Issuing Bank (which consent shall not be unreasonably withheld or delayed);


 


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


 


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


  






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(ii)          Effectiveness of Commitment
Increase by Borrower. On the Commitment Increase Date for any Commitment Increase, each Assuming Lender part of such Commitment
Increase, if any, shall become a Lender hereunder as of such Commitment Increase Date with Commitment in the amount set forth in
the agreement referred to in Section 2.07(e)(ii)(y) and the Commitment of the respective Class of any Increasing Lender part
of such Commitment Increase shall be increased as of such Commitment Increase Date to the amount set forth in the agreement referred
to in Section 2.07(e)(ii)(y); provided that:


 


(x)          the Administrative Agent shall have
received on or prior to 11:00 a.m., New York City time, on such Commitment Increase Date (or on or prior to a time on
an earlier date specified by the Administrative Agent) a certificate of a duly authorized officer of the Borrower stating that
each of the applicable conditions to such Commitment Increase set forth in the foregoing paragraph (i) has been satisfied;
and


 


(y)          each Assuming Lender or Increasing
Lender shall have delivered to the Administrative Agent, on or prior to 11:00 a.m., New York City time on such Commitment
Increase Date (or on or prior to a time on an earlier date specified by the Administrative Agent), an agreement, in form and substance
reasonably satisfactory to the Borrower and the Administrative Agent, pursuant to which such Lender shall, effective as of such
Commitment Increase Date, undertake a Commitment or an increase of Commitment in each case of the respective Class, as applicable,
duly executed by such Assuming Lender or Increasing Lender, as applicable, and the Borrower and acknowledged by the Administrative
Agent.


 


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


 


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


 


(iv)          Adjustments of Borrowings
upon Effectiveness of Increase. On each Commitment Increase Date, the Borrower shall (A) prepay the outstanding Loans
(if any) of such Class in full, (B) simultaneously borrow new Loans of such Class hereunder in an amount equal to such
prepayment; provided that with respect to subclauses (A) and (B), (x) the prepayment to, and Borrowing from, any
existing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender will be subsequently
borrowed from such Lender and (y) the existing Lenders, the Increasing Lenders and the Assuming Lenders shall make and receive
payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans
of such Class are held ratably by the Lenders of such Class in accordance with the respective Commitments of such Lenders of such
Class (after giving effect to such Commitment Increase) and (C) pay to the Lenders of such Class the amounts, if any,
payable under Section 2.14 as a result of any such prepayment. Concurrently therewith, the Lenders of such Class shall be
deemed to have adjusted their participation interests in any outstanding Letters of Credit of such Class so that such Interests
are held ratably in accordance with their Commitments of such Class as so increased. Notwithstanding the foregoing, unless otherwise
consented in writing by the Borrower, no Commitment Increase Date shall occur on any day other than the last day of an Interest
Period. Immediately prior to the effectiveness of the new Commitments on the Commitment Increase Date, the Administrative Agent
shall amend Schedule 1.01(a) to reflect the aggregate amount of each Lender’s Commitments (including Increasing Lenders and
Assuming Lenders). Each reference to Schedule 1.01(a) in this Agreement shall be to Schedule 1.01(a) as amended pursuant to this
Section.


 






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Section 2.08.          Repayment
of Loans; Evidence of Debt.


 


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


 


In addition, on the Maturity Date, to the
extent any Letter of Credit is outstanding (notwithstanding the requirement of Section 2.04(f)), the Borrower shall deposit into
the Letter of Credit Collateral Account Cash in an amount equal to 102% of the undrawn face amount of all Letters of Credit outstanding
on the close of business on the Maturity Date, such deposit to be held by the Administrative Agent as collateral security for the
LC Exposure under this Agreement in respect of the undrawn portion of such Letters of Credit.


 


(b)          Manner of Payment. Prior to
any repayment or prepayment of any Borrowings of any Class hereunder, the Borrower shall select the Borrowing or Borrowings of
such Class to be paid and shall notify the Administrative Agent by telephone (confirmed by telecopy) of such selection not
later than the time set forth in Section 2.09(f) prior to the scheduled date of such repayment; provided that each
repayment of Borrowings of a Class shall be applied to repay any outstanding ABR Borrowings of such Class before any other Borrowings
of such Class. If the Borrower fails to make a timely selection of the Borrowing or Borrowings to be repaid or prepaid, such payment
shall be applied, first, to pay any outstanding ABR Borrowings pro rata between any outstanding Dollar ABR Borrowings and outstanding
Multicurrency ABR Borrowings, second, if no Class is specified, to any Pro-Rata Borrowings in the order of the remaining duration
of their respective Interest Periods (the Pro-Rata Borrowing with the shortest remaining Interest Period to be repaid first) and,
third, within each Class, to any remaining Borrowings in the order of the remaining duration of their respective Interest Periods
(the Borrowing with the shortest remaining Interest Period to be repaid first). Each payment of a Pro-Rata Borrowing shall be applied
ratably between the Dollar Loans and Multicurrency Loans included in such Pro-Rata Borrowing. Each payment of a Borrowing of a
Class shall be applied ratably to the Loans of such Class included in such Borrowing (except as otherwise provided in Section 2.12(b)).


 


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


 






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


 


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


 


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


 


Section 2.09.          Prepayment
of Loans.


 


(a)          Optional Prepayments. The Borrower
shall have the right at any time and from time to time (but subject to Sections 2.09(e) and (f)) to prepay any Borrowing in
whole or in part, without premium or fee (but subject to Section 2.14), subject to the requirements of this Section. Each
prepayment in part under this Section 2.09(a) shall be in a minimum amount of $1,000,000 or a whole multiple of $100,000 in
excess thereof.


 


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


 


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


 






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(ii)         Prepayment. If on
the date of such determination the aggregate Revolving Multicurrency Credit Exposure exceeds 105% of the aggregate amount of the
Multicurrency Commitments as then in effect, the Borrower shall prepay the Multicurrency Loans (and/or provide cover for LC Exposure
as specified in Section 2.04(k)) within 15 Business Days of such date of determination such amounts as shall be necessary so that
after giving effect thereto the aggregate Revolving Multicurrency Credit Exposure does not exceed the Multicurrency Commitments.


 


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


 


Any prepayment pursuant to this paragraph
shall be applied, first, to Multicurrency Loans outstanding and second, as cover for LC Exposure.


 


(c)          Mandatory Prepayments due to Excess
Revolving Credit Exposure and Borrowing Base Deficiency. In the event that the amount of total Revolving Credit Exposure exceeds
the total Commitments, the Borrower shall prepay (but subject to Sections 2.09(e) and (f)) Loans (and/or provide cash in such
amounts as shall be necessary so that the amount of total Revolving Credit Exposure does not exceed the total Commitments). In
the event that the amount of total Revolving Dollar Credit Exposure exceeds the total Dollar Commitments, the Borrower shall prepay
(but subject to Sections 2.09(e) and (f)) Loans (and/or provide cover for Letters of Credit as contemplated by 2.04(k)) in
such amounts as shall be necessary so that the amount of total Revolving Dollar Credit Exposure does not exceed the total Dollar
Commitments. In the event that the amount of total Revolving Multicurrency Credit Exposure exceeds the total Multicurrency Commitments
(other than as a result of a change in exchange rates pursuant to under Section 2.09(b)), the Borrower shall prepay (but subject
to Sections 2.09(e) and (f)) Loans (and/or provide cover for Letters of Credit as contemplated by Section 2.04(k)) in such
amounts as shall be necessary so that the amount of total Revolving Multicurrency Credit Exposure does not exceed the total Multicurrency
Commitments. In the event that at any time any Borrowing Base Deficiency shall exist, promptly (but in no event later than 5 Business
Days), the Borrower shall (subject to Sections 2.09(e) and (f)) either prepay (x) the Loans (or provide cover for Letters
of Credit as contemplated by Section 2.04(k)) so that the Borrowing Base Deficiency is cured or (y) the Loans and the Other Covered
Indebtedness in such amounts as shall be necessary so that such Borrowing Base Deficiency is cured (and, as among the Loans (and
Letters of Credit) and the Other Covered Indebtedness, at least ratably (based on the outstanding principal amount of such indebtedness)
as to payments of Loans in relation to Other Covered Indebtedness); provided, that if within such 5 Business Day period,
the Borrower shall present to the Administrative Agent and the Lenders a reasonably feasible plan that is reasonably acceptable
to the Administrative Agent (at the direction of the Required Lenders) that will enable any such Borrowing Base Deficiency to be
cured within 30 Business Days of the occurrence of such Borrowing Base Deficiency (which 30-Business Day period shall include the
5 Business Days permitted for delivery of such plan) , then such prepayment or reduction shall be effected in accordance with such
plan (subject, for the avoidance of doubt, to the limitations as to the allocation of such prepayments set forth above in this
Section 2.09(c)). Notwithstanding the foregoing, the Borrower shall pay interest in accordance with Section 2.11(c) for so
long as the Covered Debt Amount exceeds the Borrowing Base during such 30-Business Day Period. For clarity, in the event that the
Borrowing Base Deficiency is not cured prior to the end of such 5 Business Day period (or, if applicable, such 30- Business Day
period), it shall constitute an Event of Default under clause (a) of Article VII.


 






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(d)          Mandatory Prepayments due to Certain
Events Following Availability Period. Subject to the last paragraph of this Section 2.09(d), and Sections 2.09(e), (f) and
(g) below:


 


(i)           Asset Sales. In the
event that any Obligor shall receive any Net Asset Sale Proceeds at any time after the Availability Period, the Borrower shall,
no later than the third Business Day following the receipt of such Net Asset Sale Proceeds, prepay the Loans (and/or provide cover
for Letters of Credit as contemplated by 2.04(k)) in an amount equal to such Net Asset Sale Proceeds (and the Commitments shall
be permanently reduced by such amount); provided that with respect to Asset Sales of assets that are not Portfolio Investments,
the Borrower shall not be required to prepay the Loans (and/or provide cover for Letters of Credit as contemplated by 2.04(k))
unless and until (and to the extent that) the aggregate Net Asset Sale Proceeds relating to all such Asset Sales are greater than
$2,000,000.


 


(ii)          Extraordinary Receipts.
In the event (but only to the extent) that the aggregate Net Extraordinary Receipts received by the Obligors at any time after
the Availability Period exceed $2,000,000, the Borrower shall, no later than the third Business Day following the receipt of such
excess Net Extraordinary Receipts, prepay the Loans (and/or provide cover for Letters of Credit as contemplated by 2.04(k)) in
an amount equal to such excess Net Extraordinary Receipts (and the Commitments shall be permanently reduced by such amount).


 


(iii)         Return of Capital.
In the event that any Obligor shall receive any Net Return of Capital at any time after the Availability Period, the Borrower shall,
no later than the third Business Day following the receipt of such Net Return of Capital, prepay the Loans (and/or provide cover
for Letters of Credit as contemplated by 2.04(k)) in an amount equal to 100% of such Net Return of Capital (and the Commitments
shall be permanently reduced by such amount).


 


(iv)         Equity Issuances.
In the event that the Borrower shall receive any Cash proceeds from the issuance of Equity Interests of the Borrower at any time
after the Availability Period, the Borrower shall, no later than the third Business Day following the receipt of such Cash proceeds,
prepay the Loans (and/or provide cover for Letters of Credit as contemplated by 2.04(k)) in an amount equal to seventy-five percent
(75%) of such Cash proceeds, net of underwriting discounts and commissions or other similar payments and other costs, fees, premiums
and expenses directly associated therewith, including reasonable legal fees and expenses (and the Commitments shall be permanently
reduced by such amount).


 






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(v)          Indebtedness. In the
event that any Obligor shall receive any Cash proceeds from the issuance by such Obligor of Indebtedness (excluding Swap Agreements
permitted by Section 6.01 and other Indebtedness permitted by Section 6.01(g), (h), (i) and (j)) at any time after the
Availability Period, such Obligor shall, no later than the third Business Day following the receipt of such Cash proceeds, prepay
the Loans (and/or provide cover for Letters of Credit as contemplated by 2.04(k)) in an amount equal to such Cash proceeds, net
of underwriting discounts and commissions or other similar payments and other costs, fees, commissions, premiums and expenses directly
associated therewith, including, without limitation, reasonable legal fees and expenses (and the Commitments shall be permanently
reduced by such amount).


 


(vi)          Mandatory Prepayment
of Eurocurrency Loans. If the Loans to be prepaid pursuant to Sections 2.09(d)(i), (ii) and (iii) are Eurocurrency Loans,
the Borrower may defer such prepayment (and permanent Commitment reduction) until the last day of the Interest Period applicable
to such Loans, so long as the Borrower deposits an amount equal to an amount required to be prepaid, no later than the third Business
Day following the receipt of such amount, into a segregated collateral account in the name and under the dominion and control
(within the meaning of Section 9-104 of the Uniform Commercial Code) of the Administrative Agent pending application of such
amount to the prepayment of the Loans (and permanent reduction of the Commitments) on the last day of such Interest Period.


 


(e)          Payments following the Revolver
Termination Date or During an Event of Default. Notwithstanding any provision to the contrary in Section 2.08 or this Section
2.09 (but subject to Section 2.09(f)(ii)), following the Revolver Termination Date or if an Event of Default shall have occurred
and be continuing:


 


(i)          No optional prepayment of
the Loans of any Class shall be permitted unless at such time, the Borrower also prepays the Loans of the other Class or, to the
extent no Loans of the other Class are outstanding, provides cash collateral as contemplated by Section 2.04(k) for outstanding
Letters of Credit of such Class, which prepayment (and cash collateral) shall be made on a pro-rata basis (based on the outstanding
principal amounts of such Indebtedness) between each outstanding Class of Revolving Credit Exposure;


 


(ii)          Any prepayment of Loans
required to be made pursuant to clause (c) above shall be applied to prepay Loans (and provide cover for Letters of Credit as contemplated
by 2.04(k)) on a pro-rata basis between each outstanding Class of Revolving Credit Exposure.


 






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(iii)          Any prepayment of Loans
in Dollars required to be made in connection with any of the events specified in Section 2.09(d) shall be applied ratably (based
on the outstanding principal amounts of such indebtedness) between the Dollar Lenders and the Multicurrency Lenders based on the
then outstanding Loans and Letters of Credit denominated in Dollars. So long as no Event of Default has occurred and is continuing,
each prepayment in an Agreed Foreign Currency (including as a result of the Borrower’s receipt of proceeds from a prepayment
event in such Agreed Foreign Currency) shall be applied ratably among just the Multicurrency Lenders and, if after such payment,
the balance of the Loans denominated in such currency is zero, then if there are any remaining proceeds, the Borrower shall prepay
the Loans (or provide cover for outstanding Letters of Credit as contemplated by 2.04(k)) on a pro-rata basis between each outstanding
Class of Revolving Credit Exposure; provided that, if an Event of Default has occurred and is continuing, then each prepayment
in an Agreed Foreign Currency shall be made ratably (based on the aggregate Dollar Equivalents of the outstanding principal amounts
of such indebtedness) between Dollar Loans and Multicurrency Loans and Letters of Credit.


 


(f)          Notices, Etc.


 


(i)          The Borrower shall notify
the Administrative Agent in writing or by telephone (followed promptly by written confirmation) of any prepayment hereunder
(i) in the case of prepayment of a Eurocurrency Borrowing denominated in Dollars under Section 2.09(a), not later than
11:00 a.m., New York City time, three (3) Business Days before the date of prepayment, (ii) in the case of a prepayment
of a Eurocurrency Borrowing denominated in Foreign Currency under Section 2.09(a), not later than 11:00 a.m., London Time, three
Business Days before the date of prepayment, or (iii) in the case of prepayment of an ABR Borrowing, or any prepayment under
Section 2.09(b), (c) or (d), not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment.
Each such notice shall be irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or portion
thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment;
provided, that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments
as contemplated by Section 2.07, then such notice of prepayment may be revoked if such notice of termination is revoked in
accordance with Section 2.07 and any such notices given in connection with any of the events specified in Section 2.09(d)
may be conditioned upon (x) the consummation of the Asset Sale or the issuance of Equity Interests or Indebtedness (as applicable)
or (y) the receipt of net cash proceeds from Net Extraordinary Receipts or Net Return of Capital. Promptly following receipt
of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Subject
to clauses (b), (c) and (e) above and to the proviso of Section 2.16(c), each prepayment in Dollars shall be applied ratably (based
on the outstanding principal amounts of such indebtedness) between the Dollar Lenders and the Multicurrency Lenders based on the
then outstanding Loans denominated in Dollars and each prepayment in an Agreed Foreign Currency (including as a result of the Borrower’s
receipt of proceeds from a prepayment event in such Agreed Foreign Currency) shall be applied ratably among the Multicurrency Lenders.


 


(ii)          In the event the Borrower
is required to make any concurrent payments under both paragraph (b) and also another paragraph of this Section 2.09, any such
prepayment shall be applied toward a prepayment pursuant to paragraph (b) before any prepayment pursuant to any other paragraph
of this Section 2.09.


 






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(iii)          Prepayments shall be accompanied
by accrued interest to the extent required by Section 2.11 and shall be made in the manner specified in Section 2.08(b).


 


(g)          RIC Tax Distributions. Notwithstanding
anything herein to the contrary, Net Asset Sale Proceeds, Net Extraordinary Receipts and Net Return of Capital required to be applied
to the prepayment of the Loans pursuant to Section 2.09(d) shall exclude the amounts estimated in good faith by the Borrower to
be necessary for the Borrower to make distributions sufficient in amount to achieve the objectives set forth in (i), (ii) and (iii)
of Section 6.05(b) hereof.


 


Section 2.10.          Fees.


 


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


 


(b)          Letter of Credit Fees. The Borrower
agrees to pay (i) to the Administrative Agent for account of each Multicurrency Lender a participation fee with respect to
its participations in Letters of Credit, which shall accrue at a rate per annum equal to the Applicable Margin applicable to interest
on Eurocurrency Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable
to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the
date on which such Lender’s Multicurrency Commitment terminates and the date on which such Lender ceases to have any LC Exposure,
and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of one half of one percent (0.5%) per annum on
the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during
the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the
date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the issuance,
amendment renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees
accrued through and including each Quarterly Date shall be payable on the third Business Day following such Quarterly Date, commencing
on the first such date to occur after the Effective Date; provided that all such fees with respect to the Letters of Credit
shall be payable on the date on which the Multicurrency Commitments terminate (the “termination date”), the Borrower
shall pay any such fees that have accrued and that are unpaid on the termination date and, in the event any Letters of Credit shall
be outstanding that have expiration dates after the termination date, the Borrower shall prepay on the termination date the full
amount of the participation and fronting fees that will accrue on such Letters of Credit subsequent to the termination date through
but not including the date such outstanding Letters of Credit are scheduled to expire (and in that connection, the Multicurrency
Lenders agree not later than the date two Business Days after the date upon which the last such Letter of Credit shall expire or
be terminated to rebate to the Borrower the excess, if any, of the aggregate participation and fronting fees that have been prepaid
by the Borrower over the amount of such fees that ultimately accrue through the date of such expiration or termination). Any other
fees payable to the Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand. All participation fees
and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day).


 






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


 


(d)          Payment of Fees and Expenses.
All fees payable hereunder shall be paid on the dates due, in Dollars and immediately available funds, to the Administrative Agent
(or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees, to the Lenders entitled
thereto. Fees paid shall not be refundable under any circumstances absent manifest error. Any fees representing the Borrower’s
reimbursement obligations of expenses, to the extent requirements of invoice not otherwise specified in this Agreement, shall be
due (subject to the other terms and conditions contained herein) within ten Business Days of the date that the Borrower receives
from the Administrative Agent a reasonably detailed invoice for such reimbursement obligations.


 


Section 2.11.          Interest.


 


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


 


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


 


(c)          Default Interest. Notwithstanding
the foregoing, if any Event of Default described in clause (a), (b), (d) (only with respect to Section 6.07), (h), (i)
or (j) of Article VII has occurred and is continuing, or on demand of the Administrative Agent (at the direction of the Required
Lenders) or the Required Lenders if any Event of Default described in any other clause of Article VII has occurred and is
continuing, or if the Covered Debt Amount exceeds the Borrowing Base during the 30-Business Day period referred to in Section 2.09(c),
the interest applicable to Loans shall accrue, and any fee or other amount not paid when due by the Borrower hereunder shall bear
interest, after as well as before judgment, at a rate per annum equal to (i) in the case of principal of any Loan, 2% plus
the rate otherwise applicable to such Loan as provided above, or (ii) in the case of any fee or other amount, 2% plus
the rate applicable to ABR Loans as provided in paragraph (a) of this Section.


 






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


 


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


 


Section 2.12.          Eurocurrency
Borrowing Provisions.


 


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


 


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


 


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


 


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


 






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


 


Section 2.13.          Increased
Costs. 


 


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


 


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


 






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(ii)         impose on any Lender or
the Issuing Bank or the London interbank market any other condition, cost or expense (other than Taxes, which shall be governed
by Section 2.15 hereof) affecting this Agreement or Eurocurrency Loans made by such Lender or participation therein;


 


and the result of any of the foregoing shall be to increase
the cost to such Lenders of making or maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Eurocurrency
Loan) or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit
or to reduce the amount of any sum received or receivable by such Lender or the Issuing Bank hereunder (whether of principal, interest
or otherwise) with respect to such Lender’s Eurocurrency Loans, then the Borrower will pay to such Lender or the Issuing
Bank, as the case may be, in Dollars, such additional amount or amounts as will compensate such Lender or the Issuing Bank for
such additional costs incurred or reduction suffered.


 


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


 


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


 


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


 






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Section 2.14.          Break
Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the last day
of an Interest Period therefor (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan
other than on the last day of an Interest Period therefor, (c) the failure to borrow, convert, continue or prepay any Eurocurrency
Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable
under Section 2.09(f) and is revoked in accordance herewith), (d) the assignment as a result of a request by the
Borrower pursuant to Section 2.18(b) of any Eurocurrency Loan other than on the last day of an Interest Period therefor
or (e) the conversion of any Eurocurrency Loan other than on the last day of an Interest Period therefor as a result of the occurrence
of a CAM Exchange, then, in any such event, the Borrower shall compensate each Lender for any loss, cost and expense (excluding,
for clarity, applicable margin and lost profits) actually incurred by such Lender in respect thereof.


 


Payments under this Section shall be
made upon written request of a Lender delivered to the Borrower not later than 30 Business Days following a payment, conversion,
or failure to borrow, convert, continue or prepay that gives rise to a claim under this Section, accompanied by a written certificate
of such Lender setting forth in reasonable detail the amount or amounts that such Lender is entitled to receive pursuant to this
Section, which certificate shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due
on any such certificate within 10 days after receipt thereof.


 


Section 2.15.          Taxes.


 


(a)          Payments Free of Taxes. Any
and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document shall be made free
and clear of and without deduction for any Taxes; provided that if any applicable law (as determined in the good faith discretion
of an applicable Withholding Agent) requires the deduction or withholding of any Taxes from such payments, then (i) the Withholding
Agent shall make such deductions or withholdings, (ii) the Withholding Agent shall pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law and (iii) if such Tax is a Covered Tax, the sum payable shall be increased
as necessary so that after making all required deductions or withholdings (including deductions and withholdings applicable to
additional sums payable under this Section 2.15) the Administrative Agent, Lender or the Issuing Bank (as the case may
be) receives an amount equal to the sum it would have received had no such deductions or withholdings in respect of Covered Taxes
been made.


 


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


 


(c)          Indemnification by the Obligors.
The Obligors shall jointly and severally indemnify the Administrative Agent, each Lender and the Issuing Bank for and, within 10
Business Days after written demand therefor, pay the full amount of any Covered Taxes or Other Taxes (including Covered Taxes or
Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.15(c)) paid by the Administrative
Agent, such Lender or the Issuing Bank, as the case may be, and any penalties, interest and reasonable expenses arising therefrom
or with respect thereto, whether or not such Covered Taxes or Other Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender
or the Issuing Bank, by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Bank, shall be conclusive
absent manifest error.


 






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(d)          Indemnification by the Lenders.
Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Covered Taxes
attributable to such Lender (but only to the extent that any Obligor has not already indemnified the Administrative Agent for such
Covered Taxes and without limiting the obligation of the Obligors to do so), (ii) any Taxes attributable to such Lender’s
failure to comply with the provisions of Section 9.04(f) relating to the maintenance of a Participant Register and (iii) any Excluded
Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan
Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by
the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph
(e).


 


(e)          Evidence of Payments. As soon
as practicable after any payment of Covered Taxes or Other Taxes by any Obligor to a Governmental Authority, the Borrower shall
deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative
Agent. If the Borrower fails to pay any Covered Taxes or Other Taxes when due to the appropriate Governmental Authority or fails
to remit to the Administrative Agent the required receipts or other required documentary evidence, the Borrower shall indemnify
the Administrative Agent and each Lender for any incremental taxes, interest or penalties that may become payable by the Administrative
Agent or such Lender as a result of such failure (without duplication of amounts indemnified under Section 2.15(c)).


 


(f)          Status of Lenders. Any Lender
that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is
located, or any treaty to which such jurisdiction is a party, with respect to payments under any Loan Document shall deliver to
the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested
by the Borrower, such properly completed and executed documentation as will permit such payments to be made without withholding
or at a reduced rate.


 


In addition, any Lender, if requested by the
Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested
by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not
such Lender is subject to backup withholding or information reporting requirements.


 






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Without limiting the generality of the foregoing,
if the Borrower is resident for U.S. federal income tax purposes in the United States, (A) any Lender that is a “United
States person” as defined in section 7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent on
or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request
of the Borrower or the Administrative Agent), executed originals of Internal Revenue Service Form W-9 or such other documentation
or information prescribed by applicable laws or reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding
or information reporting requirements; and (B) each Foreign Lender shall deliver to the Borrower and the Administrative Agent
(in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent, but, in any event, only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable:


 


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


 


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


 


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


 


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


 






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(g)          If a payment made to a Lender under
this Agreement would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the
applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable),
such Lender shall deliver to the Administrative Agent and the Borrower such documentation prescribed by applicable law (including
as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the
Administrative Agent or the Borrower, at the time or times prescribed by law and at such time or times reasonably requested by
the Administrative Agent or the Borrower, as may be necessary for the Administrative Agent and the Borrower to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine
the amount to deduct and withhold from any such payment. Solely for purposes of this Section 2.15(g), “FATCA”
shall include any amendment made to FATCA after the Effective Date.


 


(h)          Each Lender shall update the forms,
certifications and documentation described in Sections 2.15(f) and (g) promptly upon the expiration or invalidity of any form,
certificate or documentation previously delivered by such Lender; provided it is legally able to do so at the time. Each
Lender shall promptly notify the Borrower and the Administrative Agent at any time that it becomes aware that it no longer satisfies
the legal requirements to provide any previously delivered form, certificate or documentation to the Borrower (or any other form,
certification or documentation adopted by the U.S. or other taxing authorities for such purpose).


 


(i)          Conduit Financing Arrangements.
Each Lender represents that as of the date hereof (or, in the case of an assignee pursuant to Section 9.04(b)(i), as of the date
of assignment) it is not participating in a conduit financing arrangement as defined in Treasury Regulations Section 1.881-3 (regardless
of whether such arrangement is pursuant to the use of an SPC as defined in Section 9.04(e)) in connection with its participation
in any of the Loan Documents (a “Conduit Financing Arrangement”). Notwithstanding anything to the contrary in
this Section 2.15, if the Internal Revenue Service determines that any SPC (as defined in Section 9.04(e)) is a conduit entity
participating in a Conduit Financing Arrangement with respect to any Loan Document and the Borrower was not a participant to such
arrangement (other than as a Borrower under this Agreement), then (i) the Borrower shall have no obligation to pay additional amounts
or indemnify the SPC for any Taxes with respect to any payments hereunder to the extent that the amount of such Taxes exceeds the
amount that would have otherwise been withheld or deducted had the Internal Revenue Service not made such a determination and (ii)
such SPC shall indemnify the Borrowers in full for any and all taxes for which the Borrower is held directly liable under Section
1461 of the Code by virtue of such Conduit Financing Arrangement; provided that such Borrower (A) promptly forward to the indemnitor
an official receipt of such documentation satisfactorily evidencing such payment, (B) contest such tax upon the reasonable request
of the indemnitor and at such indemnitor’s cost, and (C) pay such indemnitor within thirty (30) days any refund of such taxes
(including interest thereon).


 


(j)          Treatment of Certain Refunds.
If the Administrative Agent, any Lender or an Issuing Bank determines, in its sole discretion, that it has received a refund or
credit of any Covered Taxes or Other Taxes as to which it has been indemnified by any Obligor or with respect to which any Obligor
has paid additional amounts pursuant to this Section 2.15, it shall pay to the Borrower an amount equal to such refund or
credit (but only to the extent of indemnity payments made, or additional amounts paid, by any Obligor with respect to the Covered
Taxes or Other Taxes giving rise to such refund or credit), net of all reasonable out-of-pocket expenses of the Administrative
Agent or any Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund or credit); provided that the Borrower, upon the request of the Administrative Agent, any Lender
or the Issuing Bank, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Administrative Agent, any Lender or the Issuing Bank in the event the Administrative
Agent, any Lender or the Issuing Bank is required to repay such refund or credit to such Governmental Authority. Notwithstanding
anything to the contrary in this paragraph (h), in no event will the Administrative Agent, any Lender or the Issuing Bank be required
to pay any amount to the Borrower pursuant to this paragraph (h) the payment of which would place the Administrative Agent, such
Lender or the Issuing Bank in a less favorable net position after-Taxes than the Administrative Agent, such Lender or the Issuing
Bank would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This
subsection shall not be construed to require the Administrative Agent, any Lender or the Issuing Bank to make available its
tax returns or its books or records (or any other information relating to its Taxes that it deems confidential) to the Borrower
or any other Person.


 






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Section 2.16.          Payments
Generally; Pro Rata Treatment: Sharing of Set-offs.


 


(a)          Payments by the Borrower. The
Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees, reimbursement of LC
Disbursements, or under Section 2.13, 2.14 or 2.15, or otherwise) or under any other Loan Document (except to the extent
otherwise provided therein) prior to 12:00 noon, Local Time, on the date when due, in immediately available funds, without
set-off, deduction or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative
Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such
payments shall be made to the Administrative Agent at the Administrative Agent’s Account, except as otherwise expressly provided
in the relevant Loan Document and except payments to be made directly to the Issuing Bank as expressly provided herein and payments
pursuant to Sections 2.13, 2.14, 2.15 and 9.03, which shall be made directly to the Persons entitled thereto. The Administrative
Agent shall distribute any such payments received by it for account of any other Person to the appropriate recipient promptly following
receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended
to the next succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the
period of such extension.


 


All amounts owing under this Agreement (including
commitment fees, payments required under Sections 2.13, 2.14 and 2.15 relating to any Loan denominated in Dollars, but not
including principal of and interest on any Loan denominated in any Foreign Currency or payments relating to any such Loan required
under Section 2.15 or any reimbursement or cash collateralization of any LC Exposure denominated in any Foreign Currency, which
are payable in such Foreign Currency) or under any other Loan Document (except to the extent otherwise provided therein) are
payable in Dollars. Notwithstanding the foregoing, if the Borrower shall fail to pay any principal of any Loan or LC Disbursement
when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), the unpaid portion of such Loan or
LC Disbursement shall, if such Loan or LC Disbursement is not denominated in Dollars, automatically be redenominated in Dollars
on the due date thereof (or, if such due date is a day other than the last day of the Interest Period therefor, on the last day
of such Interest Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such principal
shall be payable on demand and if the Borrower shall fail to pay any interest on any Loan that is not denominated in Dollars, such
interest shall automatically be redenominated in Dollars on the due date therefor (or, if such due date is a day other than the
last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal to the Dollar Equivalent
thereof on the date of such redenomination and such interest shall be payable on demand.


 






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


 


(c)          Pro Rata Treatment. Except to
the extent otherwise provided herein: (i) each Borrowing of a Class shall be made from the Lenders of such Class, each payment
of commitment fee under Section 2.10 shall be made for account of the Lenders of the applicable Class, and each termination
or reduction of the amount of the Commitments of a Class under Section 2.07, Section 2.09 or otherwise shall be applied to
the respective Commitments of the Lenders of such Class, pro rata according to the amounts of their respective Commitments of such
Class; (ii) each Borrowing of a Class shall be allocated pro rata among the Lenders according to the amounts of their respective
Commitments of such Class (in the case of the making of Loans) or their respective Loans of such Class that are to be included
in such Borrowing (in the case of conversions and continuations of Loans); (iii) each payment or prepayment of principal of
Loans of a Class by the Borrower shall be made for account of the Lenders of such Class pro rata in accordance with the respective
unpaid principal amounts of the Loans of such Class held by them (and, with respect to the pro rata treatment of prepayments between
Classes, any such prepayments shall be made in accordance with the provisions of the last paragraph of Section 2.09(d) and Sections
2.09(e) and (f)); and (iv) each payment of interest on Loans of a Class by the Borrower shall be made for account of the Lenders
pro rata in accordance with the amounts of interest on such Loans of such Class then due and payable to the respective Lenders;
provided however that, notwithstanding anything to the contrary contained herein, in the event that the Borrower wishes
to make a Multicurrency Borrowing in an Agreed Foreign Currency and the Multicurrency Commitments are fully utilized, the Borrower
may make a Borrowing under the Dollar Commitments (if otherwise permitted hereunder) and may use the proceeds of such Borrowing
to prepay the Multicurrency Loans (without making a ratable prepayment to the Dollar Loans) solely to the extent that the Borrower
concurrently utilizes any Multicurrency Commitments made available as a result of such prepayment to make a Multicurrency Borrowing
in an Agreed Foreign Currency.


 






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


 


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


 


(f)          Certain Deductions by the Administrative
Agent. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(a) or (b) or
2.16(e), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts
thereafter received by the Administrative Agent for account of such Lender to satisfy such Lender’s obligations under such
Sections until all such unsatisfied obligations are fully paid.


 


Section 2.17.          Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then
the following provisions shall apply for so long as such Lender is a Defaulting Lender:


 


(a)          commitment fees pursuant to Section 2.10(a)
shall cease to accrue on the unused portion of the Commitment of such Defaulting Lender to the extent and during the period such
Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such commitment fee that otherwise would have
accrued and been required to have been paid to such Defaulting Lender to the extent and during the period such Lender is a Defaulting
Lender);


 






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


 


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


 


(c)          if any LC Exposure exists at the time
a Multicurrency Lender becomes a Defaulting Lender then:


 


(i)           all or any part of such
LC Exposure shall be reallocated among the non-Defaulting Multicurrency Lenders in accordance with their respective Applicable
Multicurrency Percentages but only to the extent (x) the sum of all non-Defaulting Lenders’ Revolving Multicurrency Credit
Exposures plus such Defaulting Lender’s LC Exposure does not exceed the total of all non-Defaulting Lenders’ Multicurrency
Commitments, (y) no non-Defaulting Lender’s Revolving Multicurrency Credit Exposure will exceed such Lender’s Multicurrency
Commitment, and (z) the conditions set forth in Section 4.02 are satisfied at such time (and unless the Borrower has notified the
Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied
at such time);


 


(ii)          if the reallocation described
in clause (i) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available
to it hereunder or under law, within three Business Days following notice by the Administrative Agent, cash collateralize such
Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance
with the procedures set forth in Section 2.04(k) for so long as such LC Exposure is outstanding;


 


(iii)         if the Borrower cash
collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not
be required to pay any fees to such Defaulting Lender pursuant to Section 2.10(b) with respect to such Defaulting Lender’s
LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;


 






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(iv)          if the LC Exposure of
the non-Defaulting Multicurrency Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant
to Section 2.10(a) and Section 2.10(b) shall be adjusted in accordance with such non-Defaulting Multicurrency Lenders’ Applicable
Multicurrency Percentages;


 


(v)          if any Defaulting Lender’s
LC Exposure is neither cash collateralized nor reallocated pursuant to this Section 2.17(c), then, without prejudice to any rights
or remedies of the Issuing Bank or any Lender hereunder, all facility fees that otherwise would have been payable to such Defaulting
Lender (solely with respect to the portion of such Defaulting Lender’s Commitment that was utilized by such LC Exposure)
and letter of credit fees payable under Section 2.10(b) with respect to such Defaulting Lender’s LC Exposure shall be payable
to the Issuing Bank until such LC Exposure is cash collateralized and/or reallocated; and


 


(vi)          no reallocation hereunder
shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having
become a Defaulting Lender, including any claim of a non-Defaulting Lender as a result of such non-Defaulting Lender’s increased
exposure following such reallocation.


 


(d)          so long as any Multicurrency Lender
is a Defaulting Lender, the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied
that the related exposure will be 100% covered by the Commitments of the non-Defaulting Multicurrency Lenders and/or cash collateral
will be provided by the Borrower in accordance with Section 2.17(c), and participating interests in any such newly issued or increased
Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.17(c)(i) (and Defaulting
Lenders shall not participate therein).


 


In the event that the Administrative Agent,
the Borrower and the Issuing Bank each agrees that a Defaulting Lender that is a Multicurrency Lender has adequately remedied all
matters that caused such Lender to be a Defaulting Lender, then such Lender shall no longer be deemed a Defaulting Lender, the
Borrower shall no longer be required to cash collateralize any portion of such Lender’s LC Exposure cash collateralized pursuant
to Section 2.17(c)(ii) above and the LC Exposure of the Multicurrency Lenders shall be readjusted to reflect the inclusion of such
Lender’s Multicurrency Commitment and on such date such Lender shall purchase at par such of the Loans of the other Multicurrency
Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance
with its Applicable Multicurrency Percentage.


 


Section 2.18.          Mitigation
Obligations; Replacement of Lenders.


 


(a)          Designation of a Different Lending
Office. If any Lender exercises its rights under Section 2.12(b) or requests compensation under Section 2.13, or
if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for account of any Lender
pursuant to Section 2.15, then such Lender shall use reasonable efforts to designate a different lending office for funding
or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates,
if in the sole judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant
to Section 2.13 or 2.15, as the case may be, in the future, or eliminate the circumstance giving rise to such Lender exercising
its rights under Section 2.12(b) and (ii) would not subject such Lender to any cost or expense not required to be reimbursed
by the Borrower and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs
and expenses incurred by any Lender in connection with any such designation or assignment.


 






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(b)          Replacement of Lenders. If any
Lender exercises its rights under Section 2.12(b) or requests compensation under Section 2.13, or if the Borrower is required to
pay any additional amount to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.15, or if
any Lender becomes a Defaulting Lender, or if any Lender becomes a Non-Consenting Lender, then the Borrower may, at its sole expense
and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse
(in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations
under this Agreement and the other Loan Documents to an assignee that shall assume such obligations (which assignee may be another
Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written
consent of the Administrative Agent (and, if a Commitment is being assigned, the Issuing Bank) which consent shall not unreasonably
be withheld or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans
and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from
the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all
other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.13 or payments
required to be made pursuant to Section 2.15, such assignment will result in a reduction in such compensation or payments. A Lender
shall not be required to make any such assignment and delegation if prior thereto, as a result of a waiver by such Lender or otherwise,
the circumstances entitling the Borrower to require such assignment and delegation cease to apply.


 


(c)          Defaulting Lenders. If any Lender
shall fail to make any payment required to be made by it pursuant to Section 2.05 or 9.03(c), then the Administrative Agent
may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the
Administrative Agent for the account of such Lender for the benefit of the Administrative Agent or the Issuing Bank to satisfy
such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold
any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender
under such Sections, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative
Agent in its discretion.


 






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Section 2.19.          Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in
any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of
any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may
be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:


 


(a)          the application
of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable
to it by any Lender that is an EEA Financial Institution; and


 


(b)          the effects
of any Bail-in Action on any such liability, including, if applicable:


 


(i)           a reduction in full or in
part or cancellation of any such liability;


 


(ii)          a conversion of all, or
a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking,
or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership
will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or


 


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


 


Section 2.20.          Illegality
of Lending. If at any time during the term of this Agreement a Lender (the “Affected
Lender”) (a) receives a final, nonappealable order of an applicable court, tribunal or other administrative body
of competent jurisdiction or (b) an applicable Governmental Authority or otherwise determines pursuant to any applicable law
or regulation or interpretative guidance thereof that it is unlawful for the Affected Lender to
perform its obligations as contemplated by this Agreement (a “Lending Prohibition”): then (x) the
Affected Lender shall promptly notify the Administrative Agent upon becoming aware of that event (which notice
shall include a reference to such Lending Prohibition and specify the applicable restrictions contained therein); (y) to the
extent required pursuant to the Lending Prohibition, upon Administrative Agent notifying the Borrower (which notice
shall include a reference to such Lending Prohibition and specify the applicable restrictions contained therein), the
Commitment of the Affected Lender will be immediately cancelled; and (z) to the extent that
the Affected Lender’s interest, rights and obligations under the credit facilities provided for herein have
not been assigned and assumed by another Lender and solely to the extent that the Designated Obligations owed to
such Affected Lender hereunder have been deemed prohibited, the Borrower shall repay such Designated Obligations deemed
prohibited that are owing to the Affected Lender (notwithstanding anything to the contrary contained herein,
without any prepayment penalty, premium, breakage cost or other cost owed hereunder) solely to the extent required
pursuant to the Lending Prohibition within thirty (30) calendar days after the date of the Borrower’s receipt of such
notice from Administrative Agent or, if earlier, the date specified by the Affected Lender in the notice
delivered to Administrative Agent and by the Administrative Agent to the Borrower (being no earlier than the last
day on which such payment may be made pursuant to the Lending Prohibition after giving effect to any applicable
grace period permitted thereunder). Notwithstanding anything to the contrary contained in this Agreement
(including, without limitation, any pro rata payment provision), any required prepayment pursuant to this Section 2.20 will
solely be on account of the outstanding Designated Obligations owed to the Affected Lender and no payment or prepayment
shall be required to be made to any other Lender, and the Commitments of the Lenders other than the Affected Lender shall be
reallocated in a manner acceptable to the Administrative Agent so that, after giving effect thereto, the Loans of such Class
are held ratably by the Lenders of such Class in accordance with the respective Commitments of such Lenders of such Class
(after giving effect to such prepayment). For the avoidance of doubt (but subject to the other terms and conditions contained
herein), the Borrower may borrow additional Loans from the other Lenders hereunder to make such prepayment and this Section
2.20 shall not apply to (and is not duplicative of) any matter covered by Section 2.12(b) of this Agreement.


 






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Article III



 


REPRESENTATIONS AND WARRANTIES


 


The Borrower represents and warrants to the
Lenders that:


 


Section 3.01.          Organization;
Powers. Each of the Borrower and its Subsidiaries, as applicable, is duly organized or incorporated, validly existing and
in good standing under the laws of the jurisdiction of its organization or incorporation, has all requisite power and authority
to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every
jurisdiction where the failure to do so could reasonably be expected to result in a Material Adverse Effect.


 


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


 


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


 






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Section 3.04.          Financial
Condition; No Material Adverse Effect.


 


(a)          Financial Statements. The financial
statements delivered to the Administrative Agent and the Lenders by the Borrower pursuant to Section 4.01(c), Section 5.01(a) and
Section 5.01(b) present fairly, in all material respects, the consolidated financial position and results of operations and cash
flows of the Borrower and its consolidated Subsidiaries as of the end of and for the applicable period in accordance with GAAP,
subject, in the case of unaudited financial statements, to year-end audit adjustments and the absence of footnotes.


 


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


 


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


 


Section 3.06.          Compliance
with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders
of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon
it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries is subject to any contract or other arrangement,
the performance of which by the Borrower could reasonably be expected to result in a Material Adverse Effect.


 


Section 3.07.          Taxes.
Each of the Borrower and its Subsidiaries has timely filed or has caused to be timely filed all material U.S. federal, state,
local and other Tax returns that are required to be filed by it and has paid all material Taxes for which it is directly or indirectly
liable and any assessments made against it or any of its property and all other material Taxes, fees or other charges imposed
on it or any of its property by any Governmental Authority, other than any Taxes, fees or other charges the amount or validity
of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity
with GAAP have been provided on the books of the Borrower or its Subsidiaries, as the case may be. The charges, accruals and reserves
on the books of the Borrower and any of its Subsidiaries in respect of Taxes and other governmental charges are adequate. Neither
the Borrower nor any of its Subsidiaries has given or been requested to give a waiver of the statute of limitations relating to
the payment of any federal, state, local and foreign Taxes or other impositions, and no Tax lien (other than Liens permitted pursuant
to clause (a) of the definition of Permitted Liens) has been filed with respect to the Borrower or any of its Subsidiaries. There
is no proposed Tax assessment against the Borrower or any of its Subsidiaries, and there is no basis for any such assessment.


 






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


 


Section 3.09.          Disclosure.


 


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


 


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


 


Section 3.10.          Investment
Company Act; Margin Regulations.


 


(a)          Status as Business Development Company.
The Borrower is a “closed end fund” that has elected to be regulated as a “business development company”
within the meaning of the Investment Company Act and has qualified as a RIC for all taxable years ending on or after December 31,
2011.


 


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


 






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


 


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


 


Section 3.11.          Material
Agreements and Liens.


 


(a)          Material Agreements. Schedule 3.11(a)
is a complete and correct list of each credit agreement, loan agreement, indenture, purchase agreement, guarantee, letter of credit
or other arrangements (to the extent that such other arrangements exceed an aggregate outstanding principal amount of $10,000,000)
providing for or otherwise relating to any Indebtedness or any extension of credit (or commitment for any extension of credit) to,
or guarantee by, the Borrower or any of its Subsidiaries outstanding on the Effective Date, and the aggregate principal or face
amount outstanding or that is, or may become, outstanding under each such arrangement, in each case on the Effective Date, is correctly
described in Schedule 3.11(a).


 


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


 


Section 3.12.          Subsidiaries
and Investments.


 


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


 


(b)          Investments.


 


(i)          Set forth in Schedule 3.12(b)
is a complete and correct list of all Investments of a type referred to in clauses (c) and (h) of Section 6.04 held by the
Borrower or any of its Subsidiaries in any Person on the Effective Date and, for each such Investment, (x) the identity of
the Person or Persons holding such Investment and (y) the nature of such Investment.


 






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(ii)           Except as disclosed in
Schedule 3.12(b), as of the Effective Date each of the Borrower and its Subsidiaries owns, free and clear of all Liens
(other than Liens permitted pursuant to Section 6.02), all of its Investments.


 


Section 3.13.          Properties.


 


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


 


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


 


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


 


Section 3.15.          Affiliate
Agreements. As of the Effective Date, the Borrower has heretofore delivered to each of the Lenders true and complete copies
of each of the Affiliate Agreements as in effect on the Closing Date (including any schedules and exhibits thereto, and any amendments,
supplements or waivers executed and delivered thereunder). As of the Effective Date, each of the Affiliate Agreements is in full
force and effect.


 


Section 3.16.          Structured
Subsidiaries 


 


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


 


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


 


Section 3.17.          Compliance
with OFAC. To the extent applicable, the Borrower and each other Subsidiary is in compliance,
in all material respects, with (i) the Trading with the Enemy Act and each of the foreign assets control regulations of the
United States Treasury Department (31 CFR, Subtitle B, Chapter V) and any other enabling legislation or executive order relating
thereto, and (ii) the USA PATRIOT Act.  None of the Borrower or any Subsidiary nor, to the knowledge of the Borrower,
any director, officer, agent, employee or Affiliate of the Borrower or any other Subsidiary, is currently subject to any U.S.
sanctions administered by OFAC, nor is the Borrower or any Subsidiary located, organized or resident in a Designated Jurisdiction. 
No part of the proceeds of the Loans or Letter of Credit will be used, directly or indirectly, or otherwise made available (A)
for any payments to any officer or employee of a Governmental Authority, or any Person controlled
by a Governmental Authority, or any political party, official of a political party, candidate for political office, or anyone
else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation
of the United States Foreign Corrupt Practices Act of 1977 or (B) to any Person for the purpose of financing the activities of
any Person currently subject to any Sanction.


 






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Article IV



CONDITIONS


 


Section 4.01.          Effective
Date. This Agreement and the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit
hereunder shall not become effective until completion of each of the following conditions precedent (unless a condition shall
have been waived in accordance with Section 9.02):


 


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


 


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


 


(ii)          Guarantee and Security
Agreement. The Guarantee and Security Agreement, duly executed and delivered by each of the parties to the Guarantee and Security
Agreement.


 


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


 


(iv)         Corporate Documents.
(v) Copies of the organizational documents of each Obligor certified as of a recent date by the appropriate governmental official,
(w) signature and incumbency certificates of the officers of such Person executing the Loan Documents to which it is a party,
(x) resolutions of the board of directors or similar governing body of each Obligor approving and authorizing the execution,
delivery and performance of this Agreement and the other Loan Documents to which it is a party or by which it or its assets may
be bound as of the Effective Date, certified as of the Effective Date by its secretary or an assistant secretary as being in full
force and effect without modification or amendment, (y) a good standing certificate from the applicable Governmental Authority
of each Obligor’s jurisdiction of incorporation, organization or formation and in each jurisdiction in which it is qualified
as a foreign corporation or other entity to do business, each dated a recent date prior to the Effective Date, and (z) such
other documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization,
existence and good standing of the Obligors, and the authorization of the Transactions, all in form and substance reasonably satisfactory
to the Administrative Agent and its counsel.


 






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


 


(vi)         Custodian Agreement.
A duly executed and delivered Custodian Agreement among the Borrower, the Collateral Agent and the Custodian and all other control
arrangements required at the time under this Agreement with respect to the Obligors’ other deposit accounts and securities
accounts.


 


(b)           Liens. The Administrative Agent
and each Lender shall have received results of a recent lien search in each relevant jurisdiction with respect to the Obligors,
confirming the priority of the Liens in favor of the Collateral Agent created pursuant to the Security Documents and revealing
no liens on any of the assets of the Borrower or its Subsidiaries except for Liens permitted under Section 6.02 or Liens to
be discharged on or prior to the Effective Date pursuant to documentation satisfactory to the Administrative Agent. Subject to
Section 5.08(c)(ii), all Uniform Commercial Code financing statements, control agreements and other documents or instruments
required to be filed or executed and delivered in order to create in favor of the Administrative Agent, for the benefit of the
Lenders, a first priority perfected (subject to Eligible Liens) security interest in the Collateral (to the extent that such a
security interest may be perfected by filing, possession or control under the Uniform Commercial Code and as required by Section 5.08(c)(i)
and the Guarantee and Security Agreement) shall have been properly filed or executed and delivered in each jurisdiction required.


 


(c)           Financial Statements. The Administrative
Agent and the Lenders shall have received prior to the execution of this Agreement the audited consolidated balance sheets, statements
of operations, statement of changes in net assets, statements of cash flows and schedules of investments of the Borrower and its
Subsidiaries for the fiscal year ended December 31, 2014. The Administrative Agent and the Lenders shall have received any other
financial statements of the Borrower and its Subsidiaries as they shall reasonably request. The Administrative Agent and Lenders
acknowledge having received the financial statements referred to above.


 


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


 






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


 


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


 


(g)          Fees and Expenses. The Borrower
shall have paid in full to the Administrative Agent all fees and expenses related to this Agreement invoiced and owing on the Effective
Date.


 


(h)          Default. No Default shall have
occurred and be continuing under this Agreement immediately before and after giving effect to the Transactions, any incurrence
of Indebtedness hereunder and the use of the proceeds hereof on a pro forma basis.


 


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


 


(j)           Structured Subsidiaries. The
Administrative Agent and each Lender have received a certificate from a Financial Officer of the Borrower, certifying that each
Subsidiary that is designated a “Structured Subsidiary” as of the Effective Date complies with the conditions set forth
in the definition of “Structured Subsidiaries”.


 


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


 


The contemporaneous exchange and release of
executed signature pages by each of the Persons contemplated to be a party hereto shall render this Agreement effective and any
such exchange and release of such executed signature pages by all such persons shall constitute satisfaction or waiver (as applicable)
of any condition precedent to such effectiveness set forth above. Each Lender as of the Effective Date acknowledges its receipt
and satisfaction with this Agreement and each other document described above.


 






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Section 4.02.          Each
Credit Event. The obligation of each Lender to make any Loan, and of the Issuing Bank to issue, amend, renew or extend any
Letter of Credit, including in each case any such extension of credit on the Effective Date, is additionally subject to the satisfaction
of the following conditions:


 


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


 


(b)          at the time of such Loan, no Default
shall have occurred and be continuing or would result from such Loan after giving effect thereto;


 


(c)          either (i) the aggregate Covered
Debt Amount (after giving effect to such extension of credit) shall not exceed the Borrowing Base reflected on the Borrowing
Base Certificate most recently delivered to the Administrative Agent and the Lenders or (ii) the Borrower shall have delivered
an updated Borrowing Base Certificate demonstrating that the Covered Debt Amount (after giving effect to such extension of credit) shall
not exceed the Borrowing Base after giving effect to such extension of credit as well as any concurrent acquisitions of Portfolio
Investments by the Borrower or payment of outstanding Loans or Other Covered Indebtedness;


 


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


 


(e)          the proposed date of such extension
of credit shall take place during the Availability Period;


 


(f)           in the case of the first Borrowing,
the Administrative Agent and the Lenders shall have received a Borrowing Base Certificate dated as of the date of the Borrowing
Request, showing a calculation of the Borrowing Base as of the date thereof in form and substance reasonably satisfactory to the
Administrative Agent and the Lenders; and


 


(g)          in the case of the first Borrowing,
the Administrative Agent and the Lenders shall have received delivery of the most recent quarterly third party valuation report
attesting the value of each unquoted Eligible Portfolio Investment included in the Borrowing Base at the date of such Borrowing;
provided that no attested value may be older than September 30, 2015 at the date of first drawing; provided, further
that the foregoing shall not apply to any unquoted Eligible Portfolio Investment acquired after the most recent determination of
value of Portfolio Investments by the Board of Directors, which shall be valued at the cost thereof in accordance with Section
5.12.


 


Each Borrowing, and each issuance, amendment,
renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date
thereof as to the matters specified in the preceding sentence.


 






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Article V



AFFIRMATIVE COVENANTS


 


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


 


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


 


(a)          within 90 days after the end of each
fiscal year of the Borrower, the audited consolidated balance sheets, statements of operations, statement of changes in net assets,
statements of cash flows and schedules of investments of the Borrower and its Subsidiaries as of the end of and for such year,
setting forth in each case in comparative form the figures for the previous fiscal year (to the extent full fiscal year information
is available), all reported on by RSM US LLP or other independent public accountants of recognized national standing to the effect
that such consolidated financial statements present fairly in all material respects the financial condition and results of operations
of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied (which report shall be
unqualified as to going concern and scope of audit and shall not contain any explanatory paragraph or paragraph of emphasis with
respect to going concern); provided that the requirements set forth in this clause (a) may be fulfilled if such financial
statements are furnished in the Borrower’s annual report filed by the Borrower with the SEC on Form 10-K for the applicable
fiscal year, and such report shall be deemed to have been provided to the Administrative Agent and the Lenders once publicly available
on the SEC’s website;


 


(b)          within 45 days after the end of each
of the first three (3) fiscal quarters of each fiscal year of the Borrower, the consolidated balance sheets, statements of
operations, statement of changes in net assets, statements of cash flows and schedules of investments of the Borrower and its Subsidiaries
as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative
form the figures for (or, in the case of the statement of assets and liabilities, as of the end of) the corresponding period
or periods of the previous fiscal year (to the extent such information is available for the previous fiscal year), all certified
by a Financial Officer of the Borrower as presenting fairly in all material respects the financial condition and results of operations
of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end
audit adjustments and the absence of footnotes; provided that the requirements set forth in this clause (b) may be
fulfilled if such financial statements are furnished in the Borrower’s quarterly report filed by the Borrower with the SEC
on Form 10-Q for the applicable quarterly period, and such report shall be deemed to have been provided to the Administrative Agent
and the Lenders once publicly available on the SEC’s website;


 






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(c)          concurrently with any delivery of financial
statements under clause (a) or (b) of this Section, a certificate of a Financial Officer of the Borrower (i) to
the extent the requirements in clause (a) and (b) are not fulfilled by the Borrower delivering the applicable report
delivered to (or filed with) the SEC, certifying that such statements are consistent with the financial statements filed by the
Borrower with the SEC, (ii) certifying as to whether the Borrower has knowledge that a Default has occurred during the most
recent period covered by such financial statements (or has occurred and is continuing from a prior period) and, if a Default has
occurred during such period (or has occurred and is continuing from a prior period), specifying the details thereof and any action
taken or proposed to be taken with respect thereto, (iii) setting forth reasonably detailed calculations demonstrating compliance
with Sections 6.01(b), (c) and (f), 6.04(h), 6.05(b) and (d) and 6.07, (iv) stating whether any change in GAAP as applied
by (or in the application of GAAP by) the Borrower has occurred since the Effective Date (but only if the Borrower has not previously
reported such change to the Administrative Agent and if such change has had a material effect on the financial statements) and,
if any such change has occurred (and has not been previously reported to the Administrative Agent), specifying the effect of such
change on the financial statements accompanying such certificate and (v) attaching a list of Subsidiaries and Immaterial Subsidiaries
as of the date of delivery of such certificate or a confirmation that there is no change in such information since the date of
the last such list;


 


(d)          as soon as available and in any event
not later than twenty (20) calendar days after the end of each monthly accounting period (ending on the last day of each calendar
month) of the Borrower and its Subsidiaries, (i) a Borrowing Base Certificate as of the last day of such accounting period
(which shall, among other things, identify which Portfolio Investments are Quoted Investments and Unquoted Investments), (ii) a
report certified by a Financial Officer of the Borrower identifying the aggregate amount of net cash proceeds received by the Borrower
from Equity Interests issued by the Borrower in the immediately prior monthly accounting period and (iii) a schedule of Portfolio
Investments held directly by the Borrower or indirectly through a Tax Blocker Subsidiary, which shall be complete and correct in
all material respects;


 


(e)          promptly but no later than two Business
Days after any Financial Officer of the Borrower shall at any time have knowledge that there is a Borrowing Base Deficiency, a
Borrowing Base Certificate as at the date such Financial Officer has knowledge of such Borrowing Base Deficiency indicating
the amount of the Borrowing Base Deficiency as at the date such Financial Officer obtained knowledge of such deficiency and the
amount of the Borrowing Base Deficiency as of the date not earlier than three Business Days prior to the date the Borrowing Base
Certificate is delivered pursuant to this paragraph;


 


(f)           promptly upon receipt thereof copies
of all significant and non-routine written reports submitted to the management or board of directors of the Borrower by the Borrower’s
independent public accountants in connection with each annual, interim or special audit or review of any type of the financial
statements or related internal control systems of the Borrower or any of its Subsidiaries delivered by such accountants to the
management or board of directors of the Borrower (other than the periodic reports that the Borrower’s independent auditors
provide, in the ordinary course, to the audit committee of the Borrower’s board or directors);


 


(g)          copies of all periodic and other reports,
proxy statements and other materials sent to all stockholders filed by the Borrower or any of its Subsidiaries with the SEC or
with any national securities exchange, as the case may be, which such periodic and other reports, proxy statements and other materials
shall be deemed to have been provided to the Administrative Agent once publicly available on the website of the SEC or any national
securities exchange, as the case may be;


 






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(h)          within
45 days after the end of each fiscal quarter of the Borrower, all final internal and external
valuation reports relating to the Eligible Portfolio Investments and the underwriting memoranda for all Eligible
Portfolio Investments included in such valuation reports, and any other information relating to the Eligible Portfolio Investments
as reasonably requested by the Administrative Agent or any Lender; provided that the underwriting memoranda for a particular
Eligible Portfolio Investment of an Obligor shall only be required to be delivered within 30 days of the initial closing of such
Eligible Portfolio Investment and at no other time;


 


(i)           to the extent not otherwise provided
by the Custodian, within thirty (30) days after the end of each month, updated copies of custody reports (including, to the extent
available, an itemized list of each Portfolio Investment held in any Custodian Account owned by the Borrower or any of its Subsidiaries)
with respect to any custodian account owned by the Borrower or any of the Subsidiary Guarantors;


 


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


 


Section 5.02.          Notices
of Material Events. Upon the Borrower becoming aware of any of the following, the Borrower will furnish to the Administrative
Agent and each Lender prompt written notice of the following:


 


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


 


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


 


(c)          the occurrence of any ERISA Event that,
alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower
and its Subsidiaries in an aggregate amount exceeding $5,000,000; and


 


(d)          any other development (excluding matters
of a general economic, financial or political nature to the extent that they could not reasonably be expected to have a disproportionate
effect on the Borrower) that results in, or could reasonably be expected to result in, a Material Adverse Effect.


 


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


 






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


 


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


 


Section 5.05.          Maintenance
of Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries (other than Immaterial Subsidiaries)
to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary
wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts
and against such risks as are customarily maintained by companies engaged in the same or similar business, operating in the same
or similar locations.


 


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


 


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


 






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


 


Section 5.07.          Compliance
with Laws and Agreements. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations,
including the Investment Company Act (if applicable to such Person), and orders of any Governmental Authority applicable to it
(including orders issued by the SEC) or its property and all indentures, agreements and other instruments, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.


 


Section 5.08.          Certain
Obligations Respecting Subsidiaries; Further Assurances.


 


(a)           Subsidiary Guarantors.


 


(i)           In the event that (1) the
Borrower or any of its Subsidiaries shall form or acquire any new Subsidiary (other than a Financing Subsidiary, a CFC, a Tax Blocker
Subsidiary or a Transparent Subsidiary), or that any other Person shall become a “Subsidiary” within the meaning of
the definition thereof (other than a Financing Subsidiary, a CFC, a Tax Blocker Subsidiary or a Transparent Subsidiary); (2) any
Structured Subsidiary shall no longer constitute a “Structured Subsidiary” pursuant to the definition thereof (in which
case such Person shall be deemed to be a “new” Subsidiary for purposes of this Section 5.08); or (3) any
SBIC Subsidiary shall no longer constitute a “SBIC Subsidiary” pursuant to the definition thereof (in which case such
Person shall be deemed to be a “new” Subsidiary for purposes of this Section 5.08), (4) any CFC shall no longer
constitute a “CFC” pursuant to the definition thereof (in which case such Person shall be deemed to be a “new”
Subsidiary for purposes of this Section 5.08), (5) any Transparent Subsidiary shall no longer constitute a “Transparent Subsidiary”
pursuant to the definition thereof (in which case such Person shall be deemed to be a “new” Subsidiary for purposes
of this Section 5.08) or (6) any Tax Blocker Subsidiary shall no longer constitute a “Tax Blocker Subsidiary” pursuant
to the definition thereof (in which case such Person shall be deemed to be a “new” Subsidiary for purposes of this
Section 5.08), the Borrower will, in each case, on or before 90 days following such Person becoming a Subsidiary or such Financing
Subsidiary, CFC, Transparent Subsidiary or Tax Blocker Subsidiary, as the case may be, no longer qualifying as such, cause such
new Subsidiary or former Financing Subsidiary, former CFC, former Transparent Subsidiary or former Tax Blocker Subsidiary, as the
case may be, to become a “Subsidiary Guarantor” (and, thereby, an “Obligor”) under the Guarantee and Security
Agreement pursuant to a Guarantee Assumption Agreement and to deliver such proof of corporate or other action, incumbency of officers,
opinions of counsel (solely in the case of any Subsidiary that is not an Immaterial Subsidiary at the time it becomes an Obligor)
and other documents as the Administrative Agent shall have reasonably requested.


 






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


 


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


 


(b)          Ownership of Subsidiaries. The
Borrower will, and will cause each of its Subsidiaries to, take such action from time to time as shall be necessary to ensure that
each of its Subsidiaries is a wholly owned Subsidiary; provided that the foregoing shall not prohibit any transaction permitted
under Sections 6.03 or 6.04, so long as after giving effect to such permitted transaction each of the remaining Subsidiaries
is a wholly owned Subsidiary.


 


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


 


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


 






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(ii)          with respect to each deposit
account or securities account of the Obligors (other than (A) any such accounts that are maintained by the Borrower in its
capacity as “servicer” for a Financing Subsidiary or any Agency Account, (B) any such accounts which hold solely
money or financial assets of a Financing Subsidiary, (C) any payroll account so long as such payroll account is coded as such,
(D) withholding tax and fiduciary accounts or any trust account maintained solely on behalf of a Portfolio Investment, and
(E) any account in which the aggregate value of deposits therein, together with all other such accounts under this clause (E),
does not at any time exceed $75,000; provided that in the case of each of the foregoing clauses (A) through (E), no
other Person (other than the depository institution at which such account is maintained) shall have “control” over
such account (within the meaning of the Uniform Commercial Code)), cause each bank or securities intermediary (within the meaning
of the Uniform Commercial Code) to enter into such arrangements with the Collateral Agent as shall be appropriate in order
that the Collateral Agent has “control” (within the meaning of the Uniform Commercial Code) over each such deposit
account or securities account (each, a “Control Account”) and in that connection, the Borrower agrees, subject
to Sections 5.08(c)(iv) and (v) below, to cause all cash and other proceeds of Portfolio Investments received by
any Obligor to be immediately deposited into a Control Account (or otherwise delivered to, or registered in the name of, the Collateral
Agent) and, both prior to and following such deposit, delivery or registration such cash and other proceeds shall be held
in trust by the Borrower for the benefit of the Collateral Agent and shall not be commingled with any other funds or property of
such Obligor or any other Person (including with any money or financial assets of the Borrower in its capacity as “servicer”
for a Structured Subsidiary, or any money or financial assets of a Structured Subsidiary, or any money or financial assets of the
Borrower in its capacity as an agent or administrative agent for any other Bank Loans (as defined in Section 5.13) subject
to Section 5.08(c)(v) below);


 


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


 


(iv)         in the case of any Portfolio
Investment consisting of a Bank Loan that does not constitute all of the credit extended to the underlying borrower under the relevant
underlying loan documents and a Financing Subsidiary holds any interest in the loans or other extensions of credit under such loan
documents, (x)(1) cause the interest owned by such Financing Subsidiary to be evidenced by separate execution of relevant loan
documentation by, or assignment documentation in the name of, such Financing Subsidiary and, if such interest is evidenced by notes,
cause such interest to be evidenced by a separate note or notes, which note or notes are either (A) in the name of such Financing
Subsidiary or (B) in the name of the Borrower, endorsed in blank and delivered to the applicable Financing Subsidiary and
beneficially owned by the Financing Subsidiary and (2) not permit such Financing Subsidiary to have a participation acquired
from an Obligor in such underlying loan documents and the extensions of credit thereunder or any other indirect interest therein
acquired from an Obligor; provided that such participation shall be permitted for a period of not more than ninety days
(or such longer period as may be agreed to by the Required Lenders), as a bridge to an assignment of such interest to such Financing
Subsidiary in accordance with (x)(1) above; and (y) ensure that, subject to Section 5.08(c)(v) below, all amounts
owing to any Obligor by the underlying borrower or other obligated party are remitted by such borrower or obligated party (or the
applicable administrative agents, collateral agents or equivalent Person) directly to the Custodian Account and no other amounts
owing by such underlying borrower or obligated party are remitted to the Custodian Account;


 






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


 


(vi)         for each Investment in Indebtedness
constituting Eligible Portfolio Investments, cause to be delivered to the Custodian the following: (a) an original or a copy of
any transfer document or instrument relating to such Indebtedness, which, in the case of a transfer document, evidences the assignment
of such Indebtedness from the prior third party owner thereof directly to the Obligor (together with the consent of each party
required under the applicable loan documentation); and (b) originals or copies of each of the following, to the extent applicable
(and, in the case of any syndicated, club or multi-lender transaction, to the extent originals or copies of such loan documentation
have been distributed to other lenders; provided that the Borrower shall have used commercially reasonable efforts to obtain
such documents): any related loan agreement, credit agreement, note purchase agreement, security agreement (if separate from any
mortgage), acquisition agreement pursuant to which such Investment was acquired, subordination agreement, intercreditor or similar
instruments, guarantee, assumption or substitution agreement or similar material operative document, in each case together with
any amendment or modification thereto; and


 


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


 






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Notwithstanding anything to the contrary contained herein,
if any instrument, promissory note, agreement, document or certificate held by the Custodian is destroyed or lost not as a result
of any action of the Borrower, then the Borrower shall have up to 20 Business Days from the date when the Borrower has knowledge
of such loss or destruction (or such longer period as the Required Lenders shall agree) to deliver to the Custodian a replacement
instrument or document.


 


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


 


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


 


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


 


Section 5.12.          Portfolio
Valuation and Diversification Etc. 


 


(a)           Industry Classification Groups.
For purposes of this Agreement, the Borrower shall assign each Eligible Portfolio Investment to an Industry Classification Group
as reasonably determined by the Borrower. To the extent that the Borrower reasonably determines that any Eligible Portfolio Investment
is not adequately correlated with the risks of other Eligible Portfolio Investments in an Industry Classification Group, such Eligible
Portfolio Investment may be assigned by the Borrower to an Industry Classification Group that is more closely correlated to such
Eligible Portfolio Investment. In the absence of any correlation, the Borrower shall be permitted, upon notice to the Administrative
Agent for distribution to each Lender, to create up to three additional industry classification groups for purposes of this Agreement.


 


(b)           Portfolio Valuation Etc.


 


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


 






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(ii)          Determination of Values.
For purposes of the Loan Documents, each Eligible Portfolio Investment shall be assigned a Value in accordance with the Borrower’s
valuation procedures as described in its prospectus and other reports filed by the Borrower with the SEC (the “Internal
Value”); provided, that the Value of a Portfolio Investment acquired after the most recent determination of value
of Portfolio Investments as described above shall be the cost of such Portfolio Investment; provided, further, that
commencing on July 31st, 2016, and for each October 31st , January 31st, April 30th
and July 31st thereafter (each an “IVP Testing Date”), the Administrative Agent through an Independent
Valuation Provider will, solely for purposes of determining the Borrowing Base, test the values as of such IVP Testing Date of
those Unquoted Investments that are Portfolio Investments included in the Borrowing Base selected by the Administrative Agent at
the direction of the Required Lenders (such selected assets, the “IVP Tested Assets” and such value (which may
be stated as a range or otherwise as a single stated value), the “IVP External Unquoted Borrowing Base Value”);
provided that the fair value of such Portfolio Investments tested by the Independent Valuation Provider as of any IVP Testing
Date shall be approximately 25% of the aggregate value of the Unquoted Investments in the Borrowing Base (the determination of
fair value for such 25% threshold shall be based off of the last determination of value of the Portfolio Investments pursuant to
this Section 5.12). Each Lender agrees that it shall respond to any request by the Administrative Agent relating to the selection
of IVP Tested Assets within five (5) Business Days of receipt of such request; provided that if the Administrative Agent
does not receive any direction from the Required Lenders at least five (5) Business Days prior to the applicable IVP Testing Date,
such Portfolio Investments may be selected by the Administrative Agent in its sole discretion (regardless of whether the Administrative
Agent has previously submitted a request to the Lenders).


 


For purposes of the Borrowing Base, the value of
each Eligible Portfolio Investment shall be the Internal Value, except that if the Internal Value of any Unquoted Investment as
most recently determined by the Borrower is more than 5% above the midpoint of the range of (or single stated value, if applicable)
the IVP External Unquoted Borrowing Base Value of such Unquoted Investment as most recently determined, then the “Value”
of such Unquoted Investment for all purposes of this Agreement shall be deemed to be average of the Internal Value and the midpoint
of the range of (or single stated value, if applicable) the IVP External Unquoted Borrowing Base Value until such time as the
Borrower determines a new Internal Value.


 


(iii)          [Reserved].


 


(iv)          Generally Applicable
Valuation Provisions


 


(A)          The Independent Valuation Provider
shall apply a recognized valuation methodology that is commonly accepted in the Borrower’s industry for valuing Portfolio
Investments of the type being valued and held by the Obligors. Other procedures relating to the valuation will be reasonably agreed
upon by the Administrative Agent and the Borrower.


 






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(B)          The documented out-of-pocket
costs of any valuation reasonably incurred by the Administrative Agent under this Section 5.12 shall be at the expense of
the Borrower; provided that the Administrative Agent shall under no circumstances be required to incur or pay expenses under
Section 5.12.


 


(C)          The values determined by the
Independent Valuation Provider shall be deemed to be “Information” hereunder and subject to Section 9.13 hereof.


 


(D)          The Administrative Agent shall
provide a copy of the final results of any valuation performed by the Independent Valuation Provider to any Lender promptly upon
such Lender’s request, except to the extent that such recipient has not executed and delivered a customary and reasonable
non-reliance letter, confidentiality agreement or similar agreement requested or required by such Independent Valuation Provider.


 


(E)          The foregoing valuation procedures
shall only be required to be used for purposes of calculating the Borrowing Base and shall not be required to be utilized by the
Borrower for any other purpose, including, without limitation, the delivery of financial statements or valuations required under
ASC820 or the Investment Company Act.


 


(F)          The Independent Valuation Provider
shall be instructed to conduct its tests in a manner not disruptive to the business of the Borrower. The Administrative Agent shall
notify the Borrower of its receipt of the final results of any such test promptly upon its receipt thereof and shall provide a
copy of such results and the related report to the Borrower promptly upon the Borrower’s request.


 


(G)          The Borrower shall at all times
be in compliance in all material respects with its internal valuation policies (it being understood that as of the date hereof,
substantially all of the Unquoted Investments of the Borrower are valued by a valuation provider on a quarterly basis (other than
Unquoted Investments that are originated by the Borrower or any of its Affiliates and close within 30 days prior to the end of
any fiscal quarter)).


 


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


 






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


 


(a)          the Advance Rate applicable
to that portion of the Value of the Eligible Portfolio Investments issued by a single Portfolio Company exceeding 10% of the aggregate
Value of all Eligible Portfolio Investments included in the Borrowing Base (for the avoidance of doubt, the calculation of Value
for purposes of this sub-clause shall be made without taking into account any Advance Rate), shall be 0%; provided that,
with respect to up to three (3) Portfolio Companies, only that portion of the Eligible Portfolio Investments issued by such Portfolio
Company that exceeds 15% of the aggregate Value of all Eligible Portfolio Investments included in the Borrowing Base shall be 0%;
provided further that, with respect to up to two (2) additional Portfolio Companies, only that portion of the Eligible
Portfolio Investments issued by such Portfolio Company that exceeds 20% of the aggregate Value of all Eligible Portfolio Investments
included in the Borrowing Base shall be 0%;


 


(b)          the portion of the Borrowing
Base attributable to Eligible Portfolio Investments in any single Industry Classification Group shall not exceed 25% of the Borrowing
Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral)
to the extent such portion would otherwise exceed 25% of the Borrowing Base; provided, however, that the portion
of the Borrowing Base attributable to Eligible Portfolio Investments in the Industry Classification Group “Energy Oil &
Gas” shall not exceed 20% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments
therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 20% of the Borrowing Base;


 


(c)          the portion of the Borrowing
Base attributable to Foreign Eligible Portfolio Investments shall not exceed 15% of the Borrowing Base and the Borrowing Base shall
be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would
otherwise exceed 15% of the Borrowing Base;







 


(d)          the portion of the Borrowing
Base attributable to Non-Performing First Lien Bank Loans, Non-Performing Last Out Loans and Non-Performing High Yield Securities
shall not exceed 20% of the Borrower Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom
(but not from the Collateral) to the extent such portion would otherwise exceed 20% of the Borrowing Base; and


 


(e)          the portion of the Borrowing
Base attributable to any investment in Capital Stock of a single issuer shall not exceed 10% of the Borrowing Base and the Borrowing
Base shall be reduced by removing therefrom (but not from the Collateral) any portion of such investment to the extent such investment
would otherwise exceed 10% of the Borrowing Base.


 


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For all purposes of this Section 5.13,
(i) all Portfolio Companies of Eligible Portfolio Investments that are Affiliates of one another shall be treated as a single Portfolio
Company (unless such Portfolio Companies are Affiliates of one another solely because they are under the common Control of the
same private equity sponsor or similar sponsor) and (ii) to the extent the Borrowing Base is required to be reduced to comply with
this Section 5.13, the Borrower shall be permitted to choose the Eligible Portfolio Investments, or portions thereof, to be so
removed to effect such reduction.


 


Article VI



NEGATIVE COVENANTS


 


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


 


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


 


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


 


(b)          (i) Unsecured Shorter-Term Indebtedness
(including any refinancing or replacement thereof) and (ii) Secured Longer-Term Indebtedness (including any refinancing or replacement
thereof), provided that, in the case of each of clauses (i) and (ii) above, (w) no Default exists at the time of the
incurrence, refinancing or replacement thereof, (x) on the date of incurrence, refinancing or replacement thereof, the Borrower
is in pro forma compliance with each of the covenants set forth in Section 6.07 after giving effect to the incurrence, refinancing
or replacement thereof and on the date of such incurrence, refinancing or replacement the Borrower delivers to the Administrative
Agent a certificate of a Financial Officer to such effect, (y) prior to and immediately after giving effect to the incurrence,
refinancing or replacement thereof, the Covered Debt Amount does not or would not exceed the Borrowing Base then in effect, and
(z) on the date of incurrence, refinancing or replacement thereof, the Borrower delivers to the Administrative Agent a Borrowing
Base Certificate as at such date demonstrating compliance with (or a certification that the Borrower is in compliance with) subclause
(y) after giving effect to such incurrence, refinancing or replacement.


 


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


 






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


 


(e)          Indebtedness under Swap Agreements
entered into by Borrower or any Subsidiary;


 


(f)          additional unsecured Indebtedness not
for borrowed money, in an aggregate amount not to exceed $15,000,000 at any time outstanding;


 


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


 


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


 


(i)           Indebtedness of an Obligor to any other
Obligor and Indebtedness of a Tax Blocker Subsidiary to an Obligor;


 


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


 


(k)          indebtedness of the Borrower on account
of the sale by the Borrower of the first out tranche of any First Lien Bank Loan that arises solely as an accounting matter under
ASC 860; provided that such Indebtedness (i) is non-recourse to the Borrower and its Subsidiaries and (ii) would not represent
a claim against the Borrower or any of its Subsidiaries in a bankruptcy, insolvency or liquidation proceeding of the Borrower or
its Subsidiaries, in each case in excess of the amount sold or purportedly sold; and


 


(l)          Indebtedness in respect of judgments
or awards that have been in force for less than the applicable period for taking an appeal, so long as such judgments or awards
do not constitute an Event of Default under clause (k) of Article VII.


 


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


 


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


 






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(b)          Liens created pursuant to the Security
Documents;


 


(c)          Liens on assets owned by Financing
Subsidiaries;


 


(d)          Liens securing Swap Agreement Obligations
and Secured Longer-Term Indebtedness incurred pursuant to Section 6.01(b) (including Liens in favor of the “Designated
Indebtedness Holders” pursuant to the Guarantee and Security Agreement);


 


(e)          Permitted Liens;


 


(f)
          Liens on Equity Interests in any SBIC Subsidiary created in favor
of the SBA;


 


(g)          Liens created by posting of cash collateral
in connection with Swap Agreements permitted under Section 6.04(c); provided that, for the avoidance of doubt, at no time
shall such cash collateral constitute an Eligible Portfolio Investment and provided further that such cash collateral shall
constitute an “Excluded Asset” (as defined in the Guaranty and Security Agreement); and


 


(h)          Liens on Special Equity Interests included
in the Portfolio Investments but only to the extent securing obligations in the manner provided in the definition of “Special
Equity Interests” in Section 1.01.


 


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


 


Notwithstanding the foregoing provisions of
this Section:


 


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


 






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


 


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


 


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


 


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


 


(f)           the Borrower and its Subsidiaries may
deposit and use cash to purchase shares of common stock of the Borrower in connection with a Tender Offer to the extent permitted
under Section 6.05; and


 


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


 


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


 


(a)          operating deposit accounts with banks;


 


(b)          Investments by the Borrower and the
Subsidiary Guarantors in the Borrower, the Subsidiary Guarantors and any Tax Blocker Subsidiary;


 


(c)          (i) Swap Agreements entered into by
Borrower or any Subsidiary (other than any Financing Subsidiary), which shall not hedge Indebtedness of any Financing Subsidiary,
or (ii) Swap Agreements entered into by any Financing Subsidiary;


 


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


 


(e)          (i) Equity Interests in Financing Subsidiaries
in existence on the Effective Date; and (ii) (x) Equity Interests in Financing Subsidiaries acquired after the Effective Date and
(y) capital contributions or advances after the Effective Date to any Financing Subsidiary after the Effective Date;


 






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(f)           Investments by any Financing Subsidiary;


 


(g)          Investments in Cash and Cash Equivalents;
and


 


(h)          additional Investments up to but not
exceeding $20,000,000 in the aggregate (for purposes of this clause (i), the aggregate amount of an Investment at any time shall
be deemed to be equal to (A) the aggregate amount of cash, together with the aggregate fair market value of property loaned,
advanced, contributed, transferred or otherwise invested that gives rise to such Investment (calculated at the time such Investment
is made), minus (B) the aggregate amount of dividends, distributions or other payments received in cash in respect
of such Investment; provided that in no event shall the aggregate amount of any Investment be less than zero, and provided
further that the amount of any Investment shall not be reduced by reason of any write-off of such Investment, nor increased
by way of any increase in the amount of earnings retained in the Person in which such Investment is made that have not been dividended,
distributed or otherwise paid out).


 


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


 


(a)          the Borrower may declare and pay dividends
with respect to the Equity Interests of the Borrower (including, for the avoidance of doubt, pursuant to any distribution reinvestment
plan of the Borrower) payable solely in additional shares of the Borrower’s common stock;


 


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


 


(B) during any fiscal quarter the
Borrower may make Restricted Payments to repurchase or redeem Equity Interests of the Borrower up to an aggregate amount of up
to 2.5% of the weighted average number of shares of the Borrower’s common stock outstanding in the prior calendar year in
connection with a Tender Offer; and


 


(C) the Borrower may make other Restricted
Payments if at the time of any such Restricted Payment, (i) no Default shall have occurred and be continuing, (ii) the
Covered Debt Amount does not exceed 85% of the Borrowing Base calculated on a pro forma basis after giving effect to any such Restricted
Payment and (iii) the Borrower delivers to the Administrative Agent and each Lender a Borrowing Base Certificate as of such date
demonstrating compliance with the foregoing after giving effect to such Restricted Payment.


 






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


 


(d)          the Obligors may make Restricted Payments
to repurchase Equity Interests of the Borrower from officers, directors and employees of Franklin Square Holdings, L.P., the Investment
Advisor, the Borrower or any of its Subsidiaries or their respective authorized representatives upon the death, disability or termination
of employment of such employees or termination of their seat on the Board of Directors of Franklin Square Holdings, L.P., the Investment
Advisor, the Borrower or any of its Subsidiaries, in an aggregate amount not to exceed $2,500,000 in any calendar year with unused
amounts in any calendar year being carried over to succeeding calendar years subject to a maximum of $5,000,000 in any calendar
year; and


 


For the avoidance of doubt, (1) the Borrower shall not declare
any dividend to the extent such declaration violates the provisions of the Investment Company Act applicable to it and (2) the
determination of the amounts referred to in paragraph (b) above shall be made separately for the taxable year of the Borrower (in
the case of amounts calculated under clauses (b)(i) and (ii) above) and the calendar year of the Borrower (in the case of amounts
calculated under clause (b)(iii) above) and the limitation on dividends or distributions imposed by such clause shall apply separately
to the amounts so determined.


  


Section 6.06.          Certain
Restrictions on Subsidiaries. The Borrower will not permit any of its Subsidiaries (other than Financing Subsidiaries) to
enter into or suffer to exist any indenture, agreement, instrument or other arrangement (other than the Loan Documents) that prohibits
or restrains, in each case in any material respect, or imposes materially adverse conditions upon, the incurrence or payment of
Indebtedness, the granting of Liens, the declaration or payment of dividends, the making of loans, advances, guarantees or Investments
or the sale, assignment, transfer or other disposition of property, except for any prohibitions or restraints contained in (i) any
Indebtedness permitted under Section 6.01(b) or (c), (ii) any Indebtedness permitted under Section 6.01 secured
by a Lien permitted under clause (j) of the definition of “Permitted Liens”; provided that such prohibitions
and restraints are applicable by their terms only to the assets that are subject to such Lien, (iii) any Indebtedness permitted
under Section 6.01(g) or (h) secured by a Permitted Lien; provided that such prohibitions and restraints are applicable
by their terms only to the assets that are subject to such Lien and (iv) any agreement, instrument or other arrangement pertaining
to any sale or other disposition of any asset permitted by this Agreement so long as the applicable restrictions (i) only apply
to such assets and (ii) do not restrict prior to the consummation of such sale or disposition the creation or existence of the
Liens in favor of the Collateral Agent pursuant to the Security Documents or otherwise required by this Agreement, or the incurrence
or payment of Indebtedness under this Agreement or the ability of the Borrower and its Subsidiaries to perform any other obligation
under any of the Loan Documents.


 






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Section 6.07.          Certain
Financial Covenants.


 


(a)          Minimum Stockholder’s Equity.
The Borrower will not permit Stockholders’ Equity as of the last day of any fiscal quarter of the Borrower to be less than
$1,350,000,000 plus 25% of the net proceeds of the sale of Equity Interests by the Borrower after the Closing Date.


 


(b)          Asset Coverage Ratio. The
Borrower will not permit the Asset Coverage Ratio to be less than 2.00 to 1 at any time.


 


Section 6.08.          Transactions
with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any transactions with any
of its Affiliates, even if otherwise permitted under this Agreement, except (i) transactions in the ordinary course of business
at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary (or, in the case of a transaction
between an Obligor and a non-Obligor Subsidiary, not less favorable to such Obligor) than could be obtained at the time on an
arm’s-length basis from unrelated third parties, (ii) transactions between or among the Obligors not involving any
other Affiliate, (iii) transactions between or among the Obligors and any SBIC Subsidiary or any “downstream affiliate”
(as such term is used under the rules promulgated under the Investment Company Act) company of an Obligor at prices and on terms
and conditions not less favorable to the Obligors than could be obtained at the time on an arm’s-length basis from unrelated
third parties, (iv) Restricted Payments permitted by Section 6.05, dispositions permitted by Section 6.03, and Investments
permitted by Section 6.04(e), (v) the transactions provided in the Affiliate Agreements as the same may be amended in accordance
with Section 6.11(b), (vi) existing transactions with Affiliates as set forth in Schedule 6.08, (vii) transactions
with one or more Affiliates permitted by an exemptive order issued by the SEC (each an “Exemptive Order”) or
(vii) the payment of compensation and reimbursement of expenses of directors in a manner consistent with current practice of the
Borrower and general market practice, and indemnification to directors in the ordinary course of business.


 


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


 


Section 6.10.          No
Further Negative Pledge. The Borrower will not, and will not permit any of its Subsidiaries (other than Financing
Subsidiaries) to, enter into any agreement, instrument, deed or lease which prohibits or limits the ability of any Obligor to
create, incur, assume or suffer to exist any Lien upon any of its properties, assets or revenues, whether now owned or
hereafter acquired, or which requires the grant of any security for an obligation if security is granted for another
obligation, except the following: (a) this Agreement and the other Loan Documents and documents with respect to
Indebtedness permitted under Section 6.01(b), (e) and (f); (b) covenants in documents creating Liens permitted by
Section 6.02 (including covenants with respect to Designated Indebtedness Obligations or Designated Indebtedness Holders
under (and, in each case, as defined in) the Guarantee and Security Agreement) prohibiting further Liens on the assets
encumbered thereby; (c) customary restrictions contained in leases not subject to a waiver; and (d) any other
agreement that does not restrict in any manner (directly or indirectly) Liens created pursuant to the Loan Documents on any
Collateral securing the “Secured Obligations” under and as defined in the Guarantee and Security Agreement and
does not require the direct or indirect granting of any Lien securing any Indebtedness or other obligation by virtue of the
granting of Liens on or pledge of property of any Obligor to secure the Loans or any Swap Agreement.


 






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


 


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


 


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


 


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


 


Section 6.12.          Payments
of Longer-Term Indebtedness. The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries) to,
purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund
for the purchase, redemption, retirement or other acquisition of or make any voluntary payment or prepayment of the principal
of or interest on, or any other amount owing in respect of, any Secured Longer-Term Indebtedness or Unsecured Longer-Term Indebtedness
(other than (i) the refinancing of Secured Longer-Term Indebtedness or Unsecured Longer-Term Indebtedness with Secured Longer-Term
Indebtedness or Unsecured Longer-Term Indebtedness permitted under Section 6.01, or (ii) with the proceeds of any issuance
of Equity Interests, in each case to the extent not required to be used to repay Loans), except for (a) regularly scheduled
payments and interest in respect thereof required pursuant to the instruments evidencing such Indebtedness and the payment when
due of the types of fees and expenses that are customarily paid in connection with such Indebtedness (it being understood that:
(w) the conversion features into Permitted Equity Interests under convertible notes; (x) the triggering of such conversion
and/or settlement thereof solely with Permitted Equity Interests; and (y) any cash payment on account of interest or expenses
on such convertible notes made by the Borrower in respect of such triggering and/or settlement thereof, shall be permitted under
this clause (a)) or (b) payments and prepayments of Secured Longer-Term Indebtedness required to comply with requirements
of Section 2.09(c).


 



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


 


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


 


SECTION 6.15          Sanctions. Directly
or indirectly, use the proceeds of any Loan or the issuance of any Letter of Credit, or lend, contribute or otherwise make available
such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with
any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or
in any other manner that will result in a violation by any individual or entity (including any individual or entity participating
in the transaction, whether as Lender, Administrative Agent, Issuing Bank or otherwise) of Sanctions.


 


Article VII



EVENTS OF DEFAULT


 


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


 


(a)          (i) the Borrower shall fail to pay
any principal of any Loan (including, without limitation, any principal payable under Section 2.09(b), (c) or (d)) or any
reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due
date thereof or at a date fixed for prepayment thereof or otherwise or (ii) fail to deposit any amount into the Letter of Credit
Collateral Account as and when required by Section 2.08(a);


 


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





 


(c)          any representation or warranty made
or deemed made by or on behalf of the Borrower or any of its Subsidiaries in or in connection with this Agreement or any other
Loan Document or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document
furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or
thereof, shall prove to have been incorrect or breached, as applicable, when made or deemed made in any material respect, and such
incorrect representation or breached warranty shall not have been cured within thirty (30) days thereof if capable of being cured;






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


 


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


 


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


 


(g)          any event or condition occurs that
(i) results in any Material Indebtedness becoming due prior to its scheduled maturity or (ii) that enables or permits
(with or without the giving of notice) the holder or holders of any Material Indebtedness or any trustee or agent on its or their
behalf to, as a result of an event of default under such Material Indebtedness, cause such Material Indebtedness to become due,
or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity, unless, in the case
of this clause (ii), such event or condition is no longer continuing or has been waived in accordance with the terms of such Material
Indebtedness such that the holder or holders thereof or any trustee or agent on its or their behalf are no longer enabled or permitted
to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof,
prior to its scheduled maturity; provided that this clause (g) shall not apply to (1) secured Indebtedness that
becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; or (2) convertible
debt that becomes due as a result of a conversion or redemption event provided such conversion, repurchase or redemption is settled
only with Permitted Equity Interests (other than interest and expenses, which may be paid in cash);


 


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


 






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


 


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


 


(k)          one or more judgments for the payment
of money in an aggregate amount in excess of $25,000,000 shall be rendered against the Borrower or any of its Subsidiaries (other
than Immaterial Subsidiaries) or any combination thereof and (i) the same shall remain undischarged for a period of 30 consecutive
days following the entry of such judgment during which 30 day period such judgment shall not have been vacated, stayed,
discharged or bonded pending appeal, or liability for such judgment amount shall not have been admitted by an insurer of reputable
standing, or (ii) any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or
any of its Subsidiaries (other than Immaterial Subsidiaries) to enforce any such judgment;


 


(l)          an ERISA Event shall have occurred
that, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material
Adverse Effect;


 


(m)          a Change in Control shall occur;


 


(n)          (i) FSIC II Advisor, LLC (so long
as it is an Affiliate of Franklin Square Holdings, L.P.) shall cease to be the investment advisor for the Borrower; or (ii) GSO/Blackstone
Debt Funds Management LLC (so long as it is a Subsidiary of GSO Capital Partners LP) or any other Subsidiary of GSO Capital Partners
LP that is organized under the laws of a jurisdiction located in the United States of America and in the business of managing or
advising clients shall cease to be the investment sub-advisor for the Borrower; and in each case, no successor reasonably acceptable
to the Required Lenders shall have been appointed within sixty (60) days after the resignation or removal of such Person;


 






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


 


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


 


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


 


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


 


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


 






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In the event that the Loans shall be declared, or shall become,
due and payable pursuant to the immediately preceding paragraph then, upon notice from the Administrative Agent or Lenders with
LC Exposure representing more than 50% of the total LC Exposure demanding the deposit of cash collateral pursuant to this paragraph,
the Borrower shall immediately deposit into the Letter of Credit Collateral Account cash in an amount equal to the 102% of the
LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit
such cash shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other
notice of any kind, upon the occurrence of any Event of Default described in clause (h) or (i) of this Article.


 


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


 


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


 






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Article VIII



THE ADMINISTRATIVE AGENT


 


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


 


Section 8.02.          Capacity
as Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity
as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Person and
its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any of
its Subsidiaries or other Affiliate thereof as if it were not the Administrative Agent hereunder.


 


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


 






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


 


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


 


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


 


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


 






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Section 8.08.          Modifications
to Loan Documents. Except as otherwise provided in Section 9.02(b) or 9.02(c), the Administrative Agent may, with
the prior consent of the Required Lenders (but not otherwise), consent to any modification, supplement or waiver under any of
the Loan Documents; provided that, without the prior consent of each Lender, the Administrative Agent shall not (except
as provided herein or in the Security Documents) release all or substantially all of the Collateral or otherwise terminate
all or substantially all of the Liens under any Security Document providing for collateral security, agree to additional obligations
being secured by all or substantially all of such collateral security, or alter the relative priorities of the obligations entitled
to the benefits of the Liens created under the Security Documents with respect to all or substantially all of the Collateral,
except that no such consent shall be required, and the Administrative Agent is hereby authorized, to (1) release any Lien covering
property that is the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders
have consented and (2) release from the Guarantee and Security Agreement any “Subsidiary Guarantor” (and any property
of such Subsidiary Guarantor) that is designated as a Structured Subsidiary in accordance with this Agreement or which is no longer
required to be a “Subsidiary Guarantor”, so long as in the case of this clause (2): (A) immediately after giving effect
to any such release (and any concurrent acquisitions of Portfolio Investments or payment of outstanding Indebtedness) the Covered
Debt Amount does not exceed the Borrowing Base and the Borrower delivers a certificate of a Financial Officer to such effect to
the Administrative Agent, and (B) no Default has occurred and is continuing.


 


Article IX



MISCELLANEOUS


 


Section 9.01.          Notices;
Electronic Communications.


 


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


 


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


 


FS Investment Corporation II

201 Rouse Boulevard

Philadelphia, PA 19112


Attention: Gerald F. Stahlecker


Telecopy Number: (215) 222-4649


Direct Telephone: (215) 495-1169

Main Telephone: (215) 495-1150


E-mail: jerry.stahlecker@franklinsquare.com


 






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with a copy to (which shall not

constitute notice):


 


Dechert LLP


1095 Avenue of the Americas


New York, NY 10036


Attention: Jay R. Alicandri, Esq.


Telecopy Number: 212-698-3599


E-mail: jay.alicandri@dechert.com






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


 


ING Capital LLC


1325 Avenue of the Americas


New York, New York 10019

Attention: Mark LaGreca

Telecopy Number: 646-424-8234


Telephone Number: 646-424-3862


E-mail: mark.lagreca@ing.com


E-mail: DLNYCLoanAgencyTeam@ing.com


 


with a copy to (which shall not

constitute notice):


 


ING Capital LLC


1325 Avenue of the Americas


New York, New York 10019

Attention: Dominik Breuer

Telecopy Number: (646) 424-6919


Telephone Number: (646) 424-6269


E-mail: Dominik.Breuer@ing.com


 


with a copy to (which shall not

constitute notice):






Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York 10019-6064

Attention: Terry E. Schimek, Esq.

Telecopy Number: (212) 757-3990

Telephone Number: (212) 373-3005

E-mail: tschimek@paulweiss.com


 



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


 


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


 


(b)          Electronic Communications.
Notices and other communications to the Lenders and the Issuing Bank hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided
that the foregoing shall not apply to notices to any Lender or the Issuing Bank pursuant to Section 2.05 if such Lender or the
Issuing Bank has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications
to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures
may be limited to particular notices or communications.


 


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


 


(c)          Documents to be Delivered to
Lenders. For so long as a DebtdomainTM or equivalent website is available to each of the Lenders hereunder, the Borrower
may satisfy its obligation to deliver documents to the Administrative Agent or the Lenders under Sections 4.01, 4.02, 5.01
and 5.12(a) by delivering an electronic copy or a notice identifying the website where such information is located for posting
by the Administrative Agent on DebtdomainTM or such equivalent website; provided that the Administrative Agent shall
have no responsibility to maintain access to DebtdomainTM or an equivalent website.


 


Section 9.02.          Waivers;
Amendments.


 


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


 






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(b)          Amendments to this Agreement.
Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements
in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent
of the Required Lenders; provided that, subject to Section 2.17(b), no such agreement shall


 


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


 


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


 


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


 


(iv)          change Sections 2.07(b) or
(d), 2.16(b), (c) or (d) (or other sections referred to therein to the extent relating to pro rata payments) in a manner
that would alter the pro rata reduction of commitments, sharing of payments, or making of disbursements, required thereby without
the written consent of each Lender directly affected thereby,


 


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


 


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


 






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


 


provided further that (x) no such agreement shall
amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Issuing Bank hereunder without the prior
written consent of the Administrative Agent or the Issuing Bank, as the case may be, and (y) the consent of Lenders holding
not less than two-thirds of the total Revolving Credit Exposures and unused Commitments will be required for (A) any change
adverse to the Lenders affecting the provisions of this Agreement relating to the Borrowing Base (including the definitions used
therein), or the provisions of Section 5.12, and (B) any release of any material portion of the Collateral or any Subsidiary
Guarantor other than for fair value or as otherwise permitted hereunder or under the other Loan Documents (subject to Section 9.02(c)(ii)).


 


Anything in this Agreement to the contrary notwithstanding,
no waiver or modification of any provision of this Agreement or any other Loan Document that could reasonably be expected to adversely
affect the Lenders of any Class in a manner that does not affect all Classes equally shall be effective against the Lenders of
such Class unless the Required Lenders of such Class shall have concurred with such waiver, amendment or modification as provided
above; provided, however, for the avoidance of doubt, in no other circumstances shall the concurrence of the Required Lenders
of a particular Class be required for any waiver, amendment or modification of any provision of this Agreement or any other Loan
Document; provided, further, that an Issuing Bank may be designated hereunder with the consent of the Borrower and the Administrative
Agent.


 


(c)          Amendments to Security Documents. 
No Security Document nor any provision thereof may be waived, amended or modified, except to the extent otherwise expressly contemplated
by the Guaranty and Security Agreement, and the Liens granted under the Guaranty and Security Agreement may not be spread to secure
any additional obligations (including any increase in Loans hereunder, but excluding (x) any increase pursuant to any Commitment
Increase under Section 2.07(f) to an amount such that immediately after giving effect to such Commitment Increase, the total
Commitments of all of the Lenders hereunder is not greater than the amount set forth in Section 2.07(f)(i)(B) as in effect
from time to time) except to the extent otherwise expressly contemplated by the Guaranty and Security Agreement or except pursuant
to an agreement or agreements in writing entered into by the Borrower, and by the Collateral Agent with the consent of the Required
Lenders; provided that, subject to Section 2.17(b), (i) without the written consent of the holders of not less
than two-thirds of the total Revolving Credit Exposures and unused Commitments, no waiver, amendment or modification to the Guaranty
and Security Agreement shall (A) release any Obligor representing more than 10% of the Stockholder’s Equity of the Borrower
from its obligations under the Security Documents, (B) release any guarantor representing more than 10% of the Stockholder’s
Equity of the Borrower under the Guarantee and Security Agreement from its guarantee obligations thereunder, or (C) amend
the definition of “Collateral” under the Security Documents (except to add additional collateral) and (ii) without
the written consent of each Lender, no such agreement shall (W) release all or substantially all of the Obligors from their respective
obligations under the Security Documents, (X) release all or substantially all of the collateral security or otherwise terminate
all or substantially all of the Liens under the Security Documents, (Y) release all or substantially all of the guarantors under
the Guarantee and Security Agreement from their guarantee obligations thereunder, or (Z) alter the relative priorities of the obligations
entitled to the Liens created under the Security Documents (except in connection with securing additional obligations equally and
ratably with the Loans and other obligations hereunder) with respect to the collateral security provided thereby; except that
no such consent described in clause (i) or (ii) above shall be required, and the Administrative Agent is hereby authorized
(and so agrees with the Borrower) to direct the Collateral Agent under the Guarantee and Security Agreement, to release any
Lien covering property (and to release any such guarantor) that is the subject of either a disposition of property permitted
hereunder or a disposition to which the Required Lenders or the required number or percentage of Lenders have consented, or otherwise
in accordance with Section 9.15.


 






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(d)          Replacement of Non-Consenting
Lender. If, in connection with any proposed amendment, waiver or consent requiring (i) the consent of “each Lender”
or “each Lender affected thereby,” or (ii) the consent of “two-thirds of the holders of the total Revolving
Credit Exposures and unused Commitments”, the consent of the Required Lenders is obtained, but the consent of other necessary
Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting
Lender”), then the Borrower shall have the right, at its sole cost and expense, to replace each such Non-Consenting Lender
or Lenders with one or more replacement Lenders pursuant to Section 2.18(b) so long as at the time of such replacement, each
such replacement Lender consents to the proposed change, waiver, discharge or termination.


 


Section 9.03.          Expenses;
Indemnity; Damage Waiver.


 


(a)          Costs and Expenses. The Borrower
shall pay (i) all reasonable documented and out-of-pocket costs and expenses incurred by the Administrative Agent, the Collateral
Agent and their Affiliates, including the reasonable fees, charges and disbursements of up to one counsel for the Administrative
Agent and the Collateral Agent collectively (other than the allocated costs of internal counsel) and, if necessary, the fees, costs
and expenses of one local counsel per jurisdiction, in connection with the syndication of the credit facilities provided for herein,
the preparation and administration (other than internal overhead charges) of this Agreement and the other Loan Documents and any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or
thereby shall be consummated), (ii) all reasonable documented and out-of-pocket expenses incurred by the Issuing Bank in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all costs
and expenses incurred by the Administrative Agent, Collateral Agent or any Lender, including the reasonable and documented fees,
charges and disbursements of one firm of outside counsel for the Administrative Agent and the Collateral Agent and one firm of
outside counsel for the Lenders collectively, and, if necessary, the reasonable and documented fees, charges and disbursements
of one local counsel per jurisdiction, in connection with the enforcement or protection of its rights in connection with this Agreement
and the other Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of Credit
issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect
thereof and (iv) and all reasonable documented and out-of-pocket costs, expenses, taxes, assessments and other charges incurred
in connection with any filing, registration, recording or perfection of any security interest contemplated by any Security Document
or any other document referred to therein.


 






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(b)          Indemnification by the Borrower.
The Borrower shall indemnify the Administrative Agent, the Issuing Bank and each Lender, and each Related Party of any of the foregoing
Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any
and all losses, claims, damages, liabilities and related expenses, including the reasonable and documented fees, charges and disbursements
of counsel for any Indemnitee (other than the allocated costs of internal counsel), incurred by or asserted against any Indemnitee
arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or
instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation
of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom (including
any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit) or (iii) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses (1) are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the willful misconduct or gross negligence of such
Indemnitee, (2) result from a claim brought against such Indemnitee for breach of such Indemnitee’s obligations under
this Agreement or the other Loan Documents, if there has been a final and nonappealable judgment against such Indemnitee on such
claim as determined by a court of competent jurisdiction or (3) result from a claim arising as a result of a dispute between
Indemnitees (other than (x) any dispute involving claims against the Administrative Agent or an Issuing Bank, in each case in their
respective capacities as such, and (y) claims arising out of any act or omission by the Borrower or its Affiliates); provided
that the Borrower’s obligation to reimburse or cause to be reimbursed legal fees of any Indemnitee shall be limited to the
reasonable, documented and out-of-pocket fees, costs and expenses of one primary outside counsel for the Administrative Agent and
the Collateral Agent and one primary outside counsel for all Indemnitees and, if necessary, of a single local counsel in each appropriate
jurisdiction (which may include a single special counsel acting in multiple jurisdictions) for all such Indemnitees and, solely
in the case of an actual or reasonably perceived conflict of interest, one additional counsel in each applicable jurisdiction to
the affected Indemnitees. This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses,
claims, damages, etc. arising from any non-Tax claim.


 


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


 


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


 






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(d)          Waiver of Consequential Damages,
Etc. To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee,
on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions,
any Loan or the use of the proceeds thereof.


 


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


 


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


 






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Section 9.04.          Successors
and Assigns.


 


(a)          Assignments Generally. The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each
Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no
Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section (and any
attempted assignment or transfer by any Lender which is not in accordance with this Section shall be treated as provided in
the last sentence of Section 9.04(b)(iii)). Nothing in this Agreement, expressed or implied, shall be construed to confer
upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate
of the Issuing Bank that issues any Letter of Credit) and, to the extent expressly contemplated hereby, the Related Parties of
each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or
by reason of this Agreement.


 


(b)           Assignments by Lenders.


 


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


 


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


 


(B)          the Administrative Agent and
(in the case of Multicurrency Commitments or Multicurrency Loans) the Issuing Bank.


 


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


 


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


 






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


 


(C)          the parties to each assignment
shall execute and deliver to the Administrative Agent an Assignment and Assumption in substantially the form of Exhibit A
hereto, together with a processing and recordation fee of $3,500 (which fee shall not be payable in connection with an assignment
to a Lender or to an Affiliate of a Lender), for which the Borrower and the Guarantors shall not be obligated (except in the case
of an assignment pursuant to Section 2.18(b)); and


 


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


 


(iii)          Effectiveness of Assignments.
Subject to acceptance and recording thereof pursuant to paragraph (c) of this Section, from and after the effective date specified
in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.13,
2.14, 2.15 and 9.03 with respect to facts and circumstances occurring prior to the effective date of such assignment). Any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be
treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with paragraph (f) of this Section.


 


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


 






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


 


(e)          Special Purposes Vehicles.
Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special
purpose funding vehicle (an “SPC”) owned or administered by such Granting Lender, identified as such in writing
from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide all or any part of
any Loan that such Granting Lender would otherwise be obligated to make; provided that (i) nothing herein shall constitute
a commitment to make any Loan by any SPC, (ii) if an SPC elects not to exercise such option or otherwise fails to provide
all or any part of such Loan, the Granting Lender shall, subject to the terms of this Agreement, make such Loan pursuant to the
terms hereof, (iii) the rights of any such SPC shall be derivative of the rights of the Granting Lender, and such SPC shall
be subject to all of the restrictions upon the Granting Lender herein contained, and (iv) no SPC shall be entitled to the
benefits of Sections 2.13 (or any other increased costs protection provision), 2.14 or 2.15. Each SPC shall be conclusively
presumed to have made arrangements with its Granting Lender for the exercise of voting and other rights hereunder in a manner which
is acceptable to the SPC, the Administrative Agent, the Lenders and the Borrower, and each of the Administrative Agent, the Lenders
and the Obligors shall be entitled to rely upon and deal solely with the Granting Lender with respect to Loans made by or through
its SPC. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as
if, such Loan were made by the Granting Lender.


 


Each party hereto hereby agrees (which
agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the
payment in full of all outstanding senior indebtedness of any SPC, it will not institute against, or join any other person in instituting
against, such SPC, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceedings under
the laws of the United States or any State thereof, in respect of claims arising out of this Agreement; provided that the
Granting Lender for each SPC hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage
and expense arising out of their inability to institute any such proceeding against its SPC. In addition, notwithstanding anything
to the contrary contained in this Section, any SPC may (i) without the prior written consent of the Borrower and the Administrative
Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to its Granting Lender
or to any financial institutions providing liquidity and/or credit facilities to or for the account of such SPC to fund the Loans
made by such SPC or to support the securities (if any) issued by such SPC to fund such Loans (but nothing contained herein
shall be construed in derogation of the obligation of the Granting Lender to make Loans hereunder); provided that neither
the consent of the SPC or of any such assignee shall be required for amendments or waivers hereunder except for those amendments
or waivers for which the consent of participants is required under paragraph (1) below, and (ii) disclose on a confidential
basis (in the same manner described in Section 9.13(b)) any non-public information relating to its Loans to any rating
agency, commercial paper dealer or provider of a surety, guarantee or credit or liquidity enhancement to such SPC.


 






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(f)          Participations. Any Lender
may sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such
Lender’s rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitments
and the Loans and LC Disbursements owing to it); provided that (i) such Lender’s obligations under this Agreement
and the other Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations, (iii) the Borrower, the Administrative Agent, the Issuing Bank and the other
Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement and the other Loan Documents and (iv) except when an Event of Default has occurred and is continuing, no Lender
may sell a participation to any Competitor. Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any
amendment, modification or waiver of any provision of this Agreement or any other Loan Document; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver described in the first proviso to Section 9.02(b) that affects such Participant. The Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.13 and 2.15 (subject to the requirements and limitations therein, including
the requirements under Section 2.15(f) (it being understood that the documentation required under Section 2.15(f) shall be delivered
to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.18(a)
and 2.18(b) as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater
payment under Sections 2.13 and 2.15, with respect to any participation, than its participating Lender would have been entitled
to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the
Participant acquired the applicable participation. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 9.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.16(d) as
though it were a Lender hereunder. Each Lender that sells a participation shall, acting solely for this purpose as an agent of
the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated
interest) of each Participant’s interest in the Commitments or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments,
loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure
is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the
United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such
Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary.


 






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(g)          Limitations on Rights of Participants.
A Participant shall not be entitled to receive any greater payment under Section 2.13, 2.14 or 2.15 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation
to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it
were a Lender shall not be entitled to the benefits of Section 2.15 unless the Borrower is notified of the participation sold
to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.15(f) as though
it were a Lender.


 


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


 


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


 


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


 


Section 9.05.          Survival.
All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit,
regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent,
the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the
time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued
interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit
is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.13, 2.14, 2.15,
9.03, this 9.05, 9.08, 9.11 and Article VIII shall survive and remain in full force and effect regardless of the consummation
of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and
the Commitments or the termination of this Agreement or any provision hereof.


 






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


 


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


 


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


 


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


 


Section 9.08.          Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby
authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such
Lender or Affiliate to or for the credit or the account of any Obligor against any of and all the obligations of any Obligor now
or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any
demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are
in addition to other rights and remedies (including other rights of setoff) which such Lender may have. Each Lender agrees
promptly to notify the Borrower after any such set-off and application made by such Lender; provided that the failure to
give such notice shall not affect the validity of such set-off and application


 






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Section 9.09.          Governing
Law; Jurisdiction; Etc.


 


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


 


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


 


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


 


(d)          Service of Process. Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing
in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.


 


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


 






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Section 9.11.          Judgment
Currency. This is an international loan transaction in which the specification of Dollars or any Foreign Currency, as the
case may be (the “Specified Currency”) and payment in New York City or the country of the Specified Currency
(the “Specified Place”) is of the essence, and the Specified Currency shall be the currency of account in all
events relating to Loans denominated in the Specified Currency. Subject to Section 2.16(a), the payment obligations of the Borrower
under this Agreement shall not be discharged or satisfied by an amount paid in another currency or in another place, whether pursuant
to a judgment or otherwise, to the extent that the amount so paid on conversion to the Specified Currency and transfer to the
Specified Place under normal banking procedures does not yield the amount of the Specified Currency in the Specified Place due
hereunder. If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in the Specified
Currency into another currency (the “Second Currency”), the rate of exchange that shall be applied shall be
the rate at which in accordance with normal banking procedures the Administrative Agent could purchase the Specified Currency
with the Second Currency on the Business Day next preceding the day on which such judgment is rendered. The obligation of the
Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under any other Loan Document
(in this Section called an “Entitled Person”) shall, notwithstanding the rate of exchange actually
applied in rendering such judgment, be discharged only to the extent that on the Business Day following receipt by such Entitled
Person of any sum adjudged to be due hereunder in the Second Currency such Entitled Person may in accordance with normal banking
procedures purchase and transfer to the Specified Place the Specified Currency with the amount of the Second Currency so adjudged
to be due; and the Borrower hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify such Entitled
Person against, and to pay such Entitled Person on demand, in the Specified Currency, the amount (if any) by which the sum
originally due to such Entitled Person in the Specified Currency hereunder exceeds the amount of the Specified Currency so purchased
and transferred.


 


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


 


Section 9.13.          Treatment
of Certain Information; Confidentiality.


 


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


 






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


 


For purposes of this Section, “Information”
means all information received from the Borrower or any of its Subsidiaries relating to the Borrower, any of its Subsidiaries,
any of their respective businesses or any Portfolio Investment (including its Value), other than any such information that is available
to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any
of its Subsidiaries; provided that, in the case of information received from the Borrower or any of its Subsidiaries after
the Effective Date, such information shall be deemed confidential at the time of delivery unless clearly identified therein as
nonconfidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered
to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality
of such Information as such Person would accord to its own confidential information.


 


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


 






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


 


[Signature pages follow]


 




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


 





	 	FS INVESTMENT CORPORATION II
	 	 	 
	 	By:	/s/ Michael Lawson 
	 	 	Name: Michael Lawson
	 	 	Title: Chief Financial Officer






 


[Signature Page to the
Credit Agreement] 


 




    	 



    	 



    

 








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















	 	 	 
	 	By:	/s/ Grace Fu 
	 	 	Name: Grace Fu
	 	 	Title: Vice President











  




    	 



    	 



    

 








	 	CITIBANK, N.A., as a Lender
	 	 	 
	 	By:	/s/ Erik Andersen 
	 	 	Name: Erik Andersen
	 	 	Title: Vice President






  




    	 



    	 



    

 











	 	BARCLAYS BANK PLC, as a Lender
	 	 	 
	 	By:	/s/ Ronnie Glenn 
	 	 	Name: Ronnie Glenn
	 	 	Title: Vice President









 




    	 



    	 



    

 











	 	DEUTSCHE BANK AG, NEW YORK BRANCH, as a Lender
	 	 	 
	 	By:	/s/ Ian R. Jackson 
	 	 	Name: Ian R. Jackson
	 	 	Title: Director















	 	 	 
	 	By:	/s/ David Dirvin 
	 	 	Name: David Dirvin
	 	 	Title: Managing Director