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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |
| ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS           | 1 |  |
| 1.01                                                  | Defined Terms. | 1 |  |
| 1.02                                                  | Other Interpretive Provisions. | 22 |  |
| 1.03                                                  | Accounting Terms. | 23 |  |
| 1.04                                                  | Rounding. | 23 |  |
| 1.05                                                  | [Reserved]. | 23 |  |
| 1.06                                                  | [Reserved]. | 23 |  |
| 1.07                                                  | Times of Day. | 23 |  |
| 1.08                                                  | Business Day Convention. | 24 |  |
|                                                  |   |   |
| ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS     | 24 |  |
| 2.01                                                  | Committed Loans. | 24 |  |
| 2.02                                                  | Borrowings, Conversions and Continuations of Committed Loans. | 24 |  |
| 2.03                                                  | Prepayments. | 26 |  |
| 2.04                                                  | Termination or Reduction of Commitments. | 26 |  |
| 2.05                                                  | Repayment of Loans. | 27 |  |
| 2.06                                                  | Interest. | 27 |  |
| 2.07                                                  | Fees. | 28 |  |
| 2.08                                                  | Computation of Interest and Fees. | 29 |  |
| 2.09                                                  | Evidence of Debt. | 29 |  |
| 2.10                                                  | Payments Generally; Administrative Agent’s Clawback. | 29 |  |
| 2.11                                                  | Sharing of Payments by Lenders. | 31 |  |
| 2.12                                                  | Defaulting Lenders. | 32 |  |
|                                                  |   |   |
| ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY   | 33 |  |
| 3.01                                                  | Taxes. | 33 |  |
| 3.02                                                  | Illegality. | 38 |  |
| 3.03                                                  | Inability to Determine Rates. | 38 |  |
| 3.04                                                  | Increased Costs; Reserves on Eurocurrency Rate Loans. | 39 |  |
| 3.05                                                  | Compensation for Losses. | 41 |  |
| 3.06                                                  | Mitigation Obligations; Replacement of Lenders. | 41 |  |
| 3.07                                                  | Survival. | 42 |  |
|                                                  |   |   |
| ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | 42 |  |
| 4.01                                                  | Conditions of Initial Credit Extension. | 42 |  |
| 4.02                                                  | Conditions to all Credit Extensions. | 44 |  |
|                                                  |   |   |
| ARTICLE V. REPRESENTATIONS AND WARRANTIES             | 46 |  |
| 5.01                                                  | Existence, Qualification and Power. | 46 |  |
| 5.02                                                  | Authorization; No Contravention. | 46 |  |
| 5.03                                                  | Governmental Authorization; Other Consents. | 46 |  |
| 5.04                                                  | Binding Effect. | 46 |  |
| 5.05                                                  | Financial Statements; No Material Adverse Effect. | 47 |  |
| 5.06                                                  | Litigation. | 47 |  |

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|                                              |
|----------------------------------------------|
|                                              |  |  |  |
| 5.07                                         | No Default. | 47 |  |
| 5.08                                         | Liens. | 48 |  |
| 5.09                                         | Taxes. | 48 |  |
| 5.10                                         | ERISA Matters. | 48 |  |
| 5.11                                         | Equity Interests. | 48 |  |
| 5.12                                         | Margin Regulations; Investment Company Act. | 48 |  |
| 5.13                                         | Disclosure. | 49 |  |
| 5.14                                         | Compliance with Laws. | 49 |  |
| 5.15                                         | Taxpayer Identification Number; Other Identifying Information. | 49 |  |
| 5.16                                         | OFAC. | 49 |  |
|                                         |   |   |
| ARTICLE VI. AFFIRMATIVE COVENANTS            | 50 |  |
| 6.01                                         | Financial Statements. | 50 |  |
| 6.02                                         | Certificates; Other Information. | 51 |  |
| 6.03                                         | Notices. | 53 |  |
| 6.04                                         | Payment of Obligations. | 53 |  |
| 6.05                                         | Preservation of Existence, Etc. | 53 |  |
| 6.06                                         | [RESERVED]. | 54 |  |
| 6.07                                         | Further Assurances. | 54 |  |
| 6.08                                         | Compliance with Laws. | 54 |  |
| 6.09                                         | Books and Records. | 54 |  |
| 6.10                                         | Inspection Rights. | 54 |  |
| 6.11                                         | Use of Proceeds. | 54 |  |
| 6.12                                         | Approvals and Authorizations. | 55 |  |
| 6.13                                         | Special Purpose Entity Requirements. | 55 |  |
| 6.14                                         | Security Interest. | 55 |  |
| 6.15                                         | ERISA Matters. | 55 |  |
|                                         |   |   |
| ARTICLE VII. NEGATIVE COVENANTS              | 55 |  |
| 7.01                                         | Liens. | 55 |  |
| 7.02                                         | Investments. | 55 |  |
| 7.03                                         | Indebtedness; Bank Accounts. | 55 |  |
| 7.04                                         | Fundamental Changes. | 55 |  |
| 7.05                                         | Sale of Collateral Assets. | 56 |  |
| 7.06                                         | Restricted Payments. | 56 |  |
| 7.07                                         | Transactions with Affiliates. | 56 |  |
| 7.08                                         | Burdensome Agreements. | 56 |  |
| 7.09                                         | Use of Proceeds. | 56 |  |
| 7.10                                         | Sanctions. | 57 |  |
| 7.11                                         | Special Purpose Entity Requirements. | 57 |  |
| 7.12                                         | Investment Advisory Agreement and Sale Agreement Amendment. | 57 |  |
| 7.13                                         | ERISA. | 57 |  |
|                                         |   |   |
| ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES | 58 |  |

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|                                  |
|----------------------------------|
|                                  |  |  |  |
| 8.01                             | Events of Default. | 58 |  |
| 8.02                             | Remedies Upon Event of Default. | 59 |  |
| 8.03                             | Application of Funds. | 60 |  |
|                             |   |   |
| ARTICLE IX. ADMINISTRATIVE AGENT | 60 |  |
| 9.01                             | Appointment and Authority. | 60 |  |
| 9.02                             | Rights as a Lender. | 61 |  |
| 9.03                             | Exculpatory Provisions. | 61 |  |
| 9.04                             | Reliance by Administrative Agent. | 62 |  |
| 9.05                             | Delegation of Duties. | 62 |  |
| 9.06                             | Resignation of Administrative Agent. | 63 |  |
| 9.07                             | Non-Reliance on Administrative Agent and Other Lenders. | 64 |  |
| 9.08                             | No Other Duties, Etc. | 64 |  |
| 9.09                             | Administrative Agent May File Proofs of Claim. | 64 |  |
| 9.10                             | Collateral Matters. | 65 |  |
|                             |   |   |
| ARTICLE X. MISCELLANEOUS         | 65 |  |
| 10.01                            | Amendments, Etc. | 65 |  |
| 10.02                            | Notices; Effectiveness; Electronic Communication. | 66 |  |
| 10.03                            | No Waiver; Cumulative Remedies; Enforcement. | 69 |  |
| 10.04                            | Expenses; Indemnity; Damage Waiver. | 69 |  |
| 10.05                            | Payments Set Aside. | 71 |  |
| 10.06                            | Successors and Assigns. | 72 |  |
| 10.07                            | Treatment of Certain Information; Confidentiality. | 76 |  |
| 10.08                            | Right of Setoff. | 77 |  |
| 10.09                            | Interest Rate Limitation. | 78 |  |
| 10.10                            | Counterparts; Integration; Effectiveness. | 78 |  |
| 10.11                            | Survival of Representations and Warranties. | 78 |  |
| 10.12                            | Severability. | 79 |  |
| 10.13                            | Replacement of Lenders. | 79 |  |
| 10.14                            | Governing Law; Jurisdiction; Etc. | 80 |  |
| 10.15                            | Waiver of Jury Trial. | 81 |  |
| 10.16                            | No Advisory or Fiduciary Responsibility. | 81 |  |
| 10.17                            | Electronic Execution of Assignments and Certain Other Documents. | 82 |  |
| 10.18                            | USA PATRIOT Act. | 82 |  |
| 10.19                            | Compliance with Laws. | 82 |  |
| 10.20                            | Non-Recourse Obligations; No Petition. | 82 |  |
| 10.21                            | Time of the Essence. | 83 |  |
| 10.22                            | Judgment Currency. | 83 |  |

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|      |                                                               |
|------|---------------------------------------------------------------|
| 5.15 | Taxpayer Identification Number; Other Identifying Information |

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|                       |
|-----------------------|
|                       |  |  |
| Lender                | Total Commitment | Applicable Percentage |
| Bank of America, N.A. | Prior to the Second Closing Date, $750,000,000, and  on and after the Second Closing Date, $1,250,000,000 | 100.000000000% |
|                  |   |   |
|                  |   |   |
| Total                 | Prior to the Second Closing Date, $750,000,000, and  on and after the Second Closing Date, $1,250,000,000 | 100.000000000% |
|                  |

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|                                                               |
|---------------------------------------------------------------|
|                                                               |  |
| Legal Name:                                                   | ACAS Funding I, LLC |
| Identification Number:                                        | 5545720 |
| Jurisdiction of Organization:                                 | Delaware |
| Registered Office:                                            | Corporate Trust Center1209 Orange StreetWilmington, Delaware 19801 |
| Place of Business:                                            | c/o American Capital, Ltd.2 Bethesda Metro Center, 14th FloorBethesda, Maryland 20814 |
| Former Legal Name:                                            | None |
| Investment Adviser Place of Business/ Chief Executive Office: | American Capital Leveraged Finance Management, LLC 2 Bethesda Metro Center, 14th FloorBethesda, Maryland 20814 |
| U.S. Taxpayer Identification Number (Borrower)                | Disregarded entity (N/A) |
| U.S. Taxpayer Identification Number (Borrower Parent)         | 52-1451377 |

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|                                      |                                                  |
|--------------------------------------|--------------------------------------------------|
| r A Borrowing of Committed Loans |  r A conversion or continuation of Loans |

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|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |
| Date   |   | Type of Loan Made |   | Amount of Loan Made |   | End of Interest Period |   | Amount of Principal or Interest Paid This Date |   | Outstanding Principal Balance This Date |   | Notation Made By |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |

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|    |                                                                    |
|----|--------------------------------------------------------------------|
| 2. | Assignee[s]:    ______________________________ |

|    |                                                                                                     |
|----|-----------------------------------------------------------------------------------------------------|
| 4. | Administrative Agent: Bank of America, N.A., as the administrative agent under the Credit Agreement |

|    |                                                                                                                                                                                          |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5. | Credit Agreement:    Credit Agreement, dated as of [  ], among [  ], the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent |

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|              |
|--------------|
|              |  |  |  |  |
| Assignor[s]5 | Assignee[s]6 | AggregateAmount ofCommitmentfor all Lenders7 | Amount ofCommitmentAssigned | PercentageAssigned ofCommitment8 |
|         |   |   |   |   |
|         |   | $______________ | $_________ | ____________% |
|         |   | $______________ | $_________ | ____________% |
|         |   | $______________ | $_________ | ____________% |

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|        |
|--------|
|        |  |
|   |   |

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|                              |
|------------------------------|
|                              |  |
| [NAME OF LENDER]             |
| By:  _______________________ |
|                         | Name:  ________________________ |
|                         | Title:  ________________________ |

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|                              |
|------------------------------|
|                              |  |
| [NAME OF PARTICIPANT]        |
| By:  _______________________ |
|                         | Name:  ________________________ |
|                         | Title:  ________________________ |

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|                              |
|------------------------------|
|                              |  |
| [NAME OF PARTICIPANT]        |
| By:  _______________________ |
|                         | Name:  ________________________ |
|                         | Title:  ________________________ |

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|                              |
|------------------------------|
|                              |  |
| [NAME OF LENDER]             |
| By:  _______________________ |
|                         | Name:  ________________________ |
|                         | Title:  ________________________ |