Exhibit 10.4


 


EXECUTION VERSION


 


Dated August 26, 2016


 


Portfolio Management Agreement


 


between


 


34th Street Funding, LLC


a Delaware limited liability company


 


CĪON Investment Management, LLC


a Delaware limited liability company





 




    	 	 	 



     


    

 


Table of Contents


 





	 	 	Page
	 	 	 
	Section 1	General Duties of the Portfolio Manager	1
	 	 	 
	Section 2	Duties and Obligations of the Portfolio Manager with Respect to the Administration of the Company	3
	 	 	 
	Section 3	Authority to Bind the Company; No Joint Venture	4
	 	 	 
	Section 4	Limitations Relating to Portfolio Investments	5
	 	 	 
	Section 5	Brokerage	6
	 	 	 
	Section 6	Compensation	6
	 	 	 
	Section 7	Expenses	6
	 	 	 
	Section 8	Services to Other Companies or Accounts; Conflicts of Interest	7
	 	 	 
	Section 9	Duty of Care and Loyalty; Exculpation of Liability	8
	 	 	 
	Section 10	Indemnification	8
	 	 	 
	Section 11	Term of Agreement; Events Affecting the Portfolio Manager; Survival of Certain Terms; Delegation	10
	 	 	 
	Section 12	Power of Attorney; Further Assurances	12
	 	 	 
	Section 13	Amendment of this Agreement; Assignment	12
	 	 	 
	Section 14	Notices	13
	 	 	 
	Section 15	Binding Nature of Agreement; Successors and Assigns	13
	 	 	 
	Section 16	Entire Agreement	13
	 	 	 
	Section 17	Costs and Expenses	13
	 	 	 
	Section 18	Books and Records	13
	 	 	 
	Section 19	Titles Not to Affect Interpretation	14
	 	 	 
	Section 20	Provisions Separable	14
	 	 	 
	Section 21	Governing Law	14
	 	 	 
	Section 22	Execution in Counterparts	14
	 	 	 
	Section 23	Third Party Rights; Benefits of Agreement	14
	 	 	 
	Section 24	Representations and Warranties of the Portfolio Manager	14
	 	 	 
	Section 25	Conflict with the Loan and Security Agreement	15
	 	 	 
	Section 26	Subordination	15
	 	 	 
	Section 27	No Proceedings	15




 




    	 	(i)	 



     


    

 


PORTFOLIO MANAGEMENT AGREEMENT


 


This Portfolio Management
Agreement (the “Agreement”), dated as of August 26, 2016, is made by and between 34TH STREET FUNDING, LLC
(the “Company”), a Delaware limited liability company, and CĪON INVESTMENT MANAGEMENT, LLC (the
“Portfolio Manager”), a Delaware limited liability company. Reference is made to that certain Loan and Security
Agreement, dated as of the date hereof, among the Company, the Portfolio Manager, the lenders party thereto (the “Lenders”),
JPMorgan Chase Bank, National Association, as administrative agent (the “Administrative Agent”), U.S.
Bank National Association (“USB”), as collateral agent (in such capacity, the “Collateral Agent”),
USB, as collateral administrator (in such capacity, the “Collateral Administrator”) and USB, as securities intermediary
(in such capacity, the “Securities Intermediary”) (as the same may be amended from time to time, the “Loan
and Security Agreement”). Unless otherwise specified, capitalized terms used but not otherwise defined in this Agreement
shall have the meanings given to them in the Loan and Security Agreement or if not defined therein, shall have the meanings given
to them in the Amended and Restated Limited Liability Company Agreement of the Company dated as of the date hereof (as the same
may be amended from time to time, the “Operating Agreement”). References herein to the Loan and Security Agreement
shall be applicable solely while it is in effect.


 


Section 1          General
Duties of the Portfolio Manager. Subject to the direction and control of the Company and subject to and in accordance with
the terms of the Loan and Security Agreement, the Operating Agreement, the policies adopted or approved by the Company and the
terms of this Agreement, the Portfolio Manager agrees to (x) supervise and direct the investment and reinvestment of the Portfolio
Investments, manage, service, administer and make collections on the Portfolio Investments and perform its duties set forth herein,
and shall perform on behalf of the Company those investment and leverage-related duties and functions of the Company as shall
be assigned to the Company or the Portfolio Manager in the Loan and Security Agreement or as delegated from time to time to the
Portfolio Manager by the Company and (y) comply with all covenants and restrictions with respect to the investment activities
imposed on the Company under the Loan and Security Agreement. The Portfolio Manager shall endeavor to comply in all material respects
with all applicable federal and state laws and regulations. Subject to the foregoing, the other provisions of this Agreement and
the terms of the Loan and Security Agreement, the Portfolio Manager is hereby appointed as the Company’s agent and attorney-in-fact
with authority to negotiate, execute and deliver all documents and agreements on behalf of the Company and to do or take all related
acts, with the power of substitution, to acquire, dispose of or otherwise take action with respect to or affecting the Portfolio
Investments, including, without limitation:


 


(a)          identifying
and originating Portfolio Investments to be purchased by the Company, selecting the dates for such purchases, and purchasing or
directing the purchase of such Portfolio Investments on behalf of the Company;


 


(b)          identifying
Portfolio Investments owned by the Company to be sold by the Company, selecting the dates for such sales, and selling such Portfolio
Investments on behalf of the Company;


 


(c)          negotiating
and entering into, on behalf of the Company, documentation providing for the purchase and sale of Portfolio Investments, including
without limitation, confidentiality agreements and commitment letters;


 


(d)          structuring
the terms of, and negotiating, entering into and/or consenting to, on behalf of the Company, documentation relating to Portfolio
Investments to be purchased, held, exchanged or sold by the Company, including any amendments, modifications or supplements with
respect to such documentation;


 




    	 	 	 



     


    

 


(e)          exercising,
on behalf of the Company, rights and remedies associated with Portfolio Investments, including without limitation, rights to petition
to place an obligor or issuer in bankruptcy proceedings, to vote to accelerate the maturity of a Portfolio Investment, to waive
any default, including a payment default, with respect to a Portfolio Investment and to take any other action which the Portfolio
Manager deems necessary or appropriate in its discretion in connection with any restructuring, reorganization or other similar
transaction involving an obligor or issuer with respect to a Portfolio Investment, including without limitation, initiating and
pursuing litigation;


 


(f)          responding
to any offer in respect of Portfolio Investments by tendering the affected Portfolio Investments, declining such offer, or taking
such other actions as the Portfolio Manager may determine;


 


(g)          exercising
all voting, consent and similar rights of the Company on its behalf and advising the Company with respect to matters concerning
the Portfolio Investments;


 


(h)          advising
and assisting the Company with respect to the valuation and rating of the Portfolio Investments;


 


(i)          retaining
legal counsel and other professionals (such as financial advisers) to assist in the structuring, negotiation, documentation, administration
and modification and restructuring of Portfolio Investments;


 


(j)          directing,
or causing to be directed, all obligors to pay Interest Proceeds and Principal Proceeds (collectively, “Collections”)
directly to the appropriate Account, depositing all Collections received directly by it into the appropriate Account promptly upon
receipt thereof and, promptly after receipt, into the appropriate Account, identifying all Collections received by it as Interest
Proceeds or Principal Proceeds. If notwithstanding the foregoing the Portfolio Manager at any time thereafter receives any Collections
or any other proceeds of any Portfolio Investments constituting Interest Proceeds or Principal Proceeds, the Portfolio Manager
shall direct or cause to be directed, the related obligor to make such payments to the Accounts and shall promptly, after receipt
thereof, deposit or cause to be deposited all such amounts into the appropriate Account;


 


(k)          cooperating
with the Collateral Agent in connection with the preparation of the reports set forth in Exhibit B of the Loan and Security Agreement
and any supplement thereto and (i) supplying any information maintained by it that the Collateral Agent may from time to time reasonably
request with respect to the Collateral and reasonably needs to complete the reports, calculations and certificates required to
be prepared by the Collateral Agent hereunder or required to permit the Collateral Agent to perform its obligations hereunder,
and (ii) reviewing and verifying the contents of the aforesaid reports, instructions, statements and certificates;


 


(l)          causing
the Company to pay, perform and discharge or cause to be paid, performed and discharged promptly all (i) all federal, state, county,
city, municipal, local, foreign or other governmental taxes; (ii) all levies, assessments, charges, or claims of any governmental
entity or any claims of statutory lienholders, the nonpayment of which could give rise by operation of law to a Lien on the Portfolio
Investments or any other property of the Company and (iii) any such taxes, levies, assessment, charges or claims which constitute
a lien or encumbrance on any property of the Company (collectively, “Charges”)
payable by it, except where the failure to so pay, discharge or otherwise satisfy such Charge would not, individually or in the
aggregate, be expected to have a Material Adverse Effect; and


 


(m)          in
the Portfolio Manager’s discretion, performing such actions on behalf of the Company as permitted in the Loan and Security
Agreement and making such determinations as necessary (in the Portfolio Manager’s discretion) to carry out the Company’s
business under the Loan and Security Agreement.


 




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In performing its duties
hereunder, the Portfolio Manager shall seek to maximize the value of the Collateral for the benefit of the Company, taking into
account the investment criteria and limitations set forth herein and in the Loan and Security Agreement; provided, that
the Portfolio Manager shall not be responsible if such objectives are not achieved so long as the Portfolio Manager performs its
duties under this Agreement and the Loan and Security Agreement in the manner provided for herein and therein. In no event whatsoever
shall there be recourse to the Portfolio Manager or any of its Affiliates for any amounts payable on the Advances or the other
payment obligations of the Company under the Loan and Security Agreement or any of the other documents executed and delivered by
the Company in connection with the transactions contemplated by the Loan and Security Agreement. For the avoidance of doubt, the
Portfolio Manager does not guarantee the performance of any obligations of any other Person under any Loan Document.


 


Section 2          Duties
and Obligations of the Portfolio Manager with Respect to the Administration of the Company. To the extent requested by the
Company, the Portfolio Manager agrees to provide the following administrative services:


 


(a)          maintain
or oversee the maintenance of the books and records of the Company and maintain (or oversee maintenance by other persons) such
other books and records required by law or for the proper operation of the Company;


 


(b)          to
the extent prepared or filed by the Company, oversee the preparation and filing, and in all events review and ensure the timely
filing, of all federal, state and local income Tax returns required to be filed by the Company and any other required Tax returns
or reports;


 


(c)          review
the appropriateness of and arrange for payment of the Company’s expenses;


 


(d)          prepare
for review and approval by officers and other authorized persons of the Company (collectively, the “Authorized
Signatories”) financial information for the Company’s financial statements (if the Company prepares separate
financial statements) and such other reports, forms and filings, as may be mutually agreed upon or as may be required by law or
the Loan and Security Agreement;


 


(e)          prepare
reports relating to the business and affairs of the Company as may be mutually agreed upon and not otherwise prepared by others;


 


(f)          make
recommendations to the Company concerning the performance and fees of any of the Company’s service providers as the Company
may reasonably request or deem appropriate;


 


(g)          oversee
and review calculations of fees paid to the Company’s service providers;


 


(h)          consult
with the Authorized Signatories, and the Company’s independent accountants, legal counsel, custodian and other service providers
in establishing the accounting policies of the Company and monitor financial accounting services;


 


(i)          determine
the amounts available for distribution as dividends and distributions to be paid by the Company to Parent;


 




    	 	3	 



     


    

 


(j)          prepare
such information and reports as may be required under the Loan and Security Agreement;


 


(k)          provide
such assistance to the Company’s custodian, counsel, auditors and other service providers as generally may be required to
properly carry on the business and operations of the Company;


 


(l)          respond
to, or refer to the Company’s officers or Authorized Signatories, inquiries relating to the Company;


 


(m)          supervise
any other aspects of the Company’s administration as may be agreed to by the Company and the Portfolio Manager; and


 


(n)          provide
notices, from time to time, required to be provided by the Company under the Loan and Security Agreement.


 


All services are to
be furnished through the medium of any officers, Authorized Signatories or employees of the Portfolio Manager or its affiliates
as the Portfolio Manager deems appropriate in order to fulfill its obligations hereunder.


 


The Company shall,
upon demand, reimburse the Portfolio Manager or its affiliates for all out-of-pocket expenses incurred by them in connection with
the performance of the administrative services described in this Section 2.


 


Section 3          Authority
to Bind the Company; No Joint Venture. (a)  Except as provided in or pursuant to Section 1, 4 and 12
hereof, the Portfolio Manager shall have no authority to bind or obligate the Company. All acts of the Portfolio Manager (other
than as provided in the Loan and Security Agreement, the Operating Agreement or in Section 1 or Section 12 hereof
with respect to any Portfolio Investment) shall require the Company’s consent and approval to bind the Company. Nothing
in this Agreement shall be deemed to create a joint venture or partnership between the parties with respect to the arrangements
set forth in this Agreement. For all purposes hereof, the Portfolio Manager shall be deemed to be an independent contractor and,
unless otherwise provided herein or specifically authorized by the Company from time to time, shall have no authority to act for
or represent the Company.


 


(b)          The
Portfolio Manager shall act in conformity with the written instructions and directions of the Company delivered in accordance with
the terms and conditions hereof, except to the extent that authority has been delegated to the Portfolio Manager pursuant to the
terms of this Agreement or the Operating Agreement. Subject to the Fiduciary duty of the Member, the Company agrees that it shall
not permit any amendment to the Operating Agreement that materially affects the rights or duties of the Portfolio Manager to become
effective unless the Portfolio Manager has been given prior written notice of such amendment and has consented thereto in writing.
The Portfolio Manager may, with respect to the affairs of the Company, consult with such legal counsel, accountants and other advisors
as may be selected by the Portfolio Manager. The Portfolio Manager shall be fully protected, to the extent permitted by Applicable
Law, in acting or failing to act hereunder if such action or inaction is taken or not taken in good faith by the Portfolio Manager
in accordance with the advice or opinion of such counsel, accountants or other advisors. The Portfolio Manager shall be fully protected
in relying upon any writing signed in the appropriate manner with respect to any instruction, direction or approval of the Company
and may also rely on opinions of the Portfolio Manager’s counsel with respect to such instructions, directions and approvals.
The Portfolio Manager shall also be fully protected when acting upon any instrument, certificate or other writing the Portfolio
Manager believes in good faith to be genuine and to be signed or presented by the proper person or persons. The Portfolio Manager
shall be under no duty to make any investigation or inquiry as to any statement contained in any such writing and may accept the
same as conclusive evidence of the truth and accuracy of the statements therein contained if the Portfolio Manager in good faith
believes the same to be genuine.


 




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Section 4          Limitations
Relating to Portfolio Investments.


 


(a)          Portfolio
Investments. Except as otherwise provided in this Section 4 and subject to the requirements of the Loan and Security
Agreement, the Operating Agreement and Applicable Law, the Portfolio Manager may cause the Company (which term shall include, for
all purposes relating to the purchase and sale of Portfolio Investments and the duties and obligations of the Portfolio Manager
set forth in Section 1 hereof, the Company and its consolidated subsidiaries, if any) from time to time to purchase Portfolio
Investments.


 


(b)          Transaction,
Director, Consulting, Advisory, Closing and Break- up Fees. The Company shall receive its pro-rata share, measured by
the amount invested or proposed to be invested by the Company in any Portfolio Investment, of any transaction, director, consulting,
advisory, closing and break-up fees, or similar fees (“Additional Fees”)
payable with respect to any Portfolio Investment. Notwithstanding anything herein or in the Operating Agreement to the contrary,
to the extent that any Additional Fees with respect to the Company’s share of such Investment are paid to the Portfolio Manager
or any of its Affiliates, the Portfolio Manager shall deposit such amounts, or cause such amounts to be deposited, into the Collection
Account for application as Interest Proceeds.


 


(c)          Other
Agreements of the Portfolio Manager. The Portfolio Manager agrees to the following:


 


(i)          the
Portfolio Manager shall cause any purchase or sale of any Portfolio Investment to be conducted on terms and conditions no less
favorable to the Company than those available on an arm’s length basis;


 


(ii)         the
Portfolio Manager shall provide to the Collateral Administrator all reports, data and other information (including, without limitation,
any letters of representations) that the Collateral Administrator may reasonably request in connection with its duties under the
Loan and Security Agreement, to the extent reasonably available to the Portfolio Manager; and


 


(iii)        the
Portfolio Manager shall notify the Company of any change in control of the Portfolio Manager within a reasonable time after such
change in control occurs.


 


(d)          Other
Obligations of the Portfolio Manager. Subject to the terms of the Loan and Security Agreement and to Section 9
and Section 10 hereof, the Portfolio Manager shall use commercially reasonable efforts to ensure that no action is taken
by it, and shall not willfully or in a grossly negligent manner take any action which would (a) materially adversely affect the
status of the Company for purposes of U.S. federal or state law or any other law which, in the Portfolio Manager’s good faith
judgment, is applicable to the Company, (b) not be permitted by the Company’s organizational documents, (c) violate any law,
rule or regulation of any governmental body or agency having jurisdiction over the Company, including, without limitation, actions
which would violate any U.S. federal, state or other applicable securities law the violation of which would adversely affect, in
any material respect, any Lender, the business, operations, assets or financial condition of the Company, or the ability of the
Portfolio Manager to perform its obligations hereunder and the Loan and Security Agreement, (d) require registration of the Company
as an “investment company” under the Investment Company Act of 1940, as amended, (e) adversely affect the Administrative
Agent in any material respect, (f) result in the Company violating the terms of the Loan and Security Agreement, (g) adversely
affect the interests of the Secured Parties in the pool of Collateral in any material respect (other than actions permitted hereunder
or under the Loan and Security Agreement) or (h) cause (i) the Company to take any action or make an election to classify itself
as an association taxable as a corporation for federal, state or any applicable tax purposes or (ii) otherwise cause adverse tax
consequences to the Company, it being understood that, in all circumstances, in connection with the foregoing, the Portfolio Manager
shall not be required to make any independent investigation of any facts or laws not otherwise known to it in connection with its
obligations under this Agreement and the Loan and Security Agreement or the conduct of its business generally. In addition, the
Portfolio Manager need not take such action unless arrangements satisfactory to it are made to insure or indemnify the Portfolio
Manager from any liability it may incur as a result of such action. The Portfolio Manager and its Affiliates and their respective
members, managers, directors, officers, stockholders, employees and agents shall not be liable to the Company, the Administrative
Agent, any Secured Party or any other Person except as provided in Section 9 and Section 10. The Portfolio Manager
covenants that it shall comply in all material respects with Applicable Laws and regulations relating to its performance under
this Agreement. Notwithstanding anything contained in this Agreement to the contrary, any indemnification of the Portfolio Manager
provided for in this Section 4 shall be payable by the Company in accordance with the Loan and Security Agreement.


 




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Section 5          Brokerage.
The Portfolio Manager shall use commercially reasonable efforts to effect all purchases and sales of securities in a manner consistent
with the principles of best execution. Subject to the objective of obtaining the best execution, the Portfolio Manager may, in
the allocation of business, take into consideration all factors that it deems relevant, including, without limitation, the price,
the size of the transaction, the nature of the market for the security, the amount of the commission, the amount of any assignment
or transaction fees, the timing of the transaction taking into account market prices and trends, the reputation, experience and
financial stability of the broker or dealer involved, the quality of service rendered by the broker or dealer in other transactions
and other research and other brokerage services furnished to the Portfolio Manager or its Affiliates by brokers and dealers, in
connection with the duties of the Portfolio Manager hereunder or otherwise, in each case in compliance with Section 28(e) of the
Securities Exchange Act of 1934, as amended. In this regard, the Portfolio Manager may effect transactions which cause the Company
to pay a commission in excess of a commission which another broker or other intermediary would have charged; provided,
however, that the Portfolio Manager shall have first determined that such commission is reasonable in relation to the value
of the brokerage or research services performed by that broker or other intermediary or that the Company is the sole beneficiary
of the services provided. Such brokerage services may be used by the Portfolio Manager or its Affiliates in connection with its
other advisory activities or investment operations.


 


Section 6          Compensation.
The Company agrees to pay to the Portfolio Manager on each Interest Payment Date, each Additional Distribution Date and the Maturity
Date, and the Portfolio Manager agrees to accept as compensation for all services rendered by the Portfolio Manager as such, to
the extent not waived or deferred, an amount as agreed to by the Company and the Portfolio Manager, from time to time, not to
exceed, with respect to each Calculation Period, 0.50% per annum multiplied by the daily average aggregate principal amount
of the Portfolio Investments during such Calculation Period (the “Management Fee”). The Management Fee will
be calculated on the basis of a calendar year consisting of 360 days and the actual number of days elapsed. The Portfolio Manager
may waive the Management Fee payable in respect of any Calculation Period in its sole discretion.


 


Section 7          Expenses.
Other than as set forth below, the Company will be responsible for paying all of its expenses. On behalf of the Company, the Portfolio
Manager may advance payment of any expenses, and the Company shall, upon request, reimburse the Portfolio Manager therefor within
30 days following written request from the Portfolio Manager. Nothing in this Section 7 shall limit the ability of the
Portfolio Manager to be reimbursed by any Person other than the Company (including issuers or obligors of securities, instruments
or obligations owned by the Company) for out-of-pocket expenses incurred by the Portfolio Manager in connection with the performance
of services hereunder. The Portfolio Manager shall maintain complete and accurate records with respect to costs and expenses and
shall furnish the Company with receipts or other written vouchers with respect thereto upon request of the Company. The Company
shall bear the reasonable costs and expenses of all audits and inspections permitted by Section 6.02 of the Loan and Security
Agreement.


 




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Section 8          Services
to Other Companies or Accounts; Conflicts of Interest. (a)  The Portfolio Manager and its Affiliates, employees
or associates are in no way prohibited from, and intend to, spend substantial business time in connection with other businesses
or activities, including, but not limited to, managing investments, advising or managing entities whose investment objectives
are the same as or overlap with those of the Company, participating in actual or potential investments of the Company, providing
consulting, merger and acquisition, structuring or financial advisory services, including with respect to actual, contemplated
or potential investments of the Company, or acting as a director, officer or creditors’ committee member of, advisor to,
or participant in, any corporation, company, trust or other business entity. The Portfolio Manager and its Affiliates may, and
expect to, receive fees or other compensation from third parties for any of these activities unrelated to the Company, which fees
will be for the benefit of their own account and not the Company.


 


(b)          In
addition, the Portfolio Manager and its Affiliates may manage other investment vehicles and separate accounts (“Other
Accounts”) that invest in assets eligible for purchase by the Company. The Company may have the ability, under
certain circumstances, to take certain actions that would have an adverse effect on Other Accounts. In these circumstances, the
Portfolio Manager and its affiliated persons will act in a manner believed to be equitable to the Company and such Other Accounts,
including co-investment in accordance with applicable laws, including the conditions of any exemptive relief obtained by the Company
and the Portfolio Manager. The allocation of investment opportunities among the Company and Other Accounts will be made in good
faith pursuant to the Portfolio Manager’s written allocation policies. The Portfolio Manager may combine purchase or sale
orders on behalf of the Company with orders for Other Accounts, and allocate the assets so purchased or sold among such accounts
in an equitable manner. The Company may invest in portfolio companies in which Other Accounts have or are concurrently making the
same investment or a different investment (e.g., an investment that is junior to the Company’s
investment). In such situations, the Company and the Other Accounts may potentially have conflicting interests. If any matter arises
that the Portfolio Manager determines in its good faith judgment constitutes an actual conflict of interest, the Portfolio Manager
may take such actions as may be necessary or appropriate to ameliorate the conflict. These actions may include, by way of example
and without limitation, disposing of the asset giving rise to the conflict of interest, appointing an independent fiduciary, or
delegating decisions relating to the asset giving rise to the conflict of interest to a subcommittee of the Portfolio Manager.
The Portfolio Manager shall have no liability arising out of such potential or actual conflicts of interest; provided,
that nothing in this Section 8(b) shall be construed as altering the duties of the Portfolio Manager as set forth in this
Agreement or any other Loan Document or the requirements of any law, rule, or regulation applicable to the Portfolio Manager.


 


(c)          Any
purchase or disposition of a Portfolio Investment shall be made on terms no less favorable to the Company than those available
on an arm’s length basis. Any purchase or disposition of a Portfolio Investment effected on behalf of the Company with the
Portfolio Manager or any Affiliate thereof will be effected in accordance with all applicable laws and on terms as favorable to
the Company as would be the case if such Person were not so affiliated.


 




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Section 9          Duty
of Care and Loyalty; Exculpation of Liability. The Portfolio Manager shall exercise its discretion and authority in accordance
with Applicable Law, the terms of the Loan Documents, all customary and usual servicing practices for loans similar to the Portfolio
Investments and (i) with reasonable care, using a degree of skill and diligence not less than that with which the Company or Portfolio
Manager, as applicable, services and administers loans for its own account or for the account of its Affiliates having similar
lending objectives and restrictions, and (ii) to the extent not inconsistent with clause (i), in a manner consistent with the
customary standards, policies and procedures followed by institutional managers of national standing relating to assets of the
nature and character of the Portfolio Investments and without regard to any relationship that the Portfolio Manager or any Affiliate
thereof may have with any underlying obligor or any Affiliate of an obligor. The Portfolio Manager assumes no responsibility under
this Agreement or any other Loan Document other than to render the services called for hereunder and under the terms thereunder,
subject to the standard of conduct described in the next succeeding sentence, and shall not be responsible for (i) any action
of the Company or the Collateral Agent in following or declining to follow any advice, recommendation or direction of the Portfolio
Manager or (ii) any action taken or omitted to be taken by the Portfolio Manager at the express direction of the Company, the
Collateral Agent, the Administrative Agent, any Lender or any Secured Party or any other Person entitled under the Loan and Security
Agreement to give direction to the Portfolio Manager. The Portfolio Manager and its Affiliates and their respective principals,
partners, members, stockholders, directors, managers, managing directors, officers, employees and agents shall not be liable to
the Company, the Collateral Agent, the Administrative Agent, any Lender or any Secured Party or any other Person for any Losses
(as defined below) incurred, or for any decrease in the value of the Portfolio Investments, as a result of the actions taken or
recommended, or for any omissions (including any failure to act if such action would be prohibited by the Loan Documents or this
Agreement), by the Portfolio Manager or its Affiliates or their respective principals, partners, members, stockholders, directors,
managers, managing directors, officers, employees or agents under this Agreement or any Loan Document, except by reason of acts
or omissions which constitute bad faith, willful misconduct or gross negligence in the performance of, or reckless disregard with
respect to, its obligations hereunder.


 


Section 10          Indemnification.
(a) To the fullest extent permitted by Applicable Law, the Company
shall be held harmless and indemnified by the Portfolio Manager against any claims, demands, costs, liabilities and expenses,
including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees incurred by the
Company (“Losses”) in connection with the defense or disposition of any action,
suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which the Company
may be or may have been involved as a party or otherwise or with which the Company may be or may have been threatened, while acting
in connection with the establishment, management or operations of the Company or the management of the Portfolio Investments,
provided, however, to the fullest extent permitted
by Applicable Law, that the Company shall not be indemnified hereunder if there has been a determination by a final decision on
the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification was brought
that such Losses have been primarily attributable to the Company’s willful misfeasance, bad faith, gross negligence in performance,
or reckless disregard, of its obligations; provided further, that the Portfolio
Manager will not be required to indemnify the Company with respect to any Losses (i) arising out of an action or claim brought
against the Company by the Portfolio Manager or its Affiliates, or (ii) resulting from the performance or non-performance of the
Portfolio Investments. In no event shall the Portfolio Manager be liable for any consequential, punitive, exculpatory or treble
damages or lost profits.


 


Indemnification under
this Section 10(a) shall survive the termination of this Agreement and shall include reasonable fees and expenses of counsel
and expenses of litigation.


 




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(b)          (i)          To
the fullest extent permitted by Applicable Law, each of the Portfolio Manager, and its Affiliates, or any officer, director, member,
manager, employee, stockholder, assign, representative or agent of any such Person (each an “Indemnified Person,”
and collectively, the “Indemnified Persons”) shall be held harmless and indemnified by the Company (the “Indemnifying
Party”) (solely out of the Portfolio Investments and in accordance with the Loan and Security Agreement, and not (solely
for the purposes of this Agreement) out of the separate assets of the Parent) against any claims, demands, costs, liabilities and
expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees incurred
by such Indemnified Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil
or criminal, before any court or administrative or investigative body in which such Indemnified Person may be or may have been
involved as a party or otherwise (other than as authorized by the directors of the Parent, as the plaintiff or complainant) or
with which such Indemnified Person may be or may have been threatened, while acting in such Person’s capacity as an Indemnified
Person in connection with the establishment, management or operations of the Company or the management of the Portfolio Investments,
provided, however, that an Indemnified Person shall not be indemnified hereunder if and to the extent resulting from such Indemnified
Person’s bad faith, fraud, willful misfeasance, gross negligence or reckless disregard; provided further, that the Company
will not be required to indemnify the Indemnified Persons with respect to any Losses (i) arising out of an action or claim brought
against any Indemnified Person by the Company or its Affiliates, or (ii) resulting from the performance or non-performance of the
Portfolio Investments. Any payments pursuant to Section 10(b)(i) while the Loan and Security
Agreement is in effect will be paid solely in accordance with the Loan and Security Agreement (subject to the availability of funds
and to the conditions set forth in the Loan and Security Agreement).


 


(ii)         The
rights accruing to the Company or any Indemnified Person under these provisions shall not exclude any other right to which the
Company or such Indemnified Person may be lawfully entitled.


 


(iii)        Each
Indemnified Person (other than the Portfolio Manager) shall, in the performance of its duties, be fully and completely justified
and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other
records of the Company, upon an opinion of counsel, or upon reports made to the Company by any of the Company’s officers
or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or
consultant selected with reasonable care by the directors of the Parent, officers or employees of the Company, regardless of whether
such counsel or other person may also be a director of the Parent. The Portfolio Manager shall, in the performance of its duties,
be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith
upon any books of account or other records of the Company that were prepared by an agent or other third party, upon an opinion
of counsel, or upon reports made to the Company by any advisor, administrator, manager, distributor, selected dealer, accountant,
appraiser or other expert or consultant selected with reasonable care by the directors of the Parent, officers or employees of
the Company, regardless of whether such counsel or other person may also be a director of the Parent. The Company shall, in the
performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting
from reliance in good faith upon its books of account or other records of the Company prepared by a third party; provided
such third party is an advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or
consultant selected by the Company with reasonable care.


 


(iv)        Neither
the Company nor any Indemnified Person shall, without the prior written consent of the Portfolio Manager or the Indemnifying Party,
as applicable, which consent shall not be unreasonably withheld or delayed, settle or compromise any claim giving rise to a claim
for indemnity hereunder, or permit a default or consent to the entry of any judgment in respect thereof, unless such settlement,
compromise or consent includes, as an unconditional term thereof, the giving by the claimant to the Portfolio Manager or the Indemnifying
Party, as applicable, of a release from liability substantially equivalent to the release given by the claimant to the Company
or such Indemnified Person in respect of such claim.


 




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(v)         In
the event that the Company or any Indemnified Person waives its right to indemnification hereunder, the Portfolio Manager or the
Indemnifying Party, as applicable, shall not be entitled to appoint counsel to represent the Company or such Indemnified Person
nor shall the Portfolio Manager or the Indemnifying Party, as applicable, reimburse the Company or such Indemnified Person for
any costs of counsel to the Company or such Indemnified Person.


 


Section 11          Term
of Agreement; Events Affecting the Portfolio Manager; Survival of Certain Terms; Delegation. (a)  This Agreement
shall become effective as of the date hereof and, unless sooner terminated by the Company or the Portfolio Manager as provided
herein, shall continue in effect during the existence of the Company. Notwithstanding the foregoing, this Agreement may be terminated
by the Company without the payment of any penalty, upon the occurrence of a “cause” event. A “cause” event
for purposes of this Section 11(a) shall have occurred by reason of:


 


(i)          the
conviction (or plea of no contest) for a felony of the Portfolio Manager;


 


(ii)         the
conviction (or plea of no contest) for a felony of an officer or a member of the board of directors of the Portfolio Manager, if
the employment or other affiliation of such Person so convicted is not terminated by the Portfolio Manager within 30 days of such
conviction and the Parent votes thereafter to invoke this termination provision;


 


(iii)        the
Portfolio Manager or an officer or a member of the board of directors of the Portfolio Manager has engaged in gross negligence
or willful misconduct with respect to the Company that has resulted in a material adverse effect on the Company or the Portfolio
Investments, or has committed a knowing material violation of securities laws, each as determined by a final decision of a court
or binding arbitration decision unless, in the case of such natural persons, their employment or other affiliation with the Portfolio
Manager is terminated or suspended within 30 days after discovery by the Portfolio Manager;


 


(iv)        the
Portfolio Manager shall willfully violate or breach any material provision of this Agreement or the Loan and Security Agreement
applicable to it;


 


(v)         the
Portfolio Manager shall violate or breach any provision of this Agreement or any term of the Loan and Security Agreement applicable
to it (including, but not limited to, any breach of a material representation, warranty or certification of the Portfolio Manager
hereunder or thereunder, but other than as covered in Section 11(a)(iv), and it being understood that the failure of the
Borrowing Base Test or any Eligibility Criteria or the occurrence of a Market Value Event is not a violation or breach, other than
a willful violation or breach of the Eligibility Criteria at the time of the acquisition of any Portfolio Investment), which violation
or breach (1) has a material adverse effect on the Lenders and (2) if capable of being cured, is not cured within 30 days of the
Portfolio Manager becoming aware of, or its receiving notice from the Company or the Administrative Agent of, such violation or
breach, or, if such violation or breach is not capable of being cured within 30 days but is capable of being cured in a longer
period, it fails to cure such violation or breach within the period in which a reasonably prudent person could cure such violation
or breach, but in no event greater than 60 days;


 




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(vi)        the
Portfolio Manager is wound up or dissolved or there is appointed over it or a substantial part of its assets a receiver, administrator,
administrative receiver, trustee or similar officer; or the Portfolio Manager (i) ceases to be able to, or admits in writing its
inability to, pay its debts as they become due and payable, or makes a general assignment for the benefit of, or enters into any
composition or arrangement with, its creditors generally; (ii) applies for or consents (by admission of material allegations of
a petition or otherwise) to the appointment of a receiver, trustee, assignee, custodian, liquidator or sequestrator (or other similar
official) of the Portfolio Manager or of any substantial part of its properties or assets, or authorizes such an application or
consent, or proceedings seeking such appointment are commenced without such authorization, consent or application against the Portfolio
Manager and continue undismissed for 60 days; (iii) authorizes or files a voluntary petition in bankruptcy, or applies for or consents
(by admission of material allegations of a petition or otherwise) to the application of any bankruptcy, reorganization, arrangement,
readjustment of debt, insolvency or dissolution, or authorizes such application or consent, or proceedings to such end are instituted
against the Portfolio Manager without such authorization, application or consent and are approved as properly instituted and remain
undismissed for 60 days or result in adjudication of bankruptcy or insolvency; or (iv) permits or suffers all or any substantial
part of its properties or assets to be sequestered or attached by court order and the order remains undismissed for 60 days; or


 


(vii)       the
occurrence of any event specified in clause (a) of the definition of Event of Default in the Loan and Security Agreement which
default is primarily the result of any act or omission of the Portfolio Manager resulting from a breach of its duties under this
Agreement or under the Loan and Security Agreement (but not as a result of any default of any Collateral Obligation).


 


The Portfolio Manager
shall promptly provide written notice to the Member upon the occurrence of a “cause” event.


 


(b)          Notwithstanding
anything herein to the contrary, Section 7, Section 9 and Section 10 of
this Agreement shall survive any termination hereof.


 


(c)          From
and after the effective date of termination of this Agreement, the Portfolio Manager and its Affiliates shall not be entitled to
compensation for further services hereunder, but shall be paid all compensation and reimbursement of expenses accrued to the date
of termination. Upon such termination and upon request by the Borrower, the Portfolio Manager shall deliver as directed copies
of all documents, books, records and other information prepared and maintained by or on behalf of the Company with respect to an
Portfolio Investment (“Records”) within five Business Days after demand therefor
and a computer tape or diskette (or any other means of electronic transmission acceptable to the successor portfolio manager) containing
as of the close of business on the date of demand all of the data maintained by the Portfolio Manager in computer format in connection
with managing the Portfolio Investments. The Portfolio Manager agrees to use reasonable efforts to cooperate with any successor
portfolio manager in the transfer of its responsibilities hereunder, and will, among other things, provide upon receipt of a written
request by such successor portfolio manager any information available to it regarding any Portfolio Investments. The Portfolio
Manager agrees that, notwithstanding any termination, it will reasonably cooperate in any proceeding arising in connection with
this Agreement, the Loan and Security Agreement or any Portfolio Investment (excluding any such proceeding in which claims are
asserted against the Portfolio Manager or any Affiliate of the Portfolio Manager) upon receipt of appropriate indemnification in
accordance with Section 10 and expense reimbursement.


 


(d)          Until
a successor portfolio manager has commenced investment management activities in the place of CĪON
Investment Management, LLC, CĪON Investment Management, LLC shall not resign
as Portfolio Manager hereunder. Notwithstanding anything contained herein to the contrary and to the extent permitted by Applicable
Law without causing the Portfolio Manager to have liability, the resignation of the Portfolio Manager shall not become effective
until an entity approved by the Company and the Member and shall have assumed the responsibilities and obligations of the Portfolio
Manager.


 




    	 	11	 



     


    

 


(e)          For
the avoidance of doubt, none of the Administrative Agent nor any Lender shall have the right to remove the Portfolio Manager under
this Agreement.


 


Section 12          Power
of Attorney; Further Assurances. In addition to the power of attorney granted to the Portfolio Manager in Section 1
of this Agreement, the Company hereby makes, constitutes and appoints the Portfolio Manager, with full power of substitution,
as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead, in accordance with
the terms of this Agreement (a) to sign, execute, certify, swear to, acknowledge, deliver, file, receive and record any and all
documents which the Portfolio Manager reasonably deems necessary or appropriate in connection with its investment management duties
under this Agreement and (b) to (i) subject to any policies adopted by the Parent or the Company with respect thereto, exercise
in its discretion any voting or consent rights associated with any securities, instruments or obligations included in the Company’s
assets, (ii) execute proxies, waivers, consents and other instruments with respect to such securities, instruments or obligations,
(iii) endorse, transfer or deliver such securities, instruments and obligations and (iv) participate in or consent (or decline
to consent) to any modification, work-out, restructuring, bankruptcy proceeding, class action, plan of reorganization, merger,
combination, consolidation, liquidation or similar plan or transaction with regard to such securities, instruments and obligations.
To the extent permitted by Applicable Law, this grant of power of attorney is irrevocable and coupled with an interest, and it
shall survive and not be affected by the subsequent dissolution or bankruptcy of the Company; provided that this grant
of power of attorney will expire, and the Portfolio Manager will cease to have any power to act as the Company’s attorney-in-fact,
upon termination of this Agreement in accordance with its terms. The Company shall execute and deliver to the Portfolio Manager
all such other powers of attorney, proxies, dividend and other orders, and all such instruments, as the Portfolio Manager may
reasonably request for the purpose of enabling the Portfolio Manager to exercise the rights and powers which it is entitled to
exercise pursuant to this Agreement. Each of the Portfolio Manager and the Company shall take such other actions, and furnish
such certificates, opinions and other documents, as may be reasonably requested by the other party hereto in order to effectuate
the purposes of this Agreement and to facilitate compliance with applicable laws and regulations and the terms of this Agreement.


 


Section 13          Amendment
of this Agreement; Assignment. (a) No provision of this Agreement
may be amended, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which
enforcement of the amendment, waiver, discharge or termination is sought and with the prior written consent of the Administrative
Agent.


 


Neither the failure nor
any delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate
as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege
with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.
No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.


 


(b)          The
Portfolio Manager may not, directly or indirectly, assign all or any part of its rights and duties under this Agreement to any
Person without the prior consent of the Company; provided, however, that the no such consent shall be required in
connection with (x) an assignment of the role of Portfolio Manager to an Affiliate of CĪON
Investment Management, LLC or (y) a merger of CĪON Investment Management, LLC
with another business development company sponsored by CĪON Investment Corp.
or other fundamental change transaction the result of which effectively combines the ownership and/or assets of CĪON
Investment Management, LLC and a business development company sponsored by CĪON
Investment Corp., or merges or consolidates their respective collateral advisors or sub-advisors.


 




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Section 14          Notices.
Unless expressly provided otherwise herein, any notice, request, direction, demand or other communication required or permitted
under this Agreement shall be in writing and shall be deemed to have been duly given, made and received if sent by hand or by
overnight courier, when personally delivered, if sent by telecopier, when receipt is confirmed by telephone, or if sent by registered
or certified mail, postage prepaid, return receipt requested, when actually received if addressed as set forth below:


 


(a)          If
to the Company:


 


34th Street Funding, LLC


3 Park Avenue, 36th Floor


New York, New York 10016


Attention: Credit Team


Email: CIONAgentNotices@iconinvestments.com


 


(b)          If
to the Portfolio Manager:


 


CĪON
Investment Management, LLC


3 Park Avenue, 36th Floor


New York, New York 10016


Attention: Keith Franz


Email: Kfranz@iconinvestments.com


 


(c)          If
to the Administrative Agent, the Collateral Agent, the Collateral Administrator or any Lender under the Loan and Security Agreement,
as provided in the Loan and Security Agreement, as may be amended therein.


 


Either party to this Agreement may alter
the address to which communications or copies are to be sent to it by giving notice of such change of address in conformity with
the provisions of this Section 14.


 


Section 15          Binding
Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns as provided herein.


 


Section 16          Entire
Agreement. This Agreement contains the entire agreement and understanding between the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or
implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control
and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.


 


Section 17          Costs
and Expenses. The costs and expenses (including the fees and disbursements of counsel and accountants) incurred in connection
with the negotiation, preparation and execution of this Agreement, and all matters incident thereto, shall be borne by each party
hereto.


 


Section 18          Books
and Records. In compliance with the requirements of Rule 31a-3 under the Investment Company Act of 1940, as amended, the Portfolio
Manager hereby agrees that all records which it maintains for the Company are the property of the Company and further agrees to
surrender promptly to the Company any such records upon the Company’s request. The Portfolio Manager further agrees to preserve
for the periods prescribed by Rule 31a-2 under the Investment Company Act of 1940, as amended the records maintained by it in
its capacity as Portfolio Manager that are required to be maintained by Rule 31a-1 under the Investment Company Act of 1940, as
amended.


 




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Section 19          Titles
Not to Affect Interpretation. The titles of sections contained in this Agreement are for convenience only, and they neither
form a part of this Agreement nor are they to be used in the construction or interpretation hereof.


 


Section 20          Provisions
Separable. The provisions of this Agreement are independent of and separable from each other, and, to the extent permitted
by Applicable Law, no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason
any other or others of them may be invalid or unenforceable in whole or in part.


 


Section 21          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.


 


Section 22          Execution
in Counterparts. This Agreement may be executed in separate counterparts, each of which shall be an original and all of which
taken together shall constitute one and the same instrument.


 


Section 23          Third
Party Rights; Benefits of Agreement. Other than as set forth in this Section 23, none of the provisions of this Agreement
shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of the Member.


 


The Portfolio Manager
hereby acknowledges that (a) the Collateral Agent is the beneficiary of a collateral assignment of this Agreement pursuant to Section
8.02 of the Loan and Security Agreement and (b) the Administrative Agent shall be an express third party beneficiary of Sections
1, 2, 4, 9, 10, 13, 23, 24, 25, 26 and 27, subject, in
the case of clause (a), to each of the limitations, restrictions and conditions set forth in the Loan and Security Agreement with
respect to the collateral assignment of this Agreement, and for the avoidance of doubt, excluding any right of the Company to replace
or terminate the Portfolio Manager; provided that, such collateral assignment and such third party beneficiary rights shall
automatically terminate upon the irrevocable payment in full of the Secured Obligations (other than contingent indemnity obligations
as to which no claim has been made) and the termination of the Financing Commitments in full.


 


Section 24          Representations
and Warranties of the Portfolio Manager. The Portfolio Manager represents, warrants and covenants as of the Effective Date
and each Trade Date (and such other date as may be expressly set forth below) as to itself:


 


(a)          Due
Qualification. It is duly qualified to do business as a Delaware limited liability company in good standing and has
obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would have a Material Adverse Effect;


 


(b)          Investment
Company Status. It is not required to be registered as an “investment company” within the meaning of the
Investment Company Act of 1940, as amended;


 


(c)          Information
True and Correct. All information heretofore or hereafter furnished by or on behalf of the Portfolio Manager in writing
to any Lender, the Collateral Agent, the Collateral Administrator or the Administrative Agent in connection with this Agreement
or any transaction contemplated hereby (including for use in any Notice of Acquisition delivered under the Loan and Security Agreement)
is and will be (when taken as a whole) true, complete and correct in all material respects as of the date furnished; provided
that, to the extent any such information was furnished to the Portfolio Manager by an un-Affiliated third part, such information
is as of its delivery date true, complete and correct in all material respects to the knowledge of the Portfolio Manager.


 


(d)          Eligibility
of Portfolio Investments. As of the Trade Date and Settlement Date for each Portfolio Investment purchased, such Portfolio
Investment meets all of the applicable Eligibility Criteria (unless otherwise consented to by the Administrative Agent) and, except
as otherwise permitted under the Loan and Security Agreement, the Concentration Limitations shall be satisfied (unless otherwise
consented to by the Administrative Agent).


 




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(e)          Collections.
The Portfolio Manager acknowledges that all amounts received by it or its Affiliates with respect to the Collateral are held and
shall be held in trust for the benefit of the Secured Parties until deposited into the Collection Account; and


 


(f)          Allocation
of Charges. There is not any agreement or understanding between the Portfolio Manager and the Company (other than as
expressly set forth herein or as consented to by the Administrative Agent), providing for the allocation or sharing of obligations
to make payments or otherwise in respect of any Taxes, fees, assessments or other governmental charges.


 


Section 25          Conflict
with the Loan and Security Agreement. In the event that this Agreement requires any action to be taken with respect to any
matter and the Loan and Security Agreement requires that a different action be taken with respect to such matter, and such actions
are mutually exclusive, the provisions of the Loan and Security Agreement in respect thereof shall control.


 


Section 26          Subordination.
The Portfolio Manager agrees that the payment of all amounts to which it is entitled pursuant to this Agreement shall be subordinated
to the extent set forth in, and the Portfolio Manager agrees to be bound by the provisions of, the Loan and Security Agreement
(including, without limitation, the Priority of Payments).


 


Section 27          No
Proceedings. The Portfolio Manager hereby agrees that it will not institute against the Company, or join any other Person
in instituting against the Company, any insolvency proceeding (namely, any proceeding of the type referred to in clause (d) or
(e) of the definition of Event of Default) so long as any Advances or other amounts due from the Company under the Loan Documents
shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Advances or other
amounts shall be outstanding. The foregoing shall not limit the Portfolio Manager’s right to file any claim in or otherwise
take any action with respect to any insolvency proceeding that was instituted by any Person other than the Portfolio Manager.


 


[Remainder of page intentionally left blank.]


 




    	 	15	 



     


    

 


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.


 


	 	34TH STREET FUNDING, LLC, as Company
	 	 
	 	By	/s/ Michael A. Reisner
	 	 	Name: Michael A. Reisner
	 	 	Title: Co-President and Co-CEO
	 	 	 
	 	CĪON investment management, llc, as Portfolio Manager
	 	 	 
	 	By	/s/ Michael A. Reisner
	 	 	Name: Michael A. Reisner
	 	 	Title: Co-President and Co-CEO