Exhibit 10.4


 


EXECUTION VERSION


 





 



 


AMENDED AND RESTATED LOAN AND SERVICING AGREEMENT


 


Dated as of May 13, 2015


 


Among


 


GCIC Funding LLC,

as the Borrower


 


GC ADVISORS LLC


as the Servicer


 


GOLUB CAPITAL INVESTMENT CORPORATION,

as the Transferor


 


WELLS FARGO SECURITIES, LLC,

as the Administrative Agent


 


EACH OF THE CONDUIT LENDERS AND INSTITUTIONAL
LENDERS FROM TIME TO TIME PARTY HERETO,

as the Lenders


 


EACH OF THE LENDER AGENTS FROM TIME TO TIME
PARTY HERETO,

as the Lender Agents


 


WELLS FARGO BANK, N.A.,

as the Swingline Lender


 


and


 


WELLS FARGO BANK, N.A.,

as the Collateral Agent, Account Bank and Collateral Custodian


 





 






 




     


     


    

 


Table
of Contents


 


	 	 	 	Page
	 	 	 	 
	ARTICLE I.	DEFINITIONS	2
	 	 	 	 
	Section 1.01	 	Certain Defined Terms	2
	 	 	 	 
	Section 1.02	 	Other Terms	44
	 	 	 	 
	Section 1.03	 	Computation of Time Periods	44
	 	 	 	 
	Section 1.04	 	Interpretation	44
	 	 	 	 
	Section 1.05	 	Nature of Obligations	44
	 	 	 	 
	ARTICLE II.	THE FACILITY	45
	 	 	 	 
	Section 2.01	 	Variable Funding Note and Swingline Note and Advances and Swingline Advances	45
	 	 	 	 
	Section 2.02	 	Procedure for Advances and Swingline Advances	46
	 	 	 	 
	Section 2.03	 	Determination of Yield	48
	 	 	 	 
	Section 2.04	 	Remittance Procedures	48
	 	 	 	 
	Section 2.05	 	Instructions to the Collateral Agent and the Account Bank	52
	 	 	 	 
	Section 2.06	 	Borrowing Base Deficiency Payments	53
	 	 	 	 
	Section 2.07	 	Substitution and Sale of Loan Assets; Affiliate Transactions	53
	 	 	 	 
	Section 2.08	 	Payments and Computations, Etc.	58
	 	 	 	 
	Section 2.09	 	Non-Usage Fee	59
	 	 	 	 
	Section 2.10	 	Increased Costs; Capital Adequacy	60
	 	 	 	 
	Section 2.11	 	Taxes	61
	 	 	 	 
	Section 2.12	 	Collateral Assignment of Agreements	62
	 	 	 	 
	Section 2.13	 	Grant of a Security Interest	63
	 	 	 	 
	Section 2.14	 	Evidence of Debt	63
	 	 	 	 
	Section 2.15	 	Survival of Representations and Warranties	64
	 	 	 	 
	Section 2.16	 	Release of Loan Assets	64
	 	 	 	 
	Section 2.17	 	Treatment of Amounts Received by the Borrower	64
	 	 	 	 
	Section 2.18	 	Prepayment; Termination	64
	 	 	 	 
	Section 2.19	 	Extension of Stated Maturity Date and Reinvestment Period	65
	 	 	 	 
	Section 2.20	 	Collections and Allocations	65
	 	 	 	 
	Section 2.21	 	Reinvestment of Principal Collections	66
	 	 	 	 
	Section 2.22	 	Refunding of Swingline Advances	67


 




    	 	-i-	 



     


    

 


Table
of Contents


(continued)


 


	 	 	 	Page
	 	 	 	 
	Section 2.23	 	Defaulting Lenders	68
	 	 	 	 
	Section 2.24	 	Replacement of Lenders	70
	 	 	 	 
	ARTICLE III.	CONDITIONS PRECEDENT	70
	 	 	 	 
	Section 3.01	 	Conditions Precedent to Effectiveness	70
	 	 	 	 
	Section 3.02	 	Conditions Precedent to All Advances	71
	 	 	 	 
	Section 3.03	 	Advances Do Not Constitute a Waiver	74
	 	 	 	 
	Section 3.04	 	Conditions to Pledges of Loan Assets	74
	 	 	 	 
	ARTICLE IV.	REPRESENTATIONS AND WARRANTIES	75
	 	 	 	 
	Section 4.01	 	Representations and Warranties of the Borrower	75
	 	 	 	 
	Section 4.02	 	Representations and Warranties of the Borrower Relating to the Agreement and the Collateral Portfolio	83
	 	 	 	 
	Section 4.03	 	Representations and Warranties of the Servicer	84
	 	 	 	 
	Section 4.04	 	Representations and Warranties of the Collateral Agent	88
	 	 	 	 
	Section 4.05	 	Representations and Warranties of each Lender	89
	 	 	 	 
	Section 4.06	 	Representations and Warranties of the Collateral Custodian	89
	 	 	 	 
	ARTICLE V.	GENERAL COVENANTS	90
	 	 	 	 
	Section 5.01	 	Affirmative Covenants of the Borrower	90
	 	 	 	 
	Section 5.02	 	Negative Covenants of the Borrower	96
	 	 	 	 
	Section 5.03	 	Affirmative Covenants of the Servicer	99
	 	 	 	 
	Section 5.04	 	Negative Covenants of the Servicer	103
	 	 	 	 
	Section 5.05	 	Affirmative Covenants of the Collateral Agent	104
	 	 	 	 
	Section 5.06	 	Negative Covenants of the Collateral Agent	105
	 	 	 	 
	Section 5.07	 	Affirmative Covenants of the Collateral Custodian	105
	 	 	 	 
	Section 5.08	 	Negative Covenants of the Collateral Custodian	105
	 	 	 	 
	Section 5.09	 	Covenants of the Borrower Relating to Hedging of Loan Assets	105
	 	 	 	 
	ARTICLE VI.	ADMINISTRATION AND SERVICING OF CONTRACTS	106
	 	 	 	 
	Section 6.01	 	Appointment and Designation of the Servicer	106
	 	 	 	 
	Section 6.02	 	Duties of the Servicer	108
	 	 	 	 
	Section 6.03	 	Authorization of the Servicer	110
	 	 	 	 
	Section 6.04	 	Collection of Payments; Accounts	111


 




    	 	-ii-	 



     


    

 


Table
of Contents


(continued)


 


	 	 	 	Page
	 	 	 	 
	Section 6.05	 	Realization Upon Loan Assets	113
	 	 	 	 
	Section 6.06	 	Servicer Compensation	113
	 	 	 	 
	Section 6.07	 	Payment of Certain Expenses by Servicer	113
	 	 	 	 
	Section 6.08	 	Reports to the Administrative Agent; Account Statements; Servicer Information	113
	 	 	 	 
	Section 6.09	 	Annual Statement as to Compliance; Officer’s Certificate	115
	 	 	 	 
	Section 6.10	 	Annual Independent Public Accountant’s Servicing Reports	115
	 	 	 	 
	Section 6.11	 	The Servicer Not to Resign	116
	 	 	 	 
	ARTICLE VII.	EVENTS OF DEFAULT	116
	 	 	 	 
	Section 7.01	 	Events of Default	116
	 	 	 	 
	Section 7.02	 	Additional Remedies of the Administrative Agent	119
	 	 	 	 
	ARTICLE VIII.	INDEMNIFICATION	121
	 	 	 	 
	Section 8.01	 	Indemnities by the Borrower	121
	 	 	 	 
	Section 8.02	 	Indemnities by Servicer	124
	 	 	 	 
	Section 8.03	 	Legal Proceedings	126
	 	 	 	 
	Section 8.04	 	After-Tax Basis	127
	 	 	 	 
	ARTICLE IX.	THE ADMINISTRATIVE AGENT and Lender agents	127
	 	 	 	 
	Section 9.01	 	The Administrative Agent	127
	 	 	 	 
	Section 9.02	 	The Lender Agents	130
	 	 	 	 
	ARTICLE X.	Collateral Agent	132
	 	 	 	 
	Section 10.01	 	Designation of Collateral Agent	132
	 	 	 	 
	Section 10.02	 	Duties of Collateral Agent	133
	 	 	 	 
	Section 10.03	 	Merger or Consolidation	136
	 	 	 	 
	Section 10.04	 	Collateral Agent Compensation	136
	 	 	 	 
	Section 10.05	 	Collateral Agent Removal	136
	 	 	 	 
	Section 10.06	 	Limitation on Liability	136
	 	 	 	 
	Section 10.07	 	Collateral Agent Resignation	138
	 	 	 	 
	ARTICLE XI.	MISCELLANEOUS	138
	 	 	 	 
	Section 11.01	 	Amendments and Waivers	138
	 	 	 	 
	Section 11.02	 	Notices, Etc.	140


 




    	 	-iii-	 



     


    

 


Table
of Contents


(continued)


 


	 	 	 	Page
	 	 	 	 
	Section 11.03	 	No Waiver; Remedies	141
	 	 	 	 
	Section 11.04	 	Binding Effect; Assignability; Multiple Lenders	141
	 	 	 	 
	Section 11.05	 	Term of This Agreement	142
	 	 	 	 
	Section 11.06	 	GOVERNING LAW; JURY WAIVER	142
	 	 	 	 
	Section 11.07	 	Costs, Expenses and Taxes	143
	 	 	 	 
	Section 11.08	 	No Proceedings	143
	 	 	 	 
	Section 11.09	 	Recourse Against Certain Parties	144
	 	 	 	 
	Section 11.10	 	Execution in Counterparts; Severability; Integration	145
	 	 	 	 
	Section 11.11	 	Consent to Jurisdiction; Service of Process	145
	 	 	 	 
	Section 11.12	 	Characterization of Conveyances Pursuant to the Purchase and Sale Agreement	146
	 	 	 	 
	Section 11.13	 	Confidentiality	147
	 	 	 	 
	Section 11.14	 	Non-Confidentiality of Tax Treatment	148
	 	 	 	 
	Section 11.15	 	Waiver of Set Off	149
	 	 	 	 
	Section 11.16	 	Headings and Exhibits	149
	 	 	 	 
	Section 11.17	 	Ratable Payments	149
	 	 	 	 
	Section 11.18	 	Failure of Borrower or Servicer to Perform Certain Obligations	149
	 	 	 	 
	Section 11.19	 	Power of Attorney	149
	 	 	 	 
	Section 11.20	 	Delivery of Termination Statements, Releases, etc.	150
	 	 	 	 
	Section 11.21	 	Effect of Amendment and Restatement	150
	 	 	 	 
	ARTICLE XII.	COLLATERAL CUSTODIAN	150
	 	 	 	 
	Section 12.01	 	Designation of Collateral Custodian	150
	 	 	 	 
	Section 12.02	 	Duties of Collateral Custodian	150
	 	 	 	 
	Section 12.03	 	Merger or Consolidation	153
	 	 	 	 
	Section 12.04	 	Collateral Custodian Compensation	153
	 	 	 	 
	Section 12.05	 	Collateral Custodian Removal	153
	 	 	 	 
	Section 12.06	 	Limitation on Liability	154
	 	 	 	 
	Section 12.07	 	Collateral Custodian Resignation	155
	 	 	 	 
	Section 12.08	 	Release of Documents	155
	 	 	 	 
	Section 12.09	 	Return of Required Loan Documents	156


 




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Table
of Contents


(continued)


 


	 	 	 	Page
	 	 	 	 
	Section 12.10	 	Access to Certain Documentation and Information Regarding the Collateral Portfolio; Audits of Servicer	156
	 	 	 	 
	Section 12.11	 	Bailment	157


 




    	 	-v-	 



     


    

 


LIST OF SCHEDULES AND EXHIBITS


 


SCHEDULES


 


	SCHEDULE I	Conditions Precedent Documents
	SCHEDULE II	[Reserved]
	SCHEDULE III	Agreed-Upon Procedures For Independent Public Accountants
	SCHEDULE IV	Loan Tape
	SCHEDULE V	Approved Golub BDC2 CLOs


 


EXHIBITS


 


	EXHIBIT A	Form of Approval Notice
	EXHIBIT B	Form of Loan Asset Checklist
	EXHIBIT C	Form of Borrowing Base Certificate
	EXHIBIT D	Form of Disbursement Request
	EXHIBIT E	Form of Joinder Supplement
	EXHIBIT F	Form of Notice of Borrowing
	EXHIBIT G	Form of Notice of Reduction (Reduction of Advances Outstanding)
	EXHIBIT H	[Reserved]
	EXHIBIT I-1	Form of Variable Funding Note
	EXHIBIT I-2	Form of Swingline Note
	EXHIBIT J	Form of Notice and Request for Consent
	EXHIBIT K	Form of Certificate of Closing Attorneys
	EXHIBIT L	Form of Servicing Report
	EXHIBIT M	Form of Servicer’s Certificate (Servicing Report)
	EXHIBIT N	Form of Release of Required Loan Documents
	EXHIBIT O	Form of Transferee Letter
	EXHIBIT P	Form of Power of Attorney for Servicer
	EXHIBIT Q	Form of Power of Attorney for Borrower
	EXHIBIT R  	Form of Servicer’s Certificate (Loan Asset Register)


 


ANNEXES


 


	ANNEX A	Commitments
	ANNEX B	Scale of Select Defined Terms Based on Maximum Facility Amount


 




     


     


    

 


This AMENDED AND RESTATED
LOAN AND SERVICING AGREEMENT is made as of May 13, 2015, among:


 


(1)         GCIC
FUNDING LLC, a Delaware limited liability company (together with its successors and assigns in such capacity, the “Borrower”);


 


(2)         GC
ADVISORS LLC, a Delaware limited liability company, as the Servicer (as defined herein);


 


(3)         GOLUB
CAPITAL INVESTMENT CORPORATION, a Maryland corporation, as the Transferor (as defined herein);


 


(4)         EACH
OF THE CONDUIT LENDERS FROM TIME TO TIME PARTY HERETO, as a Conduit Lender;


 


(5)         EACH
OF THE INSTITUTIONAL LENDERS FROM TIME TO TIME PARTY HERETO, as an Institutional Lender;


 


(6)         EACH
OF THE LENDER AGENTS FROM TIME TO TIME PARTY HERETO, as a Lender Agent;


 


(7)         WELLS
FARGO SECURITIES, LLC, as Administrative Agent (together with its successors and assigns in such capacity, the “Administrative
Agent”);


 


(8)         WELLS
FARGO BANK, N.A., as the Swingline Lender (together with its successors and assigns in such capacity, the “Swingline Lender”);
and


 


(9)         WELLS
FARGO BANK, N.A., as the Collateral Agent (together with its successors and assigns in such capacity, the “Collateral
Agent”), the Account Bank (as defined herein) and the Collateral Custodian (together with its successors and assigns
in such capacity, the “Collateral Custodian”).


 


RECITALS


 


WHEREAS, certain
parties hereto previously entered into the Loan and Servicing Agreement dated as of October 10, 2014 (such agreement, as amended,
modified or waived prior to the date hereof, the “Existing Agreement”);


 


WHEREAS, the parties
hereto now wish to amend and restate the Existing Agreement in its entirety in order to make certain additional changes agreed
to by the parties hereto; and


 


WHEREAS, all other
conditions precedent to the execution of this Agreement have been complied with.


 


NOW, THEREFORE,
based upon the foregoing Recitals, the mutual promises and agreements contained herein, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:


 




     


     


    

 


ARTICLE
I.


 


DEFINITIONS


 


Section 1.01         Certain
Defined Terms.


 


(a)          Certain
capitalized terms used throughout this Agreement are defined above or in this Section 1.01.


 


(b)          As
used in this Agreement and the exhibits and schedules thereto (each of which is hereby incorporated herein and made a part hereof),
the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms
of the terms defined):


 


“1940 Act”
means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.


 


“Account Bank”
means Wells Fargo, in its capacity as the “Account Bank” pursuant to each of the Collection Account Agreement and the
Unfunded Exposure Account Agreement.


 


“Action”
has the meaning assigned to that term in Section 8.03.


 


“Additional Amount”
has the meaning assigned to that term in Section 2.11(a).


 


“Adjusted Borrowing
Value” means, for any Eligible Loan Asset, for any date of determination, an amount equal to the lowest of: (i) the Outstanding
Balance of such Eligible Loan Asset at such time, (ii) the Purchase Price of such Eligible Loan Asset multiplied by the Outstanding
Balance of such Eligible Loan Asset at such time and (iii) the Assigned Value of such Eligible Loan Asset at such time multiplied
by the Outstanding Balance of such Eligible Loan Asset at such time; provided that the parties hereby agree that the Adjusted
Borrowing Value of any Loan Asset that is no longer an Eligible Loan Asset shall be zero. Amounts in excess of the Obligor limits
set forth on Annex B hereto with respect to the then-applicable Maximum Facility Amount at such time (as such amount may
be reduced from time to time in accordance with Section 2.3(a)) shall not be included in the Adjusted Borrowing Value of
the applicable Eligible Loan Assets.


 


“Administrative
Agent” means Wells Fargo Securities, LLC, in its capacity as administrative agent for the Lenders and Lender Agents,
together with its successors and assigns, including any successor appointed pursuant to Article IX.


 


“Advance”
means each loan advanced by the Lenders (including the Swingline Lender) to the Borrower on an Advance Date pursuant to Article
II (including each Swingline Advance and each advance made for the purpose of refunding the Swingline Lender for any Swingline
Advances pursuant to Section 2.22(a) and funding the Unfunded Exposure Account pursuant to Section 2.02(f)).


 


“Advance Date”
means the date on which an Advance is made.


 




    	 	2	 



     


    

 


“Advances Outstanding”
means, at any time, the sum of the principal amounts of Advances loaned to the Borrower for the initial and any subsequent borrowings
pursuant to Sections 2.01 and 2.02 as of such time, reduced by the aggregate Available Collections received and distributed
as repayment of principal amounts of Advances outstanding pursuant to Section 2.04 at or prior to such time and any
other amounts received by the Lenders to repay the principal amounts of Advances outstanding pursuant to Section 2.18 or
otherwise at or prior to such time; provided that the principal amounts of Advances Outstanding shall not be reduced by
any Available Collections or other amounts if at any time such Available Collections or other amounts are rescinded or must be
returned for any reason.


 


“Affected Party”
has the meaning assigned to that term in Section 2.10.


 


“Affiliate”
when used with respect to a Person, means any other Person controlling, controlled by or under common control with such Person.
For the purposes of this definition, “control,” when used with respect to any specified Person, means the power to
vote 20% or more of the voting securities of such Person or to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing; provided that for purposes of determining whether any Loan Asset is an Eligible
Loan Asset or for purposes of Section 5.01(b)(xix), the term Affiliate shall not include any Affiliate relationship which
may exist solely as a result of direct or indirect ownership of, or control by, a common Financial Sponsor.


 


“Agency Services
Fee” means $35,000 per annum, payable to Wells Fargo Securities, LLC on the first date following the Amended and Restated
Closing Date on which a joinder supplement is executed and the Payment Date immediately following each anniversary thereof.


 


“Agented Loan ”
means any Loan Asset originated as a part of a syndicated loan transaction that has been closed (without regard to any contemporaneous
or subsequent syndication of such Loan Asset) prior to such Loan Asset becoming part of the Collateral Portfolio.


 


“Aggregate Unfunded
Exposure Amount” means, as of any date of determination, the sum of the Unfunded Exposure Amounts of all Delayed Draw
Loan Assets and Revolving Loan Assets included in the Collateral Portfolio on such date.


 


“Agreement”
means this Amended and Restated Loan and Servicing Agreement, as the same may be amended, restated, supplemented and/or otherwise
modified from time to time hereafter.


 


“Amended and Restated
Closing Date” means May 13, 2015.


 




    	 	3	 



     


    

 


“Applicable Law”
means, for any Person, all existing and future laws, rules, regulations (including proposed, temporary and final income tax regulations),
statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Governmental Authority
applicable to such Person (including, without limitation, predatory lending laws, usury laws, the Federal Truth-in-Lending Act,
the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices
Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations “B”
and “Z”, the Servicemembers Civil Relief Act of 2003 and state adaptations of the National Consumer Act and of the
Uniform Consumer Credit Code and all other consumer credit laws and equal credit opportunity and disclosure laws) and applicable
judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial
tribunal or agency of competent jurisdiction.


 


“Applicable Percentage”
means (i) with respect to First Lien Loans, 60% and (ii) with respect to First Lien Last Out Loans, 40%.


 


“Applicable Spread”
means (i) during the Reinvestment Period, 2.25% per annum and (ii) after the Reinvestment Period, 2.75% per annum;
provided that, at any time after the occurrence of an Event of Default, the Applicable Spread shall be 4.25% per annum.


 


“Approval Notice”
means, with respect to any Eligible Loan Asset, the written notice, in substantially the form attached hereto as Exhibit A,
evidencing the approval by the Administrative Agent, in its sole and absolute discretion, of the acquisition or origination, as
applicable, of such Eligible Loan Asset by the Borrower.


 


“Approved Golub
BDC2 CLO” means (i) each of the CLOs approved by the Administrative Agent and identified on Schedule V (as such
Schedule V may be updated from time by the Administrative Agent) and (ii) any future collateralized loan obligation or credit
facility undertaken by Golub Capital Investment Corporation or an Affiliate thereof and which has been approved in the sole discretion
of the Administrative Agent for purposes of this definition; provided that if any collateralized loan obligation or credit
facility described in clause (ii) above is underwritten or placed by the Administrative Agent, such collateralized loan obligation
or credit facility shall be deemed to be an “Approved Golub BDC2 CLO” and added to Schedule V automatically
without any further approval of the Administrative Agent.


 


“Approved Replacement
Servicer” means any of the entities set forth in that certain letter agreement, dated as of October 10, 2014, by and
among the Borrower, the Servicer and the Administrative Agent, which letter may be updated from time to time with the consent of
Servicer and the Administrative Agent.


 


“Asset Coverage
Ratio” means the ratio, determined on a consolidated basis, without duplication, in accordance with GAAP, of (a) the
fair value of the total assets of Golub Capital Investment Corporation and its Subsidiaries as required by, and in accordance with,
the 1940 Act and any orders of the Securities and Exchange Commission issued to Golub Capital Investment Corporation, to be determined
by the Board of Directors of Golub Capital Investment Corporation and reviewed by its auditors, less all liabilities (other than
Indebtedness, including Indebtedness hereunder) of Golub Capital Investment Corporation and its Subsidiaries, to (b) the aggregate
amount of Indebtedness of Golub Capital Investment Corporation and its Subsidiaries; provided that the calculation of the
Asset Coverage Ratio shall not include Subsidiaries that are not required to be included by the 1940 Act as affected by such orders
of the Securities and Exchange Commission issued to Golub Capital Investment Corporation, including, if set forth in any such order,
any Subsidiary which is a small business investment company which is licensed by the Small Business Administration to operate under
the Small Business Investment Act of 1958.


 




    	 	4	 



     


    

 


“Assigned Documents”
has the meaning assigned to that term in Section 2.12.


 


“Assigned Value”
means, with respect to each Eligible Loan Asset, as of any date of determination and expressed as a percentage of the Outstanding
Balance of such Eligible Loan Asset, the value assigned by the Administrative Agent in its sole discretion as of the Original Closing
Date or the applicable Cut-Off Date (in the case of a Loan Asset added to the Collateral Portfolio after the Original Closing Date),
in each case, subject to the following terms:


 


(a)          If
a Value Adjustment Event with respect to such Eligible Loan Asset occurs, the “Assigned Value” may be amended by the
Administrative Agent, in its sole discretion; provided that the Assigned Value of any Priced Loan Asset shall not be less
than the price quoted therefor (if any) by such nationally recognized pricing service as selected by the Administrative Agent.
In the event the Borrower disagrees with the Administrative Agent’s determination of the Assigned Value of a Loan Asset,
the Borrower may (at its expense) retain any nationally recognized valuation firm reasonably acceptable to the Administrative Agent
to value such Loan Asset and if the value determined by such firm is greater than the Administrative Agent’s determination
of the Assigned Value, such firm’s valuation shall become the Assigned Value of such Loan Asset; provided that the
Assigned Value of such Loan Asset shall be the value assigned by the Administrative Agent until such firm has determined its value.
The value determined by such firm shall be based on the amortized cost adjusted for any credit deterioration or underperformance
of such Loan Asset. The Administrative Agent shall promptly notify the Servicer of any change effected by the Administrative Agent
of the Assigned Value of any Loan Asset;


 


(b)          The
Borrower may request that the Assigned Value of any Loan Asset be re-evaluated for any Loan Asset with respect to which the Assigned
Value was decreased following the occurrence of a Value Adjustment Event upon the improvement in the Senior Leverage Ratio or the
Interest Coverage Ratio that gave rise to the decrease in the Assigned Value; provided that such Assigned Value may not
increase above the lower of (i) the par value of such Loan Asset and (ii) the Purchase Price of such Loan Asset;


 


(c)          The
Assigned Value of a Defaulted Loan Asset shall not exceed the Recovery Value of such Defaulted Loan Asset for up to one calendar
year, and thereafter the Assigned Value of such Defaulted Loan Asset shall be zero; and


 


(d)          The
Borrower may request that the Assigned Value of any Loan Asset be re-evaluated for any Loan Asset with respect to which (i) the
Assigned Value was assigned a value below 100% by the Administrative Agent on the Original Closing Date or the applicable Cut-Off
Date and subsequently the Senior Leverage Ratio has decreased by at least 0.50x from such date; (ii) the Assigned Value was decreased
by the Administrative Agent following the occurrence of a Value Adjustment Event pursuant to clause (vi) of such definition and
subsequently the Senior Leverage Ratio has decreased by at least 0.50x from the date of such Value Adjustment Event; or (iii) the
Assigned Value was decreased by the Administrative Agent following the occurrence of a Value Adjustment Event pursuant to clause
(v) of such definition and subsequently such reporting failure has been cured; provided that, in each case, the Assigned
Value may not increase above the lower of (i) the par amount for such Loan Asset and (ii) the Purchase Price of such Loan Asset.


 




    	 	5	 



     


    

 


“Available Collections”
means (a) all cash collections and other cash proceeds with respect to any Loan Asset, including, without limitation, all Principal
Collections, all Interest Collections, all proceeds of any sale or disposition with respect to such Loan Asset, cash proceeds or
other funds received by the Borrower or the Servicer with respect to any Underlying Collateral (including from any guarantors),
all other amounts on deposit in the Collection Account from time to time, and all proceeds of Permitted Investments with respect
to the Controlled Accounts and (b) all payments received pursuant to any Hedging Agreement or Hedge Transaction; provided
that, for the avoidance of doubt, “Available Collections” shall not include amounts on deposit in the Unfunded Exposure
Account which do not represent proceeds of Permitted Investments.


 


“Bankruptcy Code”
means Title 11, United States Code, 11 U.S.C. §§ 101 et seq., as amended from time to time.


 


“Bankruptcy Event”
shall be deemed to have occurred with respect to a Person if either:


 


(i)          a
case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment
of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or substantially all of
its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization,
winding up or composition or adjustment of debts, and such case or proceeding shall continue undismissed, or unstayed and in effect,
for a period of 60 consecutive days; or an order for relief in respect of such Person shall be entered in an involuntary case under
the federal bankruptcy laws or other similar laws now or hereafter in effect; or


 


(ii)         such
Person shall commence a voluntary case or other proceeding under any Bankruptcy Laws now or hereafter in effect, or shall consent
to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar
official) for such Person or all or substantially all of its assets, or shall make any general assignment for the benefit of creditors,
or shall fail to, or admit in writing its inability to, pay its debts generally as they become due, or, if a corporation or similar
entity, its board of directors or members shall vote to implement any of the foregoing.


 


“Bankruptcy Laws”
means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership,
insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting the rights
of creditors generally.


 


“Bankruptcy Proceeding”
means any case, action or proceeding before any court or other Governmental Authority relating to any Bankruptcy Event.


 




    	 	6	 



     


    

 


“Base Rate”
means, on any date, a fluctuating per annum interest rate equal to the higher of (a) the Prime Rate or (b) the Federal Funds
Rate plus 1.5%.


 


“Borrower”
has the meaning assigned to that term in the preamble hereto.


 


“Borrowing Base”
means, as of any date of determination, an amount equal to the least of:


 


(a)          (i)
the aggregate sum of the products of (A) the Applicable Percentage for each Eligible Loan Asset as of such date and (B) the Adjusted
Borrowing Value of such Eligible Loan Asset as of such date, plus (ii) the amount on deposit in the Principal Collection
Account as of such date, plus (iii) the amount on deposit in the Unfunded Exposure Account, minus (iv) the Unfunded
Exposure Equity Amount; or


 


(b)          (i)
the aggregate Adjusted Borrowing Value of all Eligible Loan Assets as of such date, minus (ii) the Minimum Equity Amount,
plus (iii) the amount on deposit in the Principal Collection Account as of such date, plus (iv) the amount on deposit
in the Unfunded Exposure Account, minus (v) the Unfunded Exposure Equity Amount; or


 


(c)          (i)
the Maximum Facility Amount, minus (ii) the Aggregate Unfunded Exposure Amount, plus (iii) the amount on deposit
in the Unfunded Exposure Account (such amount not to exceed the Aggregate Unfunded Exposure Amount);


 


provided that, for the avoidance of
doubt, any Loan Asset which at any time is no longer an Eligible Loan Asset shall not be included in the calculation of “Borrowing
Base”.


 


“Borrowing Base
Certificate” means a certificate setting forth the calculation of the Borrowing Base as of the applicable date of determination
substantially in the form of Exhibit C hereto, prepared by the Servicer.


 


“Borrowing Base
Deficiency” means, as of any date of determination, an amount equal to the positive difference, if any, of (a) the aggregate
Advances Outstanding on such date over (b) the lesser of (i) the Maximum Facility Amount and (ii) the Borrowing Base.


 


“Breakage Fee”
means, for Advances Outstanding which are repaid (in whole or in part) on any date other than a Payment Date, the breakage costs
(other than lost profits), if any, related to such repayment, based upon the assumption that the applicable Lender funded its loan
commitment in the London Interbank Eurodollar market and using any reasonable attribution or averaging methods which the Lender
deems appropriate and practical, it hereby being understood that the amount of any loss, costs or expense payable by the Borrower
to any Lender as Breakage Fee shall be determined in the respective Lender Agent’s reasonable discretion and shall be conclusive
absent manifest error.


 


“Business Day”
means a day of the year other than (i) Saturday or a Sunday or (ii) any other day on which commercial banks in New York, New York
or the city in which the offices of the Collateral Agent are located are authorized or required by applicable law, regulation or
executive order to close; provided, that, if any determination of a Business Day shall relate to an Advance bearing interest
at LIBOR, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits
in the London interbank market. For avoidance of doubt, if the offices of the Collateral Agent are authorized by applicable law,
regulation or executive order to close but remain open, such day shall not be a “Business Day”.


 




    	 	7	 



     


    

 


“Capital Lease Obligations”
means, with respect to any entity, the obligations of such entity 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 entity under GAAP, and the amount of such obligations shall be the
capitalized amount thereof determined in accordance with GAAP.


 


“Change of Control”
shall be deemed to have occurred if any of the following occur:


 


(a)          the
creation or imposition of any Lien on any limited liability company membership interest in the Borrower;


 


(b)          the
failure by the Equityholder to own 100% of the limited liability company membership interests in the Borrower; or


 


(c)          the
dissolution, termination or liquidation in whole or in part, transfer or other disposition, in each case, of all or substantially
all of the assets of, the Equityholder.


 


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


 


“Collateral Agent”
has the meaning assigned to that term in the preamble hereto.


 


“Collateral Agent
Expenses” means the expenses set forth in the Wells Fargo Fee Letter and any other accrued and unpaid expenses (including
attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower to the Collateral Agent under the Transaction
Documents. For the avoidance of doubt, the Borrower is responsible for all (i) reasonable, documented out-of-pocket expenses and
(ii) reasonable, documented attorneys’ fees, costs and expenses incurred by the Collateral Agent in connection with the Transaction
Documents.


 


“Collateral Agent
Fees” means the fees set forth in the Wells Fargo Fee Letter, as such fee letter may be amended, restated, supplemented
and/or otherwise modified from time to time.


 


“Collateral Agent
Termination Notice” has the meaning assigned to that term in Section 10.05.


 


“Collateral Custodian”
means Wells Fargo, not in its individual capacity, but solely as collateral custodian pursuant to the terms of this Agreement.


 




    	 	8	 



     


    

 


“Collateral Custodian
Expenses” means the expenses set forth in the Wells Fargo Fee Letter and any other accrued and unpaid expenses (including
attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower to the Collateral Custodian under the
Transaction Documents. For the avoidance of doubt, the Borrower is responsible for all (i) reasonable, documented out-of-pocket
expenses and (ii) reasonable, documented attorneys’ fees, costs and expenses incurred by the Collateral Custodian in connection
with the Transaction Documents.


 


“Collateral Custodian
Fees” means the fees set forth in the Wells Fargo Fee Letter, as such fee letter may be amended, restated, supplemented
and/or otherwise modified from time to time.


 


“Collateral Custodian
Termination Notice” has the meaning assigned to that term in Section 12.05.


 


“Collateral Portfolio”
means all right, title, and interest (whether now owned or hereafter acquired or arising, and wherever located) of the Borrower
in, to and under all accounts, cash and currency, chattel paper, tangible chattel paper, electronic chattel paper, copyrights,
copyright licenses, equipment, fixtures, contract rights, general intangibles, instruments, certificates of deposit, certificated
securities, uncertificated securities, financial assets, securities entitlements, commercial tort claims, deposit accounts, inventory,
investment property, letter-of-credit rights, software, supporting obligations, accessions, or other property of the Borrower,
including, without limitation, all right, title and interest of the Borrower in the following (in each case excluding the Retained
Interest and the Excluded Amounts):


 


(i)          the
Loan Assets, and all monies due or to become due in payment under such Loan Assets on and after the related Cut-Off Date, including,
but not limited to, all Available Collections;


 


(ii)         the
Portfolio Assets with respect to the Loan Assets referred to in clause (i);


 


(iii)        the
Controlled Accounts and all Permitted Investments purchased with funds on deposit in the Controlled Accounts;


 


(iv)        for
the avoidance of doubt, the entire “Collateral Portfolio” under and as defined in the Existing Agreement; and


 


(iv)        all
income and Proceeds of the foregoing.


 


For the avoidance of doubt,
the term “Collateral Portfolio” shall, for all purposes of this Agreement, be deemed to include any Loan Asset acquired
directly by the Borrower from a third party in a transaction underwritten by the Transferor or any transaction in which the Borrower
is the designee of the Transferor under the instruments of conveyance relating to the applicable Loan Asset.


 


“Collection Account”
means a trust account (account number 83402000 at the Account Bank) in the name of the Collateral Agent for the benefit of and
under the sole dominion and control of the Collateral Agent for the benefit of the Secured Parties; provided that the funds
deposited therein (including any interest and earnings thereon) from time to time shall constitute the property and assets of the
Borrower, and the Borrower shall be solely liable for any Taxes payable with respect to the Collection Account.


 




    	 	9	 



     


    

 


“Collection Account
Agreement” means that certain Collection Account Agreement, dated the date of this Agreement, among the Borrower, the
Servicer, the Account Bank, the Administrative Agent and the Collateral Agent, which agreement relates to the Collection Account,
as such agreement may from time to time be amended, supplemented or otherwise modified in accordance with the terms thereof.


 


“Collection Date”
means the date on which the aggregate outstanding principal amount of the Advances Outstanding have been repaid in full and all
Yield and Fees and all other Obligations have been paid in full, and the Borrower shall have no further right to request any additional
Advances.


 


“Commercial Paper
Notes” means any short-term promissory notes of any Conduit Lender issued by such Conduit Lender in the commercial paper
market.


 


“Commitment”
means, with respect to each Lender, (i) prior to the end of the Reinvestment Period or for purposes of Advances made pursuant to
Section 2.02(f), the dollar amount set forth opposite such Lender’s name on Annex A hereto (as such amount
may be revised from time to time) or the amount set forth as such Lender’s “Commitment” on Schedule I to the
Joinder Supplement relating to such Lender, as applicable, and (ii) on or after the Reinvestment Period (other than for purposes
of Advances made pursuant to Section 2.02(f)), such Lender’s Pro Rata Share of the aggregate Advances Outstanding.


 


“Conduit Lender”
means each commercial paper conduit as may from time to time become a Lender hereunder by executing and delivering a Joinder Supplement
to the Administrative Agent and the Borrower.


 


“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.


 


“Controlled Accounts”
means the Collection Account and the Unfunded Exposure Account.


 


“Cut-Off Date”
means, with respect to each Loan Asset, the date such Loan Asset is Pledged hereunder.


 


“Defaulting Lender”
means any Lender that (i) has failed to fund any portion of the Advances (including participations in Swingline Advances) required
to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder, (ii) has otherwise failed
to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three Business
Days of the date when due, unless such amount is the subject of a good faith dispute, (iii) has notified the Borrower, the Administrative
Agent 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 to the effect that it does not intend to comply or has failed to comply with its funding obligations
under this Agreement or generally under other agreements in which it commits or is obligated to extend credit or (iv) has become
or is insolvent or has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee
or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence
in any such proceeding or appointment.


 




    	 	10	 



     


    

 


“Defaulted Loan
Asset” means a Loan Asset which has become subject to a Value Adjustment Event of the type described in clauses (ii),
(iv) or (vi) in the definition thereof (but, with respect to clause (vi), solely pursuant to a Material Modification
pursuant to clause (a) of such definition). If the Value Adjustment Event which gave rise to a Defaulted Loan Asset is cured,
the Borrower may submit such Loan Asset for review by the Administrative Agent (in its sole discretion) for the purpose of re-classifying
such Loan Asset as a Loan Asset which is no longer a Defaulted Loan Asset.


 


“Delayed Draw Loan
Asset” means a Loan Asset that is fully committed on the initial funding date of such Loan Asset and is required to be
fully funded in one or more installments on draw dates to occur within one year of the initial funding of such Loan Asset but which,
once all such installments have been made, has the characteristics of a Term Loan Asset.


 


“Determination Date”
means the fifth Business Day after the end of each calendar month.


 


“Disbursement Request”
means a disbursement request from the Borrower to the Administrative Agent and the Collateral Agent in the form attached hereto
as Exhibit D in connection with a disbursement request from the Unfunded Exposure Account in accordance with Section
2.04(d) or a disbursement request from the Principal Collection Account in accordance with Section 2.21, as applicable.


 


“EBITDA”
means, with respect to any period and any Loan Asset, the meaning of “EBITDA”, “Adjusted EBITDA” or any
comparable definition in the Loan Agreement for such Loan Asset (together with all add-backs and exclusions as designated in such
Loan Agreement), and in any case that “EBITDA”, “Adjusted EBITDA” or such comparable definition is not
defined in such Loan Agreement, an amount, for the principal obligor on such Loan Asset and any of its parents or Subsidiaries
that are obligated pursuant to the Loan Agreement for such Loan Asset (determined on a consolidated basis without duplication in
accordance with GAAP) equal to earnings from continuing operations for such period plus interest expense, income taxes and
unallocated depreciation and amortization for such period (to the extent deducted in determining earnings from continuing operations
for such period), and any other item the Borrower and the Administrative Agent mutually deem to be appropriate.


 


“Eligible Investment
Required Ratings” means: (a) if such obligation or security (i) has both a long-term and a short-term credit rating from
Moody’s, such ratings are “Aa3” or better (not on credit watch for possible downgrade) and “P-1”
(not on credit watch for possible downgrade), respectively, (ii) has only a long-term credit rating from Moody’s, such rating
is “Aaa” (not on credit watch for possible downgrade) and (iii) has only a short-term credit rating from Moody’s,
such rating is “P-1” (not on credit watch for possible downgrade) and (b) “A-1” or better (or, in the absence
of a short-term credit rating, “A+” or better) from S&P.


 




    	 	11	 



     


    

 


“Eligible Loan Asset”
means, at any time, a Loan Asset in respect of which, in each case, (x) the representations and warranties contained in Section
4.02 are true and correct and (y) the following criteria (other than any individual clause listed below that the Required Lenders,
in their sole discretion have, prior to the applicable Cut-Off Date, waived in writing with respect to such Loan Asset, which waiver
shall solely be for the specific fact or circumstance that existed at the time of such waiver) are satisfied:


 


(a)          Each
such Loan Asset is a First Lien Loan or a First Lien Last Out Loan evidenced by a note or a credit document and (other than in
the case of any Loan Asset acquired or funded directly by the Borrower at origination) an assignment document in the form specified
in the applicable credit agreement or, if no such specification, on the LSTA assignment form. Each such Loan Asset and the Portfolio
Assets related thereto is subject to a valid, subsisting and enforceable first priority perfected security interest (subject only
to Permitted Liens) in favor of the Collateral Agent, on behalf of the Secured Parties, and the Borrower has good and marketable
title to such Loan Asset and the Portfolio Assets related thereto, free and clear of all Liens other than any Permitted Liens.


 


(b)          The
Obligor with respect to each such Loan Asset is organized under the laws of the United States or any state thereof or Canada; provided
that immediately after giving effect to the acquisition of such Loan Asset by the Borrower, the aggregate Adjusted Borrowing Value
(after giving effect to any deduction pursuant to clause (l) but prior to giving effect to any deduction pursuant to this clause
(b) and (mm) of all Eligible Loan Assets the Obligors of which are domiciled in Canada shall not exceed the greater of (i) 15%
of the sum of (x) the aggregate Adjusted Borrowing Value (prior to giving effect to any deduction pursuant to this clause (b),
clause (l) and clause (mm)) of all Eligible Loans plus (y) any amounts on deposit in the Principal Collection Account or (ii) $12,250,000
(and to the extent such threshold is exceeded, such excess shall not be included in the Adjusted Borrowing Value of the applicable
Eligible Loan Assets for purposes of the calculation of Borrowing Base)).


 


(c)          Each
such Loan Asset is denominated in United States dollars.


 


(d)          No
such Loan Asset is Margin Stock.


 


(e)          The
acquisition of such Loan Asset does not cause the Borrower or the assets constituting the Collateral Portfolio to be required to
be registered as an investment company under the 1940 Act, as amended.


 


(f)          No
such Loan Asset is a financing by a debtor-in-possession in any Bankruptcy Proceeding.


 


(g)          No
such Loan Asset is principally secured by real estate.


 


(h)          Each
such Loan Asset constitutes a legal, valid, binding and enforceable obligation of the Obligor thereunder and each guarantor thereof,
enforceable against each such Person in accordance with its terms, subject to usual and customary bankruptcy, insolvency and equity
limitations and there are no conditions precedent to the enforceability or validity of the Loan Asset that have not been satisfied
or validly waived.


 




    	 	12	 



     


    

 


(i)          [Reserved].


 


(j)          As
of the related Cut-Off Date and at any time prior to the related Cut-Off Date (i) such Loan Asset is and has been current on all
interest and principal payments under the terms of the related Loan Agreement and (ii) there has been no (a) “event of default”
(as defined in the related Loan Agreement) or (b) any other default, breach, violation or event permitting acceleration (provided
that the existence of any financial default shall be determined as of the most recent financial report provided by the applicable
Obligor) under the terms of any such Loan Asset (of which the Transferor has actual knowledge) that, in each of the foregoing cases,
has not been cured or waived, unless otherwise approved by the Administrative Agent in writing.


 


(k)          As
of the related Cut-Off Date, the acquisition of each such Loan Asset by the Borrower, and the Pledge of each such Loan Asset, has
been approved by the Administrative Agent in its sole and absolute discretion.


 


(l)          Immediately
after giving effect to the acquisition of such Loan Asset by the Borrower, the aggregate Adjusted Borrowing Value (prior to giving
effect to any deduction pursuant to clause (b), this clause (l) and clause (mm)) of all Eligible Loan Assets that are First Lien
Last Out Loans shall not exceed the greater of (i) 15% of the sum of (x) the aggregate Adjusted Borrowing Value (prior to giving
effect to any deduction pursuant to clause (b), this clause (l) and clause (mm)) of all Eligible Loans plus (y) any amounts on
deposit in the Principal Collection Account or (ii) $12,250,000 (and to the extent such threshold is exceeded, such excess shall
not be included in the Adjusted Borrowing Value of the applicable Eligible Loan Assets for purposes of the calculation of Borrowing
Base).


 


(m)          The
Obligor with respect to each such Loan Asset is not an Affiliate of the Servicer or the Transferor with respect to such Loan Asset.


 


(n)          The
acquisition of any such Loan Asset by the Borrower or the Pledge thereof would not, in the Administrative Agent’s commercially
reasonable judgment, (i) violate any Applicable Law or (ii) cause the Administrative Agent, the Lenders or the Lender Agents to
fail to comply with any request or directive (whether or not having the force of law) from any banking or other Governmental Authority
having jurisdiction over the Administrative Agent, the Lenders or the Lender Agents.


 


(o)          No
such Loan Asset contravenes any Applicable Law and no part thereof is in violation of any Applicable Law.


 


(p)          Pursuant
to the Loan Agreement with respect to such Loan Asset, either (i) such Loan Asset is freely assignable to the Borrower and able
to be Pledged to the Collateral Agent, on behalf of the Secured Parties, without the consent of the Obligor or (ii) (a) all consents
necessary for assignment of such Loan Asset to the Borrower and Pledge to the Collateral Agent for the benefit of the Secured Parties
have been obtained and (b) the Loan Agreement provides that any consents necessary for future assignments shall not be unreasonably
withheld by the applicable Obligor and/or agent, and the rights to enforce rights and remedies in respect of the same under the
applicable Loan Agreement inure to the benefit of the holder of such Loan Asset (subject to the rights of any applicable agent
or other lenders).


 




    	 	13	 



     


    

 


(q)          The
funding obligations for each such Loan Asset and the Loan Agreement under which such Loan Asset was created have been fully satisfied
and all sums available thereunder have been fully advanced, or if such Loan Asset is a Revolving Loan Asset or Delayed Draw Loan
Asset, either (i) the Borrower shall have or have caused to be, at the time of the sale of such Loan Asset to the Borrower, deposited
into the Unfunded Exposure Account an amount in United States dollars equal to the Unfunded Exposure Equity Amount or (ii) the
Unfunded Exposure Equity Amount with respect to such Loan Asset shall not create a Borrowing Base Deficiency.


 


(r)          No
such Loan Asset is the subject of any assertions in respect of, any litigation, right of rescission, set-off, counterclaim or defense,
including the defense of usury, by the related Obligor, nor will the operation of any of the terms of the Loan Agreements, or the
exercise of any right thereunder, render the Loan Agreements unenforceable in whole or in part, or subject to any right of rescission,
set-off, counterclaim or defense, including the defense of usury, and no such right of rescission, set-off, counterclaim or defense
has been asserted with respect thereto, and the Loan Agreements with respect to the Loan Asset provide for an affirmative waiver
by the related Obligor of all rights of rescission, set-off and counterclaim against the Transferor and its assignees.


 


(s)          With
respect to each such Loan Asset acquired by the Borrower from the Transferor under the Purchase and Sale Agreement, by the Cut-Off
Date on which such Loan Asset is Pledged under the Loan and Servicing Agreement and on each day thereafter, the Transferor will
have caused its master computer records relating to such Loan Asset to be clearly and unambiguously marked to show that such Loan
Asset has been sold to the Borrower.


 


(t)          No
such Loan Asset has been repaid, prepaid, satisfied or rescinded, in each case, in full.


 


(u)          No
such Loan Asset has been sold, transferred, assigned or pledged by the Borrower to any Person other than the Collateral Agent for
the benefit of the Secured Parties.


 


(v)         Such
Loan Asset is not subject to withholding tax unless the Obligor thereon is required under the terms of the related Loan Agreement
to make “gross-up” payments that cover the full amount of such withholding tax on an after-tax basis. The transfer,
assignment and conveyance of such Loan Asset (and the other Portfolio Assets related thereto) from the Transferor to the Borrower
pursuant to the Purchase and Sale Agreement is not subject to and will not result in any fee or governmental charge (other than
income taxes) payable by the Borrower to any federal, state or local government.


 


(w)          The
Obligor with respect to such Loan Asset (and any guarantor of such Obligor’s obligations thereunder) had full legal capacity
to execute and deliver the Loan Agreement which creates such Loan Asset and any other documents related thereto.


 


(x)          The
Obligor of each such Loan Asset is not a Government Authority.


 




    	 	14	 



     


    

 


(y)          Each
such Loan Asset which was acquired by the Transferor (i) was originated or acquired by the Transferor in the ordinary course of
the Transferor’s business and, to the extent required by Applicable Law, the Transferor has all necessary licenses and permits
to originate or acquire such Loan Asset in the State where the Obligor was located (to the extent required by Applicable Law),
and (ii) was sold by the Transferor to the Borrower under the Purchase and Sale Agreement and, to the extent required by Applicable
Law, the Borrower has all necessary licenses and permits to purchase and own such Loan Assets and enter into Loan Agreements pursuant
to which such Loan Asset was created, in the State where the Obligor is located (to the extent required by Applicable Law).


 


(z)          There
are no proceedings pending or, to the Borrower’s knowledge, threatened (i) asserting insolvency of the Obligor of such Loan
Asset, or (ii) wherein the Obligor of such Loan Asset, any other obligated party or any governmental agency has alleged that such
Loan Asset or the Loan Agreement which creates such Loan Asset is illegal or unenforceable.


 


(aa)         Each
such Loan Asset requires the related Obligor to pay all maintenance, repair, insurance and taxes, together with all other ancillary
costs and expenses, with respect to the related Underlying Collateral.


 


(bb)         To
the knowledge of the Borrower, the Underlying Collateral related to each such Loan Asset has not, and will not, be used by the
related Obligor in any manner or for any purpose which would result in any material risk of liability being imposed upon the Transferor,
the Borrower or the Lenders under any federal, state, local or foreign laws, common laws, statutes, codes, ordinances, rules, regulations,
permits, judgments, agreements or order related to addressing the environment, health or safety.


 


(cc)         Each
such Loan Asset has an original term to maturity of not greater than seven (7) years.


 


(dd)         Each
such Loan Asset does not contain confidentiality restrictions that would prohibit the Lenders, the Lender Agents or the Administrative
Agent from accessing all necessary information (as required to be provided pursuant to the Transaction Documents) with regards
to such Loan Asset so long as the Lenders, the Lender Agents or the Administrative Agent, as applicable, have agreed to maintain
the confidentiality of such information in accordance with the provisions of such Loan Agreements.


 


(ee)         Each
such Loan Asset has a current cash coupon of at least (i)(a) 3.00% if such Loan Asset is a floating rate Loan Asset or (b) 8.00%
if such Loan Asset is a fixed rate Loan Asset and (ii) such coupon is payable at least quarterly.


 


(ff)         Each
such Loan Asset (i) was originated and underwritten, or purchased and re-underwritten, by the Transferor including, without limitation,
the completion of a due diligence and, if applicable, a collateral assessment and (ii) is being serviced by the Servicer in accordance
with the Servicing Standard.


 


(gg)         All
of the original or certified Required Loan Documents and the Loan Asset Checklist, acceptable to the Administrative Agent and the
Transferor, with respect to such Loan Asset have been, or will be, delivered to the Collateral Custodian within five Business Days
of the applicable Cut-Off Date (or, with respect to the Golub Agented Required Loan Documents within thirty days of any related
Cut-Off Date), and all Servicing Files are being or shall be maintained at the principal place of business of the Servicer in accordance
with documented safety procedures approved by the Administrative Agent.


 




    	 	15	 



     


    

 


(hh)         Each
such Loan Asset is not an extension of credit by the Transferor to the Obligor for the purpose of (i) making any past due principal,
interest or other payments due on such Loan Asset, (ii) preventing such Loan Asset or any other loan to the related Obligor from
becoming past due or (iii) preventing such Loan Asset from becoming defaulted.


 


(ii)         The
Obligor with respect to such Loan Asset, on the applicable date of determination, (i) is a business organization (and not a natural
person) duly organized and validly existing under the laws of its jurisdiction of organization; (ii) is a legal operating entity
or holding company; (iii) has not entered into the Loan Asset primarily for personal, family or household purposes; and (iv) is
not the subject of a Bankruptcy Event, and, as of the related Cut-Off Date, such Obligor is not in financial distress and has not
experienced a material adverse change in its condition, financial or otherwise, in each case, as determined by the Servicer in
its reasonable discretion unless approved in writing by the Administrative Agent.


 


(jj)         All
information provided by the Borrower or the Servicer to the Administrative Agent in writing with respect to such Loan Asset is
true and correct in all material respects as of the date such information is provided; provided that, solely with respect
to written or electronic information furnished by the Servicer or the Borrower which was provided to the Servicer or the Borrower
from an Obligor with respect to a Loan Asset, such information need only be accurate, true and correct to the knowledge of the
Borrower and the Servicer; provided, further, that the foregoing proviso shall not apply to any information from
an Obligor presented in a Servicer’s Certificate, Servicing Report, Notice of Borrowing or Borrowing Base Certificate.


 


(kk)         Each
such Loan Asset is not an Equity Security and does not provide for the conversion into an Equity Security at any time on or after
the date it is included as part of the Collateral Portfolio.


 


(ll)         No
selection procedure adverse to the interests of the Secured Parties was utilized by the Borrower in the selection of such Loan
Asset for inclusion in the Collateral Portfolio.


 


(mm)     Immediately
after giving effect to the acquisition by the Borrower of such Loan Asset, the aggregate Adjusted Borrowing Value (after to giving
effect to any deduction pursuant to clause (b) and clause (l) but prior to any deduction pursuant to this clause (mm)) of all Eligible
Loan Assets that are fixed rate Loan Assets shall not exceed the greater of (i) 10% of the sum of (x) the aggregate Adjusted Borrowing
Value (prior to giving effect to any deduction pursuant to clause (b), clause (l) or this clause (mm)) plus (y) any amounts on
deposit in the Principal Collection Account and (ii) $8,750,000 (and to the extent such threshold is exceeded, such excess shall
not be included in the Adjusted Borrowing Value of the applicable Eligible Loan Assets for purposes of the calculation of Borrowing
Base).


 




    	 	16	 



     


    

 


(nn)         Each
such Loan Asset is not a participation interest in all or a portion of a loan (for the avoidance of doubt, a syndication or co-lending
interest which is not documented as a participation interest shall not be deemed a participation interest).


 


“Environmental Laws”
means any and all foreign, federal, state and local laws, statutes, ordinances, rules, regulations, permits, licenses, approvals,
interpretations and orders of courts or Governmental Authorities, relating to the protection of human health or the environment,
including, but not limited to, requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal,
transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials. Environmental
Laws include, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9601
et seq.), the Hazardous Material Transportation Act (49 U.S.C. § 331 et seq.), the Resource Conservation and
Recovery Act (42 U.S.C. § 6901 et seq.), the Federal Water Pollution Control Act (33 U.S.C. § 1251 et seq.),
the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.),
the Safe Drinking Water Act (42 U.S.C. § 300, et seq.), the Environmental Protection Agency’s regulations relating
to underground storage tanks (40 C.F.R. Parts 280 and 281), and the Occupational Safety and Health Act (29 U.S.C. § 651 et
seq.), and the rules and regulations thereunder, each as amended or supplemented from time to time.


 


“Equityholder”
means Golub Capital Investment Corporation.


 


“Equity Security”
means (i) any equity security or any other security that is not eligible for purchase by the Borrower as a Loan Asset, (ii) any
security purchased as part of a “unit” with a Loan Asset and that itself is not eligible for purchase by the Borrower
as a Loan Asset, and (iii) any obligation that, at the time of commitment to acquire such obligation, was eligible for purchase
by the Borrower as a Loan Asset but that, as of any subsequent date of determination, no longer is eligible for purchase by the
Borrower as a Loan Asset, for so long as such obligation fails to satisfy such requirements.


 


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


 


“ERISA Affiliate”
means (a) any corporation that is a member of the same controlled group of corporations (within the meaning of Section 414(b) of
the Code) as the Borrower, (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c)
of the Code) with the Borrower, or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the
Code) as the Borrower, any corporation described in clause (a) above or any trade or business described in clause (b)
above.


 




    	 	17	 



     


    

 


“Eurodollar Disruption
Event” means the occurrence of any of the following: (a) any Institutional Lender or Liquidity Bank shall have notified
the Administrative Agent of a determination by such Institutional Lender or Liquidity Bank or any of its assignees or participants
that it would be contrary to law or to the directive of any central bank or other Governmental Authority (whether or not having
the force of law) to obtain United States dollars in the London interbank market to fund any Advance, (b) any Institutional Lender
or Liquidity Bank shall have notified the Administrative Agent of the inability, for any reason, of such Institutional Lender or
Liquidity Bank or any of its respective assignees or participants to determine LIBOR, (c) any Institutional Lender or Liquidity
Bank shall have notified the Administrative Agent of a determination by such Institutional Lender or Liquidity Bank or any of its
respective assignees or participants that the rate at which deposits of United States dollars are being offered to such Institutional
Lender or Liquidity Bank or any of its respective assignees or participants in the London interbank market does not accurately
reflect the cost to such Institutional Lender or Liquidity Bank or its assignee or participant of making, funding or maintaining
any Advance or (d) any Institutional Lender or Liquidity Bank shall have notified the Administrative Agent of the inability of
such Institutional Lender or Liquidity Bank or any of its respective assignees or participants to obtain United States dollars
in the London interbank market to make, fund or maintain any Advance.


 


“Event of Default”
has the meaning assigned to that term in Section 7.01.


 


“Excepted Persons”
has the meaning assigned to that term in Section 11.13(a).


 


“Excess Availability”
means, as of the last day of the Reinvestment Period, an amount equal to the positive difference, if any, of the Borrowing Base
as of such day less the aggregate Advances Outstanding as of such day (after giving effect to any Advances made on such date).


 


“Exchange Act”
means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.


 


“Excluded Amounts”
means (a) any amount received in the Collection Account with respect to any Loan Asset included as part of the Collateral Portfolio,
which amount is attributable to the payment of any Tax, fee or other charge imposed by any Governmental Authority on such Loan
Asset or on any Underlying Collateral and (b) any amount received in a Controlled Account representing (i) a reimbursement of insurance
premiums, (ii) any escrows relating to Taxes, insurance and other amounts in connection with Loan Assets which are held in an escrow
account for the benefit of the Obligor and the secured party pursuant to escrow arrangements under the applicable Loan Agreement
and (iii) any amount received in the Collection Account with respect to any Loan Asset retransferred or substituted for upon the
occurrence of a Warranty Event or that is otherwise replaced by a Substitute Eligible Loan Asset, or that is otherwise sold or
transferred by the Borrower pursuant to Section 2.07, to the extent such amount is attributable to a time after the effective
date of such replacement or sale.


 


“Existing Agreement”
has the meaning assigned to that term in the recitals hereto.


 




    	 	18	 



     


    

 





“Excluded Taxes”
means any of the following (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits
Taxes, in each case, (i) imposed as a result of a person being organized under the laws of, or having its principal office or,
in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing
such Tax (other than connections arising from such recipient having executed, delivered, become a party to, performed its obligations
under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or
enforced any Loan Agreement, or sold or assigned an interest in any Loan Asset or Loan Agreement), (b) in the case of a Lender,
withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan
Asset or commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan Asset or
commitment or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.11,
amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party
hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such recipient’s failure
to comply with Section 2.11 and (d) Taxes imposed under Sections 1471 through 1474 of the Code.


 


“Facility Maturity
Date” means the earliest to occur of (i) the Stated Maturity Date, (ii) the date of the declaration, or automatic
occurrence, of the Facility Maturity Date pursuant to Section 7.01, (iii) the Collection Date and (iv) the occurrence of
the termination of this Agreement pursuant to Section 2.18(b) hereof.


 


“FDIC”
means the Federal Deposit Insurance Corporation, and any successor thereto.


 


“Federal Funds Rate”
means, for any period, a fluctuating per annum interest rate equal, for each day during such period, to the weighted average
of the overnight federal funds rates as in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication
selected by the Administrative Agent (or, if such day is not a Business Day, for the next preceding Business Day), or, if for any
reason such rate is not available on any day, the rate determined, in the sole discretion of the Administrative Agent, to be the
rate at which overnight federal funds are being offered in the national federal funds market at 9:00 a.m. on such day.


 


“Fees”
means (i) the Non-Usage Fee and (ii) the fees payable to each Lender or Lender Agent pursuant to the terms of any Lender Fee Letter.


 


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


 


“Financial Sponsor”
means any Person, including any Subsidiary of such Person, whose principal business activity is acquiring, holding, and selling
investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities with separate
management, books and records and bank accounts, whose operations are not integrated with one another and whose financial condition
and creditworthiness are independent of the other companies so owned by such Person.


 


“First Lien Last
Out Loan” means a commercial loan that would constitute a First Lien Loan but that, at any time prior to and/or after
an event of default under the related loan agreement of such Loan, will be paid after one or more tranches of First Lien Loans
issued by the same Obligor have been paid in full in accordance with a specified waterfall or other priority of payments.


 




    	 	19	 



     


    

 


“First Lien Loan”
means a commercial loan (a) that is not (and cannot by its terms become) subordinate in right of payment to any obligation of the
Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (b) that is secured
by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law (subject to liens
permitted under the applicable credit agreement that are reasonable and customary for similar loans, and liens accorded priority
by law in favor of the United States or any State or agency), and (c) the Servicer determines in good faith that the value of the
collateral securing the loan or the enterprise value on or about the time of origination equals or exceeds the outstanding principal
balance of the loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same
collateral.


 


“Fitch”
means Fitch, Inc. or any successor thereto.


 


“Fronting Exposure”
means, at any time there is a Defaulting Lender, such Defaulting Lender’s Pro Rata Share of Swingline Advances other than
Swingline Advances as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders, repaid
by the Borrower or for which cash collateral or other credit support acceptable to the Swingline Lender shall have been provided
in accordance with the terms hereof.


 


“GAAP”
means generally accepted accounting principles as in effect from time to time in the United States.


 


“Golub Agented Required
Loan Documents” means, for each Loan Asset, the documents set forth in clause (c) of the definition of “Required
Loan Documents”.


 


“Governmental Authority”
means, with respect to any Person, any nation or government, any state or other political subdivision thereof, any central bank
(or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory
or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person.


 


“Hazardous Materials”
means all materials subject to any Environmental Law, including, without limitation, materials listed in 49 C.F.R. § 172.010,
materials defined as hazardous pursuant to § 101(14) of the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, as amended, flammable, explosive or radioactive materials, hazardous or toxic wastes or substances, lead-based materials,
petroleum or petroleum distillates or asbestos or material containing asbestos, polychlorinated biphenyls, radon gas, urea formaldehyde
and any substances classified as being “in inventory”, “usable work in process” or similar classification
that would, if classified as unusable, be included in the foregoing definition.


 


“Hedge Breakage
Costs” means, for any Hedge Transaction, any amount payable by the Borrower for the early termination of that Hedge Transaction
or any portion thereof.


 


“Hedge Collateral”
has the meaning assigned to that term in Section 5.09(b).


 


“Hedge Counterparty”
means any entity approved in writing by the Administrative Agent (in its sole discretion), which has entered into a Hedging Agreement
in connection with this Agreement.


 




    	 	20	 



     


    

 


“Hedge Transaction”
means each interest rate swap transaction, interest rate cap transaction, interest rate floor transaction or other derivative transaction
approved in writing by the Administrative Agent, between the Borrower and a Hedge Counterparty that is entered into pursuant to
Section 5.09(a) and is governed by a Hedging Agreement.


 


“Hedging Agreement”
means each agreement between the Borrower and a Hedge Counterparty that governs one or more Hedge Transactions entered into by
the Borrower and such Hedge Counterparty pursuant to Section 5.09(a), which agreement shall consist of a “Master Agreement”
in a form published by the International Swaps and Derivatives Association, Inc., together with a “Schedule” and each
“Confirmation” thereunder confirming the specific terms of each such Hedge Transaction; provided that the “Schedule”
and the form of each “Confirmation” to any Hedging Agreement shall be subject to the written approval of the Administrative
Agent, in its sole discretion.


 


“Indebtedness”
means:


 


(i)          with
respect to any Obligor under any Loan Asset, the meaning of “Indebtedness” or any comparable definition in the Loan
Agreement for such Loan Asset, and in any case that “Indebtedness” or such comparable definition is not defined in
such Loan Agreement, without duplication, (a) all obligations of such entity for borrowed money or with respect to deposits or
advances of any kind, (b) all obligations of such entity evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such entity under conditional sale or other title retention agreements relating to property acquired by such entity,
(d) all obligations of such entity in respect of the deferred purchase price of property or services (excluding current accounts
payable incurred in the ordinary course of business), (e) all indebtedness of others secured by (or for which the holder of such
indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such entity,
whether or not the indebtedness secured thereby has been assumed, (f) all guarantees by such entity of indebtedness of others,
(g) all Capital Lease Obligations of such entity, (h) all obligations, contingent or otherwise, of such entity as an account party
in respect of letters of credit and letters of guaranty and (i) all obligations, contingent or otherwise, of such entity in respect
of bankers’ acceptances; and


 


(ii)         for
all other purposes, with respect to any Person at any date, (a) all indebtedness of such Person for borrowed money or for the deferred
purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable
in accordance with customary trade practices) or that is evidenced by a note, bond, debenture or similar instrument or other evidence
of indebtedness customary for indebtedness of that type, (b) all obligations of such Person under leases that have been or should
be, in accordance with GAAP, recorded as capital leases, (c) all obligations of such Person in respect of acceptances issued or
created for the account of such Person, (d) all liabilities secured by any Lien on any property owned by such Person even though
such Person has not assumed or otherwise become liable for the payment thereof, (e) all indebtedness, obligations or liabilities
of that Person in respect of derivatives, and (f) all obligations under direct or indirect guaranties in respect of obligations
(contingent or otherwise) to purchase or otherwise acquire, or to otherwise assure a creditor against loss in respect of, indebtedness
or obligations of others of the kind referred to in clauses (a) through (e) of this clause (ii); provided
that,  for the avoidance of doubt, any Loan Assets sold by the Borrower in a  manner which is characterized on the books
of the Borrower as a secured borrowing by the Borrower in accordance with GAAP but  does not create any recourse to the Borrower
(for example, where the Borrower sells a portion of a loan which has been restructured as a first lien loan and a first lien last
out loan) shall not constitute “Indebtedness” of the  Borrower.


 




    	 	21	 



     


    

 


“Indemnified Amounts”
has the meaning assigned to that term in Section 8.01.


 


“Indemnified Party”
has the meaning assigned to that term in Section 8.01.


 


“Indemnifying Party”
has the meaning assigned to that term in Section 8.03.


 


“Independent Director”
means a natural person who, (A) for the five-year period prior to his or her appointment as Independent Director, has not been,
and during the continuation of his or her service as Independent Director is not: (i) an employee, director, stockholder, member,
manager, partner or officer of the Borrower or any of its Affiliates (other than his or her service as an Independent Director
of the Borrower or other Affiliates that are structured to be “bankruptcy remote”); (ii) a customer or supplier of
the Borrower or any of their Affiliates (other than his or her service as an Independent Director of the Borrower); or (iii) any
member of the immediate family of a person described in (i) or (ii), and (B) has (i) prior experience as an Independent Director
for a corporation or limited liability company whose charter documents required the unanimous consent of all Independent Directors
thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings
against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (ii) at
least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses,
advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities.


 


“Indorsement”
has the meaning specified in Section 8-102(a)(11) of the UCC, and “Indorsed” has a corresponding meaning.


 


“Initial Advance”
means the first Advance made pursuant to Article II.


 


“Institutional Lender”
means (i) Wells Fargo, (ii) each financial institution signatory hereto as an “Institutional Lender” and (ii) each
financial institution other than a Conduit Lender which may from time to time become a Lender hereunder by executing and delivering
a Joinder Supplement to the Administrative Agent and the Borrower.


 


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


 


“Insurance Policy”
means, with respect to any Loan Asset, an insurance policy covering liability and physical damage to, or loss of, the Underlying
Collateral.


 


“Insurance Proceeds”
means any amounts received on or with respect to a Loan Asset under any Insurance Policy or with respect to any condemnation proceeding
or award in lieu of condemnation, other than (i) any such amount received which is required to be used to restore, improve or repair
the related property or required to be paid to the Obligor under the related Loan Agreement or (ii) prior to an Event of Default
hereunder and with prior notice to the Administrative Agent, any such amount for which the Servicer has consented, in its reasonable
business discretion, to be used to restore, improve or repair the related property or otherwise to be paid to the Obligor under
the Loan Agreement.


 




    	 	22	 



     


    

 


“Interest”
means, with respect to any period and any Loan Asset, for the Obligor on such Loan Asset and any of its parents or Subsidiaries
that are obligated under the Loan Agreement for such Loan Asset (determined on a consolidated basis without duplication in accordance
with GAAP), the meaning of “Interest” or any comparable definition in the Loan Agreement for such Loan Asset and in
any case that “Interest” or such comparable definition is not defined in such Loan Agreement, all interest in respect
of Indebtedness (including the interest component of any payments in respect of Capital Lease Obligations) accrued or capitalized
during such period (whether or not actually paid during such period).


 


“Interest Collection
Account” means a sub-account (account number 83402001 at the Account Bank) of the Collection Account into which Interest
Collections shall be segregated.


 


“Interest Collections”
means, (i) with respect to any Loan Asset, all payments and collections attributable to interest on such Loan Asset, including,
without limitation, all scheduled payments of interest and payments of interest relating to principal prepayments, all guaranty
payments attributable to interest and proceeds of any liquidations, sales, dispositions or securitizations attributable to interest
on such Loan Asset and (ii) amendment fees, late fees, waiver fees, prepayment fees or other amounts received in respect of the
Loan Assets.


 


“Interest Coverage
Ratio” means, with respect to any Loan Asset for any Relevant Test Period, the meaning of “Interest Coverage Ratio”
or any comparable definition in the Loan Agreement for such Loan Asset, and in any case that “Interest Coverage Ratio”
or such comparable definition is not defined in such Loan Agreement, the ratio of (a) EBITDA to (b) Interest, as calculated by
the Servicer in good faith using information from and calculations consistent with the relevant compliance statements and financial
reporting packages provided by the relevant Obligor as per the requirements of the related Loan Agreement.


 


“Joinder Supplement”
means an agreement among the Borrower, a Lender, its Lender Agent and the Administrative Agent in the form of Exhibit E
to this Agreement (appropriately completed) delivered in connection with a Person becoming a Lender hereunder after the Amended
and Restated Closing Date.


 


“Lender”
means (i) Wells Fargo and (ii) any Institutional Lender or Conduit Lender, and/or any other Person to whom an Institutional Lender
or Conduit Lender assigns any part of its rights and obligations under this Agreement and the other Transaction Documents in accordance
with the terms of Section 11.04. For the avoidance of doubt, the Swingline Lender shall constitute a “Lender”
with respect to the repayment of Swingline Advances for all purposes hereunder.


 


“Lender Agent”
means, with respect to (i) Wells Fargo, Wells Fargo; (ii) each Conduit Lender which may from time to time become party hereto,
the Person designated as the “Lender Agent” with respect to such Conduit Lender in the applicable Joinder Supplement
and (iii) each Institutional Lender which may from time to time become a party hereto, each shall be deemed to be its own Lender
Agent.


 




    	 	23	 



     


    

 


“Lender Fee Letter”
means each fee letter agreement that shall be entered into by and among the Borrower, the applicable Lender and its related Lender
Agent or the Administrative Agent, as applicable, in connection with the transactions contemplated by this Agreement, as amended,
modified, waived, supplemented, restated or replaced from time to time.


 


“LIBOR”
means, for any day during the Remittance Period, with respect to any Advance (or portion thereof) (a) the rate per annum appearing
on Thomson Reuters Screen LIBOR01 Page (or any successor or substitute page) as the London interbank offered rate for deposits
in dollars at approximately 11:00 a.m., London time, for such day, provided, if such day is not a Business Day, the immediately
preceding Business Day, for a one-month maturity; and (b) if no rate specified in clause (a) of this definition so appears
on Thomson Reuters Screen LIBOR01 Page (or any successor or substitute page), the interest rate per annum at which dollar deposits
of $5,000,000 and for a one-month maturity are offered by the principal London office of Wells Fargo in immediately available funds
in the London interbank market at approximately 11:00 a.m., London time, for such day; provided further, that if LIBOR is
less than zero, such rate shall be deemed to be zero for purposes of this Agreement.


 


“Lien”
means any mortgage or deed of trust, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory
or other), charge, claim, preference, priority or other security interest or preferential arrangement in the nature of a security
interest of any kind or nature whatsoever (including any conditional sale, lease or other title retention agreement, sale subject
to a repurchase obligation, any easement, right of way or other encumbrance on title to real property, and any financing lease
having substantially the same economic effect as any of the foregoing) or the filing of or agreement to give any financing statement
perfecting a security interest under the UCC or comparable law of any jurisdiction.


 


“Lien Release Dividend”
has the meaning assigned to that term in Section 2.07(g).


 


“Lien Release Dividend
Date” means the date specified by the Borrower, which date may be any Business Day, provided written notice is given
in accordance with Section 2.07(g).


 


“Liquidity Agreement”
means any agreement entered into in connection with this Agreement pursuant to which a Liquidity Bank agrees to make purchases
from or advances to, or purchase assets from, any Conduit Lender in order to provide liquidity support for such Conduit Lender’s
Advances hereunder.


 


“Liquidity Bank”
means the Person or Persons who provide liquidity support to any Conduit Lender pursuant to a Liquidity Agreement in connection
with the issuance by such Conduit Lender of Commercial Paper Notes.


 


“Loan Agreement”
means the loan agreement, credit agreement or other agreement pursuant to which a Loan Asset has been issued or created and each
other agreement that governs the terms of or secures the obligations represented by such Loan Asset or of which the holders of
such Loan Asset are the beneficiaries.


 




    	 	24	 



     


    

 


“Loan Asset”
means any loan originated or acquired by the Transferor and sold to the Borrower or originated or acquired by the Borrower in the
ordinary course of its respective business, which loan includes, without limitation, (i) the Required Loan Documents and Loan Asset
File, and (ii) all right, title and interest of the Transferor and/or the Borrower, as applicable, in and to the loan and any Underlying
Collateral, but excluding, as applicable, the Retained Interest and Excluded Amounts.


 


“Loan Asset Checklist”
means an electronic or hard copy, as applicable, of a checklist in the form of Exhibit B delivered by or on behalf of the
Borrower to the Collateral Custodian, that identifies each of the items which constitute Required Loan Documents to be included
within the respective Loan Asset File, which shall specify whether such document is an original or a copy and includes the identification
number and the name of the Obligor with respect to the related Loan Asset.


 


“Loan Asset File”
means, with respect to each Loan Asset, a file containing (a) each of the documents and items as set forth on the Loan Asset Checklist
with respect to such Loan Asset and (b) duly executed originals (to the extent required by the Servicing Standard) and copies of
any other Records relating to such Loan Assets and Portfolio Assets pertaining thereto.


 


“Loan Assignment”
has the meaning set forth in the Purchase and Sale Agreement.


 


“Loan Tape”
means the Loan Tape identifying the Loan Assets delivered by the Borrower or Servicer to the Collateral Custodian and the Administrative
Agent. Each such schedule shall set forth the applicable information specified on Schedule IV.


 


“Make-Whole Premium”
means, in the event that this Agreement is terminated pursuant to Section 2.18(b) prior to the two-year anniversary of the
Amended and Restated Closing Date, an amount, payable pro rata to each Lender Agent (for the account of the applicable Lenders),
equal to 2.00% of the Maximum Facility Amount; provided that the Make-Whole Premium shall be calculated without giving effect
to the proviso in the definition of “Maximum Facility Amount”.


 


“Margin Stock”
means “margin stock” as such term is defined in Regulation T, U or X of the Federal Reserve Board.


 


“Material Adverse
Effect” means, with respect to any event or circumstance, a material adverse effect on (a) the business, condition (financial
or otherwise), operations, performance or properties of the Transferor, the Servicer or the Borrower, (b) the validity, enforceability
or collectability of this Agreement or any other Transaction Document or the validity, enforceability or collectability of the
Loan Assets generally or any material portion of the Loan Assets, (c) the rights and remedies of the Collateral Agent, the Collateral
Custodian, the Account Bank, the Administrative Agent, any Lender, any Lender Agent and the Secured Parties with respect to matters
arising under this Agreement or any other Transaction Document, (d) the ability of each of the Borrower and the Servicer to perform
their respective obligations under this Agreement or any other Transaction Document to which such entity is a party, or (e) the
status, existence, perfection, priority or enforceability of the Collateral Agent’s lien on the Collateral Portfolio.


 




    	 	25	 



     


    

 


“Material Modification”
means any amendment or waiver of, or modification or supplement to, a Loan Agreement governing an Eligible Loan Asset executed
or effected on or after the Cut-Off Date for such Eligible Loan Asset which:


 


(a)          reduces
or forgives any or all of the principal amount due under such Eligible Loan Asset;


 


(b)          delays
or extends the stated maturity date for such Eligible Loan Asset;


 


(c)          waives
one or more interest payments, permits any interest due in cash to be deferred or capitalized and added to the principal amount
of such Eligible Loan Asset (other than any deferral or capitalization already allowed by the terms of the Loan Agreement with
respect to any PIK Loan Asset), or reduces the spread or coupon with respect to such Eligible Loan Asset when the Interest Coverage
Ratio is less than 150% (prior to giving effect to such reduction in interest expense);


 


(d)          (i)
in the case of a First Lien Loan, contractually or structurally subordinates such Eligible Loan Asset by operation of a priority
of payments, turnover provisions, the transfer of assets in order to limit recourse to the related Obligor or the granting of Liens
(other than Permitted Liens) on any of the Underlying Collateral securing such Loan Asset or (ii) in the case of a First Lien Last
Out Loan, (x) contractually or structurally subordinates such Loan Asset to any obligation (other than the first lien loan which
existed at the Cut-Off Date for such Loan Asset) by operation of a priority of payments, turnover provisions, the transfer of assets
in order to limit recourse to the related Obligor or the granting of Liens (other than Permitted Liens) on any of the Underlying
Collateral securing such Loan Asset or (y) the commitment amount of any loan senior to such First Lien Last Out Loan is increased;


 


(e)          substitutes,
alters or releases the Underlying Collateral securing such Eligible Loan Asset and any such substitution, alteration or release,
as determined in the sole discretion of the Administrative Agent, materially and adversely affects the value of such Eligible Loan
Asset; provided that the foregoing shall not apply to any release in conjunction with a relatively contemporaneous disposition
by the related Obligor accompanied by a mandatory reinvestment of net proceeds or mandatory repayment of the related loan facility
with the net proceeds; or


 


(f)          amends,
waives, forbears, supplements or otherwise modifies (i) the meaning of “Senior Leverage Ratio”, “Interest Coverage
Ratio” or “Permitted Liens” or any respective comparable definitions in the Loan Agreement for such Eligible
Loan Asset or (ii) any term or provision of such Loan Agreement referenced in or utilized in the calculation of the “Senior
Leverage Ratio”, “Interest Coverage Ratio” or “Permitted Liens” or any respective comparable definitions
for such Eligible Loan Asset, in either case in a manner that, in the reasonable discretion of the Administrative Agent, is materially
adverse to the Secured Parties.


 




    	 	26	 



     


    

 


“Maximum Facility
Amount” means $275,000,000 on the Amended and Restated Closing Date. At the Borrower’s option, the Maximum Facility
Amount may be increased at any point subsequent to the Amended and Restated Closing Date and prior to the end of the Reinvestment
Period upon and subject to (i) the Lenders’ agreement (in their sole discretion) to provide the increased commitment and
(ii) customary terms and conditions, including no Event of Default shall have occurred or resulted therefrom; provided that
at all times after the Reinvestment Period, the Maximum Facility Amount shall mean the aggregate Advances Outstanding at such time.


 


“Minimum Equity
Amount” means, as of any date of determination, an amount equal to the greater of (a) the Minimum Equity Amount set forth
on Annex B hereto with respect to the then-applicable Maximum Facility Amount at such time and (b) the sum of the Adjusted
Borrowing Value of all Eligible Loan Assets of the three largest Obligors included in the Collateral Portfolio.


 


“Moody’s”
means Moody’s Investors Service, Inc. (or its successors in interest).


 


“Multiemployer Plan”
means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which the Borrower or any ERISA Affiliate
contributed or had any obligation to contribute on behalf of its employees at any time during the current year or the preceding
five years.


 


“Net Purchased Loan
Balance” means, as of any date of determination, an amount equal to (a) the aggregate Outstanding Balance of all Loan
Assets acquired by the Borrower prior to such date minus (b) the aggregate Outstanding Balance of all Loan Assets (other
than Warranty Loan Assets) repurchased or substituted by the Transferor prior to such date.


 


“Non-Usage Fee”
has the meaning assigned to that term in Section 2.09(a).


 


“Non-Usage Fee Rate”
has the meaning assigned to that term in Section 2.09(a).


 


“Noteless Loan Asset”
means a Loan Asset with respect to which the Loan Agreement (i) does not require the Obligor to execute and deliver a promissory
note to evidence the indebtedness created under such Loan Asset or (ii) requires any holder of the indebtedness created under such
Loan Asset to affirmatively request a promissory note from the related Obligor (and none has been requested with respect to such
Loan Asset held by the Borrower).


 


“Notice and Request
for Consent” has the meaning assigned to that term in Section 2.07(g)(i).


 


“Notice of Borrowing”
means an irrevocable written notice of borrowing from the Borrower to the Administrative Agent and each Lender Agent in the form
attached hereto as Exhibit F.


 


“Notice of Exclusive
Control” has the meaning given to such term in the Collection Account Agreement and the Unfunded Exposure Account Agreement,
as applicable.


 


“Notice of Reduction”
means a notice of a reduction of the Advances Outstanding pursuant to Section 2.18, in the form attached hereto as Exhibit
G.


 




    	 	27	 



     


    

 


“Obligations”
means all present and future indebtedness and other liabilities and obligations (howsoever created, arising or evidenced, whether
direct or indirect, absolute or contingent, or due or to become due) of the Borrower to the Lenders, the Lender Agents, the Administrative
Agent, the Account Bank, any Hedge Counterparty, the Secured Parties, the Collateral Agent or the Collateral Custodian arising
under this Agreement and/or any other Transaction Document and shall include, without limitation, all liability for principal of
and interest on the Advances Outstanding, Hedge Breakage Costs, Breakage Fees, indemnifications and other amounts due or to become
due by the Borrower to the Lenders, the Lender Agents, the Administrative Agent, the Collateral Agent, the Hedge Counterparty,
the Collateral Custodian, the Secured Parties and the Account Bank under this Agreement and/or any other Transaction Document,
including, without limitation, any amounts payable under any Hedging Agreement (including, without limitation, payments in respect
of the termination of any such Hedging Agreement), any Lender Fee Letter, any Make-Whole Premium and costs and expenses payable
by the Borrower to the Lenders, the Lender Agents, the Administrative Agent, the Account Bank, the Collateral Agent or the Collateral
Custodian, including attorneys’ fees, costs and expenses, including without limitation, interest, fees and other obligations
that accrue after the commencement of an insolvency proceeding (in each case whether or not allowed as a claim in such insolvency
proceeding).


 


“Obligor”
means, collectively, each Person obligated to make payments under a Loan Agreement, including any guarantor thereof.


 


“Officer’s
Certificate” means a certificate signed by the president, the secretary, an assistant secretary, the chief financial
officer or any vice president, as an authorized officer, of any Person.


 


“Opinion of Counsel”
means a written opinion of counsel, which opinion and counsel are acceptable to the Administrative Agent in its sole discretion.


 


“Original Closing
Date” means October 10, 2014.


 


“Outstanding Balance”
means the principal balance of a Loan Asset, expressed exclusive of PIK Interest and accrued interest.


 


“Payment Date”
means the 22nd day of each March, June, September and December or, if such day is not a Business Day, the next
succeeding Business Day; provided, that the final Payment Date shall occur on the Collection Date.


 


“Payment Duties”
has the meaning assigned to that term in Section 10.02(b)(ii).


 


“Pension Plan”
has the meaning assigned to that term in Section 4.01(x).


 


“Permitted Assignee”
means any lender (other than a Prohibited Transferee) which has a long-term unsecured debt rating of not less than “A3”
from Moody’s and not less than “A” from S&P.


 


“Permitted Investments”
means any of:


 




    	 	28	 



     


    

 


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


 


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


 


(iii)        Registered
debt securities bearing interest or sold at a discount issued by a corporation formed under the laws of the United States of America
or any State thereof that satisfies the Eligible Investment Required Ratings at the time of such investment or contractual commitment
providing for such investment;


 


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


 


(v)         money
market funds that have, at all times, credit ratings of “Aaa” and “MR1+” by Moody’s and “AAAm”
or “AAAm-G” by S&P, respectively;


 


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


 




    	 	29	 



     


    

 


“Permitted Liens”
means any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced
(a) Liens for state, municipal or other local Taxes if such Taxes shall not at the time be due and payable or if a Person shall
currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance
with GAAP have been provided on the books of such Person, (b) Liens imposed by law, such as materialmen’s, warehousemen’s,
mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens, arising by operation of
law in the ordinary course of business for sums that are not overdue or are being contested in good faith and (c) Liens granted
pursuant to or by the Transaction Documents.


 


“Person”
means an individual, partnership, corporation (including a statutory or business trust), limited liability company, joint stock
company, trust, unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision
thereof) or other entity.


 


“PIK Interest”
means interest accrued on a Loan Asset that is added to the principal amount of such Loan Asset instead of being paid as interest
as it accrues.


 


“PIK Loan Asset”
means a Loan Asset which provides for a portion of the interest that accrues thereon to be added to the principal amount of such
Loan Asset for some period of the time prior to such Loan Asset requiring the current cash payment of such previously capitalized
interest, which cash payment shall be treated as an Interest Collection at the time it is received.


 


“Pledge”
means the pledge of any Eligible Loan Asset or other Portfolio Asset pursuant to Article II.


 


“Portfolio Assets”
means all Loan Assets in which the Borrower has an interest, together with all proceeds thereof and other assets or property related
thereto, including all right, title and interest of the Borrower in and to:


 


(a)          any
amounts on deposit in any cash reserve, collection, custody or lockbox accounts securing the Loan Assets;


 


(b)          all
rights with respect to the Loan Assets to which the Transferor and/or the Borrower, as applicable, is entitled as lender under
the applicable Loan Agreement;


 


(c)          the
Controlled Accounts, together with all cash and investments in each of the foregoing other than amounts earned on investments therein;


 


(d)          any
Underlying Collateral securing a Loan Asset and all Recoveries related thereto, all payments paid in respect thereof and all monies
due or to become due and paid in respect thereof after the applicable Cut-Off Date and all liquidation proceeds;


 




    	 	30	 



     


    

 


(e)          all
Required Loan Documents, the Loan Asset Files related to any Loan Asset, any Records, and the documents, agreements, and instruments
included in the Loan Asset Files or Records;


 


(f)          all
Insurance Policies with respect to any Loan Asset;


 


(g)          all
Liens, guaranties, indemnities, warranties, letters of credit, accounts, bank accounts and property subject thereto from time to
time purporting to secure or support payment of any Loan Asset, together with all UCC financing statements, mortgages or similar
filings signed or authorized by an Obligor relating thereto;


 


(h)          the
Purchase and Sale Agreement (including, without limitation, rights of recovery of the Borrower against the Transferor) and the
assignment to the Collateral Agent, for the benefit of the Secured Parties, of all UCC financing statements filed by the Borrower
against the Transferor under or in connection with the Purchase and Sale Agreement;


 


(i)          any
Hedging Agreement and all payments from time to time due thereunder;


 


(j)          all
records (including computer records) with respect to the foregoing; and


 


(k)          all
collections, income, payments, proceeds and other benefits of each of the foregoing.


 


“Priced Loan Asset”
means any Loan Asset that has an observable quote from LoanX Mark-It Partners or Loan Pricing Corporation, or from another pricing
service selected by the Administrative Agent in its sole discretion.


 


“Prime Rate”
means the rate publicly announced by the Administrative Agent from time to time as its prime rate in the United States, such rate
to change as and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by
the Administrative Agent or any other specified financial institution in connection with extensions of credit to debtors; provided
that if the Prime Rate is less than zero, such rate shall be deemed to be zero for purposes of this Agreement.


 


“Principal Collection
Account” means a sub-account (account number 83402002 at the Account Bank) of the Collection Account into which Principal
Collections shall be segregated.


 


“Principal Collections”
means (i) any amounts deposited by the Borrower in accordance with Section 2.06(a)(i) or Section 2.07(c)(i), (ii)
with respect to any Loan Asset, all amounts received which are not Interest Collections, including, without limitation, all Recoveries,
all Insurance Proceeds, all scheduled payments of principal and principal prepayments and all guaranty payments and proceeds of
any liquidations, sales, dispositions or securitizations, in each case, attributable to the principal of such Loan Asset and (iii)
all payments received pursuant to any Hedging Agreement or Hedge Transaction.  For the avoidance of doubt, “Principal
Collections” shall not include amounts on deposit in the Unfunded Exposure Account.


 




    	 	31	 



     


    

 


“Pro Rata Share”
means, with respect to each Lender, the percentage obtained by dividing the Commitment of such Lender (or, following the termination
thereof, the outstanding principal amount of all Advances of such Lender), by the aggregate Commitments of all the Lenders (or,
following the termination thereof, the aggregate Advances Outstanding).


 


“Proceeds”
means, with respect to any property included in the Collateral Portfolio, all property that is receivable or received when such
property is collected, sold, liquidated, foreclosed, exchanged, or otherwise disposed of, whether such disposition is voluntary
or involuntary, and includes all rights to payment with respect to any insurance relating thereto.


 


“Prohibited Transferee”
means any (i) so-called “vulture fund”, “loan-to-own fund”, distressed debt fund or other fund that is
similar to the foregoing, in each case, whose primary business is distressed investing or (ii) business development company under
the 1940 Act (or entity which has filed with the Securities and Exchange Commission to become a business development company under
the 1940 Act as of such date), hedge fund, non-bank asset manager, credit opportunities fund or specialty finance company, in each
case, that directly and routinely competes with Golub’s senior debt business and which derives substantially all of its revenue
from lending to and making investments in middle market companies.


 


“Purchase and Sale
Agreement” means, individually and collectively as appropriate for the context, (i) that certain Purchase and Sale Agreement,
dated as of the Original Closing Date, between GEMS Fund, L.P., as the seller, and the Borrower, as the purchaser, as amended,
modified, waived, supplemented, restated or replaced from time to time and (ii) that certain Purchase and Sale Agreement, dated
as of December 31, 2014, between Golub Capital Investment Corporation, as the seller, and the Borrower, as the purchaser, as amended,
modified, waived, supplemented, restated or replaced from time to time.


 


“Purchase Price”
means, with respect to any Eligible Loan Asset, the value (expressed as a percentage of the Outstanding Balance of such Loan Asset)
equal to the purchase price paid by the Borrower to acquire such Eligible Loan Asset (expressed exclusive of accrued interest).
Notwithstanding the foregoing, the purchase price of an Eligible Loan Asset purchased in the primary syndication thereof at a price
equal to or greater than 95% of par (including any purchase at a premium) shall be deemed to be par for all purposes of this definition.


 


“Records”
means all documents relating to the Loan Assets, including books, records and other information executed in connection with the
origination or acquisition of the Collateral Portfolio or maintained with respect to the Collateral Portfolio and the related Obligors
that the Borrower, the Transferor or the Servicer have generated, in which the Borrower has acquired an interest pursuant to the
Purchase and Sale Agreement or in which the Borrower or the Transferor have otherwise obtained an interest.


 


“Recoveries”
means, as of the time any Underlying Collateral with respect to any Defaulted Loan Asset is sold, discarded or abandoned (after
a determination by the Servicer that such Underlying Collateral has little or no remaining value) or otherwise determined to be
fully liquidated by the Servicer in accordance with the Servicing Standard, the proceeds from the sale of the Underlying Collateral,
the proceeds of any related Insurance Policy, any other recoveries with respect to such Loan Asset, as applicable, the Underlying
Collateral, and amounts representing late fees and penalties, net of any amounts received that are required under such Loan Asset,
as applicable, to be refunded to the related Obligor.


 




    	 	32	 



     


    

 


“Recovery Value”
means: (a) with respect to First Lien Loans, 45%; and (b) with respect to First Lien Last Out Loans, 20%.


 


“Register”
has the meaning assigned to that term in Section 2.14.


 


“Registered”
means in registered form for U.S. federal income tax purposes and issued after July 18, 1984.


 


“Reinvestment Period”
shall mean the period commencing on the Amended and Restated Closing Date and ending on the day preceding the earliest of (i) the
two-year anniversary of the Amended and Restated Closing Date (or such later date as is agreed to in writing by the Borrower, the
Servicer, the Administrative Agent and the Lenders pursuant to Section 2.19(b)), (ii) the occurrence of an Event of Default
and (iii) the date of any voluntary termination by the Borrower pursuant to Section 2.18(b).


 


“Release Date”
has the meaning set forth in Section 2.07(c).


 


“Relevant Test Period”
means, with respect to any Loan Asset, the relevant test period for the calculation of Total Leverage Ratio, Senior Leverage Ratio
or Interest Coverage Ratio, as applicable, for such Loan Asset in the related Loan Agreement or, if no such period is provided
for therein, for Obligors delivering monthly financing statements, each period of the last 12 consecutive reported calendar months,
and for Obligors delivering quarterly financing statements, each period of the last four consecutive reported fiscal quarters of
the principal Obligor on such Loan Asset; provided that with respect to any Loan Asset for which the relevant test period
is not provided for in the related Loan Agreement, if an Obligor is a newly-formed entity as to which 12 consecutive calendar months
have not yet elapsed, “Relevant Test Period” shall initially include the period from the date of formation of such
Obligor to the end of the twelfth calendar month or fourth fiscal quarter (as the case may be) from the date of formation, and
shall subsequently include each period of the last 12 consecutive reported calendar months or four consecutive reported fiscal
quarters (as the case may be) of such Obligor.


 


“Remittance Period”
means, (i) as to the Initial Payment Date, the period beginning on the Original Closing Date and ending on, and including, the
Determination Date immediately preceding such Payment Date and (ii) as to any subsequent Payment Date, the period beginning on
the first day after the most recently ended Remittance Period and ending on, and including, the Determination Date immediately
preceding such Payment Date, or, with respect to the final Remittance Period, the Collection Date.


 


“Replacement Servicer”
has the meaning assigned to that term in Section 6.01(c).


 


“Reporting Date”
means the date that is two Business Days prior to the 22nd of each calendar month.


 


“Repurchase Price”
has the meaning assigned to that term in Section 2.07(c).


 




    	 	33	 



     


    

 


“Required Lenders”
means (i) Wells Fargo (as a Lender hereunder) and its successors and assigns and (ii) the Lenders representing an aggregate of
at least 51% of the aggregate Commitments of the Lenders then in effect; provided that if there are two or more unaffiliated
Lenders party hereto as of the applicable date of determination, then at least two such Lenders shall be required to constitute
the Required Lenders, provided, further, that the Commitment of, and the portion of any outstanding Advances,
as applicable, held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required
Lenders.


 


“Required Loan Documents”
means, for each Loan Asset, of the following documents or instruments, all as specified on the related Loan Asset Checklist:


 


(a)          (i)
(a)          (i) the original executed promissory note or, if accompanied by
an original “lost note” affidavit and indemnity, a copy of the executed underlying promissory note, endorsed by the
Borrower in blank (and an unbroken chain of endorsements from each prior holder thereof to the Borrower) and (ii) if such promissory
note is not issued in the name of the Borrower or in a Noteless Loan Asset, a copy of each assignment and assumption agreement,
transfer document or instrument relating to such Loan Asset evidencing the assignment of such Loan Asset from the prior third party
owner thereof (if any) to the Borrower and from the Borrower either to the Collateral Agent or in blank;


 


(b)          to
the extent applicable to the related Loan Asset, copies of the executed (i) guaranty, (ii) underlying credit or loan agreement
(or similar agreement pursuant to which the related Loan has been issued or created), (iii) acquisition agreement (or similar agreement)
and (iv) security agreement, mortgage or other agreement that secures the obligations represented by such Loan, in each case as
set forth on the Loan Asset Checklist; and


 


(c)          with
respect to any Loan Asset originated by the Transferor or an Affiliate thereof and with respect to which the Transferor or an Affiliate
thereof acts as administrative agent (or in a comparable capacity), copies (as applicable) of the acquisition agreement, subordination
agreement, intercreditor agreement or similar instruments, guarantee, Insurance Policy, assumption or substitution agreement and
either (i) copies of the UCC-1 Financing Statements, if any, and any related continuation statements, each showing the Obligor
as debtor and the Collateral Agent as total assignee or showing the Obligor, as debtor and the Transferor (or the applicable Affiliate)
as secured party and each with evidence of filing thereon, or (ii) copies of any such financing statements certified by the Servicer
to be true and complete copies thereof in instances where the original financing statements have been sent to the appropriate public
filing office for filing, in each case as set forth in the Loan Asset Checklist.


 


“Required Reports”
means, collectively, the Servicing Report required pursuant to Section 6.08(b), the Servicer’s Certificate required
pursuant to Section 6.08(c), the financial statements of the Servicer required pursuant to Section 6.08(d), the tax
returns of the Borrower and the Servicer required pursuant to Section 6.08(e), the financial statements and valuation reports
of each Obligor required pursuant to Section 6.08(f), the annual statements as to compliance required pursuant to Section
6.09, and the annual independent public accountant’s report required pursuant to Section 6.10.


 




    	 	34	 



     


    

 


“Responsible Officer”
means, with respect to any Person, any duly authorized officer of such Person with direct responsibility for the administration
of this Agreement and also, with respect to a particular matter, any other duly authorized officer of such Person to whom such
matter is referred because of such officer’s knowledge of and familiarity with the particular subject.


 


“Restricted Junior
Payment” means (i) any dividend or other distribution, direct or indirect, on account of any class of membership interests
of the Borrower now or hereafter outstanding, except a dividend paid solely in interests of that class of membership interests
or in any junior class of membership interests of the Borrower; (ii) any redemption, retirement, sinking fund or similar payment,
purchase or other acquisition for value, direct or indirect, of any class of membership interests of the Borrower now or hereafter
outstanding, (iii) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants,
options or other rights to acquire membership interests of the Borrower now or hereafter outstanding, and (iv) any payment of management
fees by the Borrower. For the avoidance of doubt, (x) payments and reimbursements due to the Servicer in accordance with this Agreement
or any other Transaction Document do not constitute Restricted Junior Payments, and (y) distributions by the Borrower to holders
of its membership interests of Loan Assets or of cash or other proceeds relating thereto which have been substituted by the Borrower
in accordance with this Agreement shall not constitute Restricted Junior Payments.


 


“Retained Interest”
means, with respect to any Agented Loan that is transferred to the Borrower, (i) all of the obligations, if any, of the agent(s)
under the documentation evidencing such Agented Loan and (ii) the applicable portion of the interests, rights and obligations under
the documentation evidencing such Agented Loan that relate to such portion(s) of the indebtedness that is owned by another lender.


 


“Review Criteria”
has the meaning assigned to that term in Section 12.02(b)(i).


 


“Revolving Loan
Asset” means a Loan Asset that is a line of credit or contains an unfunded commitment arising from an extension of credit
to an Obligor, pursuant to the terms of which amounts borrowed may be repaid and subsequently reborrowed.


 


“S&P”
means Standard & Poor’s Ratings Group, a Standard & Poor’s Financial Services LLC business (or its successors
in interest).


 


“Scheduled Payment”
means each scheduled payment of principal and/or interest required to be made by an Obligor on the related Loan Asset, as adjusted
pursuant to the terms of the related Loan Agreement.


 


“Secured Party”
means each of the Administrative Agent, each Lender, each Lender Agent, each Affected Party, each Indemnified Party, the Collateral
Custodian, the Collateral Agent, the Account Bank, and each Hedge Counterparty.


 


“Securities Act”
means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.


 




    	 	35	 



     


    

 


“Senior Leverage
Ratio” means, with respect to any Loan Asset for any Relevant Test Period, the meaning of “Senior Leverage Ratio”
or any comparable definition relating to first lien senior secured (or such applicable lien or applicable level within the capital
structure) indebtedness in the Loan Agreement for each such Loan Asset, and in any case that “Senior Leverage Ratio”
or such comparable definition is not defined in such Loan Agreement, the ratio of (a) first lien senior secured (or such applicable
lien or applicable level within the capital structure) Indebtedness to (b) EBITDA, as calculated by the Servicer in good faith
using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided
by the relevant Obligor as per the requirements of the related Loan Agreement.


 


“Servicer”
means at any time the Person then authorized, pursuant to Section 6.01 to service, administer, and collect on the Loan
Assets and exercise rights and remedies in respect of the same.


 


“Servicer Certificate”
has the meaning assigned to that term in Section 6.08(c).


 


“Servicer Pension
Plan” has the meaning set forth in Section 4.03(p).


 


“Servicer Termination
Event” means the occurrence of any one or more of the following events:


 


(a)          any
failure by the Servicer to make any payment, transfer or deposit into the Collection Account (including, without limitation, with
respect to bifurcation and remittance of Interest Collections and Principal Collections) or the Unfunded Exposure Account, as required
by this Agreement or any Transaction Document which continues unremedied for a period of two Business Days;


 


(b)          any
failure on the part of the Servicer duly to (i) observe or perform in any material respect any other covenants or agreements of
the Servicer set forth in this Agreement or the other Transaction Documents to which the Servicer is a party (including, without
limitation, any delegation of the Servicer’s duties that is not permitted by this Agreement) or (ii) comply in any material
respect with the Servicing Standard regarding the servicing of the Collateral Portfolio and in each case the same continues unremedied
for a period of 30 days (if such failure can be remedied) after the earlier to occur of (x) the date on which written notice of
such failure requiring the same to be remedied shall have been given to the Servicer by the Administrative Agent or the Collateral
Agent (at the direction of the Administrative Agent) and (y) the date on which a Responsible Officer of the Servicer acquires knowledge
thereof;


 


(c)          the
failure of the Servicer to make any payment when due (after giving effect to any related grace period) under one or more agreements
for borrowed money to which it is a party and for which there is recourse to the Servicer or the property of the Servicer for such
debt in an aggregate amount in excess of United States $1,000,000, individually or in the aggregate, or the occurrence of any event
or condition that has resulted in the acceleration of such amount of recourse debt whether or not waived;


 


(d)          a
Bankruptcy Event shall occur with respect to the Servicer;


 




    	 	36	 



     


    

 


(e)          GC
Advisors LLC shall assign its rights or obligations as “Servicer” hereunder to any Person without the consent of each
Lender Agent and the Administrative Agent (as required in the last sentence of Section 11.04(a)) other than any assignment
effected in connection with a transaction which meets the requirements of Section 5.04(a);


 


(f)          as
of the last day of any fiscal quarter, Golub Capital Investment Corporation fails to maintain the Asset Coverage Ratio at greater
than or equal to 2:1;


 


(g)         as of the last day
of any fiscal quarter, Golub Capital Investment Corporation fails to maintain GAAP net assets (as reflected in its quarterly or
annual financial statements without any deductions) in an amount at least equal to 65% of the net proceeds of any sales of common
stock or other equity offerings (including drawings on capital commitments of equityholders) of Golub Capital Investment Corporation
consummated by Golub Capital Investment Corporation on December 31, 2014, as increased by 65% of the net proceeds of any sales
of common stock or other equity offerings (including drawings on capital commitments of equityholders) of Golub Capital Investment
Corporation consummated by Golub Capital Investment Corporation after December 31, 2014;


 


(h)          any
failure by the Servicer to deliver (i) any required Servicing Report on or before the date occurring two Business Days after the
date such report is required to be made or given, as the case may be, or (ii) any other Required Reports hereunder on or before
the date occurring five Business Days after the date such report is required to be made or given, as the case may be, in each case
under the terms of this Agreement;


 


(i)          any
representation, warranty or certification made by the Servicer in any Transaction Document or in any certificate delivered pursuant
to any Transaction Document shall prove to have been incorrect when made, which has a Material Adverse Effect and continues to
be unremedied for a period of 30 days after the earlier to occur of (i) the date on which written notice of such incorrectness
requiring the same to be remedied shall have been given to the Servicer by the Administrative Agent or the Collateral Agent (at
the direction of the Administrative Agent) and (ii) the date on which a Responsible Officer of the Servicer acquires knowledge
thereof;


 


(j)          any
financial or other information reasonably requested by the Administrative Agent, a Lender Agent or the Collateral Agent is not
provided as requested within a reasonable amount of time following such request;


 


(k)          the
rendering against the Servicer of one or more final judgments, decrees or orders for the payment of money in excess of United States
$2,500,000, individually or in the aggregate, and the continuance of such judgment, decree or order unsatisfied and in effect for
any period of more than 60 consecutive days without a stay of execution;


 


(l)          the
occurrence of an Event of Default; or


 


(m)          any
other event which has caused a Material Adverse Effect on the assets, liabilities, financial condition, business or operations
of the Servicer or the ability of the Servicer to meet its obligations under the Transaction Documents to which it is a party.


 




    	 	37	 



     


    

 


“Servicer Termination
Notice” has the meaning assigned to that term in Section 6.01(b).


 


“Servicing Fee”
means the fee payable to the Servicer on each Payment Date in arrears in respect of each Remittance Period, which fee shall be
equal to the product of (i) 0.50%, (ii) the arithmetic mean of the aggregate Outstanding Balance of all Eligible Loan Assets on
the first day and on the last day of the related Remittance Period and (iii) the actual number of days in such Remittance Period
divided by 360; provided that, in the sole discretion of the Servicer, the Servicer may, from time to time, waive all or
any portion of the Servicing Fee payable on any Payment Date.


 


“Servicing File”
means, for each Loan Asset, (a) copies of each of the Required Loan Documents and (b) any other portion of the Loan Asset File
which is not part of the Required Loan Documents.


 


“Servicing Report”
has the meaning assigned to that term in Section 6.08(b).


 


“Servicing Standard”
means, with respect to any Loan Assets included in the Collateral Portfolio, to service and administer such Loan Assets in accordance
with Applicable Law, the terms of this Agreement, the Loan Agreements, all customary and usual servicing practices for loans like
the Loan Assets and, to the extent consistent with the foregoing, (a)(i) if the Servicer is the originator or an Affiliate thereof,
the higher of: (A) the customary and usual servicing practices that a prudent loan investor or lender would use in servicing loans
like the Loan Assets for its own account, and (B) the same care, skill, prudence and diligence with which the Servicer services
and administers loans for its own account or for the account of others, and (ii) if the Servicer is not the originator or an Affiliate
thereof, the same care, skill, prudence and diligence with which the Servicer services and administers loans for its own account
or for the account of others; (b) with a view to maximize the value of the Loan Assets; and (c) without regard to: (i) the Servicer’s
obligations to incur servicing and administrative expenses with respect to a Loan Asset, (ii) the Servicer’s right to receive
compensation for its services hereunder or with respect to any particular transaction, (iii) the ownership by the Servicer or any
Affiliate thereof of any Loan Assets, or (iv) the ownership, servicing or management for others by the Servicer of any other loans
or property by the Servicer.


 


“Solvent”
means, as to any Person at any time, having a state of affairs such that all of the following conditions are met: (a) the fair
value of the property of such Person is greater than the amount of such Person’s liabilities (including disputed, contingent
and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy
Code; (b) the present fair saleable value of the property of such Person in an orderly liquidation of such Person is not less than
the amount that will be required to pay the probable liability of such Person on its debts and other liabilities as they become
absolute and matured; (c) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed,
contingent and unliquidated liabilities) as they mature in the normal course of business; (d) such Person does not intend to, and
does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities
mature; and (e) such Person is not engaged in a business or a transaction, and does not propose to engage in a business or a transaction,
for which such Person’s property assets would constitute unreasonably small capital.


 




    	 	38	 



     


    

 


“State”
means one of the fifty states of the United States or the District of Columbia.


 


“Stated Maturity
Date” means the five (5) year anniversary of the Amended and Restated Closing Date or such later date as is agreed to
in writing by the Borrower, the Servicer, the Administrative Agent and the Lenders pursuant to Section 2.19(a).


 


“Subsidiary”
means with respect to a person, a corporation, partnership or other entity of which shares of stock or other ownership interests
having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening
of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity
are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries,
or both, by such person.


 


“Substitute Eligible
Loan Asset” means each Eligible Loan Asset Pledged by the Borrower to the Collateral Agent, on behalf of the Secured
Parties, pursuant to Section 2.07(a) or Section 2.07(c)(ii).


 


“Supermajority Lenders”
means, at any time, Lenders representing an aggregate of at least 66 2/3% of the aggregate Commitments of the Lenders then in effect;
provided that if there are two or more unaffiliated Lenders party hereto as of the applicable date of determination, then
at least two such Lenders shall be required to constitute the Supermajority Lenders; provided further that the Commitment
of, and the portion of any outstanding Advances, as applicable, held or deemed held by, any Defaulting Lender shall be excluded
for purposes of making a determination of Supermajority Lenders.


 


“Swingline Advance”
means any swingline loan made by the Swingline Lender to the Borrower pursuant to Section 2.1 and all such swingline loans
collectively as the context requires.


 


“Swingline Commitment”
means the commitment of the Swingline Lender to fund Swingline Advances subject to the terms and conditions herein, in an amount
not greater than $25,000,000, as such amount may be reduced, increased or assigned from time to time pursuant to the provisions
of this Agreement. The Swingline Commitment is a sub-limit of the Commitment of the Swingline Lender, in its capacity as a Lender
hereunder, and is not in addition thereto. Each Lender shall purchase a risk participation interest in any Swingline Advance.


 


“Swingline Lender”
has the meaning assigned to that term in the preamble hereto.


 


“Swingline Note”
means a promissory note made by the Borrower in favor of the Swingline Lender evidencing the Swingline Advances made by the Swingline
Lender, substantially in the form attached as Exhibit I-2, and any amendments, supplements and modifications thereto, any
substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole or in part.


 




    	 	39	 



     


    

 


“Swingline Refund
Date” has the meaning assigned to that term in Section 2.22(a).


 


“Taxes”
means any present or future taxes, levies, imposts, duties, charges, assessments or fees of any nature (including interest, penalties,
and additions thereto) that are imposed by any Governmental Authority.


 


“Term Loan Asset”
means a Loan Asset that is a term loan that has been fully funded and does not contain any unfunded commitment arising from an
extension of credit to an Obligor.


 


“Term Securitization”
means any private or public term securitization transaction (a) undertaken by the Servicer, the Borrower or an Affiliate of the
Servicer or the Borrower that is secured, directly or indirectly, by any Loan Asset currently or formerly included in the Collateral
or any portion thereof or any interest therein, including, without limitation, any collateralized loan or collateralized debt offering
or other asset securitization and (b) in which the Borrower, the Servicer or an Affiliate of the Borrower or the Servicer has agreed
to purchase 100% of the equity in such term securitization transaction. For the avoidance of doubt, notwithstanding any agreement
by the Borrower, the Servicer or an Affiliate of the Borrower or the Servicer to purchase 100% of the equity in such term securitization
transaction, any such party agreeing to so purchase may designate other Persons as purchasers of such equity provided such party
or parties remain primarily liable therefor if such designees fail to purchase in connection with the closing date of such term
securitization and/or, after the closing of such term securitization, may transfer equity it purchases at the closing thereof.


 


“Total Leverage
Ratio” means, with respect to any Loan Asset for any Relevant Test Period, the meaning of “Total Leverage Ratio”
or any comparable definition in the related Loan Agreement for each such Loan Asset, and in any case that “Total Leverage
Ratio” or such comparable definition is not defined in such Loan Agreement, the ratio of (a) Indebtedness to (b) EBITDA,
as calculated by the Servicer in good faith using information from and calculations consistent with the relevant compliance statements
and financial reporting packages provided by the relevant Obligor as per the requirements of the related Loan Agreement.


 


“Transaction Documents”
means this Agreement, the Variable Funding Note(s), the Swingline Note, any Hedging Agreement, any Joinder Supplement, the Purchase
and Sale Agreement, the Collection Account Agreement, the Unfunded Exposure Account Agreement, the Wells Fargo Fee Letter, each
Lender Fee Letter and each document, instrument or agreement related to any of the foregoing.


 


“Transferee Letter”
has the meaning assigned to that term in Section 11.04(a).


 




    	 	40	 



     


    

 


“Transferor”
means, individually or collectively as appropriate for the context, (i) GEMS Fund, L.P. and (ii) Golub Capital Investment Corporation,
in each case in its capacity as the Transferor hereunder and as the seller under its applicable Purchase and Sale Agreement, together
with its successors and assigns in such capacity. It is understood and agreed that (i) prior to December 31, 2014 the sole Transferor
was GEMS Fund, L.P. and that after December 31, 2014 the sole Transferor is Golub Capital Investment Corporation, (ii) all references
herein to the transfers of assets herein shall be so interpreted and (iii) the failure of GEMS Fund, L.P. or Golub Capital Investment
Corporation to make any required payment to the Borrower under its Purchase and Sale Agreement shall be an Event of Default under
Section 7.01 (i) (but that all other references to “Transferor” under Section 7.01 shall be deemed to refer to Golub
Capital Investment Corporation).


 


“UCC”
means the Uniform Commercial Code as from time to time in effect in the specified jurisdiction.


 


“Underlying Collateral”
means, with respect to a Loan Asset, any property or other assets designated and pledged or mortgaged as collateral to secure repayment
of such Loan Asset, as applicable, including, without limitation, mortgaged property and/or a pledge of the stock, membership or
other ownership interests in the related Obligor and all proceeds from any sale or other disposition of such property or other
assets.


 


“Unfunded Exposure
Account” means a trust account (account number 83402003 at the Account Bank) in the name of the Collateral Agent and
under the sole dominion and control of the Collateral Agent for the benefit of the Secured Parties; provided, that the funds
deposited therein (including any interest and earnings thereon) from time to time shall constitute the property and assets of the
Borrower and the Borrower shall be solely liable for any Taxes payable with respect to the Unfunded Exposure Account.


 


“Unfunded Exposure
Account Agreement” means that certain Unfunded Exposure Account Agreement, dated the date of this Agreement, among the
Borrower, the Servicer, the Account Bank, the Administrative Agent, and the Collateral Agent, which agreement relates to the Unfunded
Exposure Account, as such agreement may from time to time be amended, supplemented or otherwise modified in accordance with the
terms thereof.


 


“Unfunded Exposure
Amount” means, as of any date of determination, with respect to a Loan Asset, an amount equal to the aggregate amount
of all unfunded commitments associated with such Loan Asset.


 


“Unfunded Exposure
Amount Shortfall” has the meaning assigned to that term in Section 2.02(f).


 


“Unfunded Exposure
Equity Amount” means, on any date of determination, an amount equal to:


 


(i)          for
all Loan Assets which have any unfunded commitments, the aggregate sum of the products of (a) the Unfunded Exposure Amount for
each such Loan Asset multiplied by (b) the difference of (x) 100% minus (y) the Applicable Percentage for each such
Loan Asset;





 




    	 	41	 



     


    

 


plus


 


(ii)         for
all Loan Assets which have any unfunded commitments, the aggregate sum of the products of (a) (x) 100% minus the Assigned
Value for each such Loan Asset multiplied by (y) the Unfunded Exposure Amount of each such Loan Asset multiplied
by (b) the Applicable Percentage for each such Loan Asset.


 


“United States”
means the United States of America.


 


“Unmatured Event
of Default” means any event that, if it continues uncured, will, with lapse of time, notice or lapse of time and notice,
constitute an Event of Default.


 


“Unused Portion”
has the meaning assigned to that term in Section 2.09(a).


 


“Value Adjustment
Event” means, with respect to any Loan Asset, the occurrence of any one or more of the following events after the related
Cut-Off Date:


 


(i)          (x)
the Interest Coverage Ratio for any Relevant Test Period with respect to such Loan Asset is (i) less than 1.50x and (ii) less than
or equal to 85% of the Interest Coverage Ratio with respect to such Loan Asset as calculated on the applicable Cut-Off Date or
(y) the Senior Leverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan Asset (I) is more than
0.50x higher than such Senior Leverage Ratio as calculated on the applicable Cut-Off Date and (II) is more than 3.50x;


 


(ii)         an
Obligor payment default under such Loan Asset (after giving effect to any grace and/or cure period set forth in the applicable
Loan Agreement, but not to exceed five days) (including in respect of the acceleration of the debt under the applicable Loan Agreement);


 


(iii)        a
payment default as to all or any portion of one or more payments of principal or interest has occurred in relation to any other
senior or pari passu obligation for borrowed money of the related Obligor (after giving effect to any grace and/or cure period
set forth in the Loan Agreement, but not to exceed five days);


 


(iv)        a
Bankruptcy Event with respect to the related Obligor;


 


(v)         the
failure to deliver a “loan level” financial reporting package no later than 45 days after the end of each month (if
applicable), 60 days after the end of each quarter or 120 days after the end of each fiscal year (unless waived or otherwise agreed
to by the Administrative Agent in its sole discretion); or


 


(vi)        the
occurrence of a Material Modification with respect to such Loan Asset.


 


“Variable Funding
Note” has the meaning assigned to such term in Section 2.01(a).


 


“Warranty Amount”
means, on any date of determination, an amount equal to the positive difference, if any, of the aggregate unpaid Repurchase Price
of all Warranty Loan Assets less the Excess Availability. For the avoidance of doubt, the aggregate “Warranty Amount”
shall be reduced to the extent of any payments made pursuant to Section 2.04(a)(vi)(a) and in the event that the Repurchase
Price of a Warranty Loan Asset included in the “Warranty Amount” calculation is subsequently paid by the Borrower.


 




    	 	42	 



     


    

 


“Warranty Event”
means, as to any Loan Asset, (i) the discovery that, as of the related Cut-Off Date, such Loan Asset did not satisfy the definition
of “Eligible Loan Asset” or there otherwise existed a breach of any representation or warranty relating to such Loan
Asset and the failure of the Borrower to cure such breach, or cause the same to be cured, within 10 days after the earlier to occur
of the Borrower’s receipt of notice thereof from the Administrative Agent or the Borrower becoming aware thereof or (ii)
the Borrower fails to satisfy Section 3.02(a)(ii) or Section 3.04(b), as applicable, with respect to such Loan Asset.


 


“Warranty Loan Asset”
means any Loan Asset with respect to which a Warranty Event has occurred.


 


“Wells Fargo”
shall mean Wells Fargo Bank, N.A., and its successors and assigns.


 


“Wells Fargo Fee
Letter” means the Wells Fargo Fee Letter, dated as of the Original Closing Date, between the Collateral Agent, the Collateral
Custodian, the Account Bank, the Borrower and the Administrative Agent, as such letter may be amended, modified, supplemented,
restated or replaced from time to time.


 


“Yield”
means with respect to any Remittance Period, the sum for each day in such Remittance Period determined in accordance with the following
formula:


 


	 	YR x L	 
	 	D	 


 


	where:   	YR	 =	the Yield Rate applicable on such day;
	 	 	 	 
	 	L	=	the Advances Outstanding on such day; and
	 	 	 	 
	 	D	=	360 or, to the extent the Yield Rate is the Base Rate, 365 or 366 days, as applicable;


 


provided that (i) no provision of this
Agreement shall require the payment or permit the collection of Yield in excess of the maximum permitted by Applicable Law and
(ii) Yield shall not be considered paid by any distribution if at any time such distribution is later required to be rescinded
by any Lender to the Borrower or any other Person for any reason including, without limitation, such distribution becoming void
or otherwise avoidable under any statutory provision or common law or equitable action, including, without limitation, any provision
of the Bankruptcy Code.


 


“Yield Rate”
means, as of any date of determination, an interest rate per annum equal to LIBOR for such date, plus the Applicable
Spread; provided that if a Lender Agent shall have notified the Administrative Agent that a Eurodollar Disruption Event
has occurred, the Yield Rate shall be equal to the Base Rate, plus the Applicable Spread until such Lender Agent shall have
notified the Administrative Agent that such Eurodollar Disruption Event has ceased, at which time the Yield Rate shall again be
equal to LIBOR for such date, plus the Applicable Spread.


 




    	 	43	 



     


    

 


Section 1.02         Other
Terms. All accounting terms used but not specifically defined herein shall be construed in accordance with GAAP. All terms
used in Article 9 of the UCC in the State of New York, and used but not specifically defined herein, are used herein as defined
in such Article 9.


 


Section 1.03         Computation
of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to
a later specified date, the word “from” means “from and including” and the words “to” and “until”
each mean “to but excluding.”


 


Section 1.04         Interpretation.


 


In each Transaction Document,
unless a contrary intention appears:


 


(a)          the
singular number includes the plural number and vice versa;


 


(b)          reference
to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted
by the Transaction Documents;


 


(c)          reference
to any gender includes each other gender;


 


(d)          reference
to day or days without further qualification means calendar days;


 


(e)          reference
to any time means New York, New York time (unless expressly specified otherwise);


 


(f)          reference
to the words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”;


 


(g)          reference
to any agreement (including any Transaction Document), document or instrument means such agreement, document or instrument as amended,
modified, waived, supplemented, restated or replaced and in effect from time to time in accordance with the terms thereof and,
if applicable, the terms of the other Transaction Documents, and reference to any promissory note includes any promissory note
that is an extension or renewal thereof or a substitute or replacement therefor; and


 


(h)          reference
to any Applicable Law means such Applicable Law as amended, modified, codified, replaced or reenacted, in whole or in part, and
in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision
of any Applicable Law means that provision of such Applicable Law from time to time in effect and constituting the substantive
amendment, modification, codification, replacement or reenactment of such Section or other provision.


 


Section 1.05         Nature
of Obligations. The parties hereto intend the Borrower’s Obligations hereunder (and evidenced by the Variable Funding
Notes) to be a “loan” and not a “security” for all purposes.


 




    	 	44	 



     


    

 


ARTICLE
II.


 


THE
FACILITY


 


Section 2.01         Variable
Funding Note and Swingline Note and Advances and Swingline Advances.


 


(a)          Variable
Funding Note and Swingline Note. The Borrower shall, on the date hereof (and on the terms and subject to the conditions hereinafter
set forth), deliver, to each Lender Agent, to the extent requested by such Lender Agent at the address set forth on Section 11.02,
and on the effective date of any Joinder Supplement, to each additional Lender Agent, to the extent requested by such additional
Lender Agent at the address set forth in the applicable Joinder Supplement, a duly executed variable funding note (as amended,
modified, supplemented or restated from time to time, the “Variable Funding Note”), in substantially the form
of Exhibit I-1, in an aggregate face amount equal to the applicable Lender’s Commitment as of the date hereof or the
effective date of any Joinder Supplement, as applicable, and otherwise duly completed. Interest shall accrue on the Variable Funding
Note, and the Variable Funding Note shall be payable, as described herein. The Borrower shall, on the date hereof (and on the terms
and subject to the conditions hereinafter set forth), deliver to the Swingline Lender, at the address set forth on Section 11.02,
a duly executed Swingline Note, dated as of the date of this Agreement, in a face amount equal to the Swingline Commitment as of
the Amended and Restated Closing Date and otherwise duly completed.


 


(b)          Advances
and Swingline Advances. On the terms and conditions hereinafter set forth, from time to time from the Original Closing Date
until the end of the Reinvestment Period, the Borrower may request that the Lenders make Advances hereunder, secured by the Collateral
Portfolio, (x) to the Borrower for the purpose of purchasing Eligible Loan Assets or (y) to the Unfunded Exposure Account in an
amount up to the Aggregate Unfunded Exposure Amount. Other than pursuant to Section 2.02(f), under no circumstances shall
any Lender be required to make any Advance if after giving effect to such Advance and the addition to the Collateral Portfolio
of the Eligible Loan Assets being acquired using the proceeds of such Advance, (i) an Event of Default has occurred or would result
therefrom or an Unmatured Event of Default exists or would result therefrom or (ii) the aggregate Advances Outstanding would exceed
the Borrowing Base. Notwithstanding anything to the contrary herein (other than pursuant to Section 2.02(f)), no Lender
shall be obligated to provide the Borrower (or to the Unfunded Exposure Account, if applicable) with aggregate funds in connection
with an Advance that would exceed such Lender’s unused Commitment then in effect. On the terms and conditions hereinafter
set forth, from time to time from the Amended and Restated Closing Date until the end of the Reinvestment Period, the Borrower
may request the Swingline Lender make Swingline Advances to the Borrower under the Swingline Note, secured by the Collateral Portfolio;
provided that the Swingline Lender shall not fund any Swingline Advance if, after giving effect to the amount of the Swingline
Advance requested, the Advances Outstanding would exceed the Borrowing Base. Advances to be made for the purpose of refunding Swingline
Advances shall be made by the Lenders as provided in Section 2.22.


 




    	 	45	 



     


    

 


(c)          Notations
on Variable Funding Note. Each Lender Agent is hereby authorized to enter on a schedule attached to the Variable Funding Note
with respect to each Conduit Lender and each Institutional Lender a notation (which may be computer generated) with respect to
each Advance under the Variable Funding Note made by the applicable Lender of: (i) the date and principal amount thereof, and (ii)
each repayment of principal thereof, and any such recordation shall constitute prima facie evidence of the accuracy of the
information so recorded. The failure of any Lender Agent to make any such notation on the schedule attached to any Variable Funding
Note shall not limit or otherwise affect the obligation of the Borrower to repay the Advances in accordance with their respective
terms as set forth herein.


 


Section 2.02         Procedure
for Advances and Swingline Advances.


 


(a)          During
the Reinvestment Period, the Lenders will make Advances (including any Swingline Advances) on any Business Day at the request of
the Borrower, subject to and in accordance with the terms and conditions of Sections 2.01 and 2.02 and subject to
the provisions of Article III hereof.


 


(b)          Each
Advance shall be made on irrevocable written notice from the Borrower to the Administrative Agent (which shall forward any Borrowing
Notice requesting a Swingline Advance to the Swingline Bank) and each Lender Agent, with a copy to the Collateral Agent and the
Collateral Custodian, in the form of a Notice of Borrowing (i) with respect to Advances (other than Swingline Advances), no later
than 12:00 noon on the proposed Advance Date (or such shorter period as agreed to from time to time by the Administrative Agent
and each of the Lenders) and (ii) with respect to Swingline Advances, no later than 3:00 p.m. on the proposed Advance Date. Each
Notice of Borrowing shall be irrevocable. If any Notice of Borrowing is received by the Administrative Agent after (x) 12:00 noon,
in the case of an Advance (other than Swingline Advances), or (y) 3:00 p.m., in the case of a Swingline Advance, in each case,
on a Business Day or on a day that is not a Business Day, such Borrowing Notice shall be deemed to be received by the Administrative
Agent at 9:00 a.m. on the next following Business Day. Each Notice of Borrowing shall include a duly completed Borrowing Base Certificate
(updated to the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds
thereof) and the current Loan Tape, and shall specify:


 


(i)          the
aggregate amount of such Advance; provided that, except with respect to an Advance pursuant to Section 2.02(f), the
amount of such Advance must be at least equal to $500,000;


 


(ii)         the
proposed date of such Advance;


 


(iii)        a
representation that all conditions precedent for an Advance described in Article III hereof have been satisfied;


 


(iv)        the
amount of cash that will be funded by the Transferor into the Unfunded Exposure Account in connection with any Revolving Loan Asset
or Delayed Draw Loan Asset funded by such Advance, if applicable; and


 


(v)         whether
such Advance should be remitted to the Borrower or the Unfunded Exposure Account.


 




    	 	46	 



     


    

 


On the requested date of each Advance (other
than a Swingline Advance), upon satisfaction of the applicable conditions set forth in Article III, each Lender shall, in
accordance with instructions received by the Borrower, either (i) make available to or at the direction of the Borrower, in same
day funds, an amount equal to such Lender’s Pro Rata Share of such Advance, by payment into the account which the Borrower
has designated in writing or (ii) remit in same day funds an amount equal to such Lender’s Pro Rata Share of such Advance
into the Unfunded Exposure Account, as applicable; provided that, with respect to an Advance funded pursuant to Section
2.02(f), each Lender shall remit the Advance equal to such Lender’s Pro Rata Share of the Unfunded Exposure Amount Shortfall
in same day funds to the Unfunded Exposure Account. In the case of a Swingline Advance, upon satisfaction of the applicable conditions
set forth in Article III, the Swingline Lender shall make available to or at the direction of the Borrower in same day funds
by wire transfer to the account designated by Borrower an amount equal to the least of (i) the amount requested by the Borrower
for such Swingline Advance, (ii) the positive difference between (A) the Swingline Commitment then in effect and (B) the aggregate
outstanding Swingline Advances as of such date, (iii) the maximum amount that, after taking into account the proposed use of the
proceeds of such Swingline Advance, could be advanced to the Borrower hereunder without causing the Advances Outstanding to exceed
the Borrowing Base and (iv) the unused Commitment at such time of Wells Fargo as Lender.


 


(c)          The
Advances shall bear interest at the Yield Rate.


 


(d)          Subject
to Section 2.18 and the other terms, conditions, provisions and limitations set forth herein (including, without limitation,
the payment of the Make-Whole Premium, as applicable), the Borrower may borrow, repay or prepay and reborrow Advances without any
penalty, fee or premium on and after the Original Closing Date and prior to the end of the Reinvestment Period.


 


(e)          A
determination by any Institutional Lender or Liquidity Bank of the existence of any Eurodollar Disruption Event (any such determination
to be communicated to the Borrower by written notice from the Administrative Agent promptly after the Administrative Agent learns
of such event), or of the effect of any Eurodollar Disruption Event on its making or maintaining Advances at LIBOR, shall be conclusive
absent manifest error.


 


(f)          Notwithstanding
anything to the contrary herein (including, without limitation, the occurrence of an Event of Default (other than the occurrence
of a Bankruptcy Event with respect to the Borrower) or the existence of an Unmatured Event of Default or a Borrowing Base Deficiency),
if, upon the occurrence of an Event of Default or on the last day of the Reinvestment Period, the amount on deposit in the Unfunded
Exposure Account is less than the Aggregate Unfunded Exposure Amount, the Borrower shall request an Advance in the amount of such
shortfall (the “Unfunded Exposure Amount Shortfall”). Following receipt of a Notice of Borrowing (which shall
specify the account details of the Unfunded Exposure Account where the funds will be made available), each Lender shall fund its
Pro Rata Share of such Unfunded Exposure Amount Shortfall in accordance with Section 2.02(b), notwithstanding anything to
the contrary herein (including, without limitation, the Borrower’s failure to satisfy any of the conditions precedent set
forth in Section 3.02) other than an Event of Default related to a Bankruptcy Event with respect to the Borrower.


 




    	 	47	 



     


    

 


(g)          The
obligation of each Lender to remit its Pro Rata Share of any Advance shall be several from that of each other Lender and the failure
of any Lender to so make such amount available to the Borrower shall not relieve any other Lender of its obligation hereunder.


 


Section 2.03         Determination
of Yield. The Swingline Lender and each applicable Lender Agent shall determine the Yield for its portion of the Advances (including
unpaid Yield related thereto, if any, due and payable on a prior Payment Date) to be paid by the Borrower on each Payment Date
for the related Remittance Period and shall advise the Servicer thereof on or prior to the third Business Day prior to such Payment
Date.


 


Section 2.04         Remittance
Procedures. The Servicer shall instruct the Collateral Agent by delivery of the Servicing Report and, if the Servicer fails
to do so, the Administrative Agent may instruct the Collateral Agent, to apply funds on deposit in the Controlled Accounts as described
in this Section 2.04; provided that, at any time after the occurrence of an Event of Default the Administrative Agent
may instruct the Collateral Agent to apply funds on deposit in the Controlled Accounts as described in this Section 2.04.


 


(a)          Interest
Payments prior to an Event of Default. Prior to the occurrence of an Event of Default or the Facility Maturity Date, on each
Payment Date the Collateral Agent shall (as directed pursuant to the first paragraph of this Section 2.04) transfer Interest
Collections held by the Account Bank in the Collection Account to the following Persons in the following amounts, calculated as
of the most recent Determination Date, and priority:


 


(i)          pari
passu to (a) the Collateral Agent, in payment in full of all accrued Collateral Agent Fees and Collateral Agent Expenses, (b)
the Collateral Custodian, in payment in full of all accrued Collateral Custodian Fees and Collateral Custodian Expenses and (c)
the Account Bank, in payment in full of all accrued fees and expenses due under the Wells Fargo Fee Letter; provided that
amounts payable with respect to Collateral Agent Expenses, Collateral Custodian Expenses and the Account Bank pursuant to this
clause (i) (and Section 2.04(b)(i) and (c)(i), if applicable) shall not, collectively, exceed $50,000 for any 12-month
period;


 


(ii)         to
the Servicer, in payment in full of all accrued and unpaid Servicing Fees; provided that, on any Payment Date whereby the
Servicer elects to waive payment of the Servicing Fee, the Servicer may be reimbursed for any reasonable expenses (except allocated
overhead) incurred in connection with the performance of its duties hereunder; provided further that amounts payable in
respect of any costs and expenses pursuant to this clause (ii) (and Section 2.04(b)(i) and (c)(ii), if applicable)
shall not, collectively, exceed $50,000 for any 12-month period;


 


(iii)        to
the Hedge Counterparty, any amounts (other than any Hedge Breakage Costs) owing to that Hedge Counterparty under its Hedging Agreement
in respect of any Hedge Transaction(s);


 


(iv)        first,
to the Administrative Agent, any accrued and unpaid Agency Services Fee and second, to pay pro rata, in accordance with
the amounts due under this clause, to the Swingline Lender and each Lender Agent, for the account of the applicable Lender, all
Yield and the Non-Usage Fee, that are accrued and unpaid as of the last day of the related Remittance Period;


 




    	 	48	 



     


    

 


(v)         pro
rata, to each Lender Agent (for the account of the applicable Lender), the Swingline Lender and the Administrative Agent, as
applicable, all accrued and unpaid fees, expenses (including attorneys’ fees, costs and expenses) and indemnity amounts payable
by the Borrower to the Administrative Agent, any Lender Agent or any Lender under the Transaction Documents;


 


(vi)        (a)
after the end of the Reinvestment Period, to reduce the Advances Outstanding to the extent of any outstanding Warranty Amount and
(b) to pay the Advances Outstanding up to the amount required to eliminate any outstanding Borrowing Base Deficiency;


 


(vii)       to
pay the Advances Outstanding, together with any applicable Make-Whole Premium, in connection with any complete refinancing or termination
of this Agreement in accordance with Section 2.18(b);


 


(viii)      pari
passu to (a) the Collateral Agent, in payment in full of all accrued Collateral Agent Expenses to the extent not previously
paid, (b) the Collateral Custodian, in payment in full of all accrued Collateral Custodian Expenses to the extent not previously
paid, and (c) the Account Bank, in payment in full of all accrued expenses to the extent not previously paid;


 


(ix)         to
the Hedge Counterparty, any Hedge Breakage Costs owing to the Hedge Counterparty under its Hedging Agreement;


 


(x)          to
pay any other amounts due (other than with respect to the repayment of Advances Outstanding) under this Agreement and the other
Transaction Documents;


 


(xi)         to
the Servicer, to the extent not previously paid, in respect of all reasonable expenses (except allocated overhead) incurred in
connection with the performance of its duties hereunder; and


 


(xii)        to
the Borrower, any remaining amounts.


 


(b)          Principal
Payments prior to an Event of Default. Prior to an Event of Default or the Facility Maturity Date, on each Payment Date the
Collateral Agent shall (as directed pursuant to the first paragraph of this Section 2.04) transfer Principal Collections
held by the Account Bank in the Collection Account to the following Persons in the following amounts, calculated as of the most
recent Determination Date, and priority:


 


(i)          to
pay amounts due under Section 2.04(a)(i) through (v), to the extent not paid thereunder;


 




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(ii)         (x)
prior to the end of the Reinvestment Period (at the discretion of the Servicer), to the Unfunded Exposure Account in an amount
necessary to cause the amount on deposit in the Unfunded Exposure Account to equal the Aggregate Unfunded Exposure Amount; or (y)
after the end of the Reinvestment Period, to the Unfunded Exposure Account in an amount necessary to cause the amount on deposit
in the Unfunded Exposure Account to equal the Aggregate Unfunded Exposure Amount;


 


(iii)        (x)
prior to the end of the Reinvestment Period, to pay the Advances Outstanding up to the amount required to eliminate any outstanding
Borrowing Base Deficiency; or (y) after the end of the Reinvestment Period, to pay the Advances Outstanding, and any applicable
Make-Whole Premium, until paid in full;


 


(iv)        pari
passu to (a) the Collateral Agent, in payment in full of all accrued Collateral Agent Expenses to the extent not previously
paid, (b) the Collateral Custodian in payment in full of all accrued Collateral Custodian Expenses to the extent not previously
paid, and (c) the Account Bank, in payment in full of all accrued expenses to the extent not previously paid;


 


(v)         to
the Hedge Counterparty, any Hedge Breakage Costs owing to the Hedge Counterparty under its Hedging Agreement, to the extent not
paid;


 


(vi)        to
pay any other amounts due under this Agreement and the other Transaction Documents;


 


(vii)       to
the Servicer, to the extent not previously paid, in respect of all reasonable expenses (except allocated overhead) incurred in
connection with the performance of its duties hereunder; and


 


(viii)      to
the Borrower, any remaining amounts.


 


(c)          Transfers
Upon the occurrence of an Event of Default. If an Event of Default has occurred or, in any case, after the declaration, or
automatic occurrence, of the Facility Maturity Date, on each Payment Date thereafter the Collateral Agent shall (as directed pursuant
to the first paragraph of this Section 2.04) transfer collected funds held by the Account Bank in the Collection Account
to the following Persons in the following amounts, calculated as of the most recent Determination Date, and priority:


 


(i)          pari
passu to (a) the Collateral Agent, in payment in full of all accrued Collateral Agent Fees and Collateral Agent Expenses, (b)
the Collateral Custodian, in payment in full of all accrued Collateral Custodian Fees and Collateral Custodian Expenses and (c)
the Account Bank, in payment in full of all accrued fees and expenses due under the Wells Fargo Fee Letter; provided that
amounts payable with respect to Collateral Agent Expenses, Collateral Custodian Expenses and the Account Bank pursuant to this
clause (i) (and Section 2.04(a)(i) and (b)(i), if applicable) shall not, collectively, exceed $50,000 for
any 12-month period;


 


(ii)         to
the Servicer, in payment in full of all accrued and unpaid Servicing Fees; provided that, on any Payment Date whereby the
Servicer elects to waive payment of the Servicing Fee, the Servicer may be reimbursed for any reasonable expenses (except allocated
overhead) incurred in connection with the performance of its duties hereunder; provided further that amounts payable in
respect of any costs and expenses pursuant to this clause (ii) (and Section 2.04(a)(ii) and (b)(i), if applicable)
shall not, collectively, exceed $50,000 for any 12-month period;


 




    	 	50	 



     


    

 


(iii)        to
the Hedge Counterparty, any amounts (other than any Hedge Breakage Costs) owing to that Hedge Counterparty under its Hedging Agreement
in respect of any Hedge Transaction(s);


 


(iv)        first,
to the Administrative Agent, any accrued and unpaid Agency Services Fee and second, to pay pro rata, in accordance with
the amounts due under this clause, to the Swingline Lender and each Lender Agent, for the account of the applicable Lender, all
Yield and the Non-Usage Fee, that are accrued and unpaid as of the last day of the related Remittance Period;


 


(v)         pro
rata, to each Lender Agent (for the account of the applicable Lender), the Swingline Lender and the Administrative Agent, as
applicable, all accrued and unpaid fees, expenses (including attorneys’ fees, costs and expenses) and indemnity amounts payable
by the Borrower to the Administrative Agent, any Lender Agent or any Lender under the Transaction Documents;


 


(vi)        to
the Unfunded Exposure Account in an amount necessary to cause the amount on deposit in the Unfunded Exposure Account to equal the
Aggregate Unfunded Exposure Amount;


 


(vii)       to
pay the Advances Outstanding, and any applicable Make-Whole Premium, until paid in full;


 


(viii)      pari
passu to (x) the Collateral Agent, in payment in full of all accrued Collateral Agent Expenses to the extent not previously
paid, (y) the Collateral Custodian, in payment in full of all accrued Collateral Custodian Expenses to the extent not previously
paid, and (z) the Account Bank, in payment in full of all accrued expenses to the extent not previously paid;


 


(ix)         to
the Hedge Counterparty, any Hedge Breakage Costs owing to the Hedge Counterparty under its Hedging Agreement;


 


(x)          to
pay any other amounts due under this Agreement and the other Transaction Documents;


 


(xi)         to
the Servicer, to the extent not previously paid, in respect of all reasonable expenses (except allocated overhead) incurred in
connection with the performance of its duties hereunder; and


 


(xii)        to
the Borrower, any remaining amounts.


 




    	 	51	 



     


    

 


(d)          Unfunded
Exposure Account. Funds on deposit in the Unfunded Exposure Account as of any date of determination may be withdrawn to fund
draw requests of the relevant Obligors under any Revolving Loan Asset or Delayed Draw Loan Asset; provided that, prior to
the occurrence of an Event of Default, the amount withdrawn to fund such draw request shall not create any Borrowing Base Deficiency.
Any such draw request made by an Obligor, along with wiring instructions for the applicable Obligor, shall be forwarded by the
Borrower or the Servicer to the Collateral Agent (with a copy to the Administrative Agent and each Lender Agent) in the form of
a Disbursement Request, and the Collateral Agent shall instruct the Account Bank to fund such draw request in accordance with the
Disbursement Request. As of any date of determination, the Servicer (or, after delivery of a Notice of Exclusive Control, the Administrative
Agent) may cause any amounts on deposit in the Unfunded Exposure Account that exceed (i) the aggregate of all Unfunded Exposure
Equity Amounts prior to the end of the Reinvestment Period and (ii) the Aggregate Unfunded Exposure Amount, in each case, to be
deposited into the Principal Collection Account as Principal Collections.


 


(e)          Insufficiency
of Funds. For the sake of clarity, the parties hereby agree that if the funds on deposit in the Collection Account are insufficient
to pay any amounts due and payable on a Payment Date or otherwise, the Borrower shall nevertheless remain responsible for, and
shall pay when due, all amounts payable under this Agreement and the other Transaction Documents in accordance with the terms of
this Agreement and the other Transaction Documents.


 


Section 2.05         Instructions
to the Collateral Agent and the Account Bank. All instructions and directions given to the Collateral Agent or the Account
Bank by the Servicer, the Borrower or the Administrative Agent pursuant to Section 2.04 shall be in writing (including instructions
and directions transmitted to the Collateral Agent or the Account Bank by telecopy or e-mail), and such written instructions and
directions shall be delivered with a written certification that such instructions and directions are in compliance with the provisions
of Section 2.04. The Servicer and the Borrower shall immediately transmit to the Administrative Agent by telecopy or e-mail
a copy of all instructions and directions given to the Collateral Agent or the Account Bank by such party pursuant to Section
2.04. The Administrative Agent shall promptly transmit to the Servicer and the Borrower by telecopy or e-mail a copy of all
instructions and directions given to the Collateral Agent or the Account Bank by the Administrative Agent pursuant to Section
2.04. If either the Administrative Agent or Collateral Agent disagrees with the computation of any amounts to be paid or deposited
by the Borrower or the Servicer under Section 2.04 or otherwise pursuant to this Agreement, or upon their respective instructions,
it shall so notify the Borrower, the Servicer and the Collateral Agent in writing and in reasonable detail to identify the specific
disagreement. If such disagreement cannot be resolved within two Business Days, the determination of the Administrative Agent as
to such amounts shall be conclusive and binding on the parties hereto absent manifest error. In the event the Collateral Agent
or the Account Bank receives instructions from the Servicer or the Borrower which conflict with any instructions received by the
Administrative Agent, the Collateral Agent or the Account Bank, as applicable, shall rely on and follow the instructions given
by the Administrative Agent.


 


 




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Section 2.06         Borrowing
Base Deficiency Payments.


 


(a)          In
addition to any other obligation of the Borrower to cure any Borrowing Base Deficiency pursuant to the terms of this Agreement,
if, on any day prior to the Collection Date, any Borrowing Base Deficiency exists, then the Borrower shall, within five Business
Days from the earlier of (x) the date of the Borrower or the Servicer acquiring knowledge of such failure and (y) the date of the
Borrower or the Servicer receives written notice of such failure from the Administrative Agent, eliminate such Borrowing Base Deficiency
in its entirety by effecting one or more (or any combination thereof) of the following actions in order to eliminate such Borrowing
Base Deficiency: (i) deposit cash in United States dollars into the Principal Collection Account, (ii) repay Advances Outstanding
(together with any Breakage Fees, Hedge Breakage Costs and all accrued and unpaid costs and expenses of the Administrative Agent,
the Lender Agents and the Lenders, in each case in respect of the amount so prepaid), and/or (iii) subject to the approval of the
Administrative Agent, in its sole discretion, Pledge additional Eligible Loan Assets; provided, that if the Borrower requests
to Pledge another Eligible Loan Asset within five Business Days of such Borrowing Base Deficiency and the Administrative Agent
does not either reject such Loan Asset or approve such Loan Asset within five Business Days of the Borrower’s request to
Pledge such Loan Asset, then the Administrative Agent may, in its sole discretion, elect in writing to extend the five Business
Day grace period set forth in this Section 2.06 for up to seven Business Days.


 


(b)          No
later than 2:00 p.m. on the Business Day prior to the proposed repayment of Advances Outstanding or Pledge of additional Eligible
Loan Assets pursuant to Section 2.06(a), the Borrower (or the Servicer on its behalf) shall deliver (i) to the Administrative
Agent (with a copy to the Collateral Agent and the Collateral Custodian) notice of such repayment or Pledge and a duly completed
Borrowing Base Certificate, updated to the date such repayment or Pledge is being made and giving pro forma effect to such repayment
or Pledge, and (ii) to the Administrative Agent, if applicable, a description of any Eligible Loan Asset and each Obligor of such
Eligible Loan Asset to be Pledged and added to the updated Loan Tape. Any notice pertaining to any repayment or any Pledge pursuant
to this Section 2.06 shall be irrevocable.


 


Section 2.07         Substitution
and Sale of Loan Assets; Affiliate Transactions.


 


(a)          Substitutions.
The Borrower may, with the consent of the Administrative Agent in its sole discretion, replace any Loan Asset with an Eligible
Loan Asset so long as (i) no event has occurred, or would result from such substitution, which constitutes an Event of Default
and no event has occurred and is continuing, or would result from such substitution, which constitutes an Unmatured Event of Default
or a Borrowing Base Deficiency and (ii) simultaneously therewith, the Borrower Pledges (in accordance with all of the terms and
provisions contained herein) a Substitute Eligible Loan Asset.


 


(b)          Discretionary
Sales. The Borrower shall be permitted to sell Loan Assets to Persons other than the Transferor or its Affiliates from time
to time (it being understood that sales to Affiliates shall be permitted in accordance with Section 2.07(e)); provided
that (i) the proceeds of such sale shall be deposited into the Collection Account to be disbursed in accordance with Section
2.04 hereof and (ii) no event has occurred, or would result from such sale, which constitutes an Event of Default and no event
has occurred and is continuing, or would result from such sale, which constitutes an Unmatured Event of Default and before and
after giving effect to such sale no Borrowing Base Deficiency shall exist (unless such requirements are waived by the Administrative
Agent in its sole discretion).


 




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(c)          Repurchase
or Substitution of Warranty Loan Assets. If on any day a Loan Asset is (or becomes) a Warranty Loan Asset, no later than 10
Business Days following the earlier of knowledge by the Borrower or the Servicer of such Loan Asset becoming a Warranty Loan Asset
or receipt by the Borrower or the Servicer from the Administrative Agent or the Servicer of written notice thereof, the Borrower
shall either:


 


(i)          make
a deposit to the Collection Account (for allocation pursuant to Section 2.04) in immediately available funds in an amount
equal to the sum of (x) the Purchase Price multiplied by the Outstanding Balance of such Loan Asset, (y) all Hedge Breakage Costs
arising as a result thereof and owed to the relevant Hedge Counterparty for any termination of one or more Hedge Transactions,
in whole or in part, as required by the terms of any Hedging Agreement and (z) any expenses or fees with respect to such Loan Asset
and costs and damages incurred by the Administrative Agent or by any Lender in connection with any violation by such Loan Asset
of any predatory or abusive lending law which is an Applicable Law (a notification regarding the amount of such expenses or fees
to be provided by the Administrative Agent to the Borrower) (the “Repurchase Price”); provided that the
Administrative Agent shall have the right to determine whether the amount so deposited is sufficient to satisfy the foregoing requirements;
or


 


(ii)         with
the prior written consent of the Administrative Agent, in its sole discretion, substitute for such Warranty Loan Asset a Substitute
Eligible Loan Asset;


 


provided that, if the Borrower notifies the Administrative
Agent no later than 10 Business Days following the earlier of knowledge by the Borrower of such Loan Asset becoming a Warranty
Loan Asset or receipt by the Borrower from the Administrative Agent or the Servicer of written notice thereof, that it is incapable
of either paying the Repurchase Price of such Warranty Loan Asset or finding a suitable Substitute Eligible Loan Asset, then such
Warranty Loan Asset shall remain in the Collateral Portfolio (with an Assigned Value of zero) until (i) the Administrative Agent
directs the Borrower to dividend such Warranty Loan Asset to the Transferor or (ii) the Borrower deposits the Repurchase Price
of such Warranty Loan Asset into the Collection Account or replaces such Warranty Loan Asset with a Substitute Eligible Loan Asset.
For the avoidance of doubt, (x) the inability of the Borrower to pay the Repurchase Price or replace a Warranty Loan Asset with
a Substitute Eligible Loan Asset shall not be an Event of Default in and of itself (however, such an event may trigger an
Event of Default otherwise listed in Section 7.01(h)) and (y) to the extent that the Borrower receives any amounts with
respect to the Repurchase Price of any Warranty Loan Asset under the Purchase and Sale Agreement, either at the time any Loan Asset
becomes a Warranty Loan Asset or at any time thereafter, the Borrower shall deposit all such amounts received into the Collection
Account.


 


Upon confirmation of the
deposit of the Repurchase Price into the Collection Account or the delivery by the Borrower of a Substitute Eligible Loan Asset
for each Warranty Loan Asset or upon the direction of the Administrative Agent to the Borrower to dividend a Warranty Loan Asset
to the Transferor (the date of such confirmation, delivery or direction, the “Release Date”), such Warranty
Loan Asset and related Portfolio Assets shall be removed from the Collateral Portfolio and, as applicable, the Substitute Eligible
Loan Asset and related Portfolio Assets shall be included in the Collateral Portfolio. On the Release Date of each Warranty Loan
Asset, the Collateral Agent, for the benefit of the Secured Parties, shall automatically and without further action be deemed to
release to the Borrower, without recourse, representation or warranty, all the right, title and interest and any Lien of the Collateral
Agent, for the benefit of the Secured Parties in, to and under the Warranty Loan Asset and any related Portfolio Assets and all
future monies due or to become due with respect thereto.


 




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(d)          Conditions
to Sales, Substitutions and Repurchases. Any sales, substitutions or repurchases effected pursuant to Sections 2.07(a),
(b), or (c) shall be subject to the satisfaction of the following conditions (as certified in writing to the Administrative
Agent and Collateral Agent by the Borrower):


 


(i)          the
Borrower shall deliver a Borrowing Base Certificate and current Loan Tape to the Administrative Agent in connection with such sale,
substitution or repurchase;


 


(ii)         the
Borrower shall deliver a list of all Loan Assets to be sold, substituted, repurchased;


 


(iii)        no
selection procedures adverse to the interests of the Administrative Agent, the Lender Agents or the Lenders were utilized by the
Borrower in the selection of the Loan Assets to be sold, repurchased or substituted;


 


(iv)        the
Borrower shall give one Business Day’s notice of such sale, substitution or repurchase to the Administrative Agent and the
Collateral Agent;


 


(v)         the
Borrower shall notify the Administrative Agent of any amount to be deposited into the Collection Account in connection with any
sale, substitution or repurchase;


 


(vi)        the
representations and warranties contained in Sections 4.01, 4.02 and 4.03 hereof shall continue to be true
and correct in all respects, except to the extent relating to an earlier date;


 


(vii)       any
repayment of Advances Outstanding in connection with any sale, substitution or repurchase of Loan Assets hereunder shall comply
with the requirements set forth in Section 2.18;


 


(viii)      the
Borrower and the Servicer (on behalf of the Borrower) shall agree to pay the legal fees and expenses of the Administrative Agent,
each Lender, each Lender Agent, the Collateral Agent and the Collateral Custodian in connection with any such sale, substitution
or repurchase (including, but not limited to, expenses incurred in connection with the release of the Lien of the Collateral Agent
on behalf of the Secured Parties in the Loan Asset in connection with such sale, substitution or repurchase); and


 


(ix)         the
Borrower shall pay any Hedge Breakage Costs arising as a result of such sale, substitution or repurchase and owed to the relevant
Hedge Counterparty for any termination of one or more Hedge Transactions, in whole or in part, if applicable, as required by the
terms of any Hedging Agreement.


 




    	 	55	 



     


    

 


(e)          Affiliate
Transactions. Notwithstanding anything to the contrary set forth herein or in any other Transaction Document, the Transferor
(or an Affiliate thereof) shall not reacquire from the Borrower and the Borrower shall not transfer to the Transferor or to Affiliates
of the Transferor, and none of the Transferor nor any Affiliates thereof will have a right or ability to purchase, the Loan Assets
of the Borrower without the prior written consent of the Administrative Agent, and any such transactions shall be at arm’s-length
and for fair market value, except in the case of repurchases of Loan Assets by the Transferor pursuant to Section 6.1
of the Purchase and Sale Agreement or substitutions of Loan Assets pursuant to Section 6.2 of the Purchase and Sale Agreement.
It is understood and agreed that the Borrower may sell loans to Affiliates if such transaction is at arm’s length and for
fair market value and consent of the Administrative Agent will not be required if (x) the Borrower is selling a Loan Asset to an
Approved Golub BDC2 CLO for proceeds in an amount at least equal to the Adjusted Borrowing Value of such Loan Asset and (y) at
least $2,000,000 in Outstanding Balance of such Loan Asset remains in the Collateral Portfolio after such sale (unless waived by
the Administrative Agent in its sole discretion).


 


(f)          Limitations
on Sales and Substitutions. The Outstanding Balance of all Loan Assets (other than Warranty Loan Assets) sold pursuant to Section
2.07(b) to the Transferor or an Affiliate thereof, substituted pursuant to Section 2.07(a) or released pursuant to a
Lien Release Dividend pursuant to Section 2.07(g) shall not exceed 20% of the Net Purchased Loan Balance; provided
that any Loan Asset sold to an Approved Golub BDC2 CLO shall be excluded from the numerator in the foregoing threshold so long
as such Loan Asset is sold for fair market value (determined as required by, and in accordance with, the 1940 Act and any orders
of the Securities and Exchange Commission issued to Golub Capital Investment Corporation). The Outstanding Balance of all Defaulted
Loan Assets (other than Warranty Loan Assets) sold pursuant to Section 2.07(b) to the Transferor or an Affiliate, substituted
pursuant to Section 2.07(a) or released pursuant to a Lien Release Dividend pursuant to Section 2.07(g) shall not
exceed 10% of the Net Purchased Loan Balance; provided that any Loan Asset sold to an Approved Golub BDC2 CLO shall be excluded
from the numerator in the foregoing threshold so long as such Loan Asset is sold for fair market value (determined as required
by, and in accordance with, the 1940 Act and any orders of the Securities and Exchange Commission issued to Golub Capital Investment
Corporation). For the avoidance of doubt, the 10% threshold set forth in the second sentence of this clause (f) shall be a sub-limit
of the 20% threshold set forth in the first sentence of this clause (f).


 


(g)          Lien
Release Dividend. Notwithstanding any provision contained in this Agreement to the contrary, so long as no Event of Default
has occurred and no Unmatured Event of Default exists, on a Lien Release Dividend Date, the Borrower may dividend to the Transferor
Loan Assets that were sold by the Transferor to the Borrower, or portions thereof (each, a “Lien Release Dividend”),
subject to the following terms and conditions, as certified by the Borrower and the Transferor to the Administrative Agent (with
a copy to the Collateral Agent and the Collateral Custodian):


 




    	 	56	 



     


    

 


(i)          The
Borrower and the Transferor shall have given the Administrative Agent, with, a copy to the Collateral Agent and the Collateral
Custodian, at least five Business Days prior written notice requesting that the Administrative Agent consent to the effectuation
of a Lien Release Dividend, in the form of Exhibit J hereto (a “Notice and Request for Consent”), which
consent shall be given in the sole and absolute discretion of the Administrative Agent; provided that, if the Administrative
Agent shall not have responded to the Notice and Request for Consent by 11:00 a.m. on the day that is one Business Day prior to
the proposed Lien Release Dividend Date, the Administrative Agent shall be deemed not to have given its consent;


 


(ii)         On
any Lien Release Dividend Date, no more than four Lien Release Dividends shall have been made during the 12-month period immediately
preceding the proposed Lien Release Dividend Date;


 


(iii)        After
giving effect to the Lien Release Dividend on the Lien Release Dividend Date, (A) no Borrowing Base Deficiency, Event of Default
or Unmatured Event of Default shall exist, (B) the representations and warranties contained in Sections 4.01, 4.02
and 4.03 hereof shall continue to be correct in all material respects, except to the extent relating to an earlier date,
(C) the eligibility of any Loan Asset remaining as part of the Collateral Portfolio after the Lien Release Dividend will be redetermined
as of the Lien Release Dividend Date, (D) no claim shall have been asserted or proceeding commenced challenging the enforceability
or validity of any of the Required Loan Documents and (E) there shall have been no material adverse change as to the Servicer or
the Borrower;


 


(iv)        Such
Lien Release Dividend must be in compliance with Applicable Law and may not (A) be made with the intent to hinder, delay or defraud
any creditor of the Borrower or (B) leave the Borrower, immediately after giving effect to the Lien Release Dividend, (x) not Solvent,
(y) with insufficient funds to pay its obligations as and when they become due or (z) with inadequate capital for its present and
anticipated business and transactions;


 


(v)         On
or prior to the Lien Release Dividend Date, the Borrower shall have (A) delivered to the Administrative Agent, with a copy to the
Collateral Agent and the Collateral Custodian, a list specifying all Loan Assets or portions thereof to be transferred pursuant
to such Lien Release Dividend and the Administrative Agent shall have approved the same in its sole discretion and (B) obtained
all authorizations, consents and approvals required to effectuate the Lien Release Dividend;


 


(vi)        A
portion of a Loan Asset may be transferred pursuant to a Lien Release Dividend; provided that (A) such transfer does not
have an adverse effect on the portion of such Loan Asset remaining as a part of the Collateral Portfolio, any other aspect of the
Collateral Portfolio, the Lenders, the Lender Agents, the Administrative Agent or any other Secured Party and (B) a new promissory
note (other than with respect to a Noteless Loan Asset) for the portion of the Loan Asset remaining as a part of the Collateral
Portfolio has been executed, and the original thereof has been endorsed to the Collateral Agent and delivered to the Collateral
Custodian;


 


(vii)       Each
Loan Asset, or portion thereof, as applicable, shall be transferred at a value equal to the Outstanding Balance thereof, exclusive
of any accrued and unpaid interest or PIK Interest thereon;


 




    	 	57	 



     


    

 


(viii)      The
Borrower shall deliver a Borrowing Base Certificate (including a calculation of the Borrowing Base after giving effect to such
Lien Release Dividend) and a current Loan Tape to the Administrative Agent;


 


(ix)         The
Borrower shall have paid in full an aggregate amount equal to the sum of all amounts due and owing to the Administrative Agent,
the Lenders, the Lender Agents, the Collateral Agent or the Collateral Custodian, as applicable, under this Agreement and the other
Transaction Documents, to the extent accrued to such date (including, without limitation, Breakage Fees) with respect to the Loan
Assets to be transferred pursuant to such Lien Release Dividend and incurred in connection with the transfer of such Loan Assets
pursuant to such Lien Release Dividend; and


 


(x)          The
Borrower and the Servicer (on behalf of the Borrower) shall pay the reasonable legal fees and expenses of the Administrative Agent,
the Lenders, the Lender Agents, the Collateral Agent and the Collateral Custodian in connection with any Lien Release Dividend
(including, but not limited to, expenses incurred in connection with the release of the Lien of the Collateral Agent, on behalf
of the Secured Parties, and any other party having an interest in the Loan Assets in connection with such Lien Release Dividend).


 


Section 2.08         Payments
and Computations, Etc.


 


(a)          All
amounts to be paid or deposited by the Borrower or the Servicer hereunder shall be paid or deposited in accordance with the terms
hereof no later than 1:00 p.m. on the day when due in lawful money of the United States in immediately available funds to the Collection
Account or such other account as is designated by the Administrative Agent. The Borrower or the Servicer, as applicable, shall,
to the extent permitted by law, pay to the Secured Parties interest on all amounts not paid or deposited when due to any of the
Secured Parties hereunder at 4.0% per annum above the Base Rate (other than with respect to any Advances Outstanding, which shall
accrue at the Yield Rate), payable on demand, from the date of such nonpayment until such amount is paid in full (as well after
as before judgment); provided, that such interest rate shall not at any time exceed the maximum rate permitted by Applicable
Law. Any Obligation hereunder shall not be reduced by any distribution of any portion of Available Collections if at any time such
distribution is rescinded or required to be returned by any Lender to the Borrower or any other Person for any reason. All computations
of Yield and other fees hereunder shall be made on the basis of a year of 360 days for the actual number of days (including the
first but excluding the last day) elapsed, other than calculations with respect to the Base Rate, which shall be based on a year
consisting of 365 or 366 days, as applicable.


 


(b)          Whenever
any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding
Business Day, and such extension of time shall in such case be included in the computation of payment of Yield or any fee payable
hereunder, as the case may be.


 




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(c)          If
any Advance requested by the Borrower pursuant to Section 2.02 is not for any reason whatsoever, except as a result of the
gross negligence or willful misconduct of, or failure to fund such Advance on the part of, the Lenders, made or effectuated, as
the case may be, on the date specified therefor, the Borrower shall indemnify such Lender against any loss, cost or expense incurred
by such Lender related thereto, including, without limitation, any loss (including cost of funds and reasonable out-of-pocket expenses),
cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund
Advances or maintain the Advances. Any such Lender shall provide to the Borrower documentation setting forth the amounts of any
loss, cost or expense referred to in the previous sentence, such documentation to be conclusive absent manifest error.


 


Section 2.09         Non-Usage
Fee. The Borrower shall pay, in accordance with Section 2.04, pro rata to each Lender (either directly or through
the applicable Lender Agent), a non-usage fee (the “Non-Usage Fee”) payable in arrears for each Remittance Period,
equal to the sum of the products for each day during such Remittance Period of (i) one divided by 360, (ii) the applicable Non-Usage
Fee Rate (as defined below), and (iii) the aggregate Commitments minus the Advances Outstanding on such day (such amount,
the “Unused Portion”). The Non-Usage Fee Rate (the “Non-Usage Fee Rate”) shall be equal to:


 


(a)          for
the period from (and including) the Amended and Restated Closing Date through (and excluding) June 4, 2015, (i) 0.50% on any Unused
Portion up to or equal to the dollar threshold specified on Annex B hereto with respect to the then-applicable Maximum Facility
Amount at such time and (ii) 2.00% on any Unused Portion in excess of the dollar threshold specified on Annex B hereto with
respect to the then-applicable Maximum Facility Amount at such time;


 


(b)          for
the period from (and including) June 4, 2015 through (and excluding) the four (4) month anniversary of the Amended and Restated
Closing Date, (i) 0.50% on any Unused Portion up to or equal to the dollar threshold specified on Annex B hereto with respect
to the then-applicable Maximum Facility Amount at such time and (ii) 2.00% on any Unused Portion in excess of the dollar threshold
specified on Annex B hereto with respect to the then-applicable Maximum Facility Amount at such time; and


 


(c)          thereafter,
(i) 0.50% on any Unused Portion up to or equal to the first 40% of the Maximum Facility Amount of such Unused Portion and (ii)
2.00% on any Unused Portion in excess of the first 40% of the Maximum Facility Amount;


 


provided that, for
the first six (6) months following a Term Securitization, where Wells Fargo Securities, LLC serves as the lead or joint lead bookrunner,
the Non-Usage Fee Rate shall be calculated at a rate of 0.50% on any Unused Portion and thereafter, as calculated in clauses (a),
(b) and (c) above as applicable.


 




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Section 2.10         Increased
Costs; Capital Adequacy.


 


(a)          If,
due to either (i) the introduction of or any change following the Original Closing Date (including, without limitation, any change
by way of imposition or increase of reserve requirements) in or in the interpretation, administration or application following
the Original Closing Date of any Applicable Law (including, without limitation, any law or regulation resulting in any interest
payments paid to any Lender under this Agreement being subject to any Tax, except for Excluded Taxes), in each case whether foreign
or domestic or (ii) the compliance with any guideline or request following the Original Closing Date from any central bank or other
Governmental Authority (whether or not having the force of law), there shall be any increase in the cost to the Administrative
Agent, any Lender, any Lender Agent, any Liquidity Bank or any Affiliate, participant, successor or assign thereof (each of which
shall be an “Affected Party”) of agreeing to make or making, funding or maintaining any Advance (or any reduction
of the amount of any payment (whether of principal, interest, fee, compensation or otherwise) to any Affected Party hereunder),
as the case may be, or there shall be any reduction in the amount of any sum received or receivable by an Affected Party under
this Agreement, under any other Transaction Document or any Liquidity Agreement, the Borrower shall, from time to time, after written
demand by the Administrative Agent (which demand shall be accompanied by a statement setting forth in reasonable detail the basis
for such demand), on behalf of such Affected Party, pay to the Administrative Agent, on behalf of such Affected Party, additional
amounts sufficient to compensate such Affected Party for such increased costs or reduced payments within 10 days after such demand;
provided, that the amounts payable under this Section 2.10 shall be without duplication of amounts payable under
Section 2.11 and shall not include any Excluded Taxes.


 


(b)          If
either (i) the introduction of or any change following the Original Closing Date in or in the interpretation, administration or
application following the Original Closing Date of any law, guideline, rule or regulation, directive or request or (ii) the compliance
by any Affected Party with any law, guideline, rule, regulation, directive or request following the Original Closing Date, from
any central bank, any Governmental Authority or agency, including, without limitation, compliance by an Affected Party with any
request or directive regarding capital adequacy or liquidity, has or would have the effect of reducing the rate of return on the
capital of any Affected Party, as a consequence of its obligations hereunder or any related document or arising in connection herewith
or therewith to a level below that which any such Affected Party could have achieved but for such introduction, change or compliance
(taking into consideration the policies of such Affected Party with respect to capital adequacy), by an amount deemed by such Affected
Party to be material, then, from time to time, after demand by such Affected Party (which demand shall be accompanied by a statement
setting forth in reasonable detail the basis for such demand), the Borrower shall pay the Administrative Agent on behalf of such
Affected Party such additional amounts as will compensate such Affected Party for such reduction. For the avoidance of doubt, any
increase in cost and/or reduction in Yield with respect to any Affected Party caused by regulatory capital allocation adjustments
due to FAS 166, 167 and subsequent statements and interpretations shall constitute a circumstance on which such Affected Party
may base a claim for reimbursement under this Section 2.10.


 


(c)          If
as a result of any event or circumstance similar to those described in clause (a) or (b) of this Section 2.10,
any Affected Party is required to compensate a bank or other financial institution providing liquidity support, credit enhancement
or other similar support to such Affected Party in connection with this Agreement or the funding or maintenance of Advances hereunder,
then within ten days after demand by such Affected Party, the Borrower shall pay to such Affected Party such additional amount
or amounts as may be necessary to reimburse such Affected Party for any amounts payable or paid by it.


 




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(d)          In
determining any amount provided for in this Section 2.10, the Affected Party may use any reasonable averaging and attribution
methods. The Administrative Agent, on behalf of any Affected Party making a claim under this Section 2.10, shall submit
to the Borrower a certificate setting forth in reasonable detail the basis for and the computations of such additional or increased
costs, which certificate shall be conclusive absent manifest error.


 


(e)          Failure
or delay on the part of any Affected Party to demand compensation pursuant to this Section 2.10 shall not constitute a waiver
of such Affected Party’s right to demand or receive such compensation.


 


(f)          If
at any time the Borrower shall be liable for the payment of any additional amounts in accordance with this Section 2.10,
then the Borrower shall have the option to terminate this Agreement (in accordance with the provisions of Section 2.18(b)
but without the payment of any Make-Whole Premium); provided that such option to terminate shall in no event relieve the
Borrower of paying any amounts owing pursuant to this Section 2.10 in accordance with the terms hereof.


 


(g)          Notwithstanding
anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all rules and regulations
promulgated thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by
the Bank of 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 II or Basel III, shall in each case be deemed to
have been introduced after the Original Closing Date, thereby constituting a change for which a claim for increased costs or additional
amounts may be made hereunder with respect to the Affected Parties, regardless of the date enacted, adopted or issued.


 


Section 2.11         Taxes.


 


(a)          All
payments made by an Obligor in respect of a Loan Asset and all payments made by the Borrower or made by the Servicer on behalf
of the Borrower under this Agreement will be made free and clear of and without deduction or withholding for or on account of any
Taxes. If any Taxes are required to be withheld from any amounts payable to any Lender, then the amount payable to such Person
will be increased (the amount of such increase, the “Additional Amount”) such that every net payment made under
this Agreement after withholding for or on account of any Taxes (including, without limitation, any Taxes on such increase) is
not less than the amount that would have been paid had no such deduction or withholding been made. The foregoing obligation to
pay Additional Amounts with respect to payments required to be made by the Borrower or Servicer under this Agreement will not,
however, apply with respect to Excluded Taxes.


 


(b)          The
Borrower will indemnify, from funds available to it pursuant to Section 2.04 (and to the extent the funds available for
indemnification provided by the Borrower is insufficient the Servicer, on behalf of the Borrower, will indemnify) each Lender for
the full amount of Taxes payable by such Person in respect of Additional Amounts and any liability (including penalties, interest
and expenses) arising therefrom or with respect thereto. All payments in respect of this indemnification shall be made within 10
days from the date a written invoice therefor is delivered to the Borrower.


 




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(c)          Within
30 days after the date of any payment by the Borrower or by the Servicer on behalf of the Borrower of any Taxes for which the Borrower
is requireed to indemnify a Lender hereunder, the Borrower or the Servicer, as applicable, will furnish to the Administrative Agent
and the Lender Agents at the applicable address set forth in Section 11.02, appropriate evidence of payment thereof.


 


(d)          If
any Lender is not created or organized under the laws of the United States or a political subdivision thereof, such Lender shall
deliver to the Borrower, with a copy to the Administrative Agent, (i) within 15 days after becoming a Lender hereunder, two (or
such other number as may from time to time be prescribed by Applicable Law) duly completed copies of IRS Form W-8BEN, W-8BEN-E
or Form W-8ECI (or any successor forms or other certificates or statements that may be required from time to time by the relevant
United States taxing authorities or Applicable Law), as appropriate, to permit the Borrower to make payments hereunder for the
account of such Lender without deduction or withholding of United States federal income or similar Taxes and (ii) upon the obsolescence
of or after the occurrence of any event requiring a change in, any form or certificate previously delivered pursuant to this Section
2.11(d), copies (in such numbers as may from time to time be prescribed by Applicable Law or regulations) of such additional,
amended or successor forms, certificates or statements as may be required under Applicable Law to permit the Borrower or the Servicer
to make payments hereunder for the account of such Lender without deduction or withholding of United States federal income or similar
Taxes.


 


(e)          The
Administrative Agent and each Lender that is created or organized under the laws of the United States shall deliver to the Borrower
(with a copy to the Administrative Agent in the case of a Lender) on or before becoming a party hereunder and thereafter upon request
by Borrower or when required by Applicable Law, a valid IRS Form W-9.


 


(f)          Without
prejudice to the survival of any other agreement of the Borrower and the Servicer hereunder, the agreements and obligations of
the Borrower and the Servicer contained in this Section 2.11 shall survive the termination of this Agreement.


 


(g)          If
at any time the Borrower shall be liable for the payment of any additional amounts in accordance with this Section 2.11,
then the Borrower shall have the option to terminate this Agreement (in accordance with the provisions of Section 2.18(b)
but without the payment of any Make-Whole Premium); provided that such option to terminate shall in no event relieve the
Borrower of paying any amounts owing pursuant to this Section 2.11 in accordance with the terms hereof.


 




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Section 2.12         Collateral
Assignment of Agreements. The Borrower hereby collaterally assigns to the Collateral Agent, for the benefit of the Secured
Parties, all of the Borrower’s right and title to and interest in, to and under (but not any obligations under) the Purchase
and Sale Agreement (and any UCC financing statements filed under or in connection therewith), any Hedging Agreement, the Loan Agreements
related to each Loan Asset, all other agreements, documents and instruments evidencing, securing or guarantying any Loan Asset
and all other agreements, documents and instruments related to any of the foregoing but excluding any Excluded Amounts or Retained
Interest (the “Assigned Documents”). In furtherance and not in limitation of the foregoing, the Borrower hereby
collaterally assigns to the Collateral Agent, for the benefit of the Secured Parties, its right to indemnification under the Purchase
and Sale Agreement. The Borrower confirms that until the Collection Date the Collateral Agent (at the direction of the Administrative
Agent) on behalf of the Secured Parties shall have the sole right to enforce the Borrower’s rights and remedies under the
Purchase and Sale Agreement and any UCC financing statements filed under or in connection therewith for the benefit of the Secured
Parties. The parties hereto agree that such collateral assignment to the Collateral Agent, for the benefit of the Secured Parties,
shall terminate upon the Collection Date.


 


Section 2.13         Grant
of a Security Interest. To secure the prompt, complete and indefeasible payment in full when due, whether by lapse of time,
acceleration or otherwise, of the Obligations and the performance by the Borrower of all of the covenants and obligations to be
performed by it pursuant to this Agreement and each other Transaction Document, whether now or hereafter existing, due or to become
due, direct or indirect, or absolute or contingent, the Borrower hereby (a) collaterally assigns and pledges to the Collateral
Agent, on behalf of the Secured Parties, and (b) grants a security interest to the Collateral Agent, on behalf of the Secured Parties,
in all of the Borrower’s right, title and interest in, to and under (but none of the obligations under) all of the Collateral
Portfolio (including any Hedging Agreements), whether now existing or hereafter arising or acquired by the Borrower, and wherever
the same may be located. For the avoidance of doubt, the Collateral Portfolio shall not include any Excluded Amounts, and the Borrower
does not hereby assign, pledge or grant a security interest in any such amounts. Anything herein to the contrary notwithstanding,
(a) the Borrower shall remain liable under the Collateral Portfolio to the extent set forth therein to perform all of its duties
and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Collateral Agent,
for the benefit of the Secured Parties, of any of its rights in the Collateral Portfolio shall not release the Borrower from any
of its duties or obligations under the Collateral Portfolio, and (c) none of the Administrative Agent, the Collateral Agent, any
Lender, any Lender Agent, any Liquidity Bank nor any Secured Party shall have any obligations or liability under the Collateral
Portfolio by reason of this Agreement, nor shall the Administrative Agent, the Collateral Agent, any Lender, any Lender Agent,
any Liquidity Bank nor any Secured Party be obligated to perform any of the obligations or duties of the Borrower thereunder or
to take any action to collect or enforce any claim for payment assigned hereunder.


 


Section 2.14         Evidence
of Debt. The Administrative Agent shall maintain, solely for this purpose as the agent of the Borrower, at its address referred
to in Section 11.02 a copy of each assignment and acceptance agreement and participation agreement delivered to and accepted
by it and a register for the recordation of the names and addresses and interests of the Lenders (the “Register”).
The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Administrative
Agent, each Lender and each Lender Agent shall treat each person whose name is recorded in the Register as a Lender under this
Agreement for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Lender Agent
at any reasonable time and from time to time upon reasonable prior notice.


 




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Section 2.15         Survival
of Representations and Warranties. It is understood and agreed that the rights and remedies of the Secured Parties with respect
to any breach of any of the representations and warranties set forth in Sections 4.01, 4.02 and 4.03 made
on each Cut-Off Date, Advance Date, Reporting Date and any date on which Loan Assets are Pledged hereunder shall survive the pledge
to the Collateral Agent hereunder and the termination of this Agreement.


 


Section 2.16         Release
of Loan Assets.


 


The Borrower may obtain
the release of (i) any Loan Asset (and the related Portfolio Assets pertaining thereto) released pursuant to a Lien Release Dividend
or sold or substituted in accordance with the applicable provisions of Section 2.07, (ii) any Loan Asset (and the related
Portfolio Assets pertaining thereto) with respect to which all amounts have been paid in full by the related Obligor and deposited
in the Collection Account and (iii) the entire Collateral Portfolio following the Collection Date. The Collateral Agent, for the
benefit of the Secured Parties, shall, at the sole expense of the Servicer and at the direction of the Administrative Agent, execute
such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower, give notice of such release
to the Collateral Custodian (in the form of Exhibit N) (unless the Collateral Custodian and Collateral Agent are the same
Person) and take other such actions as shall reasonably be requested by the Borrower to effect such release of the Lien created
pursuant to this Agreement. Upon receiving such notification by the Collateral Agent as described in the immediately preceding
sentence, if applicable, the Collateral Custodian shall deliver the Required Loan Documents to the Borrower.


 


Section 2.17         Treatment
of Amounts Received by the Borrower. Amounts received by the Borrower pursuant to Section 2.07 on account of Loan Assets
shall be treated as payments of Principal Collections or Interest Collections, as applicable, on Loan Assets hereunder.


 


Section 2.18         Prepayment;
Termination.


 


(a)          Except
as expressly permitted or required herein, including, without limitation, any repayment necessary to cure a Borrowing Base Deficiency,
Advances Outstanding may only be prepaid in whole or in part at the option of the Borrower at any time by delivering a Notice of
Reduction (which notice shall include a Borrowing Base Certificate) to the Administrative Agent, the Collateral Agent, the Lender
Agents and the Hedge Counterparty at least one Business Day prior to such reduction. Upon any prepayment, the Borrower shall also
pay in full any Hedge Breakage Costs, Breakage Fees (solely to the extent such prepayment occurs on any day other than a Payment
Date) and other accrued and unpaid costs and expenses of the Administrative Agent, Lender Agents and Lenders related to such prepayment;
provided that no reduction in Advances Outstanding shall be given effect unless (i) sufficient funds have been remitted
to pay all such amounts in full, as determined by the Administrative Agent, in its sole discretion, (ii) the Borrower has complied
with the terms of any Hedging Agreement requiring that one or more Hedge Transactions be terminated in whole or in part as the
result of any such reduction of the Advances Outstanding, and has paid in full all Hedge Breakage Costs owing to the relevant Hedge
Counterparty for any such termination and (iii) no event would result from such prepayment which would constitute an Event of Default
or an Unmatured Event of Default. The Administrative Agent shall apply amounts received from the Borrower pursuant to this Section
2.18(a) to the payment of any Hedge Breakage Costs, to the payment of any Breakage Fees and to the pro rata reduction
of the Advances Outstanding. Any notice relating to any repayment pursuant to this Section 2.18(a) shall be irrevocable.


 




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(b)          The
Borrower may, at its option, terminate this Agreement and the other Transaction Documents upon three Business Days’ prior
written notice to the Administrative Agent, the Lender Agents and any Hedge Counterparty and upon payment in full of all Advances
Outstanding, all accrued and unpaid Yield, any Breakage Fees, Hedge Breakage Costs, all accrued and unpaid costs and expenses of
the Administrative Agent, Lender Agents and Lenders, payment of the Make-Whole Premium pro rata to each Lender Agent (for
the account of the applicable Lender) and payment of all other Obligations (other than unmatured contingent indemnification obligations).


 


(c)          The
Borrower hereby acknowledges and agrees that the Make-Whole Premium constitutes additional consideration for the Lenders to enter
into this Agreement.


 


Section 2.19         Extension
of Stated Maturity Date and Reinvestment Period. The Borrower may, at any time, make a request to the Lenders to extend both
the date set forth in clause (i) of the definition of “Reinvestment Period” and the date set forth in the definition
of “Stated Maturity Date”. Such date may be extended by mutual agreement among the Administrative Agent, each of the
Lenders, the Borrower and the Servicer. The Borrower confirms that any of the Lenders or the Administrative Agent, in their sole
and absolute discretion, without regard to the value or performance of the Loan Assets or any other factor, may elect not to extend
such date.


 


Section 2.20         Collections
and Allocations.


 


(a)          The
Collateral Agent shall promptly identify all Available Collections received in the Collection Account as being on account of Interest
Collections or Principal Collections and shall segregate all Principal Collections and Interest Collections and transfer the same
to the Principal Collection Account and the Interest Collection Account, respectively. The Servicer shall transfer, or cause to
be transferred, any collections received directly by it (if any) to the Collection Account by the close of business within two
Business Days after such Collections are received; provided that the Servicer shall identify to the Collateral Agent any
collections received directly by the Servicer as being on account of Interest Collections or Principal Collections. The Collateral
Agent shall further provide to the Servicer a statement as to the amount of Principal Collections and Interest Collections on deposit
in the Principal Collection Account and the Interest Collection Account no later than three Business Days after each Determination
Date for inclusion in the Servicing Report delivered pursuant to Section 6.08(b). It is understood and agreed that the Servicer
shall remain liable for the proper allocation of the aforementioned Collections into the appropriate accounts.


 


(b)          On
the Cut-Off Date with respect to any Loan Asset, the Servicer will deposit into the Collection Account all Available Collections
received in respect of Eligible Loan Assets being transferred to and included as part of the Collateral Portfolio on such date.


 




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(c)          With
the prior written consent of the Administrative Agent (a copy of which will be provided by the Servicer to the Collateral Agent),
the Servicer may withdraw from the Collection Account any deposits thereto constituting Excluded Amounts if the Servicer has, prior
to such withdrawal and consent, delivered to the Administrative Agent a report setting forth the calculation of such Excluded Amounts
in form and substance satisfactory to the Administrative Agent and the Collateral Agent in their sole discretion.


 


(d)          The
Servicer shall, pursuant to written instruction (which may be in the form of standing instructions), direct the Collateral Agent
to invest, or cause the investment of, funds on deposit in the Controlled Accounts in Permitted Investments, from the date of this
Agreement until the Collection Date. Absent any such written instruction, such funds shall not be invested. A Permitted Investment
acquired with funds deposited in any Controlled Account shall mature not later than the Business Day immediately preceding any
Payment Date, and shall not be sold or disposed of prior to its maturity. All such Permitted Investments shall be registered in
the name of the Account Bank or its nominee for the benefit of the Collateral Agent. All income and gain realized from any such
investment, as well as any interest earned on deposits in any Controlled Account shall be distributed in accordance with the provisions
of Article II hereof. The Borrower shall deposit in the Collection Account or the Unfunded Exposure Account, as the case
may be (with respect to investments made hereunder of funds held therein), an amount equal to the amount of any actual loss incurred,
in respect of any such investment, immediately upon realization of such loss. None of the Account Bank, the Collateral Agent, the
Administrative Agent, any Lender Agent or any Lender shall be liable for the amount of any loss incurred, in respect of any investment,
or lack of investment, of funds held in any Controlled Account, other than with respect to fraud or their own gross negligence
or willful misconduct. The parties hereto acknowledge that the Collateral Agent or any of its Affiliates may receive compensation
with respect to the Permitted Investments.


 


(e)          Until
the Collection Date, neither the Borrower nor the Servicer shall have any rights of direction or withdrawal, with respect to amounts
held in any Controlled Account, except to the extent explicitly set forth in Section 2.04 or Section 2.21.


 


Section 2.21         Reinvestment
of Principal Collections.


 


On the terms and conditions
hereinafter set forth as certified in writing to the Collateral Agent, the Lender Agents and Administrative Agent, prior to the
end of the Reinvestment Period, the Servicer may, to the extent of any Principal Collections on deposit in the Principal Collection
Account:


 


(a)          withdraw
such funds for the purpose of reinvesting in additional Eligible Loan Assets to be Pledged hereunder; provided that the
following conditions are satisfied:


 


(i)          all
conditions precedent set forth in Section 3.04 have been satisfied;


 


(ii)         no
Event of Default has occurred, or would result from such withdrawal and reinvestment, and no Unmatured Event of Default or Borrowing
Base Deficiency exists or would result from such withdrawal and reinvestment;


 




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(iii)        the
representations and warranties contained in Sections 4.01, 4.02 and 4.03 hereof shall continue to be correct
in all respects, except to the extent relating to an earlier date;


 


(iv)        delivery
of a Disbursement Request and a Borrowing Base Certificate, each executed by the Borrower and a Responsible Officer of the Servicer;
and


 


(v)         the
Collateral Agent provides to the Administrative Agent by facsimile (to be received no later than 1:30 p.m. on that same day) a
statement reflecting the total amount on deposit as of the opening of business on such day in the Principal Collection Account;
or


 


(b)          withdraw
such funds for the purpose of making payments in respect of the Advances Outstanding at such time in accordance with and subject
to the terms of Section 2.18.


 


Upon the satisfaction of
the applicable conditions set forth in this Section 2.21 (as certified by the Borrower to the Collateral Agent and the Administrative
Agent), the Collateral Agent will release funds from the Principal Collection Account to the Servicer in an amount not to exceed
the lesser of (A) the amount requested by the Servicer and (B) the amount on deposit in the Principal Collection Account on such
day.


 


Section 2.22         Refunding
of Swingline Advances.


 


(a)          Each
Swingline Advance shall be refunded by the Lenders (other than the Swingline Lender) on the second Business Day following the date
of such Swingline Advance (each such date, a “Swingline Refund Date”). Such refunding shall be made by the Lenders
in accordance with their Pro Rata Shares and shall thereafter be reflected as Advances of the Lenders on the books and records
of the Administrative Agent. Each Lender shall fund its respective Pro Rata Share of Advances as required to repay Swingline Advances
outstanding to the Swingline Lender no later than 12:00 noon on the applicable Swingline Refund Date.


 


(b)          The
Borrower shall pay to the Swingline Lender, within twenty-two (22) days of demand, the amount of such Swingline Advances to the
extent amounts received from the Lenders are not sufficient to repay in full the outstanding Swingline Advances requested or required
to be refunded. If any portion of any such amount paid to the Swingline Lender shall be recovered by or on behalf of the Borrower
from the Swingline Lender in bankruptcy or otherwise, the loss of the amount so recovered shall be ratably shared among all the
Lenders (other than the Swingline Lender) in accordance with their respective Pro Rata Shares.


 


(c)          Each
Lender acknowledges and agrees that its obligation to refund Swingline Advances in accordance with the terms of this Section is
absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction
of the conditions set forth in Article III. Further, each Lender agrees and acknowledges that if prior to the refunding
of any outstanding Swingline Advances pursuant to this Section, a Bankruptcy Event relating to the Borrower shall have occurred,
each Lender will, on the date the applicable Advance would have been made, purchase an undivided participating interest in the
Swingline Advance to be refunded in an amount equal to its Pro Rata Share of the aggregate amount of such Swingline Advance. Each
Lender will immediately transfer to the Swingline Lender, in immediately available funds, the amount of its participation and upon
receipt thereof the Swingline Lender will deliver to such Lender a certificate evidencing such participation dated the date of
receipt of such funds and for such amount. Whenever, at any time after the Swingline Lender has received from any Lender such Lender’s
participating interest in a Swingline Advance, the Swingline Lender receives any payment on account thereof, the Swingline Lender
will distribute to such Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments,
to reflect the period of time during which such Lender’s participating interest was outstanding and funded).


 




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(d)          Notwithstanding
anything contained in this Agreement to the contrary, the Swingline Lender shall not be obligated to make any Swingline Advance
at a time when any other Lender is a Defaulting Lender, unless the Swingline Lender has entered into arrangements (which may include
the delivery of cash collateral) with the Borrower or such Defaulting Lender which are satisfactory to the Swingline Lender to
eliminate the Swingline Lender’s Fronting Exposure (without giving effect to Section 2.23(a)(iii)) with respect to
any such Defaulting Lender.


 


Section 2.23         Defaulting
Lenders.


 


(a)          Notwithstanding
anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that
Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law:


 


(i)          That
Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall
be restricted as set forth in Section 11.01.


 


(ii)         Any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender
(whether voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by the
Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Administrative
Agent hereunder; second, to the payment of any amounts owing by that Defaulting Lender to the Swingline Lender hereunder;
third, if so determined by the Administrative Agent or requested by the Swingline Lender, to be held as cash collateral
for future funding obligations of that Defaulting Lender for any participation in any Swingline Advance; fourth, as the
Borrower may request (so long as no Event of Default or Unmatured Event of Default exists), to the funding of any Advance in respect
of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held as cash collateral for future funding
obligations of that Defaulting Lender to fund Advances under this Agreement; sixth, to the payment of any amounts owing
to the other Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against that Defaulting
Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as
no Event of Default or Unmatured Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any
judgment of a court of competent jurisdiction obtained by such Borrower against that Defaulting Lender as a result of that Defaulting
Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed
by a court of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Advances
or funded participation in Swingline Advances in respect of which that Defaulting Lender has not fully funded its appropriate share,
such payment shall be applied solely to pay the Advances of, and funded participation in Swingline Advance owed to, all non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Advances of, and funded participation in Swingline
Advance owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that
are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.23
shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.


 




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(iii)        During
any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting
Lender to (a) acquire, refinance or fund participations in Swingline Loans pursuant to Section 2.22 or (b) make Advances
to the Borrower to repay a Swingline Advance pursuant to Section 2.02, the “Pro Rata Share” of each non-Defaulting
Lender shall be computed without giving effect to the Commitment of that Defaulting Lender; provided that each such reallocation
shall be given effect only if the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations
in Swingline Loans shall not exceed the positive difference, if any, of (A) the Commitment of that non-Defaulting Lender minus
(B) the aggregate outstanding principal amount of the Advances of that Lender.


 


(iv)        For
any period during which that Lender is a Defaulting Lender, that Defaulting Lender shall not be entitled to receive any Commitment
Fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee
that otherwise would have been required to have been paid to such Defaulting Lender).


 


(b)          If
the Administrative Agent and the Swingline Lender agree in writing in its sole discretion that a Defaulting Lender should no longer
be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any
cash collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Advances of the other Lenders
or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances to be held on a pro
rata basis by the Lenders in accordance with their Pro Rata Shares, whereupon that Lender will cease to be a Defaulting Lender;
provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of
the Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise
expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release
of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.


 




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Section 2.24         Replacement
of Lenders.


 


If any Lender (other than
Wells Fargo) (i) is a Defaulting Lender hereunder, (ii) requires the Borrower to pay any additional amounts under Sections 2.10
or 2.11 with respect thereto, (iii) does not consent to any amendment or modification (including in the form of a consent
or waiver) described in Section 11.01 which is approved by the Borrower, the Administrative Agent and the Required Lenders,
or (iv) does not consent to a request to extend the date set forth in the definition of “Stated Maturity Date” or the
date set forth in clause (i) of the definition of “Reinvestment Period”, then the Borrower may, at its sole expense
and effort, upon notice to such Lender and the Administrative Agent, require such Lender to (x) assign and delegate, without recourse
(in accordance with and subject to the restrictions contained in, and consents required by, Section 11.04), all of its interests,
rights and obligations under this Agreement and the Transaction Documents to an assignee that shall assume such obligations (which
assignee may be another Lender, if a Lender accepts such assignment) or (y) terminate all of its interests, rights and obligations
under this Agreement and the Transaction Documents and reduce the aggregate Commitments outstanding; provided that:


 


(a)          (i)
if such Lender’s Commitments have been assigned pursuant to clause (x) above, such Lender shall have received payment of
an amount equal to the outstanding principal of its Advances, 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) or (ii) if such Lender’s Commitments have been terminated pursuant to clause (y) above, such
Lender shall have received payment of all such amounts payable to it hereunder from the Borrower (provided that any non-pro
rata payments to a Lender hereunder must be consented to by the Administrative Agent); and


 


(b)          such
assignment, delegation or termination does not conflict with Applicable Law.


 


ARTICLE
III.


 


CONDITIONS
PRECEDENT


 


Section 3.01         Conditions
Precedent to Effectiveness.


 


(a)          This
Agreement shall be effective upon satisfaction of the conditions precedent that:


 


(i)          all
reasonable up-front expenses and fees (including legal fees, any fees required under any Lender Fee Letter and the Wells Fargo
Fee Letter) that are invoiced at or prior to the Amended and Restated Closing Date shall have been paid in full and all other acts
and conditions (including, without limitation, the obtaining of any necessary consents and regulatory approvals and the making
of any required filings, recordings or registrations) required to be done and performed and to have happened prior to the execution,
delivery and performance of this Agreement and all related Transaction Documents and to constitute the same legal, valid and binding
obligations, enforceable in accordance with their respective terms, shall have been done and performed and shall have happened
in due and strict compliance with all Applicable Law;


 




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(ii)         in
the reasonable judgment of the Administrative Agent and each Lender Agent, there not having been any change in Applicable Law which
adversely affects any Lender’s or the Administrative Agent’s entering into the transactions contemplated by the Transaction
Documents or any Material Adverse Effect or material disruption in the financial, banking or commercial loan or capital markets
generally;


 


(iii)        any
and all information submitted to each Lender, Lender Agent and the Administrative Agent by the Borrower, the Transferor or the
Servicer or any of their Affiliates is true, accurate, complete in all material respects and not misleading in any material respect;


 


(iv)        each
Lender Agent shall have received all documentation and other information requested by such Lender Agent in its sole discretion
and/or required by regulatory authorities with respect to the Borrower, the Transferor and the Servicer under applicable “know
your customer” and anti-money laundering rules and regulations, including, without limitation, the USA PATRIOT Act, all in
form and substance reasonably satisfactory to each Lender Agent;


 


(v)         the
Administrative Agent shall have received on or before the date of such effectiveness the items listed in Schedule I hereto,
each in form and substance satisfactory to the Administrative Agent and each Lender Agent;


 


(vi)        in
the judgment of the Administrative Agent and each Lender Agent, there shall have been no material adverse change in the Borrower’s
(or the Servicer’s) underwriting, servicing, collection, operating and reporting procedures and systems since the completion
of due diligence by the Administrative Agent and each Lender Agent;


 


(vii)       the
results of Administrative Agent’s financial, legal, tax and accounting due diligence relating to the Transferor, the Borrower,
the Servicer, the Eligible Loan Assets and the transactions contemplated hereunder are satisfactory to Administrative Agent; and


 


(viii)      each
applicable Lender Agent shall have received a duly executed copy of its Variable Funding Note, in a principal amount equal to the
Commitment of the related Lender.


 


(b)          By
its execution and delivery of this Agreement, each of the Borrower and the Servicer hereby certifies that each of the conditions
precedent to the effectiveness of this Agreement set forth in this Section 3.01 have been satisfied; provided, that
with respect to conditions precedent that expressly require the consent or approval of the Administrative Agent or another party
(other than the Borrower or the Servicer), the foregoing certification is only to the knowledge of the Borrower and the Servicer,
as applicable, with respect to such consents or approvals.


 


Section 3.02         Conditions
Precedent to All Advances. Each Advance (including Swingline Advances and the Initial Advance, except as explicitly set forth
below) to the Borrower from the Lenders shall be subject to the further conditions precedent that:


 




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(a)          On
the Advance Date of such Advance, the following statements shall be true and correct, and the Borrower by accepting any amount
of such Advance shall be deemed to have certified that:


 


(i)          the
Servicer (on behalf of the Borrower) shall have delivered (x) with respect to any Advance (other than Swingline Advances) to the
Administrative Agent and each Lender Agent (with a copy to the Collateral Custodian and the Collateral Agent) and (y) with respect
to any Swingline Advance to the Administrative Agent and Swingline Lender (with a copy to the Collateral Custodian and the Collateral
Agent), in each case, no later than (i) with respect to Advances (other than Swingline Advances), no later than 12:00 noon on the
proposed Advance Date (or such shorter period as agreed to from time to time by the Administrative Agent and each of the Lenders)
and (ii) with respect to Swingline Advances, no later than 3:00 p.m. on the proposed Advance Date: (A) a Notice of Borrowing, (B)
a Borrowing Base Certificate, (C) a Loan Tape, (D) an Approval Notice (for any such Loan Asset added to the Collateral Portfolio
on the related Advance Date) and (E) except with respect to an Advance under Section 2.02(f), such additional information
as may be reasonably requested by the Administrative Agent and an executed copy of each assignment and assumption agreement, transfer
document or instrument (including any Loan Assignment) relating to each Loan Asset to be Pledged evidencing the assignment of such
Loan Asset from any prior third party owner thereof directly to the Borrower (other than in the case of any Loan Asset acquired
by the Borrower at origination);


 


(ii)         except
with respect to an Advance under Section 2.02(f), the Borrower shall have delivered to the Collateral Custodian (with a
copy to the Administrative Agent), (A) with respect to Advances (other than Swingline Advances), no later than 12:00 noon on the
related Advance Date and (B) with respect to Swingline Advances, no later than 3:00 p.m. on the related Advance Date, a faxed or
e-mailed copy of the duly executed original promissory notes of the Loan Assets (and, in the case of any Noteless Loan Asset, a
fully executed assignment agreement) and if any Loan Assets are closed in escrow, a certificate (in the form of Exhibit K)
from the closing attorneys of such Loan Assets certifying the possession of the Required Loan Documents; provided that,
notwithstanding the foregoing, the Borrower shall cause (x) the Loan Asset Checklist and the Required Loan Documents (other than
the Golub Agented Required Loan Documents) to be in the possession of the Collateral Custodian within five Business Days of any
related Cut-Off Date as to any Loan Assets and (y) the Golub Agented Required Loan Documents to be in the possession of the Collateral
Custodian within thirty days of any related Cut-Off Date as to any Loan Assets;


 


(iii)        the
representations and warranties contained in Sections 4.01, 4.02 and 4.03 are true and correct in all respects,
and (except with respect to an Advance required by Section 2.02(f)) there exists no breach of any covenant contained in
Sections 5.01, 5.02, 5.03 and 5.04 before and after giving effect to the Advance to take place on such
Advance Date and to the application of proceeds therefrom, on and as of such day as though made on and as of such date (other than
any representation and warranty that is made as of a specific date);


 




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(iv)        no
Event of Default has occurred, or would result from such Advance, and no Unmatured Event of Default or Borrowing Base Deficiency
exists or would result from such Advance;


 


(v)         no
event has occurred and is continuing, or would result from such Advance, which constitutes a Servicer Termination Event or any
event which, if it continues uncured, will, with notice or lapse of time, constitute a Servicer Termination Event;


 


(vi)        since
the Original Closing Date, no material adverse change has occurred in the ability of the Servicer, Transferor or the Borrower to
perform its obligations under any Transaction Document;


 


(vii)       no
Liens exist in respect of Taxes which are prior to the lien of the Collateral Agent on the Eligible Loan Assets to be Pledged on
such Advance Date; and


 


(viii)      all
terms and conditions of the Purchase and Sale Agreement required to be satisfied in connection with the assignment of each Eligible
Loan Asset being Pledged hereunder on such Advance Date (and the Portfolio Assets related thereto), including, without limitation,
the perfection of the Borrower’s interests therein, shall have been satisfied in full, and all filings (including, without
limitation, UCC filings) required to be made by any Person and all actions required to be taken or performed by any Person in any
jurisdiction to give the Collateral Agent, for the benefit of the Secured Parties, a first priority perfected security interest
(subject only to Permitted Liens) in such Eligible Loan Assets and the Portfolio Assets related thereto and the proceeds thereof
shall have been made, taken or performed.


 


(b)          The
Administrative Agent shall have provided an Approval Notice to the Borrower for each of the Eligible Loan Assets identified in
the applicable Loan Tape for inclusion in the Collateral Portfolio on the applicable Advance Date.


 


(c)          No
Applicable Law shall prohibit, and no order, judgment or decree of any federal, state or local court or governmental body, agency
or instrumentality shall prohibit or enjoin, the making of such Advances by any Lender or the proposed Pledge of Eligible Loan
Assets in accordance with the provisions hereof.


 


(d)          Except
with respect to an Advance required by Section 2.02(f), the proposed Advance Date shall take place during the Reinvestment
Period and the Facility Maturity Date has not yet occurred.


 


(e)          The
Borrower shall have paid all fees then required to be paid, including all fees required hereunder and under the applicable Lender
Fee Letters and the Wells Fargo Fee Letter and shall have reimbursed the Lenders, the Administrative Agent, each Lender Agent,
the Collateral Custodian, the Account Bank and the Collateral Agent for all fees, costs and expenses of closing the transactions
contemplated hereunder and under the other Transaction Documents, including the reasonable attorney fees and any other legal and
document preparation costs incurred by the Lenders, the Administrative Agent and each Lender Agent.


 




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The failure of the Borrower
to satisfy any of the foregoing conditions precedent in respect of any Advance shall give rise to a right of the Administrative
Agent, the Swingline Lender and the applicable Lender Agent, which right may be exercised at any time on the demand of the Swingline
Lender or the applicable Lender Agent, as applicable, to rescind the related Advance and direct the Borrower to pay to the applicable
Lender Agent for the benefit of the applicable Lender an amount equal to the Advances made during any such time that any of the
foregoing conditions precedent were not satisfied.


 


Section 3.03         Advances
Do Not Constitute a Waiver. No Advance or Swingline Advance made hereunder shall constitute a waiver of any condition to any
Lender’s obligation to make such an Advance unless such waiver is in writing and executed by such Lender.


 


Section 3.04         Conditions
to Pledges of Loan Assets. Each Pledge of an additional Eligible Loan Asset pursuant to Section 2.06, a Substitute Eligible
Loan Asset pursuant to Section 2.07(a) or (c), an additional Eligible Loan Asset pursuant to Section 2.21
or any other Pledge of a Loan Asset hereunder shall be subject to the further conditions precedent that (as certified to the Collateral
Agent by the Borrower):


 


(a)          the
Servicer (on behalf of the Borrower) shall have delivered to the Administrative Agent and each Lender Agent (with a copy to the
Collateral Custodian and the Collateral Agent) no later than 5:00 p.m. on the date that is one Business Day prior to the related
Cut-Off Date: (A) a Borrowing Base Certificate, (B) a Loan Tape, (C) an Approval Notice (for each Loan Asset added to the Collateral
Portfolio on the related Cut-Off Date) and (D) such additional information as may be reasonably requested by the Administrative
Agent and an executed copy of each assignment and assumption agreement, transfer document or instrument (including any Loan Assignment)
relating to each Loan Asset to be pledged evidencing the assignment of such Loan from any prior third party owner thereof directly
to the Borrower (other than in the case of any Loan Asset acquired by the Borrower at origination);


 


(b)          the
Borrower shall have delivered to the Collateral Custodian (with a copy to the Administrative Agent), no later than 12:00 noon on
the related Cut-Off Date, a faxed or e-mailed copy of the duly executed original promissory notes of the Loan Assets (and, in the
case of any Noteless Loan Asset, a fully executed assignment agreement) and if any Loan Assets are closed in escrow, a certificate
(in the form of Exhibit K) from the closing attorneys of such Loan Assets certifying the possession of the Required Loan
Documents; provided that, notwithstanding the foregoing, the Borrower shall cause (x) the Loan Asset Checklist and the Required
Loan Documents (other than the Golub Agented Required Loan Documents) to be in the possession of the Collateral Custodian within
five Business Days of any related Cut-Off Date as to any Loan Assets and (y) the Golub Agented Required Loan Documents to be in
the possession of the Collateral Custodian within thirty days of any related Cut-Off Date as to any Loan Assets;


 


(c)          no
Liens exist in respect of Taxes which are prior to the lien of the Collateral Agent on the Eligible Loan Assets to be Pledged on
such Cut-Off Date;


 




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(d)          all
terms and conditions of the Purchase and Sale Agreement required to be satisfied in connection with the assignment of each Eligible
Loan Asset being Pledged hereunder on such Cut-Off Date (and the Portfolio Assets related thereto), including, without limitation,
the perfection of the Borrower’s interests therein, shall have been satisfied in full, and all filings (including, without
limitation, UCC filings) required to be made by any Person and all actions required to be taken or performed by any Person in any
jurisdiction to give the Collateral Agent, for the benefit of the Secured Parties, a first priority perfected security interest
(subject only to Permitted Liens) in such Eligible Loan Assets and the Portfolio Assets related thereto and the proceeds thereof
shall have been made, taken or performed;


 


(e)          the
Administrative Agent shall have provided an Approval Notice to the Borrower for each of the Eligible Loan Assets identified in
the applicable Loan Tape for inclusion in the Collateral Portfolio on the applicable Cut-Off Date;


 


(f)          no
Event of Default has occurred, or would result from such Pledge, and no Unmatured Event of Default exists, or would result from
such Pledge (other than, with respect to any Pledge of an Eligible Loan Asset necessary to cure a Borrowing Base Deficiency in
accordance with Section 2.06, an Unmatured Event of Default arising solely pursuant to such Borrowing Base Deficiency);
and


 


(g)          the
representations and warranties contained in Sections 4.01, 4.02 and 4.03 are true and correct in all respects,
and there exists no breach of any covenant contained in Sections 5.01, 5.02, 5.03 and 5.04 before and
after giving effect to the Pledge to take place on such Cut-Off Date, on and as of such day as though made on and as of such date
(other than any representation and warranty that is made as of a specific date).


 


ARTICLE
IV.


 


REPRESENTATIONS
AND WARRANTIES


 


Section 4.01         Representations
and Warranties of the Borrower. The Borrower hereby represents and warrants, as of the Amended and Restated Closing Date, as
of each applicable Cut-Off Date, as of each applicable Advance Date, as of each Reporting Date and as of each other date provided
under this Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed
to be) made (unless a specific date is specified below):


 


(a)          Organization,
Good Standing and Due Qualification. The Borrower is a limited liability company duly organized, validly existing and in good
standing under the laws of Delaware and has the power and all licenses necessary to own its assets and to transact the business
in which it is engaged and is duly qualified and in good standing under the laws of each jurisdiction where the transaction of
such business or its ownership of the Loan Assets and the Collateral Portfolio requires such qualification; except in each case,
to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect.


 




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(b)          Power
and Authority; Due Authorization; Execution and Delivery. The Borrower has the power, authority and legal right to make, deliver
and perform this Agreement and each of the Transaction Documents to which it is a party and all of the transactions contemplated
hereby and thereby, and has taken all necessary action to authorize the execution, delivery and performance of this Agreement and
each of the Transaction Documents to which it is a party, and to grant to the Collateral Agent, for the benefit of the Secured
Parties, a first priority perfected security interest in the Collateral Portfolio on the terms and conditions of this Agreement,
subject only to Permitted Liens.


 


(c)          Binding
Obligation. This Agreement and each of the Transaction Documents to which the Borrower is a party constitutes the legal, valid
and binding obligation of the Borrower, enforceable against it in accordance with their respective terms, except as the enforceability
hereof and thereof may be limited by Bankruptcy Laws and by general principles of equity (whether such enforceability is considered
in a proceeding in equity or at law).


 


(d)          All
Consents Required. No consent of any other party and no consent, license, approval or authorization of, or registration or
declaration with, any Governmental Authority, bureau or agency is required in connection with the execution, delivery or performance
by the Borrower of this Agreement or any Transaction Document to which it is a party or the validity or enforceability of this
Agreement or any such Transaction Document or the Loan Assets or the transfer of an ownership interest or security interest in
such Loan Assets, other than such as have been met or obtained and are in full force and effect.


 


(e)          No
Violation. The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a Party
and all other agreements and instruments executed and delivered or to be executed and delivered pursuant hereto or thereto in connection
with the Pledge of the Collateral Portfolio will not (i) create any Lien on the Collateral Portfolio other than Permitted Liens
or (ii) violate any Applicable Law or the certificate of formation or limited liability company agreement of the Borrower or (iii)
violate any contract or other agreement to which the Borrower is a party or by which the Borrower or any property or assets of
the Borrower may be bound.


 


(f)          No
Proceedings. There is no litigation or administrative proceeding or investigation pending or, to the knowledge of the Borrower,
threatened against the Borrower or any properties of the Borrower, before any Governmental Authority (i) asserting the invalidity
of this Agreement or any other Transaction Document to which the Borrower is a party, (ii) seeking to prevent the consummation
of any of the transactions contemplated by this Agreement or any other Transaction Document to which the Borrower is a party or
(iii) seeking any determination or ruling that could reasonably be expected to have a Material Adverse Effect.


 


(g)          Selection
Procedures. In selecting the Loan Assets to be Pledged pursuant to this Agreement, no selection procedures were employed which
are intended to be adverse to the interests of the Lenders.


 


(h)          [Reserved].


 


(i)          Pledge
of Collateral Portfolio. Except as otherwise expressly permitted by the terms of this Agreement, no item of Collateral Portfolio
has been sold, transferred, assigned or pledged by the Borrower to any Person, other than as contemplated by Article II
and the Pledge of such Collateral Portfolio to the Collateral Agent, for the benefit of the Secured Parties, pursuant to the terms
of this Agreement.


 




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(j)          Indebtedness.
The Borrower has no Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than
(i) Indebtedness incurred under the terms of the Transaction Documents and (ii) Indebtedness incurred pursuant to certain ordinary
business expenses arising pursuant to the transactions contemplated by this Agreement and the other Transaction Documents.


 


(k)          Sole
Purpose. The Borrower has been formed solely for the purpose of engaging in transactions of the types contemplated by this
Agreement, and has not engaged in any business activity other than the negotiation, execution and to the extent applicable, performance
of this Agreement and the transactions contemplated by the Transaction Documents.


 


(l)          No
Injunctions. No injunction, writ, restraining order or other order of any nature adversely affects the Borrower’s performance
of its obligations under this Agreement or any Transaction Document to which the Borrower is a party.


 


(m)          Taxes.
The Borrower has filed or caused to be filed (on a consolidated basis or otherwise) on a timely basis all tax returns (including,
without limitation, all foreign, federal, state, local and other tax returns) required to be filed by it, is not liable for Taxes
payable by any other Person and has paid or made adequate provisions for the payment of all Taxes, assessments and other governmental
charges due and payable from the Borrower except for those Taxes being contested in good faith by appropriate proceedings and in
respect of which it has established proper reserves on its books. No Tax lien or similar adverse claim has been filed, and no claim
is being asserted, with respect to any such Tax, assessment or other governmental charge. Any Taxes, fees and other governmental
charges due and payable by the Borrower in connection with the execution and delivery of this Agreement and the other Transaction
Documents and the transactions contemplated hereby or thereby have been paid or shall have been paid if and when due. Notwithstanding
the foregoing, if (i) an amount of unpaid Taxes of the Borrower is less than $25,000 in the aggregate and (ii) such unpaid Taxes
do not have a material adverse effect on any Secured Party, then the representation and warranties set forth in this Section
4.01(m) shall not be deemed to be incorrect on account of such unpaid Taxes.


 


(n)          Location.
The Borrower’s location (within the meaning of Article 9 of the UCC) is Delaware. The chief executive office of the Borrower
(and the location of the Borrower’s records regarding the Collateral Portfolio (other than those delivered to the Collateral
Custodian)) is located at the address set forth under its name in Section 11.02 (or at such other address as shall be designated
by such party in a written notice to the other parties hereto).


 


(o)          Tradenames.
The Borrower has not changed its name since its formation and does not have tradenames, fictitious names, assumed names or “doing
business as” names under which it has done or is doing business.


 


(p)          Solvency.
The Borrower is not the subject of any Bankruptcy Proceedings or Bankruptcy Event. The Borrower is Solvent, and the transactions
under this Agreement and any other Transaction Document to which the Borrower is a party do not and will not render the Borrower
not Solvent. The Borrower is paying its debts as they become due (subject to any applicable grace period); and the Borrower, after
giving effect to the transactions contemplated hereby, will have adequate capital to conduct its business.


 




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(q)          No
Subsidiaries. The Borrower has no Subsidiaries other than in connection with retaining equity pursuant to Section 6.05.


 


(r)          Value
Given. The Borrower has given fair consideration and reasonably equivalent value to the Transferor in exchange for the purchase
of the Loan Assets (or any number of them) from the Transferor pursuant to the Purchase and Sale Agreement. No such transfer has
been made for or on account of an antecedent debt owed by the Borrower to the Transferor and no such transfer is or may be voidable
or subject to avoidance under any section of the Bankruptcy Code.


 


(s)          Reports
Accurate. All Servicer’s Certificates, Servicing Reports, Notices of Borrowing, Borrowing Base Certificates and other
written or electronic information, exhibits, financial statements, documents, books, records or reports furnished by the Borrower
(or the Servicer on its behalf) to the Administrative Agent, the Collateral Agent, the Lenders, the Lender Agents, or the Collateral
Custodian in connection with this Agreement are, as of their date, accurate, true and correct in all material respects and no such
document or certificate omits to state a material fact or any fact necessary to make the statements contained therein not misleading
in all material respects; provided that, solely with respect to written or electronic information furnished by the Servicer
which was provided to the Servicer from an Obligor with respect to a Loan Asset, such information need only be accurate, true and
correct to the knowledge of the Borrower; provided, further, that the foregoing proviso shall not apply to any information
from an Obligor presented in a Servicer’s Certificate, Servicing Report, Notice of Borrowing or Borrowing Base Certificate.


 


(t)          Exchange
Act Compliance; Regulations T, U and X. None of the transactions contemplated herein or in the other Transaction Documents
(including, without limitation, the use of proceeds from the sale of the Collateral Portfolio) will violate or result in a violation
of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and
X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. The Borrower does not own or intend to carry
or purchase, and no proceeds from the Advances will be used to carry or purchase, any “margin stock” within the meaning
of Regulation U or to extend “purpose credit” within the meaning of Regulation U.


 


(u)          No
Adverse Agreements. There are no agreements in effect adversely affecting the rights of the Borrower to make, or cause to be
made, the grant of the security interest in the Collateral Portfolio contemplated by Section 2.13.


 


(v)         Event
of Default/Unmatured Event of Default. No event has occurred which constitutes an Event of Default, and no event has occurred
and is continuing which constitutes an Unmatured Event of Default (other than any Event of Default or Unmatured Event of Default
which has previously been disclosed to the Administrative Agent as such).


 




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(w)          Servicing
Standard. Each of the Loan Assets was underwritten or acquired and is being serviced in conformance with the standard underwriting,
credit, collection, operating and reporting procedures and systems of the Servicer or the Transferor.


 


(x)          ERISA.
The present value of all benefits vested under each “employee pension benefit plan” as such term is defined in Section
3(2) of ERISA, other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrower
or any ERISA Affiliate of the Borrower or to which the Borrower or any ERISA Affiliate of the Borrower contributes or has an obligation
to contribute, or has any liability (each, a “Pension Plan”), does not exceed the value of the assets of the
Pension Plan allocable to such vested benefits (based on the value of such assets as of the last annual valuation date) determined
in accordance with the assumptions used for funding such Pension Plan pursuant to Sections 412 and 430 of the Code. No prohibited
transactions, failure to meet the minimum funding standard set forth in Section 302(a) of ERISA and Section 412(a) of the Code
(with respect to any Pension Plan other than a Multiemployer Plan), withdrawals or reportable events have occurred with respect
to any Pension Plan that, in the aggregate, could subject the Borrower to any material tax, penalty or other liability. No notice
of intent to terminate a Pension Plan has been filed, nor has any Pension Plan been terminated under Section 4041(f) of ERISA,
nor has the Pension Benefit Guaranty Corporation instituted proceedings to terminate, or appoint a trustee to administer a Pension
Plan and no event has occurred or condition exists that might constitute grounds under Section 4042 of ERISA for the termination
of, or the appointment of a trustee to administer, any Pension Plan.


 


(y)          Allocation
of Charges. There is not any agreement or understanding between the Servicer and the Borrower (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; provided that it is understood and
acknowledged that the Borrower will be consolidated with the Transferor for tax purposes.


 


(z)          Broker-Dealer.
The Borrower is not a broker-dealer or subject to the Securities Investor Protection Act of 1970, as amended.


 


(aa)         Instructions
to Obligors. The Collection Account is the only account to which Obligors have been instructed by the Borrower, or the Servicer
on the Borrower’s behalf, to send Principal Collections and Interest Collections on the Collateral Portfolio. The Borrower
has not granted any Person other than the Collateral Agent, on behalf of the Secured Parties, an interest in the Collection Account.


 


(bb)         [Reserved].


 


(cc)         Investment
Company Act. The Borrower is not required to register as an “investment company” under the provisions of the 1940
Act.


 


(dd)         Compliance
with Law. The Borrower has complied in all respects with all Applicable Law to which it may be subject, and no item of the
Collateral Portfolio contravenes any Applicable Law (including, without limitation, all applicable predatory and abusive lending
laws, laws, rules and regulations relating to licensing, truth in lending, fair credit billing, fair credit reporting, equal credit
opportunity, fair debt collection practices and privacy).


 




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(ee)         Collections.
The Borrower acknowledges that all Available Collections received by it or its Affiliates with respect to the Collateral Portfolio
Pledged hereunder are held and shall be held in trust for the benefit of the Collateral Agent, on behalf of the Secured Parties
until deposited into the Collection Account within two Business Days after receipt as required herein.


 


(ff)         Set-Off,
etc. No Loan Asset in the Collateral Portfolio has been compromised, adjusted, extended, satisfied, subordinated, rescinded,
set-off or modified by the Borrower, the Transferor or the Obligor thereof, and no Loan Asset in the Collateral Portfolio is subject
to compromise, adjustment, extension, satisfaction, subordination, rescission, set-off, counterclaim, defense, abatement, suspension,
deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning the Collateral Portfolio
or otherwise, by the Borrower, the Transferor or the Obligor with respect thereto, except, in each case, for amendments, extensions
and modifications, if any, to such Collateral Portfolio otherwise permitted pursuant to Section 6.04(a) of this Agreement
and in accordance with the Servicing Standard.


 


(gg)         Full
Payment. As of the applicable Cut-Off Date thereof, the Borrower has no knowledge of any fact which should lead it to expect
that any Loan Asset will not be paid in full.


 


(hh)         Environmental.
With respect to each item of Underlying Collateral as of the applicable Cut-Off Date for the Loan Asset related to such Underlying
Collateral, to the actual knowledge of a Responsible Officer of the Borrower: (a) the related Obligor’s operations comply
in all material respects with all applicable Environmental Laws; (b) none of the related Obligor’s operations is the subject
of a federal or state investigation evaluating whether any remedial action, involving expenditures, is needed to respond to a release
of any Hazardous Materials into the environment; and (c) the related Obligor does not have any material contingent liability in
connection with any release of any Hazardous Materials into the environment. As of the applicable Cut-Off Date for the Loan Asset
related to such Underlying Collateral, none of the Borrower, the Transferor nor the Servicer has received any written or verbal
notice of, or inquiry from any Governmental Authority regarding, any violation, alleged violation, non-compliance, liability or
potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Underlying
Collateral, nor does any such Person have knowledge or reason to believe that any such notice will be received or is being threatened.


 


(ii)         USA
PATRIOT Act. Neither the Borrower nor any Affiliate of the Borrower is (i) a country, territory, organization, person or entity
named on an Office of Foreign Asset Control (OFAC) list; (ii) a Person that resides or has a place of business in a country or
territory named on such lists or which is designated as a “Non-Cooperative Jurisdiction” by the Financial Action Task
Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction; (iii) a “Foreign
Shell Bank” within the meaning of the USA PATRIOT Act, i.e., a foreign bank that does not have a physical presence
in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision;
or (iv) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary
of the Treasury under Sections 311 or 312 of the USA PATRIOT Act as warranting special measures due to money laundering concerns.


 




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(jj)         Confirmation
from Transferor. The Borrower has received in writing from the Transferor confirmation that the Transferor will not cause the
Borrower to file a voluntary bankruptcy petition under the Bankruptcy Code.


 


(kk)         Accuracy
of Representations and Warranties. Each representation or warranty by the Borrower contained herein, in any Transaction Document
or in any certificate or other document furnished by the Borrower pursuant hereto or in connection herewith is true and correct
in all material respects.


 


(ll)          [Reserved].


 


(mm)      Security
Interest.


 


(i)          This
Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral Portfolio in favor
of the Collateral Agent, on behalf of the Secured Parties, which security interest is prior to all other Liens (except for Permitted
Liens), and is enforceable as such against creditors of and purchasers from the Borrower;


 


(ii)         the
Collateral Portfolio is comprised of “instruments”, “security entitlements”, “general intangibles”,
“accounts”, “certificated securities”, “uncertificated securities”, “securities accounts”,
“deposit accounts”, “supporting obligations” or “insurance” (each as defined in the applicable
UCC) and/or such other category of collateral under the applicable UCC as to which the Borrower has complied with its obligations
under this Section 4.01(mm);


 


(iii)        with
respect to that portion of the Collateral Portfolio that constitute “security entitlements”:


 


a.           all
of such security entitlements have been credited to one of the Controlled Accounts and the securities intermediary for each Controlled
Account has agreed to treat all assets credited to such Controlled Account as “financial assets” within the meaning
of the applicable UCC;


 


b.           the
Borrower has taken all steps necessary to cause the securities intermediary to identify in its records the Collateral Agent and
the Borrower, for the benefit of the Secured Parties, as the Person having a security entitlement against the securities intermediary
in each of the Controlled Accounts; and


 




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c.           the
Controlled Accounts are not in the name of any Person other than the Borrower, subject to the lien of the Collateral Agent, for
the benefit of the Secured Parties. The securities intermediary of any Controlled Account which is a “securities account”
under the UCC has agreed to comply with the entitlement orders and instructions of the Borrower, the Servicer and the Collateral
Agent (acting at the direction of the Administrative Agent) in accordance with the Transaction Documents, including causing cash
to be invested in Permitted Investments; provided that, upon the delivery of a Notice of Exclusive Control by the Collateral
Agent (acting at the direction of the Administrative Agent), the securities intermediary has agreed to only follow the entitlement
orders and instructions of the Collateral Agent, on behalf of the Secured Parties, including with respect to the investment of
cash in Permitted Investments;


 


(iv)        all
Controlled Accounts constitute “securities accounts” or “deposit accounts” as defined in the applicable
UCC;


 


(v)         with
respect to any Controlled Account which constitutes a “deposit account” as defined in the applicable UCC, the Borrower,
the Account Bank and the Collateral Agent, on behalf of the Secured Parties, have entered into an account control agreement which
permits the Collateral Agent on behalf of the Secured Parties to direct disposition of the funds in such deposit account;


 


(vi)        the
Borrower owns and has good and marketable title to (or, with respect to assets securing any Loan Assets, a valid security interest
in) the Collateral Portfolio free and clear of any Lien (other than Permitted Liens) of any Person;


 


(vii)       the
Borrower has received all consents and approvals required by the terms of any Loan Asset to the granting of a security interest
in the Loan Assets hereunder to the Collateral Agent, on behalf of the Secured Parties;


 


(viii)      the
Borrower has caused the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions
under Applicable Law in order to perfect the security interest in the Collateral Portfolio and that portion of the Loan Assets
in which a security interest may be perfected by filing granted to the Collateral Agent, on behalf of the Secured Parties, under
this Agreement;


 


(ix)         other
than as expressly permitted by the terms of this Agreement and the security interest granted to the Collateral Agent, on behalf
of the Secured Parties, pursuant to this Agreement, the Borrower has not pledged, assigned, sold, granted a security interest in
or otherwise conveyed any of the Collateral Portfolio. The Borrower has not authorized the filing of and is not aware of any financing
statements against the Borrower that include a description of collateral covering the Collateral Portfolio other than any financing
statement (A) relating to the security interests granted to the Borrower under the Purchase and Sale Agreement, or (B) that has
been terminated and/or fully and validly assigned to the Collateral Agent on or prior to the Amended and Restated Closing Date.
The Borrower is not aware of the filing of any judgment or Tax lien filings against the Borrower;


 


(x)          all
original executed copies of each underlying promissory note or copies of each Loan Asset Register, as applicable, that constitute
or evidence each Loan Asset has been, or subject to the delivery requirements contained herein, will be delivered to the Collateral
Custodian;


 




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(xi)         other
than in the case of Noteless Loan Assets, the Borrower has received, or subject to the delivery requirements contained herein will
receive, a written acknowledgment from the Collateral Custodian that the Collateral Custodian, as the bailee of the Collateral
Agent, is holding the underlying promissory notes that constitute or evidence the Loan Assets solely on behalf of and for the Collateral
Agent, for the benefit of the Secured Parties; provided that the acknowledgement of the Collateral Custodian set forth in
Section 12.11 may serve as such acknowledgement;


 


(xii)        none
of the underlying promissory notes, or Loan Asset Registers, as applicable, that constitute or evidence the Loan Assets has any
marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Collateral
Agent, on behalf of the Secured Parties;


 


(xiii)       with
respect to any Collateral Portfolio that constitutes a “certificated security,” such certificated security has been
delivered to the Collateral Custodian, on behalf of the Secured Parties and, if in registered form, has been specially Indorsed
to the Collateral Agent, for the benefit of the Secured Parties, or in blank by an effective Indorsement or has been registered
in the name of the Collateral Agent, for the benefit of the Secured Parties, upon original issue or registration of transfer by
the Borrower of such certificated security; and


 


(xiv)      with
respect to any Collateral Portfolio that constitutes an “uncertificated security”, that the Borrower shall cause the
issuer of such uncertificated security to register the Collateral Agent, on behalf of the Secured Parties, as the registered owner
of such uncertificated security.


 


Section 4.02         Representations
and Warranties of the Borrower Relating to the Agreement and the Collateral Portfolio. The Borrower hereby represents and warrants,
as of the Amended and Restated Closing Date, as of each applicable Cut-Off Date, as of each applicable Advance Date, as of each
Reporting Date and any date which Loan Assets are Pledged hereunder and as of each other date provided under this Agreement or
the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made:


 


(a)          Valid
Transfer and Security Interest. This Agreement constitutes a grant of a security interest in all of the Collateral Portfolio
to the Collateral Agent, for the benefit of the Secured Parties, which is a valid and first priority perfected security interest
in the Loan Assets forming a part of the Collateral Portfolio and in that portion of the Loan Assets in which a security interest
may be perfected by filing subject only to Permitted Liens. No Person claiming through or under Borrower shall have any claim to
or interest in the Controlled Accounts.


 




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(b)          Eligibility
of Collateral Portfolio. (i) The Loan Tape, and the information contained in each Notice of Borrowing, is an accurate and complete
listing of all the Loan Assets contained in the Collateral Portfolio as of the related Cut-Off Date and the information contained
therein with respect to the identity of such item of Collateral Portfolio and the amounts owing thereunder is true and correct
as of the related Cut-Off Date, (ii) each Loan Asset designated on any Borrowing Base Certificate as an Eligible Loan Asset and
each Loan Asset included as an Eligible Loan Asset in any calculation of Borrowing Base or Borrowing Base Deficiency is an Eligible
Loan Asset and (iii) with respect to each item of Collateral Portfolio, all consents, licenses, approvals or authorizations of
or registrations or declarations of any Governmental Authority or any Person required to be obtained, effected or given by the
Borrower in connection with the transfer of a security interest in each item of Collateral Portfolio to the Collateral Agent, for
the benefit of the Secured Parties, have been duly obtained, effected or given and are in full force and effect. For the avoidance
of doubt, any inaccurate representation that a Loan Asset is an Eligible Loan Asset hereunder or under any other Transaction Document
shall not constitute an Event of Default if the Borrower complies with Section 2.07(c) hereunder.


 


(c)          No
Fraud. Each Loan Asset was originated without any fraud or misrepresentation by the Transferor or, to the best of the Borrower’s
knowledge, on the part of the Obligor.


 


Section 4.03         Representations
and Warranties of the Servicer. The Servicer hereby represents and warrants, as of the Amended and Restated Closing Date, as
of each applicable Cut-Off Date, as of each applicable Advance Date, as of each Reporting Date and as of each other date provided
under this Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed
to be) made:


 


(a)          Organization
and Good Standing. The Servicer has been duly organized and is validly existing as a limited liability company in good standing
under the laws of the State of Delaware, with all requisite limited liability company power and authority to own or lease its properties
and to conduct its business as such business is presently conducted and to enter into and perform its obligations pursuant to this
Agreement.


 


(b)          Due
Qualification. The Servicer is duly qualified to do business as a limited liability company and is in good standing as a limited
liability company, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of
its property and or the conduct of its business requires such qualification, licenses or approvals; except where failure to be
in good standing or obtain such licenses or approvals would not reasonably be expected to have a Material Adverse Effect.


 


(c)          Power
and Authority; Due Authorization; Execution and Delivery. The Servicer (i) has all necessary power, authority and legal right
to (a) execute and deliver this Agreement and the other Transaction Documents to which it is a party, (b) carry out the terms of
the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary limited liability company action
the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. This Agreement
and each other Transaction Document to which the Servicer is a party have been duly executed and delivered by the Servicer.


 


(d)          Binding
Obligation. This Agreement and each other Transaction Document to which the Servicer is a party constitutes a legal, valid
and binding obligation of the Servicer enforceable against the Servicer in accordance with its respective terms, except as such
enforceability may be limited by Bankruptcy Laws and general principles of equity (whether considered in a suit at law or in equity).


 




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(e)          No
Violation. The consummation of the transactions contemplated by this Agreement and the other Transaction Documents to which
it is a party and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the
terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Servicer’s
certificate of formation or limited liability company agreement or any contractual obligation of the Servicer, (ii) result in the
creation or imposition of any Lien upon any of the Servicer’s properties pursuant to the terms of any such contractual obligation,
other than this Agreement, or (iii) violate any Applicable Law.


 


(f)          No
Proceedings. There is no litigation, proceeding or investigation pending or, to the knowledge of the Servicer, threatened against
the Servicer, before any Governmental Authority (i) asserting the invalidity of this Agreement or any other Transaction Document
to which the Servicer is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement
or any other Transaction Document to which the Servicer is a party or (iii) seeking any determination or ruling that could reasonably
be expected to have a Material Adverse Effect.


 


(g)          All
Consents Required. All approvals, authorizations, consents, orders, licenses or other actions of any Person or of any Governmental
Authority (if any) required for the due execution, delivery and performance by the Servicer of this Agreement and any other Transaction
Document to which the Servicer is a party have been obtained.


 


(h)          Reports
Accurate. No Servicer’s Certificate, Servicing Report, Notice of Borrowing, Borrowing Base Certificate, information,
exhibit, financial statement, document, book, record or report furnished by the Servicer to the Administrative Agent, the Collateral
Agent, the Lenders, the Lender Agents, or the Collateral Custodian in connection with this Agreement is inaccurate in any material
respect as of the date it is dated, and no such document contains any material misstatement of fact or omits to state a material
fact or any fact necessary to make the statements contained therein not misleading in any material respect; provided that,
solely with respect to written or electronic information furnished by the Servicer which was provided to the Servicer from an Obligor
with respect to a Loan Asset, such information need only be accurate, true and correct to the knowledge of the Servicer; provided,
further, that the foregoing proviso shall not apply to any information from an Obligor presented in a Servicer’s Certificate,
Servicing Report, Notice of Borrowing or Borrowing Base Certificate.


 


(i)          Servicing
Standard. The Servicer has complied in all respects with the Servicing Standard with regard to the servicing of the Loan Assets.


 


(j)          Collections.
The Servicer acknowledges that all Available Collections received by it or its Affiliates with respect to the Collateral Portfolio
transferred or Pledged hereunder are held and shall be held in trust for the benefit of the Secured Parties until deposited into
the Collection Account within two Business Days from receipt as required herein.


 


 




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(k)          [Reserved].


 


(l)          Solvency.
The Servicer is not the subject of any Bankruptcy Proceedings or Bankruptcy Event. The transactions under this Agreement and any
other Transaction Document to which the Servicer is a party do not and will not render the Servicer not Solvent.


 


(m)          Taxes.
The Servicer has filed or caused to be filed all tax returns that are required to be filed by it (subject to any extensions to
file properly obtained by the same). The Servicer has paid or made adequate provisions for the payment of all Taxes and all assessments
made against it or any of its property (other than any amount of Tax the validity of which is currently being contested in good
faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of
the Servicer), and no Tax lien has been filed and no claim is being asserted, with respect to any such Tax, assessment or other
charge. Notwithstanding the foregoing, if (i) an amount of unpaid Taxes of the Servicer (or Taxes with respect to its property)
is less than $25,000 in the aggregate and (ii) such unpaid Taxes do not have an adverse effect on any Secured Party, then the representation
and warranties set forth in this Section 4.03(m) shall not be deemed to be incorrect on account of such unpaid Taxes.


 


(n)          Exchange
Act Compliance; Regulations T, U and X. None of the transactions contemplated herein or the other Transaction Documents (including,
without limitation, the use of the Proceeds from the sale of the Collateral Portfolio) will violate or result in a violation of
Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and
X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II.


 


(o)          Security
Interest. The Servicer will take all steps necessary to ensure that the Borrower has granted a security interest (as defined
in the UCC) to the Collateral Agent, for the benefit of the Secured Parties, in the Collateral Portfolio, which is enforceable
in accordance with Applicable Law upon execution and delivery of this Agreement and such security interest is a valid and first
priority perfected security interest in the Loan Assets and that portion of the Collateral Portfolio in which a security interest
may be perfected by filing (except for any Permitted Liens). All filings (including, without limitation, such UCC filings) as are
necessary for the perfection of the Secured Parties’ security interest in the Loan Assets and that portion of the Collateral
Portfolio in which a security interest may be perfected by filing have been (or prior to the applicable Advance will be) made.


 


(p)          ERISA.
The present value of all benefits vested under each “employee pension benefit plan” as such term is defined in Section
3(2) of ERISA, other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Servicer
or any ERISA Affiliate of the Servicer or to which the Servicer or any ERISA Affiliate of the Servicer contributes or has an obligation
to contribute, or has any liability (each, a “Servicer Pension Plan”) does not exceed the value of the assets
of the Servicer Pension Plan allocable to such vested benefits (based on the value of such assets as of the last annual valuation
date) determined in accordance with the assumptions used for funding such Servicer Pension Plan pursuant to Sections 412 and 430
of the Code. No prohibited transactions, failure to meet the minimum funding standard set forth in Section 302(a) of ERISA and
Section 412(a) of the Code (with respect to any Servicer Pension Plan other than a Multiemployer Plan), withdrawals or reportable
events have occurred with respect to any Servicer Pension Plan that, in the aggregate, could subject the Servicer to any material
tax, penalty or other liability. No notice of intent to terminate a Servicer Pension Plan has been filed, nor has any Servicer
Pension Plan been terminated under Section 4041(f) of ERISA, nor has the Pension Benefit Guaranty Corporation instituted proceedings
to terminate, or appoint a trustee to administer, a Servicer Pension Plan and no event has occurred or condition exists that might
constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Servicer
Pension Plan.


 




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(q)          USA
PATRIOT Act. Neither the Servicer nor any Affiliate of the Servicer is (i) a country, territory, organization, person or entity
named on an OFAC list; (ii) a Person that resides or has a place of business in a country or territory named on such lists or which
is designated as a “Non-Cooperative Jurisdiction” by the Financial Action Task Force on Money Laundering, or whose
subscription funds are transferred from or through such a jurisdiction; (iii) a “Foreign Shell Bank” within the meaning
of the USA PATRIOT Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated
with a bank that has a physical presence and an acceptable level of regulation and supervision; or (iv) a person or entity
that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under
Sections 311 or 312 of the USA PATRIOT Act as warranting special measures due to money laundering concerns.


 


(r)          Environmental.
With respect to each item of Underlying Collateral, to the actual knowledge of a Responsible Officer of the Servicer: (a) the related
Obligor’s operations comply in all material respects with all applicable Environmental Laws; (b) none of the related Obligor’s
operations is the subject of a Federal or state investigation evaluating whether any remedial action, involving expenditures, is
needed to respond to a release of any Hazardous Materials into the environment; and (c) the related Obligor does not have any material
contingent liability in connection with any release of any Hazardous Materials into the environment. The Servicer has not received
any written or verbal notice of, or inquiry from any Governmental Authority regarding, any violation, alleged violation, non-compliance,
liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the
Underlying Collateral, nor does the Servicer have knowledge or reason to believe that any such notice will be received or is being
threatened.


 


(s)          No
Injunctions. No injunction, writ, restraining order or other order of any nature adversely affects the Servicer’s performance
of its obligations under this Agreement or any Transaction Document to which the Servicer is a party.


 


(t)          Instructions
to Obligors. The Collection Account is the only account to which Obligors have been instructed by the Servicer on the Borrower’s
behalf to send Principal Collections and Interest Collections on the Collateral Portfolio.


 


(u)          Allocation
of Charges. There is not any agreement or understanding between the Servicer and the Borrower (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; provided that it is understood and
acknowledged that the Borrower will be consolidated with the Transferor for tax purposes.


 




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(v)         Servicer
Termination Event. No event has occurred which constitutes a Servicer Termination Event (other than any Servicer Termination
Event which has previously been disclosed to the Administrative Agent as such).


 


(w)          Broker-Dealer.
The Servicer is not a broker-dealer or subject to the Securities Investor Protection Act of 1970, as amended.


 


(x)          Compliance
with Applicable Law. The Servicer has complied in all respects with all Applicable Law to which it may be subject, and no item
in the Collateral Portfolio contravenes in any respect any Applicable Law.


 


Section 4.04         Representations
and Warranties of the Collateral Agent. The Collateral Agent in its individual capacity and as Collateral Agent represents
and warrants as follows:


 


(a)          Organization;
Power and Authority. It is a duly organized and validly existing national banking association in good standing under the laws
of the United States. It has full corporate power, authority and legal right to execute, deliver and perform its obligations as
Collateral Agent under this Agreement.


 


(b)          Due
Authorization. The execution and delivery of this Agreement and the consummation of the transactions provided for herein have
been duly authorized by all necessary association action on its part, either in its individual capacity or as Collateral Agent,
as the case may be.


 


(c)          No
Conflict. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment
of the terms hereof will not conflict with, result in any breach of its articles of incorporation or bylaws or any of the terms
and provisions of, or constitute (with or without notice or lapse of time or both) a default under any indenture, contract, agreement,
mortgage, deed of trust, or other instrument to which the Collateral Agent is a party or by which it or any of its property is
bound.


 


(d)          No
Violation. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment
of the terms hereof will not conflict with or violate, in any respect, any Applicable Law.


 


(e)          All
Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or Governmental Authority
applicable to the Collateral Agent, required in connection with the execution and delivery of this Agreement, the performance by
the Collateral Agent of the transactions contemplated hereby and the fulfillment by the Collateral Agent of the terms hereof have
been obtained.


 


(f)          Validity,
Etc. The Agreement constitutes the legal, valid and binding obligation of the Collateral Agent, enforceable against the Collateral
Agent in accordance with its terms, except as such enforceability may be limited by applicable Bankruptcy Laws and general principles
of equity (whether considered in a suit at law or in equity).


 




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Section 4.05         Representations
and Warranties of each Lender. Each Lender hereby individually represents and warrants, as to itself, that it is (i)(a) either
a Qualified Institutional Buyer under Rule 144A of the Securities Act or an institutional “Accredited Investor” as
defined in Rule 501(a)(1)-(3) or (7) under the Securities Act and (b) a “qualified purchaser” under the 1940 Act and
(ii) acquiring the Variable Funding Notes for investment for its own account and not with a view to any distribution of such Variable
Funding Notes (but without prejudice to its rights at all times to sell or otherwise dispose of the Variable Funding Notes in accordance
herewith). Notwithstanding anything to the contrary herein, the parties hereto intend that the Advances made hereunder shall constitute
a “loan” and not a “security for purposes of Section 8-102(15) of the UCC.


 


Section 4.06         Representations
and Warranties of the Collateral Custodian. The Collateral Custodian in its individual capacity and as Collateral Custodian
represents and warrants as follows:


 


(a)          Organization;
Power and Authority. It is a duly organized and validly existing national banking association in good standing under the laws
of the United States. It has full corporate power, authority and legal right to execute, deliver and perform its obligations as
Collateral Custodian under this Agreement.


 


(b)          Due
Authorization. The execution and delivery of this Agreement and the consummation of the transactions provided for herein have
been duly authorized by all necessary association action on its part, either in its individual capacity or as Collateral Custodian,
as the case may be.


 


(c)          No
Conflict. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment
of the terms hereof will not conflict with, result in any breach of its articles of incorporation or bylaws or any of the terms
and provisions of, or constitute (with or without notice or lapse of time or both) a default under any indenture, contract, agreement,
mortgage, deed of trust, or other instrument to which the Collateral Custodian is a party or by which it or any of its property
is bound.


 


(d)          No
Violation. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment
of the terms hereof will not conflict with or violate, in any respect, any Applicable Law.


 


(e)          All
Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or Governmental Authority
applicable to the Collateral Custodian, required in connection with the execution and delivery of this Agreement, the performance
by the Collateral Custodian of the transactions contemplated hereby and the fulfillment by the Collateral Custodian of the terms
hereof have been obtained.


 


(f)          Validity,
Etc. The Agreement constitutes the legal, valid and binding obligation of the Collateral Custodian, enforceable against the
Collateral Custodian in accordance with its terms, except as such enforceability may be limited by applicable Bankruptcy Laws and
general principles of equity (whether considered in a suit at law or in equity).


 




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ARTICLE
V.


 


GENERAL
COVENANTS


 


Section 5.01         Affirmative
Covenants of the Borrower.


 


From the Original Closing
Date until the Collection Date:


 


(a)          Organizational
Procedures and Scope of Business. The Borrower will observe all organizational procedures required by its certificate of formation,
limited liability company agreement and the laws of its jurisdiction of formation. Without limiting the foregoing, the Borrower
will limit the scope of its business to: (i) the acquisition of Eligible Loan Assets and the ownership and management of the Portfolio
Assets and the related assets in the Collateral Portfolio; (ii) the sale, transfer or other disposition of Loan Assets as and when
permitted under the Transaction Documents; (iii) entering into and performing under the Transaction Documents; (iv) consenting
or withholding consent as to proposed amendments, waivers and other modifications of the Loan Agreements to the extent not in conflict
with the terms of this Agreement or any other Transaction Document; (v) exercising any rights (including but not limited to voting
rights and rights arising in connection with a Bankruptcy Event with respect to an Obligor or the consensual or non-judicial restructuring
of the debt or equity of an Obligor) or remedies in connection with the Loan Assets and participating in the committees (official
or otherwise) or other groups formed by creditors of an Obligor to the extent not in conflict with the terms of this Agreement
or any other Transaction Document; and (vi) engaging in any activity and to exercise any powers permitted to limited liability
companies under the laws of the State of Delaware that are related to the foregoing and necessary, convenient or advisable to accomplish
the foregoing.


 


(b)          Special
Purpose Entity Requirements. The Borrower will at all times: (i) maintain at least one Independent Director; (ii) maintain
its own separate books and records and bank accounts; (iii) hold itself out to the public and all other Persons as a legal entity
separate from the Transferor and any other Person; (iv) have a Board of Directors separate from that of the Transferor and any
other Person; (v) file its own tax returns, if any, as may be required under Applicable Law, to the extent it is (1) not part of
a consolidated group filing a consolidated return or returns or (2) not treated as a division for tax purposes of another taxpayer,
and pay any Taxes so required to be paid under Applicable Law in accordance with the terms of this Agreement; (vi) not commingle
its assets with assets of any other Person; (vii) conduct its business in its own name and strictly comply with all organizational
formalities to maintain its separate existence; (viii) maintain separate financial statements, except to the extent that the Borrower’s
financial and operating results are consolidated with those of the Transferor in consolidated financial statements; (ix) pay its
own liabilities only out of its own funds; (x) maintain an arm’s-length relationship with its Affiliates and the Transferor;
(xi) pay the salaries of its own employees, if any; (xii) not hold out its credit or assets as being available to satisfy the obligations
of others; (xiii) allocate fairly and reasonably any overhead for shared office space; (xiv) use separate stationery, invoices
and checks; (xv) except as expressly permitted by this Agreement, not pledge its assets as security for the obligations of any
other Person; (xvi) correct any known misunderstanding regarding its separate identity; (xvii) maintain adequate capital in light
of its contemplated business purpose, transactions and liabilities and pay its operating expenses and liabilities from its own
assets; (xviii) cause its Board of Directors to meet at least annually or act pursuant to written consent and keep minutes of such
meetings and actions and observe in all respects all other Delaware limited liability company formalities; (xix) not acquire the
obligations or any securities of its Affiliates; and (xx) cause the directors, officers, agents and other representatives of the
Borrower to act at all times with respect to the Borrower consistently and in furtherance of the foregoing and in the best interests
of the Borrower. Where necessary, the Borrower will obtain proper authorization from its members for limited liability company
action.


 




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(c)          Preservation
of Company Existence. The Borrower will preserve and maintain its limited liability company existence in good standing under
the laws of its jurisdiction of formation and will promptly obtain and thereafter maintain qualifications to do business as a foreign
limited liability company in any other state in which it does business and in which it is required to so qualify under Applicable
Law.


 


(d)          Compliance
with Legal Opinions. The Borrower shall take all other actions necessary to maintain the accuracy of the factual assumptions
set forth in the legal opinions of Dechert LLP, as special counsel to the Borrower, issued in connection with the Purchase and
Sale Agreement and relating to the issues of substantive consolidation and true sale of the Loan Assets.


 


(e)          Deposit
of Collections. The Borrower shall promptly (but in no event later than two Business Days after receipt) deposit or cause to
be deposited into the Collection Account any and all Available Collections received by the Borrower, the Servicer or any of their
Affiliates.


 


(f)          Disclosure
of Purchase Price. The Borrower shall disclose to the Administrative Agent and the Lender Agents the purchase price for each
Loan Asset proposed to be acquired by the Borrower.


 


(g)          Obligor
Defaults and Bankruptcy Events. The Borrower shall give, or shall cause the Servicer to give, notice to the Administrative
Agent and the Lender Agents within two Business Days of the Borrower’s, the Transferor’s or the Servicer’s actual
knowledge of the occurrence of any payment default by an Obligor under any Loan Asset or any Bankruptcy Event with respect to any
Obligor under any Loan Asset.


 


(h)          Required
Loan Documents. The Borrower shall deliver to the Collateral Custodian a hard copy or electronic copy of (i) the Required Loan
Documents (other than the Golub Agented Required Loan Documents) and the Loan Asset Checklist pertaining to each Loan Asset within
five Business Days of the Cut-Off Date pertaining to such Loan Asset and (ii) the Golub Agented Required Loan Documents pertaining
to each Loan Asset within thirty days of the Cut-Off Date pertaining to such Loan Asset.


 


(i)          Taxes.
The Borrower will file or cause to be filed its tax returns and pay any and all Taxes imposed on it or its property as required
by the Transaction Documents (except as contemplated in Section 4.01(m)).


 




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(j)          Notice
of Event of Default. The Borrower shall notify the Administrative Agent and each Lender Agent of the occurrence of any Event
of Default under this Agreement promptly upon obtaining actual knowledge of such event. In addition, no later than two Business
Days following the Borrower’s knowledge or notice of the occurrence of any Event of Default or Unmatured Event of Default,
the Borrower will provide to the Administrative Agent and each Lender Agent a written statement of a Responsible Officer of the
Borrower setting forth the details of such event and the action that the Borrower proposes to take with respect thereto.


 


(k)          Notice
of Material Events. The Borrower shall promptly notify the Administrative Agent and each Lender Agent of any event or other
circumstance that is reasonably likely to have a Material Adverse Effect.


 


(l)          Notice
of Income Tax Liability. The Borrower shall furnish to the Administrative Agent and each Lender Agent telephonic or facsimile
notice within 10 Business Days (confirmed in writing within five Business Days thereafter) of the receipt of revenue agent reports
or other written proposals, determinations or assessments of the Internal Revenue Service or any other taxing authority which propose,
determine or otherwise set forth positive adjustments (i) to the Tax liability of the Transferor or any “affiliated group”
(of which the Transferor is a member) in an amount equal to or greater than $1,000,000 in the aggregate, or (ii) to the Tax liability
of the Borrower itself in an amount equal to or greater than $500,000 in the aggregate. Any such notice shall specify the nature
of the items giving rise to such adjustments and the amounts thereof.


 


(m)          Notice
of Auditors’ Management Letters. The Borrower shall promptly notify the Administrative Agent and each Lender Agent after
the receipt of any auditors’ management letters received by the Borrower or by its accountants.


 


(n)          Notice
of Breaches of Representations and Warranties under this Agreement. The Borrower shall promptly notify the Administrative Agent
and each Lender Agent if any representation or warranty set forth in Section 4.01 or Section 4.02 was incorrect at
the time it was given or deemed to have been given and at the same time deliver to the Collateral Agent, the Administrative Agent
and the Lender Agents a written notice setting forth in reasonable detail the nature of such facts and circumstances. In particular,
but without limiting the foregoing, the Borrower shall notify the Administrative Agent and each Lender Agent in the manner set
forth in the preceding sentence before any Cut-Off Date of any facts or circumstances within the knowledge of the Borrower which
would render any of the said representations and warranties untrue at the date when such representations and warranties were made
or deemed to have been made.


 


(o)          Notice
of Breaches of Representations and Warranties under the Purchase and Sale Agreement. The Borrower confirms and agrees that
the Borrower will, upon receipt of notice or discovery thereof, promptly send to the Administrative Agent, each Lender Agent and
the Collateral Agent a notice of (i) any material breach of any representation, warranty, agreement or covenant under the Purchase
and Sale Agreement or (ii) any event or occurrence that, upon notice, or upon the passage of time or both, would constitute such
a breach.


 




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(p)          Notice
of Proceedings. The Borrower shall notify the Administrative Agent and each Lender Agent, as soon as possible and in any event
within three Business Days, after the Borrower receives notice or obtains knowledge thereof, of any settlement of, material judgment
(including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor
controversy, material litigation, material action, material suit or material proceeding before any court or governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Collateral Portfolio, the Transaction
Documents, the Collateral Agent’s, for the benefit of the Secured Parties, interest in the Collateral Portfolio, or the Borrower,
the Servicer or the Transferor or any of their Affiliates. For purposes of this Section 5.01(p), (i) any settlement, judgment,
labor controversy, litigation, action, suit or proceeding affecting the Collateral Portfolio, the Transaction Documents, the Collateral
Agent’s, for the benefit of the Secured Parties, interest in the Collateral Portfolio, or the Borrower in excess of $500,000
shall be deemed to be material and (ii) any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting
the Servicer or the Transferor in excess of $1,000,000 shall be deemed to be material.


 


(q)          Notice
of ERISA Reportable Events. The Borrower shall promptly notify the Administrative Agent and each Lender Agent after receiving
notice of any “reportable event” (as defined in Title IV of ERISA, other than an event for which the reporting requirements
have been waived by regulations) with respect to the Borrower (or any ERISA Affiliate thereof), and provide them with a copy of
such notice.


 


(r)          Notice
of Accounting Changes. As soon as possible and in any event within three Business Days after the effective date thereof, the
Borrower will provide to the Administrative Agent and each Lender Agent notice of any material change in the accounting policies
of the Borrower.


 


(s)          Additional
Documents. The Borrower shall provide the Administrative Agent and each Lender Agent with copies of such documents as the Administrative
Agent or any Lender Agent may reasonably request evidencing the truthfulness of the representations set forth in this Agreement.


 




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(t)          Protection
of Security Interest. With respect to the Collateral Portfolio acquired by the Borrower, the Borrower will (i) if acquired
from the Transferor, acquire such Collateral Portfolio pursuant to and in accordance with the terms of the Purchase and Sale Agreement
or such other similar agreement, as applicable, (ii) (at the expense of the Servicer, on behalf of the Borrower) take all action
necessary to perfect, protect and more fully evidence the Borrower’s ownership of such Collateral Portfolio free and clear
of any Lien other than the Lien created hereunder and Permitted Liens, including, without limitation, (a) with respect to the Loan
Assets and that portion of the Collateral Portfolio in which a security interest may be perfected by filing, filing and maintaining
(at the expense of the Servicer, on behalf of the Borrower), effective financing statements against the Transferor in all necessary
or appropriate filing offices, (including any amendments thereto or assignments thereof) and filing continuation statements, amendments
or assignments with respect thereto in such filing offices, (including any amendments thereto or assignments thereof) and (b) executing
or causing to be executed such other instruments or notices as may be necessary or appropriate, (iii) (at the expense of the Servicer,
on behalf of the Borrower) take all action necessary to cause a valid, subsisting and enforceable first priority perfected security
interest, subject only to Permitted Liens, to exist in favor of the Collateral Agent (for the benefit of the Secured Parties) in
the Borrower’s interests in all of the Collateral Portfolio being Pledged hereunder including the filing of a UCC financing
statement in the applicable jurisdiction adequately describing the Collateral Portfolio (which may include an “all asset”
filing), and naming the Borrower as debtor and the Collateral Agent as the secured party, and filing continuation statements, amendments
or assignments with respect thereto in such filing offices (including any amendments thereto or assignments thereof), (iv) permit
the Administrative Agent or any Lender Agent or their respective agents or representatives to visit the offices of the Borrower
during normal office hours and upon reasonable advance notice examine and make copies of all documents, books, records and other
information concerning the Collateral Portfolio and discuss matters related thereto with any of the officers or employees of the
Borrower having knowledge of such matters (provided that the Borrower shall not be liable for the costs and expenses of more than
two such visits in any calendar year unless an Event of Default has occurred hereunder, in which event the number of visits for
which the Borrower shall be liable for the costs and expenses shall not be limited), and (v) take all additional action that the
Administrative Agent, any Lender Agent or the Collateral Agent may reasonably request to perfect, protect and more fully evidence
the respective first priority perfected security interests of the parties to this Agreement in the Collateral Portfolio, or to
enable the Administrative Agent or the Collateral Agent to exercise or enforce any of their respective rights hereunder.


 


(u)          Liens.
The Borrower will promptly notify the Administrative Agent and the Lender Agents of the existence of any Lien on the Collateral
Portfolio (other than Permitted Liens) and the Borrower shall defend the right, title and interest of the Collateral Agent, for
the benefit of the Secured Parties, in, to and under the Collateral Portfolio against all claims of third parties.


 


(v)         Other
Documents. At any time from time to time upon prior written request of the Administrative Agent or any Lender Agent, at the
sole expense of the Borrower, the Borrower will promptly and duly execute and deliver such further instruments and documents and
take such further actions as the Administrative Agent or any Lender Agent may reasonably request for the purposes of obtaining
or preserving the full benefits of this Agreement including the first priority security interest (subject only to Permitted Liens)
granted hereunder and of the rights and powers herein granted (including, among other things, authorizing the filing of such UCC
financing statements as the Administrative Agent may request).


 


(w)          Compliance
with Law. The Borrower shall at all times comply in all respects with all Applicable Law applicable to Borrower or any of its
assets (including, without limitation, Environmental Laws, and all federal securities laws), and Borrower shall do or cause to
be done all things necessary to preserve and maintain in full force and effect its legal existence, and all licenses material to
its business.


 


(x)          Proper
Records. The Borrower shall at all times keep proper books of records and accounts in which full, true and correct entries
shall be made of its transactions in accordance with GAAP and set aside on its books from its earning for each fiscal year all
such proper reserves in accordance with GAAP.


 




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(y)          Satisfaction
of Obligations. The Borrower shall pay, discharge or otherwise satisfy at or before maturity or before they become delinquent,
as the case may be, all its obligations of whatever nature, except where the amount or validity thereof is currently being contested
in good faith by appropriate proceedings and reserves with respect thereto have been provided on the books of the Borrower.


 


(z)          Performance
of Covenants. The Borrower shall observe, perform and satisfy all the material terms, provisions, covenants and conditions
required to be observed, performed or satisfied by it, and shall pay when due all costs, fees and expenses required to be paid
by it, under the Transaction Documents. The Borrower shall pay and discharge all Taxes, levies, liens and other charges on it or
its assets and on the Collateral Portfolio that, in each case, in any manner would create any lien or charge upon the Collateral
Portfolio, except for any such Taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted
and with respect to which adequate reserves have been provided in accordance with GAAP.


 


(aa)         Tax
Treatment. The Borrower, the Transferor and the Lenders shall treat the Advances advanced hereunder as indebtedness of the
Borrower (or, so long as the Borrower is treated as a disregarded entity for U.S. federal income tax purposes, as indebtedness
of the entity of which it is considered to be a part) for U.S. federal income tax purposes and to file any and all tax forms in
a manner consistent therewith.


 


(bb)         Maintenance
of Records. The Borrower will maintain records with respect to the Collateral Portfolio and the conduct and operation of its
business with no less a degree of prudence than if the Collateral Portfolio were held by the Borrower for its own account and will
furnish the Administrative Agent and each Lender Agent, upon the reasonable request by the Administrative Agent and each Lender
Agent, information with respect to the Collateral Portfolio and the conduct and operation of its business.


 


(cc)         Obligor
Notification Forms. The Borrower shall furnish the Collateral Agent and the Administrative Agent with an appropriate power
of attorney to send (at the Administrative Agent’s discretion on the Collateral Agent’s behalf, after the occurrence
of an Event of Default) Obligor notification forms to give notice to the Obligors of the Collateral Agent’s interest in the
Collateral Portfolio and the obligation to make payments as directed by the Administrative Agent on the Collateral Agent’s
behalf.


 


(dd)         [Reserved].


 


(ee)         Continuation
Statements. The Borrower shall, not earlier than six months and not later than three months prior to the fifth anniversary
of the date of filing of the financing statement referred to in Schedule I hereto or any other financing statement filed
pursuant to this Agreement or in connection with any Advance hereunder, unless the Collection Date shall have occurred:


 


(i)          authorize
and deliver and file or cause to be filed an appropriate continuation statement with respect to such financing statement; and


 




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(ii)         deliver
or cause to be delivered to the Collateral Agent, the Administrative Agent and the Lender Agents an opinion of the counsel for
the Borrower, in form and substance reasonably satisfactory to the Administrative Agent, confirming and updating the opinion delivered
pursuant to Schedule I with respect to perfection and otherwise to the effect that the security interest hereunder continues
to be an enforceable and perfected security interest, subject to no other Liens of record except as provided herein or otherwise
permitted hereunder, which opinion may contain usual and customary assumptions, limitations and exceptions.


 


(ff)         Disregarded
Entity. The Borrower will be disregarded as an entity separate from its owner pursuant to Treasury Regulation Section 301.7701-3(b),
and neither the Borrower nor any other Person on its behalf shall make an election to be treated as other than an entity disregarded
from its owner under Treasury Regulation Section 301.7701-3(c).


 


Section 5.02         Negative
Covenants of the Borrower.


 


From the Original Closing
Date until the Collection Date:


 


(a)          Special
Purpose Entity Requirements. Except as otherwise permitted by this Agreement, the Borrower shall not (i) guarantee any obligation
of any Person, including any Affiliate; (ii) engage, directly or indirectly, in any business, other than the actions required or
permitted to be performed under the Transaction Documents; (iii) incur, create or assume any Indebtedness, other than Indebtedness
incurred under the Transaction Documents or under any Hedging Agreement pursuant to Section 5.09(a); (iv) make or permit
to remain outstanding any loan or advance to, or own or acquire any stock or securities (other than any equity or other securities
retained pursuant to Section 6.05) of, any Person, except that the Borrower may invest in those Loan Assets and other investments
permitted under the Transaction Documents and may make any advance required or expressly permitted to be made pursuant to any provisions
of the Transaction Documents and permit the same to remain outstanding in accordance with such provisions; (v) become insolvent
or fail to pay its debts and liabilities from its assets when due; (vi) create, form or otherwise acquire any Subsidiaries (other
than any equity or other securities retained pursuant to Section 6.05) or (vii) release, sell, transfer, convey or assign
any Loan Asset unless in accordance with the Transaction Documents.


 


(b)          Requirements
for Material Actions. The Borrower shall not fail to provide (and at all times the Borrower’s organizational documents
shall reflect) that the unanimous consent of all directors (including the consent of the Independent Director(s)) is required for
the Borrower to (i) dissolve or liquidate, in whole or part, or institute proceedings to be adjudicated bankrupt or insolvent,
(ii) institute or consent to the institution of bankruptcy or insolvency proceedings against it, (iii) file a petition seeking
or consent to reorganization or relief under any applicable federal or state law relating to bankruptcy or insolvency, (iv) seek
or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official for
the Borrower, (v) make any assignment for the benefit of the Borrower’s creditors, (vi) admit in writing its inability to
pay its debts generally as they become due, or (vii) take any action in furtherance of any of the foregoing.


 




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(c)          Protection
of Title. The Borrower shall not take any action which would directly or indirectly impair or adversely affect the Borrower’s
title to the Collateral Portfolio.


 


(d)          Transfer
Limitations. The Borrower shall not transfer, assign, convey, grant, bargain, sell, set over, deliver or otherwise dispose
of, or pledge or hypothecate, directly or indirectly, any interest in the Collateral Portfolio to any person other than the Collateral
Agent for the benefit of the Secured Parties, or engage in financing transactions or similar transactions with respect to the Collateral
Portfolio with any person other than the Administrative Agent and the Lenders, in each case, except as otherwise expressly permitted
by the terms of this Agreement.


 


(e)          Liens.
The Borrower shall not create, incur or permit to exist any lien, encumbrance or security interest in or on any of the Collateral
Portfolio subject to the security interest granted by the Borrower pursuant to this Agreement, other than Permitted Liens.


 


(f)          Organizational
Documents. The Borrower shall not amend, modify or terminate any of the organizational or operational documents of the Borrower
without the prior written consent of the Administrative Agent.


 


(g)          [Reserved].


 


(h)          Merger,
Acquisitions, Sales, etc. The Borrower shall not change its organizational structure, enter into any transaction of merger
or consolidation or amalgamation, or asset sale (other than pursuant to Section 2.07), or liquidate, wind up or dissolve
itself (or suffer any liquidation, winding up or dissolution) without the prior written consent of the Administrative Agent.


 


(i)          Use
of Proceeds. The Borrower shall not use the proceeds of any Advance other than (x) to finance the purchase by the Borrower,
on a “true sale” basis, of Collateral Portfolio, (y) to fund the Unfunded Exposure Account in order to establish reserves
for unfunded commitments of Revolving Loan Assets and Delayed Draw Loan Assets included in the Collateral Portfolio or (z) to distribute
such proceeds to the Transferor (so long as such distribution is permitted pursuant to Section 5.02(n)).


 


(j)          Limited
Assets. The Borrower shall not hold or own any assets that are not part of the Collateral Portfolio.


 


(k)          Tax
Treatment. The Borrower shall not elect to be treated as a corporation for U.S. federal income tax purposes and shall take
all reasonable steps necessary to avoid being treated as a corporation for U.S. federal income tax purposes.


 


(l)          Extension
or Amendment of Collateral Portfolio. The Borrower will not, except as otherwise permitted in Section 6.04(a) of this
Agreement and in accordance with the Servicing Standard, extend, amend or otherwise modify the terms of any Loan Asset (including
the Underlying Collateral).


 




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(m)          Purchase
and Sale Agreement. The Borrower will not amend, modify, waive or terminate any provision of the Purchase and Sale Agreement
without the prior written consent of the Administrative Agent.


 


(n)          Restricted
Junior Payments. The Borrower shall not make any Restricted Junior Payment, except that, so long as no Event of Default or
Unmatured Event of Default has occurred or would result therefrom, the Borrower may declare and make distributions to its member
on its membership interests.


 


(o)          ERISA
Matters. The Borrower will not (a) engage, and will exercise its best efforts not to permit any ERISA Affiliate to engage,
in any prohibited transaction (within the meaning of ERISA Section 406(a) or (b) or Code Section 4975) for which an exemption is
not available or has not previously been obtained from the United States Department of Labor, (b) fail to meet the minimum funding
standard set forth in Section 302(a) of ERISA and Section 412(a) of the Code with respect to any Pension Plan other than a
Multiemployer Plan, (c) fail to make any payments to a Multiemployer Plan that the Borrower or any ERISA Affiliate may be required
to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (d) terminate any Pension Plan so
as to result, directly or indirectly, in any liability to the Borrower, or (e) permit to exist any occurrence of any reportable
event described in Title IV of ERISA with respect to any Pension Plan, other than an event for which reporting requirements have
been waived by regulations.


 


(p)          Instructions
to Obligors. The Borrower will not make any change, or permit the Servicer to make any change, in its instructions to Obligors
regarding payments to be made with respect to the Collateral Portfolio to the Collection Account, unless the Administrative Agent
has consented to such change.


 


(q)          [Reserved].


 


(r)          Change
of Jurisdiction, Location, Names or Location of Loan Asset Files. The Borrower shall not change the jurisdiction of its formation,
make any change to its corporate name or use any tradenames, fictitious names, assumed names, “doing business as” names
or other names unless, prior to the effective date of any such change in the jurisdiction of its formation, name change or use,
the Borrower receives prior written consent from the Administrative Agent of such change and delivers to the Administrative Agent
such financing statements as the Administrative Agent may request to reflect such name change or use, together with such Opinions
of Counsel and other documents and instruments as the Administrative Agent may request in connection therewith. The Borrower will
not change the location of its chief executive office unless prior to the effective date of any such change of location, the Borrower
notifies the Administrative Agent of such change of location in writing. The Borrower will not move, or consent to the Collateral
Custodian or the Servicer moving, the Loan Asset Files from the location thereof on the Original Closing Date, unless the Administrative
Agent shall consent to such move in writing and the Servicer shall provide the Administrative Agent with such Opinions of Counsel
and other documents and instruments as the Administrative Agent may request in connection therewith.


 




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(s)          Allocation
of Charges. There will not be any agreement or understanding between the Servicer and the Borrower (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; provided that it is understood
and acknowledged that the Borrower will be consolidated with the Transferor for tax purposes.


 


Section 5.03         Affirmative
Covenants of the Servicer.


 


From the Original Closing
Date until the Collection Date:


 


(a)          Compliance
with Law. The Servicer will comply in all respects with all Applicable Law, including those with respect to servicing the Collateral
Portfolio or any part thereof.


 


(b)          Preservation
of Company Existence. The Servicer will preserve and maintain its limited liability company existence, rights, franchises and
privileges in the jurisdiction of its formation, and qualify and remain qualified in good standing as a limited liability company
in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification
could reasonably be expected to have a Material Adverse Effect.


 


(c)          Obligations
and Compliance with Collateral Portfolio. The Servicer will take all actions within its control so as to permit the Borrower
to fulfill and comply with all obligations on the part of the Borrower to be fulfilled or complied with under or in connection
with the administration of each item of Collateral Portfolio and will do nothing to impair the rights of the Collateral Agent,
for the benefit of the Secured Parties, or of the Secured Parties in, to and under the Collateral Portfolio. It is understood and
agreed that the Servicer does not hereby assume any obligations of the Borrower in respect of any Advances or assume any responsibility
for the performance by the Borrower of any of its obligations hereunder or under any other agreement executed in connection herewith
that would be inconsistent with the limited recourse undertaking of the Servicer, in its capacity as an affiliate of the Transferor,
under the Purchase and Sale Agreement.


 


(d)          Keeping
of Records and Books of Account.


 


(i)          The
Servicer will maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate
records evidencing Collateral Portfolio in the event of the destruction of the originals thereof), and keep and maintain all documents,
books, records and other information reasonably necessary or advisable for the collection of all Collateral Portfolio and the identification
of the Collateral Portfolio.


 




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(ii)         The
Servicer shall permit the Administrative Agent, each Lender Agent or their respective agents or representatives, to visit the offices
of the Servicer during normal office hours and upon reasonable advance notice and examine and make copies of all documents, books,
records and other information concerning the Collateral Portfolio and the Servicer’s servicing thereof and discuss matters
related thereto with any of the officers or employees of the Servicer having knowledge of such matters (provided that the Servicer
shall not be liable for the costs and expenses of more than two such visits in any calendar year unless an Event of Default has
occurred hereunder, in which event the number of visits for which the Servicer shall be liable for the costs and expenses shall
not be limited).


 


(iii)        The
Servicer will, on or prior to the Amended and Restated Closing Date, mark its master data processing records and other books and
records relating to the Collateral Portfolio with a legend, acceptable to the Administrative Agent describing (i) the sale of the
Collateral Portfolio to the Borrower and (ii) the Pledge from the Borrower to the Collateral Agent, for the benefit of the Secured
Parties.


 


(e)          Preservation
of Security Interest. The Servicer (at its own expense, on behalf of the Borrower) will file such financing and continuation
statements and any other documents that may be required by any law or regulation of any Governmental Authority to preserve and
protect fully the first priority perfected security interest of the Collateral Agent, for the benefit of the Secured Parties, in,
to and under the Loan Assets and that portion of the Collateral Portfolio in which a security interest may be perfected by filing.


 


(f)          [Reserved].


 


(g)          Events
of Default. The Servicer will provide the Administrative Agent and each Lender Agent (with a copy to the Collateral Agent)
with immediate written notice of the occurrence of each Event of Default and each Unmatured Event of Default of which the Servicer
has knowledge or has received notice. In addition, no later than two Business Days following the Servicer’s knowledge or
notice of the occurrence of any Event of Default or Unmatured Event of Default, the Servicer will provide to the Collateral Agent,
the Administrative Agent and each Lender Agent a written statement of the chief financial officer or chief accounting officer of
the Servicer setting forth the details of such event and the action that the Servicer proposes to take with respect thereto.


 


(h)          Taxes.
The Servicer will file its tax returns and pay any and all Taxes imposed on it or its property as required under the Transaction
Documents (except as contemplated by Section 4.03(m)).


 


(i)          Other.
The Servicer will promptly furnish to the Collateral Agent, the Administrative Agent and each Lender Agent such other information,
documents, records or reports respecting the Collateral Portfolio or the condition or operations, financial or otherwise, of the
Borrower or the Servicer as the Collateral Agent, any Lender Agent or the Administrative Agent may from time to time reasonably
request in order to protect the interests of the Administrative Agent, the Lender Agents, the Collateral Agent or Secured Parties
under or as contemplated by this Agreement.


 




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(j)          Proceedings
Related to the Borrower, the Transferor and the Servicer and the Transaction Documents. The Servicer shall notify the Administrative
Agent and each Lender Agent as soon as possible and in any event within three Business Days after any executive officer of the
Servicer receives notice or obtains knowledge thereof of any settlement of, judgment (including a judgment with respect to the
liability phase of a bifurcated trial) in or commencement of any labor controversy, litigation, action, suit or proceeding before
any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that could reasonably
be expected to have a Material Adverse Effect on the Borrower, the Transferor or the Servicer (or any of their Affiliates) or the
Transaction Documents. For purposes of this Section 5.03(j), (i) any settlement, judgment, labor controversy, litigation,
action, suit or proceeding affecting the Transaction Documents or the Borrower in excess of $500,000 shall be deemed to be expected
to have such a Material Adverse Effect and (ii) any settlement, judgment, labor controversy, litigation, action, suit or proceeding
affecting the Servicer or the Transferor in excess of $1,000,000 shall be deemed to be expected to have such a Material Adverse
Effect.


 


(k)          Deposit
of Collections. The Servicer shall promptly (but in no event later than two Business Days after receipt) deposit or cause to
be deposited into the Collection Account any and all Available Collections received by the Borrower, the Servicer or any of their
Affiliates.


 


(l)          [Reserved].


 


(m)          Special
Purpose Entity Requirements. The Servicer shall take such actions as are necessary to cause the Borrower to be in compliance
with the special purpose entity requirements set forth in Sections 5.01(a) and (b) and 5.02(a) and (b);
provided, that, for the avoidance of doubt, the Servicer shall not be required to expend any of its own funds to cause the
Borrower to be in compliance with subsection 5.02(a)(v) or subsection 5.01(b)(xvii).


 


(n)          Accounting
Changes. As soon as possible and in any event within three Business Days after the effective date thereof, the Servicer will
provide to the Administrative Agent and the Lender Agents notice of any material change in the accounting policies of the Servicer.


 


(o)          Proceedings
Related to the Collateral Portfolio. The Servicer shall notify the Administrative Agent and each Lender Agent as soon as possible
and in any event within three Business Days after any Responsible Officer of the Servicer receives notice or has actual knowledge
of any settlement of, judgment (including a judgment with respect to the liability phase of a bifurcated trial) in or commencement
of any labor controversy, litigation, action, suit or proceeding before any court or governmental department, commission, board,
bureau, agency or instrumentality, domestic or foreign, that could reasonably be expected to have a Material Adverse Effect on
the interests of the Collateral Agent or the Secured Parties in, to and under the Collateral Portfolio. For purposes of this Section
5.03(o), any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral Portfolio
or the Collateral Agent’s or the Secured Parties’ interest in the Collateral Portfolio in excess of $1,000,000 or more
shall be deemed to be expected to have such a Material Adverse Effect.


 


(p)          Compliance
with Legal Opinions. The Servicer shall take all other actions necessary to maintain the accuracy of the factual assumptions
set forth in the legal opinions of Dechert LLP, as special counsel to the Servicer, issued in connection with the Transaction Documents
and relating to the issues of substantive consolidation and true sale of the Loan Assets.


 




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(q)          Instructions
to Agents and Obligors. The Servicer shall direct, or shall cause the Transferor to direct, any agent or administrative agent
for any Loan Asset to remit all payments and collections with respect to such Loan Asset, and, if applicable, to direct the Obligor
with respect to such Loan Asset to remit all such payments and collections with respect to such Loan Asset directly to the Collection
Account. The Servicer shall take commercially reasonable steps to ensure, and shall cause the Transferor to take commercially reasonable
steps to ensure, that only funds constituting payments and collections relating to Loan Assets shall be deposited into the Collection
Account.


 


(r)          Capacity
as Servicer. The Servicer will ensure that, at all times when it is dealing with or in connection with the Loan Assets in its
capacity as Servicer, it holds itself out as Servicer, and not in any other capacity.


 


(s)          Notice
of Breaches of Representations and Warranties under the Purchase and Sale Agreement. The Servicer confirms and agrees that
the Servicer will, upon receipt of notice or discovery thereof, promptly send to the Administrative Agent, each Lender Agent and
the Collateral Agent a notice of (i) any breach of any representation, warranty, agreement or covenant under the Purchase and Sale
Agreement or (ii) any event or occurrence that, upon notice, or upon the passage of time or both, would constitute such a breach,
in each case, promptly upon learning thereof.


 


(t)          Audits.
From time to time after the Amended and Restated Closing Date, at the discretion of the Administrative Agent and each Lender Agent,
the Servicer shall allow the Administrative Agent and each Lender Agent (during normal office hours and upon advance notice) to
review the Servicer’s collection and administration of the Collateral Portfolio in order to assess compliance by the Servicer
with the Servicing Standard, as well as with the Transaction Documents and to conduct an audit of the Collateral Portfolio and
Required Loan Documents in conjunction with such a review (provided that the Servicer shall not be liable for the costs and expenses
of more than two such visits in any calendar year unless an Event of Default has occurred hereunder, in which event the number
of visits for which the Servicer shall be liable for the costs and expenses shall not be limited). Such review shall be reasonable
in scope and shall be completed in a reasonable period of time.


 


(u)          Notice
of Breaches of Representations and Warranties under this Agreement. The Servicer shall promptly notify the Administrative Agent
and the Lender Agents if any representation or warranty set forth in Section 4.03 was incorrect at the time it was given
or deemed to have been given and at the same time deliver to the Collateral Agent, the Administrative Agent and the Lender Agents
a written notice setting forth in reasonable detail the nature of such facts and circumstances. In particular, but without limiting
the foregoing, the Servicer shall notify the Administrative Agent and the Lender Agents in the manner set forth in the preceding
sentence before any Cut-Off Date of any facts or circumstances within the knowledge of the Servicer which would render any of the
said representations and warranties untrue at the date when such representations and warranties were made or deemed to have been
made.


 




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(v)         Insurance
Policies. The Servicer has caused, and will cause, to be performed any and all acts reasonably required to be performed to
preserve the rights and remedies of the Collateral Agent and the Secured Parties in any Insurance Policies applicable to Loan Assets
(to the extent the Servicer or an Affiliate of the Servicer is the agent or servicer under the applicable Loan Agreement) including,
without limitation, in each case, any necessary notifications of insurers, assignments of policies or interests therein, and establishments
of co-insured, joint loss payee and mortgagee rights in favor of the Collateral Agent and the Secured Parties; provided
that, unless the Borrower is the sole lender under such Loan Agreement, the Servicer shall only take such actions that are customarily
taken by or on behalf of a lender in a syndicated loan facility to preserve the rights of such lender.


 


(w)          Disregarded
Entity. The Servicer shall cause the Borrower to be disregarded as an entity separate from its owner pursuant to Treasury Regulation
Section 301.7701-3(b) and shall cause that neither the Borrower nor any other Person on its behalf shall make an election
to be treated as other than an entity disregarded from its owner under Treasury Regulation Section 301.7701-3(c).


 


Section 5.04         Negative
Covenants of the Servicer.


 


From the Original Closing
Date until the Collection Date:


 


(a)          Mergers,
Acquisition, Sales, etc. The Servicer will not consolidate with or merge into any other Person or convey or transfer its properties
and assets substantially as an entirety to any Person, unless the Servicer is the surviving entity and unless:


 


(i)          the
Servicer has delivered to the Administrative Agent and each Lender Agent an Officer’s Certificate and an Opinion of Counsel
(which may rely on an Officer’s Certificate as to factual matters such as whether or not such transaction would cause an
Event of Default or Servicer Termination Event) each stating that any such consolidation, merger, conveyance or transfer and any
supplemental agreement executed in connection therewith comply with this Section 5.04 and that all conditions precedent
herein provided for relating to such transaction have been complied with and, in the case of the Opinion of Counsel, that such
supplemental agreement is legal, valid and binding with respect to the Servicer and such other matters as the Administrative Agent
may reasonably request;


 


(ii)         the
Servicer shall have delivered notice of such consolidation, merger, conveyance or transfer to the Administrative Agent and each
Lender Agent;


 


(iii)        after
giving effect thereto, no Event of Default or Servicer Termination Event or event that with notice or lapse of time would constitute
either an Event of Default or a Servicer Termination Event shall have occurred; and


 


(iv)        the
Administrative Agent shall have consented in writing to such consolidation, merger, conveyance or transfer; provided that
the consent of the Administrative Agent shall not be required in the event that the Servicer consolidates or merges into an Affiliate
of the Servicer or conveys or transfers all or substantially all of its properties and assets to an Affiliate of the Servicer,
in each case, so long as (x) the surviving entity has, together with its Affiliates, at least $2,000,000,000 of assets under management
(measured as of the last day of the most recent fiscal quarter of such surviving entity and its Affiliates) and (y) the surviving
entity’s regular business includes the servicing of assets similar to the Collateral Portfolio.


 




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(b)          Change
of Name or Location of Loan Asset Files. The Servicer shall not (x) change its name, move the location of its principal place
of business and chief executive office, change the offices where it keeps records concerning the Collateral Portfolio from the
address set forth under its name in Section 11.02, or change the jurisdiction of its formation, or (y) move, or consent to the
Collateral Custodian moving, the Required Loan Documents and Loan Asset Files from the location thereof on the initial Advance
Date, unless the Administrative Agent shall consent of such move in writing and the Servicer shall provide the Administrative Agent
with such Opinions of Counsel and other documents and instruments as the Administrative Agent may request in connection therewith
and has taken all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected
security interest of the Collateral Agent, for the benefit of the Secured Parties, in the Collateral Portfolio.


 


(c)          Change
in Payment Instructions to Obligors. The Servicer will not make any change in its instructions to Obligors regarding payments
to be made with respect to the Collateral Portfolio to the Collection Account, unless the Administrative Agent has consented to
such change.


 


(d)          Extension
or Amendment of Loan Assets. The Servicer will not, except as otherwise permitted in Section 6.04(a), extend, amend
or otherwise modify the terms of any Loan Asset (including the Underlying Collateral).


 


(e)          Allocation
of Charges. There will not be any agreement or understanding between the Servicer and the Borrower (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; provided that it is understood
and acknowledged that the Borrower will be consolidated with the Transferor for tax purposes.


 


Section 5.05         Affirmative
Covenants of the Collateral Agent.


 


From the Original Closing
Date until the Collection Date:


 


(a)          Compliance
with Law. The Collateral Agent will comply in all material respects with all Applicable Law.


 


(b)          Preservation
of Existence. The Collateral Agent will preserve and maintain its existence, rights, franchises and privileges in the jurisdiction
of its formation and qualify and remain qualified in good standing in each jurisdiction where failure to preserve and maintain
such existence, rights, franchises, privileges and qualification could reasonably be expected to have a Material Adverse Effect.


 




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Section 5.06         Negative
Covenants of the Collateral Agent.


 


From the Original Closing
Date until the Collection Date, the Collateral Agent will not make any changes to the Collateral Agent Fees without the prior written
approval of the Administrative Agent.


 


Section 5.07         Affirmative
Covenants of the Collateral Custodian.


 


From the Original Closing
Date until the Collection Date:


 


(a)          Compliance
with Law. The Collateral Custodian will comply in all material respects with all Applicable Law.


 


(b)          Preservation
of Existence. The Collateral Custodian will preserve and maintain its existence, rights, franchises and privileges in the jurisdiction
of its formation and qualify and remain qualified in good standing in each jurisdiction where failure to preserve and maintain
such existence, rights, franchises, privileges and qualification could reasonably be expected to have a Material Adverse Effect.


 


(c)          Location
of Required Loan Documents. Subject to Article XII of this Agreement, the Required Loan Documents shall remain at all
times in the possession of the Collateral Custodian at its offices at 1055 10th Ave, S.E., Minneapolis, MN 55414 unless
notice of a different address is given in accordance with the terms hereof or unless the Administrative Agent agrees to allow certain
Required Loan Documents to be released to the Servicer on a temporary basis in accordance with the terms hereof, except as such
Required Loan Documents may be released pursuant to the terms of this Agreement.


 


Section 5.08         Negative
Covenants of the Collateral Custodian.


 


From the Original Closing
Date until the Collection Date:


 


(a)          Required
Loan Documents. The Collateral Custodian will not dispose of any documents constituting the Required Loan Documents in any
manner that is inconsistent with the performance of its obligations as the Collateral Custodian pursuant to this Agreement and
will not dispose of any Collateral Portfolio except as contemplated by this Agreement.


 


(b)          No
Changes in Collateral Custodian Fees. The Collateral Custodian will not make any changes to the Collateral Custodian Fees without
the prior written approval of the Administrative Agent.


 


Section 5.09         Covenants
of the Borrower Relating to Hedging of Loan Assets.


 


(a)          The
Borrower may enter into Hedge Agreements for certain fixed rate Loan Assets with a Hedge Counterparty with the prior consent of
the Administrative Agent.


 




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(b)          As
additional security hereunder, the Borrower hereby assigns to the Collateral Agent, for the benefit of the Secured Parties, all
right, title and interest of the Borrower (but none of the obligations) in each Hedging Agreement, each Hedge Transaction, and
all present and future amounts payable by a Hedge Counterparty to the Borrower under or in connection with the respective Hedging
Agreement and Hedge Transaction(s) with that Hedge Counterparty (“Hedge Collateral”), and grants a security
interest to the Collateral Agent, for the benefit of the Secured Parties, in the Hedge Collateral. The Borrower acknowledges that
as a result of such assignment the Borrower may not, without the prior written consent of the Administrative Agent and the Collateral
Agent, exercise any rights under any Hedging Agreement or Hedge Transaction, except for the Borrower’s right under any Hedging
Agreement to enter into Hedge Transactions in order to meet the Borrower’s obligations under Section 5.09(a) hereof.
Nothing herein shall have the effect of releasing the Borrower from any of its obligations under any Hedging Agreement or any Hedge
Transaction, nor be construed as requiring the consent of the Administrative Agent, the Lenders, the Lender Agents, the Collateral
Agent or any Secured Party for the performance by the Borrower of any such obligations.


 


(c)          The
Borrower shall, promptly upon execution thereof, provide to the Administrative Agent and the Collateral Agent a copy of any Hedging
Agreement entered into in connection with this Agreement.


 


ARTICLE
VI.


 


ADMINISTRATION
AND SERVICING OF CONTRACTS


 


Section 6.01         Appointment
and Designation of the Servicer.


 


(a)          Initial
Servicer. The Borrower hereby appoints GC Advisors LLC, pursuant to the terms and conditions of this Agreement, as Servicer,
with the authority to service, administer and exercise rights and remedies, on behalf of the Borrower, in respect of the Collateral
Portfolio. Until the Administrative Agent gives GC Advisors LLC a Servicer Termination Notice, GC Advisors LLC hereby accepts
such appointment and agrees to perform the duties and responsibilities of the Servicer pursuant to the terms hereof. The Servicer
and the Borrower hereby acknowledge that the Administrative Agent and the Secured Parties are third party beneficiaries of the
obligations undertaken by the Servicer hereunder.


 


(b)          Servicer
Termination Notice. The Borrower, the Servicer, each Lender, each Lender Agent, and the Administrative Agent hereby agree that,
upon the occurrence of a Servicer Termination Event, the Administrative Agent, by written notice to the Servicer (with a copy to
the Collateral Agent) (a “Servicer Termination Notice”), may terminate all of the rights, obligations, power
and authority of the Servicer under this Agreement. On and after the receipt by the Servicer of a Servicer Termination Notice pursuant
to this Section 6.01(b), the Servicer shall continue to perform all servicing functions under this Agreement until the date
specified in the Servicer Termination Notice or otherwise specified by the Administrative Agent in writing or, if no such date
is specified in such Servicer Termination Notice or otherwise specified by the Administrative Agent, until a date mutually agreed
upon by the Servicer and the Administrative Agent and shall be entitled to receive, to the extent of funds available therefor pursuant
to Section 2.04, the Servicing Fees therefor accrued until such date. After such date, the Servicer agrees that it will
terminate its activities as Servicer hereunder in a manner that the Administrative Agent believes will facilitate the transition
of the performance of such activities to a successor Servicer, and the successor Servicer shall assume each and all of the Servicer’s
obligations to service and administer the Collateral Portfolio, on the terms and subject to the conditions herein set forth, and
the Servicer shall use its best efforts to assist the successor Servicer in assuming such obligations (it being understood that
the Administrative Agent may be such successor Servicer).


 




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(c)          Appointment
of Replacement Servicer. At any time following the delivery of a Servicer Termination Notice, the Administrative Agent may
(i) in its sole discretion, appoint an Approved Replacement Servicer as the Servicer under this Agreement and, in such case, all
authority, power, rights and obligations of the Servicer shall pass to and be vested in such Approved Replacement Servicer or (ii)
with the prior written consent of the Borrower (such consent not to be unreasonably withheld, delayed or conditioned), appoint
a new Servicer (in each case, the “Replacement Servicer”), which appointment shall take effect upon the Replacement
Servicer accepting such appointment by a written assumption in a form satisfactory to the Administrative Agent in its sole discretion.
In the event that a Replacement Servicer has not accepted its appointment at the time when the Servicer ceases to act as Servicer,
the Administrative Agent shall petition a court of competent jurisdiction to appoint any established financial institution, having
a net worth of not less than United States $50,000,000 and whose regular business includes the servicing of assets similar to the
Collateral Portfolio, as the Replacement Servicer hereunder.


 


(d)          Liabilities
and Obligations of Replacement Servicer. Upon its appointment, the Replacement Servicer shall be the successor in all respects
to the Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties
and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement
to the Servicer shall be deemed to refer to the Replacement Servicer; provided, that the Replacement Servicer shall have
(i) no liability with respect to any action performed by the terminated Servicer prior to the date that the Replacement Servicer
becomes the successor to the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer,
(ii) no obligation to perform any advancing obligations, if any, of the Servicer unless it elects to in its sole discretion, (iii)
no obligation to pay any Taxes required to be paid by the Servicer (provided that the Replacement Servicer shall pay any
income Taxes for which it is liable), (iv) no obligation to pay any of the fees and expenses of any other party to the transactions
contemplated hereby, and (v) no liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer,
including the original Servicer. The indemnification obligations of the Replacement Servicer upon becoming a Replacement Servicer
are expressly limited to those arising on account of its failure to act in good faith and with reasonable care under the circumstances.
In addition, the Replacement Servicer shall have no liability relating to the representations and warranties of the Servicer contained
in Section 4.03.


 


(e)          Authority
and Power. All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon
termination of this Agreement and shall pass to and be vested in the Borrower and, without limitation, the Borrower is hereby authorized
and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other instruments,
and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing
rights. The Servicer agrees to cooperate with the Borrower in effecting the termination of the responsibilities and rights of the
Servicer to conduct servicing of the Collateral Portfolio.


 




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(f)          Subcontracts.
The Servicer may, with the prior written consent of the Administrative Agent, subcontract with any other Person for servicing,
administering or collecting the Collateral Portfolio; provided, that (i) the Servicer shall select any such Person with
reasonable care and shall be solely responsible for the fees and expenses payable to any such Person, (ii) the Servicer shall not
be relieved of, and shall remain liable for, the performance of the duties and obligations of the Servicer pursuant to the terms
hereof without regard to any subcontracting arrangement and (iii) any such subcontract shall be terminable upon the occurrence
of a Servicer Termination Event; provided, further that no Administrative Agent consent shall be required to enter into any subcontract
with an Affiliate of the Servicer.


 


(g)          Waiver.
The Borrower acknowledges that the Administrative Agent or any of its Affiliates may act as the Collateral Agent and/or the Servicer,
and the Borrower waives any and all claims against the Administrative Agent, each Lender Agent or any of their respective Affiliates,
the Collateral Agent and the Servicer (other than claims relating to such party’s gross negligence or willful misconduct)
relating in any way to the custodial or collateral administration functions having been performed by the Administrative Agent or
any of its Affiliates in accordance with the terms and provisions (including the standard of care) set forth in the Transaction
Documents.


 


Section 6.02         Duties
of the Servicer.


 


(a)          Duties.
The Servicer shall take or cause to be taken all such actions as may be necessary or advisable to service, administer and collect
on the Collateral Portfolio from time to time, all in accordance with Applicable Law and the Servicing Standard. Prior to the occurrence
of a Servicer Termination Event, but subject to the terms of this Agreement (including, without limitation, Section 6.04),
the Servicer has the sole and exclusive authority to make any and all decisions with respect to the Collateral Portfolio and take
or refrain from taking any and all actions with respect to the Collateral Portfolio. Without limiting the foregoing, the duties
of the Servicer shall include the following:


 


(i)          supervising
the Collateral Portfolio, including communicating with Obligors, executing amendments, providing consents and waivers, enforcing
and collecting on the Collateral Portfolio and otherwise managing the Collateral Portfolio on behalf of the Borrower;


 


(ii)         maintaining
all necessary servicing records with respect to the Collateral Portfolio and providing such reports to the Administrative Agent
and each Lender Agent (with a copy to the Collateral Agent and the Collateral Custodian) in respect of the servicing of the Collateral
Portfolio (including information relating to its performance under this Agreement) as may be required hereunder or as the Administrative
Agent or any Lender Agent may reasonably request;


 


(iii)        maintaining
and implementing administrative and operating procedures (including, without limitation, an ability to recreate servicing records
evidencing the Collateral Portfolio in the event of the destruction of the originals thereof) and keeping and maintaining all documents,
books, records and other information reasonably necessary or advisable for the collection of the Collateral Portfolio;


 




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(iv)        promptly
delivering to the Administrative Agent, each Lender Agent, the Collateral Agent or the Collateral Custodian, from time to time,
such information and servicing records (including information relating to its performance under this Agreement) as the Administrative
Agent, each Lender Agent, Collateral Custodian or the Collateral Agent may from time to time reasonably request;


 


(v)         identifying
each Loan Asset clearly and unambiguously in its servicing records to reflect that such Loan Asset is owned by the Borrower and
that the Borrower is Pledging a security interest therein to the Secured Parties pursuant to this Agreement;


 


(vi)        notifying
the Administrative Agent and each Lender Agent of any material action, suit, proceeding, dispute, offset, deduction, defense or
counterclaim (1) that is or is threatened to be asserted by an Obligor with respect to any Loan Asset (or portion thereof) of which
it has knowledge or has received notice; or (2) that could reasonably be expected to have a Material Adverse Effect;


 


(vii)       using
its best efforts to maintain the perfected security interest of the Collateral Agent, for the benefit of the Secured Parties, in
the Collateral Portfolio;


 


(viii)      maintaining
the Loan Asset File with respect to Loan Assets included as part of the Collateral Portfolio; provided that, so long as
the Servicer is in possession of any Required Loan Documents, the Servicer will hold such Required Loan Documents in a fireproof
safe or fireproof file cabinet;


 


(ix)         directing
the Collateral Agent to make payments pursuant to the terms of the Servicing Report in accordance with Section 2.04;


 


(x)          directing
the sale or substitution of Collateral Portfolio in accordance with Section 2.07;


 


(xi)         providing
advice to the Borrower with respect to the purchase and sale of and payment for the Loan Assets;


 


(xii)        instructing
the Obligors and the administrative agents on the Loan Assets to make payments directly into the Collection Account established
and maintained with the Collateral Agent;


 


(xiii)       delivering
the Loan Asset Files and the Loan Tape to the Collateral Custodian; and


 


(xiv)      complying
with such other duties and responsibilities as may be required of the Servicer by this Agreement.


 


It is acknowledged and agreed
that in circumstances in which a Person other than the Borrower, the Transferor or the Servicer acts as lead agent with respect
to any Loan Asset, the Servicer shall perform its servicing duties hereunder only to the extent a lender under the related loan
syndication Loan Agreements has the right to do so.


 




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(b)          Notwithstanding
anything to the contrary contained herein, the exercise by the Administrative Agent, the Collateral Agent, each Lender Agent and
the Secured Parties of their rights hereunder shall not release the Servicer, the Transferor or the Borrower from any of their
duties or responsibilities with respect to the Collateral Portfolio. The Secured Parties, the Administrative Agent, each Lender
Agent and the Collateral Agent shall not have any obligation or liability with respect to the Collateral Portfolio, nor shall any
of them be obligated to perform any of the obligations of the Servicer hereunder.


 


(c)          Any
payment by an Obligor in respect of any indebtedness owed by it to the Transferor or the Borrower shall, except as otherwise specified
by such Obligor or otherwise required by contract or law and unless otherwise instructed by the Administrative Agent, be applied
as a collection of a payment by such Obligor (starting with the oldest such outstanding payment due) to the extent of any amounts
then due and payable thereunder before being applied to any other receivable or other obligation of such Obligor.


 


Section 6.03         Authorization
of the Servicer.


 


(a)          Each
of the Borrower, the Administrative Agent, each Lender Agent, each Lender and the Hedge Counterparty hereby authorizes the Servicer
(including any successor thereto) to take any and all reasonable steps in its name and on its behalf necessary or desirable in
the determination of the Servicer and not inconsistent with the sale of the Collateral Portfolio by the Transferor to the Borrower
under the Purchase and Sale Agreement and, thereafter, the Pledge by the Borrower to the Collateral Agent on behalf of the Secured
Parties hereunder, to collect all amounts due under the Collateral Portfolio, including, without limitation, endorsing any of their
names on checks and other instruments representing Interest Collections and Principal Collections, executing and delivering any
and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments,
with respect to the Collateral Portfolio and, after the delinquency of any Loan Asset included in the Collateral Portfolio and
to the extent permitted under and in compliance with Applicable Law, to commence proceedings with respect to enforcing payment
thereof, to the same extent as the Transferor could have done if it had continued to own such Collateral Portfolio. The Transferor,
the Borrower and the Collateral Agent on behalf of the Secured Parties shall furnish the Servicer (and any successors thereto)
with any powers of attorney and other documents necessary or appropriate to enable the Servicer to carry out its servicing and
administrative duties hereunder, and shall cooperate with the Servicer to the fullest extent in order to ensure the collectability
of the Collateral Portfolio. In no event shall the Servicer be entitled to make the Secured Parties, the Administrative Agent,
the Collateral Agent, any Lender, any Lender Agent or any Hedge Counterparty a party to any litigation without such party’s
express prior written consent, or to make the Borrower a party to any litigation (other than any routine foreclosure or similar
collection procedure) without the Administrative Agent’s consent.


 


(b)          After
the declaration of the Facility Maturity Date, at the direction of the Administrative Agent, the Servicer shall take such action
as the Administrative Agent may deem necessary or advisable to enforce collection of the Collateral Portfolio; provided,
that the Administrative Agent may, at any time that an Event of Default has occurred, notify any Obligor with respect to any Loan
Asset included in the Collateral Portfolio of the assignment thereof to the Collateral Agent on behalf of the Secured Parties and
direct that payments of all amounts due or to become due be made directly to the Administrative Agent or any servicer, collection
agent or account designated by the Administrative Agent and, upon such notification and at the expense of the Borrower, the Administrative
Agent may enforce collection of any such Loan Asset included in the Collateral Portfolio, and adjust, settle or compromise the
amount or payment thereof.


 




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Section 6.04         Collection
of Payments; Accounts.


 


(a)          Collection
Efforts, Modification of Collateral Portfolio. The Servicer will collect, or cause to be collected, all payments called for
under the terms and provisions of the Loan Assets included in the Collateral Portfolio as and when the same become due, all in
accordance with the Servicing Standard. The Servicer may not waive, modify or otherwise vary any provision of an item included
in the Collateral Portfolio in a manner that would impair the collectability of the Collateral Portfolio or in any manner contrary
to the Servicing Standard.


 


(b)          Acceleration.
If consistent with the Servicing Standard, the Servicer shall accelerate or vote to accelerate, as applicable, the maturity of
all or any Scheduled Payments and other amounts due under any Loan Asset promptly after such Loan Asset becomes defaulted.


 


(c)          Taxes
and other Amounts. The Servicer will use its best efforts to collect all payments with respect to amounts due for Taxes, assessments
and insurance premiums relating to each Loan Asset to the extent required to be paid to the Borrower for such application under
the applicable Loan Agreement and remit such amounts to the appropriate Governmental Authority or insurer as required by the Loan
Agreements.


 


(d)          Payments
to Collection Account. On or before the applicable Cut-Off Date, the Servicer shall have instructed all Obligors to make all
payments in respect of the Collateral Portfolio directly to the Collection Account; provided that the Servicer is not required
to so instruct any Obligor which is solely a guarantor or other surety (or an Obligor that is not designated as the “lead
borrower” or another such similar term) unless and until the Servicer calls on the related guaranty or secondary obligation.


 


(e)          Controlled
Accounts. Each of the parties hereto hereby agrees that (i) each Controlled Account is intended to be a “securities account”
or “deposit account” within the meaning of the UCC and (ii) except as otherwise expressly provided herein and in the
Collection Account Agreement or Unfunded Exposure Account Agreement, as applicable, prior to the delivery of a Notice of Exclusive
Control, the Borrower, the Servicer and the Collateral Agent (acting at the direction of the Administrative Agent) shall be entitled
to exercise the rights that comprise each Financial Asset held in each Controlled Account which is a securities account and have
the right to direct the disposition of funds in any Controlled Account which is a deposit account; provided that after the
delivery of a Notice of Exclusive Control, such rights shall be exclusively held by the Collateral Agent (acting at the direction
of the Administrative Agent). Each of the parties hereto hereby agrees to cause the securities intermediary that holds any money
or other property for the Borrower in a Controlled Account that is a securities account to agree with the parties hereto that (A)
the cash and other property (subject to Section 6.04(f) below with respect to any property other than investment property,
as defined in Section 9-102(a)(49) of the UCC) is to be treated as a Financial Asset and (B) regardless of any provision in any
other agreement, for purposes of the UCC, with respect to the Controlled Accounts, New York shall be deemed to be the Account Bank’s
jurisdiction (within the meaning of Section 9-304 of the UCC) and the securities intermediary’s jurisdiction (within the
meaning of Section 8-110 of the UCC). All securities or other property underlying any Financial Assets credited to the Controlled
Accounts in the form of securities or instruments shall be registered in the name of the Account Bank or if in the name of the
Borrower or the Collateral Agent, Indorsed to the Account Bank, Indorsed in blank, or credited to another securities account maintained
in the name of the Account Bank, and in no case will any Financial Asset credited to the Controlled Accounts be registered in the
name of the Borrower, payable to the order of the Borrower or specially Indorsed to the Borrower, except to the extent the foregoing
have been specially Indorsed to the Account Bank or Indorsed in blank.


 




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(f)          Loan
Agreements. Notwithstanding any term hereof (or any term of the UCC that might otherwise be construed to be applicable to a
“securities intermediary” as defined in the UCC) to the contrary, none of the Collateral Agent, the Collateral Custodian
nor any securities intermediary shall be under any duty or obligation in connection with the acquisition by the Borrower, or the
Pledge by the Borrower to the Collateral Agent, of any Loan Asset in the nature of a loan or a participation in a loan to examine
or evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Borrower under the related Loan
Agreements, or otherwise to examine the Loan Agreements, in order to determine or compel compliance with any applicable requirements
of or restrictions on transfer (including without limitation any necessary consents). The Collateral Custodian shall hold any Instrument
delivered to it evidencing any Loan Asset Pledged to the Collateral Agent hereunder as custodial agent for the Collateral Agent
in accordance with the terms of this Agreement.


 


(g)          Adjustments.
If (i) the Servicer makes a deposit into the Collection Account in respect of an Interest Collection or a Principal Collection
of a Loan Asset and such Interest Collection or Principal Collection was received by the Servicer in the form of a check that is
not honored for any reason or (ii) the Servicer makes a mistake with respect to the amount of any Interest Collection or Principal
Collection and deposits an amount that is less than or more than the actual amount of such Interest Collection or Principal Collection,
the Servicer shall appropriately adjust the amount subsequently deposited into the Collection Account to reflect such dishonored
check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.


 




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Section 6.05         Realization
Upon Loan Assets. The Servicer will use reasonable efforts consistent with the Servicing Standard to foreclose upon or repossess,
as applicable, or otherwise comparably convert the ownership of any Underlying Collateral relating to a Defaulted Loan Asset as
to which no satisfactory arrangements can be made for collection of delinquent payments. In addition, the Servicer may, consistent
with the Servicing Standard, sell or otherwise transfer, or if it deems advisable to maximize recoveries, hold any Defaulted Loan
Asset, equity or other securities received by the Borrower in connection with a default, workout, restructuring or plan of reorganization
or similar event under a Loan Asset. The Servicer will comply with the Servicing Standard and Applicable Law in realizing upon
such Underlying Collateral, and employ practices and procedures including reasonable efforts consistent with the Servicing Standard
to enforce all obligations of Obligors foreclosing upon, repossessing and causing the sale of such Underlying Collateral at public
or private sale in circumstances other than those described in the preceding sentence. Without limiting the generality of the foregoing,
unless the Administrative Agent has specifically given instruction to the contrary, the Servicer may cause the sale of any such
Underlying Collateral to the Servicer or its Affiliates for a purchase price equal to the then fair value thereof, any such sale
to be evidenced by a certificate of a Responsible Officer of the Servicer delivered to the Administrative Agent setting forth the
Loan Asset, the Underlying Collateral, the sale price of the Underlying Collateral and certifying that such sale price is the fair
value of such Underlying Collateral. In any case in which any such Underlying Collateral has suffered damage, the Servicer will
not expend funds in connection with any repair or toward the foreclosure or repossession of such Underlying Collateral unless it
reasonably determines that such repair and/or foreclosure or repossession will increase the Recoveries by an amount greater than
the amount of such expenses. The Servicer will remit to the Collection Account the Recoveries received in connection with the sale
or disposition of Underlying Collateral relating to a Defaulted Loan Asset.


 


Section 6.06         Servicer
Compensation. As compensation for its activities hereunder and reimbursement for its expenses, the Servicer shall be entitled
to be paid the Servicing Fee and reimbursed its reasonable out-of-pocket expenses as provided in Section 2.04.


 


Section 6.07         Payment
of Certain Expenses by Servicer. The Servicer will be required to pay all expenses incurred by it in connection with its activities
under this Agreement, including fees and disbursements of its independent accountants, Taxes imposed on the Servicer, expenses
incurred by the Servicer in connection with payments and reports pursuant to this Agreement, and all other fees and expenses not
expressly stated under this Agreement for the account of the Borrower. The Servicer will be required to pay all reasonable fees
and expenses owing to any bank or trust company in connection with the maintenance of the Controlled Accounts. The Servicer may
be reimbursed for any reasonable out-of-pocket expenses incurred hereunder (including out-of-pocket expenses paid by the Servicer
on behalf of the Borrower), subject to the availability of funds pursuant to Section 2.04; provided, that, to the
extent funds are not available for such reimbursement, the Servicer shall be required to pay such expenses for its own account
and shall not be entitled to any payment therefor other than the Servicing Fees.


 


Section 6.08         Reports
to the Administrative Agent; Account Statements; Servicer Information.


 


(a)          Notice
of Borrowing; Borrowing Base Certificate. On each Advance Date and on each reduction of Advances Outstanding pursuant to Section
2.18, the Borrower (or the Servicer on its behalf) will provide a Notice of Borrowing or a Notice of Reduction, as applicable,
and a Borrowing Base Certificate, each updated as of such date, to the Administrative Agent and each Lender Agent (with a copy
to the Collateral Agent). On each date that the Assigned Value of an Eligible Loan Asset is changed, the Borrower (or the Servicer
on its behalf) will deliver an adjusted Borrowing Base Certificate to the Administrative Agent and each Lender Agent.


 




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(b)          Servicing
Report. On each Reporting Date and each Advance Date, the Servicer will provide to the Borrower, each Lender Agent, the Administrative
Agent and the Collateral Agent, a monthly statement including (i) a Borrowing Base Certificate calculated as of the most recent
Determination Date, (ii) a Loan Tape prepared as of the most recent Determination Date and (iii) if such Reporting Date precedes
a Payment Date, amounts to be remitted pursuant to Section 2.04 to the applicable parties (which shall include any applicable
wiring instructions of the parties receiving payment) (such monthly statement, a “Servicing Report”), with respect
to related calendar month signed by a Responsible Officer of the Servicer and the Borrower and substantially in the form of Exhibit
L. Without limiting the foregoing, the Servicer agrees to promptly provide the Borrower, each Lender Agent, the Administrative
Agent and the Collateral Agent with any additional fields on the Loan Tape or the Servicing Report that is required for compliance
with any requests, rules, guidelines or directives promulgated by the Bank of 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 II or Basel III.


 


(c)          Servicer’s
Certificate. Together with each Servicing Report, the Servicer shall submit to the Administrative Agent, each Lender Agent
and the Collateral Agent a certificate substantially in the form of Exhibit M (a “Servicer’s Certificate”),
signed by a Responsible Officer of the Servicer, which shall include a certification by such Responsible Officer that no Event
of Default, Servicer Termination Event or Unmatured Event of Default has occurred.


 


(d)          Financial
Statements. The Servicer will submit to the Administrative Agent, each Lender Agent and the Collateral Agent, (i) within 60
days after the end of each of its first three fiscal quarters of each fiscal year of Golub Capital Investment Corporation (excluding
the fiscal quarter ending on the date specified in clause (ii)), consolidated unaudited financial statements of the Servicer
for the most recent fiscal quarter and (ii) within 90 days after the end of each fiscal year, consolidated audited financial statements
of Golub Capital Investment Corporation, audited by a firm of nationally recognized independent public accountants, as of the end
of such fiscal year.


 


(e)          [Reserved].


 


(f)          Obligor
Financial Statements; Valuation Reports; Other Reports. The Servicer will deliver solely to the Administrative Agent, with
respect to each Obligor, (i) to the extent received by the Borrower and/or the Servicer pursuant to the Loan Agreement, the complete
financial reporting package with respect to such Obligor and with respect to each Loan Asset for such Obligor provided to the Borrower
and/or the Servicer quarterly by such Obligor, which delivery shall be made within 60 days after the end of such Obligor’s
fiscal quarters (excluding the last fiscal quarter of such Obligor’s fiscal year) and within 120 days after the end of such
Obligor’s fiscal year, and (ii) asset and portfolio level monitoring reports prepared by the Servicer with respect to the
Loan Assets, which delivery shall be made within 60 days of the end of such Obligor’s fiscal quarter (excluding the last
fiscal quarter of such Obligor’s fiscal year) and within 120 days after the end of such Obligor’s fiscal year. The
Servicer will promptly deliver solely to the Administrative Agent, upon reasonable request and to the extent received by the Borrower
and/or the Servicer, all other documents and information required to be delivered by the Obligors to the Borrower with respect
to any Loan Asset included in the Collateral Portfolio.


 




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(g)          Amendments
to Loan Assets. The Servicer will deliver solely to the Administrative Agent a copy of any material amendment, restatement,
supplement, waiver or other modification to the Loan Agreement of any Loan Asset (along with any internal documents prepared by
the Servicer and provided to its investment committee in connection with such amendment, restatement, supplement, waiver or other
modification) within 10 Business Days of the effectiveness of such amendment, restatement, supplement, waiver or other modification.


 


(h)          Website
Access to Information. Notwithstanding anything to the contrary contained herein, information required to be delivered or submitted
to any Secured Party pursuant to Section 5.03(i) and this Article VI shall be deemed to have been delivered on the
date on which such information is posted on a website to which the Administrative Agent and Lender Agents have access or upon receipt
of such information through e-mail or another delivery method acceptable to the Administrative Agent.


 


Section 6.09         Annual
Statement as to Compliance; Officer’s Certificate.


 


(a)          The
Servicer will provide to the Administrative Agent, each Lender Agent and the Collateral Agent within 90 days following the end
of each calendar year of the Servicer, commencing with the calendar year ending on December 31, 2015, a fiscal report signed by
a Responsible Officer of the Servicer certifying that (a) a review of the activities of the Servicer, and the Servicer’s
performance pursuant to this Agreement, for the fiscal period ending on the last day of such calendar year has been made under
such Person’s supervision and (b) the Servicer has performed or has caused to be performed in all material respects all of
its obligations under this Agreement throughout such year and no Servicer Termination Event has occurred.


 


(b)          The
Borrower will provide to the Administrative Agent, each Lender Agent and the Collateral Agent within 90 days following the end
of each calendar year, commencing with the fiscal year ending on December 31, 2015 (i) a certification, based upon a review and
summary of UCC search results, that there is no other interest in the Collateral Portfolio perfected by filing of a UCC financing
statement other than in favor of the Collateral Agent and (ii) a certification, based upon a review and summary of tax and judgment
lien searches satisfactory to the Administrative Agent, that there is no other interest in the Collateral Portfolio based on any
tax or judgment lien.


 


Section 6.10         Annual
Independent Public Accountant’s Servicing Reports. The Servicer will cause a firm of nationally recognized independent
public accountants (who may also render other services to the Servicer) to furnish to the Administrative Agent, each Lender Agent
and the Collateral Agent within 90 days following the end of each calendar year of the Servicer, commencing with the calendar year
ending on December 31, 2015, a report covering such calendar year to the effect that such accountants have applied certain agreed-upon
procedures (a copy of which procedures are attached hereto as Schedule III, it being understood that the Servicer and the
Administrative Agent will provide an updated Schedule III reflecting any further amendments to such Schedule III
prior to the issuance of the first such agreed-upon procedures report, a copy of which shall replace the then existing Schedule
III) to certain documents and records relating to the Collateral Portfolio under any Transaction Document, compared the information
contained in the Servicing Reports and the Servicer’s Certificates delivered during the period covered by such report with
such documents and records and that no matters came to the attention of such accountants that caused them to believe that such
servicing was not conducted in compliance with this Article VI, except for such exceptions as such accountants shall believe
to be immaterial and such other exceptions as shall be set forth in such statement.


 




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Section 6.11         The
Servicer Not to Resign. The Servicer shall not resign from the obligations and duties hereby imposed on it except upon the
Servicer’s determination that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law
and (ii) there is no reasonable action that the Servicer could take to make the performance of its duties hereunder permissible
under Applicable Law. Any such determination permitting the resignation of the Servicer shall be evidenced as to clause (i)
above by an Opinion of Counsel to such effect delivered to the Administrative Agent and each Lender Agent. No such resignation
shall become effective until a Replacement Servicer shall have assumed the responsibilities and obligations of the Servicer in
accordance with Section 6.02.


 


ARTICLE
VII.


 


EVENTS
OF DEFAULT


 


Section 7.01         Events
of Default. If any of the following events (each, an “Event of Default”) shall occur:


 


(a)          the
Borrower or the Transferor defaults in making any payment required to be made under one or more agreements for borrowed money to
which it is a party in an aggregate principal amount in excess of $500,000 and such default is not cured within the applicable
cure period, if any, provided for under such agreement; or


 


(b)          any
failure on the part of the Borrower or the Transferor duly to observe or perform in any material respect any other covenants or
agreements of the Borrower or the Transferor set forth in this Agreement or the other Transaction Documents (other than those specifically
addressed by a separate clause under this Section) to which the Borrower or the Transferor is a party and the same continues unremedied
for a period of 30 days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of
such failure requiring the same to be remedied shall have been given to the Borrower or the Transferor by the Administrative Agent
or Collateral Agent and (ii) the date on which the Borrower or the Transferor acquires knowledge thereof; or


 


(c)          the
occurrence of a Bankruptcy Event relating to the Transferor or the Borrower; or


 


(d)          the
occurrence of a Servicer Termination Event; or


 


(e)          (1)
the rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment
of money in excess individually or in the aggregate of $500,000, against the Borrower and the Borrower shall not have either (i)
discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms or (ii) perfected a
timely appeal of such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal
or (2) the Borrower shall have made payments of amounts in excess of $500,000, in the settlement of any litigation, claim or dispute
(excluding payments made from insurance proceeds); or


 




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(f)          the
Borrower shall fail to qualify as a bankruptcy-remote entity based upon customary criteria such that reputable counsel could no
longer render a substantive nonconsolidation opinion with respect to the Borrower and the Transferor; or


 


(g)          (1)         any
Transaction Document, or any lien or security interest granted thereunder, shall (except in accordance with its terms), in whole
or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower,
the Transferor, or the Servicer,


 


(2)         the
Borrower, the Transferor or the Servicer or any other party shall, directly or indirectly, contest in any manner the effectiveness,
validity, binding nature or enforceability of any Transaction Document or any lien or security interest thereunder, or


 


(3)         any
security interest securing any obligation under any Transaction Document shall, in whole or in part, cease to be a first priority
perfected security interest except as otherwise expressly permitted to be released in accordance with the applicable Transaction
Document; or


 


(h)          a
Borrowing Base Deficiency exists and has not been remedied within five Business Days of the earlier of the Borrower or the Servicer
(x) acquiring knowledge thereof or (y) receiving notice thereof of the Administrative Agent in accordance with Section 2.06;
provided that, during the period of time that such event remains unremedied, any payments required to be made by the Servicer
on a Payment Date shall be made under Section 2.04(c); or


 


(i)          failure
on the part of the Borrower, the Transferor or the Servicer to make any payment or deposit (including, without limitation, with
respect to bifurcation and remittance of Interest Collections and Principal Collections or any other payment or deposit required
to be made by the terms of the Transaction Documents to any Secured Party, Affected Party or Indemnified Party) or the Borrower,
the Servicer or the Transferor fails to observe or perform any covenant, agreement or obligation with respect to the management
and distribution of funds received with respect to the Collateral Portfolio, in each case, required by the terms of any Transaction
Document (other than Section 2.06) within three Business Days of the day such payment or deposit is required to be made;
or


 


(j)          the
Borrower shall become required to register as an “investment company” within the meaning of the 1940 Act or the arrangements
contemplated by the Transaction Documents shall require registration as an “investment company” within the meaning
of the 1940 Act; or


 


(k)          the
Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Code with regard to any assets of the
Borrower or the Transferor and such lien shall not have been released within five Business Days, or the Pension Benefit Guaranty
Corporation shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Borrower or the
Transferor and such lien shall not have been released within five Business Days; or


 




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(l)          any
Change of Control shall occur; or


 


(m)          any
representation, warranty or certification made by the Borrower or the Transferor in any Transaction Document or in any certificate
delivered pursuant to any Transaction Document shall prove to have been incorrect when made which has a Material Adverse Effect,
and continues to be unremedied for a period of 30 days after the earlier to occur of (i) the date on which written notice of such
incorrectness requiring the same to be remedied shall have been given to the Borrower or the Transferor by the Administrative Agent
or the Collateral Agent (which shall be given at the direction of the Administrative Agent) and (ii) the date on which a Responsible
Officer of the Borrower or the Transferor acquires knowledge thereof; or


 


(n)          failure
to pay, on the Facility Maturity Date, the outstanding principal of all Advances Outstanding, and all Yield and all Fees accrued
and unpaid thereon together with all other Obligations, including, but not limited to, any Make-Whole Premium; or


 


(o)          [reserved];
or


 


(p)          without
limiting the generality of Section 7.01(i) above, failure of the Borrower to pay Yield and Non-Usage Fees within two Business
Days of any Payment Date or within two Business Days of when otherwise due; or


 


(q)          the
Borrower ceases to have a valid, perfected ownership interest in all of the Collateral Portfolio; or


 


(r)          the
Transferor fails to transfer to the Borrower the applicable Loan Assets and the related Portfolio Assets on an Advance Date (provided
that the Lenders shall have funded the related Advance) unless the related Advance is repaid in full with accrued and unpaid Yield
thereon within five Business Days; or


 


(s)          the
Borrower makes any assignment or attempted assignment of its rights or obligations under this Agreement or any other Transaction
Document without first obtaining the specific written consent of each of the Lenders and the Administrative Agent, which consent
may be withheld by any Lender or the Administrative Agent in the exercise of its sole and absolute discretion; or


 


(t)          (i)
failure of the Borrower to maintain at least one Independent Director, (ii) the removal of any Independent Director of the Borrower
without “cause” (as such term is defined in the organizational document of the Borrower) or without giving prior written
notice to the Administrative Agent and the Lender Agents, each as required in the organizational documents of the Borrower or (iii)
an Independent Director of the Borrower which is not provided by a nationally recognized service reasonably acceptable to the Administrative
Agent shall be appointed without the consent of the Administrative Agent;


 




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then the Administrative Agent may (or, at the
direction of the Supermajority Lenders, shall) by notice to the Borrower, declare the Facility Maturity Date to have occurred;
provided, that, in the case of any event described in Section 7.01(c) above, the Facility Maturity Date shall be
deemed to have occurred automatically upon the occurrence of such event. Upon any such declaration or automatic occurrence, (i)
the Borrower shall cease purchasing Loan Assets from the Transferor under the Purchase and Sale Agreement or from any other third
party and shall cease originating Loan Assets, (ii) the Administrative Agent may (or, at the direction of the Supermajority Lenders,
shall) declare Advances Outstanding and other Obligations to be immediately due and payable in full (without presentment, demand,
protest or notice of any kind all of which are hereby waived by the Borrower) and (iii) all proceeds and distributions in respect
of the Portfolio Assets shall be distributed by the Collateral Agent (at the direction of the Administrative Agent) as described
in Section 2.04(c) (provided that the Borrower shall in any event remain liable to pay such Advances Outstanding
and all such amounts and Obligations immediately in accordance with Section 2.04(e)). In addition, upon any such declaration
or upon any such automatic occurrence, the Collateral Agent, on behalf of the Secured Parties and at the direction of the Administrative
Agent, shall have, in addition to all other rights and remedies under this Agreement or otherwise, all other rights and remedies
provided under the UCC of the applicable jurisdiction and other Applicable Law, which rights shall be cumulative. Without limiting
any obligation of the Servicer hereunder, the Borrower confirms and agrees that the Collateral Agent, on behalf of the Secured
Parties and at the direction of the Administrative Agent (or any designee thereof, including, without limitation, the Servicer),
following an Event of Default, shall, at its option, have the sole right to enforce the Borrower’s rights and remedies under
each Assigned Document, but without any obligation on the part of the Administrative Agent, the Lenders, the Lender Agents or any
of their respective Affiliates to perform any of the obligations of the Borrower under any such Assigned Document. If any Event
of Default shall have occurred, the Yield Rate shall be increased pursuant to the increase set forth in the definition of “Applicable
Spread”, effective as of the date of the occurrence of such Event of Default, and shall apply after the occurrence of such
Event of Default.


 


Section 7.02         Additional
Remedies of the Administrative Agent.


 


(a)          If,
(i) upon the Administrative Agent’s declaration (whether acting in its own discretion or at the direction of the Supermajority
Lenders) that the Advances Outstanding hereunder are immediately due and payable pursuant to Section 7.01 upon the occurrence
of an Event of Default, or (ii) on the Facility Maturity Date, the aggregate outstanding principal amount of the Advances Outstanding,
all accrued and unpaid Fees and Yield and any other Obligations are not immediately paid in full, then the Collateral Agent (acting
as directed by the Administrative Agent) or the Administrative Agent, in addition to all other rights specified hereunder, shall
have the right, in its own name and as agent for the Lenders and Lender Agents, to immediately sell (at the Servicer’s expense)
in a commercially reasonable manner, in a recognized market (if one exists) at such price or prices as the Administrative Agent
may reasonably deem satisfactory, any or all of the Collateral Portfolio and apply the proceeds thereof to the Obligations.


 




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(b)          The
parties recognize that it may not be possible to sell all of the Collateral Portfolio on a particular Business Day, or in a transaction
with the same purchaser, or in the same manner because the market for the assets constituting the Collateral Portfolio may not
be liquid. Accordingly, the Administrative Agent may elect, in its sole discretion, the time and manner of liquidating any of the
Collateral Portfolio, and nothing contained herein shall obligate the Administrative Agent to liquidate any of the Collateral Portfolio
on the date the Administrative Agent or all of the Lender Agents declares the Advances Outstanding hereunder to be immediately
due and payable pursuant to Section 7.01 or to liquidate all of the Collateral Portfolio in the same manner or on the same
Business Day.


 


(c)          If
the Collateral Agent (acting as directed by the Administrative Agent) or the Administrative Agent proposes to sell the Collateral
Portfolio or any part thereof in one or more parcels at a public or private sale, at the request of the Collateral Agent or the
Administrative Agent, as applicable, the Borrower and the Servicer shall make available to (i) the Administrative Agent, on a timely
basis, all information relating to the Collateral Portfolio subject to sale, including, without limitation, copies of any disclosure
documents, contracts, financial statements of the applicable Obligors, covenant certificates and any other materials requested
by the Administrative Agent, and (ii) each prospective bidder, on a timely basis, all reasonable information relating to the Collateral
Portfolio subject to sale, including, without limitation, copies of any disclosure documents, contracts, financial statements of
the applicable Obligors, covenant certificates and any other materials reasonably requested by each such bidder.


 


(d)          Each
of the Borrower and the Servicer agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming
through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption
law now or hereafter in force in any locality where any of the Collateral Portfolio may be situated in order to prevent, hinder
or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral Portfolio or any part
thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and
each of the Borrower and the Servicer, for itself and all who may at any time claim through or under it, hereby waives, to the
full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or
assets constituting the Collateral Portfolio marshaled upon any such sale, and agrees that the Collateral Agent, or the Administrative
Agent on its behalf, or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the
Collateral Portfolio as an entirety or in such parcels as the Collateral Agent (acting at the direction of the Administrative Agent)
or such court may determine.


 


(e)          Any
amounts received from any sale or liquidation of the Collateral Portfolio pursuant to this Section 7.02 in excess of the
Obligations will be applied by the Collateral Agent (as directed by the Administrative Agent) in accordance with the provisions
of Section 2.04(c), or as a court of competent jurisdiction may otherwise direct.


 


(f)          The
Administrative Agent, the Lender Agents and the Lenders shall have, in addition to all the rights and remedies provided herein
and provided by applicable federal, state, foreign, and local laws (including, without limitation, the rights and remedies of a
secured party under the UCC of any applicable state, to the extent that the UCC is applicable, and the right to offset any mutual
debt and claim), all rights and remedies available to the Lenders at law, in equity or under any other agreement between any Lender
and the Borrower.


 




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(g)          Except
as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy,
each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or
remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Event of Default.


 


(h)          Each
of the Borrower and the Servicer hereby irrevocably appoints each of the Collateral Agent and the Administrative Agent its true
and lawful attorney (with full power of substitution) in its name, place and stead and at its expense, in connection with the enforcement
of the rights and remedies provided for in this Agreement, including without limitation the following powers: (a) to give any necessary
receipts or acquittance for amounts collected or received hereunder, (b) to make all necessary transfers of the Collateral Portfolio
in connection with any such sale or other disposition made pursuant hereto, (c) to execute and deliver for value all necessary
or appropriate bills of sale, assignments and other instruments in connection with any such sale or other disposition, the Borrower
and the Servicer hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant
hereto, and (d) to sign any agreements, orders or other documents in connection with or pursuant to any Transaction Document or
Hedging Agreement. Nevertheless, if so requested by the Collateral Agent or the Administrative Agent, the Borrower shall ratify
and confirm any such sale or other disposition by executing and delivering to the Collateral Agent or the Administrative Agent
or all proper bills of sale, assignments, releases and other instruments as may be designated in any such request.


 


ARTICLE
VIII.


 


INDEMNIFICATION


 


Section 8.01         Indemnities
by the Borrower.


 


(a)          Without
limiting any other rights which the Affected Parties, the Secured Parties, the Administrative Agent, the Lenders, the Lender Agents,
the Collateral Agent, the Account Bank, the Collateral Custodian or any of their respective Affiliates may have hereunder or under
Applicable Law, the Borrower hereby agrees to indemnify the Affected Parties, the Secured Parties, Administrative Agent, the Lenders,
the Lender Agents, the Collateral Agent, the Account Bank, the Collateral Custodian and each of their respective Affiliates, assigns,
officers, directors, employees and agents (each, an “Indemnified Party” for purposes of this Article VIII)
from and against any and all damages, losses, claims, liabilities and related costs and expenses, including attorneys’ fees
and disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”), awarded against
or actually incurred by such Indemnified Party arising out of or as a result of this Agreement, any of the other Transaction Documents
or in respect of any of the Collateral Portfolio, excluding, however, Indemnified Amounts to the extent resulting solely from (a)
gross negligence, bad faith or willful misconduct on the part of such Indemnified Party, (b) Loan Assets which are uncollectible
due to the Obligor’s financial inability to pay or (c) arising on account of Excluded Taxes. Without limiting the foregoing,
the Borrower shall indemnify each Indemnified Party for Indemnified Amounts relating to or resulting from any of the following
(to the extent not resulting from the conditions set forth in (a) or (b) above):


 




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(i)          any
Loan Asset treated as or represented by the Borrower to be an Eligible Loan Asset which is not at the applicable time an Eligible
Loan Asset, or the purchase by any party or origination of any Loan Asset which violates Applicable Law;


 


(ii)         reliance
on any representation or warranty made or deemed made by the Borrower, the Servicer (if GC Advisors LLC or one of its Affiliates
is the Servicer) or any of their respective officers under or in connection with this Agreement or any Transaction Document, which
shall have been false or incorrect in any respect when made or deemed made or delivered;


 


(iii)        the
failure by the Borrower or the Servicer (if GC Advisors LLC or one of its Affiliates is the Servicer) to comply with any term,
provision or covenant contained in this Agreement, any other Transaction Document or any agreement executed in connection therewith,
or with any Applicable Law with respect to any item of Collateral Portfolio, or the nonconformity of any item of Collateral Portfolio
with any such Applicable Law;


 


(iv)        the
failure to vest and maintain vested in the Collateral Agent, for the benefit of the Secured Parties, a first priority perfected
security interest in the Collateral Portfolio, free and clear of any Lien other than Permitted Liens, whether existing at the time
of the related Advance or at any time thereafter;


 


(v)         on
each Business Day prior to the Collection Date, the occurrence of a Borrowing Base Deficiency and the same continues unremedied
for five Business Days;


 


(vi)        the
failure to file, or any delay in filing, financing statements, continuation statements or other similar instruments or documents
under the UCC of any applicable jurisdiction or other Applicable Law with respect to any Loan Assets included in the Collateral
Portfolio or the other Portfolio Assets related thereto, whether at the time of any Advance or at any subsequent time;


 


(vii)       any
dispute, claim, offset or defense (other than the discharge in bankruptcy of an Obligor) to the payment of any Loan Asset included
in the Collateral Portfolio (including, without limitation, a defense based on such Loan Asset (or the Loan Agreement evidencing
such Loan Asset) not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its
terms), or any other claim related to such Collateral Portfolio;


 


(viii)      any
failure of the Borrower or the Servicer (if GC Advisors LLC or one of its Affiliates is the Servicer) to perform its duties or
obligations in accordance with the provisions of the Transaction Documents to which it is a party or any failure by the Servicer,
the Borrower or any Affiliate thereof to perform its respective duties under any Collateral Portfolio;


 




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(ix)         any
inability to obtain any judgment in, or utilize the court or other adjudication system of, any state in which an Obligor may be
located as a result of the failure of the Borrower or the Transferor to qualify to do business or file any notice or business activity
report or any similar report;


 


(x)          any
action taken by the Borrower or the Servicer in the enforcement or collection of the Collateral Portfolio which results in any
claim, suit or action of any kind pertaining to the Collateral Portfolio or which reduces or impairs the rights of the Administrative
Agent, any Lender Agent or any Lender with respect to any Loan Asset or the value of any such Loan Asset;


 


(xi)         any
products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort
arising out of or in connection with any Underlying Collateral or Collateral Portfolio;


 


(xii)        any
claim, suit or action of any kind arising out of or in connection with Environmental Laws relating to the Borrower or the Collateral
Portfolio, including any vicarious liability;


 


(xiii)       the
failure by the Borrower to pay when due any Taxes for which the Borrower is liable, including, without limitation, sales, excise
or personal property Taxes payable in connection with the Collateral Portfolio;


 


(xiv)      any
repayment by the Administrative Agent, the Lender Agents, the Lenders or a Secured Party of any amount previously distributed in
payment of Advances or payment of Yield or Fees or any other amount due hereunder or under any Hedging Agreement, in each case
which amount the Administrative Agent, the Lender Agents, the Lenders or a Secured Party believes in good faith is required to
be repaid;


 


(xv)       the
commingling by the Borrower or the Servicer of payments and collections required to be remitted to the Collection Account or the
Unfunded Exposure Account with other funds;


 


(xvi)      any
investigation, litigation or proceeding related to this Agreement or the other Transaction Documents, or the use of proceeds of
Advances or the Collateral Portfolio, or the administration of the Loan Assets by the Borrower or the Servicer;


 


(xvii)     any
failure by the Borrower to give reasonably equivalent value to the Transferor (or other seller thereof) in consideration for the
transfer to the Borrower of any item of Collateral Portfolio or any attempt by any Person to void or otherwise avoid any such transfer
under any statutory provision or common law or equitable action, including, without limitation, any provision of the Bankruptcy
Code;


 


(xviii)    the
use of the proceeds of any Advance in a manner other than as provided in this Agreement and the Transaction Documents;


 




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(xix)       any
failure of the Borrower, the Servicer or any of their respective agents or representatives to remit to the Collection Account within
two Business Days of receipt, payments and collections with respect to the Collateral Portfolio remitted to the Borrower, the Servicer
or any such agent or representative; and/or


 


(xx)        the
failure by the Borrower to comply with any of the covenants relating to the Hedging Agreement in accordance with the Transaction
Documents.


 


(b)          Any
amounts subject to the indemnification provisions of this Section 8.01 shall be paid by the Borrower to the Administrative
Agent on behalf of the applicable Indemnified Party within two Business Days following the Administrative Agent’s written
demand therefor on behalf of the applicable Indemnified Party (and the Administrative Agent shall pay such amounts to the applicable
Indemnified Party promptly after the receipt by the Administrative Agent of such amounts). The Administrative Agent, on behalf
of any Indemnified Party making a request for indemnification under this Section 8.01, shall submit to the Borrower a certificate
setting forth in reasonable detail the basis for and the computations of the Indemnified Amounts with respect to which such indemnification
is requested, which certificate shall be conclusive absent demonstrable error.


 


(c)          If
for any reason the indemnification provided above in this Section 8.01 is unavailable to the Indemnified Party or is insufficient
to hold an Indemnified Party harmless in respect of any losses, claims, damages or liabilities, then the Borrower shall contribute
to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities in such proportion
as is appropriate to reflect not only the relative benefits received by such Indemnified Party on the one hand and the Borrower
on the other hand but also the relative fault of such Indemnified Party as well as any other relevant equitable considerations.


 


(d)          If
the Borrower has made any payments in respect of Indemnified Amounts to the Administrative Agent on behalf of an Indemnified Party
pursuant to this Section 8.01 and such Indemnified Party thereafter collects any of such amounts from others, such Indemnified
Party will promptly repay such amounts collected to the Borrower, without interest.


 


(e)          The
obligations of the Borrower under this Section 8.01 shall survive the resignation or removal of the Administrative Agent,
the Lenders, the Lender Agents, the Servicer, the Collateral Agent, the Account Bank or the Collateral Custodian and the termination
of this Agreement.


 


Section 8.02         Indemnities
by Servicer.


 


(a)          Without
limiting any other rights which any Indemnified Party may have hereunder or under Applicable Law, the Servicer hereby agrees to
indemnify each Indemnified Party from and against any and all Indemnified Amounts, awarded against or incurred by any Indemnified
Party as a consequence of any of the following, excluding, however, Indemnified Amounts to the extent resulting from Excluded Taxes
or gross negligence, bad faith or willful misconduct on the part of such Indemnified Party claiming indemnification hereunder:


 


(i)          the
inclusion, in any computations made by it in connection with any Borrowing Base Certificate or other report prepared by it hereunder,
of any Loan Assets as Eligible Loan Assets which were not Eligible Loan Assets as of the date of any such computation;


 




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(ii)         reliance
on any representation or warranty made or deemed made by the Servicer or any of its officers under or in connection with this Agreement
or any other Transaction Document, any Servicing Report, Servicer’s Certificate or any other information or report delivered
by or on behalf of the Servicer pursuant hereto, which shall have been false, incorrect or misleading in any respect when made
or deemed made or delivered;


 


(iii)        the
failure by the Servicer to comply with (A) any term, provision or covenant contained in this Agreement or any other Transaction
Document, or any other agreement executed in connection with this Agreement, or (B) any Applicable Law applicable to it with respect
to any Portfolio Assets;


 


(iv)        any
litigation, proceedings or investigation against the Servicer;


 


(v)         any
action or inaction by the Servicer that causes the Collateral Agent, for the benefit of the Secured Parties, not to have a first
priority perfected security interest in the Collateral Portfolio, free and clear of any Lien other than Permitted Liens, whether
existing at the time of the related Advance or any time thereafter;


 


(vi)        the
commingling by the Servicer of payments and collections required to be remitted to the Collection Account or the Unfunded Exposure
Account with other funds;


 


(vii)       any
failure of the Servicer or any of its agents or representatives (including, without limitation, agents, representatives and employees
of such Servicer acting pursuant to authority granted under Section 6.01 hereof) to remit to the Collection Account payments
and collections with respect to Loan Assets remitted to the Servicer or any such agent or representative within two Business Days
of receipt;


 


(viii)      the
failure by the Servicer to perform any of its duties or obligations in accordance with the provisions of this Agreement or any
other Transaction Document or errors or omissions related to such duties;


 


(ix)         failure
or delay in assisting a successor Servicer in assuming each and all of the Servicer’s obligations to service and administer
the Collateral Portfolio, or failure or delay in complying with instructions from the Administrative Agent with respect thereto;
and/or


 


(x)          any
of the events or facts giving rise to a breach of any of the Servicer’s representations, warranties, agreements and/or covenants
set forth in Article IV, Article V or Article VI or this Agreement.


 


(b)          Any
Indemnified Amounts shall be paid by the Servicer to the Administrative Agent, for the benefit of the applicable Indemnified Party,
within two Business Days following receipt by the Servicer of the Administrative Agent’s written demand therefor (and the
Administrative Agent shall pay such amounts to the applicable Indemnified Party promptly after the receipt by the Administrative
Agent of such amounts).


 




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(c)          If
the Servicer has made any indemnity payments to the Administrative Agent, on behalf of an Indemnified Party pursuant to this Section
8.02 and such Indemnified Party thereafter collects any of such amounts from others, such Indemnified Party will promptly repay
such amounts collected to the Servicer, without interest.


 


(d)          The
Servicer shall have no liability for making indemnification hereunder to the extent any such indemnification constitutes recourse
for uncollectible or uncollected Loan Assets.


 


(e)          The
obligations of the Servicer under this Section 8.02 shall survive the resignation or removal of the Administrative Agent,
the Lenders, the Lender Agents, the Collateral Agent, the Account Bank or the Collateral Custodian and the termination of this
Agreement.


 


(f)          Any
indemnification pursuant to this Section 8.02 shall not be payable from the Collateral Portfolio.


 


Section 8.03         Legal
Proceedings. In the event an Indemnified Party becomes involved in any action, claim, or legal, governmental or administrative
proceeding (an “Action”) for which it seeks indemnification hereunder, the Indemnified Party shall promptly
notify the other party or parties against whom it seeks indemnification (the “Indemnifying Party”) in writing
of the nature and particulars of the Action; provided that its failure to do so shall not relieve the Indemnifying Party
of its obligations hereunder except to the extent such failure has a material adverse effect on the Indemnifying Party. Upon written
notice to the Indemnified Party acknowledging in writing that the indemnification provided hereunder applies to the Indemnified
Party in connection with the Action (subject to the exclusion in the first sentence of Section 8.01, the first sentence
of Section 8.02 or Section 8.02(d), as applicable), the Indemnifying Party may assume the defense of the Action at
its expense with counsel reasonably acceptable to the Indemnified Party. The Indemnified Party shall have the right to retain separate
counsel in connection with the Action, and the Indemnifying Party shall not be liable for the legal fees and expenses of the Indemnified
Party after the Indemnifying Party has done so; provided that if the Indemnified Party determines in good faith that there
may be a conflict between the positions of the Indemnified Party and the Indemnifying Party in connection with the Action, or that
the Indemnifying Party is not conducting the defense of the Action in a manner reasonably protective of the interests of the Indemnified
Party, the reasonable legal fees and expenses of the Indemnified Party shall be paid by the Indemnifying Party; provided,
further, that the Indemnifying Party shall not, in connection with any one Action or separate but substantially similar
or related Actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees
or expenses of more than one separate firm of attorneys (and any required local counsel) for such Indemnified Party, which firm
(and local counsel, if any) shall be designated in writing to the Indemnifying Party by the Indemnified Party. If the Indemnifying
Party elects to assume the defense of the Action, it shall have full control over the conduct of such defense; provided
that the Indemnifying Party and its counsel shall, as reasonably requested by the Indemnified Party or its counsel, consult with
and keep them informed with respect to the conduct of such defense. The Indemnifying Party shall not settle an Action without the
prior written approval of the Indemnified Party unless such settlement provides for the full and unconditional release of the Indemnified
Party from all liability in connection with the Action. The Indemnified Party shall reasonably cooperate with the Indemnifying
Party in connection with the defense of the Action.


 




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Section 8.04         After-Tax
Basis. Indemnification under Section 8.01 and 8.02 shall be in an amount necessary to make the Indemnified Party
whole after taking into account any Tax consequences to the Indemnified Party of the receipt of the indemnity provided hereunder,
including the effect of such Tax or refund on the amount of Tax measured by net income or profits that is or was payable by the
Indemnified Party.


 


ARTICLE
IX.


 


THE
ADMINISTRATIVE AGENT and Lender agents


 


Section 9.01         The
Administrative Agent.


 


(a)          Appointment.
Each Lender Agent and each Secured Party hereby appoints and authorizes the Administrative Agent as its agent hereunder and hereby
further authorizes the Administrative Agent to appoint additional agents to act on its behalf and for the benefit of each Lender
Agent and each Secured Party. Each Lender Agent and each Secured Party further authorizes the Administrative Agent to take such
action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are delegated
to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. Notwithstanding
any provision to the contrary contained elsewhere in this Agreement or in any other Transaction Document, the Administrative Agent
shall not have any duties or responsibilities, except those expressly set forth in this Agreement, nor shall the Administrative
Agent have or be deemed to have any fiduciary relationship with any Lender or Lender Agent, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Transaction Document or otherwise
exist against the Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent”
in this Agreement with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any Applicable Law. Instead, such term is used merely as a matter of market custom,
and is intended to create or reflect only an administrative relationship between independent contracting parties.


 


(b)          Delegation
of Duties. The Administrative Agent may execute any of its duties under this Agreement or any other Transaction Document by
or through agents, employees or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining
to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agent or attorney in
fact that it selects with reasonable care.


 




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(c)          Administrative
Agent’s Reliance, Etc. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall
be liable for any action taken or omitted to be taken by it or them as Administrative Agent under or in connection with this Agreement
or any of the other Transaction Documents, except for its or their own gross negligence or willful misconduct. Each Secured Party
hereby waives any and all claims against the Administrative Agent or any of its Affiliates for any action taken or omitted to be
taken by the Administrative Agent or any of its Affiliates under or in connection with this Agreement or any of the other Transaction
Documents, except for its or their own gross negligence or willful misconduct. Without limiting the foregoing, the Administrative
Agent: (i) may consult with legal counsel (including counsel for the Borrower or the Transferor), independent public accountants
and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance
with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation and shall not be responsible
for any statements, warranties or representations made in or in connection with this Agreement; (iii) shall not have any duty to
ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any
of the other Transaction Documents on the part of the Borrower, the Transferor, or the Servicer or to inspect the property (including
the books and records) of the Borrower, the Transferor, or the Servicer; (iv) shall not be responsible for the due execution, legality,
validity, enforceability, genuineness, sufficiency or value of this Agreement, any of the other Transaction Documents or any other
instrument or document furnished pursuant hereto or thereto; and (v) shall incur no liability under or in respect of this Agreement
or any of the other Transaction Documents by acting upon any notice (including notice by telephone), consent, certificate or other
instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties.


 


(d)          Actions
by Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under
this Agreement or any other Transaction Document unless it shall first receive such advice or concurrence of the Lender Agents
as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders and Lender Agents
against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.
The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or
any other Transaction Document in accordance with a request or consent of the Lender Agents; provided, that, notwithstanding
anything to the contrary herein, the Administrative Agent shall not be required to take any action hereunder if the taking of such
action, in the reasonable determination of the Administrative Agent, shall be in violation of any Applicable Law or contrary to
any provision of this Agreement or shall expose the Administrative Agent to liability hereunder or otherwise. In the event the
Administrative Agent requests the consent of a Lender Agent pursuant to the foregoing provisions and the Administrative Agent does
not receive a consent (either positive or negative) from such Person within ten Business Days of such Person’s receipt of
such request, then such Lender or Lender Agent shall be deemed to have declined to consent to the relevant action.


 


(e)          Notice
of Event of Default, Unmatured Event of Default or Servicer Termination Event. The Administrative Agent shall not be deemed
to have knowledge or notice of the occurrence of an Event of Default, Unmatured Event of Default or Servicer Termination Event,
unless the Administrative Agent has received written notice from a Lender, Lender Agent, the Borrower or the Servicer referring
to this Agreement, describing such Event of Default, Unmatured Event of Default or Servicer Termination Event and stating that
such notice is a “Notice of Event of Default,” “Notice of Unmatured Event of Default” or “Notice
of Servicer Termination Event,” as applicable. The Administrative Agent shall (subject to Section 9.01(c)) take such
action with respect to such Event of Default, Unmatured Event of Default or Servicer Termination Event as may be requested by the
Lender Agents acting jointly or as the Administrative Agent shall deem advisable or in the best interest of the Lender Agents.


 




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(f)          Credit
Decision with Respect to the Administrative Agent. Each Lender Agent and each Secured Party acknowledges that none of the Administrative
Agent or any of its Affiliates has made any representation or warranty to it, and that no act by the Administrative Agent hereinafter
taken, including any consent to and acceptance of any assignment or review of the affairs of the Borrower, the Servicer, the Transferor
or any of their respective Affiliates or review or approval of any of the Collateral Portfolio, shall be deemed to constitute any
representation or warranty by any of the Administrative Agent or its Affiliates to any Lender Agent as to any matter, including
whether the Administrative Agent has disclosed material information in its possession. Each Lender Agent and each Secured Party
acknowledges that it has, independently and without reliance upon the Administrative Agent, or any of the Administrative Agent’s
Affiliates, and based upon such documents and information as it has deemed appropriate, made its own evaluation and decision to
enter into this Agreement and the other Transaction Documents to which it is a party. Each Lender Agent and each Secured Party
also acknowledges that it will, independently and without reliance upon the Administrative Agent, or any of the Administrative
Agent’s Affiliates, and based on such documents and information as it shall deem appropriate at the time, continue to make
its own decisions in taking or not taking action under this Agreement and the other Transaction Documents to which it is a party.
Each Lender Agent and each Secured Party hereby agrees that the Administrative Agent shall not have any duty or responsibility
to provide any Lender Agent with any credit or other information concerning the business, prospects, operations, property, financial
and other condition or creditworthiness of the Borrower, the Servicer, the Transferor or their respective Affiliates which may
come into the possession of the Administrative Agent or any of its Affiliates.


 


(g)          Indemnification
of the Administrative Agent. Each Lender Agent agrees to indemnify the Administrative Agent (to the extent not reimbursed by
the Borrower or the Servicer), ratably in accordance with the Pro Rata Share of its related Lender, from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or
arising out of this Agreement or any of the other Transaction Documents, or any action taken or omitted by the Administrative Agent
hereunder or thereunder; provided that the Lender Agents shall not be liable for any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s
gross negligence or willful misconduct; provided, further, that no action taken in accordance with the directions
of the Lender Agents shall be deemed to constitute gross negligence or willful misconduct for purposes of this Article IX.
Without limitation of the foregoing, each Lender Agent agrees to reimburse the Administrative Agent, ratably in accordance with
the Pro Rata Share of its related Lender, promptly upon demand for any out-of-pocket expenses (including counsel fees) incurred
by the Administrative Agent in connection with the administration, modification, amendment or enforcement (whether through negotiations,
legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and the other
Transaction Documents, to the extent that such expenses are incurred in the interests of or otherwise in respect of the Lender
Agents or Lenders hereunder and/or thereunder and to the extent that the Administrative Agent is not reimbursed for such expenses
by the Borrower or the Servicer.


 




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(h)          Successor
Administrative Agent. The Administrative Agent may resign at any time, effective upon the appointment and acceptance of a successor
Administrative Agent as provided below, by giving at least five days’ written notice thereof to each Lender Agent and the
Borrower and may be removed at any time with cause by the Lender Agents acting jointly. Upon any such resignation or removal, the
Lender Agents acting jointly shall appoint a successor Administrative Agent. Each Lender Agent agrees that it shall not unreasonably
withhold or delay its approval of the appointment of a successor Administrative Agent. If no such successor Administrative Agent
shall have been so appointed, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s
giving of notice of resignation or the removal of the retiring Administrative Agent, then the retiring Administrative Agent may,
on behalf of the Secured Parties, appoint a successor Administrative Agent which successor Administrative Agent shall be either
(i) a commercial bank organized under the laws of the United States or of any state thereof and have a combined capital and surplus
of at least $50,000,000 or (ii) an Affiliate of such a bank. Upon the acceptance of any appointment as Administrative Agent hereunder
by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all
the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be
discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent’s resignation or
removal hereunder as Administrative Agent, the provisions of this Article IX shall continue to inure to its benefit as to
any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement.


 


(i)          Payments
by the Administrative Agent. Unless specifically allocated to a specific Lender Agent pursuant to the terms of this Agreement,
all amounts received by the Administrative Agent on behalf of the Lender Agents shall be paid by the Administrative Agent to the
Lender Agents in accordance with their related Lender’s respective Pro Rata Shares in the applicable Advances Outstanding,
or if there are no Advances Outstanding in accordance with their related Lender’s most recent Commitments, on the Business
Day received by the Administrative Agent, unless such amounts are received after 12:00 noon on such Business Day, in which case
the Administrative Agent shall use its reasonable efforts to pay such amounts to each Lender Agent on such Business Day, but, in
any event, shall pay such amounts to such Lender Agent not later than the following Business Day.


 


Section 9.02         The
Lender Agents.


 


(a)          Authorization
and Action. Each Lender, respectively, hereby designates and appoints its related Lender Agent to act as its agent hereunder
and under each other Transaction Document, and authorizes such Lender Agent to take such actions as agent on its behalf and to
exercise such powers as are delegated to such Lender Agent by the terms of this Agreement and the other Transaction Documents,
together with such powers as are reasonably incidental thereto. No Lender Agent shall have any duties or responsibilities, except
those expressly set forth herein or in any other Transaction Document, or any fiduciary relationship with its related Lender, and
no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such Lender Agent shall be
read into this Agreement or any other Transaction Document or otherwise exist for such Lender Agent. In performing its functions
and duties hereunder and under the other Transaction Documents, each Lender Agent shall act solely as agent for its related Lender
and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Borrower,
the Servicer or any other Lender. No Lender Agent shall be required to take any action that exposes such Lender Agent to personal
liability or that is contrary to this Agreement, any other Transaction Document or Applicable Law. The appointment and authority
of each Lender Agent hereunder shall terminate upon the indefeasible payment in full of all Obligations.


 




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(b)          Delegation
of Duties. Each Lender Agent may execute any of its duties under this Agreement and each other Transaction Document by or through
agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Lender
Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.


 


(c)          Exculpatory
Provisions. Neither any Lender Agent nor any of its directors, officers, agents or employees shall be (i) liable for any action
lawfully taken or omitted to be taken by it or them under or in connection with this Agreement or any other Transaction Document
(except for its, their or such Person’s own gross negligence or willful misconduct), or (ii) responsible in any manner to
its related Lender for any recitals, statements, representations or warranties made by the Borrower or the Servicer contained in
Article IV, any other Transaction Document or any certificate, report, statement or other document referred to or provided
for in, or received under or in connection with, this Agreement or any other Transaction Document, or for the value, validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement, any other Transaction Document or any other document
furnished in connection herewith or therewith, or for any failure of the Borrower or the Servicer to perform its obligations hereunder
or thereunder, or for the satisfaction of any condition specified in this Agreement, or for the perfection, priority, condition,
value or sufficiency of any collateral pledged in connection herewith. No Lender Agent shall be under any obligation to its related
Lender to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions
of, this Agreement or any other Transaction Document, or to inspect the properties, books or records of the Borrower or the Servicer.
No Lender Agent shall be deemed to have knowledge of any Event of Default or Unmatured Event of Default unless such Lender Agent
has received notice from the Borrower or its related Lender.


 


(d)          Reliance
by Lender Agent. Each Lender Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any
document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or
Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Borrower), independent accountants
and other experts selected by such Lender Agent. Each Lender Agent shall in all cases be fully justified in failing or refusing
to take any action under this Agreement or any other Transaction Document unless it shall first receive such advice or concurrence
of its related Lender as it deems appropriate and it shall first be indemnified to its satisfaction by its related Lender; provided
that, unless and until such Lender Agent shall have received such advice, such Lender Agent may take or refrain from taking any
action, as the Lender Agent shall deem advisable and in the best interests of its related Lender. Each Lender Agent shall in all
cases be fully protected in acting, or in refraining from acting, in accordance with a request of its related Lender, and such
request and any action taken or failure to act pursuant thereto shall be binding upon its related Lender.


 




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(e)          Non-Reliance
on Lender Agent. Each Lender expressly acknowledges that neither its related Lender Agent, nor any of its officers, directors,
employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by such Lender
Agent hereafter taken, including, without limitation, any review of the affairs of the Borrower or the Servicer, shall be deemed
to constitute any representation or warranty by such Lender Agent. Each Lender represents and warrants to its related Lender Agent
that it has and will, independently and without reliance upon its related Lender Agent, and based on such documents and information
as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, prospects, financial
and other conditions and creditworthiness of the Borrower and made its own decision to enter into this Agreement, the other Transaction
Documents and all other documents related hereto or thereto.


 


(f)          Lender
Agents are in their Respective Individual Capacities. Each Lender Agent and its Affiliates may make loans to, accept deposits
from and generally engage in any kind of business with the Borrower or any Affiliate of the Borrower as though such Lender Agent
were not a Lender Agent hereunder. With respect to Advances Outstanding pursuant to this Agreement, each Lender Agent shall have
the same rights and powers under this Agreement in its individual capacity as any Lender and may exercise the same as though it
were not a Lender Agent, and the terms “Lender,” and “Lenders,” shall include the Lender Agent in its individual
capacity.


 


(g)          Successor
Lender Agent. Each Lender Agent may, upon five days’ notice to the Borrower and its related Lender, and such Lender Agent
will, upon the direction of its related Lender resign as the Lender Agent for such Lender. If any Lender Agent shall resign, then
its related Lender during such five day period shall appoint a successor agent. If for any reason no successor agent is appointed
by such Lender during such five day period, then effective upon the termination of such five day period, and the Borrower shall
make all payments in respect of the Obligations due to such Lender directly to such Lender, and for all purposes shall deal directly
with such Lender. After any retiring Lender Agent’s resignation hereunder as a Lender Agent, the provisions of Articles
VIII and IX shall inure to its benefit with respect to any actions taken or omitted to be taken by it while it was a
Lender Agent under this Agreement.


 


ARTICLE
X.


 


Collateral
Agent


 


Section 10.01       Designation
of Collateral Agent.


 


(a)          Initial
Collateral Agent. Each of the Lenders, the Lender Agents and the Administrative Agent hereby designate and appoint the Collateral
Agent to act as its agent for the purposes of perfection of a security interest in the Collateral Portfolio and hereby authorizes
the Collateral Agent to take such actions on its behalf and on behalf of each of the Secured Parties and to exercise such powers
and perform such duties as are expressly granted to the Collateral Agent by this Agreement. The Collateral Agent hereby accepts
such agency appointment to act as Collateral Agent pursuant to the terms of this Agreement, until its resignation or removal as
Collateral Agent pursuant to the terms hereof.


 




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(b)          Successor
Collateral Agent. Upon the Collateral Agent’s receipt of a Collateral Agent Termination Notice from the Administrative
Agent of the designation of a successor Collateral Agent pursuant to the provisions of Section 10.05, the Collateral Agent
agrees that it will terminate its activities as Collateral Agent hereunder.


 


(c)          Secured
Party. The Administrative Agent, the Lender Agents and the Lenders hereby appoint Wells Fargo, in its capacity as Collateral
Agent hereunder, as their agent for the purposes of perfection of a security interest in the Collateral Portfolio. Wells Fargo,
in its capacity as Collateral Agent hereunder, hereby accepts such appointment and agrees to perform the duties set forth in Section
10.02(b).


 


Section 10.02        Duties
of Collateral Agent.


 


(a)          Appointment.
The Lenders, the Lender Agents and the Administrative Agent each hereby appoints Wells Fargo to act as Collateral Agent, for the
benefit of the Secured Parties. The Collateral Agent hereby accepts such appointment and agrees to perform the duties and obligations
with respect thereto set forth herein.


 


(b)          Duties.
On or before the initial Advance Date, and until its removal pursuant to Section 10.05, the Collateral Agent shall perform,
on behalf of the Secured Parties, the following duties and obligations:


 


(i)          The
Collateral Agent shall calculate amounts to be remitted pursuant to Section 2.04 to the applicable parties and notify the
Servicer and the Administrative Agent in the event of any discrepancy between the Collateral Agent’s calculations and the
Servicing Report (such dispute to be resolved in accordance with Section 2.05);


 


(ii)         The
Collateral Agent shall promptly upon its actual receipt of a (i) Borrowing Base Certificate from the Borrower, re-calculate the
Borrowing Base and, if the Collateral Agent’s calculation does not correspond with the calculation provided by the Borrower
on such Borrowing Base Certificate, deliver such calculation to each of the Administrative Agent, Borrower and Servicer within
one (1) Business Day of receipt by the Collateral Agent of such Borrowing Base Certificate.


 


(iii)        The
Collateral Agent shall make payments pursuant to the terms of the Servicing Report or as otherwise directed in accordance with
Sections 2.04 or 2.05 (the “Payment Duties”).


 


(iv)        The
Collateral Agent shall provide to the Servicer a copy of all written notices and communications identified as being sent to it
in connection with the Loan Assets and the other Collateral Portfolio held hereunder which it receives from the related Obligor,
participating bank and/or agent bank. In no instance shall the Collateral Agent be under any duty or obligation to take any action
on behalf of the Servicer in respect of the exercise of any voting or consent rights, or similar actions, unless it receives specific
written instructions from the Servicer, prior to the occurrence of an Event of Default or the Administrative Agent, after the occurrence
of Event of Default, in which event the Collateral Agent shall vote, consent or take such other action in accordance with such
instructions.


 




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(v)         The
Collateral Agent has created a database (the “Collateral Database”) with respect to the Loan Assets held by
the Borrower. The Collateral Agent shall permit access to the information in the Collateral Database by the Servicer and the Borrower.
The Collateral Agent shall update the Collateral Database promptly for Loan Assets and Permitted Investments acquired or sold or
otherwise disposed of and for any amendments or changes to Loan Asset amounts or interest rates.


 


(vi)        The
Collateral Agent shall establish the Collection Account and the Unfunded Exposure Account in the name of the Collateral Agent under
the sole dominion and control of the Collateral Agent for the benefit of the Secured Parties.


 


(vii)       The
Collateral Agent shall track the receipt and daily allocation of cash to the Interest Collection Account and Principal Collection
Account and any withdrawals therefrom and, on each Business Day, provide to the Servicer daily reports reflecting such actions
to the Interest Collection Account and Principal Collection Account as of the close of business on the preceding Business Day.


 


(viii)      The
Collateral Agent shall assist and reasonably cooperate with the independent certified public accountants in the preparation of
those reports required under Section 6.10.


 


(ix)         The
Collateral Agent shall provide the Servicer with such other information as may be reasonably requested in writing by the Servicer
and as is within the possession of the Collateral Agent.


 


(c)                           (i)          The
Administrative Agent, each Lender Agent and each Secured Party further authorizes the Collateral Agent to take such action as agent
on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are expressly delegated to
the Collateral Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. In furtherance,
and without limiting the generality of the foregoing, each Secured Party hereby appoints the Collateral Agent (acting at the direction
of the Administrative Agent) as its agent to execute and deliver all further instruments and documents, and take all further action
that the Administrative Agent deems necessary or desirable in order to perfect, protect or more fully evidence the security interests
granted by the Borrower hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder, including,
without limitation, the execution by the Collateral Agent as secured party/assignee of such financing or continuation statements,
or amendments thereto or assignments thereof, relative to all or any of the Loan Assets now existing or hereafter arising, and
such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. Nothing in this Section
10.02(c) shall be deemed to relieve the Borrower or the Servicer of their respective obligations to protect the interest of
the Collateral Agent (for the benefit of the Secured Parties) in the Collateral Portfolio, including to file financing and continuation
statements in respect of the Collateral Portfolio in accordance with Section 5.01(t).


 




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(ii)         The
Administrative Agent may direct the Collateral Agent to take any such incidental action hereunder. With respect to other actions
which are incidental to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be
required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully
protected in acting or refraining from acting) upon the direction of the Administrative Agent; provided that the Collateral
Agent shall not be required to take any action hereunder at the request of the Administrative Agent, any Secured Party or otherwise
if the taking of such action, in the reasonable determination of the Collateral Agent, (x) shall be in violation of any Applicable
Law or contrary to any provisions of this Agreement or (y) shall expose the Collateral Agent to liability hereunder or otherwise
(unless it has received indemnity which it reasonably deems to be satisfactory with respect thereto). In the event the Collateral
Agent requests the consent of the Administrative Agent and the Collateral Agent does not receive a consent (either positive or
negative) from the Administrative Agent within 10 Business Days of its receipt of such request, then the Administrative Agent shall
be deemed to have declined to consent to the relevant action.


 


(iii)        Except
as expressly provided herein, the Collateral Agent shall not be under any duty or obligation to take any affirmative action to
exercise or enforce any power, right or remedy available to it under this Agreement (x) unless and until (and to the extent) expressly
so directed by the Administrative Agent or (y) prior to the Facility Maturity Date (and upon such occurrence, the Collateral Agent
shall act in accordance with the written instructions of the Administrative Agent pursuant to clause (x)). The Collateral
Agent shall not be liable for any action taken, suffered or omitted by it in accordance with the request or direction of any Secured
Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Agent, or the Administrative
Agent. The Collateral Agent shall not be deemed to have notice or knowledge of any matter hereunder, including an Event of Default,
unless a Responsible Officer of the Collateral Agent has knowledge of such matter or written notice thereof is received by the
Collateral Agent.


 


(d)          If,
in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action,
the Collateral Agent may request written instructions from the Administrative Agent as to the course of action desired by it. If
the Collateral Agent does not receive such instructions within two Business Days after it has requested them, the Collateral Agent
may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance
with instructions received after such two Business Day period except to the extent it has already, in good faith, taken or committed
itself to take, action inconsistent with such instructions. The Collateral Agent shall be entitled to rely on the advice of legal
counsel and independent accountants in performing its duties hereunder and shall be deemed to have acted in good faith if it acts
in accordance with such advice.


 




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(e)          Concurrently
herewith, the Administrative Agent directs the Collateral Agent and the Collateral Agent is authorized to enter into the Collection
Account Agreement and Unfunded Exposure Account Agreement. For the avoidance of doubt, all of the Collateral Agent’s rights,
protections and immunities provided herein shall apply to the Collateral Agent for any actions taken or omitted to be taken under
the Collection Account Agreement and Unfunded Exposure Account Agreement in such capacity.


 


Section 10.03         Merger
or Consolidation.


 


Any Person (i) into which
the Collateral Agent may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral
Agent shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Agent substantially as a whole,
which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Collateral Agent
hereunder, shall be the successor to the Collateral Agent under this Agreement without further act of any of the parties to this
Agreement.


 


Section 10.04         Collateral
Agent Compensation.


 


As compensation for its Collateral
Agent activities hereunder, the Collateral Agent shall be entitled to the Collateral Agent Fees and Collateral Agent Expenses from
the Borrower as set forth in the Wells Fargo Fee Letter, payable to the extent of funds available therefor pursuant to the provisions
of Section 2.04. The Collateral Agent’s entitlement to receive the Collateral Agent Fees shall cease on the earlier
to occur of: (i) its removal as Collateral Agent pursuant to Section 10.05 or (ii) the termination of this Agreement.


 


Section 10.05         Collateral
Agent Removal.


 


The Collateral Agent may
be removed, with or without cause, by the Administrative Agent by notice given in writing to the Collateral Agent (the “Collateral
Agent Termination Notice”); provided that, notwithstanding its receipt of a Collateral Agent Termination Notice,
the Collateral Agent shall continue to act in such capacity until a successor Collateral Agent has been appointed and has agreed
to act as Collateral Agent hereunder; provided that the Collateral Agent shall continue to receive compensation of its fees
and expenses in accordance with Section 10.04 above while so serving as the Collateral Agent prior to a successor Collateral
Agent being appointed.


 


Section 10.06         Limitation
on Liability.


 


(a)          The
Collateral Agent may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice,
letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been
signed by the proper party or parties. The Collateral Agent may rely conclusively on and shall be fully protected in acting upon
(a) the written instructions of any designated officer of the Administrative Agent or (b) the verbal instructions of the Administrative
Agent.


 




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(b)          The
Collateral Agent may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice
or opinion of such counsel.


 


(c)          The
Collateral Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith,
or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case
of its willful misconduct or grossly negligent performance or omission of its duties.


 


(d)          The
Collateral Agent makes no warranty or representation and shall have no responsibility (except as expressly set forth in this Agreement)
as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the
Collateral Portfolio, and will not be required to and will not make any representations as to the validity or value (except as
expressly set forth in this Agreement) of any of the Collateral Portfolio. The Collateral Agent shall not be obligated to take
any legal action hereunder that might in its judgment involve any expense or liability unless it has been furnished with an indemnity
reasonably satisfactory to it.


 


(e)          The
Collateral Agent shall have no duties or responsibilities except such duties and responsibilities as are specifically set forth
in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Agent. Notwithstanding
any provision to the contrary elsewhere in the Transaction Documents, the Collateral Agent shall not have any fiduciary relationship
with any party hereto or any Secured Party in its capacity as such, and no implied covenants, functions, obligations or responsibilities
shall be read into this Agreement, the other Transaction Documents or otherwise exist against the Collateral Agent. Without limiting
the generality of the foregoing, it is hereby expressly agreed and stipulated by the other parties hereto that the Collateral Agent
shall not be required to exercise any discretion hereunder and shall have no investment or management responsibility.


 


(f)          The
Collateral Agent shall not be required to expend or risk its own funds in the performance of its duties hereunder.


 


(g)          It
is expressly agreed and acknowledged that the Collateral Agent is not guaranteeing performance of or assuming any liability for
the obligations of the other parties hereto or any parties to the Collateral Portfolio.


 


(h)          Subject
in all cases to the last sentence of Section 2.05, in case any reasonable question arises as to its duties hereunder, the
Collateral Agent may, prior to the occurrence of an Event of Default or the Facility Maturity Date, request instructions from the
Servicer and may, after the occurrence of an Event of Default or the Facility Maturity Date, request instructions from the Administrative
Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions from the Servicer
or the Administrative Agent, as applicable. The Collateral Agent shall in all events have no liability, risk or cost for any action
taken pursuant to and in compliance with the instruction of the Administrative Agent. In no event shall the Collateral Agent be
liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits),
even if the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.


 




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(i)          The
Collateral Agent shall not be liable for the acts or omissions of the Collateral Custodian under this Agreement and shall not be
required to monitor the performance of the Collateral Custodian. Notwithstanding anything herein to the contrary, the Collateral
Agent shall have no duty to perform any of the duties of the Collateral Custodian under this Agreement.


 


Section 10.07         Collateral
Agent Resignation.


 


The Collateral Agent may
resign at any time by giving not less than 90 days written notice thereof to the Administrative Agent and with the consent of the
Administrative Agent, which consent shall not be unreasonably withheld. Upon receiving such notice of resignation, the Administrative
Agent shall promptly appoint a successor collateral agent or collateral agents by written instrument, in duplicate, executed by
the Administrative Agent, one copy of which shall be delivered to the Collateral Agent so resigning and one copy to the successor
collateral agent or collateral agents, together with a copy to the Borrower, Servicer and Collateral Custodian. If no successor
collateral agent shall have been appointed and an instrument of acceptance by a successor Collateral Agent shall not have been
delivered to the Collateral Agent within 45 days after the giving of such notice of resignation, the resigning Collateral Agent
may petition any court of competent jurisdiction for the appointment of a successor Collateral Agent. Notwithstanding anything
herein to the contrary, the Collateral Agent may not resign prior to a successor Collateral Agent being appointed.


 


ARTICLE
XI.


 


MISCELLANEOUS


 


Section 11.01         Amendments
and Waivers.


 


(a)          (i)
No amendment or modification of any provision of this Agreement shall be effective without the written agreement of the Borrower,
the Servicer, the Required Lenders, the Administrative Agent and, solely if such amendment or modification would adversely affect
the rights and obligations of the Collateral Agent, the Account Bank or the Collateral Custodian, the written agreement of the
Collateral Agent, the Account Bank or the Collateral Custodian, as applicable; (ii) no termination or waiver of any provision of
this Agreement or consent to any departure therefrom by the Borrower or the Servicer shall be effective without the written concurrence
of the Administrative Agent and the Required Lenders; (iii) no amendment, waiver or modification adversely affecting the rights
or obligations of any Hedge Counterparty shall be effective without the written agreement of such Person; and (iv) no amendment,
waiver or consent shall, unless in writing and signed by the Swingline Lender, affect the rights or duties of the Swingline Lender
under this Agreement. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given.


 


(b)          Notwithstanding
the provisions of Section 11.01(a), the written consent of all of the Lenders shall be required for any amendment, modification
or waiver:


 


(i)          reducing
the principal amount of the Advances Outstanding or the Yield (or the rate of the Yield) thereon;


 




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(ii)         making
any modification to the definition of “Borrowing Base”, “Applicable Percentage” or “Assigned Value”
or to any of the defined terms used in such definitions, in each case, if any such modification would have the effect of making
more credit available to the Borrower;


 


(iii)        waiving
or postponing any date for any payment of any Advance, all or any portion of the Yield thereon or any fees or other amounts due
to the Lenders (or any of them);


 


(iv)        modifying
clauses (b), (l) or (mm) of the definition of “Eligible Loan Assets” in any manner that would
have the effect of causing additional Loan Assets to be Eligible Loan Assets;


 


(v)         modifying
the provisions of this Section 11.01 or the definition of “Required Lenders”, “Supermajority Lenders”
or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights
hereunder or make any determination or grant any consent hereunder;


 


(vi)        modifying
the provisions of Section 2.22;


 


(vii)       modifying
the provisions of Section 2.04 or any related definitions or provisions that would alter the order of application of proceeds
or would alter the pro rata sharing of payments required thereby;


 


(viii)      extending
the Stated Maturity Date or clause (i) of the definition of “Reinvestment Period”; or


 


(ix)         releasing
all or substantially all of the Collateral Portfolio (other than a release of Collateral Portfolio in connection with Loan Assets
being transferred for a Term Securitization, so long as there is no Borrowing Base Deficiency following such release).


 


(c)          Notwithstanding
the provisions of Section 11.01(a), the written consent of the affected Lender shall be required for any amendment, modification
or waiver increasing the Commitment of any Lender or the amount of Advances of any Lender. In addition, no Fees or other amounts
payable to any Lender shall be waived or reduced without the prior consent of the affected Lender (for the avoidance of doubt,
any reduction of the Non-Usage Fee in accordance with the terms of Section 2.09 shall not constitute a waiver or reduction
under this Section 11.01(c)).


 


(d)          Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender.


 




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Section 11.02         Notices,
Etc.


 


All notices and other communications
hereunder shall, unless otherwise stated herein, be in writing (which shall include facsimile communication and communication by
e-mail) and faxed, e-mailed or delivered, to each party hereto, at the following address:


 


GCIC Funding LLC

Golub Capital Investment Corporation


150 South Wacker Drive, Suite
800


Chicago, Illinois 60606


Attention: David Golub


Facsimile: 312-201-9167


 


GC Advisors LLC

150 South Wacker Drive, Suite 800


Chicago, Illinois 60606


Attention: David Golub


Facsimile: 312-201-9167


 


Wells Fargo Bank, N. A., as
Account Bank, Collateral Agent


and Collateral Custodian


9062 Old Annapolis Rd


Corporate Trust Services Division


Columbia, MD 21045


Attn: SAS Trust Services –
GCIC Funding LLC


Phone: (410) 884-2000


Fax: (443) 367-3986


 


Wells Fargo Securities, LLC,
as Administrative Agent


Duke Energy Center


550 S. Tryon Street


Mail code D1086-051,


Charlotte, NC 28202


Attention: Kevin Sunday


Facsimile No.: (704) 715-0089


Confirmation No: (704) 410-2384


 


Wells Fargo Bank, N.A. as Lender


Duke Energy Center


550 S. Tryon Street


Mail code D1086-051,


Charlotte, NC 28202


Attention: Kevin Sunday


Facsimile No.: (704) 715-0089


Confirmation No: (704) 410-2384


 




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Capital One, National Association,
as Lender


4445 Willard Avenue, 6F


Chevy Chase, MD 20815


Attention: John H. Swain and John J. Walsh


Tel: 301.280.0245


Email:  john.swain@capitalone.com


 


or at such other address
as shall be designated by such party in a written notice to the other parties hereto. Notices and communications by facsimile and
e-mail shall be effective when sent (and shall be followed by hard copy sent by regular mail), and notices and communications sent
by other means shall be effective when received.


 


Section 11.03        No
Waiver; Remedies. No failure on the part of the Administrative Agent, the Collateral Agent, any Lender or any Lender Agent
to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies
herein provided are cumulative and not exclusive of any remedies provided by law.


 


Section 11.04        Binding
Effect; Assignability; Multiple Lenders.


 


(a)          This
Agreement shall be binding upon and inure to the benefit of the Borrower, the Servicer, the Administrative Agent, each Lender,
the Lender Agents, the Collateral Agent, the Account Bank, the Collateral Custodian and their respective successors and permitted
assigns. With the prior written consent of the Borrower (which consent shall not be unreasonably withheld), each Lender and their
respective successors and assigns may assign, or grant a security interest or sell a participation interest in, (i) this Agreement
and such Lender’s rights and obligations hereunder and interest herein in whole or in part (including by way of the sale
of participation interests therein) and/or (ii) any Advance (or portion thereof) or any Variable Funding Note (or any portion thereof)
to any Person; provided that, (w) a Lender may assign, grant a security interest or sell a participation in, its rights
and obligations hereunder to an Affiliate or a Permitted Assignee without the prior consent of the Borrower, (x) after an Event
of Default has occurred, a Lender may assign its rights and obligations hereunder to any Person without the prior consent of the
Borrower, (y) any Conduit Lender shall not need prior consent from the Borrower to assign, or grant a security interest or sell
a participation interest in, any Advance (or portion thereof) to a Liquidity Bank or any commercial paper conduit sponsored by
a Liquidity Bank or an Affiliate of its related Lender Agent and (z) any Lender may assign or participate all or a portion of its
interests hereunder or under its Variable Funding Note without the consent of the Borrower upon such Lender’s good faith
determination that such assignment or participation is required for regulatory reasons. Any such assignee shall execute and deliver
to the Servicer, the Borrower and the Administrative Agent a fully-executed Transferee Letter substantially in the form of Exhibit
O hereto (a “Transferee Letter”) and a fully-executed Joinder Supplement. The parties to any such assignment,
grant or sale of a participation interest shall execute and deliver to the related Lender Agent for its acceptance and recording
in its books and records, such agreement or document as may be satisfactory to such parties and the applicable Lender Agent. None
of the Borrower, the Transferor or the Servicer may assign, or permit any Lien to exist upon, any of its rights or obligations
hereunder or under any Transaction Document or any interest herein or in any Transaction Document without the prior written consent
of each Lender Agent and the Administrative Agent other than any assignment effected in connection with a transaction that meets
the requirements of Section 5.04(a). In addition, without limiting the foregoing, this Agreement shall not be assigned within the
meaning of the Advisers Act by GC Advisors LLC without the consent of the Borrower. Such consent may be evidenced through the Borrower’s
failure to object to an assignment or intended assignment following appropriate notice to the Borrower from GC Advisors LLC.


 




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(b)          Notwithstanding
any other provision of this Section 11.04, any Lender may at any time pledge or grant a security interest in all or any
portion of its rights (including, without limitation, rights to payment of principal and interest) under this Agreement to secure
obligations of such Lender to a Federal Reserve Bank, without notice to or consent of the Borrower or the Administrative Agent;
provided that no such pledge or grant of a security interest shall release such Lender from any of its obligations hereunder,
or substitute any such pledgee or grantee for such Lender as a party hereto.


 


(c)          Each
Hedge Counterparty, each Affected Party and each Indemnified Party shall be an express third party beneficiary of this Agreement.


 


(d)          Notwithstanding
anything contained in this Agreement to the contrary, if any Lender becomes a Defaulting Lender, unless such Lender shall have
been deemed to no longer be a Defaulting Lender pursuant to Section 2.23(b), then, in each case, the Administrative Agent
with the consent of the Borrower (not to be unreasonably withheld) shall have the right to cause such Person to assign its entire
interest in the Advances and this Agreement to a transferee selected by the Administrative Agent in an assignment which satisfies
the conditions set forth in Section 11.04(a).


 


Section 11.05      Term
of This Agreement. This Agreement, including, without limitation, the Borrower’s representations and covenants set forth
in Articles IV and V and the Servicer’s representations, covenants and duties set forth in Articles IV,
V and VI, shall remain in full force and effect until the Collection Date; provided that the rights and remedies
with respect to any breach of any representation and warranty made or deemed made by the Borrower or the Servicer pursuant to Articles
III and IV and the indemnification and payment provisions of Article VIII, IX and Article XI and
the provisions of Section 2.10, Section 2.11, Section 11.07, Section 11.08 and Section 11.09
shall be continuing and shall survive any termination of this Agreement.


 


Section 11.06       GOVERNING
LAW; JURY WAIVER. THIS AGREEMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK, BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION
WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER.


  




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Section 11.07        Costs,
Expenses and Taxes.


 


(a)          In
addition to the rights of indemnification granted to the Indemnified Parties under Section 8.01 and Section 8.02
hereof, each of the Borrower, the Servicer and the Transferor agrees to pay (i) with respect to the Borrower, on the Payment Date
pertaining to the Remittance Period in which such cost is incurred and (ii) with respect to the Servicer and the Transferor, on
demand, in each case, all out-of-pocket costs and expenses of the Administrative Agent, the Lenders, the Lender Agents, the Collateral
Agent, the Account Bank and the Collateral Custodian incurred in connection with the preparation, execution, delivery, administration
(including periodic auditing), syndication, renewal, amendment or modification of, any waiver or consent issued in connection with,
this Agreement, the Transaction Documents and the other documents to be delivered hereunder or in connection herewith, including,
without limitation, the fees and out-of-pocket expenses of counsel for the Administrative Agent, the Lenders, the Lender Agents,
the Collateral Agent, the Account Bank and the Collateral Custodian with respect thereto and with respect to advising the Administrative
Agent, the Lenders, the Lender Agents, the Collateral Agent, the Account Bank and the Collateral Custodian as to their respective
rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all out-of-pocket
costs and expenses, if any (including counsel fees and expenses), incurred by the Administrative Agent, the Lenders, the Lender
Agents, the Collateral Agent, the Account Bank or the Collateral Custodian in connection with the enforcement or potential enforcement
of this Agreement or any Transaction Document by such Person and the other documents to be delivered hereunder or in connection
herewith.


 


(b)          The
Borrower, the Servicer and the Transferor shall pay (i) with respect to the Borrower, on the Payment Date pertaining to the Remittance
Period in which such cost is incurred and (ii) with respect to the Servicer and the Transferor, on demand, in each case, any and
all stamp, sales, excise and other Taxes and fees payable or determined to be payable to any Governmental Authority in connection
with the execution, delivery, filing and recording of this Agreement, the other Transaction Documents or any other document providing
liquidity support, credit enhancement or other similar support to the Lenders in connection with this Agreement or the funding
or maintenance of Advances hereunder.


 


(c)          The
Servicer and the Transferor shall pay on demand all other out-of-pocket costs, expenses and Taxes (excluding Excluded Taxes) incurred
by the Administrative Agent, the Lenders, the Lender Agents, the Collateral Agent, the Collateral Custodian and the Account Bank,
including, without limitation, all costs and expenses incurred by the Administrative Agent, the Lender Agents and the Lenders in
connection with periodic audits of the Borrower’s, the Transferor’s or the Servicer’s books and records.


 


Section 11.08       No
Proceedings.


 


(a)          Each
of the parties hereto (other than the Administrative Agent with the consent of the Lender Agents) and each Hedge Counterparty (by
accepting the benefits of this Agreement) agree that it will not institute against, or join any other Person in instituting against,
the Borrower any proceedings of the type referred to in the definition of Bankruptcy Event so long as there shall not have elapsed
one year and one day (or such longer preference period as shall then be in effect) since the Collection Date.


 




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(b)          Each
of the parties hereto (other than any Conduit Lender) and each Hedge Counterparty (by accepting the benefits of this Agreement)
hereby agrees that it will not institute against, or join any other Person in instituting against, any Conduit Lender, the Administrative
Agent, or any Liquidity Banks any Bankruptcy Proceeding so long as any commercial paper issued by such Conduit Lender shall be
outstanding and there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect)
since the last day on which any such commercial paper shall have been outstanding.


 


Section 11.09       Recourse
Against Certain Parties.


 


(a)          No
recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees
or any other obligations) of the Administrative Agent or any Secured Party as contained in this Agreement or any other agreement,
instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any administrator of any
such Person or any incorporator, affiliate, stockholder, officer, employee or director of the Administrative Agent or any Secured
Party or of any such administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue
of any statute or otherwise; it being expressly agreed and understood that the agreements
of each party hereto contained in this Agreement and all of the other agreements, instruments and documents entered into by the
Administrative Agent or any Secured Party pursuant hereto or in connection herewith are, in each case, solely the corporate obligations
of such party (and nothing in this Section 11.09 shall be construed to diminish in any way such corporate obligations of
such party), and that no personal liability whatsoever shall attach to or be incurred by any administrator or any incorporator,
stockholder, affiliate, officer, employee or director of any such Person, under or by reason of any of the obligations, covenants
or agreements of the Administrative Agent or any Secured Party contained in this Agreement or in any other such instruments, documents
or agreements, or are implied therefrom, and that any and all personal liability of every such administrator of any such Person
and each incorporator, stockholder, affiliate, officer, employee or director of any such Person or of any such administrator, or
any of them, for breaches by the Administrative Agent or any Secured Party of any such obligations, covenants or agreements, which
liability may arise either at common law or in equity, by statute or constitution, or otherwise, is hereby expressly waived as
a condition of and in consideration for the execution of this Agreement.


 


(b)          Notwithstanding
any contrary provision set forth herein, no claim may be made by the Borrower, the Transferor or the Servicer or any other Person
against the Administrative Agent or any Secured Party or their respective Affiliates, directors, officers, employees, attorneys
or agents for any special, indirect, consequential or punitive damages in respect to any claim for breach of contract or any other
theory of liability arising out of or related to the transactions contemplated by this Agreement, or any act, omission or event
occurring in connection therewith; and the Borrower, the Transferor and the Servicer each hereby waives, releases, and agrees not
to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected.


 


(c)          No
obligation or liability to any Obligor under any of the Loan Assets is intended to be assumed by the Administrative Agent, the
Lenders, the Lender Agents or any Secured Party under or as a result of this Agreement and the transactions contemplated hereby.


 




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(d)          Notwithstanding
anything in this Agreement to the contrary, no Conduit Lender shall have any obligation to pay any amount required to be paid by
it hereunder in excess of any amount available to such Conduit Lender after paying or making provision for the payment of its Commercial
Paper Notes. All payment obligations of each Conduit Lender hereunder are contingent on the availability of funds in excess of
the amounts necessary to pay its Commercial Paper Notes; and each of the other parties hereto agrees that it will not have a claim
under Section 101(5) of the Bankruptcy Code if and to the extent that any such payment obligation owed to it by a Conduit Lender
exceeds the amount available to such Conduit Lender to pay such amount after paying or making provision for the payment of its
Commercial Paper Notes.


 


(e)          The
provisions of this Section 11.09 shall survive the termination of this Agreement.


 


Section 11.10      Execution
in Counterparts; Severability; Integration. This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by e-mail
in portable document format (.pdf) or facsimile shall be effective as delivery of a manually executed counterpart of this Agreement.
In the event that any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction,
the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any
other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement and any agreements or letters (including
fee letters) executed in connection herewith contains the final and complete integration of all prior expressions by the parties
hereto with respect to the subject matter hereof (including the Existing Agreement) and shall constitute the entire agreement among
the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings other than any
fee letter delivered by the Servicer to the Administrative Agent and the Lender Agents.


 


Section 11.11       Consent
to Jurisdiction; Service of Process.


 


(a)          Each
party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in New
York City in any action or proceeding arising out of or relating to the Transaction Documents, and each party hereto hereby irrevocably
agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to
the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent they may
effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree
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.


 




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(b)          Each
of the Borrower and the Servicer agrees that service of process may be effected by mailing a copy thereof by registered or certified
mail, postage prepaid, to the Borrower or the Servicer, as applicable, at its address specified in Section 11.02 or at such
other address as the Administrative Agent shall have been notified in accordance herewith. Nothing in this Section 11.11
shall affect the right of the Lenders, the Lender Agents or the Administrative Agent to serve legal process in any other manner
permitted by law.


 


Section 11.12      Characterization
of Conveyances Pursuant to the Purchase and Sale Agreement.


 


(a)          It
is the express intent of the parties hereto that the conveyance of the Eligible Loan Assets by the Transferor to the Borrower as
contemplated by the Purchase and Sale Agreement be, and be treated for all purposes (other than accounting purposes and subject
to the tax characterization of the Borrower and the Advances described in Section 5.01(aa) and Section 5.02(k) hereof)
as, a sale by the Transferor of such Eligible Loan Assets. It is, further, not the intention of the parties that such conveyance
be deemed a pledge of the Eligible Loan Assets by the Transferor to the Borrower to secure a debt or other obligation of the Transferor.
However, in the event that, notwithstanding the intent of the parties, the Eligible Loan Assets are held to continue to be property
of the Transferor, then the parties hereto agree that: (i) the Purchase and Sale Agreement shall also be deemed to be a security
agreement under Applicable Law; (ii) as set forth in the Purchase and Sale Agreement, the transfer of the Eligible Loan Assets
provided for in the Purchase and Sale Agreement shall be deemed to be a grant by the Transferor to the Borrower of a first priority
security interest (subject only to Permitted Liens) in all of the Transferor’s right, title and interest in and to the Eligible
Loan Assets and all amounts payable to the holders of the Eligible Loan Assets in accordance with the terms thereof and all proceeds
of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including,
without limitation, all amounts from time to time held or invested in the Controlled Accounts, whether in the form of cash, instruments,
securities or other property; (iii) the possession by the Borrower (or the Collateral Custodian on its behalf) of Loan Assets and
such other items of property as constitute instruments, money, negotiable documents or chattel paper shall be, subject to clause
(iv), for purposes of perfecting the security interest pursuant to the UCC; and (iv) acknowledgements from Persons holding
such property shall be deemed acknowledgements from custodians, bailees or agents (as applicable) of the Borrower for the purpose
of perfecting such security interest under Applicable Law. The parties further agree that any assignment of the interest of the
Borrower pursuant to any provision hereof shall also be deemed to be an assignment of any security interest created pursuant to
the terms of the Purchase and Sale Agreement. The Borrower shall, to the extent consistent with this Agreement and the other Transaction
Documents, take such actions as may be necessary to ensure that, if the Purchase and Sale Agreement was deemed to create a security
interest in the Eligible Loan Assets, such security interest would be deemed to be a perfected security interest of first priority
(subject only to Permitted Liens) under Applicable Law and will be maintained as such throughout the term of this Agreement.


 


(b)          It
is the intention of each of the parties hereto that the Eligible Loan Assets conveyed by the Transferor to the Borrower pursuant
to the Purchase and Sale Agreement shall constitute assets owned by the Borrower and shall not be part of the Transferor’s
estate in the event of the filing of a bankruptcy petition by or against the Transferor under any bankruptcy or similar law.


 




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(c)          The
Borrower agrees to treat, and shall cause the Transferor to treat, for all purposes (other than accounting purposes and subject
to the tax characterization of the Borrower and the Advances described in Section 5.01(aa) and Section 5.02(k) hereof),
the transactions effected by the Purchase and Sale Agreement as sales of assets to the Borrower. Solely to the extent the Transferor
is required to file its financial statements publicly, the Borrower and the Servicer each hereby agree to cause the Transferor
to reflect in the Transferor’s financial records and to include a note in the publicly filed annual and quarterly financial
statements of the Transferor indicating that: (i) assets related to transactions (including transactions pursuant to the Transaction
Documents) that do not meet ASC Topic 860 requirements for accounting sale treatment are reflected in the consolidated balance
sheet of the Transferor as investments and (ii) those assets are owned by a special purpose entity that is consolidated in the
Transferor’s financial statements, the creditors of the special purpose entity have received security interests in such assets
and such assets are not intended to be available to the creditors of the Transferor (or any affiliate of the Transferor).


 


Section 11.13       Confidentiality.


 


(a)          Each
of the Administrative Agent, the Lenders, the Lender Agents, the Servicer, the Collateral Agent, the Borrower, the Account Bank,
the Transferor and the Collateral Custodian shall maintain and shall cause each of its employees and officers to maintain the confidentiality
of the Agreement and all information with respect to the other parties, including all information regarding the Borrower and the
Transferor hereto and their respective businesses obtained by it or them in connection with the structuring, negotiating and execution
of the transactions contemplated herein, except that each such party and its officers and employees may (i) disclose such information
to its external accountants, investigators, auditors, attorneys or other agents, including any valuation firm engaged by such party
in connection with any due diligence or comparable activities with respect to the transactions and Loan Assets contemplated herein
and the agents of such Persons and in the case of the Transferor, the directors of the Transferor (“Excepted Persons”);
provided that each Excepted Person shall, as a condition to any such disclosure, agree for the benefit of the Administrative
Agent, the Lenders, the Lender Agents, the Servicer, the Collateral Agent, the Borrower, the Account Bank, the Transferor and the
Collateral Custodian that such information shall be used solely in connection with such Excepted Person’s evaluation of,
or relationship with, the Borrower and its affiliates, (ii) disclose the existence of the Agreement, but not the financial terms
thereof, (iii) disclose such information as is required by Applicable Law and (iv) disclose the Agreement and such information
in any suit, action, proceeding or investigation (whether in law or in equity or pursuant to arbitration) involving any of the
Transaction Documents for the purpose of defending itself, reducing its liability, or protecting or exercising any of its claims,
rights, remedies, or interests under or in connection with any of the Transaction Documents. It is understood that the financial
terms that may not be disclosed except in compliance with this Section 11.13(a) include, without limitation, all fees and
other pricing terms, and all Events of Default, Servicer Termination Events, and priority of payment provisions.


 




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(b)          Anything
herein to the contrary notwithstanding, the Borrower and the Transferor each hereby consents to the disclosure of any nonpublic
information with respect to it (i) to the Administrative Agent, the Lenders, the Lender Agents, the Account Bank, the Collateral
Agent or the Collateral Custodian by each other, (ii) by the Administrative Agent, the Lenders, the Lender Agents, the Account
Bank, the Collateral Agent and the Collateral Custodian to any prospective or actual assignee or participant of any of them provided
such Person agrees to hold such information confidential, or (iii) by the Administrative Agent, the Lenders, the Lender Agents,
the Account Bank, the Collateral Agent and the Collateral Custodian to any commercial paper dealer or provider of a surety, guaranty
or credit or liquidity enhancement to any Lender or any Person providing financing to, or holding equity interests in, any Conduit
Lender, as applicable, and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided
each such Person is informed of the confidential nature of such information. In addition, the Lenders, the Lender Agents, the Administrative
Agent, the Collateral Agent, the Account Bank and the Collateral Custodian may disclose any such nonpublic information as required
pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings
(whether or not having the force or effect of law).


 


(c)          Notwithstanding
anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that
is or becomes publicly known; (ii) disclosure of any and all information (a) if required to do so by any applicable statute, law,
rule or regulation, (b) to any government agency or regulatory body having or claiming authority to regulate or oversee any aspect
of the Lenders’, the Lender Agents’, the Administrative Agent’s, the Collateral Agent’s, the Account Bank’s
or the Collateral Custodian’s business or that of their affiliates, (c) pursuant to any subpoena, civil investigative demand
or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Administrative Agent, any
Lender, any Lender Agent, the Collateral Agent, the Collateral Custodian or the Account Bank or an officer, director, employer,
shareholder or affiliate of any of the foregoing is a party, (d) in any preliminary or final offering circular, registration statement
or contract or other document approved in advance by the Borrower, the Servicer or the Transferor or (e) to any affiliate, independent
or internal auditor, agent, employee or attorney of the Collateral Agent or the Collateral Custodian having a need to know the
same, provided that the disclosing party advises such recipient of the confidential nature of the information being disclosed;
or (iii) any other disclosure authorized by the Borrower, Servicer or the Transferor.


 


Section 11.14       Non-Confidentiality
of Tax Treatment.


 


All parties hereto agree
that each of them and each of their employees, representatives, and other agents may disclose to any and all Persons, without limitation
of any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including, without limitation,
opinions or other tax analyses) that are provided to any of them relating to such tax treatment and tax structure. “Tax treatment”
and “tax structure” shall have the same meaning as such terms have for purposes of Treasury Regulation Section 1.6011-4;
provided that with respect to any document or similar item that in either case contains information concerning the
tax treatment or tax structure of the transaction as well as other information, the provisions of this Section 11.14 shall
only apply to such portions of the document or similar item that relate to the tax treatment or tax structure of the transactions
contemplated hereby.


 




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Section 11.15       Waiver
of Set Off.


 


Each of the parties hereto
hereby waives any right of setoff it may have or to which it may be entitled under this Agreement from time to time against the
Administrative Agent, the Lenders, the Lender Agents or their respective assets.


 


Section 11.16       Headings
and Exhibits.


 


The headings herein are for
purposes of references only and shall not otherwise affect the meaning or interpretation of any provision hereof. The schedules
and exhibits attached hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement
for all purposes.


 


Section 11.17       Ratable
Payments.


 


If any Lender, whether by
setoff or otherwise, shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or
otherwise) on account of Advances owing to it (other than pursuant to Breakage Fees, Section 2.10 or Section 2.11)
in excess of its ratable share of payments on account of the Advances obtained by all the Lenders, such Lender shall forthwith
purchase from the other Lenders such participations in the Advances owing to them as shall be necessary to cause such purchasing
Lender to share the excess payment ratably with each of them; provided, that, if all or any portion of such excess payment
is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay
to the purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such Lender’s
ratable share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount
so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of
the total amount so recovered.


 


Section 11.18       Failure
of Borrower or Servicer to Perform Certain Obligations.


 


If the Borrower or the Servicer,
as applicable, fails to perform any of its agreements or obligations under Section 5.01(t), Section 5.02(r) or Section
5.03(e), the Administrative Agent may (but shall not be required to) itself perform, or cause performance of, such agreement
or obligation, and the expenses of the Administrative Agent incurred in connection therewith shall be payable by the Borrower or
the Servicer (on behalf of the Borrower), as applicable, upon the Administrative Agent’s demand therefor.


 


Section 11.19       Power
of Attorney. The Borrower and the Servicer each irrevocably authorize the Administrative Agent and appoints the Administrative
Agent as its attorney-in-fact to act on behalf of the Borrower and the Servicer, respectively, (i) to file financing statements
necessary or desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority
of the interest of the Secured Parties in the Collateral Portfolio and (ii) to file a carbon, photographic or other reproduction
of this Agreement or any financing statement with respect to the Collateral Portfolio as a financing statement in such offices
as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority
of the interests of the Secured Parties in the Collateral Portfolio. This appointment is coupled with an interest and is irrevocable.


 




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Section 11.20         Delivery
of Termination Statements, Releases, etc. Upon payment in full of all of the Obligations (other than unmatured contingent indemnification
obligations) and the termination of this Agreement, the Collateral Agent shall deliver to the Borrower termination statements,
reconveyances, releases and other documents necessary or appropriate to evidence the termination of the Pledge and other Liens
securing the Obligations, all at the expense of the Borrower.


 


Section 11.21         Effect
of Amendment and Restatement. On the Amended and Restated Closing Date, the Existing Agreement shall be amended, restated and
superseded in its entirety by this Agreement. The parties hereto acknowledge and agree that the liens and security interests granted
under the Existing Agreement are continuing and in full force and effect and, upon the amendment and restatement of the Existing
Agreement pursuant to this Agreement, such liens and security interests secure and continue to secure the payment of the Obligations,
and that the Variable Funding Notes outstanding and as defined in the Existing Agreement are, upon the Amended and Restated Closing
Date, replaced by the Variable Funding Notes issued hereunder.


 


ARTICLE
XII.


 


COLLATERAL
CUSTODIAN


 


Section 12.01       Designation
of Collateral Custodian.


 


(a)          Initial
Collateral Custodian. The role of Collateral Custodian with respect to the Required Loan Documents shall be conducted by the
Person designated as Collateral Custodian hereunder from time to time in accordance with this Section 12.01. Each of the
Borrower, the Lender Agents and the Administrative Agent hereby designate and appoint the Collateral Custodian to act as its agent
and hereby authorizes the Collateral Custodian to take such actions on its behalf and to exercise such powers and perform such
duties as are expressly granted to the Collateral Custodian by this Agreement. The Collateral Custodian hereby accepts such agency
appointment to act as Collateral Custodian pursuant to the terms of this Agreement, until its resignation or removal as Collateral
Custodian pursuant to the terms hereof.


 


(b)          Successor
Collateral Custodian. Upon the Collateral Custodian’s receipt of a Collateral Custodian Termination Notice from the Administrative
Agent of the designation of a successor Collateral Custodian pursuant to the provisions of Section 12.05, the Collateral
Custodian agrees that it will terminate its activities as Collateral Custodian hereunder.


 


Section 12.02         Duties
of Collateral Custodian.


 


(a)          Appointment.
The Borrower, the Lender Agents and the Administrative Agent each hereby appoints Wells Fargo to act as Collateral Custodian, for
the benefit of the Secured Parties. The Collateral Custodian hereby accepts such appointment and agrees to perform the duties and
obligations with respect thereto set forth herein.


 


(b)          Duties.
From the Original Closing Date until its removal pursuant to Section 12.05, the Collateral Custodian shall perform, on behalf
of the Secured Parties, the following duties and obligations:


 




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(i)          The
Collateral Custodian shall take and retain custody of the Required Loan Documents delivered by the Borrower pursuant to Section
3.02(a) and Section 3.04(b) hereof in accordance with the terms and conditions of this Agreement, all for the benefit
of the Secured Parties. Within five Business Days of its receipt of any Required Loan Documents, the related Loan Tape and a hard
copy of the Loan Asset Checklist, the Collateral Custodian shall review the Required Loan Documents to confirm that (A) such Required
Loan Documents have been executed by each party thereto (either an original or a copy, as indicated on the Loan Asset Checklist)
and have no missing or mutilated pages, (B) filed stamped copies of the UCC and other filings (required by the Required Loan Documents)
are included, (C) each item listed in the Loan Asset Checklist is included and verify it has been provided to the Collateral Custodian
without any missing pages or sections, and (D) the related original balance (based on a comparison to the note or assignment agreement,
as applicable), Loan Asset number and Obligor name, as applicable, with respect to such Loan Asset is referenced on the related
Loan Tape (such items (A) through (D) collectively, the “Review Criteria”). In order to facilitate the foregoing
review by the Collateral Custodian, in connection with each delivery of Required Loan Documents hereunder to the Collateral Custodian,
the Servicer shall provide to the Collateral Custodian a hard copy (which may be preceded by an electronic copy, as applicable)
of the related Loan Asset Checklist which contains the Loan Asset information with respect to the Required Loan Documents being
delivered, identification number and the name of the Obligor with respect to such Loan Asset. Notwithstanding anything herein to
the contrary, the Collateral Custodian’s obligation to review the Required Loan Documents shall be limited to reviewing such
Required Loan Documents based on the information provided on the Loan Asset Checklist. If, at the conclusion of such review, the
Collateral Custodian shall determine that (i) the original balance of the Loan Asset with respect to which it has received Required
Loan Documents is less than as set forth on the Loan Tape or the Obligor name does not match, the Collateral Custodian shall notify
the Administrative Agent and the Servicer of such discrepancy within one Business Day, or (ii) any Review Criteria is not satisfied,
the Collateral Custodian shall within one Business Day notify the Servicer of such determination and provide the Servicer with
a list of the non-complying Loan Assets and the applicable Review Criteria that they fail to satisfy. The Servicer shall have five
Business Days after notice or knowledge thereof to correct any non-compliance with any Review Criteria. To the extent such non-compliance
has not been cured within such time period, such Loan Asset shall be deemed to be a Warranty Loan Asset and shall no longer be
included in the calculation of any Borrowing Base hereunder until such deficiency is cured. In addition, if requested in writing
(in the form of Exhibit N) by the Servicer and approved by the Administrative Agent within 10 Business Days of the Collateral
Custodian’s delivery of such report, the Collateral Custodian shall return any Loan Asset which fails to satisfy a Review
Criteria to the Borrower. Other than the foregoing, the Collateral Custodian shall not have any responsibility for reviewing any
Required Loan Documents. Notwithstanding anything to the contrary contained herein, the Collateral Custodian shall have no duty
or obligation with respect to any Loan Asset checklist delivered to it in electronic form.


 




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(ii)         In
taking and retaining custody of the Required Loan Documents, the Collateral Custodian shall be deemed to be acting as the agent
of the Secured Parties; provided that the Collateral Custodian makes no representations as to the existence, perfection
or priority of any Lien on the Required Loan Documents or the instruments therein; and provided, further, that, the
Collateral Custodian’s duties shall be limited to those expressly contemplated herein.


 


(iii)        All
Required Loan Documents shall be kept in fire resistant vaults, rooms or cabinets at the locations specified on the address of
the Collateral Custodian at 1055 10th Ave., S.E., Minneapolis, MN 55414, or at such other office as shall be specified
to the Administrative Agent and the Servicer by the Collateral Custodian in a written notice delivered at least 30 days prior to
such change. All Required Loan Documents shall be placed together with an appropriate identifying label and maintained in such
a manner so as to permit retrieval and access. The Collateral Custodian shall segregate the Required Loan Documents on its inventory
system and will not commingle the physical Required Loan Documents with any other files of the Collateral Custodian other than
those, if any, relating to the Servicer and its Affiliates and subsidiaries.


 


(iv)        On
the Reporting Date of each month, the Collateral Custodian shall provide a written report to the Administrative Agent and the Servicer
(in a form mutually agreeable to the Administrative Agent and the Collateral Custodian) identifying each Loan Asset for which it
holds Required Loan Documents and the applicable Review Criteria that any Loan Asset fails to satisfy.


 


(v)         Notwithstanding
any provision to the contrary elsewhere in the Transaction Documents, the Collateral Custodian shall not have any fiduciary relationship
with any party hereto or any Secured Party in its capacity as such, and no implied covenants, functions, obligations or responsibilities
shall be read into this Agreement, the other Transaction Documents or otherwise exist against the Collateral Custodian. Without
limiting the generality of the foregoing, it is hereby expressly agreed and stipulated by the other parties hereto that the Collateral
Custodian shall not be required to exercise any discretion hereunder and shall have no investment or management responsibility.


 


(c)          (i)The
Collateral Custodian agrees to cooperate with the Administrative Agent and the Collateral Agent and deliver any Required Loan Documents
to the Collateral Agent or Administrative Agent (pursuant to a written request in the form of Exhibit N), as applicable,
as requested in order to take any action that the Administrative Agent deems necessary or desirable in order to perfect, protect
or more fully evidence the security interests granted by the Borrower hereunder, or to enable any of them to exercise or enforce
any of their respective rights hereunder, including any rights arising with respect to Article VII. In the event the Collateral
Custodian receives instructions from the Collateral Agent, the Servicer or the Borrower which conflict with any instructions received
by the Administrative Agent, the Collateral Custodian shall rely on and follow the instructions given by the Administrative Agent.


 




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(ii)         The
Administrative Agent may direct the Collateral Custodian to take any such incidental action hereunder. With respect to other actions
which are incidental to the actions specifically delegated to the Collateral Custodian hereunder, the Collateral Custodian shall
not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall
be fully protected in acting or refraining from acting) upon the direction of the Administrative Agent; provided that the
Collateral Custodian shall not be required to take any action hereunder at the request of the Administrative Agent, any Secured
Party or otherwise if the taking of such action, in the reasonable determination of the Collateral Custodian, (x) shall be in violation
of any Applicable Law or contrary to any provisions of this Agreement or (y) shall expose the Collateral Custodian to liability
hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory with respect thereto). In
the event the Collateral Custodian requests the consent of the Administrative Agent and the Collateral Custodian does not receive
a consent (either positive or negative) from the Administrative Agent within 10 Business Days of its receipt of such request, then
the Administrative Agent shall be deemed to have declined to consent to the relevant action.


 


(iii)        The
Collateral Custodian shall not be liable for any action taken, suffered or omitted by it in accordance with the request or direction
of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Custodian,
or the Administrative Agent. The Collateral Custodian shall not be deemed to have notice or knowledge of any matter hereunder,
including an Event of Default, unless a Responsible Officer of the Collateral Custodian has knowledge of such matter or written
notice thereof is received by the Collateral Custodian.


 


Section 12.03         Merger
or Consolidation.


 


Any Person (i) into which
the Collateral Custodian may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral
Custodian shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Custodian substantially as
a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Collateral
Custodian hereunder, shall be the successor to the Collateral Custodian under this Agreement without further act of any of the
parties to this Agreement.


 


Section 12.04         Collateral
Custodian Compensation.


 


As compensation for its Collateral
Custodian activities hereunder, the Collateral Custodian shall be entitled to the Collateral Custodian Fees from the Borrower as
set forth in the Wells Fargo Fee Letter, payable pursuant to the extent of funds available therefor pursuant to the provisions
of Section 2.04. The Collateral Custodian’s entitlement to receive the Collateral Custodian Fees shall cease on the
earlier to occur of: (i) its removal as Collateral Custodian pursuant to Section 12.05, (ii) its resignation as Collateral
Custodian pursuant to Section 12.07 of this Agreement or (iii) the termination of this Agreement.


 


Section 12.05         Collateral
Custodian Removal.


 


The Collateral Custodian
may be removed, with or without cause, by the Administrative Agent by notice given in writing to the Collateral Custodian (the
“Collateral Custodian Termination Notice”); provided that, notwithstanding its receipt of a Collateral
Custodian Termination Notice, the Collateral Custodian shall continue to act in such capacity until a successor Collateral Custodian
has been appointed and has agreed to act as Collateral Custodian hereunder.


 




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Section 12.06        Limitation
on Liability.


 


(a)          The
Collateral Custodian may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion,
notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that
has been signed by the proper party or parties. The Collateral Custodian may rely conclusively on and shall be fully protected
in acting upon (a) the written instructions of any designated officer of the Administrative Agent or (b) the verbal instructions
of the Administrative Agent.


 


(b)          The
Collateral Custodian may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance
with the advice or opinion of such counsel.


 


(c)          The
Collateral Custodian shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good
faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in
the case of its willful misconduct or grossly negligent performance or omission of its duties.


 


(d)          The
Collateral Custodian makes no warranty or representation and shall have no responsibility (except as expressly set forth in this
Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability
of the Collateral Portfolio, and will not be required to and will not make any representations as to the validity or value (except
as expressly set forth in this Agreement) of any of the Collateral Portfolio. The Collateral Custodian shall not be obligated to
take any legal action hereunder that might in its judgment involve any expense or liability unless it has been furnished with an
indemnity reasonably satisfactory to it.


 


(e)          The
Collateral Custodian shall have no duties or responsibilities except such duties and responsibilities as are specifically set forth
in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Custodian.


 


(f)          The
Collateral Custodian shall not be required to expend or risk its own funds in the performance of its duties hereunder.


 


(g)          It
is expressly agreed and acknowledged that the Collateral Custodian is not guaranteeing performance of or assuming any liability
for the obligations of the other parties hereto or any parties to the Collateral Portfolio.


 




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(h)          Subject
in all cases to the last sentence of Section 12.02(c)(i), in case any reasonable question arises as to its duties hereunder,
the Collateral Custodian may, prior to the occurrence of an Event of Default or the Facility Maturity Date, request instructions
from the Servicer and may, after the occurrence of an Event of Default or the Facility Maturity Date, request instructions from
the Administrative Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions
from the Servicer or the Administrative Agent, as applicable. The Collateral Custodian shall in all events have no liability, risk
or cost for any action taken pursuant to and in compliance with the instruction of the Administrative Agent. In no event shall
the Collateral Custodian be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but
not limited to lost profits), even if the Collateral Custodian has been advised of the likelihood of such loss or damage and regardless
of the form of action.


 


Section 12.07       Collateral
Custodian Resignation.


 


Collateral Custodian may
resign and be discharged from its duties or obligations hereunder, not earlier than 90 days after delivery to the Administrative
Agent of written notice of such resignation specifying a date when such resignation shall take effect. Upon the effective date
of such resignation, or if the Administrative Agent gives Collateral Custodian written notice of an earlier termination hereof,
Collateral Custodian shall (i) be reimbursed for any costs and expenses Collateral Custodian shall incur in connection with the
termination of its duties under this Agreement and (ii) deliver all of the Required Loan Documents in the possession of Collateral
Custodian to the Administrative Agent or to such Person as the Administrative Agent may designate to Collateral Custodian in writing
upon the receipt of a request in the form of Exhibit N. Notwithstanding anything herein to the contrary, the Collateral
Custodian may not resign prior to a successor Collateral Custodian being appointed.


 


Section 12.08       Release
of Documents.


 


(a)          Release
for Servicer. From time to time and as appropriate for the enforcement or servicing of any of the Collateral Portfolio, the
Collateral Custodian is hereby authorized (unless and until such authorization is revoked by the Administrative Agent), upon written
receipt from the Servicer of a request for release of documents and receipt in the form annexed hereto as Exhibit N, to
release to the Servicer within two Business Days of receipt of such request, the related Required Loan Documents or the documents
set forth in such request and receipt to the Servicer. All documents so released to the Servicer shall be held by the Servicer
in trust for the benefit of the Collateral Agent, on behalf of the Secured Parties in accordance with the terms of this Agreement.
The Servicer shall return to the Collateral Custodian the Required Loan Documents or other such documents (i) promptly upon the
request of the Administrative Agent, or (ii) when the Servicer’s need therefor in connection with such foreclosure or servicing
no longer exists, unless the Loan Asset shall be liquidated, in which case, the Servicer shall deliver an additional request for
release of documents to the Collateral Custodian and receipt certifying such liquidation from the Servicer to the Collateral Agent,
all in the form annexed hereto as Exhibit N.


 


(b)          Limitation
on Release. The foregoing provision with respect to the release to the Servicer of the Required Loan Documents and documents
by the Collateral Custodian upon request by the Servicer shall be operative only to the extent that the Administrative Agent has
consented to such release. Promptly after delivery to the Collateral Custodian of any request for release of documents, the Servicer
shall provide notice of the same to the Administrative Agent. Any additional Required Loan Documents or documents requested to
be released by the Servicer may be released only upon written authorization of the Administrative Agent. The limitations of this
paragraph shall not apply to the release of Required Loan Documents to the Servicer pursuant to the immediately succeeding subsection.


 




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(c)          Release
for Payment. Upon receipt by the Collateral Custodian of the Servicer’s request for release of documents and receipt
in the form annexed hereto as Exhibit N (which certification shall include a statement to the effect that all amounts received
in connection with such payment or repurchase have been credited to the Collection Account as provided in this Agreement), the
Collateral Custodian shall promptly release the related Required Loan Documents to the Servicer.


 


Section 12.09       Return
of Required Loan Documents.


 


The Borrower may, with the
prior written consent of the Administrative Agent (such consent not to be unreasonably withheld), require that the Collateral Custodian
return each Required Loan Document (a) delivered to the Collateral Custodian in error or (b) released from the Lien of the Collateral
Agent hereunder pursuant to Section 2.16, in each case by submitting to the Collateral Custodian and the Administrative
Agent a written request in the form of Exhibit N hereto (signed by both the Borrower and the Administrative Agent) specifying
the Collateral Portfolio to be so returned and reciting that the conditions to such release have been met (and specifying the Section
or Sections of this Agreement being relied upon for such release). The Collateral Custodian shall upon its receipt of each such
request for return executed by the Borrower and the Administrative Agent promptly, but in any event within five Business Days,
return the Required Loan Documents so requested to the Borrower.


 


Section 12.10       Access
to Certain Documentation and Information Regarding the Collateral Portfolio; Audits of Servicer.


 


The Collateral Custodian
shall provide to the Administrative Agent and each Lender Agent access to the Required Loan Documents and all other documentation
regarding the Collateral Portfolio including in such cases where the Administrative Agent and each Lender Agent is required in
connection with the enforcement of the rights or interests of the Secured Parties, or by applicable statutes or regulations, to
review such documentation, such access being afforded without charge but only (i) upon two Business Days prior written request,
(ii) during normal business hours and (iii) subject to the Servicer’s and the Collateral Custodian’s normal security
and confidentiality procedures. Periodically from time to time after the Amended and Restated Closing Date at the discretion of
the Administrative Agent and each Lender Agent, the Administrative Agent and each Lender Agent may review the Servicer’s
collection and administration of the Collateral Portfolio in order to assess compliance by the Servicer with the Servicing Standard,
as well as with this Agreement and may conduct an audit of the Collateral Portfolio, and Required Loan Documents in conjunction
with such a review. Such review shall be (subject to Section 5.03(d)(ii)) reasonable in scope and shall be completed in
a reasonable period of time. Without limiting the foregoing provisions of this Section 12.10, from time to time on request
of the Administrative Agent, the Collateral Custodian shall permit certified public accountants or other auditors acceptable to
the Administrative Agent to conduct, at the expense of the Servicer (on behalf of the Borrower), a review of the Required Loan
Documents and all other documentation regarding the Collateral Portfolio.


 




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Section 12.11       Bailment.


 


The Collateral Custodian
agrees that, with respect to any Required Loan Documents at any time or times in its possession or held in its name, the Collateral
Custodian shall be the agent and bailee of the Collateral Agent, for the benefit of the Secured Parties, for purposes of perfecting
(to the extent not otherwise perfected) the Collateral Agent’s security interest in the Collateral Portfolio and for the
purpose of ensuring that such security interest is entitled to first priority status under the UCC.


 


[Signature pages to follow.]


 




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


 


	THE BORROWER:	GCIC FUNDING LLC
	 	 
	 	By: Golub Capital Investment Corporation, its designated manager
	 	 
	 	By:	  /s/ David B. Golub
	 	 	Name:  David B. Golub
	 	 	Title: President and Chief Executive Officer


 


[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]


 


Amended and Restated GCIC


Loan and Servicing Agreement


 




     


     


    

 


	THE SERVICER:	GC ADVISORS LLC
	 	 
	 	By:	/s/ David B. Golub
	 	 	Name:  David B. Golub
	 	 	Title: President


 


[SIGNATURES CONTINUE ON THE
FOLLOWING PAGE]


 


Amended and Restated GCIC Funding


Loan and Servicing Agreement


 




     


     


    

 


	THE TRANSFEROR:	GOLUB CAPITAL INVESTMENT 
	 	CORPORATION
	 	 	 
	 	By:	/s/ David B. Golub
	 	 	Name:  David B. Golub
	 	 	Title: President and Chief Executive Officer


 


[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]


 


Amended and Restated GCIC Funding


Loan and Servicing Agreement


 




     


     


    

 


	THE ADMINISTRATIVE AGENT:	WELLS FARGO SECURITIES, LLC
	 	 	 
	 	By:	/s/ Beale Pope
	 	 	Name:  Beale Pope
	 	 	Title: Vice President


 


[SIGNATURES CONTINUE ON THE
FOLLOWING PAGE]


 


Amended and Restated GCIC Funding


Loan and Servicing Agreement


 




     


     


    

 


	INSTITUTIONAL LENDER:	WELLS FARGO BANK, N. A.
	 	 
	 	By:	/s/ Mike Romanzo
	 	 	Name:  Mike Romanzo
	 	 	Title: Director


 


[SIGNATURES CONTINUE ON THE
FOLLOWING PAGE]


 


Amended and Restated GCIC Funding


Loan and Servicing Agreement


 




     


     


    

 


	INSTITUTIONAL LENDER:	CAPITAL ONE, NATIONAL ASSOCIATION
	 	 
	 	By:	/s/ John Walsh
	 	 	Name:  John Walsh
	 	 	Title: Managing Director


 


[SIGNATURES CONTINUE ON THE
FOLLOWING PAGE]


 


Amended and Restated GCIC Funding


Loan and Servicing Agreement


 




     


     


    

 


	THE COLLATERAL AGENT:	WELLS FARGO BANK, N.A.
	 	 	 
	 	By:	/s/ Philip Dean
	 	 	Name: Philip Dean
	 	 	Title: Vice President


 


[SIGNATURES CONTINUE ON THE
FOLLOWING PAGE]


 


Amended and Restated GCIC Funding


Loan and Servicing Agreement


 




     


     


    

 


	THE ACCOUNT BANK:	WELLS FARGO BANK, N.A.
	 	 	 
	 	By:	/s/ Philip Dean
	 	 	Name: Philip Dean
	 	 	Title: Vice President


 


[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]


 


Amended and Restated GCIC Funding


Loan and Servicing Agreement


 




     


     


    

 


	THE COLLATERAL CUSTODIAN:	WELLS FARGO BANK, N.A.
	 	 	 
	 	By:	/s/ Philip Dean
	 	 	Name: Philip Dean
	 	 	Title: Vice President


 


Amended and Restated GCIC Funding


Loan and Servicing Agreement


 




     


     


    

 


SCHEDULE I


 


CONDITIONS PRECEDENT DOCUMENTS


 


As required by Section
3.01 of the Agreement, each of the following items must be delivered to the Administrative Agent and the Lender Agents prior
to the effectiveness of the Agreement:


 


1.          A
copy of this Agreement duly executed by each of the parties hereto;


 


2.          A
certificate of the Secretary or Assistant Secretary of each of the Borrower and the Servicer, dated the date of this Agreement,
certifying (i) the names and true signatures of the incumbent officers of such Person authorized to sign on behalf of such Person
the Transaction Documents to which it is a party (on which certificate the Administrative Agent, the Lenders and the Lender Agents
may conclusively rely until such time as the Administrative Agent and the Lender Agents shall receive from the Borrower or the
Servicer, as applicable, a revised certificate meeting the requirements of this paragraph (b)(i)), (ii) that the copy of the certificate
of formation or articles of incorporation of such Person, as applicable, is a complete and correct copy and that such certificate
of formation or articles of incorporation have not been amended, modified or supplemented and are in full force and effect, (iii)
that the copy of the limited liability company agreement or by-laws, as applicable, of such Person are a complete and correct copy,
and that such limited liability company agreement or by-laws have not been amended, modified or supplemented and are in full force
and effect, and (iv) the resolutions of the board of directors of such Person approving and authorizing the execution, delivery
and performance by such Person of the Transaction Documents to which it is a party;


 


3.          A
good standing certificate, dated as of a recent date for each of the Borrower and the Servicer, issued by the Secretary of State
of such Person’s State of formation or organization, as applicable;


 


4.          Duly
executed Powers of Attorney from the Borrower and the Servicer;


 


5.          Duly
executed Variable Funding Note(s);


 


6.          Financing
statements (the “Facility Financing Statements”) describing the Collateral Portfolio, and (i) naming the Borrower
as debtor and the Collateral Agent, on behalf of the Secured Parties, as secured party, (ii) naming the Transferor as debtor, the
Borrower as assignor and the Collateral Agent, on behalf of the Secured Parties, as secured party/total assignee and (iii) other,
similar instruments or documents, as may be necessary or, in the opinion of the Administrative Agent, desirable under the UCC of
all appropriate jurisdictions or any comparable law to perfect the Collateral Agent’s, on behalf of the Secured Parties,
interests in all Collateral Portfolio;


 


7.          Financing
statements, if any, necessary to release all security interests and other rights of any Person in the Collateral Portfolio previously
granted by the Transferor;


 


8.          [Reserved];


 




     


     


    

 


9.          Copies
of tax and judgment lien searches in all jurisdictions reasonably requested by the Administrative Agent and requests for information
(or a similar UCC search report certified by a party acceptable to the Administrative Agent), dated a date reasonably near to the
Amended and Restated Closing Date, and with respect to such requests for information or UCC searches, listing all effective financing
statements which name the Borrower (under its present name and any previous name) and the Servicer (under its present name and
any previous name) as debtor(s) and which are filed in the jurisdiction of Delaware, as applicable, together with copies of such
financing statements (none of which shall cover any Collateral Portfolio);


 


10.         One
or more favorable Opinions of Counsel of counsel to the Borrower, acceptable to the Administrative Agent and addressed to the Administrative
Agent, the Lenders, the Lender Agents and the Collateral Agent, with respect to such matters as the Administrative Agent may reasonably
request (including an opinion, with respect to the first priority perfected security interest of the Collateral Agent, for the
benefit of the Secured Parties, in the Collateral Portfolio;


 


11.         One
or more favorable Opinions of Counsel of counsel to the Borrower, acceptable to the Administrative Agent and addressed to the Administrative
Agent, the Lenders, the Lender Agents and the Collateral Agent, with respect to the true sale of the Collateral Portfolio under
the Purchase and Sale Agreement and that the Borrower would not be substantively consolidated with the Transferor in a proceeding
under the Bankruptcy Code;


 


12.         One
or more favorable Opinions of Counsel of counsel to the Borrower, acceptable to the Administrative Agent and addressed to the Administrative
Agent, the Lenders, the Lender Agents and the Collateral Agent, with respect to, among other things, the due authorization, execution
and delivery of, and enforceability of, this Agreement and the other Transaction Documents to which the Borrower is a party;


 


13.         One
or more favorable Opinions of Counsel of counsel to the Servicer, acceptable to the Administrative Agent and addressed to the Administrative
Agent, the Lenders, the Lender Agents and the Collateral Agent, with respect to, among other things, the due authorization, execution
and delivery of, and enforceability of, this Agreement and the other Transaction Documents to which the Servicer is a party;


 


14.         Duly
completed copies of IRS Form W-9 (or any successor forms or other certificates or statements that may be required from time to
time by the relevant United States taxing authorities or Applicable Law) for the Borrower; and


 


15.         A
copy of each of the other Transaction Documents duly executed by the parties thereto.


 




    	 	Sch. I	 



     


    

 


SCHEDULE II


 


[Reserved]


 




    	 	Sch. II-1	 



     


    

 


SCHEDULE III


 


AGREED-UPON PROCEDURES FOR

INDEPENDENT PUBLIC ACCOUNTANTS


 


In accordance with Section 6.10 of the
Loan and Servicing Agreement, the Servicer will cause a firm of nationally recognized independent public accountants to furnish
in accordance with attestation standards established by the American Institute of Certified Public Accountants a report to the
effect that such accountants have either verified, compared, or recalculated each of the following accounts in the Servicing Report
to applicable system or records of the Servicer:


 


		•	Loan Tape:



Senior Leverage Ratio as of the applicable
Cut-Off Date for such Loan Asset for the most recent Relevant Test Period


Interest Coverage Ratio as of the
applicable Cut-Off Date for such Loan and for the most recent Relevant Test Period


Days delinquent


Scheduled maturity date


Rate of interest (and reference rate)


Outstanding Balance


Industry Classification


Par amount


Adjusted Borrowing Value


		•	Borrowing Base



		•	Advances Outstanding



		•	Compare Principal Collections, Interest Collections and amounts on deposit in the Unfunded Exposure
Account to the actual balances reflected by the Account Bank



		•	Discretionary Sales Calculations, Substitution Calculations, Lien Release Dividend Calculations







At the discretion of the nationally recognized
independent public accountant, three random Servicing Reports from the fiscal year will be chosen and reviewed.


 


The report provided by the accountants may
be in a format such typically utilized for a report of this nature, however it will consist of at a minimum, (i) a list of deviations
from the Servicing Report and (ii) discuss with the Servicer the reason for such deviations, and set forth the findings in such
report.


 




    	 	Sch. III-1	 



     


    

 


SCHEDULE IV


 


LOAN TAPE


 


For each Loan Asset, the Borrower shall provide,
as applicable, the following information and the applicable Loan Tape:


 


(a)          Loan
Asset Number


 


(b)          Obligor
Name


 


(c)          Loan
Asset Type (First Lien or First Lien Last Out)


 


(d)          Calculation
of the Senior Leverage Ratio as of the applicable Cut-Off Date for such Loan Asset and for the most recent Relevant Test Period


 


(e)          Calculation
of the Total Leverage Ratio for the most recent Relevant Test Period


 


(f)          Calculation
of the Interest Coverage Ratio as of the applicable Cut-Off Date for such Loan and for the most recent Relevant Test Period


 


(g)          Trailing
twelve month EBITDA


 


(h)          Days
delinquent


 


(i)           Scheduled
maturity date


 


(j)           Rate
of interest (and reference rate)


 


(k)          LIBOR
floor (if applicable)


 


(l)           Outstanding
Balance


 


(m)         Any
Unfunded Exposure Amount (if applicable)


 


(n)          Par
amount


 


(o)         Assigned
Value


 


(p)         Adjusted
Borrowing Value


 


(q)         Industry
classification


 


(r)          Whether
such Loan Asset has been subject to a Value Adjustment Event (and of what type)


 


(s)         Whether
such Loan Asset has been subject to a Material Modification


 


(t)          The
Cut-Off Date for such Loan Asset


 





(u)          PIK
Percentage


 


(v)         Applicable
Percentage


 




    	 	Sch. IV-1	 



     


    

 


Schedule V


 


1. Approved Golub BDC2 CLOs:


 


None


 




    	 	Sch. V-1	 



     


    

 


ANNEX A


 





	Conduit Lender	 	Commitment
	 	 	 
	 	 	 
	 	 	 







 


	Institutional Lender	 	Commitment	 
	Wells Fargo Bank, N.A.	 	$	175,000,000	 
	Capital One, National Association	 	$	100,000,000	 
	 	 	 	 	 
	Total:	 	$	275,000,000	 



 


 




    	 	Annex A-1	 



     


    

 


ANNEX B


 





 


Rounded


Scale of select defined terms based on Facility Amount


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Greater Than	 
	Maximum Facility Amount	 	 $	175,000,000	 	 	$	225,000,000	 	 	$	250,000,000	 	 	$ 	275,000,000	 	 	$	300,000,000	 	 	$	300,000,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	“Minimum Equity Amount” - clause (a)	 	 	36,750,000	 	 	 	47,250,000	 	 	 	52,500,000	 	 	 	57,750,000	 	 	 	63,000,000	 	 	 	63,000,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	“Adjusted Borrowing Value”, proviso	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	clause (a) - Largest two Obligors	 	 	15,500,000	 	 	 	20,000,000	 	 	 	22,000,000	 	 	 	24,000,000	 	 	 	26,500,000	 	 	 	26,500,000	 
	clause (b) - Third and fourth largest Obligors	 	 	12,500,000	 	 	 	16,000,000	 	 	 	17,750,000	 	 	 	20,000,000	 	 	 	21,500,000	 	 	 	21,500,000	 
	clause (c) - All other Obligors	 	 	10,500,000	 	 	 	13,500,000	 	 	 	15,000,000	 	 	 	16,500,000	 	 	 	18,000,000	 	 	 	18,000,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Section 2.09 - Non-usage Fee	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	clause (a)	 	 	115,000,000	 	 	 	165,000,000	 	 	 	190,000,000	 	 	 	215,000,000	 	 	 	240,000,000	 	 	 	240,000,000	 
	clause (b)	 	 	70,000,000	 	 	 	120,000,000	 	 	 	145,000,000	 	 	 	170,000,000	 	 	 	195,000,000	 	 	 	195,000,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	45,000,000	 	 	 	45,000,000	 	 	 	45,000,000	 	 	 	45,000,000	 	 	 	45,000,000	 



  


*Certain defined terms in this Agreement will
be adjusted based on the Maximum Facility Amount then in effect as specified above. For the avoidance of doubt, the $275,000,000
column in Annex B will apply on the Amended & Restated Closing Date and, on any subsequent date of determination, the
scale will vary depending on the Maximum Facility Amount then in effect (including, prior to the earlier to occur of the end of
the Reinvestment Period, in respect of any decrease of the Maximum Facility Amount as a result of an optional prepayment of this
Agreement). In the event that the Maximum Facility Amount is equal to a number that is not reflected above, then the column used
to determine the scale of the defined terms shall be the next lowest “Maximum Facility Amount” number (i.e., if the
Maximum Facility Amount is equal to $235,000,000, then the column where the Facility Amount is equal to $225,000,000 will be used
for purposes of determining the scale of the defined terms); provided that, upon any increase to the Facility Amount (but where
the Maximum Facility Amount is not reflected above) the Administrative Agent and the Required Lenders, in their sole discretion,
may determine that the column used to determine the scale of the defined terms shall be the next highest “Maximum Facility
Amount” number. The Borrower, or the Servicer on its behalf, may at any time request revisions to this Annex B, which
revisions will be subject to the prior written approval of the Administrative Agent and the Required Lenders.


 




    	 	Annex B-1