Exhibit 10.3


 


EXECUTION VERSION


 


 


CLASS A CREDIT AGREEMENT


 


dated as of December 14, 2022


 


among


 


GOLUB CAPITAL BDC 3 CLO 2 LLC,

as Borrower,


 


VARIOUS FINANCIAL INSTITUTIONS AND OTHER PERSONS,

as Lenders,


 


CITIBANK, N.A.,

as Loan Agent


 


and


 


CITIBANK, N.A.,

as Collateral Trustee 


 


 






     


     


    

 


Table
of Contents


 


	 	 	 	Page
	 	 	 	 
	ARTICLE I DEFINITIONS AND INTERPRETATION	1
	 	 
	 	Section 1.1	Defined Terms	1
	 	Section 1.2	Use of Defined Terms	1
	 	Section 1.3	Amendment and Restatement of Promissory Note	1
	 	Section 1.4	Interpretation	2
	 	Section 1.5	Accounting Matters	2
	 	Section 1.6	Collateral Documents	2
	 	Section 1.7	Conflict Between Credit Documents	2
	 	Section 1.8	Legal Representation of the Parties	2
	 	 	 	 
	ARTICLE II COMMITMENTS	2
	 	 
	 	Section 2.1	Commitments of Each Lender	2
	 	Section 2.2	Fees	3
	 	 	 	 
	ARTICLE III LOANS AND LENDER NOTES	3
	 	 
	 	Section 3.1	Borrowing Procedure	3
	 	Section 3.2	Lender Notes	3
	 	Section 3.3	Principal Payments	5
	 	Section 3.4	Interest	6
	 	Section 3.5	Method and Place of Payment	7
	 	Section 3.6	Subordination	7
	 	Section 3.7	[Reserved]	8
	 	Section 3.8	Additional Loans	8
	 	 	 	 
	ARTICLE IV CONDITIONS TO CREDIT EXTENSIONS	8
	 	 
	 	Section 4.1	Loan Date	8
	 	 	 	 
	ARTICLE V REPRESENTATIONS, WARRANTIES, AND COVENANTS	8
	 	 
	 	Section 5.1	Payment of Principal and Interest	8
	 	Section 5.2	Maintenance of Office or Agency	8
	 	Section 5.3	Money for Loan Payments to be Held in Trust	9
	 	Section 5.4	Existence of Borrowers	9
	 	Section 5.5	Protection of Assets	9
	 	Section 5.6	Opinions as to Assets	9



 






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Table
of Contents 


(continued)



 


	 	 	 	Page
	 	 	 	 
	 	Section 5.7	Performance of Obligations	9
	 	Section 5.8	Negative Covenants	10
	 	Section 5.9	Statement as to Compliance	10
	 	Section 5.10	Successor Substituted	10
	 	Section 5.11	No Other Business	10
	 	Section 5.12	Annual Rating Review	10
	 	Section 5.13	Calculation Agent	10
	 	Section 5.14	Certain Tax Matters	11
	 	Section 5.15	Representations Relating to Security Interests in the Assets	11
	 	 	 	 
	ARTICLE VI EVENTS OF DEFAULT	13
	 	 
	 	Section 6.1	Default and Events of Default	13
	 	Section 6.2	Acceleration	13
	 	Section 6.3	Remedies	13
	 	 	 	 
	ARTICLE VII THE AGENTS	14
	 	 
	 	Section 7.1	Appointment	14
	 	Section 7.2	Nature of Duties	14
	 	Section 7.3	Lack of Reliance on the Agents	15
	 	Section 7.4	Certain Rights of the Agents	15
	 	Section 7.5	Not Responsible for Recitals, Incurrence of Loans or Issuance of Notes	20
	 	Section 7.6	May Hold Loans or Notes	21
	 	Section 7.7	Holders of Lender Notes; Transferee of Assignment Agreement	21
	 	Section 7.8	Compensation and Reimbursement	21
	 	Section 7.9	Agents Required; Eligibility	23
	 	Section 7.10	Resignation and Removal of Agents; Appointment of Successor Agents	23
	 	Section 7.11	Acceptance of Appointment by Successor Agents	25
	 	Section 7.12	Merger, Conversion, Consolidation or Succession to Business of Agents	25
	 	Section 7.13	Representations and Warranties of Citibank, N.A.	25



 






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Table
of Contents 


(continued)



 


	 	Page
	 	 
	ARTICLE VIII MISCELLANEOUS	26
	 	 
	 	Section 8.1	Payment of Expenses, Etc.	26
	 	Section 8.2	Right of Setoff	26
	 	Section 8.3	Notices	27
	 	Section 8.4	Benefit of Agreement	28
	 	Section 8.5	No Waiver; Remedies Cumulative	29
	 	Section 8.6	Payments Pro Rata	29
	 	Section 8.7	Calculations; Computations	30
	 	Section 8.8	Governing Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial	30
	 	Section 8.9	Counterparts	31
	 	Section 8.10	Effectiveness	31
	 	Section 8.11	Headings Descriptive	31
	 	Section 8.12	Amendment or Waiver	31
	 	Section 8.13	Survival	32
	 	Section 8.14	Domicile of Loans	32
	 	Section 8.15	Confidentiality	33
	 	Section 8.16	Register	33
	 	Section 8.17	Marshalling; Recapture	34
	 	Section 8.18	Lender Representations, etc.; Non-Recourse Obligations	34
	 	Section 8.19	[Reserved]	36
	 	Section 8.20	No Petition	36
	 	Section 8.21	Acknowledgment	36
	 	Section 8.22	Limitation on Suits	36
	 	Section 8.23	Unconditional Rights of Lenders to Receive Principal and Interest	37
	 	Section 8.24	Termination of Agreement	37
	 	Section 8.25	Lender Information	37
	 	Section 8.26	Lender Consent	37
	 	Section 8.27	Jersey AML Regulations	37
	 	Section 8.28	Jersey Self-Certification	37
	 	Section 8.29	USA PATRIOT Act	37


 






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ANNEXES, EXHIBITS AND SCHEDULES


 


ANNEX X – Definitions


 


EXHIBIT A – Form of Lender Note 


EXHIBIT B – Form of Assignment and Assumption Agreement 


EXHIBIT C – [Reserved] 


EXHIBIT D – Confirmation of Registration


 


SCHEDULE 1 – Commitments and Percentages 


SCHEDULE 2 – Lending Offices and Notice Data 


SCHEDULE 3 – Payment Instructions for Lenders 


SCHEDULE 4 – Loan Agent Wiring Instructions


 






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CLASS A CREDIT AGREEMENT


 


THIS CLASS A CREDIT AGREEMENT
(this “Agreement”), dated as of December 14, 2022, is entered into by and among GOLUB CAPITAL BDC 3 CLO 2 LLC,
a limited liability company organized under the laws of the State of Delaware (the “Borrower”), VARIOUS FINANCIAL INSTITUTIONS
AND OTHER PERSONS which are, or may become, parties hereto as Lenders (the “Lenders”), and CITIBANK, N.A., not in its
individual capacity but as Loan Agent (in such capacity, the “Loan Agent”) and as Collateral Trustee under the Indenture
(in such capacity, the “Collateral Trustee”).


 


W I T N E S S E T H:


 


WHEREAS, the Borrower is limited
liability company organized under the laws of the State of Delaware and organized for the purpose of investing on a leveraged basis and
actively managing a diversified pool of Collateral Obligations (as such term and the other capitalized terms used in these recitals are
defined in Section 1.1 below);


 


WHEREAS, the Borrower will
be issuing Notes under the Indenture as Issuer to the terms and conditions set forth therein, and will pledge as security for the Notes
and the Loans all of the Assets, as set forth in the Indenture;


 


WHEREAS, the Borrower desires
to obtain Commitments from the Lenders, pursuant to which Loans shall be made, subject to the terms and conditions set forth herein, in
a maximum aggregate principal amount not to exceed at any time the Aggregate Commitment at such time; and


 


WHEREAS, the Lenders are willing,
on the terms and conditions hereinafter set forth, to extend such Commitments;


 


NOW, THEREFORE, the parties
hereto, intending to be legally bound hereby, agree as follows:


 


ARTICLE I


 


DEFINITIONS
AND INTERPRETATION


 


Section 1.1         Defined
Terms. As used in this Agreement, and unless the context requires a different meaning, capitalized terms used but not defined herein
shall have the respective meanings set forth in Annex X hereto (or, if not so defined, in the Indenture). The parties hereto acknowledge
and agree that the Loans made under this Agreement are the “Class A Loans” referred to in the Indenture.


 


Section 1.2         Use
of Defined Terms. Unless otherwise defined or the context otherwise requires, terms for which meanings are provided in this Agreement
shall have such meanings when used in each Assignment Agreement, notice and other communication delivered from time to time in connection
with this Agreement or any other Credit Document.


 


Section 1.3         Interpretation.
In this Agreement, unless a clear contrary intention appears:


 


(a)       the
singular includes the plural and the plural the singular;


 






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(b)       words
importing any gender include the other genders;


 


(c)       references
to “writing” include printing, typing, lithography and other means of reproducing words in a visible form;


 


(d)       references
to agreements (including this Agreement and the Annex and Exhibits and Schedules hereto) and other contractual instruments include all
amendments, modifications and supplements thereto or any changes therein entered into in accordance with their respective terms and not
prohibited by the Indenture or this Agreement;


 


(e)       references
to Persons include their permitted successors and assigns but if applicable, only if such successors and assigns are permitted by this
agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually; and


 


(f)        the
term “including” means “including without limitation”.


 


Section 1.4         Accounting
Matters. For purposes of this Agreement, all accounting terms not otherwise defined herein shall have the meanings assigned to them
in conformity with GAAP.


 


Section 1.5         Collateral
Documents. References in this Agreement to the Indenture or any other Collateral Document, in a case where such Collateral Document
is or would be governed by the laws of any jurisdiction other than the State of New York, shall mean and be a reference to a document
having a purpose and effect under the laws of such other jurisdiction substantially similar to the purpose and effect of the corresponding
Collateral Document.


 


Section 1.6         Conflict
Between Credit Documents. If there is any conflict between this Agreement and the Indenture or any other Credit Document, this Agreement,
the Indenture and such other Credit Document shall be interpreted and construed, if possible, so as to avoid or minimize such conflict
but, to the extent (and only to the extent) of such conflict, the Indenture shall prevail and control and in any other case this Agreement
shall prevail and control.


 


Section 1.7         Legal
Representation of the Parties. This Agreement was negotiated by the parties with the benefit of legal representation and any rule of
construction or interpretation otherwise requiring this Agreement or any other Credit Document to be construed or interpreted against
any party shall not apply to any construction or interpretation hereof or thereof.


 


ARTICLE II


 


COMMITMENTS


 


Section 2.1         Commitments
of Each Lender. (a) Subject to the terms and conditions of this Agreement, each Lender severally and for itself alone agrees
to make a Loan (as defined below) to the Borrower in a principal amount equal to such Lender’s Percentage of the Aggregate Commitment.


 






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(b)       Each
Lender shall, on the Closing Date and subject to the terms and conditions hereof, severally, but not jointly, make a term loan (a “Loan”
and, collectively, the “Loans”) to the Borrower (the payment of which may be made to the Collateral Trustee on behalf
of the Borrower) for deposit in the Pass-Through Collection Subaccount (pursuant to the wiring instructions on Schedule 4 hereto)
in a principal amount equal to such Lender’s Percentage of the Aggregate Commitment. The commitment of each Lender to make Loans
under this Section 2.1(b) is herein referred to as its “Commitment” and, together with its Percentage of
the Aggregate Commitment, is set forth in Schedule 1 hereto.


 


(c)       Each
Loan shall be denominated in Dollars. Subject to the terms hereof, the Borrower may from time to time prepay the Loans in accordance
with the Priority of Payments and in connection with a redemption of the Debt in accordance with Article IX of the Indenture; provided
that the Borrower may not borrow or re-borrow any Loans after prepayment or repayment thereof.


 


Section 2.2         Fees.
The Borrower shall pay fees to the Loan Agent and the Collateral Trustee in the amount specified in the Agent Fee Letter, for all services
rendered by each hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee
or loan agent, as applicable, of an express trust), subject to and in accordance with the Indenture, including the Priority of Payments.
Such fees shall constitute Administrative Expenses and shall be payable solely from available funds in accordance with the Priority of
Payments (or in such other manner in which Administrative Expenses are payable under the Indenture).


 


ARTICLE III


 


LOANS
AND LENDER NOTES


 


Section 3.1         Borrowing
Procedure. Borrowings of Loans shall be made in accordance with this Section 3.1.


 


Section 3.1.1    Funding
of the Borrowing. (a) Upon receipt of confirmation from the Borrower (or its counsel on its behalf) that the conditions set
forth in Section 4.1 have been satisfied, each Lender shall make available its pro rata share (based on such
Lender’s Percentage) of the Aggregate Commitments in the manner provided below. All such amounts shall be made available in
Dollars, and in immediately available funds to the Collateral Trustee for deposit in the Pass-Through Collection Subaccount pursuant
to the Indenture.


 


(b)       Nothing
herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments and other commitments hereunder or to prejudice
any rights which the Borrower may have against any Lender as a result of any default by such Lender hereunder.


 


Section 3.2         Lender
Notes. (a) On the Loan Date to the extent requested by any Lender, the Borrower shall (i) sign a Lender Note in the name
of such Lender in a maximum principal amount equal to such Lender’s Percentage of the Aggregate Commitments, which such Lender
Notes shall be dated the Loan Date and substantially in the form of Exhibit A (a “Lender Note”) and (ii) deliver
such Lender Note to such Lender (with a copy to the Loan Agent). If requested by any Lender, the Borrower shall obtain a CUSIP or other
loan identification number that is customary for the nature of the Loans made hereunder. To the extent any Lender does not elect to receive
a Lender Note, the Registrar shall, upon instruction of the Borrower, deliver to such Lender a Confirmation of Registration in the form
of Exhibit D hereto.


 






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(b)       The
Borrower hereby irrevocably authorizes the Loan Agent to make (or cause to be made) appropriate notations on its internal records, which
notations shall evidence, inter alia, the date of, the Aggregate Outstanding Amount of, and the Interest Rate applicable to, the
Loans evidenced thereby. The notations on such internal records indicating the Aggregate Outstanding Amount of the Loans made by such
Lender shall be prima facie evidence (absent manifest error) of the principal amount thereof owing and unpaid, but the failure
to record any such amount, or any error therein, shall not limit or otherwise affect the obligations of the Borrower hereunder or under
any Lender Note to make payment of principal of or interest on such Loans when due. At any time (including to replace any Lender Note
that has been mutilated, defaced, destroyed, lost or stolen) when any Lender requests the delivery of a new Lender Note to evidence any
of its Loans, the Borrower shall promptly execute and deliver to such Lender the Lender Note in the appropriate amount or amounts to
evidence such Loans; provided, for the avoidance of doubt, that, other than in the case of a substitute or replacement Lender
Note to replace a Lender Note that has been mutilated, defaced, destroyed, lost or stolen, only one Lender Note shall be issued to any
Lender and the Loan Agent shall not deliver a new Lender Note to any requesting Lender until such Lender surrenders the Lender Note currently
held by such Lender; provided, further, that, in the case of a substitute or replacement Lender Note, the Borrower and
the Loan Agent shall have received from such requesting Lender (i) evidence to their reasonable satisfaction of the destruction,
loss or theft of any Lender Note and (ii) there is delivered to the Borrower, the Loan Agent, the Collateral Trustee and the Transfer
Agent such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Borrower,
the Loan Agent, the Collateral Trustee and/or such Transfer Agent that such Lender Note has been acquired by a “protected purchaser”
(within the meaning of Section 8-303 of the UCC), the Borrower shall execute and, upon receipt of such executed Lender Note, the
Loan Agent shall deliver to the Holder, in lieu of any such mutilated, defaced, destroyed, lost or stolen Lender Note, the new Lender
Note, of like tenor (including the same date of issuance) and equal principal or face amount, registered in the same manner, dated the
date of its issuance, bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen
Lender Note; provided, further, that, in connection with the Stated Maturity or Redemption Date of the Loans, each Lender
shall surrender the Lender Notes to the Loan Agent for payment of the Redemption Price or final payment of principal of such Loans in
accordance with the Priority of Payments. Such surrender shall occur either at the address specified herein for the Loan Agent or, with
respect to any Redemption Date, in accordance with the redemption notice delivered pursuant to Section 9.4 of the Indenture.


 


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


 






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


 


Upon the issuance of any new
Lender Note under this Section 3.2, the Borrower may require the payment by the Lender thereof of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of
the Collateral Trustee and the Loan Agent) connected therewith.


 


All Lender Notes surrendered
for payment, registration of transfer, conversion, exchange or redemption, or mutilated, defaced or deemed lost or stolen, shall be promptly
canceled by the Loan Agent and may not be reissued or resold. No Lender Note may be surrendered (including any surrender in connection
with any abandonment, donation, gift, contribution or other event or circumstance) except for payment as provided herein, or for registration
of transfer, exchange, conversion or redemption, or for replacement in connection with any Lender Note mutilated, defaced or deemed lost
or stolen. Any such Lender Note shall, if surrendered to any Person other than the Loan Agent, be delivered to the Loan Agent. All canceled
Lender Notes held by the Loan Agent shall be destroyed or held by the Loan Agent in accordance with its standard retention policy unless
the Borrower shall direct by a Borrower Order received prior to destruction that they be returned to it.


 


The provisions of this Section 3.2
are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
defaced, destroyed, lost or stolen Lender Notes.


 


Section 3.3         Principal
Payments.


 


Section 3.3.1    Repayments
and Prepayments. The Borrower shall make payments of unpaid principal of each Loan on each Payment Date to the extent provided in
the Priority of Payments and Article IX of the Indenture.


 


Section 3.3.2    Application.
Each repayment and prepayment of a Loan shall be subject to the terms of the Indenture (including the subordination provisions set forth
in Section 13.1 thereof and the Priority of Payments set forth in Section 11.1(a) thereof) and the requirement to pay Lenders
on a pro rata basis as set forth in Section 8.6. Without limiting the generality of the foregoing, the Loans shall
comprise and be a part of the Class A Debt and, as such, shall be subject to the terms and conditions of the Indenture applicable
to the Class A Debt, and shall have the rights afforded in the Indenture to the Class A Debt (to the extent of the component
thereof consisting of the Loans).


 


Section 3.3.3    Mandatory
Prepayment. The Loans are subject to prepayment in connection with a mandatory redemption of the Debt as set forth in Section 9.1
of the Indenture (a “Mandatory Prepayment”).


 


Section 3.3.4    Special
Prepayment. The Loans are subject to prepayment in connection with a Special Redemption as set forth in Section 9.6 of the Indenture.


 






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Section 3.3.5    Optional
Prepayment. The Loans are subject to prepayment in connection with an Optional Redemption as set forth in Section 9.2 of the
Indenture or a Tax Redemption as set forth in Section 9.3 of the Indenture.


 


Section 3.3.6    Prepayment
in Connection with Clean-Up Call Redemption of Notes. The Loans are subject to prepayment in connection with a Clean-Up Call Redemption
as set forth in Section 9.9 of the Indenture.


 


Section 3.3.7    Re-Pricing.
The Loans will not be subject to Re-Pricing.


 


Section 3.4         Interest.


 


Section 3.4.1    Interest
Rules and Calculations. (a) Interest on each Loan shall be payable in respect of each Loan, on each Payment Date and on
any date of prepayment or repayment of such Loan, commencing on the first Payment Date following the Loan Date in accordance with the
terms of the Indenture (including the subordination provisions set forth in Section 13.1 thereof and the Priority of Payments set
forth in Section 11.1(a) thereof). For each Loan, interest shall accrue during each Interest Accrual Period on the unpaid Aggregate
Outstanding Amount of such Loan on the first day of the applicable Interest Accrual Period (after giving effect to payments of principal
thereon on such date).


 


(b)       Interest
due and payable shall be determined in accordance with Section 2.7 of the Indenture.


 


(c)       The
Borrower shall make (or cause to be made) all payments of interest to the Loan Agent for the account of each Lender in accordance with
Section 3.5.


 


(d)       The
Lenders hereby consent to the Borrower’s appointment of the Collateral Trustee to serve as Calculation Agent under the Indenture.
All computations of interest due shall be made by the Calculation Agent in accordance with Section 8.7 hereof and subject
to and in accordance with Section 7.16 of the Indenture. The Borrower hereby agrees that for so long as any Loans remain Outstanding,
there will at all times be a Calculation Agent appointed under the Indenture to calculate the Term SOFR Reference Rate (or after the designation
of an Alternative Rate or Fallback Rate, such Alternative Rate or Fallback Rate) in respect of the Debt.


 


(e)       In
no event shall the rate of interest applicable to any Loan exceed the maximum rate permitted by applicable law.


 


(f)        Upon
an assignment of Loans pursuant to Section 8.4, unless otherwise directed by the assignor Lender, the assigned Loans shall
trade without accrued interest and the Loan Agent shall, in accordance with the Priority of Payments on the Payment Date immediately
succeeding the date of assignment, disburse to (x) the assignor Lender, the interest accrued on such assigned Loan from and including
the previous Payment Date (or, in the case of the first Interest Accrual Period, the Closing Date) to but excluding such date of assignment
and (y) the assignee Lender, the interest accrued on such assigned Loan from and including such date of assignment to but excluding
such Payment Date.


 






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Section 3.5         Method
and Place of Payment. (a) To the extent funds are available pursuant to the Priority of Payments, all payments by the Borrower
of principal and interest in respect of Loans hereunder and all fees and all other Loans hereunder shall be made in accordance with Sections
2.7 and 11.1 of the Indenture. Except as otherwise specifically provided herein, all payments under this Agreement shall be made to the
Loan Agent for the ratable (based on their applicable Percentages) account of the Lenders entitled thereto (which funds, if delivered
to the Loan Agent, the Loan Agent shall promptly forward to such Lenders), on the date when due and shall be made in immediately available
funds to the account with the wire instructions specified in Schedule 3 (or in the Assignment Agreement, as applicable); provided,
for so long as Citibank, N.A. is the Collateral Trustee and the Loan Agent, payments made to the Lenders under the Indenture from the
Payment Account or Collection Account shall be deemed to have been made first to the Loan Agent and then distributed to the Lenders.
For the avoidance of doubt, all payments by the Borrower of principal and interest in respect of Loans, or any other amounts owed to
a Lender hereunder, payable on a Payment Date shall be made to, subject to Section 3.4(f), the Lender of record as of the
corresponding Record Date.


 


Section 3.6         Subordination.


 


(a)       Incorporation
of Subordination Provisions of the Indenture. All Loans incurred pursuant to this Agreement are subject to, and each Lender hereby
consents and agrees to, the subordination and remedy provisions set forth in Section 13.1 of the Indenture. Article XIII of
the Indenture shall be binding upon each Lender as though such sections (and the corresponding defined terms) had been set forth herein
in their entirety.


 


(b)       Each
Lender hereby acknowledges and agrees that all of its Loans are subject to the terms and conditions of this Agreement and the Indenture
and shall be paid solely to the extent of available funds in accordance with the Priority of Payments. Each Lender hereby agrees and acknowledges
that its right to payment shall be subordinate and junior to any payments owed under Sections 11.1(a)(i)(A) and (B) of the Indenture
and, any applicable payments owed under Section 11.1(a)(ii)(A) of the Indenture senior to payments with respect to the Loans
and any payments owed under Sections 11.1(a)(iii)(A) and (B) of the Indenture (collectively, the “Senior Items”)
of the Indenture, as applicable. In the event that, notwithstanding the provisions of this Agreement and the Indenture, any Lender shall
have received any payment or distribution in respect of its Loans contrary to the provisions of the Indenture or this Agreement, then,
unless and until each Senior Item shall have been paid in full in Cash or, to the extent each recipient of such Senior Item consents,
such payment or distribution shall be received and held in trust for the benefit of, and shall forthwith be paid over and delivered to,
the Collateral Trustee, which shall pay and deliver the same in respect of the Senior Items in accordance with the Indenture; provided,
however, that if any such payment or distribution is made other than in Cash, it shall be held by the Collateral Trustee as part
of the Assets and subject in all respects to the provisions of the Indenture. Each Lender agrees with all recipients of Senior Items that
such Lender shall not demand, accept, or receive any payment or distribution in respect of its Loans in violation of the provisions of
the Indenture. Nothing in this Section 3.6(b) shall affect the obligation of the Borrower to pay the Lenders hereunder.


 






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(c)       Agents
Entitled to Assume Payment Not Prohibited in Absence of Notice. Each of the Agents shall not at any time be charged with knowledge
of the existence of any facts which would prohibit the making of any payment to or by such Agent unless and until such Agent has actual
knowledge thereof or unless and until a Bank Officer of such Agent shall have received and accepted (in its role as Agent) written notice
thereof from the Borrower (in the form of an Officer’s Certificate reasonably satisfactory to such Agent) or Persons representing
themselves to be other holders of obligations payable hereunder or under any Credit Document by the Borrower, and, prior to the receipt
of any such written notice, such Agent, subject to the provisions of this Agreement, shall be entitled in all respects conclusively to
assume that no such fact exists, and such Agent shall have no liability hereunder for any payment made, or action taken, by it without
such knowledge or notice.


 


Section 3.7         The
Lenders may not convert or exchange any portion of the Loans into Notes.


 


Section 3.8         Additional
Loans. On any Business Day, the Borrower may, in accordance with Section 2.13 of the Indenture and in connection with an additional
issuance pursuant thereto, incur additional Loans hereunder (any such Loans, “Additional Loans”). The incurrence of
Additional Loans under this Agreement shall be subject to (i) satisfaction of the conditions set forth in Section 2.13 of the
Indenture and (ii) the execution and delivery of an amendment to this Agreement in accordance with Section 8.12 that
reflects the incurrence of such Additional Loans and the terms thereof, which amendment will be acknowledged by the Loan Agent and the
Collateral Trustee. If a Person that was not previously a party to this Agreement extends any such Additional Loan, it will be required
to be made a party to this Agreement by executing such amendment and adding such Person as a Lender.


 


ARTICLE IV


 


CONDITIONS
TO CREDIT EXTENSIONS


 


Section 4.1         Loan
Date. The obligations of the Lenders to make Loans on the Loan Date shall not become effective until the date on which all conditions
precedent to the issuance of the Notes set forth in Section 3 of the Indenture have been satisfied.


 


ARTICLE V


 


REPRESENTATIONS, WARRANTIES, AND COVENANTS


 


Section 5.1         Payment
of Principal and Interest. The Borrower shall duly and punctually pay the principal of and interest on the Debt, in accordance with
the terms of this Agreement and the Indenture pursuant to the Priority of Payments.


 


Amounts properly withheld
under the Code or other applicable law by any Person from a payment to any Lender shall be considered as having been paid by the Borrower
to such Lender for all purposes of this Agreement.


 


Section 5.2         Maintenance
of Office or Agency. The Borrower hereby appoints the Bank as the Loan Agent and appoints the Loan Agent as a paying agent for payments
on the Loans and the Loan Agent to maintain the register as set forth in Section 8.16. The Borrower hereby appoints CT Corporation
System, 28 Liberty Street, New York, NY 10005, as its agent upon whom process or demands may be served in any action arising out of or
based on this Agreement or the transactions contemplated hereby.


 






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The Borrower may at any time
and from time to time vary or terminate the appointment of any such agent or appoint any additional agents for any or all of such purposes;
provided, however, that the Borrower will maintain in the Borough of Manhattan, The City of New York, an office or agency
where notices and demands to or upon the Borrower in respect of the Notes, the Loans and this Agreement may be served. The Borrower shall
give prompt written notice to the Collateral Trustee, the Loan Agent, the Rating Agency and the Lenders of the appointment or termination
of any such agent and of the location and any change in the location of any such office or agency.


 


If at any time the Borrower
shall fail to maintain any such required office or agency in the Borough of Manhattan, The City of New York or shall fail to furnish
the Collateral Trustee or the Loan Agent with the address thereof, presentations and surrenders may be made (subject to the limitations
described in the preceding paragraph) at and notices and demands may be served on the Borrower by mailing a copy thereof by registered
or certified mail or by overnight courier, postage prepaid, to the Borrower at its address specified in Section 14.3 of the Indenture
for notices.


 


Section 5.3         Money
for Loan Payments. All payments of amounts due and payable with respect to any Loans that are to be made from amounts withdrawn by
the Collateral Trustee from the Payment Account shall be made on behalf of the Borrower by the Collateral Trustee with respect to payments
on the Loans; provided that in the event the same entity is acting as the Collateral Trustee and the Loan Agent, such requirement
shall be deemed satisfied if the payments on the Loans are made by the Collateral Trustee.


 


Section 5.4         Existence
of Borrowers. The Borrower shall comply with the provisions of Section 7.4 of the Indenture with respect to the existence of
the Borrower and the provisions of Section 7.4 of the Indenture are incorporated by reference mutatis mutandis.


 


Section 5.5         Protection
of Assets. The Borrower shall comply with (and the Borrower shall cause the Collateral Manager to comply with) the provisions of
Section 7.5 of the Indenture with respect to the protection of the Assets and the provisions of Section 7.5 of the Indenture
are incorporated by reference mutatis mutandis.


 


Section 5.6         Opinions
as to Assets. The Borrower shall comply with the provisions of Section 7.6 of the Indenture with respect to the opinions as
to the Assets and the provisions of Section 7.6 of the Indenture are incorporated by reference mutatis mutandis.


 


Section 5.7         Performance
of Obligations. The Borrower shall use its best efforts not to permit any action to be taken by others, that would release any Person
from any of such Person’s covenants or obligations under any instrument included in the Assets, except in the case of enforcement
action taken with respect to any Defaulted Obligation in accordance with the provisions hereof and actions by the Collateral Manager
under the Collateral Management Agreement and in conformity therewith or with this Agreement and the Indenture or as otherwise required
by the Indenture or hereby or deemed necessary or advisable by the Collateral Manager in accordance with the Collateral Management Agreement.


 






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Section 5.8         Negative
Covenants. The Borrower shall, from the Closing Date through the date on which no Loans are Outstanding, comply with its obligations
under Article VII of the Indenture, including by not taking any action prohibited by Section 7.8 of the Indenture.


 


Section 5.9         Statement
as to Compliance. On or before December 31st in each calendar year commencing in 2023, or immediately if there has been a Default
under the Indenture under the Indenture and prior to the issuance of any additional Debt pursuant to the Indenture, the Borrower shall
deliver to the Collateral Trustee (to be forwarded by the Collateral Trustee to the Collateral Manager, the Loan Agent (for each Lender
making a written request therefor), the Collateral Administrator and the Rating Agency) an Officer’s Certificate of the Borrower
that, having made reasonable inquiries of the Collateral Manager, and to the best of the knowledge, information and belief of the Borrower,
there did not exist, as at a date not more than five days prior to the date of the certificate, nor had there existed at any time prior
thereto since the date of the last certificate (if any), any Default under the Indenture or, if such Default did then exist or had existed,
specifying the same and the nature and status thereof, including actions undertaken to remedy the same, and that the Borrower has complied
with all of its obligations under this Agreement and the Indenture or, if such is not the case, specifying those obligations with which
it has not complied.


 


Section 5.10       Successor
Substituted. Upon any consolidation or merger, or transfer or conveyance of all or substantially all of the assets of the Borrower
in accordance with Section 7.10 of the Indenture in which the Merging Entity is not the surviving entity, the Successor Entity shall
succeed to, and be substituted for, and may exercise every right and power of, the Merging Entity under the Indenture with the same effect
as if such Person had been named as the Borrower herein, and the Successor Entity shall deliver to the Loan Agent the Officer's Certificate
and Opinion of Counsel required by Section 7.10(d) of the Indenture. In the event of any such consolidation, merger, transfer
or conveyance, the Person named as the “Borrower” in this Agreement or any successor which shall theretofore have become
such in the manner prescribed in Article VII of the Indenture may be dissolved, wound up and liquidated at any time thereafter,
and such Person thereafter shall be released from its liabilities as obligor and maker on all the Loans and from its obligations under
this Agreement and the other Transaction Documents to which it is a party.


 


Section 5.11       No
Other Business. The Borrower shall comply with the provisions of Section 7.12 of the Indenture with respect to the business
of the Borrower and the provisions of Section 7.12 of the Indenture are incorporated by reference mutatis mutandis.


 


Section 5.12       Annual
Rating Review. The Borrower shall comply with the provisions of Section 7.14 of the Indenture with respect to (i) the annual
rating review of the Debt as set forth in clause (a) thereof and (ii) the annual review of Collateral Obligations as set forth
in clause (b) thereof, and the provisions of Section 7.14 of the Indenture are incorporated by reference mutatis mutandis.


 


Section 5.13       Calculation
Agent. The Borrower shall comply with the provisions of Section 7.16 of the Indenture with respect to the Calculation Agent
and the provisions of Section 7.16 of the Indenture are incorporated by reference mutatis mutandis.


 






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Section 5.14       Certain
Tax Matters. The Borrower and the Lenders shall be required to comply with the provisions of Section 7.17 of the Indenture with
respect to Certain Tax Matters and the provisions of Section 7.17 of the Indenture are hereby incorporated by reference mutatis
mutandis.


 


Section 5.15       Representations
Relating to Security Interests in the Assets. (a) The Borrower hereby represents and warrants that, as of the Closing Date (which
representations and warranties shall survive the execution of this Agreement and be deemed to be repeated on each date on which an Asset
is Granted to the Collateral Trustee under the Indenture), with respect to the Assets:


 


(i)         The
Borrower owns such Asset free and clear of any lien, claim or encumbrance of any Person, other than such as are created under, or permitted
by, the Indenture and any other Permitted Liens.


 


(ii)        Other
than the security interest Granted to the Collateral Trustee pursuant to the Indenture, except as permitted by the Indenture, the Borrower
has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Assets. 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
Assets other than any Financing Statement relating to the security interest Granted to the Collateral Trustee under the Indenture or that
has been terminated; the Borrower is not aware of any judgment, PBGC liens or tax lien filings against the Borrower.


 


(iii)       All
Assets constitute Cash, accounts (as defined in Section 9-102(a)(2) of the UCC), Instruments, general intangibles (as
defined in Section 9-102(a)(42) of the UCC), uncertificated securities (as defined in Section 8-102(a)(18) of the UCC), Certificated
Securities or security entitlements to financial assets resulting from the crediting of financial assets to a “securities account”
(as defined in Section 8-501(a) of the UCC).


 


(iv)      All
Accounts constitute “securities accounts” under Section 8-501(a) of the UCC.


 


(v)       The
Indenture creates a valid and continuing security interest (as defined in Section 1-201(37) of the UCC) in such Assets in favor
of the Collateral Trustee, for the benefit and security of the Secured Parties, which security interest is prior to all other liens,
claims and encumbrances (except as permitted otherwise in the Indenture), and is enforceable as such against creditors of and purchasers
from the Borrower.


 


(b)           The
Borrower hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution
of this Agreement and be deemed to be repeated on each date on which an Asset is Granted to the Collateral Trustee under the Indenture),
with respect to Assets that constitute Instruments:


 


(i)         Either
(x) the Borrower has caused or shall have caused, within ten days after the Closing Date, the filing of all appropriate Financing
Statements in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the
Instruments Granted to the Collateral Trustee, for the benefit and security of the Secured Parties or (y)(A) all original executed
copies of each promissory note or mortgage note that constitutes or evidences the Instruments have been delivered to the Collateral Trustee
or the Borrower has received written acknowledgement from a custodian that such custodian is holding the mortgage notes or promissory
notes that constitute evidence of the Instruments solely on behalf of the Collateral Trustee and for the benefit of the Secured Parties
and (B) none of the Instruments that constitute or evidence the Assets has any marks or notations indicating that they are pledged,
assigned or otherwise conveyed to any Person other than the Collateral Trustee, for the benefit of the Secured Parties.


 






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(ii)        The
Borrower has received all consents and approvals required by the terms of the Assets to the pledge under the Indenture to the Collateral
Trustee of its interest and rights in the Assets.


 


(c)           The
Borrower hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution
of the Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Collateral Trustee under the Indenture),
with respect to the Assets that constitute Security Entitlements:


 


(i)         All
of such Assets have been and will have been credited to one of the Accounts which are securities accounts within the meaning of Section 8-501(a) of
the UCC. The Securities Intermediary for each Account has agreed to treat all assets credited to such Accounts as “financial assets”
within the meaning of Section 8-102(a)(9) the UCC.


 


(ii)        The
Borrower has received all consents and approvals required by the terms of the Assets to the pledge under the Indenture to the Collateral
Trustee of its interest and rights in the Assets.


 


(iii)       (x) the
Borrower has caused or shall have caused, within ten days after the Closing Date, the filing of all appropriate Financing Statements
in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to the
Collateral Trustee, for the benefit and security of the Secured Parties under the Indenture and (y)(A) the Borrower has
delivered to the Collateral Trustee a fully executed Securities Account Control Agreement pursuant to which the Custodian has agreed
to comply with all instructions originated by the Collateral Trustee relating to the Accounts without further consent by the
Borrower or (B) the Borrower has taken all steps necessary to cause the Custodian to identify in its records the Collateral
Trustee as the Person having a security entitlement against the Custodian in each of the Accounts.


 


(iv)       The
Accounts are not in the name of any Person other than the Borrower or the Collateral Trustee. The Borrower has not consented to the Custodian
complying with the entitlement order (as defined in Section 8-102(a)(8) of the UCC) of any Person other than the Collateral
Trustee (and the Borrower prior to a notice of exclusive control being provided by the Collateral Trustee.


 






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(d)           The
Borrower hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the
execution of this Agreement and be deemed to be repeated on each date on which an Asset is Granted to the Collateral Trustee under
the Indenture), with respect to Assets that constitute general intangibles:


 


(i)         The
Borrower has caused or shall have caused, within ten days after the Closing Date, the filing of all appropriate Financing Statements in
the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Assets
granted to the Collateral Trustee, for the benefit and security of the Secured Parties.


 


(ii)        The
Borrower has received, or shall receive, all consents and approvals required by the terms of the Assets to the pledge under the Indenture
to the Collateral Trustee of its interest and rights in the Assets.


 


(e)           The
Borrower agrees to notify the Collateral Manager and the Rating Agency promptly if it becomes aware of the breach of any of the representations
and warranties contained in this Section 5.15 and shall not, without satisfaction of the S&P Rating Condition, waive any of
the representations and warranties in this Section 5.15 or any breach thereof.


 


ARTICLE VI


 


EVENTS
OF DEFAULT


 


Section 6.1         Default
and Events of Default. “Default” or “Event of Default,” wherever used herein, means any Default
or Event of Default, respectively, under the Indenture.


 


Section 6.2         Acceleration.
Upon the occurrence of an Event of Default and the acceleration of the Borrower’s obligations under the Indenture pursuant to the
terms of Section 5.2 of the Indenture, the unpaid principal amount of the Loans, together with the interest accrued thereon and
all other amounts payable by the Borrower hereunder in respect of the Loans, shall automatically become immediately due and payable by
the Borrower hereunder without any declaration or other act on the part of the Collateral Trustee or any Lender, subject to and in accordance
with the applicable provisions of the Indenture; provided that upon the rescission or annulment of an acceleration under the Indenture
in accordance with the terms of Section 5.2 thereof, any such acceleration shall automatically be rescinded and annulled for all
purposes hereunder; provided, however, that, no such action shall affect any subsequent Default or Event of Default or
impair any right consequent thereon.


 


Section 6.3         Remedies.
Remedies for an Event of Default are granted to the Collateral Trustee for the benefit of the Secured Parties under the Indenture. Each
of the Lenders agrees and acknowledges that the remedies for an Event of Default hereunder are governed by, and subject to the terms
and conditions of, the Indenture and other Credit Documents.


 






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ARTICLE VII


 


THE
AGENTS


 


Section 7.1         Appointment.
The Lenders hereby designate (i) the Bank to act as Collateral Trustee as specified herein and in the other Collateral Documents
and (ii) the Bank to act as Loan Agent as specified herein. By becoming a party to this Agreement, each Lender hereby irrevocably
authorizes the Loan Agent and the Collateral Trustee (together, the “Agents” and each, an “Agent”)
to take such action under the provisions of this Agreement, the other Credit Documents and any other instruments and agreements referred
to herein or therein and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to
or required of the Agents by the terms hereof and thereof and such other powers as are reasonably incidental thereto. The Agents may
perform any of their duties hereunder or under the other Credit Documents by or through their respective officers, directors, agents,
employees or affiliates. For the avoidance of doubt, the Collateral Trustee and Loan Agent hereby agree to forward or make available
any notices that it receives to the appropriate parties so required by the Indenture and this Agreement, respectively. The Loan Agent
is authorized and directed to enter into this Agreement and perform and observe its obligations under the Collateral Documents.


 


Section 7.2         Nature
of Duties. The Agents shall not have any duties or responsibilities except those expressly set forth in this Agreement and the other
Collateral Documents. None of the Agents or any of their respective officers, directors, employees or affiliates shall be liable for
any action taken or omitted by it or them hereunder or under any other Credit Document or in connection herewith or therewith, unless
caused by its or their gross negligence, willful misconduct or bad faith. The duties of the Agents shall be mechanical and administrative
in nature; the Agents shall not have by reason of this Agreement or any other Credit Document a fiduciary relationship in respect of
any Lender; and nothing in this Agreement or any other Credit Document, expressed or implied, is intended to or shall be so construed
as to impose upon the Agents any obligations in respect of this Agreement or any other Credit Document except as expressly set forth
herein or therein.


 


The Loan Agent shall not
have or be deemed to have any fiduciary relationship with the Collateral Trustee, any Holder, any Lender, the Collateral Manager or the
Borrower, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into the Collateral
Documents or otherwise exist against the Loan Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent”
in this Agreement 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.


 






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Section 7.3         Lack
of Reliance on the Agents. Independently and without reliance upon the Agents, each Lender, to the extent it deems appropriate, has
made and shall continue to make (i) its own independent investigation of the financial condition and affairs of the Borrower in
connection with the making and the continuance of the Loans and the taking or not taking of any action in connection herewith and (ii) its
own appraisal of the creditworthiness of the Borrower and, except as expressly provided in this Agreement and the other Credit Documents,
the Agents shall not have any duty or responsibility, either initially or on a continuing basis, to provide any Lender with any credit
or other information with respect thereto, whether coming into its possession before the making of the Loans or at any time or times
thereafter. The Agents shall not be responsible to any Lender for any recitals, statements, information, representations or warranties
herein or in any document, certificate or other writing delivered in connection herewith or for the execution, effectiveness, genuineness,
validity, enforceability, perfection, collectability, priority or sufficiency of this Agreement or any other Credit Document or the financial
condition of the Borrower or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions
or conditions of this Agreement or any other Credit Document, or the satisfaction of any of the conditions precedent set forth in Article IV
or the financial condition of the Borrower or the existence or possible existence of any Default.


 


Section 7.4         Certain
Rights of the Agents. (a) The Agents may conclusively rely and shall be fully protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper
or document believed by it to be genuine and to have been signed or presented by the proper party or parties. Without limiting the provisions
hereof, the Agents shall be entitled to the rights, benefits, immunities, indemnities and protections of the Collateral Trustee as set
forth in Article VI of the Indenture as if such rights, benefits, immunities, indemnities and protections were fully set forth herein;
provided that such rights, protections, immunities, indemnities and benefits shall be in addition to any rights, protections and
benefits afforded to the Agents under this Agreement. Any request or direction of the Borrower mentioned herein may be sufficiently evidenced
by a Borrower Order.


 


(b)       Whenever
in the administration of this Agreement or the Indenture the Agents shall (i) deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Agents (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, request and rely upon an Officer’s Certificate or Borrower Order or (ii) be required
to determine the value of any Assets or funds hereunder or the cash flows projected to be received therefrom, the Agents may, in the
absence of bad faith on its part, rely on reports of nationally recognized accountants, investment bankers or other Persons qualified
to provide the information required to make such determination, including nationally recognized dealers in Assets of the type being valued,
securities quotation services, loan pricing services and loan valuation agents.


 


(c)       As
a condition to the taking or omitting of any action by it hereunder, the Agents may consult with counsel and the advice of such counsel
or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder
in good faith and in reliance thereon.


 


(d)       The
Agents shall be under no obligation to exercise or to honor any of the rights or powers vested in it by this Agreement or to institute,
conduct or defend any litigation hereunder or in relation hereto at the request or direction of any Lenders pursuant to this Agreement
and the Indenture, unless such Lenders shall have offered to the Agents security or indemnity reasonably satisfactory to the Agents against
the costs, expenses (including reasonable fees and expenses of agents, experts and attorneys) and liabilities which might reasonably be
incurred by it in compliance with such request or direction. The Loan Agent shall in all cases be fully protected in acting, or in refraining
from acting, under this Agreement or any other Credit Document in accordance with a request or consent of the Majority of the Lenders
(or such other percentage of the Lenders expressly specified in this Agreement or such Credit Document with respect to a particular matter)
given in accordance with this Agreement or any other Credit Document and such request and any action taken or failure to act pursuant
thereto shall be binding upon all of the Lenders.


 






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(e)        (i) The
Agents shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, note or other documents, but the Agents, in its discretion, may, and upon
the written direction of a Majority of the Lenders or of the Rating Agency shall (subject to the right hereunder to be reasonably satisfactorily
indemnified for associated expense and liability), make such further inquiry or investigation into such facts or matters as it may see
fit or as it shall be directed; provided, however, that if the payment within a reasonable time to the Loan Agent of the costs,
expenses or liabilities likely to be incurred by it in the making of such investigation is, in the reasonable opinion of the Loan Agent,
not assured to the Loan Agent by the security afforded to it by the terms of this Agreement or the Indenture, the Loan Agent may require
indemnity reasonably satisfactory to it against such cost, expense or liability as a condition to taking any such action. The reasonable
expense of every such examination shall be paid by the Borrower and, the Loan Agent shall be entitled, on reasonable prior notice to the
Borrower and the Collateral Manager, to examine the books and records relating to the Loans, the Notes and the Assets and the premises
of such Person to determine compliance with this Agreement, personally or by agent or attorney during such Person’s normal business
hours and the Loan Agent shall incur no liability of any kind by reason of such inquiry or investigation; provided that, the Loan
Agent shall, and shall cause its agents, to hold in confidence all such information, except (A) to the extent disclosure may be required
by law or by any regulatory, administrative, judicial or governmental authority or (B) to the extent that the Loan Agent, in its
sole judgment, may determine that such disclosure is consistent with its obligations hereunder; provided, further, that the Collateral
Trustee may disclose on a confidential basis any such information to its agents, attorneys and auditors in connection with the performance
of its responsibilities hereunder.


 


(ii)        The
Agents shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, note or other paper or document, but each Agent, in its discretion, may,
and upon the written direction of a Majority of the Controlling Class or of the Rating Agency shall (subject to its right hereunder
to be reasonably satisfactorily indemnified for associated expense and liability), make such further inquiry or investigation into such
facts or matters as it may see fit or as it shall be directed; provided, however, that if the payment within a reasonable time
to the Agent of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the reasonable
opinion of the Agent, not assured to the Agent by the security afforded to it by the terms of the Indenture or this Agreement, the Agent
may require indemnity reasonably satisfactory to it against such cost, expense or liability as a condition to taking any such action.
The reasonable expense of every such examination shall be paid by the Borrower, and the Agent shall be entitled, on reasonable prior
notice to the Borrower and the Collateral Manager, to examine the books and records relating to the Loans, the Notes and the Assets,
personally or by agent or attorney, during the Borrower’s or the Collateral Manager’s normal business hours; provided
that, the Agent shall, and shall cause its agents to, hold in confidence all such information, except (A) to the extent disclosure
may be required by law or by any regulatory, judicial, administrative or governmental authority and (B) to the extent that the Agent,
in its sole judgment, may determine that such disclosure is consistent with its obligations hereunder; provided, further, that
each Agent may disclose on a confidential basis any such information to its agents, attorneys and auditors in connection with the performance
of its responsibilities hereunder or under the Indenture.


 






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(f)        The
Agents may execute any of the rights, privileges or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys; provided that neither of the Agents shall be responsible for any misconduct or negligence on the part of
any such agent appointed or attorney appointed with due care.


 


(g)       Neither
of the Agents shall be liable for any action it takes or omits to take in good faith that it reasonably believes to be authorized or within
its rights or powers hereunder, including actions or omissions to act at the direction of the Collateral Manager.


 


(h)       Any
permissive rights of the Agents to take or refrain from taking actions enumerated in this Agreement or the Indenture shall not be construed
as a duty and the Agents shall not be answerable for other than their respective gross negligence, willful misconduct or bad faith.


 


(i)         Nothing
herein shall be construed to impose an obligation on the part of the Agents to monitor, recalculate, evaluate or verify or independently
determine the accuracy of any report, certificate or information received from the Borrower or Collateral Manager (unless and except to
the extent otherwise expressly set forth herein) and all calculations made by the Agents in their respective roles hereunder shall (in
the absence of manifest error) be final and binding on all parties.


 


(j)         The
Agents shall not be responsible or liable for the actions or omissions of, or any inaccuracies in the records of, the Collateral Manager,
the Issuer, any Payment Agent (other than the Collateral Trustee), any non-Affiliated custodian, transfer agent, paying agent or calculation
agent (other than itself in such capacities), DTC, Euroclear, Clearstream or any other clearing agency or depository, or for the acts
of omissions of the Collateral Manager or the Borrower, or any other Person (including compliance with Rule 17g-5) and without limiting
the foregoing, the Agents shall not be under any obligation to monitor, evaluate, or verify compliance by the Collateral Manager with
the terms hereof or of the Indenture or the Collateral Management Agreement, or to verify or independently determine the accuracy of
information received by the Agents from the Collateral Manager (or from any selling institution, agent bank, trustee or similar source)
with respect to the Assets.


 


(k)        To
the extent permitted by applicable law, the Agents shall not be required to give any bond or surety, or provide any indemnity, in respect
of the execution of this Agreement or the Indenture or otherwise.


 






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(l)         In
making or disposing of any investment permitted by this Agreement or the Indenture, each of the Agents is authorized to deal with itself
(in its individual capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis, whether it or such
Affiliate is acting as a sub-agent of the Agent or for any third Person or dealing as principal for its own account. If otherwise qualified,
obligations of the Bank or any of its Affiliates shall qualify as Eligible Investments under the Indenture.


 


(m)       In
the event that the Bank is also acting in the capacity of Paying Agent, Registrar, Transfer Agent, Calculation Agent, Securities Intermediary,
in any capacity hereunder or under the Indenture (other than Collateral Trustee and Loan Agent), as applicable, the rights, protections,
immunities and indemnities afforded to the Agents pursuant to this Article VII hereof shall also be afforded to the Bank acting in
such capacities; provided that such rights, immunities and indemnities shall be in addition to any rights, immunities and indemnities
provided herein, in the Indenture or any other document to which the Bank in such capacity is a party, as applicable.


 


(n)       The
Agents shall not be responsible for delays or failures in performance resulting from circumstances beyond its control (such circumstances
include but are not limited to acts of God, strikes, lockouts, riots, epidemics or pandemics, government mandated closures, acts of war
and interruptions, losses or malfunctions of utilities, computer (hardware or software) or communications services).


 


(o)       Notwithstanding
any term hereof to the contrary, the Agents shall be under no obligation to evaluate the sufficiency of the documents or instruments
delivered to them by or on behalf of the Borrower in connection with the Grant by the Borrower to the Collateral Trustee of any item
constituting the Assets or otherwise, or in that regard to examine any Collateral Obligations, in order to determine compliance with
applicable requirements of or restrictions on transfer imposed by the documentation underlying such Collateral Obligations nor to
re-register or otherwise change the registration or form in which the Collateral Obligations are Delivered, transferred, assigned or
pledged by the Borrower to the Collateral Trustee.


 


(p)       No
provision of this Agreement or any other Credit Document shall require either of the Agents to expend or risk its own funds or otherwise
incur any financial or other liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or
powers contemplated hereunder, if it shall have reasonable grounds for ‎believing that repayment of such funds or adequate indemnity
satisfactory to it ‎against such risk or liability is not reasonably assured to it unless such risk or ‎liability relates to
the performance of its ordinary incidental services, including ‎mailing of notices under this Agreement.


 


(q)       To
the extent any defined term hereunder, or any calculation required to be made or determined by the Agents hereunder, is dependent upon
or defined by reference to GAAP, the Agents shall be entitled to request and receive (and conclusively rely upon) instruction from the
Borrower or the Independent accountants identified by the Borrower pursuant to Section 10.9 of the Indenture (and in the absence
of its receipt of timely instruction therefrom, shall be entitled to obtain from an Independent accountant at the expense of the Borrower)
as to the application of GAAP in such connection, in any instance.


 






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(r)        The
Agents or their Affiliates are permitted to receive additional compensation that could be deemed to be in the Agents’ economic
self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or sub-custodian with
respect to certain of the Eligible Investments, (ii) using Affiliates to effect transactions in certain Eligible Investments and
(iii) effecting transactions in certain Eligible Investments; if otherwise qualified, obligations of the Bank or any of its Affiliates
shall qualify as Eligible Investments hereunder. Such compensation is not payable or reimbursable under the Indenture or this Agreement.


 


(s)        None
of the Agents shall have any obligation to determine: (i) if a Collateral Obligation meets the criteria or eligibility restrictions
imposed by the Indenture or (ii) whether the conditions specified in the definition of “Delivered” have been complied
with.


 


(t)        The
Agents shall not be deemed to have notice or knowledge of any matter unless a Bank Officer has actual knowledge thereof or unless written
notice thereof is received by a Bank Officer at the Corporate Trust Office and such notice references the Loans generally, the Borrower
or this Agreement. Whenever reference is made in this Agreement to a Default or an Event of Default such reference shall, insofar as
determining any liability on the part of the Agents is concerned, be construed to refer only to a Default or an Event of Default of which
the applicable Agent is deemed to have knowledge in accordance with this paragraph.


 


(u)       Neither
Agent shall have any liability for the acts or omissions of the Collateral Manager, the Collateral Administrator, the Borrower, any Paying
Agent (if such Person is not an Agent) or any Authenticating Agent (if such Person is not an Agent) appointed under or pursuant to this
Agreement or the other Credit Documents.


 


(v)       Neither
Agent is responsible or liable for the preparation, filing, continuation or correctness of financing statements or the validity or perfection
of any lien or security interest.


 


(w)       Notwithstanding
any term hereof to the contrary, neither Agent shall be under any obligation to evaluate the sufficiency of the documents or instruments
delivered to it by or on behalf of the Borrower in connection with the Grant by the Borrower to the Collateral Trustee of any item constituting
the Collateral Obligations or otherwise, or in that regard to examine any Collateral Obligations, in order to determine compliance with
applicable requirements of and restrictions on transfer imposed by the documentation underlying such Collateral Obligations nor to re-register
or otherwise change the registration or form in which the Collateral Obligations are Delivered, transferred, assigned or pledged by the
Borrower to the Collateral Trustee.


 


(x)        No
Agent shall be required to qualify in any jurisdiction in which it is not presently qualified to perform its obligations as Agent.


 






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(y)       Notwithstanding
anything herein inconsistent or to the contrary, the Collateral Trustee and the Loan Agent shall be entitled to all the same rights, privileges,
protections, immunities and indemnities in this Agreement as are afforded the Bank in the Indenture, all of which are incorporated herein
mutatis mutandis, in addition to any such rights, privileges, protections, immunities and indemnities contained herein. Whether
or not therein expressly so provided, every provision of this Agreement relating to the conduct or affecting liability of or affording
protection to either Agent shall be subject to the provisions of Section 7.1, 7.2 and 7.4 of this Agreement.
Notwithstanding anything herein inconsistent or to the contrary, in the event the Bank is also acting in the capacity of Paying Agent,
Registrar, Transfer Agent, Custodian, Calculation Agent, Loan Agent or Collateral Trustee, the rights, protections, benefits, immunities
and indemnities afforded to the Collateral Trustee pursuant to Article VI of the Indenture shall also be afforded to the Bank acting
in such capacities.


 


(z)        No
Agent shall be liable for any error of judgment made in good faith by an Agent, unless it shall be proven that such Agent was grossly
negligent in ascertaining the pertinent facts.


 


(aa)     The
Agents shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the Borrower, the Lenders or the Collateral Manager.


 


(bb)     To
help fight the funding of terrorism and money laundering activities, the Agents ‎shall obtain, verify, and record information that
identifies individuals or entities that establish a ‎relationship or open an account with the Agents. The Agents shall ask for the
name, address, ‎tax identification number and other information that shall allow the Agents to identify the ‎individual or entity
who is establishing the relationship or opening the account. The Agents ‎may also ask for formation documents such as articles of
incorporation, an offering ‎memorandum or other identifying documents to be provided.


 


(cc)     The
Agents shall have no responsibility to the Borrower or the Secured Parties ‎under this Agreement or the Indenture to make any inquiry
or investigation as to, and shall have no obligation in ‎respect of, the terms of any engagement of Independent accountants by the
Borrower (or the ‎Collateral Manager on behalf of the Borrower).


 


(dd)     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, the Loan Agent shall not be under a duty or obligation in connection with the ‎acquisition
or Grant by the Borrower to the Collateral Trustee of any item constituting the ‎Assets, or to evaluate the sufficiency of the documents
or instruments delivered to it by or on ‎behalf of the Borrower in connection with its Grant or otherwise, or in that regard to examine
 ‎any Underlying Instrument, in each case, in order to determine compliance with applicable ‎requirements of and restrictions on
transfer in respect of such Assets.


 


(ee)     The
Loan Agent shall not have any obligation to determine if an Eligible Investment meets the criteria or eligibility restrictions imposed
by the Indenture.


 


Section 7.5         Not
Responsible for Recitals, Incurrence of Loans or Issuance of Notes. The recitals contained herein, shall be taken as the statements
of the Borrower and the Agents assume no responsibility for their correctness. The Agents make no representation as to the validity or
sufficiency of this Agreement or the Indenture (except as may be made with respect to the validity of the Agents obligations hereunder),
the Assets, the Loans or the Notes. The Agents shall not be accountable for the use or application by the Borrower of the Loans or the
Notes or the proceeds thereof or any amounts paid to the Borrower pursuant to the provisions hereof.


 






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Section 7.6             May Hold
Loans or Notes. The Agents or any other agent of the Borrower, in their individual or any other capacities, may become the owner
or pledgee of a Loan or a Note and may otherwise deal with the Borrower or any of their Affiliates with the same rights it would have
if it were not an agent.


 


Section 7.7             Holders
of Lender Notes; Transferee of Assignment Agreement. (a) The Agents may deem and treat the Person in whose name such Loan is
registered on the Register as described in Section 8.16 as the owner thereof for all purposes hereof unless and until a written
notice of the assignment, transfer or endorsement thereof, as the case may be, shall have been filed with the Agents and the requirements
set forth in Section 8.16 have been satisfied. Any request, authority or consent of any Person who, at the time of making
such request or giving such authority or consent, is the Holder of any Lender Note (or the registered Holder of a Loan in the form of
a Conformation of Registration) shall be conclusive and binding on any subsequent holder, transferee, assignee or indorsee, as the case
may be, of such Lender Note (or Confirmation of Registration) or of any Lender Note or Lender Notes (or Confirmation of Registration).


 


(b)           The
Agents may deem and treat the transferee of a properly executed and delivered Assignment Agreement pursuant to Section 8.4(b) whose
name is recorded in the Register as set forth in Section 8.16 as a Lender under this Agreement with all of the same rights
and obligations as a Holder of a Lender Note, whether or not such Lender requests a Lender Note pursuant to Section 3.2,
for all purposes hereof unless and until the Agents receive and accept a subsequent Assignment Agreement properly executed and delivered
pursuant to Section 8.4(b).


 


Section 7.8             Compensation
and Reimbursement. (a) The Borrower agrees:


 


(i)         to
pay each of the Loan Agent and the Collateral Trustee on each Payment Date, in accordance with the Priority of Payments, reasonable compensation
for all services rendered by it hereunder as set forth in Section 2.2 hereof;


 


(ii)        except
as otherwise expressly provided herein and subject to the Priority of Payments, to reimburse each of the Agents (subject to any written
agreement between the Borrower and the applicable Agent) in a timely manner upon its request for all reasonable expenses, disbursements
and advances incurred or made by such Agent in accordance with any provision of this Agreement or other Transaction Document (including,
without limitation, securities transaction charges and the reasonable compensation and expenses and disbursements of its agents and legal
counsel and of any accounting firm or investment banking firm employed by the Agents pursuant to this Agreement or the Indenture, except
any such expense, disbursement or advance as may be attributable to the applicable Agent’s gross negligence, willful misconduct
or bad faith) but with respect to securities transaction charges, only to the extent any such charges have not been waived during a Collection
Period due to the Agent’s receipt of a payment from a financial institution with respect to certain Eligible Investments, as specified
by the Collateral Manager in writing; and


 






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(iii)       to
indemnify each of the Agents and its respective officers, directors, employees, attorneys, advisors and agents for, and to hold them harmless
against, any loss, liability, claim, damage or expense (including reasonable fees and expenses of agents and attorneys) of any type or
nature incurred without gross negligence, willful misconduct or bad faith on their part, arising out of or in connection with acting or
serving as an Agent hereunder, including the costs and expenses of defending themselves (including reasonable fees and costs of agents
and attorneys) against any claim (whether brought by or involving the Borrower or any third party) or liability in connection with the
administration, exercise or performance of any of their powers or duties hereunder and any other agreement or instrument related hereto
and of enforcing this Agreement and any indemnification rights hereunder.


 


This Section 7.8
shall survive the termination of this Agreement or the removal or resignation of the applicable Agent.


 


(b)       The
Agents hereby agree not to cause the filing of a petition in bankruptcy against the Borrower for the non-payment to the Agents of any
amounts provided by this Section 7.8 until at least one year and one day, or, if longer, the applicable preference period
then in effect, plus one day, after the payment in full of all Debt issued under the Indenture and incurred under this Agreement.
Nothing in this Section 7.8 shall preclude, or be deemed to stop, the Agents (i) from taking any action prior to the
expiration of the aforementioned period in (A) any case or Proceeding voluntarily filed or commenced by the Borrower or (B) any
involuntary insolvency Proceeding filed or commenced by a Person other than the applicable Agent, or (ii) from commencing against
the Borrower or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium
or liquidation Proceeding. This Section 7.8(b) shall survive the termination of this Agreement or the removal or resignation
of the applicable Agent.


 


(c)        Each
of the Agents acknowledges that all payments payable to it under this Agreement shall be subject to the Priority of Payments in the Indenture
and payable as Administrative Expenses. If, on any date when any amount shall be payable to the Agents pursuant to this Agreement, insufficient
funds are available for the payment thereof, any portion of a fee or expense not so paid shall be deferred and payable on such later
date on which a fee or expense shall be payable and sufficient funds are available. Following realization of the Assets and distribution
of proceeds in the manner provided in the Priority of Payments in the Indenture, any obligations of the Borrower and any claims of the
Agents against the Borrower shall be extinguished and shall not thereafter revive. This Section 7.8(c) shall survive
the termination of this Agreement or the removal or resignation or the applicable Agent.


 


(d)       In
no event shall the Agents be liable for special, indirect, punitive or consequential loss or damage (including but not limited to lost
profits or diminution in value) even if the Agents have been advised of the likelihood of such damages and regardless of the form of action.


 






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(e)       The
Borrower’s payment obligations to each of the Agents under this Section 7.8 shall be secured by the lien of the Indenture,
and shall survive the termination of this Agreement, and the resignation or removal of such Agent, as applicable. When either Agent incurs
expenses after the occurrence of a Default or an Event of Default under Section 5.1(e) or Section 5.1(f) of the Indenture,
the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state
bankruptcy, insolvency or similar law.


 


Section 7.9         Agents
Required; Eligibility. There shall at all times be Agents hereunder which shall be organizations or entities organized and doing
business under the laws of the United States of America or of any state thereof, each having a combined capital and surplus of at least
$200,000,000 and meeting the eligibility criteria specified in Section 6.8 of the Indenture provided that, if the Loan Agent, or
its successor’s rating at any time is below the minimum ‎rating or capitalization requirement as set forth in this sentence,
the Loan Agent (x) shall ‎promptly notify the Issuer and the Collateral Manager and (y) may retain its eligibility if it
 ‎obtains or has obtained (i) a confirmation from the Rating Agency that the Rating Agency’s ‎then-current rating of
the Debt will not be downgraded or withdrawn by reason of the Loan Agent’s rating or capitalization or (ii) a written waiver
or other written acknowledgement ‎‎(which may be evidenced by an exchange of electronic messages or facsimiles) from the Rating
 ‎Agency that it will not review the Rating Agency’s then current rating of the Debt in such ‎circumstances. If at any time
either Agent shall cease to be eligible in accordance with the provisions of this Section 7.9, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article VII.


 


Section 7.10       Resignation
and Removal of Agents; Appointment of Successor Agents. (a) No resignation or removal of either of the Agents and no appointment
of a successor agent with respect to the applicable Agent (the “Successor Agent”) pursuant to this Article shall
become effective until the acceptance of appointment by the Successor Agent under Section 7.11. The indemnification in favor
of the Agents in Section 7.8 hereof shall survive any resignation or removal of either Agent and the termination of this
Agreement (to the extent of any indemnified liabilities, costs, expenses and other amounts arising or incurred prior to, or arising out
of actions or omissions occurring prior to such termination, resignation or removal).


 


(b)       Subject
to and in accordance with Section 6.9 of the Indenture, the Loan Agent may resign at any time by giving not less than 30 days’
written notice thereof to each of the Borrower, the Collateral Manager, each Lender and the Rating Agency. If the Loan Agent shall resign,
be removed or become incapable of acting, or if a vacancy shall occur in the office of the Loan Agent for any reason, the Borrower shall
promptly appoint a Successor Agent by Borrower Order, one copy of which shall be delivered to each of the Agents, the Successor Agent,
each Lender and the Collateral Manager; provided that such Successor Agent shall be appointed only upon the consent of a Majority
of each Class of Secured Debt or, at any time when an Event of Default shall have occurred and be continuing, by an Act of a Majority
of the Controlling Class. The Successor Agent so appointed shall, forthwith upon its acceptance of such appointment, become the Successor
Agent and supersede any Successor Agent proposed by the Borrower. If no Successor Agent shall have been appointed and an instrument of
acceptance by a Successor Agent shall not have been delivered to the Agents within 30 days after the giving of such notice of resignation,
the resigning Agent, or any Lender, on behalf of itself and all others similarly situated, may petition any court of competent jurisdiction
for the appointment of a Successor Agent satisfying the requirements of Section 7.9 hereof. The resignation or removal of
the Collateral Trustee and/or the appointment of a successor Collateral Trustee shall be governed by Section 6.9 of the Indenture.


 






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(c)           The
Loan Agent may be removed at any time upon 30 days’ written notice by Act of a Majority of the Lenders, delivered to the Agents
and the Borrower.


 


(d)           If
at any time:


 


(i)         the
Loan Agent shall cease to be eligible under Section 7.9 hereof and shall fail to resign after written request therefor by
the Borrower or by a Majority of the Lenders; or


 


(ii)        the
Loan Agent shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or liquidator of the Loan Agent
or of its property shall be appointed or any public officer shall take charge or control of the Loan Agent or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation;


 


then, in any such case (subject to Section 7.10(a) hereof),
(A) the Borrower, by a Borrower Order, may remove the Loan Agent, or (B) any Lender may, on behalf of itself and all others
similarly situated, petition any court of competent jurisdiction for the removal of the Loan Agent and the appointment of a Successor
Agent.


 


(e)       
     If the Loan Agent shall be removed or become incapable of acting, or if a vacancy shall occur in
the office of the Loan Agent for any reason (other than resignation), the Borrower, by Borrower Order, shall promptly appoint a
successor Loan Agent. If the Borrower shall fail to appoint a successor Loan Agent within 30 days after such removal or incapability
or the occurrence of such vacancy, a Successor Agent may be appointed by a Majority of the Controlling Class by written
instrument delivered to the Borrower and the retiring Loan Agent. The successor Loan Agent so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Loan Agent and supersede any successor Loan Agent proposed by the Borrower. If
no successor Loan Agent shall have been so appointed by the Borrower or a Majority of the Controlling Class and shall have
accepted appointment in the manner hereinafter provided, subject to Section 6.9 of the Indenture, any Lender or the Loan Agent
may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a
successor Loan Agent.


 


(f)            The
Borrower shall give prompt notice of each resignation and each removal of the Loan Agent and each appointment of a Successor Agent to
the Collateral Trustee, the Rating Agency and to each Lender. Such notice shall include the name of the Successor Agent and the address
of its Corporate Trust Office. If the Borrower fails to provide such notice within 10 days after acceptance of appointment by the Successor
Agent, the Successor Agent shall cause such notice to be given at the expense of the Borrower.


 


(g)           If
the Bank shall resign or be removed as Collateral Trustee, the Bank shall also resign or be removed as Loan Agent and as any other
capacity in which the Bank is then acting pursuant to this Agreement, the Indenture or any other Transaction Document.


 






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Section 7.11       Acceptance
of Appointment by Successor Agents. Every Successor Agent appointed hereunder and qualified under Section 7.9 hereof
shall execute, acknowledge and deliver to the Borrower and the retiring Agent an instrument accepting such appointment and agreeing to
be bound by this Agreement and, to the extent such Successor Agent shall be a party thereto, the Indenture and the Securities Account
Control Agreement. Upon delivery of the required instruments, the resignation or removal of the retiring Agent shall become effective
and such Successor Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties
and obligations of the retiring Agent; but, on request of the Borrower or a Majority of the Lenders or the Successor Agent, such retiring
Agent shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring to such Successor Agent all the
rights, powers and trusts of the retiring Agent, and shall duly assign, transfer and deliver to such Successor Agent all property held
by such retiring Agent hereunder. Upon request of any such Successor Agent, the Borrower shall execute any and all instruments for more
fully and certainly vesting in and confirming to such Successor Agent all such rights, powers and trusts.


 


Section 7.12       Merger,
Conversion, Consolidation or Succession to Business of Agents. Any organization or entity into which an Agent may be merged or converted
or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which such
Agent shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of such
Agent, shall be the successor of such Agent hereunder; provided that such organization or entity shall be otherwise qualified
and eligible under this Article VII, without the execution or filing of any paper or any further act on the part of any of
the parties hereto.


 


Section 7.13       Representations
and Warranties of Citibank, N.A.. The Bank hereby represents and warrants as follows:


 


(a)       Organization.
It has been duly organized and is validly existing as a national banking association with trust powers under the laws of the United States
and has the power to conduct its business and affairs as Loan Agent and as Collateral Trustee.


 


(b)       Authorization;
Binding Obligations. It has the corporate power and authority to perform the duties and obligations of the Loan Agent and the Collateral
Trustee, as applicable, under this Agreement. It has taken all necessary corporate action to authorize the execution, delivery and performance
of this Agreement and the Indenture and all of the documents required to be executed by it pursuant hereto. This Agreement and the Indenture
have been duly authorized, executed and delivered by the Bank and constitute the legal, valid and binding obligation of the Bank enforceable
in accordance with its terms subject, as to enforcement, (i) to the effect of bankruptcy, insolvency, fraudulent conveyance, liquidation
or similar laws affecting generally the enforcement of creditors’ rights as such laws would apply in the event of any bankruptcy,
receivership, insolvency or similar event applicable to the Bank and (ii) to general equitable principles (whether enforcement is
considered in a proceeding at law or in equity).


 


(c)       Eligibility.
It is eligible under Section 7.9 hereof to serve as Loan Agent and as Collateral Trustee hereunder.


 






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(d)       No
Conflict. Neither the execution, delivery and performance of the Indenture or this Agreement, nor the consummation of the transactions
contemplated by the Indenture or this Agreement, (i) is prohibited by, or requires the Bank to obtain any consent, authorization,
approval or registration under, any law, statute, rule, regulation, judgment, order, writ, injunction or decree that is binding upon the
Bank or any of its properties or assets, or (ii) will violate any provision of, result in any default or acceleration of any obligations
under, result in the creation or imposition of any lien pursuant to, or require any consent under, any material agreement to which it
is a party or by which it or any of its property is bound.


 


Section 7.14       Withholding.
If any amount is required to be deducted or withheld from any payment to any Lender, such amount shall reduce the amount otherwise distributable
to such Lender. The Loan Agent is hereby authorized to withhold or deduct from amounts otherwise distributable to any Lender sufficient
funds for the payment of any tax that is legally required to be withheld or deducted (but such authorization shall not prevent the Loan
Agent from contesting any such tax in appropriate Proceedings and legally withholding payment of such tax, pending the outcome of such
Proceedings). The amount of any withholding tax imposed with respect to any Lender shall be treated as cash distributed to such Lender
at the time it is deducted or withheld by the Borrower or the Loan Agent, as applicable, and remitted to the appropriate taxing authority.
If there is a possibility that withholding tax is payable with respect to a distribution, the Loan Agent may in its sole discretion withhold
such amounts in accordance with this Section 7.14. If any Lender wishes to apply for a refund of any such withholding tax,
the Loan Agent shall reasonably cooperate with such Lender in making such claim so long as such Lender agrees to reimburse the Loan Agent
for any out-of-pocket expenses incurred.


 


ARTICLE VIII


 


MISCELLANEOUS


 


Section 8.1         Payment
of Expenses, Etc. The Borrower agrees to pay all reasonable out of pocket costs and expenses (A) of the Loan Agent and the Collateral
Trustee in connection with any amendment, waiver or consent of the Credit Documents and the documents and instruments referred to therein
and (B) of the Loan Agent and the Collateral Trustee in connection with any Default or Event of Default or with the enforcement
of the Credit Documents and the documents and instruments referred to therein (including the reasonable fees and disbursements of counsel
for the Collateral Trustee, counsel and agents for the Loan Agent and one (1) counsel in total for all Lenders, collectively). To
the extent that the undertaking to indemnify, pay or hold harmless the Loan Agent or the Collateral Trustee set forth in the preceding
sentence may be unenforceable because it is violative of any law or public policy, the Borrower shall make the maximum contribution to
the payment and satisfaction of each of the covered expenses which is permissible under applicable law, subject to the limitations and
qualifications set forth in the preceding sentence and the Priority of Payments. Any payments made pursuant to this Section 8.1
shall be made on the first Payment Date that funds are available for such payments as an Administrative Expense in accordance with
the Priority of Payments. This Section 8.1 shall survive the termination of this Agreement or the removal or resignation
of the applicable Agent.


 


Section 8.2         Right
of Setoff. Each Lender hereby waives any right of setoff that the Lender may have against the Borrower in respect of any obligation
arising hereunder or under the Lender Notes.


 






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Section 8.3         Notices.
(a) all notices and other communications provided for hereunder shall be in writing (including telecopier or electronic mail (if
an e-mail address for the relevant party is set forth in the Indenture)) and mailed or given in the manner provided in Section 14.3
of the Indenture, if to the Borrower, the Collateral Manager, the Rating Agency, the Loan Agent, the Collateral Trustee and/or any Lender,
at its address specified in the Indenture (or, in the case of any Lender and the Loan Agent, in Schedule 2 hereof), and in
the case of any Lender becoming party hereto after the Closing Date, the related Assignment Agreement; or, at such other address as shall
be designated by any party in a written notice to the other parties hereto. Any such notice or communication shall be deemed to have
been given on the date such notice is given.


 


(b)       [Reserved].


 


(c)       In
the event that any provision in this Agreement calls for any notice or document to be delivered simultaneously to the Collateral Trustee
and the Loan Agent and any other Person, the Collateral Trustee’s or the Loan Agent’s receipt of such notice or document shall
entitle the Collateral Trustee and the Loan Agent to assume that such notice was delivered to such other Person or entity.


 


(d)       Notwithstanding
any provision to the contrary in this Agreement or in any agreement or document related hereto, any documents (including reports, notices
or supplemental indentures) required to be provided by the Loan Agent or the Collateral Trustee to the Lenders may be provided by providing
notice of, and access to, the Collateral Trustee’s website containing such document.


 


(e)       The
Bank (in each of its capacities hereunder) agrees to accept and act upon instructions or directions pursuant to this Agreement, the
Indenture or any other Transaction Document sent by unsecured email, facsimile transmission or other similar unsecured electronic
methods; provided that, any Person providing such instructions or directions shall provide to the Bank an incumbency
certificate listing authorized Officers designated to provide such instructions or directions, which incumbency certificate shall be
amended whenever a Person is added or deleted from the listing. If such Person elects to give the Bank email or facsimile
instructions (or instructions by a similar electronic method) and the Bank in its discretion elects to act upon such instructions,
the Bank’s reasonable understanding of such instructions shall be deemed controlling. The Bank shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Bank’s reliance upon and compliance with such instructions
notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. Any Person providing
such instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions
to the Bank, including without limitation the risk of the Bank acting on unauthorized instructions accompanied by an ‎incumbency
certificate, and the risk of interception and misuse by third parties. Any Person ‎providing such instructions acknowledges and
agrees that there may be more secure methods of ‎transmitting such instructions than the method(s) selected by such Person
and agrees that the ‎security procedures (if any) to be followed in connection with such Person’s transmission of
 ‎such instructions provide to it a commercially reasonable degree of protection in light of its ‎particular needs and
circumstances.


 






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Section 8.4         Benefit
of Agreement. (a) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto
and the respective successors and assigns of the parties hereto to the extent permitted under this Section 8.4; provided
that, except as provided in Section 5.10 of this Agreement, the Borrower may not assign or transfer any of its rights
or obligations hereunder without the prior written consent of each Lender. Each Lender may at any time grant participations in any of
its rights hereunder to one or more commercial banks, insurance companies, funds or other financial institutions; provided that
in the case of any such participation, the participant shall not have any rights under this Agreement or any of the other Credit Documents
(the participant’s rights against such Lender in respect of such participation to be those set forth in the agreement executed
by such Lender in favor of the participant relating thereto) and all amounts payable by the Borrower hereunder shall be determined as
if such Lender had not sold such participation; and provided, further, that, no Lender shall transfer, grant or assign
any participation under which the participant shall have rights to approve any amendment to or waiver of this Agreement or any other
Credit Documents except to the extent such amendment or waiver would (x) extend the final scheduled maturity of any Loan or Lender
Note in which such participant is participating or waive any Mandatory Prepayment thereof, or reduce the rate or extend the time of payment
of interest or fees thereon (except in connection with a waiver of the applicability of any post-default increase in interest rates),
or reduce the principal amount thereof, or increase such participant’s participating interest in any Lender Note over the amount
thereof then in effect (it being understood that a waiver of any Default or a Mandatory Prepayment, shall not constitute a change in
the terms of any Lender Note), (y) release all or substantially all of the Assets (in each case, except as expressly provided in
the Credit Documents), or (z) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this
Agreement (except as provided in Section 5.10 of this Agreement); and provided, further, that, each participation
shall be subject to the related participant providing a representation and warranty to the Lender from which it is acquiring its participation
that it is a Qualified Purchaser and a Qualified Institutional Buyer and making representations substantially in the form set forth under
Section 8.18(a)(i), Section 8.18(a)(ii), Section 8.18(a)(iv) and Section 8.18(a)(v).


 


(b)       Any
Lender may assign all or a portion of its rights and obligations under this Agreement (including, such Lender’s Loans, Lender Note
and other Loans) to one or more commercial banks, insurance companies, funds or other financial institutions (including one or more Lenders)
that is a Qualified Institutional Buyer and a Qualified Purchaser and can make all of the other representations set forth in Section 8.18.
No assignment pursuant to the immediately preceding sentence to an institution other than an Affiliate of such Lender or another Lender
shall be in an aggregate amount less than (unless the entire outstanding Loan of the assigning Lender is so assigned) $250,000. No consent
of the Borrower or the Loan Agent shall be required for any assignment by a Lender to another Lender. If any Lender so sells or assigns
all or a part of its rights hereunder or under the Lender Notes, any reference in this Agreement or the Lender Notes to such assigning
Lender shall thereafter refer to such Lender and to the respective assignee to the extent of their respective interests and the respective
assignee shall have, to the extent of such assignment (unless otherwise provided therein), the same rights and benefits as it would if
it were such assigning Lender.


 






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(c)       Each
assignment pursuant to Section 8.4(b) shall be effected by the assigning Lender and the assignee Lender executing an
Assignment and Assumption Agreement (an “Assignment Agreement”), which Assignment Agreement shall be substantially
in the form of Exhibit B (appropriately completed); provided that, in each case, unless otherwise consented to by
the Borrower, the Assignment Agreement shall contain a representation and warranty by the assignee to the Loan Agent and the Borrower
that such assignee is an Approved Lender. In the event of (and at the time of) any such assignment, either the assigning Lender or the
assignee Lender shall pay to the Loan Agent a nonrefundable assignment fee of $3,500, and at the time of any assignment pursuant to clause
(b) of this Section 8.4, (i) this Agreement shall be deemed to be amended to reflect the Lender Note (or the Confirmation
of Registration in lieu thereof) of the respective assignee (which shall result in a direct reduction to the Lender Note of the assigning
Lender) and of the other Lenders, and (ii) the Borrower shall issue new Lender Notes (or Confirmation of Registration) to the respective
assignee and/or to the assigning Lender, as applicable, in conformity with the requirements of Sections 3.2 and 8.16. No
transfer or assignment under clause (b) of this Section 8.4 shall be effective until recorded by the Loan Agent on the
Register pursuant to Section 8.16. To the extent of any assignment pursuant to clause (b) of this Section 8.4,
the assigning Lender shall be relieved of its obligations hereunder with respect to its assigned Lender Note (or Confirmation of Registration).
Each Lender and the Borrower agree to execute such documents (including amendments to this Agreement and the other Credit Documents)
as shall be necessary to effect the foregoing. Nothing in this Agreement shall prevent or prohibit any Lender from pledging its Lender
Notes or Loans to a Federal Reserve Bank in support of borrowings made by such Lender from such Federal Reserve Bank. The Loan Agent
shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signature of the assignor and
the assignee, including a medallion signature guarantee.


 


Section 8.5         No
Waiver; Remedies Cumulative. No failure or delay on the part of the Loan Agent, the Collateral Trustee or any Lender in exercising
any right, power or privilege hereunder or under any other Credit Document and no course of dealing between the Borrower and the Loan
Agent, the Collateral Trustee or any Lender shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
power or privilege hereunder or under any other Credit Document preclude any other or further exercise thereof or the exercise of any
other right, power or privilege hereunder or thereunder. The rights and remedies herein expressly provided are cumulative and not exclusive
of any rights or remedies which the Loan Agent, the Collateral Trustee or any Lender would otherwise have. No notice to or demand on
the Borrower in any case shall entitle the Borrower or any other Person to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of the Loan Agent, the Collateral Trustee or the Lenders to any other or further action
in any circumstances without notice or demand.


 


Section 8.6         Payments
Pro Rata. (a) The Collateral Trustee agrees that promptly after its receipt of each payment from or on behalf of the Borrower
in respect of any Loans hereunder and pursuant to the Indenture, it shall distribute such payment to the Lenders (other than any Lender
that has expressly waived its right to receive its pro rata share thereof) pro rata based upon their respective Percentages,
if any, of the Loans with respect to which such payment was received.


 






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(b)       Each
of the Lenders agrees that, if it should receive any amount hereunder (whether by voluntary payment, by realization upon security, by
the exercise of the right of setoff or banker’s lien, by counterclaim or cross action, by the enforcement of any right under the
Credit Documents, or otherwise) which is applicable to the payment of the principal of, or interest on, the Loans or fees, of a sum which
with respect to the related sum or sums received by other Lenders is in a greater proportion than the total of such Commitment then owed
and due to such Lender bears to the total of such Commitment then owed and due to all of the Lenders immediately prior to such receipt,
then such Lender receiving such excess payment shall purchase for Cash without recourse or warranty from the other Lenders an interest
in the Loans to such other Lenders in such amount as shall result in a proportional participation by all of the Lenders in such disproportionate
sum received; provided that, if all or any portion of such excess amount is thereafter recovered from such Lender, such purchase
shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.


 


Section 8.7         Calculations;
Computations. All computations of interest hereunder shall be made on the actual number of days elapsed in the applicable Interest
Accrual Period divided by 360.


 


Section 8.8         Governing
Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial. (a) THIS AGREEMENT AND THE LOANS AND ANY CLAIMS, CONTROVERSY,
DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF, UNDER OR RELATING TO THIS AGREEMENT
OR ANY THE LOANS (EXCEPT, AS TO ANY OTHER CREDIT DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND
THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.


 


(b)       With
respect to any suit, action or proceedings relating to this Agreement or any matter between the parties arising under or in connection
with this Agreement (“Proceedings”), each party irrevocably: (i) submits to the non-exclusive jurisdiction of
the Supreme Court of the State of New York sitting in the Borough of Manhattan and the United States District Court for the Southern
District of New York, and any appellate court from any thereof; and (ii) waives any objection which it may have at any time to the
laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient
forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such
party. Nothing in this Agreement precludes any of the parties from bringing Proceedings in any other jurisdiction, nor will the bringing
of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction.


 


(c)       EACH
OF THE PARTIES HERETO AND ANY LENDER BECOMING A PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE LOANS OR THE TRANSACTIONS
CONTEMPLATED HEREBY. Each party hereby (i) certifies that no representative, agent or attorney of the other has represented, expressly
or otherwise, that the other would not, in the event of a Proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this paragraph.


 


(d)       Each
Party (other than the Borrower and the Agents) to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 8.3.


 






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Section 8.9         Counterparts.
This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (and by different
parties hereto in different counterparts) (including by e-mail or facsimile transmission (including, without limitation, any .pdf file,
..jpeg file, or any other electronic or image file, or any “electronic signature” as defined under E-SIGN or ESRA, which includes
any electronic signature provided using Orbit, Adobe Sign, Adobe Fill & Sign, DocuSign, or any other similar platform identified
by the Issuer and reasonably available at no undue burden or expense to the Agents)), each of which will be deemed an original, and all
of which together constitute one and the same instrument. Delivery of an executed counterpart signature page of this Agreement by
e-mail (.pdf) or facsimile shall be effective as delivery of a manually executed counterpart of this Agreement.


 


Section 8.10       Effectiveness.
This Agreement shall become effective on the Closing Date upon satisfaction of the conditions set forth in Section 4.1.


 


Section 8.11       Headings
Descriptive. The headings of the several sections and subsections of this Agreement are inserted for convenience only and shall not
in any way affect the meaning or construction of any provision of this Agreement.


 


Section 8.12       Amendment
or Waiver. (a) Except as set forth in clause (c) of this Section 8.12, this Agreement may not be amended or
waived other than in accordance with Article VIII of the Indenture, which is hereby incorporated by reference mutatis mutandis.


 


(b)       Upon
the execution of any supplemental indenture under Article VIII of the Indenture, any provisions of the Indenture that are incorporated
by reference in this Agreement, mutatis mutandis, as if fully set forth herein, shall be modified in accordance therewith, and
such supplemental Indenture shall form a part of this Agreement for all purposes; and every Lender theretofore and thereafter authenticated
and delivered hereunder shall be bound thereby.


 


(c)       (i)         Other
than any amendment or modification that could be effected under Article VIII of the Indenture without the consent of the Lenders,
terms of this Agreement that are not related to provisions of the Indenture and that are terms uniquely affecting the Lenders may not
be changed, waived, discharged or terminated unless such change, waiver, discharge or termination is in writing signed by the Borrower,
the Agents and a Majority of the Lenders and is consented to by the Collateral Manager; provided that no such change, waiver, discharge
or termination shall, without the consent of each Lender (with Loans being directly affected thereby in the case of the following subclause
(A)), (A) extend any time fixed for the payment of any principal of the Loans, or reduce the rate or extend the time of payment of
interest (other than as a result of waiving the applicability of any post-default increase in interest rates) or fees thereon, or reduce
the principal amount thereof, or change the currency of payment thereof or change any Lender’s Commitment, (B) release all
or substantially all of the Assets (in each case, except as expressly provided in the Credit Documents), (C) amend, modify or waive
any provision of Section 8.6 or clause (a) of this Section 8.12, (D) reduce the percentage specified
in the definition of Majority (it being understood that, with the consent of a Majority of the Lenders, additional extensions of credit
pursuant to this Agreement may be included in the determination of a Majority of the Lenders on substantially the same basis as the extensions
of Commitments are included on the Closing Date), (E) consent to the assignment or transfer by the Borrower of any of its rights
and obligations under this Agreement (except as permitted by Section 5.10), (F) waive any Mandatory Prepayment of Loans
required pursuant to Section 3.3.3 or (G) amend, modify or waive any provision of Section 8.20; provided,
further, that, no such change, waiver, discharge or termination shall increase the Commitment of any Lender over the amount thereof
then in effect without the consent of such Lender (it being understood that waivers or modifications (otherwise permitted hereunder) of
conditions precedent, covenants, Defaults or Events of Default shall not constitute an increase of the Commitment of any Lender, and that
an increase in the available portion of any Commitment of any Lender shall not constitute an increase in the Commitment of such Lender)
or without the consent of the Agents amend, modify or waive any provision of Article VII or Section 3.6 as the
same applies to the Agents. Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders
and shall be binding upon the Borrower, the Lenders, the Loan Agent, the Collateral Trustee and all future holders of the Loans and the
Lender Notes (or a Holder taking such interest in the form of a Confirmation of Registration).


 






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(ii)     No
change, waiver, discharge or termination of this Agreement shall affect in any manner, amend, waive or modify the terms of the Indenture;
and


 


(iii)    In
the case of any waiver, the Borrower, the Lenders, the Collateral Trustee and the Loan Agent shall be restored to their former position
and rights hereunder and under the other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured and
not continuing, to the extent so provided herein; but no such waiver shall extend to any subsequent or other Default or Event of Default,
or impair any right consequent thereon. In executing or accepting any change, waiver, discharge or termination of this Agreement permitted
by this Section 8.12, the Loan Agent and Collateral Trustee shall be entitled to receive, and (subject to Section 7.2
and 7.4 herein and the Indenture) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of
such change, waiver, discharge or termination is authorized or permitted by this Agreement and that all conditions precedent thereto have
been satisfied. The Collateral Trustee and Loan Agent shall not be liable for any reliance made in good faith upon such Opinion of Counsel.


 


(d)       Prior
to the effectiveness of any amendment to this Agreement pursuant to clause (c) of this Section 8.12, S&P shall be
given written notice thereof.


 


(e)       Neither
the Collateral Trustee nor the Loan Agent shall be obligated to enter into any amendment or supplement that, as reasonably determined
by it, adversely affects its duties, obligations, liabilities or protections under the Credit Documents.


 


Section 8.13       Survival.
All indemnities set forth herein, including in Section 7.8 and Section 8.1 shall survive the termination of this
Agreement and the making and repayment of the Loans and the resignation and/or removal of the Loan Agent and the Collateral Trustee.


 


Section 8.14       Domicile
of Loans. Subject to the limitations of Section 8.4, each Lender may transfer and carry its Loans at, to or for the account
of any branch office, Subsidiary or Affiliate of such Lender.


 






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Section 8.15       Confidentiality.
   Each Lender shall be required to comply with the provisions of the Indenture, including Section 14.15 of the Indenture, with respect
to Confidential Information and the provisions of Section 14.15 of the Indenture are incorporated by reference mutatis mutandis;
provided that in no event shall any Lender or any Affiliate thereof be obligated or required to return any materials furnished
by the Borrower.


 


Section 8.16       Register.
(a) The Borrower hereby acknowledges that the Loan Agent will serve as the Borrower’s agent, solely for purposes of this Section 8.16,
to serve as registrar (the “Registrar”) by maintaining a register (the “Register”) on which it
shall record the names and addresses of each Lender, the Loans (and transfers thereof) made by each such Persons and each repayment in
respect of the principal amount of the Loans. Failure to make any such recordation, or any error in such recordation shall not affect
the Borrower’s obligations in respect of such Loans. With respect to any Lender, the transfer of the rights to the principal of,
and interest on, any Loan made by such Lender shall not be effective until such transfer is recorded on the Register maintained by the
Loan Agent with respect to ownership of such Loan as provided in this Section 8.16 and prior to such recordation all amounts
owing to the transferor with respect to such Loan shall remain owing to the transferor. The registration of assignment or transfer of
all or part of any Loan shall be recorded by the Loan Agent on the Register only upon the acceptance by the Loan Agent of a properly
executed and delivered Assignment Agreement pursuant to Section 8.4(b). Each Lender shall promptly provide the Loan Agent
any information reasonably requested by it for purposes of maintaining the Register. Coincident with the delivery of such an Assignment
Agreement to the Loan Agent for acceptance and registration of assignment or transfer of all or part of a Loan, or as soon thereafter
as practicable, the assigning or transferor Lender shall surrender its Lender Notes and thereupon one or more new Lender Notes (or Confirmation
of Registration) in the same aggregate principal amount shall, if requested by the assigning or transferor Lender and/or new Lender,
be issued to the assigning or transferor Lender and/or the new Lender, as applicable. The entries in the Register shall be conclusive
absent manifest error, and such Lender shall treat each Person whose name is recorded in the Register as the owner of such participation
for all purposes of this Agreement notwithstanding any notice to the contrary.


 


(b)       Each
Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters
the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans
or other obligations under the Transaction Documents (the “Participant Register”); provided that no Lender shall
have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information
relating to a participant’s interest in any Commitments, Loans, or its other obligations under any Transaction Document) to any
Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, or other obligation is in registered
form under Section 5f.103-1(c) of the United States Treasury regulations. The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such
participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, no Agent (in
its capacity as Agent) shall have responsibility for maintaining a Participant Register.


 






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Section 8.17       Marshalling;
Recapture. None of the Collateral Trustee, the Loan Agent nor any Lender shall be under any obligation to marshal any assets in favor
of the Borrower or any other party or against or in payment of any or all of the Loans. To the extent any Lender receives any payment
by or on behalf of the Borrower, which payment or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required to be repaid to the Borrower or its estate, trustee, receiver, custodian or any other party under any bankruptcy
law, state or Federal law, common law or equitable cause, then to the extent of such payment or repayment, the obligation or part thereof
which has been paid, reduced or satisfied by the amount so repaid shall be reinstated by the amount so repaid and shall be included within
the liabilities of the Borrower to such Lender as of the date such initial payment, reduction or satisfaction occurred.


 


Section 8.18       Lender
Representations, etc.; Non-Recourse Obligations. (a) By executing this Agreement, whether on the date hereof or pursuant
to an assignment permitted hereunder, each Lender represents, warrants and covenants as follows:


 


(i)         In
connection with the Loans: (A) none of the Borrower, the Collateral Manager, the Placement Agents, the Collateral Administrator,
the Collateral Trustee, the Loan Agent, the Retention Holder, or any of their respective Affiliates is acting as a fiduciary or financial
or investment adviser for such Lender; (B) such Lender is not relying (for purposes of making any investment decision or otherwise)
upon any advice, counsel or representations (whether written or oral) of the Borrower, the Collateral Manager, the Placement Agents,
the Collateral Administrator, the Collateral Trustee, the Loan Agent, the Retention Holder or any of their respective Affiliates other
than any statements herein, and such Lender has read and understands this Agreement and the final Offering Circular (including the descriptions
therein of the structure of the transaction in which the Loans are being offered and the risks to the Lenders); (C) such Lender
has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent it has deemed
necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to this
Agreement and the Indenture) based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon
any view expressed by the Borrower, the Collateral Manager, the Placement Agents, the Collateral Administrator, the Collateral Trustee,
the Loan Agent, the Retention Holder or any of their respective Affiliates; (D) such Lender is both (x) a Qualified Institutional
Buyer that is not a broker-dealer which owns and invests on a discretionary basis less than $25 million in securities of issuers that
are not affiliated Persons of the dealer and is not a plan referred to in paragraph (a)(1)(d) or (a)(1)(e) of Rule 144A
or a trust fund referred to in paragraph (a)(1)(f) of Rule 144A that holds the assets of such a plan, if investment decisions
with respect to the plan are made by beneficiaries of the plan and (y) a Qualified Purchaser; (E) such Lender was not formed
for the purpose of acquiring such Loans and is acquiring its interest in such Loans for its own account; (F) such Lender will hold
and transfer the minimum required amount of the Loans; (G) such Lender is a sophisticated investor and is making the Loans with
a full understanding of all of the terms, conditions and risks thereof, and it is capable of assuming and willing to assume those risks;
(H) such Lender has had access to such financial and other information concerning the Borrower and the Loans as it has deemed necessary
or appropriate in order to make an informed decision with respect to making the Loans, including an opportunity to ask questions of and
request information from the Borrower and the Collateral Manager and (I) such Lender will provide notice of the relevant transfer
restrictions, representations, warranties and agreements to subsequent transferees.


 






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(ii)        on
each day from the date on which such Lender acquires its interest in the Loans through and including the date on which such Lender disposes
of its interest in such Loans, either (A) if it is, or is acting on behalf of, a Plan, its acquisition, holding and disposition
of such Loans do not and will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, and (B) if it is a governmental, church, non-U.S. or other plan which is subject to any Other Plan Law, its acquisition,
holding and disposition of such Loans will not constitute or result in a non-exempt violation of any Other Plan Law. If the purchaser
or transferee of any Loans or beneficial interest therein is a Plan, it will be deemed to represent, warrant and agree that (x) none
of the Borrower, the Placement Agents, the Collateral Trustee, the Loan Agent, the Collateral Administrator or the Collateral Manager
or any of their affiliates has provided any investment advice within the meaning of Section 3(21)(A)(ii) of ERISA to the Plan,
or to any fiduciary or other Person investing the assets of the Plan (“Fiduciary”), in connection with its acquisition
of the Loans, and (y) the Fiduciary is exercising its own independent judgment in evaluating the investment in the Loans. Any purported
transfer of a Loan or any interest therein to a purchaser or transferee that does not comply with the requirements specified in the applicable
documents will be of no force and effect and shall be null and void ab initio;


 


(iii)       the
Lender has not assigned and will not assign any of its rights under this Agreement to anyone other than a Person that is a Qualified Institutional
Buyer and a Qualified Purchaser and each party to whom it assigns any or all of its rights under this Agreement represents and warrants
to the Borrower on the date it becomes a party to this Agreement and each date upon which a Loan is made hereunder after such date that
it is a Qualified Institutional Buyer and a Qualified Purchaser and that it has not assigned or will not assign any or all of its rights
under this Agreement to anyone other than a Person that is a Qualified Institutional Buyer and a Qualified Purchaser;


 


(iv)       the
Lender agrees that if it no longer qualifies as a Qualified Institutional Buyer or a Qualified Purchaser, it shall notify the Borrower
thereof immediately in writing and, from such time, no further Loans shall be made to the Borrower by such Lender pursuant to this Agreement;
and


 


(v)        the
Lender acknowledges, represents, warrants and agrees as to the provisions set forth in Section 2.12 of the Indenture with respect
to Treatment and Tax Certification to the extent applicable to, and as if it were the Holder of, Class A Notes and such provisions
of the Indenture are hereby incorporated by reference mutatis mutandis (replacing “Secured Note” in each case it appears
with “Secured Debt”.


 






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Each Lender understands that
the Borrower, the Collateral Manager, the Placement Agents, the Collateral Administrator, the Collateral Trustee, the Loan Agent, and
their respective counsel will rely upon the accuracy and truth of the foregoing representations, and it hereby consents to such reliance.
Each Lender understands that by entering into the transactions contemplated hereby it is making a loan under a commercial credit facility
and that by making the foregoing representation, no Lender is characterizing the transactions contemplated herein as the making of an
investment in “securities” as defined in the Securities Act.


 


(b)       The
Loan Agent, the Collateral Trustee and each Lender covenants and agrees that the obligations of the Borrower under the Loans and this
Agreement are limited recourse obligations of the Borrower, payable solely from the Assets in accordance with the terms of the Transaction
Documents, and, following repayment and realization of the Assets, any claims of the Loan Agent or the Lenders and obligations of the
Borrower hereunder shall be extinguished and shall not thereafter revive, in accordance with Section 2.7 of the Indenture. No recourse
shall be had for the payment of any amount owing in respect of the Loans against any member, shareholder, owner, employee, officer, director,
manager, authorized Person, advisor, agent or incorporator or organizer of the Borrower or Collateral Manager or their respective successors
or assigns for any amounts payable under the Loans, this Agreement or the Indenture. It is understood that the foregoing provisions of
this Section 8.18(b) shall not (i) prevent recourse to the Assets for the sums due or to become due under any security,
instrument or agreement which is part of the Assets or (ii) constitute a waiver, release or discharge of any indebtedness or obligation
evidenced by the Loans until the Assets has been realized, whereupon any outstanding indebtedness or obligation shall be extinguished
and shall not thereafter revive. The provisions of this Section 8.18(b) shall survive the termination of this Agreement.


 


Section 8.19       [Reserved].


 


Section 8.20       No
Petition. (a) The Collateral Trustee, Loan Agent and each Lender or holder of an interest herein hereby covenants and agrees
that it shall not institute against, or join any other Person in instituting against, the Borrower until one year (or if longer, the
then applicable preference period) and one day after all Debt has been paid in full, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other similar proceedings under any federal or state bankruptcy or similar law.


 


(b)       This
Section 8.20 shall survive the termination of this Agreement and the payment of all amounts payable hereunder.


 


Section 8.21       Acknowledgment.
The Borrower hereby acknowledges that none of the parties hereto has any fiduciary relationship with or fiduciary duty to the Borrower
pursuant to the terms of this Agreement, and the relationship between the Collateral Trustee, the Lenders and the Loan Agent on the one
hand, and the Borrower, on the other hand, in connection herewith is solely that of debtor and creditor.


 


Section 8.22       Limitation
on Suits. No Lender shall have any right to institute any Proceedings, judicial or otherwise, with respect to this Agreement or the
Indenture except as provided in Section 5.3 of the Indenture.


 






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Section 8.23       Unconditional
Rights of Lenders to Receive Principal and Interest. Notwithstanding any other provision in this Agreement, the Lenders shall have
the right, which is absolute and unconditional, to receive payment of the principal of and interest on the Loans as such principal and
interest become due and payable in accordance with the Priority of Payments and Section 3.6 and Section 8.20,
and, subject to the provisions of Section 8.22, to institute proceedings for the enforcement of any such payment, and such
right shall not be impaired without the consent of such Lender.


 


Section 8.24       Termination
of Agreement. Without prejudice to any provision of the Indenture, this Agreement and all rights and obligations hereunder, other
than those expressly specified as surviving the termination of the Agreement and the repayment of the Loans and those set forth in Sections
4.1 of the Indenture with respect to the Lenders, the Loans or the Agents, shall terminate (a) at such time that all of the Loans
are repaid in full in accordance with the terms herein or (b) upon the final distribution of all proceeds of any liquidation of
the Collateral Obligations, Equity Securities and Eligible Investments effected pursuant to Article V of the Indenture.


 


Section 8.25       Lender
Information. Notice to Lenders shall be provided as set forth in Section 14.4 of the Indenture.


 


Section 8.26       Lender
Consent. By its execution and making of Loans hereunder, each Lender shall be deemed to have consented to the terms applicable to
it in its capacity as a holder of the Loans and the execution of the Indenture.


 


Section 8.27       USA
PATRIOT Act. In order to comply with the laws, rules, regulations and executive orders in effect from time to time ‎applicable
to banking institutions, including, without limitation, those relating to the funding of terrorist ‎activities and money laundering,
including Section 326 of the USA PATRIOT Act, the Agents are required to obtain, verify, record and update certain ‎information
relating to individuals and entities which maintain a business relationship with the Agents. Accordingly, each of the parties agrees
to provide to the Agents upon ‎request from time to time such identifying information and documentation as may be available for such
 ‎party in order to enable the Agents to comply with the USA PATRIOT Act.


 


[Signature Pages Follow]


 






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


 


		GOLUB CAPITAL BDC 3 CLO 2 LLC,
as Borrower
	 	 
	 	By:	Golub Capital BDC 3, Inc.,
its designated manager
	 	 	 
	 	By:	/s/ Christopher C. Ericson
	 	 	Name: Christopher C. Ericson
	 	 	Title: Chief Financial Officer



 






     


     


    

 


		CITIBANK, N.A., not in its individual
capacity, but solely as Collateral Trustee
	 	 	 
	 	By:	/s/ Paul Leba 
	 	 	Name: Paul Leba
	 	 	Title: Senior Trust Officer


 



     


     


    

 


		CITIBANK, N.A., not in its individual
capacity, but solely as Loan Agent
	 	 	 
	 	By:	/s/ Paul Leba 
	 	 	Name: Paul Leba
	 	 	Title: Senior Trust Officer


 






     


     


    

 


		KEYBANK NATIONAL ASSOCIATION,
as Lender
	 	 	 
	 	By:	/s/ Richard Andersen
	 	 	Name: Richard Andersen
	 	 	Title: Senior Vice President


 






     


     


    

 


ANNEX X


 


DEFINITIONS


 


Any defined terms used herein
shall have the respective meanings set forth herein.


 


“Agent”
has the meaning assigned to such term in Section 7.1.


 


“Agent Fee Letter”
means the fee letter between the Borrower (or the Collateral Manager on behalf of the Borrower) and the Bank relating to the Debt and
the transactions contemplated by the Indenture and this Agreement.


 


“Aggregate Commitment”
means (i) as of the Closing Date, $85,000,000 and (ii) upon an amendment of Schedule 1 to this Agreement pursuant to
Section 2.1, such other amount as may be set forth on such Schedule 1 (as so amended).


 


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


 


“Approved Lender”
means a financial institution or other institutional lender that makes each of the representations set forth in Section 8.18(a).


 


“Assignment Agreement”
has the meaning assigned to such term in Section 8.4(c).


 


“Bank”
means Citibank, N.A..


 


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


 


“Bankruptcy Code”
means the federal Bankruptcy Code, Title 11 of the United States Code, as amended from time to time, and any successor statute or any
other applicable federal or state bankruptcy law or similar law, and any bankruptcy, insolvency, winding up, reorganization or similar
law enacted under the laws of Jersey or any other applicable jurisdiction, including the Bankruptcy (Désastre) (Jersey) Law 1990,
and the Companies (Jersey) Law 1991, each as amended from time to time.


 


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


 


“Borrower Order”
has the meaning assigned to “Issuer Order” in the Indenture; provided that, references therein to “this Indenture”
shall be read to mean “this Indenture or the Credit Agreement”.


 


“Borrowing”
means Loans made by all Lenders on the Loan Date in accordance with Section 3.1.


 






    Annex X-1


     


    

 


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


 


“Calculation Agent”
has the meaning assigned to such term in Section 5.13(a).


 


“Collateral Trustee”
has the meaning assigned to such term in the preamble.


 


“Collateral Documents”
means the Indenture, the Securities Account Control Agreement and any other agreement, instrument or document executed and delivered by
or on behalf of the Borrower in connection with the foregoing or pursuant to which a Lien is granted in accordance with the terms of the
Indenture as security for any of the Loans.


 


“Collateral Manager”
means GC Advisors LLC, a Delaware limited liability company, in its capacity as Collateral Manager to the Borrower under the Collateral
Management Agreement, until such time, if any, as a successor Person shall have become the Collateral Manager pursuant to provisions of
the Collateral Management Agreement, and thereafter “Collateral Manager” shall mean such successor Person.


 


“Commitment”
has the meaning assigned to such term in Section 2.1.


 


“Confirmation of
Registration”: With respect to an uncertificated interest in the Loans, a confirmation of registration, substantially in the
form of Exhibit D, provided to the owner thereof promptly after the registration thereof in the Register by the Registrar.


 


“Credit Document”
means this Agreement, the Lender Notes, the Confirmation of Registration, the Collateral Documents and any other agreement, instrument
or document executed and delivered by or on behalf of the Borrower in connection with the foregoing.


 


“Custodian”
means the Bank, in its capacity as custodian and as securities intermediary under the Securities Account Control Agreement, together with
its successors and assigns, as applicable.


 


“Default”
has the meaning assigned to such term in Section 6.1.


 


“Dollar”
or “$” means dollars in lawful currency of the United States of America.


 


“Event of Default”
has the meaning assigned to such term in Section 6.1.


 


“Fiduciary”
has the meaning assigned to such term in Section 8.18(a)(ii).


 


“GAAP”
means generally accepted accounting principles (as in effect in the United States).


 


“Indenture”
means that certain Indenture and Security Agreement, dated as of December 14, 2022, by and between the Borrower and the Bank, as
Collateral Trustee, as the same may be further amended, modified or supplemented from time to time pursuant to the terms thereof.


 






    Annex X-2


     


    

 


“Lender”
means any of the creditors that are parties to this Agreement, including each initial Lender and each Person which becomes an assignee
pursuant to Section 8.4(b).


 


“Lender Note”
has the meaning assigned to such term in Section 3.2.


 


“Lien”
means, with respect to any asset, any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including
any conditional sale, sale subject to a repurchase obligation or other title retention agreement relating to such asset, and any financing
lease having substantially the same economic effect as any of the foregoing).


 


“Loan”
has the meaning assigned to such term in Section 2.1.


 


“Loan Agent”
has the meaning assigned to such term in the preamble.


 


“Loan Date”
means the Closing Date.


 


“Majority of the
Lenders” means Lenders holding more than 50% of the Aggregate Commitment.


 


“Mandatory Prepayment”
has the meaning assigned to such term in Section 3.3.3.


 


“Officer’s
Certificate” means a certificate signed on behalf of the Borrower or the Collateral Manager by one or more officers thereof.


 


“Percentage”
of any Lender means, at any time: (a) with respect to the aggregate amount of Commitments of all Lenders to make Loans at such time,
the percentage which such Lender’s Commitment to make Loans, if any, is of the aggregate amount of Commitments of all Lenders to
make Loans at such time; and (b) with respect to the aggregate amount of Loans which are outstanding at such time, the percentage
which the aggregate principal amount of such Lender’s Loans is of the total principal amount of Loans at such time; in each case
as shown on Schedule 1 to this Agreement (or, in the case of any Lender which becomes a Lender pursuant to any Assignment
Agreement, as provided in such Assignment Agreement) and in all cases as changed from time to time as a consequence of Assignment Agreements
pursuant to Section 8.4(b) and as reflected in the books and records of the Loan Agent at such time.


 


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


 


“Plan”
means any “employee benefit plan” (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA, any
plan that is not subject to ERISA but which is subject to Section 4975 of the Internal Revenue Code, and any entity such as a collective
investment fund and separate account whose underlying assets include the assets of such employee benefit plans or plans.


 






    Annex X-3


     


    

 


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


 


“Register”
has the meaning assigned to such term in Section 8.16.


 


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


 


“Securities Account
Control Agreement” means the Securities Account Control Agreement, dated as of the Closing Date, among the Borrower, the Collateral
Trustee and Citibank, N.A., as securities intermediary and custodian.


 


“Senior Item”
shall have the meaning assigned in Section 3.6(b) (Subordination) herein.


 


“Subsidiary”
means at any time, with respect to any Person (the “parent”), any corporation, association, partnership, limited liability
company or other business entity (a) of which securities or other ownership interests representing more than 50% of the ordinary
voting power to elect the board of directors, general partner, or comparable body of such corporation, association, partnership or other
business entity or, in the case of a partnership, ownership interests representing more than 50% of the interests of such partnership
(irrespective of whether at the time securities or other ownership interests of any other class or classes of such corporation, association,
partnership or other business entity shall or might have voting power solely upon the occurrence of any contingency) are, at such time
owned directly or indirectly by the parent, by one or more Subsidiaries of the parent or by the parent and one or more Subsidiaries of
the parent and (b) which is also required at such time under GAAP to be consolidated with the parent.


 


“Transaction Documents”
means this Agreement, the other Credit Documents, the Indenture, the Collateral Management Agreement, the Master Loan Sale Agreements,
the Collateral Administration Agreement, the Securities Account Control Agreement and the Placement Agency Agreement.


 


“United States”
or “U.S.” means the United States of America, its 50 States, the District of Columbia and the Commonwealth of Puerto
Rico.


 






    Annex X-4


     


    

 


EXHIBIT A


 


	$______________	New
York, New York

_______ ___, _____



 


FOR VALUE RECEIVED, Golub
Capital BDC 3 CLO 2 LLC (the “Borrower”), hereby promises to pay to ______________ or its registered assigns (the “Lender”),
in lawful money of the United States of America in immediately available funds, at the Payment Office initially located at c/o ______________,
on each Payment Date, in accordance with the Priority of Payments set forth in the Indenture (as defined below) the principal sum of ______________
DOLLARS ($______________) or, if less, the unpaid principal amount of all Loans made by the Lender pursuant to the Agreement (as defined
below), payable at such times and in such amounts as are specified in the Agreement. Terms used but not defined herein shall have their
respective meaning set forth in the Agreement and the Indenture, dated as of December 14, 2022 between the Borrower and Citibank,
N.A., as collateral trustee (as supplemented, amended or otherwise modified from time to time, the “Indenture”), as
applicable.


 


The Borrower also promises
to pay interest on the unpaid principal amount of each Loan made by the Lender in like money at said office from the date hereof until
paid at the rates and at the times provided in Article III of the Agreement.


 


This Lender Note is one of
the Lender Notes referred to in the Credit Agreement, dated as of December 14, 2022, among the Borrower, the lenders from time to
time party thereto (including the Lender) and Citibank, N.A., as loan agent and as collateral trustee (as amended, restated, modified
and/or supplemented from time to time, the “Agreement”) and is entitled to the benefits thereof and of the other Credit
Documents. This Lender Note is secured by the Indenture. As provided in the Agreement, this Lender Note is subject to voluntary prepayment
and mandatory repayment prior to the final Payment Date, in accordance with the Priority of Payments as provided in Section 3.3 of
the Agreement and the Indenture.


 


In case an Event of Default
(as defined in the Agreement) shall occur and be continuing, the principal of and accrued interest on this Lender Note may be declared
to be due and payable in the manner and with the effect provided in the Agreement and the Indenture.


 


The Borrower hereby waives
presentment, demand, protest or notice of any kind in connection with this Lender Note.


 


This Lender Note is subject
to Section 8.18 and Section 8.20 of the Agreement.


 


THIS LENDER NOTE SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).


 


EACH PARTY TO THIS AGREEMENT
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
PROCEEDING.


 


[Remainder of page intentionally left blank]


 






    Ex. A-1


     


    

 


		GOLUB CAPITAL BDC 3 CLO 2 LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 






    Ex. A-2


     


    

 


EXHIBIT B


 


Form of Assignment Agreement


 


ASSIGNMENT AND ASSUMPTION


 


This Assignment and Assumption
(this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between
[Insert name of Assignee] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized
terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth
in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption
as if set forth herein in full.


 


For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the
Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted
by the Loan Agent as contemplated below (i) all of the Assignor’s rights and obligations as a Lender under the Credit Agreement
and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified
below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below and (ii) to
the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in
its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any
other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related
to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other
claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations
sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned Interest”).
Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without
representation or warranty by the Assignor.


 


1.            Assignor:
__________________________


 


2.            Assignee:
__________________________


 


 Address: __________________________________________________


 


 Contact Information: ________________________________________


 


 Wire Instructions: __________________________________________


 


3.            Borrower(s):
Golub Capital BDC 3 CLO 2 LLC.


 


4.            Loan
Agent: Citibank, N.A., as the Loan Agent under the Credit Agreement.


 






    Ex. B-1


     


    

 


5.            Credit
Agreement: The Credit Agreement, dated as of December 14, 2022, among Golub Capital BDC 3 CLO 2 LLC, as Borrower, the Lenders from
time to time party thereto and Citibank, N.A., as Loan Agent and as Collateral Trustee.


 


6.            Assigned
Interest:


 


	Facility Assigned	 	 	Aggregate Amount of 
 Commitment for all 
 Lenders	 	 	Amount of 
 Commitment 
 Assigned	 	 	Percentage Assigned 
 of Commitment1	 
	Loans	 	 	$	                   	 	 	$	                          	 	 	 		%



 


Effective Date: _____________,
20____ (the “Effective Date”)


 


The terms set forth in this
Assignment and Assumption are hereby agreed to:


 


		ASSIGNOR
	 	 
	 	[NAME OF ASSIGNOR]
	 	 	 
	 	By:	 
	 		Title: Authorized Signatory
	 	 	 
	 	ASSIGNEE
	 	 
	 	[NAME OF ASSIGNEE]
	 	 	 
	 	By:	 
	 	 	Title: 



 





 



 


1 Set forth, to at least 9 decimals, as a percentage of
the Commitment of all Lenders thereunder.


 






    Ex. B-2


     


    

 


	Receipt acknowledged by:	 
	 	 
	CITIBANK, N.A., as Loan Agent	 
	 	 	 
	By:		 
	 	Name:	 
	 	Title:	 
	 	 	 
	Consented to:	 
	 	 
	GOLUB CAPITAL
BDC 3 CLO 2 LLC, as Borrower	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 



 






    Ex. B-3


     


    

 


ANNEX 1 TO ASSIGNMENT AND ASSUMPTION


 


CREDIT AGREEMENT


 


STANDARD TERMS AND CONDITIONS FOR


 


ASSIGNMENT AND ASSUMPTION


 


1.             Representations
and Warranties.


 


1.1.         Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and
has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection
with the Credit Agreement or any other Credit Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency
or value of the Credit Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of their respective
subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document or (iv) the performance or observance
by the Borrower, any of their respective subsidiaries or Affiliates or any other Person of any of their respective obligations under any
Credit Document.


 


1.2.         Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit
Agreement, (ii) it meets all requirements of an Approved Lender under the Credit Agreement (subject to receipt of such consents as
may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the
Credit Agreement as a Lender and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, and (iv) it
has received a copy of the Credit Agreement, the Indenture and such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of
which it has made such analysis and decision independently and without reliance on the Loan Agent or any other Lender; and (b) agrees
that (i) it will, independently and without reliance on the Loan Agent, the Assignor or any other Lender, and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under
the Credit Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit
Documents are required to be performed by it as a Lender.


 


2.            Payments.
From and after the Effective Date, the Borrower shall make all payments in respect of the Assigned Interest (including payments of principal,
interest, fees and other amounts) to the Loan Agent for the benefit of (x) the Assignor for amounts which have accrued to but excluding
the Effective Date and to (y) the Assignee for amounts which have accrued from and after the Effective Date.


 






    Ex. B-4


     


    

 


3.            General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute
one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy or electronic
mail shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption
shall be governed by, and construed in accordance with, the law of the State of New York.


 


4.            Waiver
of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING.


 






    Ex. B-5


     


    

 


EXHIBIT C


 


[Reserved]


 






    Ex. C-1


     


    

 


EXHIBIT D


 


CONFIRMATION
OF REGISTRATION


 


GOLUB CAPITAL BDC 3 CLO 2 LLC,

as Borrower


 


[DATE]


 


		Re:	Credit Agreement, dated as of December 14, 2022 (the “Credit Agreement”), among
Golub Capital BDC 3 CLO 2 LLC, as borrower (the “Borrower”), various financial institutions and other person which
are, or may become, parties thereto as Lenders, and Citibank, N.A., as Loan Agent (the “Loan Agent”) and as Collateral
Trustee (the “Collateral Trustee”). Capitalized terms not otherwise defined herein shall have the meanings assigned
to such terms in the Credit Agreement



 


The Registrar hereby confirms that it has registered
the principal amount of the Loan in the name specified below, in the Register. This Confirmation of Registration is provided for informational
purposes only; ownership of such Loan shall be determined conclusively by the Register. To the extent of any conflict between this Confirmation
of Registration and the Register, the Register shall control. This is not a security certificate.


 


	Amount of Loan:	U.S.$[
                    ]



 


	Registered Name of Lender:	[
                                                                ]
	 	 
	Address of Lender:	[                               
]
	 	[                               
]
	 	[                               
]
	 	[                               
]



 


		Citibank, N.A., as Registrar
	 	 	           
	 	By:	 






	 	Name:	 
	 	Title:	 



 






    Ex. D-1


     


    

 


SCHEDULE 1


 


Commitments and Percentages


 


	Lender	 	Commitment Percentage	 	 	Commitment Amount	 
	KeyBank National Association	 	 	100	%	 	$	85,000,000	 
	Total:	 	 	100	%	 	$	85,000,000	 



 






    Sch. 1-1


     


    

 


SCHEDULE 2


 


Lending Offices and Notice Data


 


Collateral Trustee and Loan Agent


 


The Corporate Trust Office


 


Borrower


 


Golub Capital BDC 3 CLO 2 LLC 


c/o Golub Capital BDC 3, Inc.


 


New York, New York 10166


Attention: Golub Capital BDC 3 CLO 2 LLC


 


Collateral Manager


 


GC Advisors LLC

200 Park Avenue, 25th Floor 


New York, New York 10166

Attention: Golub Capital BDC 3 CLO 2 LLC


 


Rating Agency


 


S&P Global Ratings 


Email: CDO_Surveillance@spglobal.com


 






    Sch. 2-1


     


    

 


SCHEDULE 3


 


Payment Instructions for Lenders


 


	Notice Information
 Payment Information	 	Initial Principal 
 Amount (U.S.$)	 	 	LOANX ID	 
	KeyBank National Association	 	$	85,000,000	 	 	 	N/A	 
	 	 	 	 	 	 	 	 	 
	Notice Information:

                                                                                                       1000 S. McCaslin Boulevard

                                                                                                       Superior, CO 80027

                                                                                Attn: Richard Andersen
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Payment Instructions:

                                                                                                       ABA #: 021300077

                                                                                                       Bank Name: KeyBank National Association

                                                                                                       Account #: 329953020917

                                                                                                       Account Name: KeyBank NA

                                                                                Attention: Golub Capital BDC 3 CLO 2
	 	 	 	 	 	 	 	 



 



    Sch. 3-1


     


    

 


SCHEDULE 4


 


Collateral Trustee Wiring Instructions


 


Citibank, N.A., as Collateral Trustee


 


Wiring Instructions:


 


	USD	 
	Bank Name:	Citibank N.A.
	ABA # :	021-000-089
	For Credit to	Golub Capital BDC 3 CLO 2 LLC Pass-Through Collection
	Account #:	13449000



 






    Sch. 4-1