# EDGAR Filing Document

**Accession Number:** 0001930679
**File Stem:** 0001104659-25-101162
**Filing Date:** 2025-10
**Character Count:** 601013
**Document Hash:** 97855f31288ebf918a18fac67978730e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-101162.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001104659-25-101162

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251016

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KKR FS Income Trust
- **CENTRAL INDEX KEY:** 0001930679

**ORGANIZATION NAME:**
- **EIN:** 880591692
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01620
- **FILM NUMBER:** 251406501

**BUSINESS ADDRESS:**
- **STREET 1:** 201 ROUSE BOULEVARD
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19112
- **BUSINESS PHONE:** 215-495-1150

**MAIL ADDRESS:**
- **STREET 1:** 201 ROUSE BOULEVARD
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FS KKR Income Trust
- **DATE OF NAME CHANGE:** 20220523

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): October 16, 2025**

------

**KKR FS Income Trust**

**(Exact name of registrant as specified in its charter)**

------

---

| | | |
|:---|:---|:---|
| **Delaware** | **814-01620** | **88-0591692** |
|  **(State or Other Jurisdiction <br> of Incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
|  **201 Rouse Boulevard**<br> **Philadelphia, Pennsylvania** | **19112** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (215) 495-1150**

**Not Applicable**

**(Former name or address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading <br> Symbol(s)** | **Name of each exchange<br> on which registered** |
| **N/A** | **N/A** | **N/A** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 1.01 - Entry into a Material Definitive Agreement.**

On October 16, 2025, K-FIT Finance AB-1 LLC ("K-FIT AB-1"), a wholly-owned, special purpose financing subsidiary of KKR FS Income Trust (the "Company") entered into the Second Amendment (the "Second Amendment") to the Loan and Security Agreement, dated October 10, 2023 (the "Loan Agreement"), by and among K-FIT AB-1, as borrower, Ally Bank ("Ally Bank"), as administrative agent and arranger, each of the lenders from time to time party thereto, and Computershare Trust Company, N.A., as collateral administrator and collateral custodian. The Second Amendment provides for, among other things, (i) an increase in the maximum committed facility amount from $250 million to $500 million, (ii) a reduction of the applicable margin over one-month daily SOFR for advances from 2.25% per annum to 1.85% per annum, (iii) an extension of the revolving period from October 10, 2026 to October 16, 2028 and (iv) an extension of the stated maturity date from October 10, 2028 to October 16, 2030.

The foregoing description is only a summary of the material provisions of the Second Amendment and is qualified in its entirety by reference to a copy of the Second Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

**Item 2.03 - Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.

**Item 9.01 - Financial Statements and Exhibits.**

(d) Exhibits:

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| [10.1\*](tm2529133d1_ex10-1.htm) | [Second Amendment to Loan and Security Agreement, dated as of October 16, 2025, by K-FIT AB-1, Ally Bank, as administrative agent and lender, and Computershare Trust Company, N.A., as collateral administrator, collateral custodian and securities intermediary.](tm2529133d1_ex10-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

\* Certain exhibits and/or schedules have been omitted in accordance with Item 601 of Regulation S-K. The Registrant agrees to furnish supplementally a copy of any omitted exhibit or schedule to the Securities and Exchange Commission upon its request.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **KKR FS INCOME TRUST** | **KKR FS INCOME TRUST** |
| Date: October 21, 2025 | By: | /s/ Stephen S. Sypherd |
|  | Name: | Stephen S. Sypherd |
|  | Title: | General Counsel and Secretary |

---

## Exhibit 10.1

**Exhibit 10.1**

***Execution Version***

**<u>SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT</u>**

**THIS SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT** (this "<u>Amendment</u>"), dated as of October 16, 2025 (the "<u>Second Amendment Effective Date</u>"), is entered into by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **K-FIT FINANCE AB-1 LLC**, a Delaware limited liability company, as the borrower (the "<u>Borrower</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **each of the lenders party to the agreement** (as defined below; collectively, the "<u>Lenders</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **ALLY BANK**, as the administrative agent ("<u>Ally Bank</u>" and in such capacity, the "<u>Administrative Agent</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **COMPUTERSHARE TRUST COMPANY, N.A.**, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "<u>Collateral Custodian</u>") and the collateral administrator (together with its successors and assigns in such capacity, the "<u>Collateral Administrator</u>").

**<u>RECITALS</u>**

WHEREAS, the Borrower, the Lenders, the Administrative Agent, Ally Bank, as the Arranger, the Collateral Custodian and the Collateral Administrator, entered into that certain Loan and Security Agreement, dated as of October 10, 2023 (as the same may be amended, modified, waived, supplemented, restated or replaced from time to time, the "<u>Agreement</u>");

WHEREAS, the Borrower, the Lenders and the Administrative Agent desire to amend the Agreement as set forth herein; and

WHEREAS, the Administrative Agent and the Lenders hereby authorize and direct the Collateral Custodian and the Collateral Administrator to execute this Amendment.

**<u>AGREEMENT</u>**

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows:

**Article I**

**<u>Definitions</u>**

Capitalized terms used in this Amendment are defined in the Agreement unless otherwise stated.

**ARTICLE II**

**<u>Amendments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.01 <u>Amendments to the Agreement</u>**. Effective as of the date hereof, the Agreement is hereby amended (a) to delete the stricken text (indicated textually in the same manner as the following examples: stricken text and stricken text) and (b) to add the double-underlined text (indicated textually in the same manner as the following examples: <u>double-underlined text</u> and <u>double-underlined text</u>), in each case, as set forth in the marked copy of the Agreement (and to the extent provided in <u>Exhibit A</u> hereto, the appendices to the Agreement) attached hereto as <u>Exhibit A</u> hereto and made a part hereof for all purposes.

[KFIT] Second Amendment to Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.02 <u>Amendments to the Exhibits, Schedules and Annexes to the Agreement</u>**. Effective as of the date hereof, the Exhibits, Schedules and Annexes to the Agreement are hereby amended (a) to delete the stricken text (indicated textually in the same manner as the following examples: stricken text and stricken text) and (b) to add the double-underlined text (indicated textually in the same manner as the following examples: <u>double-underlined text</u> and <u>double-underlined text</u>), in each case, as set forth in the marked copy of the Exhibits, Schedules attached hereto as <u>Exhibit B</u> hereto and made a part hereof for all purposes.

**ARTICLE III**

**<u>Conditions Precedent</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01 The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent in a manner satisfactory to Administrative Agent, unless specifically waived in writing by Administrative Agent:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Administrative Agent shall have received this Amendment duly executed by Borrower, each Lender party hereto, the Collateral Custodian and the Collateral Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Administrative Agent shall have received that certain Amended and Restated Fee Letter, dated as of the Second Amendment Effective Date, duly executed by Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Administrative Agent shall have received legal opinion or opinions of Dechert LLP, counsel to the Borrower, covering (i) authority, (ii) enforceability of this Amendment and each of the other Transaction Documents executed herewith, and (iii) perfection, in each case, in form and substance acceptable to the Administrative Agent in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall have received a secretary's certificate of Borrower (i) that includes a copy of the resolutions, in form and substance reasonably satisfactory to the Administrative Agent, of the board of directors, manager(s) or member(s) of Borrower, authorizing (A) the execution, delivery and performance of this Amendment and the other Transaction Documents to which it is a party, and (B) the borrowings contemplated thereunder, and a certification that such resolutions have not been amended, modified, revoked or rescinded, (ii) that includes a copy of the Governing Documents of Borrower and a certification that, except as disclosed therein, there has not been any amendment, modification or supplement to such Governing Documents, (iii) that includes a certification as to the incumbency and signature of the officers of Borrower executing any Transaction Document and (iv) that includes certificates dated as of a recent date from the Secretary of State or other appropriate authority, evidencing the good standing of Borrower (A) in the jurisdiction of its organization and (B) in each other jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires it to qualify as a foreign Person except, as to this clause (B), where the failure to so qualify could not be reasonably expected to have a Material Adverse Effect, which certificate shall be in form and substance satisfactory to the Administrative Agent and shall be executed by a corporate secretary or Responsible Officer of Borrower.

[KFIT] Second Amendment to Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower and the Collateral Manager shall each have delivered to the Administrative Agent a certificate as to whether such entity is Solvent substantially in the form of <u>Exhibit C</u> to the Agreement**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower and the Collateral Manager shall each have delivered to the Administrative Agent a closing certificate substantially in the form of <u>Exhibit D</u> to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent shall have received the results of a recent search by a Person satisfactory to the Administrative Agent, of the UCC, judgment and tax lien filings which may have been filed with respect to personal property of each FS/KKR Party, and bankruptcy and pending lawsuits with respect to each FS/KKR Party and the results of such search shall be satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Administrative Agent shall have received all fees on behalf of itself and the Lenders due and payable as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties of the Borrower contained herein and in the Agreement and the other Transaction Documents, as amended hereby, shall be true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true in all respects) on and as of the date hereof, as if made on the date hereof (other than any representation and warranty that is made as of another specific date which were true, correct, and complete in all material respects as of such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No Default or Event of Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) All organizational proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments and other legal matters incident thereto shall be satisfactory to Administrative Agent.

**ARTICLE IV**

**<u>No Consent or Waiver</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01** Nothing contained herein shall be construed as a consent or waiver by Administrative Agent of any covenant or provision of the Agreement, the other Transaction Documents, this Amendment or any other contract or instrument among Borrower, any of the other parties to the Transaction Documents and Administrative Agent or any Lender, and the failure of Administrative Agent or any Lender at any time or times hereafter to require strict performance by Borrower or any other party to the Transaction Documents of any provision thereof shall not waive, affect or diminish any right of Administrative Agent or any Lender to thereafter demand strict compliance therewith.

**ARTICLE V**

**<u>Ratifications, Representations and Warranties</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.01 <u>Ratifications</u>.** The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Agreement and the other Transaction Documents and, except as expressly modified and superseded by this Amendment, the terms and provisions of the Agreement and the other Transaction Documents are ratified and confirmed and shall continue in full force and effect. Borrower and Administrative Agent agree that the Agreement and the other Transaction Documents, as amended hereby, shall continue to be legal, valid, binding and enforceable in accordance with their respective terms. Borrower agrees that this Amendment is not intended to and shall not cause a novation with respect to any or all of the Obligations.

[KFIT] Second Amendment to Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.02 <u>Representations and Warranties</u>.** Borrower hereby represents and warrants to Administrative Agent that (a) the execution, delivery and performance of this Amendment and any and all other Transaction Documents executed and/or delivered in connection herewith have been authorized by all requisite action (as applicable) on the part of Borrower and will not violate the Governing Documents of Borrower or conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, any Contractual Obligation of the Borrower or violate any Applicable Law; (b) Borrower has executed and delivered this Amendment and any and all other Transaction Documents and this Amendment and the other Transaction Documents are a valid and binding obligation of Borrower, except as such enforceability may be limited by Insolvency Laws and by general principles of equity; (c) the representations and warranties of Borrower contained in the Agreement, as amended hereby, and any other Transaction Document are true and correct in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties shall be true in all respects) on and as of the date hereof, as if made on the date hereof (other than any representation and warranty that is made as of another specific date which were true, correct, and complete in all material respects as of such date); (d) no Default or Event of Default under the Agreement, as amended hereby, has occurred and is continuing; (e) Borrower is in full compliance in all material respects with all covenants and agreements contained in the Agreement and the other Transaction Documents, as amended hereby; and (f) Borrower has not amended its Governing Documents since the date of the Agreement.

**ARTICLE VI**

**<u>Miscellaneous Provisions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.01 <u>Survival of Representations and Warranties</u>.** All representations and warranties made in the Agreement or any other Transaction Document, including, without limitation, any document furnished in connection with this Amendment, shall survive the execution and delivery of this Amendment and the other Transaction Documents, and no investigation by Administrative Agent or any Lender or any closing shall affect the representations and warranties or the right of Administrative Agent and each Lender to rely upon them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.02 <u>Reference to Agreement</u>.** Each of the Agreement and the other Transaction Documents, and any and all other Transaction Documents, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Agreement, as amended hereby, are hereby amended so that any reference in the Agreement and such other Transaction Documents to the Agreement shall mean a reference to the Agreement, as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.03 <u>Expenses of Administrative Agent</u>.** As provided in <u>Section 12.9</u> of the Agreement, Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses incurred by Administrative Agent in connection with the preparation, negotiation, and execution of this Amendment and the other Transaction Documents executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including without limitation, the reasonable fees and out-of-pocket expenses of legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.04 <u>Severability</u>.** Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

[KFIT] Second Amendment to Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.05 <u>Successors and Assigns</u>.** This Amendment is binding upon and shall inure to the benefit of the parties to the Agreement and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.06 <u>Counterparts</u>.** This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. This Amendment shall be valid, binding, and enforceable against a party when executed and ‎delivered by an authorized individual on behalf of the party by means of (i) an original manual ‎signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic ‎signature permitted by the federal Electronic Signatures in Global and National Commerce Act, ‎state enactments of the Uniform Electronic Transactions Act, and/or any other relevant ‎electronic signatures law, including any relevant provisions of the Uniform Commercial Code, in each case to the extent applicable‎. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for ‎all purposes have the same validity, legal effect, and admissibility in evidence as an original ‎manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have ‎no liability with respect to, any faxed, scanned, or photocopied manual signature, or other ‎electronic signature, of any other party and shall have no duty to investigate, confirm or ‎otherwise verify the validity or authenticity thereof‎.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.07 <u>Effect of Waiver</u>.** No consent or waiver, express or implied, by Administrative Agent to or for any breach of or deviation from any covenant or condition by Borrower shall be deemed a consent to or waiver of any other breach of the same or any other covenant, condition or duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.08 <u>Headings</u>.** The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.09 <u>Applicable Law</u>.** THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AMENDMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10 <u>Final Agreement; Modifications</u>.** THE AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, EACH AS AMENDED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED. THE AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, AS AMENDED HEREBY, MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY Borrower, ADMINISTRATIVE AGENT AND ANY OTHER APPLICABLE PARTIES PURSUANT TO THE TERMS OF THE AGREEMENT.

[KFIT] Second Amendment to Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11 <u>Direction of Collateral Custodian and Collateral Administrator</u>.** By executing this Amendment, the Borrower and the Administrative ‎Agent each hereby ‎(i) consent ‎to and direct the Collateral Custodian and the Collateral Administrator to ‎execute and ‎deliver this Amendment, (ii) acknowledge ‎and agree that the Collateral Custodian and the Collateral Administrator shall be fully protected in relying upon the foregoing ‎consent and ‎direction ‎and (iii) release the Collateral Custodian and the Collateral Administrator and their ‎officers, ‎directors, agents, ‎employees and shareholders, as applicable, from any liability for ‎complying ‎with such ‎direction. Each of the parties hereto hereby agree that in executing and ‎delivering ‎this ‎Amendment, the Collateral Custodian and the Collateral Administrator shall be ‎afforded the ‎same rights, protections, ‎immunities and indemnities afforded to them under the Agreement; ‎*provided* that such rights, ‎protections, immunities and ‎indemnities shall be in addition to, and ‎not in limitation of, any ‎rights, protections, immunities ‎and indemnities contained herein‎.

[*Remainder of page intentionally left blank; signature pages follow.*]

[KFIT] Second Amendment to Loan and Security Agreement

IN WITNESS WHEREOF, this Amendment has been executed and is effective as of the date first above-written.

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| | |
|:---|:---|
| **K-FIT FINANCE AB-1 LLC**, as the Borrower | **K-FIT FINANCE AB-1 LLC**, as the Borrower |
| By: | /s/ William Goebel |
| Name: | William Goebel |
| Title: | Chief Accounting Officer |

---

[*Signatures continued on the following page.*]

[Signature Page]

Second Amendment to Loan and Security Agreement

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| | |
|:---|:---|
| **ALLY BANK**, as Administrative Agent | **ALLY BANK**, as Administrative Agent |
| By: | /s/ Matthew Nebbia |
| Name: | Matthew Nebbia |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ALLY BANK**, as a Lender | **ALLY BANK**, as a Lender |
| By: | /s/ Matthew Nebbia |
| Name: | Matthew Nebbia |
| Title: | Authorized Signatory |

---

[*Signatures continued on the following page.*]

[Signature Page]

Second Amendment to Loan and Security Agreement

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| | | |
|:---|:---|:---|
| **THE COLLATERAL CUSTODIAN:** | **THE COLLATERAL CUSTODIAN:** | **THE COLLATERAL CUSTODIAN:** |
| **COMPUTERSHARE TRUST COMPANY**, **N.A.**,<br> not in its individual capacity but solely as <br> Collateral Custodian | **COMPUTERSHARE TRUST COMPANY**, **N.A.**,<br> not in its individual capacity but solely as <br> Collateral Custodian | **COMPUTERSHARE TRUST COMPANY**, **N.A.**,<br> not in its individual capacity but solely as <br> Collateral Custodian |
| By: | Thomas J. Gateau | Thomas J. Gateau |
|  | Name: | Thomas J. Gateau |
|  | Title: | Vice President |

---

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| | | |
|:---|:---|:---|
| **THE COLLATERAL ADMINISTRATOR:** | **THE COLLATERAL ADMINISTRATOR:** | **THE COLLATERAL ADMINISTRATOR:** |
| **COMPUTERSHARE TRUST COMPANY, N.A.**, <br> not in its individual capacity but solely as <br> the Collateral Administrator | **COMPUTERSHARE TRUST COMPANY, N.A.**, <br> not in its individual capacity but solely as <br> the Collateral Administrator | **COMPUTERSHARE TRUST COMPANY, N.A.**, <br> not in its individual capacity but solely as <br> the Collateral Administrator |
| By: | /s/ Thomas J. Gateau | /s/ Thomas J. Gateau |
|  | Name: | Thomas J. Gateau |
|  | Title: | Vice President |

---

[Signature Page]

Second Amendment to Loan and Security Agreement

**<u>Exhibit A to<br> Second Amendment to Loan and Security Agreement</u>**

**<u>Marked Copy of Agreement</u>**

[*See attached.*]

[Exhibit A]

Second Amendment to Loan and Security Agreement

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***Exhibit A to First<u>Second</u> Amendment to Loan and Security Agreement***

**U.S. $250,000,000<u>500,000,000</u>**

**LOAN AND SECURITY AGREEMENT**

by and among

**K-FIT FINANCE AB-1 LLC**,****<br> as the Borrower

**EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO**,****<br> as the Lenders

**ALLY BANK**,****<br> as the Administrative Agent and Arranger

and

**COMPUTERSHARE TRUST COMPANY, N.A.**,****<br> as the Collateral Administrator and the Collateral Custodian

Dated as of October 10, 2023

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**TABLE OF CONTENTS**

Page

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| | | |
|:---|:---|:---|
| ARTICLE I | ARTICLE I | ARTICLE I |
| DEFINITIONS | DEFINITIONS | DEFINITIONS |
| Section 1.1 | Certain Defined Terms | 2 |
| Section 1.2 | Other Terms | 58 |
| Section 1.3 | Computation of Time Periods | 59 |
| Section 1.4 | Interpretation | 59 |
| Section 1.5 | Calculation of Borrowing Base | 60 |
| Section 1.6 | Rates | 60 |
| ARTICLE II | ARTICLE II | ARTICLE II |
| THE NOTES | THE NOTES | THE NOTES |
| Section 2.1 | The Notes | 61 |
| Section 2.2 | Procedures for Advances by the Lenders | 61 |
| Section 2.3 | Principal Repayments | 63 |
| Section 2.4 | Determination of Interest | 63 |
| Section 2.5 | Notations on Notes | 63 |
| Section 2.6 | Reduction of Borrowing Base Deficiency | 64 |
| Section 2.7 | Settlement Procedures | 64 |
| Section 2.8 | Alternate Settlement Procedures | 67 |
| Section 2.9 | Collections and Allocations | 69 |
| Section 2.10 | Payments, Computations, Etc. | 73 |
| Section 2.11 | Fees | 74 |
| Section 2.12 | Increased Costs; Capital Adequacy; Illegality | 74 |
| Section 2.13 | Taxes | 77 |
| Section 2.14 | Reinvestment; Discretionary Sales, Substitutions and Repurchases of Loans | 80 |
| Section 2.15 | Assignment of the Sale Agreement | 84 |
| Section 2.16 | Defaulting Lenders | 84 |
| Section 2.17 | Mitigation Obligations; Replacement of Lenders | 85 |
| Section 2.18 | Increase of Commitment; Facility Amount | 86 |
| Section 2.19 | Termination or Reduction of Commitments | 87 |

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[KFIT] Loan and Security Agreement

-i-

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| | | |
|:---|:---|:---|
| ARTICLE III | ARTICLE III | ARTICLE III |
| CONDITIONS TO THE EFFECTIVE DATE AND ADVANCES | CONDITIONS TO THE EFFECTIVE DATE AND ADVANCES | CONDITIONS TO THE EFFECTIVE DATE AND ADVANCES |
| Section 3.1 | Conditions to Effective Date | 87 |
| Section 3.2 | Conditions Precedent to All Advances and Acquisitions of Loans | 90 |
| Section 3.3 | Custodianship; Transfer of Loans and Permitted Investments | 92 |
| ARTICLE IV | ARTICLE IV | ARTICLE IV |
| REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES |
| Section 4.1 | Representations and Warranties of the Borrower | 93 |
| Section 4.2 | Representations and Warranties of the Borrower Relating to the Agreement and the Collateral | 102 |
| Section 4.3 | [Reserved] | 103 |
| Section 4.4 | Representations and Warranties of the Collateral Custodian | 103 |
| ARTICLE V | ARTICLE V | ARTICLE V |
| GENERAL COVENANTS | GENERAL COVENANTS | GENERAL COVENANTS |
| Section 5.1 | Affirmative Covenants of the Borrower | 104 |
| Section 5.2 | Negative Covenants of the Borrower | 113 |
| Section 5.3 | [Reserved] | 116 |
| Section 5.4 | [Reserved] | 116 |
| Section 5.5 | Affirmative Covenants of the Collateral Custodian | 116 |
| Section 5.6 | Negative Covenants of the Collateral Custodian | 117 |
| Section 5.7 | Affirmative Covenants of the Collateral Administrator | 117 |
| Section 5.8 | Negative Covenants of the Collateral Administrator | 117 |
| ARTICLE VI | ARTICLE VI | ARTICLE VI |
| COLLATERAL ADMINISTRATION | COLLATERAL ADMINISTRATION | COLLATERAL ADMINISTRATION |
| Section 6.1 | Accounts | 118 |
| Section 6.2 | [Reserved] | 118 |
| Section 6.3 | [Reserved] | 118 |
| Section 6.4 | [Reserved] | 118 |
| Section 6.5 | [Reserved] | 118 |
| Section 6.6 | [Reserved] | 118 |
| Section 6.7 | [Reserved] | 118 |
| Section 6.8 | Reports | 118 |
| Section 6.9 | [Reserved] | 119 |
| Section 6.10 | [Reserved] | 119 |
| Section 6.11 | [Reserved] | 119 |
| Section 6.12 | [Reserved] | 119 |

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[KFIT] Loan and Security Agreement

-ii-

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| | | |
|:---|:---|:---|
| ARTICLE VII | ARTICLE VII | ARTICLE VII |
| THE COLLATERAL CUSTODIAN AND COLLATERAL ADMINISTRATOR | THE COLLATERAL CUSTODIAN AND COLLATERAL ADMINISTRATOR | THE COLLATERAL CUSTODIAN AND COLLATERAL ADMINISTRATOR |
| Section 7.1 | Designation of Collateral Custodian | 119 |
| Section 7.2 | Duties of Collateral Custodian | 120 |
| Section 7.3 | Merger or Consolidation | 122 |
| Section 7.4 | Collateral Custodian Compensation | 122 |
| Section 7.5 | Collateral Custodian Removal | 122 |
| Section 7.6 | Limitation on Liability | 122 |
| Section 7.7 | Resignation of the Collateral Custodian | 126 |
| Section 7.8 | [Reserved] | 126 |
| Section 7.9 | [Reserved] | 126 |
| Section 7.10 | [Reserved] | 126 |
| Section 7.11 | Designation of Collateral Administrator | 126 |
| Section 7.12 | Appointment of Collateral Administrator | 127 |
| Section 7.13 | Merger or Consolidation | 127 |
| Section 7.14 | Reserved | 127 |
| Section 7.15 | Collateral Administrator Removal | 127 |
| Section 7.16 | Limitation on Liability | 127 |
| Section 7.17 | Resignation of the Collateral Administrator | 129 |
| ARTICLE VIII | ARTICLE VIII | ARTICLE VIII |
| SECURITY INTEREST | SECURITY INTEREST | SECURITY INTEREST |
| Section 8.1 | Grant of Security Interest | 130 |
| Section 8.2 | Release of Lien on Collateral | 131 |
| Section 8.3 | Remedies | 132 |
| Section 8.4 | Waiver of Certain Laws | 132 |
| Section 8.5 | Power of Attorney | 132 |
| ARTICLE IX | ARTICLE IX | ARTICLE IX |
| EVENTS OF DEFAULT | EVENTS OF DEFAULT | EVENTS OF DEFAULT |
| Section 9.1 | Events of Default | 133 |
| Section 9.2 | Remedies | 137 |

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[KFIT] Loan and Security Agreement

-iii-

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| | | |
|:---|:---|:---|
| ARTICLE X | ARTICLE X | ARTICLE X |
| INDEMNIFICATION | INDEMNIFICATION | INDEMNIFICATION |
| Section 10.1 | Indemnities by the Borrower | 139 |
| Section 10.2 | [Reserved] | 139 |
| Section 10.3 | After-Tax Basis | 139 |
| ARTICLE XI | ARTICLE XI | ARTICLE XI |
| THE ADMINISTRATIVE AGENT | THE ADMINISTRATIVE AGENT | THE ADMINISTRATIVE AGENT |
| Section 11.1 | Appointment | 140 |
| Section 11.2 | Standard of Care; Exculpatory Provisions | 141 |
| Section 11.3 | Administrative Agent's Reliance, Etc. | 142 |
| Section 11.4 | Credit Decision with Respect to the Administrative Agent | 142 |
| Section 11.5 | Indemnification of the Administrative Agent | 143 |
| Section 11.6 | Successor Administrative Agent | 143 |
| Section 11.7 | Delegation of Duties | 143 |
| Section 11.8 | Payments by the Administrative Agent | 144 |
| Section 11.9 | Collateral Matters | 144 |
| Section 11.10 | Erroneous Payments | 145 |
| ARTICLE XII | ARTICLE XII | ARTICLE XII |
| MISCELLANEOUS | MISCELLANEOUS | MISCELLANEOUS |
| Section 12.1 | Amendments and Waivers | 147 |
| Section 12.2 | Notices, Etc. | 148 |
| Section 12.3 | Ratable Payments | 150 |
| Section 12.4 | No Waiver; Remedies | 150 |
| Section 12.5 | Binding Effect; Benefit of Agreement | 150 |
| Section 12.6 | Term of this Agreement | 151 |
| Section 12.7 | Governing Law; Jury Waiver | 151 |
| Section 12.8 | Consent to Jurisdiction; Waivers | 151 |
| Section 12.9 | Costs and Expenses | 152 |
| Section 12.10 | No Proceedings | 152 |
| Section 12.11 | Recourse Against Certain Parties | 153 |
| Section 12.12 | Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Advances | 154 |
| Section 12.13 | Confidentiality | 154 |
| Section 12.14 | Execution in Counterparts; Severability; Integration | 156 |
| Section 12.15 | Waiver of Setoff | 157 |
| Section 12.16 | Assignments by the Lenders | 157 |
| Section 12.17 | Heading and Exhibits | 160 |
| Section 12.18 | Benchmark Replacement Settings | 160 |
| Section 12.19 | Divisions | 161 |
| Section 12.20 | Judgment Currency | 162 |
| Section 12.21 | Recognition of the U.S. Special Resolution Regimes | 162 |
| Section 12.22 | USA PATRIOT ACT | 163 |

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[KFIT] Loan and Security Agreement

-iv-

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| | | |
|:---|:---|:---|
| ARTICLE XIII | ARTICLE XIII | ARTICLE XIII |
| tax considerations | tax considerations | tax considerations |
| Section 13.1 | Acknowledgement of Parties | 163 |
| ARTICLE XIV | ARTICLE XIV | ARTICLE XIV |
| [RESERVED] | [RESERVED] | [RESERVED] |

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[KFIT] Loan and Security Agreement

-v-

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| | |
|:---|:---|
| **<u>EXHIBITS</u>** | **<u>EXHIBITS</u>** |
| EXHIBIT A-1 | Form of Funding Notice |
| EXHIBIT A-2 | Form of Repayment Notice |
| EXHIBIT A-3 | Form of Reinvestment Notice |
| EXHIBIT A-4 | Form of Borrowing Base Certificate |
| EXHIBIT A-5 | [Reserved] |
| EXHIBIT A-6 | Form of Payment Date Report |
| EXHIBIT A-7 | Form of Disbursement Request |
| <u>EXHIBIT A-8</u> | <u>Form of Quarterly Collections Disbursement Request</u> |
| EXHIBIT B | Form of Promissory Note |
| EXHIBIT C | Form of Officer's Certificate as to Solvency |
| EXHIBIT D | Form of Officer's Closing Certificate |
| EXHIBIT E | [Reserved] |
| EXHIBIT F | [Reserved] |
| EXHIBIT G | Form of Transferee Letter |
| EXHIBIT H | Form of Joinder Supplement |
| EXHIBIT I | Form of Section 2.13 Certificate |
| EXHIBIT J | [Reserved] |
| EXHIBIT K | Form of Compliance Certificate |
| EXHIBIT L | Form of Assignment and Assumption |
| **<u>SCHEDULES</u>** | **<u>SCHEDULES</u>** |
| SCHEDULE I | FS/KKR Party Names |
| SCHEDULE II | Loan List |
| SCHEDULE III | [Reserved] |
| SCHEDULE IV | Agreed-Upon Procedures |
| SCHEDULE V | S&P<u>GICS</u> Industry Classifications |
| **<u>ANNEXES</u>** | **<u>ANNEXES</u>** |
| ANNEX A | Addresses for Notices |
| ANNEX B | Commitments |

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[KFIT] Loan and Security Agreement

-vi-

**<u>LOAN AND SECURITY AGREEMENT</u>**

**THIS LOAN AND SECURITY AGREEMENT** (as amended, modified, waived, supplemented, restated or replaced from time to time, this "<u>Agreement</u>") is made as of October 10, 2023, by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **K-FIT FINANCE AB-1 LLC**, a Delaware limited liability company, as the borrower (the "<u>Borrower</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO** (together with its respective successors and assigns in such capacity, each a "<u>Lender</u>", collectively, the "<u>Lenders</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **ALLY BANK** (together with its successors and assigns, "<u>Ally Bank</u>"), as the administrative agent hereunder (together with its successors and assigns in such capacity, the "<u>Administrative Agent</u>") and as Arranger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **COMPUTERSHARE TRUST COMPANY, N.A.**, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "<u>Collateral Custodian</u>") and the collateral administrator (together with its successors and assigns in such capacity, the "<u>Collateral Administrator</u>").

RECITALS

**WHEREAS**, the Borrower has requested that the Lenders extend credit hereunder by providing Commitments and making Advances under the Notes from time to time for the purchase of certain Eligible Loans from the Transferor pursuant to the Sale Agreement or directly from a third party pursuant to any Third Party Sale Agreement and for the general business purposes of the Borrower; and

**WHEREAS**, the Lenders are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein;

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

[KFIT] Loan and Security Agreement

**ARTICLE I**

**DEFINITIONS**

Section 1.1 Certain Defined Terms.

Certain capitalized terms used throughout this Agreement are defined in this <u>Section 1.1</u>. As used in this Agreement and its schedules, exhibits and other attachments, unless the context requires a different meaning, the following terms shall have the following meanings:

"<u>1940 Act</u>": The Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.

"<u>Account</u>": Any of the Collateral Account, the Operating Account, the General Collection Account, the Principal Collection Account, the Interest Collection Account, the Unfunded Exposure Account, the Pre-Funded Loan Account and any sub-accounts thereof deemed appropriate or necessary by the Administrative Agent or the Collateral Custodian for convenience in administering such accounts.

"<u>Account Control Agreement</u>": The Account Control Agreement, dated as of the date hereof, among the Borrower, as the pledgor, the Administrative Agent, the Collateral Custodian and the Securities Intermediary, as the same may be amended, modified, waived, supplemented or restated from time to time.

"<u>Accrual Period":</u> With respect to (a) the first Payment Date, the period from and including the Effective Date to but excluding the Determination Date preceding the first Payment Date, and (b) any subsequent Payment Date, the period from and including the Determination Date preceding the previous Payment Date to but excluding the Determination Date preceding the current Payment Date (or, in the case of the final Payment Date, to and including such Payment Date).

"<u>Adjusted Borrowing Value</u>": For any Loan, for any date of determination, an amount equal to the Assigned Value of such Loan at such time *multiplied by* the Dollar Equivalent of the outstanding principal balance of such Loan (including compound or PIK Interest which has accrued and is unpaid at the time such Loan was acquired by the Borrower, but excluding any accrued or unpaid or PIK Interest accruing at any time thereafter).

"<u>Administrative Agent</u>": Ally Bank, in its capacity as administrative agent for Lenders hereunder, together with its permitted successors and assigns, including any successor appointed pursuant to <u>Section 11.6</u>.

"<u>Administrative Expenses</u>": All amounts (including indemnification payments) due or accrued and payable by the Borrower to any Person pursuant to any Transaction Document (other than principal, interest and fees), including, but not limited to, any third party service provider to the Borrower, any Lender, the Collateral Administrator, the Collateral Custodian or the Securities Intermediary, accountants, agents and counsel of any of the foregoing for fees and expenses or any other Person in respect of any other costs, expenses, or other payments (including indemnification payments).

[KFIT] Loan and Security Agreement

"<u>Administrative Questionnaire</u>": An administrative questionnaire in a form supplied by the Administrative Agent.

"<u>Advance</u>": Each funding by the Lenders hereunder (including each Loan Advance and each advance made for the purpose of funding the Unfunded Exposure Account pursuant to <u>Section 2.2(e))</u>. The application of amounts on deposit in the Unfunded Exposure Account to fund a Revolving Loan or Delayed Draw Loan in accordance with <u>Section 2.9(e)</u> shall not be considered an "Advance".

"<u>Advance Date</u>": With respect to any Advance, the date on which such Advance is made.

"<u>Advance Rate</u>": As follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to First Lien Loans for which the applicable Obligor has EBITDA less than $10,000,000, sixty<u>sixty-five</u> percent (60.00<u>65.00</u>%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to First Lien Loans for which the applicable Obligor has EBITDA greater than or equal to $10,000,000 but less than $25,000,000, seventy<u>seventy-five</u> percent (70.00<u>75.00</u>%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to First Lien Loans for which the applicable Obligor has EBITDA greater than or equal to $25,000,000 but less than $50,000,000, seventy-two<u>seventy-seven</u> and one-half percent (72.50<u>77.50</u>%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with respect to First Lien Loans for which the applicable Obligor has EBITDA greater than or equal to $50,000,000, seventy-five<u>eighty</u> percent (75.00<u>80.00</u>%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to First Lien Last Out Loans, sixty percent (60.00%); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to Second Lien Loans, thirty-five percent (35.00%).

"<u>Advances Outstanding</u>": On any day, the aggregate principal amount of all Advances outstanding on such day, after giving effect to all repayments of Advances and the making of new Advances on such day.

"<u>Affiliate</u>": With respect to a Person, means any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person, or is a director or officer of such Person; <u>provided</u> that for purposes of determining whether any Loan is an Eligible Loan or any Obligor is an Eligible Obligor, the term Affiliate shall not include any Affiliate relationship among Obligors which may exist solely as a result of direct or indirect ownership of, or control by, a common Financial Sponsor. For the avoidance of doubt, for the purposes of determining whether an Obligor is an Affiliate of any Loan Party, the term Affiliate shall still include any Affiliate relationship which may exist as a result of direct or indirect ownership of, or control by, a common Financial Sponsor. For purposes of this definition, "control," when used with respect to any specified Person means the possession, directly or indirectly, of the power to vote 20.00% or more of the voting securities of such Person or to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

[KFIT] Loan and Security Agreement

"<u>Agented Note</u>": Any Loan originated as a part of a syndicated loan transaction that has been closed (without regard to any contemporaneous or subsequent syndication of such Loan) prior to such Loan becoming part of the Collateral.

"<u>Aggregate Unfunded Exposure Amount</u>": On any date of determination, the Dollar Equivalent of the sum of the Unfunded Exposure Amounts of all Loans included in the Collateral.

"<u>Aggregate Unfunded Exposure Equity Amount</u>": On any date of determination, the Dollar Equivalent of the sum of the Unfunded Exposure Equity Amounts of all Eligible Loans included in the Collateral.

"<u>Agreed-Upon Procedures Report</u>": The meaning specified in <u>Section 5.1(t)(vi)</u>.

"<u>Agreement</u>": The meaning specified in the Preamble.

"<u>Ally Bank</u>": The meaning specified in the Preamble.

"<u>Anti-Corruption Laws</u>": The Applicable Law in any jurisdiction that relates to anti-bribery or anti-corruption laws, regulations or ordinances, including the U.S. Foreign Corrupt Practices Act of 1977, as amended; the U.K. Bribery Act 2010, as amended; and the Loi Sapin II pour la transparence de la vie économique (Sapin II).

"<u>Anti-Money Laundering Laws</u>": The Applicable Law in any jurisdiction that relates to money laundering or terrorism financing, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.

"<u>Applicable Collateral Value</u>": With respect to Eligible Loans relating to (a) Tier 3 Obligors, eighty-seven and one-half percent (87.50%) (b) Tier 2 Obligors, ninety-five percent (95.00%), and (c) Tier 1 Obligors, one hundred percent (100.00%).

"<u>Applicable Law</u>": For any Person or property of such Person, all existing and future laws, rules, regulations, statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority which are applicable to such Person or property (including predatory and abusive lending laws; laws, rules and regulations relating to licensing, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy; usury laws; truth in lending laws (including the Federal Truth in Lending Act); and Regulation Z and Regulation B of the Board of Governors of the Federal Reserve System), and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction.

[KFIT] Loan and Security Agreement

"<u>Applicable Spread</u>": A rate per annum equal to (a) with respect to any Advance bearing interest at the Benchmark, (i) so long as no Event of Default has occurred and is continuing, 2.25<u>1.85</u>% or (ii) if an Event of Default has occurred and is continuing, at the election (<u>provided</u> that in the case of any Event of Default described in <u>Section 9.1(g)</u> such election shall be automatic upon the occurrence of such Event of Default) of the Administrative Agent or the Required Lenders upon written notice to the Borrower (which notice may be retroactive to the date of the applicable Event of Default), 4.25<u>3.85</u>% and (b) with respect to any Advance bearing interest at the Base Rate, (i) so long as no Event of Default has occurred and is continuing, 1.25<u>0.85</u>% or (ii) if an Event of Default has occurred and is continuing, at the election (<u>provided</u> that in the case of any Event of Default described in <u>Section 9.1(g)</u> such election shall be automatic upon the occurrence of such Event of Default) of the Administrative Agent or the Required Lenders upon written notice to the Borrower (which notice may be retroactive to the date of the applicable Event of Default), 3.25<u>2.85</u>%.

"<u>Approved Foreign Country</u>": United Kingdom and Canada.

"<u>Approved Fund</u>": Any fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

"<u>Assigned Value</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Loan, as of any Measurement Date, the Assigned Value of such Loan shall be the least of (i) the Purchase Price, (ii) the Applicable Collateral Value and (iii) if a Value Adjustment Event with respect to a Loan has occurred and is in effect, the lesser of the Assigned Value for such Loan determined pursuant to <u>clause (i)</u> or <u>(ii)</u> multiplied by the applicable Value Adjustment Factor for such Value Adjustment Event; <u>provided</u> that if more than one Value Adjustment Event with respect to such Loan has occurred, the amended value pursuant to this <u>clause (iii)</u> shall be determined based on the Assigned Value for such Loan determined pursuant to <u>clause (i)</u> or <u>(ii)</u> multiplied by the lowest applicable Value Adjustment Factor. The amended Assigned Value of each Loan shall be communicated by the Administrative Agent to the Collateral Manager, pursuant to an Assigned Value Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, (i) the Assigned Value of any Loan that is not an Eligible Loan shall be zero percent (0%) and (ii) the percentage of par with respect to each Loan shall be calculated in the applicable Currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, if the "Assigned Value" of any Loan as determined in accordance with the foregoing <u>clause (a)</u> at the time such Loan is acquired or originated by Borrower would be greater than the "Assigned Value" (the "<u>Designated Assigned Value</u>") of such Loan at such time under any other credit facilities provided or agented by the Administrative Agent to any other fund or account or Subsidiary of such fund or account that is, in any case, managed by the Investment Advisor or an Affiliate thereof, then the Assigned Value of such Loan shall be such Designated Assigned Value until such time as the Assigned Value of such Loan is adjusted in accordance with the terms of this Agreement.

[KFIT] Loan and Security Agreement

The Borrower may request that the Administrative Agent re-evaluate the Assigned Value of any Loan whose Assigned Value was decreased due to the occurrence of a Value Adjustment Event once the circumstance or event that gave rise to the Value Adjustment Event has been remedied or is no longer in existence or did not result from the deteriorating credit quality of the applicable Obligor, in each case, as determined by the Administrative Agent in its sole discretion. Upon such request, the Administrative Agent shall in its sole discretion assign a new Assigned Value to such Loan; <u>provided</u> that such Assigned Value shall be the Assigned Value determined pursuant to <u>clauses (a)(i)</u> or <u>(a)(ii)</u> above, as applicable, as if such Loan had been acquired by the Borrower on the date of such request.

"<u>Assigned Value Notice</u>": A written notice (which may be in the form of an e-mail) delivered by the Administrative Agent to the Collateral Manager specifying the value of a Loan determined in accordance with the terms of the definition of "Assigned Value" in this <u>Section 1.1</u>.

"<u>Assignment and Assumption</u>": An assignment and assumption agreement in the form of <u>Exhibit L</u> to this Agreement (appropriately completed) delivered in connection with an assignment by any Lender pursuant to <u>Section 12.16</u>.

"<u>Availability</u>": As of any Measurement Date, an amount equal to the lesser of (a) the Facility Amount *minus*, the amount of the Aggregate Unfunded Exposure Amount that is not then on deposit in the Unfunded Exposure Account as of such date; (b)(i) the product of (A) the Dollar Equivalent of the aggregate Adjusted Borrowing Value of all Eligible Loans *minus* the Dollar Equivalent of an amount equal to the Excess Concentration Amount as of such date *multiplied* by (B) the Weighted Average Advance Rate, *minus* (ii) the amount of the Aggregate Unfunded Exposure Equity Amount that is not then on deposit in the Unfunded Exposure Account *plus* (iii) the Dollar Equivalent of the amount of Principal Collections on deposit in the Principal Collection Account as of such date *plus* (iv) the Dollar Equivalent of the amount of funds on deposit in the Pre-Funded Loan Account as of such date that are the proceeds of Loan Advances; and (c) the Dollar Equivalent of the aggregate Adjusted Borrowing Value of all Eligible Loans as of such date *minus*, the Minimum Credit Enhancement Amount *minus* (ii) the amount of the Aggregate Unfunded Exposure Equity Amount that is not then on deposit in the Unfunded Exposure Account *plus* (iii) the Dollar Equivalent of the amount of Principal Collections on deposit in the Principal Collection Account as of such date *plus* (iv) the Dollar Equivalent of the amount of funds on deposit in the Pre-Funded Loan Account as of such date that are the proceeds of Loan Advances; <u>provided</u>, that on and after the Revolving Period End Date, Availability shall be zero.

"<u>Available Capital</u>": The sum of (i) Unrestricted Cash and cash equivalents of the Transferor and the Borrower, (ii) any amounts available to be drawn under revolving lines of the Transferor or the Borrower (including any undrawn Availability), and (iii) available capital commitments from subscribers or partners of the Transferor to fund capital calls that have not been called and remain outstanding (net of any capital call or subscription line borrowings).

[KFIT] Loan and Security Agreement

"<u>Available Funds</u>": With respect to any Payment Date, all amounts on deposit in the Collection Account which were due on or prior to the most recent Determination Date, and actually received by the date of the applicable Payment Date Report.

"<u>Available Tenor</u>": As of any date of determination and with respect to the then current Benchmark, as applicable, if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Accrual Period" pursuant to <u>clause (d)</u> of <u>Section 12.18</u>.

"<u>Bankruptcy Code</u>": The United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, *et seq.*), as amended from time to time.

"<u>Base Rate</u>": On any date, a fluctuating per annum interest rate equal to the highest of (a) the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent), (b) the Federal Funds Rate plus 0.50% and (c) zero.

"<u>Benchmark</u>": Initially, Daily 1M SOFR; provided that if a Benchmark Transition Event has occurred with respect to Daily 1M SOFR or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 12.18</u>.

"<u>Benchmark Replacement</u>": For any Available Tenor, with respect to any Benchmark Transition Event, the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Transaction Documents.

"<u>Benchmark Replacement Adjustment</u>": With respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Accrual Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable tenor giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.

[KFIT] Loan and Security Agreement

"<u>Benchmark Replacement Conforming Changes</u>": With respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Accrual Period," the definition of "Base Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," timing and frequency of determining rates, timing (but not frequency) of making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents).

"<u>Benchmark Replacement Date</u>": The earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide such Benchmark (or component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) if such Benchmark is a term rate, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

[KFIT] Loan and Security Agreement

"<u>Benchmark Transition Event</u>": The occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, if such Benchmark is a term rate, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Start Date</u>": In the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

[KFIT] Loan and Security Agreement

"<u>Benchmark Unavailability Period</u>": The period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with <u>Section 12.18</u> and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with <u>Section 12.18</u>.

"<u>Beneficial Ownership Certification</u>": A certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

"<u>Beneficial Ownership Regulation</u>": 31 C.F.R. § 1010.230.

"<u>BHC Act Affiliate</u>": The meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"<u>Borrower</u>": The meaning specified in the Preamble.

"<u>Borrower Interest Collections</u>": With respect to Borrower, as of any date, an amount equal to the Dollar Equivalent of the aggregate amount of interest and fees received in the Collection Accounts with respect to the Loans for the preceding four (4) Accrual Periods, <u>provided</u>, that with respect to any time period for which four (4) Accrual Periods of such amounts are not available, Borrower Interest Collections shall be determined based on annualizing such amounts as are available for Borrower.

"<u>Borrower Interest Expense</u>": With respect to Borrower, as of any date, an amount equal to the Dollar Equivalent of the amount of the aggregate amount payable (whether or not actually paid) in interest, costs and fees pursuant to <u>Section 2.7</u> during the preceding four (4) Accrual Periods, <u>provided</u>, that with respect to any time period for which four (4) Accrual Periods of such amounts are not available, Borrower Interest Expense shall be determined based on annualizing such amounts as are available for Borrower.

<u>"Borrower's Notice</u>": Any (a) Funding Notice or (b) Reinvestment Notice.

"<u>Borrowing Base</u>": As of any Measurement Date, an amount equal to the difference of (i) the sum of (a) the Dollar Equivalent of the aggregate Adjusted Borrowing Value of all Eligible Loans as of such date *plus* (b) the Dollar Equivalent of the amount of Principal Collections on deposit in the Principal Collection Account *minus* (ii) the Dollar Equivalent of an amount equal to the Excess Concentration Amount as of such date; <u>provided</u> that any Loan which at any time is no longer an Eligible Loan shall not be included in the calculation of "Borrowing Base" until such time as the Borrower delivers the notice required pursuant to <u>Section 5.1(o)(vi)(5)</u> with respect thereto.

[KFIT] Loan and Security Agreement

"<u>Borrowing Base Certificate</u>": A certificate setting forth the calculation of the Borrowing Base and the Availability as of each Measurement Date, in the form of <u>Exhibit A-4</u>, prepared by or on behalf of the Borrower.

"<u>Borrowing Base Deficiency</u>": The Dollar Equivalent of the amount by which, on any date of determination, (a) the Advances Outstanding exceed (b) Availability.

"<u>Business Day</u>": Any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the State of New York or the state in which the Corporate Trust Office is located.

"<u>Canadian Dollars</u>" and "<u>Cdn $</u>": Means the lawful currency of Canada.

"<u>Capital Stock</u>": Any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all similar ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing.

"<u>Cash</u>": Cash or legal currency of the United States of America or Canadian Dollars as at the time shall be legal tender for payment of all public and private debts.

"<u>Certificated Security</u>": The meaning specified in Section 8-102(a)(4) of the UCC.

"<u>Change of Control</u>": The occurrence of any of the following events: (a) any change of control of the Investment Advisor ("control" being defined for purposes of this definition as the possession, directly or indirectly, of the power to direct or cause the direction of the management, actions and policies of a person, whether through voting rights, ownership rights, or by contract or otherwise), (b) the Investment Advisor ceases to be the investment advisor of the Collateral Manager, (c) the Collateral Manager ceases to own and control, of record and beneficially, directly or indirectly, 100.00% of the equity interests of the Borrower; <u>provided</u> that, if the Collateral Manager enters into any merger, consolidation or amalgamation with or into a Permitted BDC and the Permitted BDC or any other successor entity formed by or surviving such merger, consolidation or amalgamation shall be the Collateral Manager and assumes the rights and obligations of the Collateral Manager concurrently with the consummation of such merger, consolidation or amalgamation then a Change of Control shall not occur.

"<u>Clearing Agency</u>": An organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act.

"<u>Clearing Corporation</u>": The meaning specified in Section 8-102(a)(5) of the UCC.

"<u>Code</u>": The Internal Revenue Code of 1986, as amended from time to time.

"<u>Collateral</u>": The meaning specified in <u>Section 8.1(a)</u>.

[KFIT] Loan and Security Agreement

"<u>Collateral Account</u>": A Securities Account created and maintained on the books and records of the Collateral Custodian (or any other party acceptable to Administrative Agent in its sole discretion) entitled "Collateral Account" in the name of the Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties.

"<u>Collateral Administration Agreement</u>": The Collateral Administration Agreement, dated as of the date hereof, among the Borrower and Computershare Trust Company, N.A., as the Collateral Administrator, as the same may be amended, modified, waived, supplemented or restated from time to time.

"<u>Collateral Administrator</u>": Computershare Trust Company, N.A., not in its individual capacity, but solely as Collateral Administrator.

"<u>Collateral Administrator Termination Notice</u>": The meaning specified in <u>Section 7.15</u>.

"<u>Collateral Custodian</u>": Computershare Trust Company, N.A., not in its individual capacity, but solely as Collateral Custodian, its successor in interest pursuant to <u>Section 7.3</u> or such Person as shall have been appointed Collateral Custodian pursuant to <u>Section 7.5</u>.

"<u>Collateral Custodian Fee</u>": The fees, expenses and indemnities of the Collateral Custodian, Collateral Administrator, and Securities Intermediary set forth as such in the Collateral Custodian Fee Letter or as provided for in this Agreement or the Transaction Documents.

"<u>Collateral Custodian Fee Letter</u>": The schedule of fees dated as of May 16, 2023, among the Collateral Custodian, the Collateral Administrator, the Securities Intermediary and the Borrower, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

"<u>Collateral Custodian Termination Notice</u>": The meaning specified in <u>Section 7.5</u>.

"<u>Collateral Management Agreement</u>": The Collateral Management Agreement dated as of the date hereof between the Collateral Manager and the Borrower, as amended from time to time in accordance with the terms of this Agreement.

"<u>Collateral Manager</u>": KKR FS Income Trust, as collateral manager, acting pursuant to the terms of the Collateral Management Agreement; <u>provided</u> that if the Collateral Manager enters into any merger, consolidation or amalgamation with or into a Permitted BDC, the Permitted BDC or any other successor entity formed by or surviving such merger, consolidation or amalgamation shall be the new Collateral Manager so long as such successor entity assumes the rights and obligations of the outgoing Collateral Manager concurrently with the consummation of such merger, consolidation or amalgamation.

[KFIT] Loan and Security Agreement

"<u>Collateral Manager Bylaws</u>": The meaning specified in the Collateral Management Agreement.

"<u>Collateral Manager Standard</u>": The meaning specified in the Collateral Management Agreement.

"<u>Collection Account</u>": Collectively, the General Collection Account, the Interest Collection Account and the Principal Collection Account.

"<u>Collections</u>": (a) All cash collections and other cash proceeds of any Loan, including, without limitation or duplication, any Proceeds, any Interest Collections, Principal Collections, amendment fees, late fees, prepayment fees, waiver fees, settlement payments, re-financing amounts, rent, like-kind payments, recoveries, guaranty payments or other amounts received in respect thereof and cash proceeds or other funds received by a<u>the</u> Borrower or the Collateral Manager with respect to any Underlying Assets (including from any guarantors) (but excluding, in each case, (i) any Excluded Amounts and (ii) any amounts received by the Borrower from an Obligor following the sale of the related Loan by the Borrower pursuant to <u>Section 2.14</u> which the Borrower is required to pay to the purchaser of such Loan) and (b) interest earnings on Permitted Investments or otherwise in any Account; <u>provided</u> that, for the avoidance of doubt, "Collections" shall not include (x) amounts on deposit in the Unfunded Exposure Account which do not represent proceeds of Permitted Investments, (y) amounts deposited by the Transferor in the Operating Account or (z) the proceeds of Loan Advances deposited in the Operating Account (unless otherwise designated as Principal Collections in accordance with <u>Section 2.6(i)</u>).

"<u>Commitment</u>": With respect to each Lender, the commitment of such Lender to make Loan Advances in accordance herewith in an amount not to exceed (a) prior to the earlier to occur of the Revolving Period End Date or the Termination Date, the Dollar amount set forth opposite such Lender's name on <u>Annex B</u> hereto or the amount set forth as such Lender's "Commitment" on <u>Schedule I</u> to the Joinder Supplement relating to such Lender, as applicable, as such amounts may be reduced, increased or assigned from time to time pursuant to the provisions of this Agreement, and (b) on or after the earliest to occur of the Revolving Period End Date, the Termination Date or the termination of the Commitment of such Lender, zero.

"<u>Connection Income Taxes</u>" has the meaning give in <u>Section 2.13(a)</u>.

"<u>Contractual Obligation</u>": With respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or to which either is subject.

"<u>Corporate Trust Office</u>": The applicable designated corporate trust office of the Collateral Custodian and the Collateral Administrator specified on <u>Annex A</u> hereto or such other address within the United States as the Collateral Custodian and the Collateral Administrator may designate from time to time by notice to the Administrative Agent.

[KFIT] Loan and Security Agreement

"<u>Cov-Lite Loan</u>": Any Loan that does not contain any Maintenance Covenants; provided, that a Loan described above which either contains a cross-default or cross-acceleration provision to another debt obligation of the underlying Obligor that is *pari passu* with or senior to such Loan, in each case, that requires the underlying obligor to comply with a Maintenance Covenant will be deemed not to be a Cov-Lite Loan.

"<u>Covenant Compliance Period</u>": The period beginning on the Effective Date and ending on the date on which the Commitments have been terminated and the Obligations have been paid in full.

"<u>Covered Party</u>": Any Secured Party that is one of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §47.3(b), or any subsidiary of such a covered bank to which 12 C.F.R. Part 47 applies in accordance with 12 C.F.R. §47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §382.2(b).

"<u>Currency</u>": Dollars or Canadian Dollars.

"<u>Currency Disruption Event</u>": The occurrence of any of the following: (a) any Lender shall have notified the Administrative Agent of a determination by such Lender that it would be contrary to law or to the directive of any central bank or other Governmental Authority (whether or not having the force of law) to obtain any applicable Currency in the applicable interbank market, to fund any Advance, (b) any Lender shall have notified the Administrative Agent of the inability of such Lender, as applicable, to obtain any applicable Currency in the applicable interbank market to make, fund or maintain any Advance or (c) adequate and reasonable means do not exist for ascertaining the Benchmark, including because the Benchmark is not available or published on a current basis.

<u>"Current and Projected Interest Collections Amount": As of any date of determination, an amount equal to the sum of (a) the aggregate amount in the Interest Collection Account plus (b) all amounts that are due on or prior to the end of the current Accrual Period which the Collateral Manager and the Borrower reasonably and in accordance with the Collateral Manager Standard expect to receive prior to the date of the applicable Payment Date Report for such Accrual Peroid, which if so received, would be Interest Collections included in the calculation of Available Funds on such Payment Date.</u>

"<u>Custody Facilities</u>": The designated office of the Collateral Custodian where the Required Loan Documents shall be held, which on the Effective Date shall be at its offices located at 1505 Energy Park Drive, St. Paul, MN 55108 or such other address within the United States as the Collateral Custodian may designate from time to time by notice to the Administrative Agent, Borrower and Collateral Manager.

[KFIT] Loan and Security Agreement

"<u>Daily 1M SOFR</u>": For any day, a rate per annum equal to the greater of (a) the Floor and (b) the forward-looking term rate based on SOFR for an Available Tenor of one-month's duration on the day (such day, the "<u>Periodic Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. on any Periodic Term SOFR Determination Day, Daily 1M SOFR for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to Daily 1M SOFR has not occurred, then Daily 1M SOFR will be Daily 1M SOFR for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which Daily 1M SOFR for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day.

"<u>Default</u>": Any event that, with the giving of notice or the lapse of time, or both, would become an Event of Default.

"<u>Default Right</u>": The meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>Defaulted Loan</u>": Any Loan with respect to which any of the following events have occurred and is continuing with respect to such Loan or the related Obligor (as applicable): (a) a default in respect of any payment of principal, interest or commitment fees under such Loan (after giving effect to all applicable cure periods, but in no event longer than five (5) Business Days); (b) the occurrence of an Insolvency Event with respect to the related Obligor (except in the case obligations with respect to a DIP Loan); (c) any determination by or on behalf of the Borrower or the Administrative Agent that such Loan is on non-accrual, is written off or is charged off, in each case, in accordance with the Collateral Manager Standard; or (d) a default under such Loan (other than a default described in clause (a) above), together with the election by any agent or requisite number of lenders (including the Borrower) required to take any such action to (i) accelerate the Loan or (ii) commence to enforce any of their other rights or remedies pursuant to the applicable Underlying Instruments; <u>provided</u>, that a default described in <u>clause (d)(ii)</u> shall not result in such Loan becoming a Defaulted Loan until such default has been continuing for twelve (12) consecutive months or longer.

"<u>Defaulting Lender</u>": Any Lender that (i) has failed to fund any portion of the Advances required to be funded by it hereunder within two (2) Business Days of the date required to be funded by it hereunder, (ii) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three (3) Business Days of the date when due, unless such amount is the subject of a good faith dispute, (iii) has notified the Borrower, the Administrative Agent or any other Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply or has failed to comply with its funding obligations under this Agreement or generally under other agreements in which it commits or is obligated to extend credit, or (iv) has become or is insolvent or has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment.

"<u>Delayed Draw Loan</u>": A Loan that (i) requires one or more future advances to be made to the Obligor, (ii) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates and (iii) does not permit the re-borrowing of any amount previously repaid by the related Obligor; <u>provided</u> that such loan shall only be considered a Delayed Draw Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes a future funding obligation.

[KFIT] Loan and Security Agreement

"<u>Deposit Account</u>": The meaning specified in Section 9-102 of the UCC.

"<u>Determination Date</u>": The last calendar day of each March, June, September and December, with the first Determination Date occurring on December 31, 2023.

"<u>DIP Loan</u>": Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

"<u>Disbursement Request</u>": A disbursement request from the Borrower to the Collateral Custodian (with a copy to the Administrative Agent and the Document Custodian), in the form attached hereto as <u>Exhibit A-7</u> in connection with a disbursement request from the Pre-Funded Loan Account in accordance with <u>Section 2.9(h)</u>.

"<u>Discretionary Sale</u>": The meaning specified in <u>Section 2.14(c)</u>.

"<u>Dollar Equivalent</u>": On any date of determination, with respect to an amount denominated in Canadian Dollars, the amount of Dollars that would be required to purchase such amount of Canadian Dollars based upon the spot selling rate at which Canadian Dollars may be exchanged for Dollars on the FXC GO screen of the Bloomberg Financial Markets System at approximately 4:00 p.m. on such date. The Administrative Agent, the Collateral Custodian and the Collateral Administrator shall not have any responsibility for any calculation of a Dollar Equivalent amount made by or on behalf of the Borrower. For avoidance of doubt, the Collateral Custodian and the Collateral Administrator shall not have any responsibility to calculate any Dollar Equivalent amount pursuant to this Agreement.

"<u>Dollars</u>": Means, and the conventional "$" signifies, the lawful currency of the United States.

"<u>EBITDA</u>": With respect to the last four (4) fiscal quarters with respect to any Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of any Loan that the Underlying Instruments of which define "EBITDA", "Adjusted EBITDA" or any comparable term (any such Loan, an "<u>EBITDA Reporting Loan</u>"), the meaning of "EBITDA", "Adjusted EBITDA" or any comparable definition in the Underlying Instruments for such Loan; and

[KFIT] Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of any Loan that the Underlying Instruments of which do not define "EBITDA", "Adjusted EBITDA" or any comparable term (any such Loan, a "<u>EBITDA Non-Reporting Loan</u>"), an amount, for the Obligor of such Loan (and including the below amounts for such twelve (12) calendar month period for any Person acquired by or merged with such Obligor) and any parent that is obligated pursuant to the Underlying Instruments for such Loan (determined on a consolidated basis without duplication in accordance with GAAP) equal to net income for such period *plus* (to the extent deducted in determining net income for such period) (a) interest expense, (b) income taxes, (c) depreciation and amortization for such twelve month period, (d) non-cash charges and organization costs, (e) extraordinary losses in accordance with GAAP, (f) one-time, non-recurring or extraordinary expenses as determined by the Collateral Manager in a reasonable manner and consistent with the compliance statements and financial reporting packages provided by the Obligors and (g) any other item not listed in <u>clauses (a)</u> through <u>(f)</u> that the Borrower or the Collateral Manager deems to be appropriate *minus* (to the extent reflected in net income for such period) (h) non-cash income and interest income;

<u>provided</u> that, the aggregate amount to be added back to the earnings of an Obligor (A) pursuant to <u>clauses (2)(d)</u> through <u>(2)(h)</u> of this definition or (B) pursuant to adjustments to "reported EBITDA" or other term meaning non-adjusted EBITDA in the case of <u>clause (1)</u> above for any period of calculation for any Obligor shall not exceed the EBITDA Add-Back Cap applicable to such Obligor; <u>provided</u> further that, at the request of the Borrower, the Administrative Agent may, in its reasonable discretion, approve add-backs to an Obligor's net income in excess of the EBITDA Add-Back Cap applicable to such Obligor; <u>provided</u> further that with respect to any Obligor for which four (4) fiscal quarters of economic data are not available, EBITDA shall be determined for such Obligor based on annualizing the economic data from the reporting periods actually available.

"<u>EBITDA Add-Back Cap</u>": With respect to any calculation of EBITDA for any Loan for which the Obligor on such Loan does not have EBITDA equal to or greater than $50,000,000 and a Specified Rating, a percentage for the Obligor on such Loan, computed without giving effect to any add-backs in <u>clauses 2(e)</u> through <u>2(h)</u> (or adjustments to "reported EBITDA" or other term meaning non-adjusted EBITDA in the case of <u>clause (1)</u>) of the definition of "EBITDA" herein, equal to fifty percent (50.0%) of non-adjusted EBITDA.

"<u>Effective Date</u>": October 10, 2023.

"<u>Effective Date Participation Interest</u>": An undivided 100% participation interest granted by the Transferor to the Borrower in and to each Loan identified on <u>Schedule II</u> and in which a Lien is granted therein by the Borrower to the Administrative Agent pursuant to this Agreement.

"<u>Eligible Bid</u>": A bid made in good faith (and acceptable as a valid bid in the Administrative Agent's reasonable discretion) by a bidder for all or any portion of the Collateral in connection with a sale of the Collateral in whole or in part pursuant to <u>Section 9.2(c)</u>.

"<u>Eligible Loan</u>": Each Loan (i) for which the Administrative Agent has received the items set forth in <u>Section 3.2(a)</u> or <u>3.2(b)</u>, as applicable; and (ii) that satisfies each of the following eligibility requirements (unless otherwise waived by the Administrative Agent in its sole discretion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Loan is a First Lien Loan, First Lien Last Out Loan, Second Lien Loan or, prior to the date that is sixty (60) days after the Effective Date (or such longer period to which the Administrative Agent may agree in its reasonable discretion), an Effective Date Participation Interest;

[KFIT] Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Loan and the Underlying Instruments related thereto, are eligible to be sold, assigned or transferred (or, in the case of an Effective Date Participation Interest, participated) to the Borrower, the rights to service, administer and enforce the rights and remedies in respect of such Loan under the applicable Underlying Instruments inure to the benefit of the holder of such Loan or its designee (subject to the rights of any applicable agent), and neither the sale, transfer or assignment of such Loan to the Borrower, nor the granting of a security interest hereunder to the Administrative Agent, violates, conflicts with or contravenes any Applicable Law or any contractual or other restriction, limitation or encumbrance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Loan is payable in Dollars or in Canadian Dollars and does not permit the currency in which such Loan is payable to be changed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such Loan (A) is not an Equity Security and (B) does not explicitly provide for the conversion or exchange into an Equity Security at any time on or after the date it is included as part of the Collateral<u>in the Borrowing Base as an Eligible Loan</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such Loan is not subject to an offer of exchange, redemption, conversion or tender by its Obligor, or by any other Person, for cash, equity securities or any other type of consideration (other than a notice of prepayment in accordance with the terms of the Underlying Instruments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Underlying Instruments with respect to such Loan provide that no part of the proceeds of such Loan or any other extension of credit made thereunder will be used to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any such Margin Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) such Loan, and any payment made with respect to such Loan, is not subject to any withholding tax, fee or governmental charge unless (i) the Obligor thereon is required under the terms of the related Underlying Instrument to make "gross-up" payments that cover the full amount of such withholding tax, fee or governmental charge on an after-tax basis, or (ii) the amount of any such withholding tax, fee or governmental charge has been disclosed in writing to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) such Loan is not a Defaulted Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Loan is not a construction loan or a project finance loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) such Loan does not constitute a bond, letter of credit, Structured Finance Obligation, Zero Coupon Obligation, Finance Lease or chattel paper;

[KFIT] Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) as of the date any such Loan that is a Cov-Lite Loan is first included as part of the Collateral<u>in the Borrowing Base as an Eligible Loan</u>, the applicable Obligor has EBITDA greater than or equal to $50,000,000 at the time of funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) such Loan provides for a fixed amount of principal payable on scheduled payment dates and/or at maturity and does not by its terms provide for earlier amortization or prepayment, in each case, at a price less than par;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) except for Effective Date Participation Interests, such Loan is not a Participation Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) such Loan has a remaining term to stated maturity that does not exceed eight (8) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) such Loan pays interest in Cash no less frequently than semi-annually, it being understood that interest on any Loan that is paid with the proceeds of a permitted drawing under a Revolving Loan shall satisfy this eligibility requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the repayment of such Loan is not subject to any material non-credit related risk, (for example, a payment on a Loan of which is expressly contingent upon the occurrence or nonoccurrence of a catastrophe) as determined by Administrative Agent in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) is not an obligation (other than a Revolving Loan or a Delayed Draw Loan) pursuant to which any future advance or funding to the Obligor may be required to be made by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the acquisition of such Loan will not cause the Borrower to be required to register as an investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the primary Underlying Asset for such Loan is not real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) such Loan is in the form of and is treated by the related Obligor as indebtedness of such Obligor and is not a United States real property interest as defined under Section 897 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) such Loan is not an interest only security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such Loan is not a letter of credit (provided this does not exclude Revolving Loans that include a letter of credit sub facility so long as the Borrower is not the issuer of letters of credit thereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) such Loan is Registered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) such Loan is a Noteless Loan;

[KFIT] Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) if such Loan is a First Lien Loan, the applicable Obligor meets the Obligor Net Senior Leverage Ratio requirement to be a Tier 1 Obligor, Tier 2 Obligor or Tier 3 Obligor, as applicable; <u>provided</u> that any portion of such Loan causing such Loan to be in excess of the required Obligor Net Senior Leverage Ratio for a Tier 3 Obligor shall be classified as a Second Lien Loan; <u>provided further</u> that for the avoidance of doubt, such excess portion shall not be counted toward the aggregate Adjusted Borrowing Value of those Eligible Loans that are Second Lien Loans for the purpose of determining the Excess Concentration Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) if such Loan is a First Lien Last Out Loan or a Second Lien Loan, the applicable Obligor meets the Obligor Net Senior Leverage Ratio requirement to be a Tier 1 Obligor, Tier 2 Obligor or Tier 3 Obligor, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) as of the date such Loan is first included as part of the Collateral<u>in the Borrowing Base as an Eligible Loan</u>, if such Loan is a Second Lien Loan, the applicable Obligor's trailing twelve month EBITDA is greater than or equal to $20,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) as of the date such Loan is first included as part of the Collateral<u>in the Borrowing Base as an Eligible Loan</u>, the applicable Obligor's trailing twelve month EBITDA is equal to or greater than $15,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) such Loan, and any payment made with respect to such Loan, has not been more than thirty (30) days past due with respect to any payment within the preceding twelve (12) months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) as of the date such Loan is first included as part of the Collateral<u>in the Borrowing Base as an Eligible Loan</u>, such Loan is not delinquent in payment or defaulted in any other manner that would give rise to the right of any holder of such Loan to accelerate such Loan and no portion of such Loan has been converted into equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) such Loan and any Underlying Assets (or, with respect to <u>clause (ii)</u>, the acquisition thereof) (i) comply in all material respects with all Applicable Laws and (ii) do not cause any Secured Party (in its commercially reasonable judgment and as evidenced by a written notice from such Secured Party) to fail to comply with any request or directive from any Governmental Authority having jurisdiction over such Secured Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) such Loan is eligible under its Underlying Instruments (giving effect to the provisions of Sections 9-406 and 9-408 of the UCC) to be sold to the Borrower and to have a security interest therein granted to the Administrative Agent, as agent for the Secured Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) such Loan, together with the Underlying Instruments related thereto, (i) contains provisions substantially to the effect that such Loan and such Underlying Instruments constitute the legal, valid and binding obligation of the related Obligor and each guarantor thereof, enforceable against such Obligor and each such guarantor in accordance with their terms, subject to customary bankruptcy, insolvency and equity limitations, (ii) is not subject to any (a) litigation or dispute or (b) offset, right of rescission, counterclaim or defense to payment, (iii) contains provisions substantially to the effect that the Obligor's and each guarantor's payment obligations thereunder are absolute and unconditional without any right of rescission, setoff, counterclaim or defense for any reason against the Transferor, the Borrower or any assignee and (iv) contain provisions requiring customary covenant compliance and other reporting requirements;

[KFIT] Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) such Loan (1) was originated and underwritten, or purchased and re-underwritten, by the Transferor or any of its Affiliates in accordance with the Collateral Manager Standard and (2) is fully documented to the satisfaction of Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower has good and marketable title to, and is the sole owner of, such Loan, and the Borrower has granted to the Administrative Agent a valid and perfected first priority security interest in the Loan and Underlying Instruments, for the benefit of the Secured Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) if such Loan is a Delayed Draw Loan, its Underlying Instruments do not permit the applicable Obligor to use the proceeds thereof to pay fees or make interest or principal payments on any Indebtedness for borrowed money of such Obligor (excluding the repayment of loans incurred under any revolving credit facility within thirty (30) days prior to the incurrence of such Delayed Draw Loan for any permitted acquisition or permitted investment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) all consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority or any other Person required to be obtained, effected or given in connection with the making, acquisition or transfer of such Loan, have been duly obtained, effected or given and are in full force and effect, except where the failure to have such obtained, effected or given could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) such Loan requires the related Obligor to pay customary maintenance, repair, insurance and taxes, together with all other ancillary costs and expenses, with respect to the Underlying Assets of such Loan (to the extent that the Collateral Manager determines in good faith and in a commercially reasonable manner that such requirements are appropriate for a Loan of such type);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) the Underlying Instruments for such Loan do not contain a confidentiality provision that would prohibit the Administrative Agent or any Secured Party from exercising any of their respective rights hereunder or obtaining all necessary information with regard to such Loan, so long as the Administrative Agent or such Secured Party, as applicable, has agreed to maintain the confidentiality of such information in accordance with the provisions of such Underlying Instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) the Obligor with respect to such Loan is an Eligible Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) all information provided by or on behalf of the Borrower with respect to the Loan is true, correct and complete in all material respects; <u>provided</u> that neither the Borrower nor the Collateral Manager shall be responsible for, nor have any liability with respect to, any factual information furnished to it by any third party not affiliated with it, except to the extent that a Responsible Officer of such Person has actual knowledge that such factual information is inaccurate in any material respect;

[KFIT] Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) such Loan or any related Underlying Instrument has not been found to be illegal or unenforceable by the decision of a court of law or a Governmental Authority in a proceeding brought by the related Obligor, any other party obligated with respect to such Loan, or any Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) as of the date such Loan is first included as part of the Collateral,<u>in the Borrowing Base as an Eligible Loan,</u> there are no proceedings pending or, to the best of the Borrower's knowledge, threatened in writing wherein the Obligor of such Loan, any other obligated party or any governmental agency has alleged that such Loan or the Underlying Instrument which creates such Loan is illegal or unenforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) if such Loan is acquired by the Borrower from the Transferor, the Transferor has caused its master computer records to be clearly and unambiguously marked to indicate that such Loan has been sold to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) no selection procedure materially adverse to the interests of the Secured Parties was utilized by the Transferor, the Collateral Manager or the Borrower in the selection of such Loan for inclusion in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) if more than one Loan has been made to the Obligor or multiple creditors have an interest in such Loan, then each such Loan is subject to an intercreditor or similar agreement in form and substance satisfactory to Collateral Manager in its reasonable discretion setting forth the rights and each such creditors (to the extent that the Collateral Manager determines in good faith and in a commercially reasonable manner that an intercreditor agreement is necessary or desirable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) as of the date such Loan is first included as part of the Collateral<u>in the Borrowing Base as an Eligible Loan</u>, the value of the Underlying Assets securing the Loan (or the enterprise value of the underlying business determined as determined in good faith and in a commercially reasonable manner by the Collateral Manager) at the time such loan was purchased, equals or exceeds the outstanding principal balance of such Loan plus the aggregate outstanding balances of all other loans of equal seniority secured by the same Underlying Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) the Underlying Instruments with respect to such Loan contain a requirement that the applicable underlying Obligor deliver (i) quarterly financial statements after the end of each of the first three fiscal quarters of each fiscal year of the Obligor (commencing with the first quarterly reporting period required under the applicable Underlying Instruments, which shall be no later than the second (2<sup>nd</sup>) full quarterly reporting period after the initial closing of such Loan), and (ii) audited annual financial statements after the end of each fiscal year of the Obligor;

[KFIT] Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) as of the date such Loan is first included in the Borrowing Base as an Eligible Loan, Administrative Agent has received, via a Platform, (1) a duly executed copy of the loan agreement, credit agreement, indenture or other principal agreement pursuant to which the Loan has been issued or created, (2) a duly executed copy of each transfer document or instrument relating to such Loan evidencing the assignment of such Loan to the Borrower, (3) the Borrower's internally approved credit/underwriting presentation (unless such credit/underwriting presentation was not prepared or received by Borrower in connection with an amendment or other modification to a Loan), (4) the most recent year's audited financial statements with respect to the applicable Obligor (or if audited financial statements are not available, (x) the most recent year's quality of earnings report with respect to such Obligor, or (y) the pro forma financial statements with respect to such Obligor, if such Obligor is a newly formed Person), and (5) the most recent covenant compliance certificate (including the calculation of EBITDA), if any, required to be provided to Borrower with respect to such Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) the Administrative Agent has received or will receive, via a Platform, within thirty (30) days (or such longer period as agreed by the Administrative Agent in its sole discretion) of the date such Loan is first included in the Borrowing Base as an Eligible Loan, all Required Loan Documents and the Loan File with respect to such Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) if the benchmark with respect to such Loan is based on "LIBOR" and such Loan matures on or after June 30, 2023, then (i) the Underlying Instruments with respect to such Loan shall contain ARRC recommended benchmark replacement provisions or similar commercially reasonable enhanced benchmark provisions, (ii) upon the occurrence of a Material Modification, if the Borrower controls the lender vote and has a contractual right to cause an amendment to the Underlying Instrument to implement ARRC recommended benchmark replacement provisions, the Borrower shall use its commercially reasonable efforts to amend the Underlying Instruments with respect to such Loan to contain ARRC recommended benchmark replacement provisions or similar commercially reasonable enhanced benchmark provisions or (iii) upon the occurrence of a Material Modification where the Borrower does not both control the lender vote and have the right to cause an amendment to the Underlying Instrument to implement ARRC recommended benchmark replacement provisions, the Borrower shall vote in favor of any proposed amendment for the sole purpose of including ARRC recommended benchmark replacement provisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) at all times, the applicable Obligor has EBITDA greater than or equal to $0.

Notwithstanding anything to the contrary in the foregoing, upon request from Borrower, the Administrative Agent may, in its sole and absolute discretion, waive any one or more of the requirements set forth in this definition on a one time basis; <u>provided</u> that (i) any such waiver shall not constitute a course of dealing or any other basis for future waivers or modifications to the term "Eligible Loan" and (ii) Administrative Agent's consent to such waiver may be conditioned on one or more credit enhancements or additional eligibility criteria not set forth above.

[KFIT] Loan and Security Agreement

"<u>Eligible Obligor</u>": On any date of determination, any Obligor (or guarantor, as applicable) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is a business organization (and not a natural person) duly organized and validly existing under the laws of its jurisdiction of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not a Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is not an Affiliate of any FS/KKR Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is organized and incorporated and domiciled in the United States or any state thereof or an Approved Foreign Country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) other than with respect to any DIP Loan, is not the subject of and, to the best of the Borrower's knowledge is not threatened with any proceeding which would result in, an Insolvency Event with respect to such Obligor and, as of the date on which such Loan becomes part of the Collateral, to the Borrower's knowledge, such Obligor has not experienced a material adverse change in its condition, financial or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) does not derive any portion of its business from payday lending, pawn shops, adult entertainment, marijuana related businesses, automobile title loans, tax refund anticipation loans, credit repair services, debt relief or debt settlement services, drug paraphernalia, fireworks distributors, tax evasion, assault weapons or firearms manufacturing, businesses engaged in predatory lending practices, strip mining, online dating or dating applications, unless prior written approval by the Administrative Agent in its sole discretion has been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) is not (i) a country, territory, organization, person or entity named on an Office of Foreign Asset Control (OFAC) list; (ii) a Person that resides or has a place of business in a country or territory named on such lists or which is designated as a "Non Cooperative Jurisdiction" by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction; (iii) a "Foreign Shell Bank" within the meaning of the USA Patriot Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision; (iv) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections 311 or 312 of the USA Patriot Act as warranting special measures due to money laundering concerns; or (v) an Affiliate of any Person meeting any of the criteria set forth in <u>clauses (i)</u> through <u>(iv)</u> above.

"<u>Eligible Repurchase Obligations</u>": Repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States, in either case entered into with a depository institution or trust company (acting as principal) described in <u>clause (b)</u> of the definition of "Permitted Investments".

[KFIT] Loan and Security Agreement

"<u>Equity Cure Notice</u>": A notice from the Borrower to the Administrative Agent which satisfies each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such notice is delivered to the Administrative Agent not later than three (3) Business Days after the occurrence of a Borrowing Base Deficiency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such notice sets forth evidence satisfactory to the Administrative Agent (in its sole discretion) that (i) the Transferor has made a capital call on its investors in an aggregate amount sufficient to cure the Borrowing Base Deficiency referenced in clause (a) upon the contribution of the proceeds of such capital call to the Borrower or (ii) the Transferor has made other arrangements acceptable to the Administrative Agent to otherwise cure the Borrowing Base Deficiency referenced in clause (a) within the timeframe specified in <u>Section 9.1(r)</u>.

"<u>Equity Security</u>": (i) Any equity security or any other security that is not eligible for purchase by the Borrower as a Loan, and (ii) any security purchased as part of a "unit" with a Loan and that itself is not eligible for purchase by the Borrower as a Loan.

"<u>ERISA</u>": The United States Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated or issued thereunder.

"<u>ERISA Affiliate</u>": (a) Any corporation that is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Borrower, (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with the Borrower, or (c) for purposes of Section 302 of ERISA and Section 412 of the Code, a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower.

"<u>Erroneous Payment</u>": The meaning specified in <u>Section 11.10(a)</u>.

"<u>Erroneous Payment Subrogation Rights</u>": The meaning specified in <u>Section 11.10(e)</u>.

"<u>Event of Default</u>": The meaning specified in <u>Section 9.1</u>.

"<u>Excepted Persons</u>": The meaning specified in <u>Section 12.13(a)</u>.

"<u>Excess Concentration Amount</u>": As of any date of determination (and after giving effect to all Eligible Loans to be purchased or sold by the Borrower on such date), the sum of the following amounts (without duplication):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are First Lien Loans and are obligations of the three (3) Obligors with the largest Obligor Exposure included in the Collateral *minus* (ii) the greater of (A) $13,500,000<u>26,750,000</u> and (B) 7.50% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

[KFIT] Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except with respect to the Loans described in <u>clause (a)</u> above, the excess, if any, of (i) the aggregate Adjusted Borrowing Value of each Eligible Loan of any single Obligor and its Affiliates *minus* (ii) the greater of (A) $9,000, 0000<u>17,750,000</u> and (B) 5.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans with Obligors in any single S&P Industry Classification *minus* (ii) (A) with respect to the S&P<u>GICS</u> Industry Classification representing the highest concentration of the Eligible Loans (determined by reference to Adjusted Borrowing Value), the greater of (1) $35,750,000<u>71,500,000</u> and (2) 20.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral; (B) with respect to the S&P<u>GICS</u> Industry Classifications representing the second and third highest concentration of the Eligible Loans (determined by reference to Adjusted Borrowing Value), the greater of (1) $31,250,000<u>62,500,000</u> and (2) 17.50% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral; (C) with respect to the S&P<u>GICS</u> Industry Classifications representing the fourth and fifth highest concentration of the Eligible Loans (determined by reference to Adjusted Borrowing Value), the greater of (1) $26,750,000<u>53,500,000</u> and (2) 15.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral; and (D) with respect to the S&P<u>GICS</u> Industry Classifications other than those covered in <u>clauses (A)</u>, <u>(B)</u> and <u>(C)</u> hereof, the greater of (1) $22,250,000<u>44,750,000</u> and (2) 12.50% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are DIP Loans *minus* (ii) the greater of (A) $9,000,000<u>17,750,000</u> and (B) 5.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are Revolving Loans or Delayed Draw Loans *minus* (ii) the greater of (A) $17,750,000<u>35,750,000</u> and (B) 10.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are Loan which pay interest in Cash less frequently than quarterly, *minus* (ii) the greater of (A) $9,000,000<u>17,750,000</u> and (B) 5.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are PIK Loans or Partial PIK Loans (in either case, other than Permitted Partial PIK Loans) *minus* (ii) the greater of (A) $9,000,000<u>17,750,000</u> and (B) 5.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are obligations of Obligors with less than $10,000,000 in EBITDA *minus* (ii) the greater of (A) $35,750,000<u>71,500,000</u> and (B) 20.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

[KFIT] Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the excess, if any, of (i) the aggregate Dollar Equivalent of the Adjusted Borrowing Value of those Eligible Loans that are payable in Canadian Dollars *minus* (ii) the greater of (A) $17,750,000<u>35,750,000</u> and (B) 10.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) as of the date such Loan is first included a part of the Collateral, the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are obligations of Tier 3 Obligors included in the Collateral *minus* (ii) the greater of (A) $89,250,000<u>178,500,000</u> and (B) 50.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral; <u>provided</u>, that any excess pursuant to this <u>clause (k)</u> shall be reduced by the product of such excess *multiplied* by the applicable Excess Tier 3 Administrative Agent Assigned Value, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are Second Lien Loans or First Lien Last Out Loans *minus* (ii) the greater of (A) $44,750,000<u>89,250,000</u> and (B) 25.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are Cov-Lite Loans *minus* (ii) the greater of (A) $26,750,000<u>53,500,000</u> and (B) 15.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that have final maturities greater than seven (7) years *minus* (ii) the greater of (A) $17,750,000<u>35,750,000</u> and (B) 10.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are obligations of Obligors principally engaged in gaming businesses (including internet gambling companies) *minus* (ii) the greater of (A) $9,000,000<u>17,750,000</u> and (B) 5.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of those Eligible Loans that are Fixed Rate Loans minus (ii) the greater of (A) $17,750,000<u>35,750,000</u> and (B) 10.00% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

[KFIT] Loan and Security Agreement

<u>provided that</u>, (x) during the Revolving Period, in connection with any increase or decrease in the Facility Amount, each of the Dollar amounts in the foregoing <u>clauses (a)</u> through <u>(s)</u> shall automatically (and without any further amendment) be increased or decreased, as applicable, in proportion to the amount of such increase or decrease in the Facility Amount, <u>(such increased or decreased amounts to be rounded up to the nearest $250,000),</u> and (y) on and after the Revolving Period End Date, notwithstanding any change in the Facility Amount following such date, the Dollar amounts in the foregoing <u>clauses (a)</u> through <u>(s)</u>, as adjusted pursuant to <u>clause (x)</u>, shall remain unchanged from such amounts as in effect on the Revolving Period End Date.

<u>"Excess Interest Collections": As of any date of determination, the amount of Collections in the Interest Collection Account that is less than or equal to the positive difference (if any) of (a) the Current and Projected Interest Collections Amount, minus (b) the Excess Interest Collection Coverage Amount.</u>

<u>"Excess Interest Collections Coverage Amount": As of any date of determination, an amount equal to the sum of (a) one hundred fifty percent (150.0%) of the anticipated and estimated accrued and unpaid fees, expenses, costs, interest and indemnities and all other amounts that will be required to be paid pursuant Sections 2.7(a)(1) through (7) and (10) through (14), plus (b) one hundred percent (100.0%) of the anticipated and estimated RIC Tax Distributions that will be required to be paid pursuant Section 2.7(a)(8), in each case, as of the next Payment Date to occur.</u>

"<u>Excess Tier 3 Administrative Agent Assigned Value</u>": With respect to any Loan (or any portion thereof), the value (expressed as a percentage of par) of such Loan (or portion thereof) as determined by the Administrative Agent (and notified in writing to the Borrower) in its sole discretion on each Measurement Date for the amount exceeding the threshold set forth in <u>clause (k)</u> of the definition of Excess Concentration Amount, as applicable.

"<u>Exchange Act</u>": The United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Excluded Amounts</u>": Any amount received in the Collection Account with respect to any Loan included as part of the Collateral, which amount is attributable to (i) the reimbursement by the related Obligor of payment by the Borrower or Transferor of any Tax, fee or other charge imposed by any Governmental Authority on such Loan or on any Underlying Assets, (ii) the reimbursement by the related Obligor of payment by the Borrower or Transferor of other out-of-pocket expenses, (iii) any payments or reimbursements related to indemnification obligations, (iv) any escrows relating to Taxes, insurance and other amounts in connection with Loans which are held in an escrow account for the benefit of the Obligor and the secured party pursuant to escrow arrangements under Underlying Instruments, (v) any amount deposited into the Collection Account in error, <u>provided</u>, except with respect to the amounts described in <u>clause (v)</u> of this definition, that such amounts shall be Excluded Amounts only to the extent that such amounts (x) are in excess of the principal and interest then due in respect of such Loan, and (y) were required to be paid by the related Obligor pursuant to a specific provision of the Underlying Instruments with respect to such Loan.

[KFIT] Loan and Security Agreement

"<u>Excluded Taxes</u>": The meaning specified in <u>Section 2.13(e)</u>.

"<u>Exposure Amount Shortfall</u>": The meaning specified in <u>Section 2.2(g)</u>.

"<u>Facility Amount</u>": As of any date, an amount equal to the lesser of (a) $250,000,000<u>500,000,000</u> and (b) the aggregate principal amount of the Commitments provided by the Administrative Agent and the Lenders as of such date; provided that the Facility Amount may be increased pursuant to <u>Section 2.18</u>; <u>provided</u> that on or after the earlier to occur of the Revolving Period End Date or the Termination Date, the Facility Amount shall mean the Advances Outstanding.

"<u>FATCA</u>": Sections 1471 through 1474 of the Code, as in effect on the Effective Date (or any amended or successor version that is substantively comparable), any current or future regulations or official interpretations thereof (including any Revenue Rulings, Revenue Procedure, Notice or similar guidance issued by the IRS thereunder as a precondition to relief or exemption from Taxes under such provisions) and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law, regulation or official interpretation implementing such an intergovernmental agreement).

"<u>FDIC</u>": The Federal Deposit Insurance Corporation, and any successor thereto.

"<u>Federal Funds Rate</u>": For any period, the greater of (a) 0.00% and (b) a fluctuating rate per annum equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it.

"<u>Fee Letter</u>": Individually and collectively, (i) that certain Fee Letter, dated as of the Effective Date, between the Administrative Agent and Borrower and (ii) each additional Fee Letter executed between any Lender and Borrower, in each case, as amended, modified, waived, supplemented, restated or replaced from time to time.

"<u>Finance Lease</u>": Any transaction in which the obligations of a lessee to pay rent or other amounts under a lease are on a triple net basis and are required to be classified and accounted for as a capital lease on the balance sheet of such lessee under generally accepted accounting principles in the United States. A Finance Lease shall not include obligations structured to comply with foreign law or religious restrictions, including, but not limited to, Islamic Shari'ah.

"<u>Financial Asset</u>": The meaning specified in Section 8-102(a)(9) of the UCC.

[KFIT] Loan and Security Agreement

"<u>Financial Covenant</u>": With respect to any Person, any covenant (or other provision having similar effect) requiring that such Person maintain at specified times (a) a maximum total leverage, maximum senior leverage, maximum first lien leverage, minimum fixed charge coverage, minimum debt service coverage, minimum EBITDA, or (b) another customary financial covenant approved by the Administrative Agent in its reasonable discretion.

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

"<u>First Lien Last Out Loan</u>": A Loan that would otherwise be a First Lien Loan except that at any time prior to and/or after an event of default under the related Underlying Instruments of the related Obligor, any portion of such Loan will be repaid after one or more loans (or class of loans) issued by the same Obligor (but which loan(s) or class of loans are not a Permitted First Out Term Loan, Permitted Pari Passu Revolving Loan, Permitted Priority Revolving Loan or Permitted Working Capital Facility) have been paid in full in accordance with a specific waterfall of payments or other priority of payments; <u>provided</u> that the Administrative Agent may, in its sole discretion, designate an Eligible Loan that would otherwise constitute a First Lien Last Out Loan as a First Lien Loan

"<u>First Lien Loan</u>": A Loan (i) that is secured by a valid first priority perfected security interest or lien in, to or on substantially all of the assets of the Obligor under such Loan in all appropriate jurisdictions, subject to purchase money Liens, customary Liens for taxes or regulatory charges not then due and payable, Liens accorded priority by law in favor of the United States or any State or agency, and other permitted Liens under the related Underlying Instruments that are reasonable and customary for similar loans, (ii) for which the Collateral Manager determines in good faith that the enterprise value of the related Obligor or the value of the collateral securing the Loan (each as determined by the Collateral Manager in accordance with a methodology acceptable to the Administrative Agent) on the date such Loan is first included as part of the Collateral<u>in the Borrowing Base as an Eligible Loan</u> or on the date that any Value Adjustment Event occurs equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral, (iii) that provides that the payment obligation of the Obligor on such Loan is senior to, and is not (and is not expressly permitted by its terms to become) subordinate in right of payment to, any other obligation for borrowed money of such Obligor, and (iv) that is not secured solely or primarily by the Capital Stock of its Obligor or any of such Obligor's Affiliates; <u>provided</u>, that, notwithstanding the requirements set forth above, a Loan shall not be precluded from constituting a First Lien Loan solely because the related Obligor also has (x) a Permitted First Out Term Loan, Permitted Pari Passu Revolving Loan, Permitted Priority Revolving Loan or Permitted Working Capital Facility or (y) any other revolving lending facility permitted by the Administrative Agent in its sole discretion. For the avoidance of doubt, a First Lien Last Out Loan shall not constitute a First Lien Loan unless the Administrative Agent, in its sole discretion, designates such Eligible Loan that would otherwise constitute a First Lien Last Out Loan as a First Lien Loan.

[KFIT] Loan and Security Agreement

"<u>Fitch</u>": Fitch, Inc. or any successor thereto.

"<u>Fixed Rate Loan</u>": Any Loan that bears a fixed rate of interest.

"<u>Floor</u>": A rate of interest equal to 0.0%.

"<u>FS/KKR Parties</u>": The Borrower, the Transferor and the Collateral Manager.

"<u>Funding Date</u>": In the case of any Loan Advance, the proposed Business Day on which a Loan Advance is to be made after the receipt by the Administrative Agent, the Collateral Custodian and Lenders of a Funding Notice, subject to the required notice provisions of and together with the other required deliveries in accordance with <u>Section 2.2</u>.

"<u>Funding Notice</u>": A notice in the form of <u>Exhibit A-1</u> requesting an Advance, including the items required by <u>Section 2.2</u>.

"<u>GAAP</u>": Generally accepted accounting principles as in effect from time to time in the United States.

"<u>General Collection Account</u>": A Securities Account created and maintained on the books and records of the Collateral Custodian (or any other party acceptable to Administrative Agent in its sole discretion) entitled "General Collection Account" in the name of the Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties.

"<u>General Intangible</u>": The meaning specified in Section 9-102(a)(42) of the UCC.

<u>"GICS</u> <u>Industry Classification": The industry classifications set forth in Schedule V hereto, as such industry classifications shall be updated with the consent of the Borrower and the Administrative Agent if S&P</u> <u>Dow Jones Indices and/or MSCI Inc.</u> <u>publishes revised industry classifications.</u>

"<u>Governing Documents</u>": (a) With respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-US. jurisdiction), (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and, if applicable, any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

"<u>Governmental Authority</u>": With respect to any Person, any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person (including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank).

[KFIT] Loan and Security Agreement

"<u>Guarantee Obligation</u>": As to any Person (the "<u>guaranteeing person</u>"), any obligation of (a) the guaranteeing person or (b) another Person (including any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness (the "<u>primary obligations</u>"), of any other third Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any Property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase Property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; <u>provided</u>, <u>however</u>, that the term "Guarantee Obligation" shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The terms "Guarantee" and "Guaranteed" used as a verb shall have a correlative meaning. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person's maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith.

"<u>Highest Required Investment Category</u>": (i) With respect to ratings assigned by Moody's, "Aa2" or "P-1" for one month instruments, "Aa2" and "P-1" for three month instruments, "Aa3" and "P-1" for six month instruments and "Aa2" and "P-1" for instruments with a term in excess of six months, (ii) with respect to rating assigned by S&P, "A-1" for short-term instruments and "A" for long-term instruments, and (iii) with respect to rating assigned by Fitch (if such investment is rated by Fitch), "F-1+" for short-term instruments and "AAA" for long-term instruments.

"<u>Increased Commitment</u>": The meaning specified in <u>Section 2.18</u>.

"<u>Increased Costs</u>": Any amounts required to be paid by the Borrower to an Indemnified Party pursuant to <u>Section 2.12</u>.

"<u>Incurrence Covenant</u>": A covenant by any Obligor to comply with one or more Financial Covenants only upon the occurrence of certain actions of such Obligor, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

[KFIT] Loan and Security Agreement

"<u>Indebtedness</u>": With respect to any Person at any date without duplication, (a) all indebtedness of such Person for borrowed money (whether by loan or the issuance and sale of debt securities) or for the deferred purchase price of Property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), (b) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (c) all obligations of such Person in respect of letters of credit, acceptances or similar instruments issued or created for the account of such Person, (d) all liabilities secured by (or for which the holder of such obligations has an existing right, contingent or otherwise, to be secured by) any Lien on any Property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof, and (e) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in <u>clauses (a)</u> through <u>(d)</u> above. The amount of any Indebtedness under <u>clause (d)</u> shall be equal to the lesser of (A) the stated amount of the relevant obligations and (B) the fair market value of the Property subject to the relevant Lien. The amount of any Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor.

"<u>Indemnified Amounts</u>": The meaning specified in <u>Section 10.1(a)</u>.

"<u>Indemnified Parties</u>": The meaning specified in <u>Section 10.1(a)</u>.

"<u>Indorsement</u>": The meaning specified in Section 8-102(a)(11) of the UCC, and "Indorsed" has a corresponding meaning.

"<u>Ineligible Assignee</u>": Any private investment company, investment firm, investment partnership, private equity fund, Person that is primarily engaged in the business of private direct lending, business development company, mezzanine fund, private debt fund, hedge fund, or other private equity investment vehicle or any Person that is not organized under the laws of the United States of America, any state thereof or the District of Columbia, in each case, which Person is in direct competition with the Borrower, <u>provided</u>, that no Approved Fund shall be an Ineligible Assignee.

"<u>Insolvency Event</u>": With respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction over such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person's affairs, and such decree, order or appointment shall remain unstayed and in effect for a period of sixty (60) consecutive days, (b) the commencement by such Person of a voluntary case under any applicable Insolvency Law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, (c) the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or (d) the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

[KFIT] Loan and Security Agreement

"<u>Insolvency Laws</u>": The Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally.

"<u>Insolvency Proceeding</u>": Any case, action or proceeding before any court or other Governmental Authority relating to any Insolvency Event.

"<u>Instrument</u>": The meaning specified in Section 9-102(a)(47) of the UCC.

"<u>Insurance Policy</u>": With respect to any Loan, an insurance certificate evidencing insurance covering liability and physical damages to, or loss of, the related Underlying Assets.

"<u>Interest</u>": For each Accrual Period, the sum of the amounts determined (with respect to each day during such Accrual Period) in accordance with the following formula:

IR x P x 1<br> D

where:

IR = the Interest Rate applicable on such day; <br> P = the Advances Outstanding on such day; and <br> D = 360 days (or, to the extent the Interest Rate is calculated using the Base Rate, 365 or 366 days, as applicable).

provided that (i) no provision of this Agreement shall require the payment or permit the collection of Interest in excess of the maximum permitted by Applicable Law and (ii) Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason.

"<u>Interest Collection Account</u>": Collectively, (i) a Securities Account created and maintained on the books and records of the Collateral Custodian (or any other party acceptable to Administrative Agent in its sole discretion) entitled "USD Interest Collection Account" in the name of the Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties and (ii) i) a Securities Account created and maintained on the books and records of the Collateral Custodian (or any other party acceptable to Administrative Agent in its sole discretion) entitled "Canadian Dollar Interest Collection Account" in the name of the Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties.

"<u>Interest Collections</u>": All payments of interest and fees on or received in respect of Loans and Permitted Investments, including (a) any payments of accrued interest received on the sale of Loans or Permitted Investments, (b) all payments of principal (including principal prepayments) on Permitted Investments purchased with the proceeds described in this definition and (c) origination, agency, structuring, management or other up-front fees, unused line, termination, make whole, prepayment and other fees in respect of the Loans; <u>provided</u> that Interest Collections shall not include (x) Sale Proceeds representing accrued interest that are applied toward payment for accrued interest on the purchase of a Loan (including in connection with a Substitution) and (y) interest received in respect of a Loan (including in connection with any sale thereof), which interest was purchased with Principal Collections.

[KFIT] Loan and Security Agreement

"<u>Interest Rate</u>": (a) The Benchmark, plus (b) the Applicable Spread; <u>provided</u> that, upon and during the occurrence of a Currency Disruption Event, "Interest Rate" shall mean the Base Rate plus the Applicable Spread. Accrued and unpaid interest on Advances shall be payable on each Payment Date.

"<u>Investment</u>": With respect to any Person, any direct or indirect loan, advance or investment by such Person in any other Person, whether by means of share purchase, capital contribution, loan or otherwise, excluding the acquisition of Loans and the acquisition of Equity Securities otherwise permitted by the terms hereof which are related to such Loans.

"<u>Investment Advisor</u>": FS/KKR Advisor, LLC.

"<u>Investment Advisory Agreement</u>": Collectively, the Investment Advisory and Administrative Services Agreement, dated as of April 9, 2018, by and among the Investment Advisor, the Collateral Manager.

"<u>Investment Property</u>": The meaning specified in Section 9-102(a)(49) of the UCC.

"<u>IRS</u>": The United States Internal Revenue Service.

"<u>Joinder Supplement</u>": An agreement among the Borrower, a Lender and the Administrative Agent in the form of <u>Exhibit H</u> to this Agreement (appropriately completed) delivered in connection with a Person becoming a Lender hereunder after the Effective Date.

"<u>Lender</u>": The meaning specified in the Preamble, including collectively, each financial institution (i) listed on <u>Annex B</u> as having Commitments or (ii) which may from time to time become a Lender hereunder by executing and delivering a Joinder Supplement and/or an Assignment and Assumption, as applicable, to the Administrative Agent and the Borrower (and for purposes of <u>Section 2.13</u> of this Agreement any successor, assignee or participant).

"<u>Lien</u>": Any mortgage, lien, pledge, charge, right, claim, security interest or encumbrance of any kind of or on any Person's assets or properties in favor of any other Person.

"<u>Loan</u>": Any commercial loan or note which is originated or acquired by the Transferor or any of its Affiliates or which the Borrower acquires from a third party in the ordinary course of its business or an Effective Date Participation Interest owned by the Borrower.

"<u>Loan Advance</u>": The meaning specified in <u>Section 2.2(a)</u>.

[KFIT] Loan and Security Agreement

"<u>Loan File</u>": With respect to each Loan, a file containing (a) each of the Required Loan Documents with respect to such Loan and (b) duly executed originals or copies of any other relevant documents relating to such Loans and the Underlying Assets pertaining thereto.

"<u>Loan List</u>": That certain list of Loans attached hereto as <u>Schedule II</u>, as such Schedule shall be deemed to be updated from time to time by reference to the list of Loans set forth on the most recently delivered Borrowing Base Certificate.

"<u>Loan Modification</u>": Any amendment, restatement, supplement, waiver or other modification to any Underlying Instrument with respect to any Loan.

"<u>Loan Modification Delivery Date</u>": With respect to any Loan Modification required to be delivered to the Administrative Agent pursuant to <u>Section 6.8(d)</u>, the earlier of (x) thirty (30) days following the effective date of such Loan Modification and (y) the Reporting Date following the calendar month in which such Loan Modification was given effect (or such later date as agreed to by the Administrative Agent in its sole discretion).

"<u>Maintenance Covenant</u>": A covenant by any Obligor to comply with one or more Financial Covenants during each reporting period specified in the underlying loan agreement, whether or not such Obligor has taken any specified action; provided that a covenant that otherwise satisfies the definition hereof and (i) only applies when certain amounts are outstanding or drawn under the related loan and/or (ii) is not tested or in effect under the underlying loan agreement for a specified period of time after the loan is originated (but, in any event, no more than two (2) full fiscal quarters after the loan is originated), shall be a deemed to be Maintenance Covenant; provided, for the avoidance of doubt, a "Maintenance Covenant" shall not include any covenant that is an Incurrence Covenant.

"<u>Margin Stock</u>": "Margin Stock" as defined under Regulation U.

"<u>Material Adverse Effect</u>": With respect to any event or circumstance, a material adverse effect on (a) the business, assets, financial condition, operations, performance or properties of the Borrower or the Collateral Manager, both individually or taken as a whole, (b) the validity, enforceability or collectability of this Agreement or any other Transaction Document or the validity, enforceability or collectability of the Loans generally or any material portion of the Loans, (c) the rights and remedies of the Administrative Agent, the Lenders or the Secured Parties with respect to matters arising under this Agreement or any other Transaction Document, (d) the ability of each of the Borrower or the Collateral Manager to perform its obligations under any Transaction Document to which it is a party, or (e) the status, existence, perfection, priority or enforceability of the Administrative Agent's or the other Secured Parties' lien on any material portion of the Collateral.

"<u>Material Modification</u>": Any Loan Modification (it being agreed and understood that a release document or similar instrument executed or delivered in connection with a disposition that is otherwise permitted under the Underlying Instrument shall not constitute an amendment or waiver of, or modification or supplement to such Underlying Instrument), an Underlying Instrument governing a Loan executed or effected on or after the date on which the Borrower acquired such Loan that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reduces or waives any or all of the principal amount of such Loan;

[KFIT] Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) extends the final maturity date or any other due date for payment of outstanding amounts of such Loan by more than thirty (30) days (other than opportunistic extensions of maturity that in the Administrative Agent's <u>sole</u> discretion are not resulting from deteriorating credit quality of the Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) waives one or more interest payments by more than five percent (5%) or permits any interest due in cash to be deferred or capitalized and added to the principal amount of such Loan (other than any deferral or capitalization already allowed by the terms of the Underlying Instruments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduces the amount of interest due with respect to such Loan (other than (i) due to automatic changes in grid pricing existing at the time such Eligible Loan is acquired by the Borrower or (ii) in connection with opportunistic extensions of maturity or repricings that in the Administrative Agent's <u>sole</u> discretion are not resulting from deteriorating credit quality of the Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) contractually or structurally subordinates such Loan by operation of a priority of payments, turnover provisions, the transfer of assets in order to limit recourse to the related Obligor or the granting of Liens (other than Permitted Liens<u>Liens permitted under the related Underlying Instruments, as in effect on the date such Loan was first included in the Borrowing Base as an Eligible Loan</u>) on any of the Underlying Assets securing such Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) substitutes, alters or releases (other than as permitted by such Underlying Instruments) the Underlying Assets securing such Loan, and each such substitution, alteration or release, as determined in the reasonable discretion of the Administrative Agent, materially and adversely affects the value of such Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) amends, waives, forbears, supplements or otherwise modifies in any way the definition of "Net Senior Leverage Ratio", "Net Total Leverage Ratio", "Cash Interest Coverage Ratio", or "EBITDA" (or any respective comparable definitions in its Underlying Instruments) or the definition of any component thereof in a manner that, in the sole discretion of the Administrative Agent, is materially adverse to the Administrative Agent or any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [reserved]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amends, waives, forbears, supplements or otherwise modifies in any way the definition of "permitted lien" or "<u>permitted</u> indebtedness" (or any similar term) in a manner that the Administrative Agent determines in its reasonable discretion is materially adverse to the Administrative Agent or any Lender.

[KFIT] Loan and Security Agreement

"<u>Measurement Date</u>": Each of (i) the Effective Date; (ii) the date of any Borrower's Notice; (iii) the date on or prior to each Reinvestment, Discretionary Sale or Substitution pursuant to <u>Section 2.14</u> and <u>Section 3.2</u>, as applicable; (iv) each Reporting Date (<u>provided</u> that in each case that the Reporting Date is the applicable Measurement Date, the calculations reported as of such date shall be made as of the last day of the immediately preceding calendar month); and (v) <u>three (3) Business Days (or such shorter period as permitted by the Administrative Agent in its sole discretion) prior to the date of any Quarterly Collections Disbursement Request delivered pursuant to Section 2.9(b)(ii); and (vi)</u> each other date requested by the Administrative Agent with at least five (5) Business Days advance notice (so long as, unless the Administrative Agent or the Collateral Manager have knowledge of the occurrence of a Value Adjustment Event in accordance with the definition thereof, there has not otherwise been a Measurement Date within the last five (5) Business Days); <u>provided</u> that if a Measurement Date otherwise occurs pursuant to <u>clauses (ii)</u> through <u>(iii)</u> following any such request, but prior to such requested date, such request for an additional Measurement Date shall be deemed to be withdrawn.

"<u>Minimum Credit Enhancement Amount</u>": As of any date, an amount equal to the Dollar Equivalent of the sum of the Adjusted Borrowing Values of all Loans owing by the three Obligors which have the greatest Obligor Exposure.

"<u>Moody's</u>": Moody's Investors Service, Inc., and any successor thereto.

"<u>Mortgage</u>": The mortgage, deed of trust or other instrument creating a Lien on an interest in real property securing a Loan, including the assignment of leases and rents related thereto.

"<u>Multiemployer Plan</u>": A "multiemployer plan" as defined in Section 4001(a)(3) of ERISA that is or was at any time during the current year or the preceding five (5) years contributed to by the Borrower or any ERISA Affiliate on behalf of its employees.

"<u>Non-Excluded Taxes</u>": The meaning specified in <u>Section 2.13(a)</u>.

"<u>Non-Usage Fee</u>": A fee payable quarterly in arrears for each Accrual Period equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during the first three (3) months following the Effective Date, the sum of the products for each day during such Accrual Period of (i) one divided by 360, (ii) one-half of one percent (0.50%) and (iii) the Unused Facility Amount as of each such day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) thereafter, the sum of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for each day during such Accrual Period that the Advances Outstanding on such day are less than or equal to the product of twenty-five percent (25.00%) *multiplied* by the Facility Amount on such day, the sum of the products for each such day during such Accrual Period of (A) one divided by 360, (B) one percent (1.00%) and (C) the Unused Facility Amount as of each such day; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for each day during such Accrual Period that the Advances Outstanding on such day are greater than the product of twenty-five percent (25.00%) *multiplied* by the Facility Amount on such day, but less than or equal to the product of fifty percent (50.00%) *multiplied* by the Facility Amount on such day, the sum of the products for each such day during such Accrual Period of (A) one divided by 360, (B) three-quarters of one percent (0.75%) and (C) the Unused Facility Amount as of each such day; *plus*

[KFIT] Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for each day during such Accrual Period that the Advances Outstanding on such day are greater than the product of fifty percent (50.00%) *multiplied* by the Facility Amount on such day, the sum of the products for each such day during such Accrual Period of (A) one divided by 360, (B) one-half of one percent (0.50%) and (C) the Unused Facility Amount as of each such day.

"<u>Note</u>": The meaning specified in <u>Section 2.1</u>.

"<u>Noteless Loan</u>": A Loan with respect to which the Underlying Instruments do not require the Obligor to execute and deliver, and the Obligor has not executed and delivered to the Borrower, a promissory note evidencing any indebtedness created under such Loan.

"<u>Notice of Exclusive Control</u>": The meaning specified in the Account Control Agreement.

"<u>Obligations</u>": The unpaid principal amount of, and interest (including interest accruing after the maturity of the Advances and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) on the Advances and all other obligations and liabilities of the Borrower to the Secured Parties, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, or out of or in connection with any Transaction Document, and any other document to which the Borrower is a party made, delivered or given in connection therewith or herewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including all fees and disbursements of counsel to the Administrative Agent, the Collateral Custodian and the Securities Intermediary or to the Lenders that are required to be paid by the Borrower pursuant to the terms of the Transaction Documents), Erroneous Payment Subrogation Rights or otherwise.

"<u>Obligor</u>": With respect to any Loan, any Person or Persons obligated to make payments pursuant to or with respect to such Loan, including any guarantor thereof <u>(excluding guarantors who are not, and whose assets are not, principally relied on by the Borrower)</u>. For purposes of determining whether any Loan is made to an Eligible Obligor, all Loans included as part of the Collateral or to be transferred to the Collateral, the Obligor of which is an Affiliate of another Obligor, shall be aggregated with all Loans of such Affiliate Obligor; for example, if Corporation A is an Affiliate of Corporation B, and the sum of the Adjusted Borrowing Values of all of Corporation A's Loans included as part of the Collateral constitutes 10.00% of the aggregate Adjusted Borrowing Value for all Loans and the sum of the Adjusted Borrowing Value of all of Corporation B's Loans included as part of the Collateral constitutes 10.00% of the aggregate Adjusted Borrowing Value of all Loans, the Obligor concentration for Corporation A and Corporation B would each be 20.00%.

[KFIT] Loan and Security Agreement

<u>"Obligor Exposure": With respect to any Obligor, the aggregate Adjusted Borrowing Value of all Loans in respect of which such Obligor is the related Obligor.</u>

<u>"Obligor Financial Statements": The meaning specified in clause (a) of the definition of "Value Adjustment Event".</u>

"<u>Obligor</u> Cash <u>Interest Coverage Ratio</u>": With respect to any Loan for any Relevant Test Period, either (a) the meaning of "Cash Interest Coverage Ratio" or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of "Cash Interest Coverage Ratio" or comparable definition, the ratio of (i) the Dollar Equivalent of EBITDA to (ii) the Dollar Equivalent of Obligor Cash Interest Expense of such Obligor as of the Relevant Test Period, as calculated by the Collateral Manager (on behalf of the Borrower) in good faith; <u>provided</u> that, in calculating the "Cash Interest Coverage Ratio" under either of <u>clause (a)</u> or <u>clause (b)</u> above, EBITDA of the applicable Obligor for the Relevant Test Period shall <u>in any event</u> be deemed to be no greater than EBITDA, as defined herein, for the Relevant Test Period <u>of such Obligor as computed in accordance with the definition of "EBITDA" hereunder</u>; <u>provided</u>, further, that, for the purposes of calculating Obligor Cash Interest Coverage Ratio for any Obligor in any Relevant Test Period in which such Obligor issued or originated Indebtedness, the Obligor Cash Interest Expense resulting from such Indebtedness shall be annualized based on the period from the date on which such Indebtedness was originated or issued to the last day of such Relevant Test Period.

"<u>Obligor</u> Cash <u>Interest Expense</u>": With respect to any Obligor for any period, the amount which, in conformity with GAAP, would be set forth opposite the caption<u>of</u> "interest expense" or any like caption reflected on the most recent financial statements delivered by such Obligor to<u>determined by the Collateral Manager (on behalf of</u> the Borrower for such period<u>) in good faith</u>.

"<u>Obligor Exposure</u>": With respect to any Obligor, the aggregate Adjusted Borrowing Value of all Loans in respect of which such Obligor is the related Obligor.

"<u>Obligor Financial Statements</u>": The meaning specified in <u>clause (a)</u> of the definition of "Value Adjustment Event".

"<u>Obligor Net Senior Leverage Ratio</u>": With respect to any Loan for any Relevant Test Period, either (a) the meaning of "Net Senior Leverage Ratio" or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of "Net Senior Leverage Ratio" or comparable definition, the ratio of (i) the Dollar Equivalent of "senior indebtedness" (as defined in the Underlying Instruments or comparable definition thereof, including such Loan) of the applicable Obligor as of the date of determination, excluding any junior indebtedness and any unsecured indebtedness of such Obligor or non-recourse indebtedness of such Obligor secured solely by the real property and related improvements and fixtures of such Obligor as of such date, *minus* the Unrestricted Cash of such Obligor as of such date to (ii) the Dollar Equivalent of EBITDA of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Borrower in good faith; <u>provided</u> that, in calculating the "Net Senior Leverage Ratio" under either of <u>clause (a)</u> or <u>clause (b)</u> above, EBITDA of the applicable Obligor for the Relevant Test Period shall be deemed to be no greater than EBITDA of such Obligor as computed in accordance with the definition of "EBITDA" hereunder.

[KFIT] Loan and Security Agreement

"<u>Obligor Net Total Leverage Ratio</u>": With respect to any Loan for any Relevant Test Period, either (a) the meaning of "Net Total Leverage Ratio" or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of "Net Total Leverage Ratio" or comparable definition, the ratio of (i) the Dollar Equivalent of the "total indebtedness" (as defined in the Underlying Instruments or comparable definition thereof, including such Loan) of the applicable Obligor as of the date of determination, *minus* the Dollar Equivalent of Unrestricted Cash of such Obligor as of such date to (ii) the Dollar Equivalent of EBITDA of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Borrower in good faith; <u>provided</u> that, in calculating the "Net Total Leverage Ratio" under either of <u>clause (a)</u> or <u>clause (b)</u> above, EBITDA of the applicable Obligor for the Relevant Test Period shall be deemed to be no greater than EBITDA of such Obligor as computed in accordance with the definition of "EBITDA" hereunder.

"<u>Officer's Certificate</u>": A certificate signed by a Responsible Officer of the Person providing the applicable certification, as the case may be.

"<u>Operating Account</u>": A Securities Account created and maintained on the books and records of the Collateral Custodian (or any other party acceptable to the Administrative Agent in its sole discretion) entitled "Operating Account" in the name of the Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties.

"<u>Opinion of Counsel</u>": A written opinion of counsel, which opinion and counsel are acceptable to the Administrative Agent in its reasonable discretion, *provided* that Dechert LLP shall be an acceptable counsel for purposes of delivering any Opinion of Counsel hereunder.

"<u>Other Connection Taxes</u>" has the meaning given in <u>Section 2.13(a)</u>.

"<u>Other Taxes</u>": The meaning specified in <u>Section 2.13(b)</u>.

"<u>Outstanding Balance</u>": With respect to any Loan as of any date of determination, the Dollar Equivalent of the outstanding principal balance of any advances or funded loans made by the Borrower to the related Obligor pursuant to the related Underlying Instruments as of such date of determination (exclusive of any interest and PIK Interest).

"<u>Partial PIK Loan</u>": Any Loan that required the Obligor to pay only a portion of the accrued and unpaid interest in Cash on a current basis, the remainder of which is or can be deferred and paid at a later date. For the avoidance of doubt, Permitted Partial PIK Loans shall constitute "Partial PIK Loans" hereunder.

"<u>Participation Interest</u>": A participation interest in a loan or other obligation that would, at the time of acquisition or the Borrower's commitment to acquire the same, constitute a Loan.

[KFIT] Loan and Security Agreement

"<u>Participant Register</u>": The meaning specified in <u>Section 12.16(b)</u>.

"<u>Payment Date</u>": (x) The 20<sup>th</sup> day of each April, July, October and January, or, if such day is not a Business Day, the next succeeding Business Day, commencing January 22, 2024 and (y) the Termination Date.

"<u>Payment Date Report</u>": A certificate setting forth, among other things, a calculation of Availability, the aggregate outstanding principal balance of the Advances, the Aggregate Unfunded Exposure Amount, and the Borrowing Base, the application of payments to be made on the next Payment Date pursuant to <u>Section 2.7</u> or <u>2.8</u> hereof (as applicable), the currency calculations set forth in <u>Section 5.1(q</u>), a calculation of the financial covenants set forth in <u>Section 5.2(n)</u> hereof, and a reasonably detailed summary of the Obligors and their respective financial results and capital structure in connection with the applicable Underlying Instruments, together with the back-up financial and covenant compliance statements of the applicable Obligors received by the Borrower or the Collateral Manager with respect thereto, in the form of <u>Exhibit A-6</u>, prepared by or on behalf of the Borrower, and certifications regarding Available Capital.

"<u>Payment Duties</u>": The meaning specified in <u>Section 7.2(b)(ii)</u>.

"<u>Payment Recipient</u>": The meaning specified in <u>Section 11.10(a)</u>.

"<u>Pension Plan</u>": The meaning specified in <u>Section 4.1(w)</u>.

"<u>Periodic Term SOFR Determination Day</u>": The meaning specified in the definition of "Daily 1M SOFR".

"<u>Permitted BDC</u>": Any "business development company" which is advised by the Investment Advisor or an Affiliate thereof.

"<u>Permitted First Out Term Loan</u>": Any term loan facility associated with a First Lien Loan that is incurred by the same Obligor (i) that is secured by a *pari passu* lien on the assets securing such First Lien Loan, (ii) which is prior in right of payment to such First Lien Loan, and (iii) has an aggregate commitment that, when aggregated with such Obligor's aggregate commitments under any Permitted Priority Revolving Loans and any Permitted Working Capital Facilities, is equal to not more than the applicable Obligor's EBITDA (as determined on<u>as of</u> the date<u>most recent of</u> (x) of Borrower's<u>the time of</u> acquisition of such Loan, or<u>by the Borrower, and</u> (y) <u>the date</u> of any increase to<u>, reclassification of, or other transaction impacting the lien or payment priority of,</u> the commitments under any applicable<u>, or incurrence of any additional,</u> Permitted First Out Term Loan <u>Permitted Priority Revolving Loan</u>, Permitted Priority Revolving Loan or Permitted Working Capital Facility <u>by the applicable Obligor</u>).

[KFIT] Loan and Security Agreement

"<u>Permitted Investments</u>": Negotiable instruments or securities or other investments that (i) except in the case of demand or time deposits, investments in money market funds and Eligible Repurchase Obligations, are represented by instruments in registered form or ownership of which is represented by book entries by a Clearing Agency or by a Federal Reserve Bank in favor of depository institutions eligible to have an account with such Federal Reserve Bank who hold such investments on behalf of their customers, (ii) as of any date of determination, mature by their terms on or prior to the Business Day preceding the next Payment Date unless such Permitted Investments are issued by the Collateral Custodian in its capacity as a banking institution, in which event such Permitted Investments may mature on such Payment Date, (iii) are in the form of and are treated as indebtedness of the related Obligor for U.S. federal income tax purposes and are not a United States real property interest as defined under section 897 of the Code, (iv) are not subject to any withholding tax unless the Obligor thereon is required under the terms of the related Underlying Instrument to make "gross-up" payments that cover the full amount of such withholding tax on an after-tax basis, and (v) evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) direct obligations of, and obligations fully guaranteed as to full and timely payment by, the United States (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) demand deposits, time deposits or certificates of deposit of depository institutions or trust companies incorporated under the laws of the United States or any state thereof and subject to supervision and examination by federal or state banking or depository institution authorities; <u>provided</u> that at the time of the Borrower's investment or contractual commitment to invest therein, the commercial paper, if any, and short-term unsecured debt obligations (other than such obligation whose rating is based on the credit of a Person other than such institution or trust company) of such depository institution or trust company shall have a credit rating from each Rating Agency in the Highest Required Investment Category granted by such Rating Agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) commercial paper, or other short term obligations, having, at the time of the Borrower's investment or contractual commitment to invest therein, a rating in the Highest Required Investment Category granted by each Rating Agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) demand deposits, time deposits or certificates of deposit that are fully insured by the FDIC and either have a rating on their certificates of deposit or short-term deposits from Moody's and S&P of "P-1" and "A-1", respectively, and if rated by Fitch, from Fitch of "F-1+";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) notes that are payable on demand or bankers' acceptances issued by any depository institution or trust company referred to in <u>clause (b)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) investments in taxable money market funds or other regulated investment companies having, at the time of the Borrower's investment or contractual commitment to invest therein, a rating of the Highest Required Investment Category from at least two Rating Agencies and from each Rating Agency that rates such investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) time deposits (having maturities of not more than 90 days) by an entity the commercial paper of which has, at the time of the Borrower's investment or contractual commitment to invest therein, a rating of the Highest Required Investment Category granted by each Rating Agency; or

[KFIT] Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Eligible Repurchase Obligations with a rating acceptable to the Rating Agencies, which in the case of S&P and Moody's, shall be "A-1" and in the case of Fitch shall be "F-1+".

The Collateral Custodian or the Administrative Agent may, pursuant to the direction of the Collateral Manager or the Administrative Agent, as applicable, purchase or sell to itself or an Affiliate, as principal or agent, the Permitted Investments described above. Permitted Investments may include those investments in which the Collateral Custodian or any of its affiliates provides services and receives reasonable compensation.

"<u>Permitted Liens</u>": Any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced: (a) Liens for Taxes if such Taxes shall not at the time be due and payable or if a Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of such Person, (b) Liens imposed by law, such as materialmen's, warehousemen's, mechanics', carriers', workmen's and repairmen's Liens and other similar Liens, arising by operation of law in the ordinary course of business for sums that are not overdue or are being contested in good faith, (c) with respect to any Underlying Assets, Liens permitted under the related Underlying Instruments, (d) as to agented Loans, Liens in favor of the agent on behalf of all of the lenders with respect to such Loan, (e) Liens granted pursuant to or by the Transaction Documents and (f) Liens in favor of the Collateral Custodian and permitted under the Account Control Agreement.

"<u>Permitted Pari Passu Revolving Loan</u>": Any revolving lending facility associated with a First Lien Loan or a First Lien Last Out Loan that is incurred by the same Obligor (i) that is secured by a *pari passu* lien on the assets securing such First Lien Loan or such First Lien Last Out Loan, and (ii) for which the payment priority is *pari passu* with such First Lien Loan or such First Lien Last Out Loan at all times prior to and/or after an event of default under the related Underlying Instruments of the related Obligor.

"<u>Permitted Partial PIK Loan</u>": Any Partial PIK Loan with respect to which the portion of accrued and unpaid interest thereon that is required to be paid in Cash at all times on a current basis pursuant to the terms of the related Underlying Instruments is at an interest rate of, (i) if such Loan is subject to a floating rate, not less than the sum of the Benchmark (or, so long as the Benchmark is determined based on SOFR, any other benchmark rate determined based on SOFR) plus the Applicable Spread or (ii) if such Loan is subject to a fixed rate, not less than 6.00%.

"<u>Permitted Priority Revolving Loan</u>": Any revolving lending facility associated with a First Lien Loan or a First Lien Last Out Loan that is incurred by the same Obligor (i) that is secured by a *pari passu* lien on the assets securing such First Lien Loan or such First Lien Last Out Loan, (ii) which is prior in right of payment to such First Lien Loan or such First Lien Last Out Loan, and (iii) that has an aggregate commitment that, when aggregated with such Obligor's aggregate commitments under any Permitted First Out Term Loan and any Permitted Working Capital Facilities, is equal to not more than the applicable Obligor's EBITDA (as determined on<u>as of</u> the date<u>most recent of</u> (x) of Borrower's<u>the time of</u> acquisition of such Loan, or<u>by the Borrower, and</u> (y) <u>the date</u> of any increase to<u>, reclassification of, or other transaction impacting the lien or payment priority of,</u> the commitments under any applicable<u>, or incurrence of any additional,</u> Permitted First Out Term Loan <u>Permitted Priority Revolving Loan</u>, Permitted Priority Revolving Loan or Permitted Working Capital Facility <u>by the applicable Obligor</u>).

[KFIT] Loan and Security Agreement

"<u>Permitted Working Capital Facility</u>": Any revolving lending facility associated with a First Lien Loan or a First Lien Last Out Loan that is incurred by the same Obligor (i) that is secured by all or a portion of the current assets of the related Obligor and otherwise unsecured or has a security interest with respect to the other assets of the related Obligor that is junior to the lien securing such First Lien Loan or such First Lien Last Out Loan, and (ii) has an aggregate commitment that, when aggregated with such Obligor's aggregate commitments under any Permitted First Out Term Loan, Permitted Pari Passu Revolving Loans, and Permitted Priority Revolving Loans, is equal to not more than the applicable Obligor's EBITDA (as determined on<u>as of</u> the date<u>most recent of</u> (x) of Borrower's<u>the time of</u> acquisition of such Loan, or<u>by the Borrower, and</u> (y) <u>the date</u> of any increase to<u>, reclassification of, or other transaction impacting the lien or payment priority of,</u> the commitments under any applicable<u>, or incurrence of any additional,</u> Permitted First Out Term Loan <u>Permitted Priority Revolving Loan</u>, Permitted Priority Revolving Loan or Permitted Working Capital Facility <u>by the applicable Obligor</u>).

"<u>Person</u>": An individual, partnership, corporation, limited liability company, joint stock company, trust (including a statutory or business trust), unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof) or other entity.

"<u>PIK Interest</u>": Interest accrued on a Loan that is added to the principal amount of such Loan instead of being paid as it accrues, <u>provided</u>, that the interest of any Loan that is paid with the proceeds of a permitted drawing on a Revolving Loan shall not constitute PIK Interest.

"<u>PIK Loan</u>": A Loan that by its terms permits the deferral or capitalization of payment of accrued and unpaid interest. For the avoidance of doubt, Partial PIK Loans and Permitted Partial PIK Loans shall constitute "PIK Loans" hereunder.

"<u>Plan Asset Rules</u>": The regulations issued by the United States Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the United States Code of Federal Regulations or any successor regulations, as modified by Section 3(42) of ERISA, and the rules and regulations thereunder.

"<u>Platform</u>": Any electronic system (other than the Syndicate Platform), including Intralinks®, ClearPar® and any other internet or extranet-based site, which electronic system is acceptable to the Administrative Agent in its sole discretion and which provides for access to data protected by passcodes or other security systems.

"<u>Pledge Agreement</u>": The Pledge Agreement, dated as of the Effective Date, made by the Transferor in favor of the Administrative Agent, for the benefit of itself and the Lenders, pledging all of the equity interests of Borrower, as amended, modified, waived, supplemented, restated or replaced from time to time.

[KFIT] Loan and Security Agreement

"<u>Pre-Funded Loan</u>": A Loan which will, upon the acquisition thereof, be an Eligible Loan; Pre-Funded Loans may be funded to the related Obligors from a disbursement of the proceeds of a Loan Advance made into the Pre-Funded Loan Account prior to (but in no event earlier than three (3) Business Days prior to) the origination date of such Loan.

"<u>Pre-Funded Loan Account</u>": A Securities Account created and maintained on the books and records of the Collateral Custodian (or any other party acceptable to the Administrative Agent in its sole discretion) entitled "Pre-Funded Loan Account" in the name of the Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties.

"<u>Principal Collection Account</u>": Collectively, (i) a Securities Account created and maintained on the books and records of the Collateral Custodian (or any other party acceptable to Administrative Agent in its sole discretion) entitled "USD Principal Collection Account" in the name of the Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties and (ii) a Securities Account created and maintained on the books and records of the Collateral Custodian (or any other party acceptable to Administrative Agent in its sole discretion) entitled "Canadian Dollar Principal Collection Account" in the name of the Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties.

"<u>Principal Collections</u>": All Collections received by the Borrower or the Collateral Custodian that are not Interest Collections or Excluded Amounts to the extent received in cash by or on behalf of the Borrower or the Collateral Custodian.

"<u>Pro Rata Share</u>": With respect to a Lender, the percentage obtained by dividing the Commitment of such Lender (as determined pursuant to the definition of "Commitment") by the aggregate Commitments of all the Lenders (as determined pursuant to the definition of "Commitment").

"<u>Proceeds</u>": With respect to any Collateral, all property that is receivable or received when such Collateral is collected, sold, liquidated, foreclosed, exchanged, or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes all rights to payment with respect to any insurance relating to such Collateral, net of all out-of-pocket expenses incurred in connection with any such collection, sale, liquidation, foreclosure, exchange or disposal.

"<u>Property</u>": Any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, including Capital Stock.

"<u>Public Lenders</u>": The meaning specified in <u>Section 12.2(d)</u>.

"<u>Purchase Price</u>": With respect to any Loan, an amount (expressed as a percentage of par) equal to (i) the purchase price (or, if different principal amounts of such Loan were purchased at different purchase prices, the weighted average of such purchase prices) paid by the Transferor or the Borrower (as applicable) for such Loan (exclusive of any interest, PIK Interest and original issue discount) divided by (ii) the principal balance of the portion of such Loan purchased by the Borrower outstanding as of the date of such purchase (exclusive of any interest, PIK Interest and original issue discount); <u>provided</u> that the Purchase Price of any Loan determined to be equal to or greater than ninety-five percent (95.0%) in accordance with the foregoing calculation shall be deemed to be one hundred percent (100%).

[KFIT] Loan and Security Agreement

"<u>QFC</u>": The meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"<u>Qualified Institution</u>": A depository institution or trust company organized under the laws of the United States of America or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (i)(a) that has either (1) a long-term unsecured debt rating of "A" or better by S&P and "A2" or better by Moody's or (2) a short-term unsecured debt rating or certificate of deposit rating of "A-1" or better by S&P or "P-1" or better by Moody's, (b) the parent corporation of which has either (1) a long-term unsecured debt rating of "A" or better by S&P and "A2" or better by Moody's or (2) a short-term unsecured debt rating or certificate of deposit rating of "A-1" or better by S&P and "P-1" or better by Moody's or (c) is otherwise acceptable to the Administrative Agent and (ii) the deposits of which are insured by the FDIC.

<u>"Quarterly Collections Disbursement": The meaning specified in Section 2.9(b)(ii).</u>

<u>"Quarterly Collections Disbursement Request": A written request for a quarterly disbursement or application of Collections hereunder substantially in the form of Exhibit A-8 hereto.</u>

"<u>Rating Agencies</u>": Each of S&P, Fitch and Moody's.

"<u>Reference Time</u>": With respect to any setting of the then-current Benchmark (other than Daily 1M SOFR), means the time determined by the Administrative Agent in accordance with the Benchmark Replacement Conforming Changes.

"<u>Register</u>": The meaning specified in <u>Section 12.16(b)</u>.

"<u>Registered</u>": With respect to any registration-required obligation within the meaning of Section 163(f)(2) of the Code, a debt obligation that is in registered form within the meaning of Section 5f.103-1(c) of the <u>U.S.</u> Treasury Regulations.

"<u>Regulation U</u>": Regulation U of the Board of Governors of the Federal Reserve System, 12 C.F.R. §221, or any successor regulation.

"<u>Reinvestment</u>": The meaning specified in <u>Section 2.14(a)(i)</u>.

"<u>Reinvestment Notice</u>": Each notice required to be delivered by the Borrower in respect of any Reinvestment of Principal Collections pursuant to <u>Section 3.2(b)</u> in the form of <u>Exhibit A-3</u>.

[KFIT] Loan and Security Agreement

"<u>Related Parties</u>": With respect to any Person, such Person's Affiliates and the partners, directors, officers, managers, employees, agents and advisors of such Person and of such Person's Affiliates.

"<u>Release Date</u>": The meaning specified in <u>Section 2.14(d)</u>.

"<u>Relevant Governmental Body</u>": The Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.

"<u>Relevant Test Period</u>": With respect to any Loan, the relevant test period for the calculation of Obligor Net Senior Leverage Ratio, Obligor Net Total Leverage Ratio or Obligor Cash Interest Coverage Ratio, as applicable, for such Loan in accordance with the related Underlying Instruments or, if no such period is provided for therein, (i) for Obligors delivering monthly financing statements, each period of the last twelve (12) consecutive reported calendar months, and (ii) for Obligors delivering quarterly financing statements, each period of the last four consecutive reported fiscal quarters of the principal Obligor on such Loan; <u>provided</u> that with respect to any Loan for which the relevant test period is not provided for in the related Underlying Instruments, if an Obligor is a newly-formed entity as to which twelve (12) consecutive calendar months have not yet elapsed, "Relevant Test Period" shall initially include the period from the date of formation of such Obligor to the most recently ended month or fiscal quarter (as the case may be), with applicable amounts in such period annualized for purposes of such calculations, and shall subsequently include each period of the last twelve (12) consecutive reported calendar months or four (4) consecutive reported fiscal quarters (as the case may be) of such Obligor.

"<u>Repayment Notice</u>": Each notice required to be delivered by the Borrower in respect of any repayment of Advances Outstanding, in the form of <u>Exhibit A-2</u>.

"<u>Reportable Event</u>": A reportable event within the meaning of Section 4043 of ERISA, other than those events as to which the 30-day notice period referred to in Section 4043(c) of ERISA has been waived.

"<u>Reporting Date</u>": The 20<sup>th</sup> day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day, or with respect to any month in which a Payment Date Report is required to be delivered, the day in such month on which such Payment Date Report is required to be delivered pursuant to <u>Section 5.1(q)(i)</u>.

"<u>Required Funding Amount</u>": If (i) (A) no Event of Default has occurred and is continuing, <u>and</u> (B) the Revolving Period End Date has not occurred, in each case as of the date of determination and after giving effect to any withdrawal from the Unfunded Exposure Account on such date of determination, the Unfunded Exposure Equity Amount, and (ii) (A) an Event of Default has occurred and is continuing, <u>or</u> (B) the Revolving Period End Date has occurred, in either case as of the date of determination and after giving effect to any withdrawal from the Unfunded Exposure Account on such date of determination, the Unfunded Exposure Amount.

[KFIT] Loan and Security Agreement

"<u>Required Lenders</u>": (a) The Administrative Agent and (b) the Lenders representing an aggregate of more than 50.00% of (i) prior to the earlier to occur of the Revolving Period End Date or the Termination Date, the aggregate Commitments of the Lenders then in effect and (ii) thereafter, the Advances Outstanding; <u>provided</u>; that (A) if two (2) or more Lenders each represent 20.00% or more of (i) prior to the earlier to occur of the Revolving Period End Date or the Termination Date, the aggregate Commitments of the Lenders then in effect and (ii) thereafter, the Advances Outstanding, then "Required Lenders" shall also include at least two (2) such Lenders, and (B) the Commitment of, and the portion of any Advances Outstanding, as applicable, held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. For purposes of determining the number of Lenders pursuant to this definition, groups of Lenders that are Affiliates shall be treated as one (1) Lender.

"<u>Required Loan Documents</u>": For each Loan, originals or where indicated, copies (including electronic copies), of the following documents or instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of each duly executed (i) loan agreement, credit agreement or other principal agreement pursuant to which such Loan has been issued or created and (ii) transfer document or instrument relating to such Loan evidencing the assignment of such Loan to the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) originals or copies (including electronic copies) of each of the following to the extent applicable to such Loan: any related security agreement, subordination agreement, intercreditor agreement, guaranty agreement or similar instruments, in each case, together with any amendment or modification thereto.

"<u>Required Reports</u>": Collectively, the compliance certificate, in the form of <u>Exhibit K</u> hereto, the Borrowing Base Certificate, the Payment Date Report, financial statements of the Transferor required to be delivered under the Transaction Documents (including pursuant to <u>Section 5.1(s)</u> hereof), the annual statements as to compliance and the annual independent public accountant's report (including pursuant to <u>Section 5.1(t)(vi)</u>).

"<u>Responsible Officer</u>": With respect to any Person, any duly authorized officer of such Person with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other duly authorized officer of such Person to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject.

"<u>Restricted Payment</u>": (i) Any dividend or other distribution (other than RIC Tax Distributions), direct or indirect, on account of any class of equity interests of the Borrower now or hereafter outstanding, except a dividend paid solely in interests of that class of equity interests or in any junior class of equity interests of the Borrower; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any class of equity interests of the Borrower now or hereafter outstanding; and (iii) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire equity interests of the Borrower now or hereafter outstanding.

[KFIT] Loan and Security Agreement

"<u>Revolving Loan</u>": Any Loan (other than a Delayed Draw Loan) that is a senior secured obligation (including funded and unfunded portions of revolving credit lines, unfunded commitments under specific facilities, letter of credit facilities and other similar loans and investments) that under the Underlying Instruments relating thereto may require one or more future advances to be made to the Obligor by the Borrower and which provides that such borrowed money may be repaid and reborrowed from time to time; <u>provided</u> that any such Loan will be a Revolving Loan only until all commitments by the Borrower to make advances to the Obligor thereof expire, or are terminated, or are irrevocably reduced to zero.

"<u>Revolving Period</u>": The period commencing on the Effective Date and ending on the day preceding the earlier to occur of the Revolving Period End Date or the Termination Date.

"<u>Revolving Period End Date</u>": The earliest to occur of (a) the Scheduled Revolving Period End Date or (b) the date of the declaration of the Revolving Period End Date pursuant to <u>Section 9.2(a)</u>.

"<u>RIC</u>": A "regulated investment company" within the meaning of Section 851 of the Code.

"<u>RIC Tax Distributions</u>": Provided that the Transferor (or one or more of its direct or indirect "partners" in the event that the Transferor is treated as a partnership or disregarded entity and not as a RIC for U.S. federal income tax purposes) is a validly electing RIC (such an entity, a "<u>RIC Equity Holder</u>"), dividends and distributions in or with respect to any taxable year (or any calendar year, as relevant) of the Borrower in amounts not to exceed the higher of (x) that portion of the net investment income of the Borrower for the applicable year determined in accordance with GAAP and as specified in the annual financial statements most recently delivered pursuant to Section 5.01(s) allocable to such RIC Equity Holder pursuant to Borrower's operating agreement or the Collateral Manager's operating agreement, as applicable, and (y) 115% of the amount that, if the Borrower's equity were the sole directly or indirectly held asset of such RIC Equity Holder, would be estimated in good faith to allow such RIC Equity Holder (i) to satisfy the minimum distribution requirements imposed by Section 852(a) of the Code (or any successor thereto) to maintain the RIC Equity Holder's eligibility to be taxed as a RIC for any such taxable year, (ii) to reduce to zero (0) for any such taxable year its liability for federal income taxes imposed on (A) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), and (B) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) to avoid federal excise taxes for such calendar year (or for the previous calendar year) imposed by Section 4982 of the Code (or any successor thereto).

"<u>S&P</u>": Standard & Poor's, a division of The McGraw-Hill Companies, Inc., and any successor thereto.

"<u>S&P</u> <u>Industry Classification": The industry classifications set forth in Schedule V hereto, as such industry classifications shall be updated with the consent of the Borrower and the Administrative Agent if S&P publishes revised industry classifications.</u>

[KFIT] Loan and Security Agreement

"<u>Sale Agreement</u>": The Sale and Contribution Agreement, dated as of the Effective Date, between the Transferor and the Borrower, as amended, modified, waived, supplemented, restated or replaced from time to time.

"<u>Sale Proceeds</u>": With respect to any Loan, all proceeds received as a result of the sale of such Loan, net of all out-of-pocket expenses of the Borrower, the Collateral Manager and the Collateral Custodian incurred in connection with any such sale.

"<u>Sanctioned Person</u>": Any Person, group, sector, territory or country that is the subject or target of any Sanctions, including without limitation, any legal entity that is deemed to be a subject or target of Sanctions based on the direct or indirect ownership or control of such entity by any other Sanctioned Person.

"<u>Sanctions</u>": Any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future executive order; (b) the United Nations Security Council; (c) the European Union (including any member state thereof); (d) the United Kingdom; (e) the State Secretariat for Economic Affairs (Switzerland); or (f) any other Governmental Authorities with jurisdiction over such Person.

"<u>Scheduled Revolving Period End Date</u>": October 10<u>16</u>, 2026<u>2028</u>.

"<u>Second Lien Loan</u>": Any Loan (i) that does not satisfy all of the requirements set forth in the definition of "First Lien Loan" or "First Lien Last Out Loan", (ii) that is secured by a valid second (or higher) priority perfected security interest or lien in, to or on substantially all of the assets of the Obligor under such Loan in all appropriate jurisdictions, subject to purchase money Liens, customary Liens for taxes or regulatory charges not then due and payable, Liens accorded priority by law in favor of the United States or any State or agency, and other permitted Liens under the related Underlying Instruments that are reasonable and customary for similar loans (including liens securing "first lien" loans), (iii) for which the Collateral Manager determines in good faith that the enterprise value of the related Obligor or the value of the collateral securing the Loan (each as determined by Collateral Manager in accordance with a methodology acceptable to the Administrative Agent) on the date such Loan is first included as part of the Collateral<u>in the Borrowing Base as an Eligible Loan</u> or on the date that any Value Adjustment Event occurs equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral, (iv) that is not (and is not expressly permitted by its terms to become) subordinate in right of payment to any obligation for borrowed money of the Obligor (excluding customary terms applicable to a second lien lender under customary intercreditor provisions, including such as after an event of default in connection with a first priority lien or with respect to the liquidation of the Obligor or certain specified collateral for such Loan), and (v) that is not secured solely or primarily by the Capital Stock of its Obligor or any of such Obligor's Affiliates.

[KFIT] Loan and Security Agreement

"<u>Section 2.13 Certificate</u>": The meaning specified in <u>Section 2.13(e)</u>.

"<u>Secured Party</u>": (i) Each Lender, (ii) the Administrative Agent, (iii) the Collateral Custodian, (iv) the Securities Intermediary and (v) the Collateral Administrator.

"<u>Securities Account</u>": The meaning specified in Section 8-501(a) of the UCC.

"<u>Securities Act</u>": The U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Securities Intermediary</u>": (i) A Clearing Corporation; or (ii) a Person, including a bank or broker, that in the ordinary course of its business maintains Securities Accounts for others and is acting in that capacity. The initial Securities Intermediary under the Account Control Agreement shall be the Collateral Custodian.

"<u>Security Certificate</u>": The meaning specified in Section 8-102(a)(16) of the UCC.

"<u>Security Entitlement</u>": The meaning specified in Section 8-102(a)(17) of the UCC.

"<u>Senior Collateral Manager Fee</u>": The meaning specified in the Collateral Management Agreement.

"<u>SOFR</u>": A rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>": The Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

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

"<u>Special Member</u>": The meaning specified in <u>Section 4.1(t)(xxvi)</u>.

[KFIT] Loan and Security Agreement

"<u>Specified Rating</u>": As to any Obligor or Loan, (i) a public debt rating equal to or better than "B-" by S&P or the equivalent public debt rating of another Rating Agency, or (ii) if no rating referenced in <u>clause (i)</u> is available, a private debt rating equal to or better than "B-" by S&P or the equivalent private debt rating of another Rating Agency; <u>provided</u>, that in the case of each of the foregoing clauses (i) and (ii), (x) if both the applicable Obligor and the applicable Loan have at least one rating under any such clause, the applicable Loan rating shall apply for purposes of determining the rating under such clause and (y) if the applicable Obligor or Loan has more than one rating under any such clause, the lowest such rating shall apply for purposes of determining the rating under such clause.

"<u>Standby Directed Investment</u>": Allspring Government MM Fund #3802 (WFFXX), or such other Permitted Investment as designated by (x) after the occurrence and during the continuation of an Event of Default, the Administrative Agent, or (y) at any other time, the Borrower or the Administrative Agent, as the context requires, by written notice to the Collateral Custodian. For the avoidance of doubt, neither the Borrower nor the Administrative Agent shall designate a Standby Directed Investment that does not otherwise constitute a Permitted Investment.

"<u>Structured Finance Obligation</u>": Any obligation secured directly, by reference to, or representing ownership of, a pool of receivables or other Financial Assets of any Obligor that is a single purpose bankruptcy remote special purpose entity established to finance such Financial Assets, including collateralized debt obligations and mortgage-backed securities, including (but not limited to) collateral debt obligations, collateral loan obligations, asset backed securities and commercial mortgage backed securities or any resecuritization security.

"<u>Subordinated Collateral Manager Fee</u>": The meaning specified in the Collateral Management Agreement.

"<u>Subsidiary</u>": As to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person.

"<u>Substitution</u>": The meaning specified in <u>Section 2.14(b)</u>.

"<u>Syndicate Communications</u>": Collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Obligor pursuant to any Transaction Document or the transactions contemplated therein which is distributed to the Administrative Agent and each Lender by means of electronic communications pursuant to Article XII, including through the Syndicate Platform.

"<u>Syndicate Platform</u>": Any electronic system, including Intralinks®, ClearPar® and any other internet or extranet-based site, provided by or on behalf of the Administrative Agent pursuant to <u>Section 12.2(c)</u>, for purposes of providing access to Syndicate Communications protected by passcodes or other security systems.

[KFIT] Loan and Security Agreement

"<u>Taxes</u>": The meaning specified in <u>Section 2.13(a)</u>.

"<u>Term SOFR Administrator</u>": CME Group Benchmark Administration Limited (CBA) (or a successor administrator of Daily 1M SOFR selected by the Administrative Agent in its reasonable discretion and in consultation with the Borrower).

"<u>Termination Date</u>": The earlier of (a) the date that is two (2) years after the Revolving Period End Date or (b) the date of the declaration of the Termination Date or the date of the automatic occurrence of the Termination Date pursuant to <u>Section 9.2(a)</u>.

"<u>Third Party Sale Agreement</u>": A sale agreement between the Borrower and a third party seller in form and substance reasonably acceptable to Administrative Agent.

"<u>Tier 1 Obligor</u>": (a) With respect to First Lien Loans, Obligors for which the Obligor Net Senior Leverage Ratio of the applicable Obligor with respect to such First Lien Loan is less than 4.75 to 1.00, and (b) with respect to First Lien Last Out Loans and Second Lien Loans, Obligors for which the Obligor Net Total Leverage Ratio of the applicable Obligor with respect to such First Lien Last Out Loan and Second Lien Loan is less than 5.75 to 1.00.

"<u>Tier 2 Obligor</u>": (a) With respect to First Lien Loans, Obligors for which the Obligor Net Senior Leverage Ratio of the applicable Obligor with respect to such First Lien Loan is less than 5.75 to 1.00, and (b) with respect to First Lien Last Out Loans and Second Lien Loans, Obligors for which the Obligor Net Total Leverage Ratio of the applicable Obligor with respect to such First Lien Last Out Loan and Second Lien Loan is less than 6.75 to 1.00.

"<u>Tier 3 Obligor</u>": (a) With respect to First Lien Loans, Obligors for which the Obligor Net Senior Leverage Ratio of the applicable Obligor with respect to such First Lien Loan is greater than or equal to 5.75 to 1.00; <u>provided</u> that any portion of a First Lien Loan causing the Obligor Net Senior Leverage Ratio of the applicable Obligor to be greater than or equal to 6.75 to 1.00, but less than 7.75 to 1.00, shall be treated as a Second Lien Loan for the purposes of determining the Advance Rate; <u>provided further</u> that, any portion of a First Lien Loan causing the Obligor Net Senior Leverage Ratio of the applicable Obligor to be greater than or equal to 7.75 to 1.00 shall be deemed to have an Assigned Value of zero ($0); and (b) with respect to First Lien Last Out Loans and Second Lien Loans, Obligors for which the Obligor Net Total Leverage Ratio of the applicable Obligor with respect to such First Lien Last Out Loan and Second Lien Loan is greater than or equal to 6.75 to 1.00; <u>provided</u> that any portion of a First Lien Last Out Loan or Second Lien Loan causing the Obligor Net Total Leverage Ratio of the applicable Obligor to be greater than or equal to 7.75 to 1.00 shall be deemed to have an Assigned Value of zero ($0).

"<u>Total Interest Coverage Ratio</u>": With respect to the Borrower, for the trailing four (4) consecutive Accrual Periods then ending, the ratio of (i) Borrower Interest Collections during such period *minus* all Senior Collateral Manager Fees and, unless waived by the Collateral Manager, Subordinated Collateral Manager Fees payable by Borrower during such period to (ii) Borrower Interest Expense for such period.

[KFIT] Loan and Security Agreement

"<u>Transaction</u>": The meaning specified in <u>Section 3.2</u>.

"<u>Transaction Documents</u>": This Agreement, the Sale Agreement, any Third Party Sale Agreement, the Account Control Agreement, the Pledge Agreement, the Fee Letter, the Collateral Management Agreement, the Collateral Administration Agreement, each Note, any Joinder Supplement, any Transferee Letter, any Assignment and Assumption and the Collateral Custodian Fee Letter.

"<u>Transferee Letter</u>": The meaning specified in <u>Section 12.16</u>.

"<u>Transferor</u>": KKR FS Income Trust, as seller of Loans to the Borrower; <u>provided</u> that if the Transferor enters into any merger, consolidation or amalgamation with or into a Permitted BDC, the Permitted BDC or any other successor entity formed by or surviving such merger, consolidation or amalgamation shall be the new Transferor so long as such successor entity assumes the rights and obligations of the outgoing Transferor concurrently with the consummation of such merger, consolidation or amalgamation.

"<u>UCC</u>": The Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or jurisdictions.

"<u>Unadjusted Benchmark Replacement</u>": The applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Uncertificated Security</u>": The meaning specified in Section 8-102(a)(l8) of the UCC.

"<u>Underlying Assets</u>": With respect to a Loan, any property or other assets designated and pledged as collateral to secure repayment of such Loan, including to the extent provided for in the relevant Underlying Instruments, a pledge of the stock, membership or other ownership interests in the related Obligor and all Proceeds from any sale or other disposition of such property or other assets.

"<u>Underlying Instruments</u>": The loan agreement, credit agreement, indenture or other agreement pursuant to which a Loan or Permitted Investment has been issued or created and each other agreement that governs the terms of or secures the obligations represented by such Loan or Permitted Investment or of which the holders of such Loan or Permitted Investment are the beneficiaries.

"<u>Unfunded Exposure Account</u>": A Securities Account created and maintained on the books and records of the Collateral Custodian (or any other party acceptable to the Administrative Agent in its sole discretion) entitled "Unfunded Exposure Account" in the name of the Borrower and subject to the prior Lien of the Administrative Agent for the benefit of the Secured Parties.

"<u>Unfunded Exposure Amount</u>": On any date of determination, with respect to any Loan, the aggregate amount (without duplication) of all (i) the Dollar Equivalent of unfunded commitments (which shall include all unfunded revolver commitments and unfunded portions of delayed draw term loans) and (ii) the Dollar Equivalent of all standby or contingent commitments associated with such Loan.

[KFIT] Loan and Security Agreement

"<u>Unfunded Exposure Equity Amount</u>": On any date of determination, with respect to any Loan, an amount equal to the product of (i) the Unfunded Exposure Amount with respect to such Loan and (ii) one (1) *minus* the Advance Rate applicable to such Loan if such Loan is an Eligible Loan.

"<u>Unfunded Exposure Shortfall</u>": The meaning specified in <u>Section 2.9(e)(iii)</u>.

"<u>United States</u>" or "<u>U.S.</u>": The United States of America.

"<u>Unrestricted Cash</u>": The meaning of "Unrestricted Cash" or any comparable definition in the Underlying Instruments for each Loan, and in any case that "Unrestricted Cash" or such comparable definition is not defined in such Underlying Instruments, all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular purposes or subject to any lien (other than blanket liens permitted under or granted in accordance with such Underlying Instruments), as reflected on the most recent financial statements of the relevant Obligor that have been delivered to the Borrower.

"<u>Unused Facility Amount</u>": At any time, (a) the Facility Amount *minus* (b) the Advances Outstanding at such time.

"<u>USA Patriot Act</u>": The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.

"<u>U.S. Government Securities Business Day</u>": Any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Special Resolution Regime</u>": Each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

"<u>U.S. Tax Person</u>": A "United States person" within the meaning of Section 7701(a)(30) of the Code.

"<u>Value Adjustment Event</u>": With respect to any Loan, the occurrence of any one or more of the following events after the related Funding Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the failure by the applicable Obligor to deliver (or if the Borrower or Collateral Manager fail to forward the same to the Administrative Agent) any financial statements (including audited and unaudited financial statements) as required by the Underlying Instruments; <u>provided</u> that (i) with respect to quarterly reports (including unaudited financial statements) required by the Underlying Instruments <u>(but only with respect to the first three fiscal quarters of each fiscal year of the Obligor)</u>, such financial statements shall be delivered no later than ninety (90) days after the end of the applicable fiscal quarter of such Obligor, and (ii) with respect to annual reports (including audited financial statements) required by the Underlying Instruments, such financial statements shall be delivered no later than one hundred eighty-five (185) days after the end of the applicable fiscal year of such Obligor (collectively, the "<u>Obligor Financial Statements</u>"); <u>provided</u> that the Administrative Agent may consent to an extension of any delivery date set forth in this <u>clause (a)</u> in its discretion (such date, an "<u>Extended Delivery Date</u>") and, if such consent has been provided, a Value Adjustment Event shall not occur unless the related Obligor Financial Statements have not been delivered by such Extended Delivery Date;

[KFIT] Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a default described in <u>clause (d)(ii)</u> of "Defaulted Loan" that has occurred and been continuing for less than twelve (12) months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the occurrence of a Material Modification with respect to such Loan.

For the avoidance of doubt, a Value Adjustment Event shall be deemed to have occurred on the earlier of the date that the Borrower or Collateral Manager have actual knowledge of the occurrence of the event giving rise to the Value Adjustment Event; <u>provided</u> that with respect to any Material Modification described in <u>clause (f)</u>, <u>(g)</u> or <u>(i)</u> of the definition thereof, so long as the Collateral Manager has complied with <u>Section 6.8(d)</u> with respect thereto, such Material Modification shall be deemed not to have occurred until the Administrative Agent shall have provided the Borrower and the Collateral Manager with notice (which may be by email) of the determination made in its reasonable discretion pursuant to the applicable clause of the definition of "Material Modification". Notwithstanding the foregoing, if the circumstances giving rise to a Value Adjustment Event are cured, as determined by the Administrative Agent in its sole discretion, the Borrower may request that the Administrative Agent deem (which determination shall be made in Administrative Agent's reasonable judgment) that such Value Adjustment Event shall no longer be in effect.

"<u>Value Adjustment Factor</u>": (i) With respect to a Value Adjustment Event of the type described in <u>clause (a)</u> in the definition thereof, initially, eighty-five percent (85%), and thereafter, such percentage shall be automatically further reduced by fifteen (15) percentage points for each thirty (30) calendar day period following the occurrence of such Value Adjustment Event during which the applicable Obligor Financial Statements remain outstanding, (ii) with respect to a Value Adjustment Event of the type described in <u>clause (b)</u> in the definition thereof, seventy-five percent (75%), or (iii) with respect to a Value Adjustment Event of the type described in <u>clause (c)</u> in the definition thereof, eighty-five percent (85%); <u>provided</u> that in determining the Assigned Value for any Loan following the occurrence of a Value Adjustment Event of the type described in <u>clauses (b)</u> or <u>(c)</u> (solely with respect to the Material Modification described in <u>clause (a)</u> in the definition thereof) in the definition thereof, the Value Adjustment Factor applicable to such Loan shall be automatically and immediately reduced to fifty percent (50%) of the otherwise applicable Value Adjustment Factor six (6) months following the occurrence of such Value Adjustment Event, and further reduced to zero percent (0%) twelve (12) months following the occurrence of such Value Adjustment Event. In addition, the Borrower shall have the right to request that the Administrative Agent consider assigning a higher Value Adjustment Factor to any Loan that has experienced a reduction to its Assigned Value following a Value Adjustment Event. Any such decision related to providing a higher Value Adjustment Factor shall be in the Administrative Agent's sole discretion.

[KFIT] Loan and Security Agreement

"<u>Warranty Loan</u>": Any Loan that fails to satisfy any criteria set forth in <u>clauses (ii)(f)</u>, <u>(ii)(r)</u>, <u>(ii)(s)</u>, <u>(ii)(gg)</u>, or <u>(ii)(nn)</u> (but only for failure to satisfy <u>clause (f)</u> and <u>(g)</u> of the definition of "Eligible Obligor") of the definition of "Eligible Loan" as of any date (except with respect to any such criteria that is explicitly stated to apply with respect solely to the date of acquisition of such Loan).

"<u>Weighted Average Advance Rate</u>": As of any date of determination with respect to all Eligible Loans included in the Borrowing Base, the amount obtained by (x) summing the products obtained by multiplying:

---

| | | |
|:---|:---|:---|
| The Advance Rate at such time applicable to each such Eligible Loan | X | The sum of (i) the Dollar Equivalent of the aggregate Adjusted Borrowing Value of such Eligible Loan *minus* (ii) the Dollar Equivalent of an amount equal to the Excess Concentration Amount attributable to such Eligible Loan |

---

and dividing such sum by (y) the sum of (i) the Dollar Equivalent of the aggregate Adjusted Borrowing Value of all Eligible Loans *minus* (ii) the Dollar Equivalent of an amount equal to the Excess Concentration Amount as of such date; <u>provided</u> that if the Borrowing Base contains fifteen (15) Eligible Loans or fewer that have an Assigned Value greater than zero (0), the Weighted Average Advance Rate shall not exceed 55.00%; <u>provided</u>, <u>further</u>, that for the purpose of determining the number of Eligible Loans for the purpose of the foregoing proviso, all Eligible Loans to a single Obligor shall be treated as one Eligible Loan.

"<u>Withdrawal Conditions</u>": The meaning specified in <u>Section 2.9(e)(i)</u>.

"<u>Withholding Agent</u>": Any FS/KKR Party and the Administrative Agent, or the Collateral Custodian to the extent required by Applicable Law.

"<u>Zero Coupon Obligation</u>": A debt obligation that does not bear interest for all or part of the period that it is outstanding or that provides for periodic payments in cash less frequently than semi-annually or that pays interest only at its stated maturity.

"<u>Zero Value Asset</u>": A Loan that (a) is no longer an Eligible Loan or (b) has an Assigned Value of zero.

Section 1.2 <u>Other Terms</u>.

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

[KFIT] Loan and Security Agreement

Section 1.3 <u>Computation of Time Periods</u>.

Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each mean "to but excluding."

Section 1.4 <u>Interpretation</u>.

In each Transaction Document, unless a contrary intention appears:

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

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

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

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

(e) reference to any time means New York, New
 York time;

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

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

(h) reference to any delivery or transfer to
 the Collateral Custodian with respect to the Collateral in this Agreement means delivery
 or transfer to the Collateral Custodian for the benefit of the Administrative Agent on behalf
 of the Secured Parties;

(i) for the purposes of calculating the Borrowing
 Base (including whether any Borrowing Base Deficiency exists), the Excess Concentration Amount,
 the Minimum Credit Enhancement Amount, and for the purposes of any other calculation required
 hereunder, the effect of the acquisition or disposition of Loans and Permitted Investments
 shall be calculated on a settlement date basis;

(j) all calculations performed by the Administrative
 Agent hereunder or under any Transaction Document shall be binding on the parties hereto
 and shall be deemed to be accurate, absent manifest error;

[KFIT] Loan and Security Agreement

(k) "including" means "including
 without limitation";

(l) references herein to the knowledge or actual
 knowledge of a Person shall mean, except as explicitly provided herein, the actual knowledge
 following reasonable inquiry under the circumstances of a Responsible Officer of such Person;

(m) for purposes of this Agreement, an Event
 of Default shall be deemed to be continuing until it is waived in accordance with <u>Section 12.1</u>;
 and

(n) multiple Loans of the same type to a single
 Obligor shall be treated as a single Loan.

Section 1.5 <u>Calculation of Borrowing Base</u>. In connection with amounts to be calculated for purposes of determining the Borrowing Base and generally preparing the Borrowing Base Certificate, all amounts shall be expressed in Dollars.

Section 1.6 <u>Rates</u>. The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Benchmark, any component definition thereof or rates referenced in the definition thereof or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Benchmark or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Benchmark Replacement Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of the Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Benchmark pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

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**ARTICLE II**

**THE NOTES**

Section 2.1 <u>The Notes</u>.

On the terms and conditions hereinafter set forth, the Borrower shall deliver, if requested by Administrative Agent or any Lender, (i) on the Effective Date, to each requesting Lender at the applicable address of such Lender on file with the Administrative Agent, and (ii) on the effective date of any Joinder Supplement, to each additional Lender requesting a Note, at the address set forth in the applicable Joinder Supplement, a duly executed promissory note in substantially the form of <u>Exhibit B</u> (each a "<u>Note</u>"), dated as of the date of this Agreement or the effective date of such Joinder Supplement (as applicable), each in a face amount equal to the applicable Lender's Commitment as of the Effective Date or the effective date of any Joinder Supplement, as applicable, and otherwise duly completed. Each Note shall evidence obligations in an amount equal, at any time, to the Advances Outstanding by such Lender under the applicable Note on such day.

Section 2.2 <u>Procedures for Advances by the Lenders</u>.

(a) Subject to the limitations set forth in this <u>Section 2.2</u>, the Borrower may, during the Revolving Period, request the Lenders
 to make advances of funds (each, a " <u>Loan Advance</u> ") by delivering to the
 Administrative Agent the information and documents set forth in this <u>Section 2.2</u> at the applicable times provided herein. Upon receipt of such information and documents,
 the Administrative Agent will provide notification to the Lenders with respect thereto.

(b) With respect to Advances, no later than 12:00
 p.m., one (1) U.S. Government Securities Business Day (or such shorter period as permitted
 by the Administrative Agent in its sole discretion, but not later than 12:00 p.m. on
 the date of the proposed Funding Date), prior to the proposed Funding Date, the Borrower
 shall deliver:

(i) to the Administrative Agent a wire disbursement and authorization form,
 to the extent not previously delivered; and

(ii) to the Administrative Agent and the Collateral Custodian a duly completed
 Funding Notice (including a duly completed Borrowing Base Certificate updated to the date
 such Advance is requested and giving pro forma effect to the Advance requested and the use
 of the proceeds thereof) which shall (a) specify the desired amount of such Advance,
 which amount shall not cause the Advances Outstanding to exceed the Availability and must
 be at least equal to $500,000 (or, in the case of any Advance to be applied to fund any draw
 under a Revolving Loan or Delayed Draw Loan, such lesser amount as may be required to fund
 such draw), to be allocated to each Lender in accordance with its Pro Rata Share, (b) specify
 the proposed Funding Date of such Advance, (c) [reserved], (d) specify the Loan(s) to
 be financed on such Funding Date (if any) (including the appropriate Obligor, Outstanding
 Balance, Assigned Value and Purchase Price for each Loan) and, with respect to any Revolving
 Loan or Delayed Draw Loan, the amount to be deposited in the Unfunded Exposure Account in
 connection with the acquisition of such Loan(s) pursuant to <u>Section 2.9(e)</u>,
 and with respect to any Pre-Funded Loan, the amount to be deposited in the Pre-Funded Loan
 Account for the purpose of funding such Pre-Funded Loan pursuant to <u>Section 2.9(h)</u>,
 (e) [reserved], and (f) include a representation that all conditions precedent
 for an Advance described in <u>Article III</u> hereof have been met. Each Funding Notice
 shall be irrevocable. If any Funding Notice is received by the Administrative Agent after
 12:00 p.m. or on a day that is not a Business Day, such Funding Notice shall be deemed
 to be received by the Administrative Agent at 9:00 a.m. on the next Business Day.

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(c) On the proposed Funding Date, subject to
 the limitations set forth in this <u>Section 2.2</u> and upon satisfaction of the applicable
 conditions set forth in <u>Article III</u>:

(i) each Lender shall make available to the Administrative Agent in same
 day funds, by no later than 12:00 p.m., an amount equal to such Lender's Pro Rata Share,
 of the least of (A) the amount requested by the Borrower for such Advance, (B) the
 aggregate unused Commitments then in effect and (C) the maximum amount that, after taking
 into account the proposed use of the proceeds of such Advance, could be advanced to the Borrower
 hereunder without causing the Advances Outstanding to exceed the Availability;

(ii) upon receipt of the amounts described in <u>clause (i)</u>, the Administrative
 Agent shall promptly fund such amounts by wire transfer to the Operating Account or such
 other account designated by the Borrower in the applicable Funding Notice given pursuant
 to this <u>Section 2.2</u>; and

(iii) notwithstanding <u>clauses (i)</u> and <u>(ii)</u> of this <u>Section 2.2(c)</u> with respect to the funding of the initial Advance hereunder
 on the Effective Date (if any), the Lenders and the Administrative Agent may, at the option
 of the Borrower, net any fees and reimbursable expenses owing to it on the Effective Date
 (as set forth in the executed closing statement) from the amount funded by the Lenders to
 the Administrative Agent pursuant to <u>clause (i)</u> and/or the amount of such Advance
 funded by the Administrative Agent to the Borrower pursuant to <u>clause (ii)</u>.

(d) On each Funding Date, the obligation of each
 Lender to remit its Pro Rata Share of any Loan Advance shall be several from that of each
 other Lender and the failure of any Lender to so make such amount available to the Borrower
 shall not relieve any other Lender of its obligation hereunder. Notwithstanding anything
 to the contrary herein, no Lender shall be obligated to make any Loan Advance on or after
 the earlier to occur of the Revolving Period End Date or the Termination Date <u>except as provided in Section 2.2(e)</u>.

(e) Notwithstanding anything to the contrary
 herein, upon the occurrence of the earlier of (i) an Event of Default or (ii) the
 Revolving Period End Date, if the amount on deposit in the Unfunded Exposure Account is less
 than the Aggregate Unfunded Exposure Amount, the Administrative Agent (x) may, in the
 case of the occurrence and during the continuance of an Event of Default or (y) shall
 in the case of the occurrence of the Revolving Period End Date, on behalf of the Borrower,
 request an Advance in the amount of such shortfall (the " <u>Exposure Amount Shortfall</u> ").
 Following receipt of such request, the Lenders shall fund such Exposure Amount Shortfall
 in accordance with <u>Section 2.2(b)</u>, notwithstanding anything to the contrary herein
 (including the Borrower's failure to satisfy any of the conditions precedent set forth
 in <u>Section 3.2</u>), except that no Lender shall make any Advance to the extent that,
 after giving effect to such Advance, the Advances Outstanding would exceed the Availability.

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Section 2.3 <u>Principal Repayments</u>.

(a) The Borrower shall be entitled at its option,
 at any time, to repay the Advances Outstanding; provided that (i) the Borrower shall
 give prior written notice of such repayment in the form of <u>Exhibit A-2</u> to the
 Administrative Agent (with a copy to the Collateral Custodian) by at least (A) 12:00
 p.m. on the date of such repayment and (ii) any repayment of Advances Outstanding
 (other than with respect to repayments of Advances Outstanding made by the Borrower to reduce
 a Borrowing Base Deficiency to zero) shall be in a minimum amount of $500,000 (other than
 any such partial repayment of Advances Outstanding which is funded (A) solely with proceeds
 from the repayment of a Revolving Loan or (B) solely with amounts otherwise distributable
 to the Borrower under <u>Section 2.7(a)(17)</u>, <u>Section 2.7(b)(5)</u> or <u>Section 2.8(12)</u>). In connection with any such repayment of Advances Outstanding,
 the Borrower shall deliver to the Administrative Agent (with a copy to the Collateral Custodian)
 by 1:00 p.m. (1) instructions to repay such Advances Outstanding and (2) funds
 sufficient to repay such Advances Outstanding together with all accrued Interest, but only
 to the extent such accrued Interest are requested with such repayment by the applicable Lender; <u>provided</u> that, the Advances Outstanding will not be repaid unless sufficient funds
 have been remitted to pay all such amounts in the succeeding sentence in full. The Administrative
 Agent shall apply amounts received from the Borrower pursuant to this <u>Section 2.3(a)</u> to
 the pro rata repayment of the Advances Outstanding and to the payment of accrued Interest
 on the amount of the Advances Outstanding to be repaid. Any amount so repaid may, subject
 to the terms and conditions hereof, be reborrowed during the Revolving Period. Any Repayment
 Notice relating to any repayment pursuant to this Section 2.3(a) shall be irrevocable.
 Upon receipt of any notice or instructions from the Borrower pursuant to this <u>Section 2.3(a)</u>,
 the Administrative Agent will provide notification to the Lenders with respect thereto.

(b) Unless sooner prepaid pursuant to the terms
 hereof, the Advances Outstanding shall be repaid in full on the Termination Date or on such
 later date as is agreed to in writing by the Borrower, the Administrative Agent and each
 of the Lenders.

Section 2.4 <u>Determination of Interest</u>.

The Administrative Agent shall calculate and determine the Interest (including unpaid Interest related thereto, if any, due and payable on a prior Payment Date and the Benchmark) to be paid by the Borrower on each Payment Date for the related Accrual Period and shall advise the Borrower and the Collateral Administrator thereof no later than the third Business Day prior to such Payment Date.

Section 2.5 <u>Notations on Notes</u>.

Each Lender is hereby authorized to enter on a schedule attached to the Note with respect to such Lender, as applicable, a notation (which may be computer generated) or to otherwise record in its internal books and records or computer system with respect to each Advance made by the applicable Lender of (a) the date and principal amount thereof and (b) each payment and repayment of principal thereof. Any such recordation shall, absent manifest error, constitute prima facie evidence of the Advances Outstanding, as applicable, under such Note. The failure of any Lender to make any such notation on the schedule attached to the applicable Note shall not limit or otherwise affect the obligation of the Borrower to repay the Advances in accordance with the terms set forth herein.

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Section 2.6 <u>Reduction of Borrowing Base Deficiency</u>.

Any Borrowing Base Deficiency may be reduced to zero by the Borrower taking one or more of the following actions which, after giving effect thereto, cause the aggregate Advances Outstanding to not exceed Availability at such time:

(i) posting cash collateral in Dollars to the Principal Collection Account
 (including the transfer of any amounts from the Operating Account to the Principal Collection
 Account and redesignation thereof as Principal Collections by written notice to the Administrative
 Agent and Collateral Custodian);

(ii) repaying Advances Outstanding in accordance with <u>Section 2.3(a)</u>;
 and

(iii) posting additional Eligible Loans as Collateral.

Section 2.7 <u>Settlement Procedures</u>.

(a) <u>Interest Collections</u>. On each Payment
 Date, so long as no Event of Default has occurred and is continuing, the Borrower shall direct
 the Collateral Custodian (which direction shall be deemed given upon receipt by the Collateral
 Custodian of the related Payment Date Report) to pay pursuant to the latest Payment Date
 Report (and the Collateral Custodian shall make payment from the Interest Collection Account
 to the extent of Available Funds, in reliance on the information set forth in such Payment
 Date Report) to the following Persons, the following amounts in the following order of priority:

(1) to the Borrower (or, at the Borrower's election and with prior
 written notice to the Administrative Agent, to its direct or indirect equity holders), in
 respect of Taxes (but excluding all Taxes imposed on net income), registration and filing
 fees then due and owing by the Borrower (or its direct and indirect equity holders) that
 are attributable solely to the operations of the Borrower; provided that amounts payable
 with respect to Taxes, registration and filing fees pursuant to this clause (1) during
 any one year shall not, individually or in the aggregate, exceed 4.00% of the Borrower's
 taxable income for such year;

(2) first, to the Collateral Custodian, the Collateral Administrator and
 the Securities Intermediary, pro rata, in an amount equal to any accrued and unpaid Collateral
 Custodian Fees, and second, to the Collateral Manager, in an amount equal to all reasonable
 and necessary out-of-pocket costs and expenses of the Collateral Manager incurred in connection
 with any sale of Collateral, not to exceed $75,000 in the aggregate during any calendar year;

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(3) to pay regular scheduled payments, any fees and reasonable and necessary
 expenses incurred under any hedge agreement, not to exceed $75,000 in the aggregate per calendar
 year and, during the Revolving Period, to the payment of any hedge breakage or termination
 costs owed by the Borrower not to exceed $75,000 in the aggregate per calendar year;

(4) [reserved];

(5) to the Collateral Manager, *first*, to pay any accrued and unpaid
 Senior Collateral Manager Fees, and, *second*, to pay all documented fees and expenses
 of the Collateral Manager (including reasonable attorney's fees, costs and expenses),
 in each case in an aggregate amount with respect to such documented fees and expenses in
 any rolling 12-month period not to exceed $75,000;

(6) to the Administrative Agent, in an amount equal to any accrued and unpaid
 fees, expenses and indemnities set forth in the Transaction Documents;

(7) *to the Administrative Agent to be distributed pro rata* to each
 Lender, in an amount equal to (a) any accrued and unpaid Interest with respect to Advances
 made by such Lender and (b) any accrued and unpaid Non-Usage Fee (such Non-Usage Fee
 to be allocated based on the unused Commitment of each Lender);

(8) *to make a RIC Tax Distribution to the Transferor*;

(9) *if a Borrowing Base Deficiency exists, to the Administrative Agent to be distributed pro rata* to each Lender to repay Advances, in an amount necessary to
 reduce the Borrowing Base Deficiency to zero;

(10) *to the Collateral Manager to pay out-of-pocket costs and expenses of the Collateral Manager not paid pursuant to <u>clause (2)</u> above;* 

(11) *to Administrative Agent, to be distributed to the affected Lenders, any amounts accrued and unpaid in respect of Increased Costs and Taxes;* 

(12) *to the Administrative Agent, to be distributed to the Administrative Agent and each applicable Lender*, to pay all other Administrative Expenses of the Administrative
 Agent and the Lenders, as applicable;

(13) (a) during the Revolving Period, to fund the Unfunded Exposure
 Account in an amount necessary to cause all amounts in the Unfunded Exposure Account to equal
 the Aggregate Unfunded Exposure Equity Amount, or (b) after the Revolving Period, to
 fund the Unfunded Exposure Account in an amount necessary to cause the amounts in the Unfunded
 Exposure Account to equal the Aggregate Unfunded Exposure Amount;

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(14) *to the Administrative Agent to be distributed* to the Administrative
 Agent, any applicable Lender, the Collateral Custodian, the Collateral Administrator, the
 Securities Intermediary, the Indemnified Parties, or the Secured Parties, as applicable, *all other fees and* amounts then due and owing, including any unpaid Administrative
 Expenses or Collateral Custodian Fees, any amounts accrued and unpaid under the Fee Letter, Increased
 Costs, Taxes, indemnities, but other than the principal of Advances Outstanding, then due
 under this Agreement, including, without limitation, any other Obligations;

(15) to the Collateral Manager, to pay any accrued and unpaid Subordinated
 Collateral Manager Fees;

(16) during the Revolving Period, to be distributed at the discretion of
 the Collateral Manager (i) to the Principal Collection Account to be used (on such Payment
 Date or maintained in the Principal Collection Account for such use) with respect to any
 Reinvestment of Principal Collections and the acquisition of Loans as permitted by this Agreement,
 (ii) to repay the Advances Outstanding or (iii) to reimburse the Collateral Manager
 for any unreimbursed amounts paid by the Collateral Manager on the Borrower's behalf
 pursuant to this Agreement, to the extent not otherwise reimbursed hereunder; <u>provided</u> that any Available Funds in the Interest Collection Account not distributed or maintained
 pursuant to this clause (16) shall, on such Payment Date, be distributed in accordance with
 the remainder of this <u>Section 2.7(a)</u>; and

(17) any remaining amounts shall be distributed (i) if a Default (about
 which notice has been given to the Borrower or the Borrower otherwise has knowledge thereof)
 has occurred and is continuing, to the Interest Collection Account, or (ii) otherwise,
 to the Operating Account or as otherwise directed by the Borrower, which amounts may be used
 by the Borrower to make Restricted Payments or for any other purpose permitted hereunder.

(b) <u>Principal Collections</u>. On each Payment
 Date, so long as no Event of Default has occurred and is continuing, the Borrower shall direct
 (which direction shall be deemed given upon receipt by the Collateral Custodian of the related
 Payment Date Report) the Collateral Custodian to pay pursuant to the latest Payment Date
 Report (and the Collateral Custodian shall make payment from the Principal Collection Account
 to the extent of Available Funds, in reliance on the information set forth in such Payment
 Date Report) to the following Persons, the following amounts in the following order of priority:

(1) to the extent not paid pursuant to <u>Section 2.7(a)</u>, to the
 applicable Person, in the order of priority set forth in <u>Section 2.7(a)</u>, such
 amounts payable pursuant to <u>clauses (1)</u> through <u>(14)</u> thereof;

(2) during the Revolving Period, to be distributed at the discretion of the
 Borrower (i) to be used (on such Payment Date or maintained in the Principal Collection
 Account for such use) with respect to any Reinvestment of Principal Collections and the acquisition
 of Loans as permitted by this Agreement or (ii) to repay the Advances Outstanding; <u>provided</u> that any Available Funds in the Principal Collection Account not distributed (or maintained)
 pursuant to this clause (2) shall, on such Payment Date, be distributed in accordance
 with the remainder of this <u>Section 2.7(b)</u>;

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(3) to the extent not paid pursuant to <u>Section 2.7(a)</u>, to the
 applicable Person, in the order of priority set forth in <u>Section 2.7(a)</u>, such
 amounts payable pursuant to <u>clauses (15)</u> through <u>(16)</u> thereof;

(4) after the Revolving Period End Date, to the Administrative Agent to be
 distributed *pro rata* to the Lenders to repay the Advances until paid in full; and

(5) any remaining amounts shall be distributed (i) if a Default (about
 which notice has been given to the Borrower or the Borrower otherwise has knowledge thereof)
 has occurred and is continuing, to the Interest Collection Account, or (ii) otherwise,
 to the Operating Account or as otherwise directed by the Borrower.

Section 2.8 <u>Alternate Settlement Procedures</u>.

On any Business Day (a) following the occurrence of and during the continuation of an Event of Default or (b) following the declaration of the occurrence, or the deemed occurrence, as applicable, of the Termination Date pursuant to <u>Section 9.2(a)</u>, at the request of the Administrative Agent in its sole discretion, the Borrower (or, after delivery of a Notice of Exclusive Control, the Administrative Agent) shall direct (which direction shall be deemed given upon receipt by the Collateral Custodian of the related Payment Date Report) the Collateral Custodian to pay pursuant to the latest Payment Date Report or such other direction as may be timely given by Administrative Agent (and the Collateral Custodian shall make payment from the Collection Account to the extent of Available Funds and the Operating Account, in reliance on the information set forth in such Payment Date Report or such other direction) to the following Persons, the following amounts in the following order of priority:

(1) to the Borrower, in respect of Taxes (but excluding all Taxes imposed
 on net income), registration and filing fees then due and owing by the Borrower (or its direct
 and indirect equity holders) that are attributable solely to the operations of the Borrower; <u>provided</u> that amounts payable with respect to Taxes, registration and filing fees
 pursuant to this <u>clause (1)</u> during any one year shall not, individually or in
 the aggregate, exceed 4.00% of the Borrower's taxable income for such year, as computed
 for purposes of the New York City unincorporated business tax;

(2) *first*, to the Collateral Custodian, the Collateral Administrator
 and the Securities Intermediary pro, rata, in an amount equal to any accrued and unpaid Collateral
 Custodian Fees, and *second*, to the Collateral Manager, in an amount equal to all reasonable
 and necessary out-of-pocket costs and expenses of the Collateral Manager incurred in connection
 with any sale of Collateral, not to exceed $75,000 in the aggregate during any calendar year;

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(3) to pay regular scheduled payments, any fees and reasonable and necessary
 expenses incurred under any hedge agreement, not to exceed $75,000 in the aggregate per calendar
 year and, during the Revolving Period, to the payment of any hedge breakage or termination
 costs owed by the Borrower not to exceed $75,000 in the aggregate per calendar year;

(4) to the Collateral Manager, *first*, to pay any accrued and unpaid
 Senior Collateral Manager Fees and, *second*, to pay all documented fees and expenses
 of the Collateral Manager (including reasonable attorney's fees, costs and expenses),
 in each case in an aggregate amount with respect to such documented fees and expenses in
 any rolling 12-month period not to exceed $75,000;

(5) to the Administrative Agent, in an amount equal to any accrued and unpaid
 fees, expenses and indemnities set forth in the Transaction Documents;

(6) *to the Administrative Agent to be distributed pro rata* to each
 Lender, in an amount equal to any accrued and unpaid Non-Usage Fee (such Non-Usage Fee to
 be allocated based on the unused Commitment of each Lender);

(7) to the Administrative Agent to be distributed *pro* rata to the
 Lenders to repay any accrued and unpaid Interest with respect to Advances made by such Lenders;

(8) *to the Administrative Agent to be distributed pro rata* to the
 Lenders to repay the principal on the Advances Outstanding of such Lenders *;* 

(9) *to make a RIC Tax Distribution to the Transferor;* 

(10) *to the Administrative Agent to be distributed t* o the Administrative
 Agent, any applicable Lender, the Collateral Custodian, the Securities Intermediary, the
 Collateral Administrator, the Indemnified Parties, or the Secured Parties, as applicable,
 all other fees and amounts, including any unpaid Administrative Expenses or Collateral Custodian
 Fees, any amounts accrued and unpaid under the Fee Letter, Increased Costs, Taxes, and
 indemnities, but other than the principal of Advances Outstanding, then due under this Agreement;

(11) to the Collateral Manager, to pay any accrued and unpaid Subordinated
 Collateral Manager Fees; and

(12) to the extent the Obligations have been paid in full, any remaining
 amounts shall be distributed to the Operating Account or as otherwise directed by the Borrower.

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Section 2.9 <u>Collections and Allocations</u>.

(a) <u>Collections</u>. The Borrower shall promptly
 identify any Collections received as being on account of Interest Collections or Principal
 Collections and shall transfer, or cause to be transferred, all Collections received directly
 by it to the appropriate Account within two (2) Business Days (or, with respect to any
 Effective Date Participation Interest and in the case of any such Collections received prior
 to the date that is sixty (60) days after the Effective Date, within ten (10) Business
 Days) after such Collections are received in accordance with <u>Section 5.1(f)</u>.
 Upon the transfer of Collections to the relevant Account, the Borrower shall segregate Principal
 Collections and Interest Collections and transfer the same in accordance with <u>Section 5.1(f)</u>.
 On each Reporting Date, the Collateral Manager (on behalf of the Borrower) shall further
 include a statement in the Borrowing Base Certificate delivered pursuant to <u>Section 5.1(t)</u> as
 to the amount and type (whether Principal Collections, Interest Collections or other
 Collections) of all Collections received since the prior Reporting Date, all Principal Collections
 and Interest Collections on deposit as of such Reporting Date and a detailed aging of each
 Loan.

<u>(b)</u> <u>Withdrawals.</u> 

<u>(i)</u> (b) <u>Excluded Amounts</u>. The Borrower may withdraw from the Collection Account any deposits thereto constituting Excluded Amounts, provided that
the Borrower shall, concurrently with such withdrawal, deliver to the Administrative Agent and each Lender a report setting forth the
calculation of such Excluded Amounts in form and substance reasonably satisfactory to the Administrative Agent.

<u>(ii)</u> <u>Quarterly Disbursement of Collections to the Borrower. Not more than once during each calendar quarter during the Revolving Period, so long as no Default or Event of Default has occurred and is continuing or would result therefrom, the Borrower may, on any Business Day (other than any date following the end of an Accrual Period but prior to or including the related Payment Date in respect of such Accrual Period), submit a Quarterly Collections Disbursement Request to the Administrative Agent requesting that the Administrative Agent approve in writing the disbursement to the Operating Account of some or all of the Collections on deposit in the Principal Collection Account and/or Excess Interest Collections as of such date (a "Quarterly Collections Disbursement"), which Quarterly Collections Disbursement Request must be submitted with (i) a Borrowing Base Certificate, dated as of the date of such Quarterly Collections Disbursement Request and updated with data as of the applicable Measurement Date for such Borrowing Base Certificate, which evidences that no Borrowing Base Deficiency exists or would result therefrom, (ii) a certification that no Default or Event of Default has occurred or is continuing or would result from such requested Quarterly Collections Disbursement, and (iii) if such Quarterly Collections Disbursement Request includes a request to release any Excess Interest Collections, a calculation (certified by the Borrower) demonstrating the positive difference between the Current and Projected Interest Collections and the Excess Interest Collection Coverage Amount (including, in each case, a detailed calculation of each component thereof) together with such information reasonably requested by the Administrative Agent to verify such calculations. So long as such conditions are met, the Administrative Agent agrees to, upon receipt thereof, approve in writing (with a copy to the Collateral Custodian) the Borrower's transmission of such Quarterly Collections Disbursement within two (2) Business Days of the submission of such Quarterly Collections Disbursement Request and all certifications, calculations and information required by this Section 2.9(b)(ii); provided, that if, on the Payment Date immediately following any Quarterly Collections Disbursement that includes Excess Interest Collections, the Available Funds in the Interest Collection Account were not sufficient to pay all amounts required to be paid pursuant Sections 2.7(a)(1) through (14) on such Payment Date, the approval of any future Quarterly Collections Disbursement that includes Excess Interest Collections (but, for the avoidance of doubt, not any Quarterly Collections Disbursement consisting solely of Collections in the Principal Collection Account) shall be in the Administrative Agent's sole discretion. Upon receipt of such approval from the Administrative Agent, the Collateral Custodian is directed to release funds from the Principal Collection Account and/or Interest Collection Account (as applicable) to the Operating Account in the amount set forth in the Quarterly Collections Disbursement Request. For the avoidance of doubt, neither the Borrower nor the Collateral Custodian shall distribute or transmit any Collections from the Principal Collection Account or Interest Collections Account pursuant to this Section 2.9(b)(ii) prior to receipt of the written approval of the Administrative Agent.</u> 

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(c) <u>Initial Deposits</u>. On the Funding Date
 with respect to any Loan, the Borrower will deposit into the Collection Account all Collections,
 if any, received on or before such Funding Date in respect of Loans being transferred to
 and included as part of the Collateral on such date.

(d) <u>Investment of Funds</u>. Until the occurrence
 of an Event of Default, to the extent there are uninvested amounts deposited in the Accounts
 (other than the Pre-Funded Loan Account, where amounts on deposit therein shall remain uninvested),
 all such amounts shall be invested as fully as practicable in the Standby Directed Investment,
 or such other Permitted Investments selected by the Borrower (or pursuant to standing instructions
 provided by the Borrower); <u>provided</u> that, from and after the occurrence of an Event
 of Default, to the extent there are uninvested amounts in the Accounts, all such amounts
 shall be invested as fully as practicable in the Standby Directed Investment, or such other
 Permitted Investments selected by the Administrative Agent (which may be standing instructions).
 Should the Standby Directed Investment (or any such specific Permitted Investment) be unavailable,
 and in the absence of another proper investment instruction, the Borrower and the Administrative
 Agent, as applicable, hereby direct that all such amounts be held uninvested. All earnings
 (net of losses and investment expenses) thereon shall be retained or deposited into the applicable
 Account and shall be applied as Collections on each Payment Date pursuant to the provisions
 of <u>Section 2.7</u> and <u>Section 2.8</u> (as applicable).

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(e) <u>Unfunded Exposure Account</u>.

(i) The Borrower shall not acquire any Delayed Draw Loan or Revolving Loan
 unless, in each case, immediately after giving effect to such acquisition or issuance, the
 Borrower shall deposit an amount equal to the Required Funding Amount with respect to such
 Delayed Draw Loan or Revolving Loan, as applicable, into the Unfunded Exposure Account. Subject
 to the satisfaction of the Withdrawal Conditions, amounts on deposit in the Unfunded Exposure
 Account may be withdrawn by the Borrower (x) to fund any draw requests of the relevant
 Obligors under any Revolving Loan or Delayed Draw Loan or (y) to make a deposit into
 the Principal Collections Account. Any such withdrawal will be subject to the following conditions
 (the " <u>Withdrawal Conditions</u> "):

(1) after giving effect to any such withdrawal under clause (x) above,
 no Borrowing Base Deficiency exists; and

(2) after giving effect to any such withdrawal under clause (x) or (y) above,
 the aggregate amount on deposit in the Unfunded Exposure Account is equal to or greater than
 the aggregate Required Funding Amount with respect to all Loans included in the Collateral.

(ii) Any draw request made by an Obligor under a Revolving Loan or Delayed
 Draw Loan, along with wiring instructions for the applicable Obligor, shall be forwarded
 by the Borrower to the Collateral Custodian (with a copy to the Administrative Agent and
 the Collateral Administrator) along with an instruction to the Collateral Custodian to withdraw
 the applicable amount from the Unfunded Exposure Account and a certification that the conditions
 to fund such draw are satisfied, and the Collateral Custodian shall fund such draw request
 in accordance with such instructions from the Borrower.

(iii) If the Borrower shall receive any Principal Collections from an Obligor
 with respect to a Revolving Loan and, as of the date of such receipt (and after taking into
 account such repayment), the aggregate amount on deposit in the Unfunded Exposure Account
 is less than the aggregate Required Funding Amount with respect to all Loans included in
 the Collateral (the amount of such shortfall, in each case, the " <u>Unfunded Exposure Shortfall</u> "), the Collateral Custodian shall deposit into the Unfunded Exposure
 Account an amount of such Principal Collections equal to the lesser of (a) the aggregate
 amount of such Principal Collections and (b) the Unfunded Exposure Shortfall as directed
 by the Borrower (or Collateral Manager on its behalf).

(f) <u>Operating Account</u>. At any time, so
 long as no Default or Event of Default has occurred and is continuing or would result therefrom,
 the Borrower may cause any amounts on deposit in the Operating Account to be disbursed at
 the discretion of the Borrower. For the avoidance of doubt, the Borrower may use the proceeds
 of Advances on deposit in the Operating Account for the purpose of acquiring Loans to be
 pledged as Collateral by the Borrower hereunder subject, in each case, to the satisfaction
 of the requirements set forth in <u>Section 3.2</u>. If an Event of Default has occurred
 and is continuing, any amounts in the Operating Account shall be available for application
 in accordance with <u>Section 2.8</u>.

[KFIT] Loan and Security Agreement

(g) <u>Limitation on Transfers</u>. Except as
 set forth in <u>Sections 2.7</u>, <u>2.8</u>, <u>2.9(b)</u> and <u>2.14</u>, neither
 the Borrower nor the Collateral Manager shall withdraw or order a transfer of funds from
 the Interest Collection Account or the Principal Collection Account, and the Collateral Custodian
 shall not comply with an order or direction from the Borrower or the Collateral Manager to
 withdraw or transfer funds from the Interest Collection Account or the Principal Collection
 Account, in any case, without the prior written consent of the Administrative Agent, which
 consent may be given at the Administrative Agent's sole discretion. On each Payment
 Date, amounts in the Interest Collection Account and the Principal Collection Account shall
 be applied to make the payments and disbursements described in <u>Section 2.7</u> or <u>2.8</u>, as applicable. For the avoidance of doubt, neither the Borrower nor the Collateral
 Manager will instruct, nor will the Collateral Custodian permit, any release of funds from
 the Interest Collection Account or the Principal Collection Account except in accordance
 with this <u>Section 2.9(g)</u>.

(h) <u>Pre-Funded Loan Account</u>. The Borrower may withdraw funds on deposit in the Pre-Funded Loan Account
 to fund Pre-Funded Loans; <u>provided</u> that (i) no funds shall be disbursed from
 the Pre-Funded Loan Account prior to the closing date of the applicable Eligible Loan, (ii) any
 Disbursement Request shall identify the Eligible Loan to be acquired by the Borrower and
 shall include wiring instructions with respect to the Pre-Funded Loan, and such Disbursement
 Request shall be forwarded by the Borrower to the Collateral Custodian (with a copy to the
 Administrative Agent and the Document
 Custodian) no later than 12:00 p.m. on the applicable disbursement date,
 and the Borrower shall instruct the Collateral Custodian to fund such draw request in accordance
 with such Disbursement Request, (iii) the Borrower shall have deposited in the Pre-Funded
 Loan Account (and, for the avoidance of doubt, such funds shall at such time remain in the
 Pre-Funded Loan Account) an amount equal to (x) the aggregate consideration to be paid
 by the Borrower for the acquisition of such Pre-Funded Loan <u>minus</u> (y) the aggregate
 amount of the Loan Advances then on deposit
 in the Pre-Funded Loan Account in respect of such Pre-Funded Loan and (iv) no Event
 of Default has occurred before or after giving effect to such disbursement of proceeds from
 the Pre-Funded Loan Account. Upon the satisfaction of the applicable conditions set forth
 in this <u>Section 2.9(h)</u> (as certified by the Borrower to the Administrative
 Agent and the Collateral Custodian), the Collateral Custodian will release funds from the
 Pre-Funded Loan Account to the Borrower in an amount not to exceed the lesser of (A) the
 amount requested by the Borrower and (B) the amount on deposit in the Pre-Funded Loan
 Account on such day. At any time, the Borrower (or, after delivery of Notice of Exclusive
 Control, the Administrative Agent) may, and in the case that such amounts are the proceeds
 of Loan Advances that remain on deposit
 for longer than three (3) Business Days, upon the direction of the Administrative Agent
 in its sole discretion, shall, cause any amounts on deposit in the Pre-Funded Loan Account
 (x) that are the proceeds of Loan Advances
 to be deposited into the Principal Collection Account as Principal Collections and (y) that
 were funded to the Pre-Funded Loan Account by the Borrower, the Transferor or their Affiliates
 in respect of a Pre-Funded Loan the acquisition of which was not consummated by the Borrower
 in such three (3) Business Day period to be disbursed to the Operating Account or otherwise
 as directed by the Borrower.

[KFIT] Loan and Security Agreement

Section 2.10 <u>Payments, Computations, Etc.</u>

(a) Unless otherwise expressly provided herein,
 all amounts to be paid or deposited by the Borrower to the Administrative Agent or the other
 Secured Parties hereunder shall be paid or deposited in accordance with the terms hereof
 no later than 1:00 p.m. on the day when due in lawful money of the United States in
 immediately available funds and any amount not received before such time shall be deemed
 received on the next Business Day. The Borrower shall, to the extent permitted by law, pay
 to the Secured Parties interest on all amounts not paid or deposited when due hereunder at
 the Interest Rate applicable during an Event of Default, payable on demand; <u>provided</u> that such interest rate shall not at any time exceed the maximum rate permitted by Applicable
 Law. Such interest shall be for the account of the applicable Secured Party. All computations
 of interest and other fees hereunder shall be made on the basis of a year consisting of 360
 days (other than calculations with respect to the Base Rate, which shall be based on a year
 consisting of 365 or 366 days) for the actual number of days elapsed.

(b) Whenever any payment hereunder shall be stated
 to be due on a day other than a Business Day, such payment shall be made on the next succeeding
 Business Day, and such extension of time shall in such case be included in the computation
 of the payment of Interest or any fee payable hereunder, as the case may be. To the extent
 that Available Funds are insufficient on any Payment Date to satisfy the full amount of any
 Increased Costs pursuant to <u>Section 2.12</u>, such unpaid amounts shall remain due
 and owing and shall accrue interest at the Interest Rate until repaid in full.

(c) If any Advance requested by the Borrower
 is not effectuated as a result of the Borrower's actions or failure to fulfill any
 condition under <u>Section 3.2</u> applicable to the Borrower, as the case may be, on
 the date specified therefor, the Borrower shall indemnify the applicable Lender against any
 reasonable loss, cost or expense incurred by the applicable Lender, including any loss, cost
 or expense incurred by reason of the liquidation or reemployment of deposits or other funds
 acquired by the applicable Lender to fund or maintain such Advance.

(d) If at any time after the Effective Date,
 the Advances Outstanding hereunder are not allocated among the Lenders in accordance with
 their respective Pro Rata Shares, the Lenders agree to make such purchases and sales of interests
 in the Advances Outstanding between themselves so that each Lender is then holding its relevant
 Pro Rata Share of Advances Outstanding based on their Commitments at such time (such purchases
 and sales shall be arranged through the Administrative Agent and each Lender hereby agrees
 to execute such further instruments and documents, if any, as the Administrative Agent may
 reasonably request in connection therewith), with all subsequent extensions of credit under
 this Agreement to be made in accordance with the respective Pro Rata Shares, of the Lenders
 from time to time party to this Agreement as provided herein.

(e) In the event the Collateral Custodian receives
 instructions from the Collateral Manager or the Borrower which conflict with any instruction
 received by the Administrative Agent, the Collateral Custodian shall rely on and follow the
 instructions given by the Administrative Agent.

[KFIT] Loan and Security Agreement

Section 2.11 <u>Fees</u>.

(a) The Collateral Custodian, Collateral Administrator
 and Securities Intermediary shall be entitled to receive the Collateral Custodian Fee in
 accordance with <u>Sections 2.7(a)(2)</u>, <u>2.7(b)(1)</u> and <u>2.8(2)</u>,
 as applicable.

(b) On each Payment Date during the Revolving
 Period and, if applicable, the Payment Date immediately after the end of the Revolving Period,
 the Borrower shall pay to the Administrative Agent, for the benefit of the Lenders, the allocated
 portion (based on the unused Commitment of each Lender) of the Non-Usage Fee.

Section 2.12 <u>Increased Costs; Capital Adequacy; Illegality</u>.

(a) If either (i) the introduction of or
 any change (including any change by way of imposition or increase of reserve requirements)
 in or in the interpretation of any Applicable Law or (ii) the compliance by an Indemnified
 Party with any guideline or request from any central bank or other Governmental Authority
 (whether or not having the force of law), shall (a) subject an Indemnified Party to
 any Tax or increased Tax of any kind whatsoever (other than (A) Non-Excluded Taxes that
 are covered under <u>Section 2.13(a)</u>, (B) Excluded Taxes to the extent described
 in clauses (B), (C) or (D) of the definition of "Non-Excluded Taxes",
 and (C) Connection Income Taxes) with respect to this Agreement or change the basis
 of taxation of payments to the Lender in respect thereof with respect to its interest in
 the Collateral, or any right or obligation to make Advances hereunder, or on any payment
 made hereunder, (b) impose, modify or deem applicable any reserve requirement (including
 any reserve requirement imposed by the Board of Governors of the Federal Reserve System,
 but excluding any reserve requirement, if any, included in the determination of Interest),
 special deposit or similar requirement against assets of, deposits with or for the amount
 of, or credit extended by, any Indemnified Party or (c) impose any other condition affecting
 the ownership interest in the Collateral conveyed to the Secured Parties hereunder or any
 Indemnified Party's rights hereunder or under any other Transaction Document, the result
 of which is to increase the cost to any Indemnified Party or to reduce the amount of any
 sum received or receivable by an Indemnified Party under this Agreement or under any other
 Transaction Document, and in each case such Indemnified Party has made a similar determination
 with respect to other facilities similarly situated other than for the reason of identifiable
 legal differences between such facilities, then on the Payment Date following demand by such
 Indemnified Party (which demand shall be accompanied by a statement setting forth the basis
 for such demand), and in any case the Borrower shall pay directly to such Indemnified Party
 such additional amount or amounts as will compensate such Indemnified Party for such additional
 or increased cost incurred or such reduction suffered.

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(b) If either (i) the introduction of or
 any change in or in the interpretation of any law, guideline, rule, regulation, directive
 or request or (ii) compliance by any Indemnified Party with any law, guideline, rule,
 regulation, directive or request from any central bank or other Governmental Authority or
 agency (whether or not having the force of law), including compliance by an Indemnified Party
 with any request or directive regarding capital adequacy has or would have the effect of
 reducing the rate of return on the capital of any Indemnified Party as a consequence of its
 obligations hereunder or arising in connection herewith to a level below that which any such
 Indemnified Party could have achieved but for such introduction, change or compliance (taking
 into consideration the policies of such Indemnified Party with respect to capital adequacy)
 by an amount deemed by such Indemnified Party to be material, and in each case such Indemnified
 Party has made a similar determination with respect to other facilities similarly situated
 other than for the reason of identifiable legal differences between such facilities, then
 from time to time, on the Payment Date following demand by such Indemnified Party (which
 demand shall be accompanied by a statement setting forth the basis for such demand), the
 Borrower shall pay directly to such Indemnified Party such additional amount or amounts as
 will compensate such Indemnified Party for such reduction; <u>provided</u> that notwithstanding
 anything in this <u>Section 2.12(b)</u> to the contrary, (x) the Dodd-Frank
 Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
 thereunder or issued in connection therewith and (y) all requests, rules, guidelines
 or directives promulgated by the Bank for International Settlements, the Basel Committee
 on Banking Supervision (or any successor or similar authority) or the United States or foreign
 regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed
 to be a "change in law" for the purposes of clause (i) above, regardless
 of the date enacted, adopted or issued. If the issuance of any amendment or supplement to
 Interpretation No. 46 or to Statement of Financial Accounting Standards No. 140
 by the Financial Accounting Standards Board or any other change in accounting standards,
 including GAAP, or the issuance of any other pronouncement, release or interpretation, causes
 or requires the consolidation of all or a portion of the assets and liabilities of the Transferor,
 the Borrower or any Secured Party with the assets and liabilities of the Administrative Agent
 or any Lender or shall otherwise impose any loss, cost, expense, reduction of return on capital
 or other loss, such event shall constitute a circumstance on which such Indemnified Party
 may base a claim for reimbursement under this <u>Section 2.12</u>.

(c) If as a result of any event or circumstance
 similar to those described in clause (a) or (b) of this <u>Section 2.12</u>,
 any Indemnified Party is required to compensate a bank or other financial institution providing
 liquidity support, credit enhancement or other similar support to such Indemnified Party
 in connection with this Agreement or the funding or maintenance of Advances hereunder (under
 other facilities similarly situated other than for the reason of identifiable legal differences
 between such facilities), then within twenty-two (22) days after demand by such Indemnified
 Party, the Borrower shall pay to such Indemnified Party such additional amount or amounts
 as may be necessary to reimburse such Indemnified Party for any amounts payable or paid by
 it.

(d) In determining any amount provided for in
 this <u>Section 2.12</u>, the Indemnified Party may use any reasonable averaging and
 attribution methods. Any Indemnified Party making a claim under this <u>Section 2.12</u> shall submit to the Borrower a written description as to such additional or increased cost
 or reduction and the calculation thereof, which written description shall be conclusive absent
 manifest error.

(e) If a Currency Disruption Event as described
 in <u>clause (a)</u> of the definition of "Currency Disruption Event"
 with respect to any Lender occurred, such Lender shall in turn so notify the Borrower, whereupon
 all Advances Outstanding of the affected Lender in respect of which Interest accrues at the
 Benchmark shall immediately be converted into Advances Outstanding in respect of which Interest
 accrues at the Base Rate.

[KFIT] Loan and Security Agreement

(f) Failure or delay on the part of any Indemnified
 Party to demand compensation pursuant to this <u>Section 2.12</u> shall not constitute
 a waiver of such Indemnified Party's right to demand or receive such compensation.
 Notwithstanding anything to the contrary in this <u>Section 2.12</u>, the Borrower shall
 not be required to compensate an Indemnified Party pursuant to this <u>Section 2.12</u> for any amounts incurred more than six (6) months prior to the date that such Indemnified
 Party notifies the Borrower of such Indemnified Party's intention to claim compensation
 therefor; <u>provided</u> that, if the circumstances giving rise to such claim have a retroactive
 effect, then such six (6) month period shall be extended to include the period of such
 retroactive effect.

(g) Each Lender agrees that it will take such
 commercially reasonable actions as the Borrower may reasonably request that will avoid the
 need to pay, or reduce the amount of, any increased amounts referred to in this <u>Section 2.12</u> or <u>Section 2.13</u>; <u>provided</u> that no Lender shall be obligated to take any
 actions that would, in the reasonable opinion of such Lender, be disadvantageous to such
 Lender. In no event will Borrower be responsible for increased amounts referred to in this <u>Section 2.12</u> which relates to any other entities to which any Lender provides
 financing.

(h) The payment of amounts under this <u>Section 2.12</u> shall be on an after-Tax basis.

(i) Other than with respect to a Benchmark Transition
 Event (for which reference is made to <u>Section 12.18</u>), if the Administrative Agent
 reasonably determines (which determination shall be conclusive and binding absent manifest
 error) that "Daily 1M SOFR" cannot be determined pursuant to the definition thereof,
 the Administrative Agent will promptly so notify the Borrower and each Lender. Upon notice
 thereof by the Administrative Agent to the Borrower, the Borrower may revoke any request
 for an Advance bearing interest at the applicable Benchmark that cannot be determined pursuant
 to the foregoing sentence and, failing that, all Advances and all Advances Outstanding shall
 bear interest at the Base Rate plus the Applicable Spread, in each case, computed as otherwise
 described herein until the Administrative Agent revokes such notice(s); <u>provided</u>,
 however, the Administrative Agent may, in consultation with the Borrower and the applicable
 Lender, establish an alternative interest rate with respect to such Advances during the pendency
 of such period.

(j) If any Lender determines that any applicable
 law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful,
 for any Lender or its applicable lending office to make, maintain or fund Advances whose
 interest is determined by reference to Daily 1M SOFR or to determine to charge interest rates
 based upon Daily 1M SOFR, then, upon notice thereof by such Lender to the Borrower (through
 the Administrative Agent), any obligation of such Lender to make or continue Advances that
 bear interest at Daily 1M SOFR shall be suspended until such Lender notifies the Administrative
 Agent and the Borrower that the circumstances giving rise to such determination no longer
 exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with
 a copy to the Administrative Agent), prepay (pursuant to Section 2.3(a)) or, if applicable,
 convert all Advances that bear interest at Daily 1M SOFR of such Lender to Advances that
 bear interest at the Base Rate, on the Payment Date therefor, if such Lender may lawfully
 continue to maintain such Advances that bear interest at Daily 1M SOFR to such day, or immediately,
 if such Lender may not lawfully continue to maintain such Advances that bear interest at
 Daily 1M SOFR.

[KFIT] Loan and Security Agreement

Section 2.13 <u>Taxes</u>.

(a) Any and all payments by or on behalf of the
 Borrower under or in respect of this Agreement or any other Transaction Documents to which
 the Borrower is a party shall be made free and clear of, and without deduction or withholding
 for or on account of, any and all present or future taxes, levies, imposts, deductions, charges
 or withholdings, and all liabilities (including penalties, interest and additions to tax)
 with respect thereto, whether now or hereafter imposed, levied, collected, withheld or assessed
 by any taxation authority or other Governmental Authority (collectively, " <u>Taxes</u> "),
 unless required by law. If any Withholding Agent shall be required under any applicable requirement
 of law to deduct or withhold any Taxes from or in respect of any sum payable under or in
 respect of this Agreement or any of the other Transaction Documents to any Secured Party
 (including for purposes of <u>Section 2.12</u> and this <u>Section 2.13</u>, any
 assignee, successor, or participant), (i) then the applicable Withholding Agent shall
 make all such deductions and withholdings in respect of Taxes, (ii) such Withholding
 Agent shall pay the full amount deducted or withheld in respect of Taxes to the relevant
 taxation authority or other Governmental Authority in accordance with any requirement of
 law, and (iii) to the extent such Taxes are Non-Excluded Taxes, the sum payable by Borrower
 shall be increased as may be necessary so that after such Withholding Agent has made all
 required deductions and withholdings of Non-Excluded Taxes (including deductions and withholdings
 of Non-Excluded Taxes applicable to additional amounts payable under this <u>Section 2.13(a)</u>)
 such Secured Party receives on the date on which the related payment is due an amount equal
 to the sum it would have received had no such deductions or withholdings been made. For purposes
 of this Agreement "Non-Excluded Taxes" are Taxes other than (A) Taxes that
 are imposed as a result of a present or former connection between such Secured Party and
 the jurisdiction imposing such Taxes or any political subdivision thereof, unless such Taxes
 are imposed solely as a result of such Secured Party having executed, delivered or performed
 its obligations or received payments under, or enforced, this Agreement or any of the other
 Transaction Documents (" <u>Other Connection Taxes</u> "), including Other Connection
 Taxes that are imposed on a Secured Party's net income (and franchise taxes imposed
 in lieu thereof and branch profits taxes) by the jurisdiction under the laws of which such
 Secured Party is organized (or, in the case of any Lender, where its applicable lending office
 located in) (" <u>Connection Income Taxes</u> ") , (B) Taxes imposed under
 FATCA, (C) any U.S. federal withholding tax that is imposed on amounts payable to such
 person at the time such person becomes a party hereto (or designates a new lending office),
 except to the extent that such person (or its assignor, if any) was entitled, at the time
 of designation of a new lending office (or assignment), to receive additional amounts from
 the Borrower with respect to such withholding tax pursuant to this <u>Section 2.13(a)</u> or
 (D) Taxes attributable to such person's failure or inability to comply with <u>Section 2.13(e)</u>.

(b) In addition, Borrower hereby agrees to pay
 any present or future stamp, recording, documentary, excise, property or value-added taxes,
 or similar taxes, charges or levies that arise from any payment made under or in respect
 of this Agreement or any other Transaction Document or from the execution, delivery or registration
 of, any performance under, from the receipt or perfection of a security interest under, or
 otherwise with respect to, this Agreement or any other Transaction Document other than in
 connection with an assignment, transfer or sale of a Participation Interest (collectively,
 " <u>Other Taxes</u> ").

[KFIT] Loan and Security Agreement

(c) Borrower hereby agrees to indemnify each
 Secured Party for, and to hold it harmless against, the full amount of Non-Excluded Taxes
 and Other Taxes, and the full amount of Non-Excluded Taxes of any kind imposed by any jurisdiction
 on amounts payable under this <u>Section 2.13(c)</u> imposed on or paid by such
 Secured Party and any liability (including penalties, additions to Non-Excluded Taxes, interest
 and reasonable expenses) arising therefrom or with respect thereto. The indemnity by Borrower
 provided for in this <u>Section 2.13(c)</u> shall apply and be made whether or
 not the Non-Excluded Taxes or Other Taxes for which indemnification hereunder is sought have
 been correctly or legally asserted. Amounts payable by the Borrower under the indemnity set
 forth in this <u>Section 2.13(c)</u> shall be paid within ten (10) days from
 the date on which the applicable Secured Party makes written demand therefor; <u>provided</u>,
 that the Borrower shall not be obligated to make a payment pursuant to this <u>Section 2.13(c)</u> in
 respect of penalties, additions to Tax, interest and expenses attributable to any Taxes or
 Other Taxes, if (i) such penalties, additions to Tax, interest and reasonable expenses
 are attributable to the failure of the Secured Party to pay to the relevant Governmental
 Authority amounts received by it from the Borrower in respect of Non-Excluded Taxes and Other
 Taxes within thirty (30) calendar days after receipt of such amount from the Borrower or
 (ii) such penalties, additions to Tax, interest and reasonable expenses are attributable
 to the gross negligence or willful misconduct of the Secured Party.

(d) Within thirty (30) days after the date of
 any payment of Taxes, Borrower (or any Person making such payment on behalf of Borrower)
 shall furnish to the applicable Secured Party for its own account a certified copy of the
 original official receipt evidencing payment thereof or other evidence of such payment reasonably
 satisfactory to the applicable Secured Party.

(e) Each Secured Party (including any assignee,
 successor or participant) shall deliver or cause to be delivered to Borrower whichever of
 the following is applicable:

(i) in the case of a Secured Party that is not a U.S. Tax Person, a complete
 and executed (x) IRS Form W-8BEN or W-8BEN-E in which such Secured Party claims
 the benefits of a tax treaty with the United States providing for a zero or reduced rate
 of withholding (or any successor forms thereto), including all appropriate attachments or
 (y) IRS Form W-8ECI (or any successor forms thereto) or (z) a complete and
 executed IRS Form W-8BEN or W-8BEN-E (or any successor forms thereto) and a certificate
 substantially in the form of <u>Exhibit I</u> (a " <u>Section 2.13 Certificate</u> ");
 or

(ii) in the case of a Secured Party that is a U.S. Tax Person, a complete
 and executed IRS Form W-9 (or any successor forms thereto); or

(iii) in the case of a Secured Party that (A) is not the beneficial
 owner, and (B) is not a U.S. Tax Person, (x)(i) a complete and executed IRS Form W-8IMY
 (or any successor forms thereto) (including all required documents and attachments) and (ii) a
 Section 2.13 Certificate, and (y) without duplication, the documents that would
 be provided by each such beneficial owner pursuant to this <u>Section 2.13(e)</u> if
 such beneficial owner were a Secured Party, <u>provided</u>, <u>however</u>, that no such
 documents will be required with respect to a beneficial owner to the extent the actual Secured
 Party is determined to be in compliance with the requirements for certification on behalf
 of its beneficial owner as may be provided in applicable U.S. Treasury regulations, or the
 requirements of this clause (iii) are otherwise determined to be unnecessary, all
 such determinations under this clause (iii) to be made in the sole discretion of
 Borrower, <u>provided</u>, <u>however</u>, that the Secured Party shall be provided an opportunity
 to establish such compliance as reasonable.

[KFIT] Loan and Security Agreement

Each Secured Party agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so. If the Secured Party provides a form pursuant to <u>clauses (i)</u> through <u>(iii)</u> above and the form provided by the Secured Party at the time such Secured Party first becomes a party to this Agreement or, with respect to a grant of a participation, the effective date thereof, indicates a United States interest withholding tax rate in excess of zero, withholding tax at such rate shall be treated as Taxes other than "Non-Excluded Taxes" ("<u>Excluded Taxes</u>") and shall not qualify as Non-Excluded Taxes unless and until such Secured Party provides the appropriate form certifying that a lesser rate applies, whereupon withholding tax at such lesser rate shall be considered Excluded Taxes solely for the periods governed by such form.

(f) [Reserved].

(g) Without prejudice to the survival of any
 other agreement of the Borrower hereunder, the agreements and obligations of the Borrower
 contained in this <u>Section 2.13</u> shall survive the termination of this Agreement
 and the other Transaction Documents. Nothing contained in <u>Section 2.12</u> or this <u>Section 2.13</u> shall require any Secured Party to make available any of its tax
 returns or any other information that it deems to be confidential or proprietary.

(h) If a payment made to a Lender under or in
 respect of this Agreement or any other Transaction Documents would be subject to U.S. Federal
 withholding tax imposed pursuant to FATCA if such Lender were to fail to comply with the
 applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or
 1472(b) of the Code, as applicable), such Lender shall provide to the Administrative
 Agent and the Borrower, at the time or times prescribed by law and as reasonably requested
 by the Administrative Agent or the Borrower, such documentation prescribed by applicable
 law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
 additional documentation reasonably requested by the Administrative Agent or the Borrower
 as may be necessary for the Administrative Agent or the Borrower to comply with their obligations
 under FATCA and to determine whether such Lender has complied with such Lender's obligations
 under FATCA and the amount, if any, to deduct and withhold from such payment. Thereafter,
 each such Lender shall provide additional documentation (i) to the extent documentation
 previously provided has become inaccurate or invalid or has otherwise ceased to be effective
 or (ii) as reasonably requested by the Administrative Agent or the Borrower. Solely
 for purposes of this paragraph (h), "FATCA" shall include any amendments
 made to FATCA after the date of this Agreement.

(i) If any Secured Party determines, in its good
 faith judgment, that it has received or realized a refund (including electing to apply an
 amount that would otherwise have been refunded as a credit against other liability for Taxes)
 of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect
 to which the Borrower has paid additional amounts pursuant to this <u>Section 2.13</u> or any reduction of its Tax liabilities or otherwise recovered any amount that is attributable
 to any deduction or withholding or payment of Taxes with respect to which the Borrower has
 paid any additional amounts pursuant to this <u>Section 2.13</u>, it shall pay to the
 Borrower an amount equal to such refund (but only to the extent of indemnity payments made,
 or additional amounts paid, by the Borrower under this <u>Section 2.13</u> with respect
 to the Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket
 expenses of such Secured Party, as the case may be, and without interest (other than any
 interest paid by the relevant Governmental Authority with respect to such refund), provided
 that the Borrower, upon the request of such Secured Party, agrees to repay the amount paid
 over to the Borrower (plus any penalties, interest or other charges imposed by the relevant
 Governmental Authority) to such Secured Party in the event such Secured Party is required
 to repay such refund to such Governmental Authority. This paragraph shall not be construed
 to require such Secured Party to make available its tax returns (or any other information
 relating to its taxes that it deems confidential) to the Borrower or any other Person.

[KFIT] Loan and Security Agreement

Section 2.14 <u>Reinvestment; Discretionary Sales, Substitutions and Repurchases of Loans</u>.

(a) <u>Reinvestment</u>. On the terms and conditions
 hereinafter set forth as certified in writing to the Administrative Agent, Collateral Administrator
 and the Collateral Custodian, on any date prior to the Revolving Period End Date (in the
 case of clause (i) below) or the Termination Date (in the case of clause (ii) below),
 and without limiting the provisions of <u>Section 2.7</u> on each Payment Date, the
 Borrower may withdraw funds on deposit in the Principal Collection Account for the following
 purposes:

(i) to reinvest such funds in Loans to be pledged hereunder (a " <u>Reinvestment</u> "),
 so long as (1) all applicable conditions precedent set forth in <u>Section 3.2</u> have been satisfied, (2) each Loan acquired by the Borrower in connection with such
 reinvestment shall be an Eligible Loan, (3) no Event of Default has occurred and is
 continuing and, immediately after giving effect to such Reinvestment, no Default or Event
 of Default shall have occurred, and (4) immediately after giving effect to such Reinvestment,
 there shall not exist a Borrowing Base Deficiency; <u>provided</u> that, notwithstanding
 anything to the contrary set forth in <u>Section 3.2</u>, in the event a Borrowing Base
 Deficiency shall have existed immediately prior to giving effect to such Reinvestment, the
 Borrower may effect a Reinvestment so long as, immediately after giving effect to such Reinvestment
 and any other sale or transfer or other action taken in accordance with <u>Section 2.6</u> substantially contemporaneous therewith, (x) the Borrowing Base Deficiency is reduced
 to zero ($0) or (y) such Reinvestment is otherwise approved by the Administrative Agent
 in its sole discretion and the Assigned Value of any Loan acquired in connection with such
 Reinvestment shall be set by the Administrative Agent in its sole discretion; or

[KFIT] Loan and Security Agreement

(ii) to make payments in respect of the Advances Outstanding at such time
 in accordance with and subject to the terms of <u>Section 2.3</u>.

Upon the satisfaction of the applicable conditions set forth in <u>Section 2.14(a)</u> (as certified by the Borrower to the Administrative Agent, Collateral Administrator and the Collateral Custodian, and as acknowledged by the Administrative Agent to the Collateral Custodian), the Collateral Custodian will release funds from the Principal Collection Account to the Borrower in an amount not to exceed the lesser of (A) the amount requested by the Borrower and (B) the amount on deposit in the Principal Collection Account on such day.

(b) <u>Substitutions</u>. The Borrower may, subject
 to <u>clause (e)</u> below, replace any Loan with another Loan (each such sale
 and reinvestment, a " <u>Substitution</u> ") so long as (i) each substitute
 Loan acquired by the Borrower in connection with a Substitution shall be an Eligible Loan,
 (ii) all applicable conditions precedent set forth in <u>Section 3.2</u> have been
 satisfied with respect to each Loan to be acquired by the Borrower in connection with such
 Substitution and (iii) from and after the Revolving Period End Date, the cash principal
 payment schedule with respect to any substitute Loan acquired by the Borrower in connection
 with a Substitution shall be substantially similar to the Loan sold or otherwise transferred
 in connection with such Substitution.

(c) <u>Discretionary Sales</u>. Upon notice by
 the Borrower, unless waived by the Administrative Agent (with a copy to the Collateral Custodian),
 the Borrower shall be permitted, subject to <u>clause (e)</u> below, to sell Loans
 (or portions thereof, each, a " <u>Discretionary Sale</u> "); <u>provided</u> that
 the Borrower shall make a deposit in the Collection Account in immediately available funds
 in an amount equal to the net cash price received by the Borrower pursuant to any Discretionary
 Sale promptly upon the Borrower's receipt of such cash price.

(d) <u>Repurchase or Substitution of Warranty Loans</u>. Not later than five (5) Business Days following the earlier of (i) knowledge
 by the Borrower or the Collateral Manager that any Loan constitutes a Warranty Loan or (ii) receipt
 by the Borrower from the Administrative Agent of written notice thereof, the Borrower shall
 either:

(i) cause Transferor to repurchase such Loan and make a deposit to the Collection
 Account in immediately available funds in an amount equal to (A) the Outstanding Balance
 of the related Loan as of the date of the repurchase, multiplied by (B) the Purchase
 Price, plus, only with respect to the repurchase of Warranty Loans, any expenses or fees
 with respect to such Loan; <u>provided</u> that the Administrative Agent shall have the right
 to determine whether the amount so deposited is sufficient to satisfy the foregoing requirements;
 or

(ii) substitute for such Warranty Loan a substitute Eligible Loan, <u>provided</u> that all requirements with respect to Substitutions set forth in this <u>Section 2.14</u> are satisfied.

Upon receipt of written certification from the Borrower certifying to the confirmation of the deposit of the amounts set forth in <u>Section 2.14(d)(i)</u> into the Collection Account or the delivery by the Borrower of a substitute Eligible Loan for each Warranty Loan (the date of such confirmation or delivery, the "<u>Release Date</u>"), such Warranty Loan and related Underlying Assets shall be removed from the Collateral and, as applicable, the substitute Eligible Loan and related Underlying Assets shall be included in the Collateral. On the Release Date of each Warranty Loan, the Collateral Custodian, for the benefit of the Secured Parties, shall automatically and without further action be deemed to release to the Borrower, without recourse, representation or warranty, all the right, title and interest and any Lien of the Administrative Agent, for the benefit of the Secured Parties in, to and under the Warranty Loan and any related Underlying Assets and all future monies due or to become due with respect thereto; <u>provided</u> that, notwithstanding the foregoing or anything herein to the contrary, upon the request of the Borrower, the Administrative Agent may, in its sole discretion, waive the requirement to repurchase or substitute any Loan pursuant to this <u>Section 2.14(d)</u>.

[KFIT] Loan and Security Agreement

(e) <u>Conditions to Sales, Substitutions and Repurchases</u>. Any Discretionary Sale or sale pursuant to a Substitution effected pursuant
 to this <u>Section 2.14</u> shall be subject to the satisfaction of the following conditions:

(i) on or prior to or on the date of such Discretionary Sale or sale pursuant
 to a Substitution (or such later date as the Administrative Agent may agree in its sole discretion),
 the Borrower shall deliver to the Administrative Agent (with a copy to Collateral Custodian
 and the Collateral Administrator) (x) a Borrowing Base Certificate that gives effect
 to such a Discretionary Sale or sale pursuant to a Substitution, (y) a list of all Loans
 to be sold or substituted (which may be included in the Borrowing Base Certificate referenced
 in <u>clause (x)</u>) and (z) notice of any amount to be deposited into the Collection
 Account in connection with any sale or Substitution (which may be included in the Borrowing
 Base Certificate referenced in <u>clause (x)</u>);

(ii) [reserved];

(iii) [reserved];

(iv) the representations and warranties contained in <u>Section 4.1</u> and <u>4.2</u> hereof shall continue to be true, correct and complete in all material respects
 (except for such representations and warranties as are qualified by materiality, a Material
 Adverse Effect or any similar qualifier, which representations and warranties shall be true
 in all respects, and except for those representations and warranties made as of a specific
 date which are true, correct, and complete as of such date) following any sale or Substitution,
 except to the extent any such representation or warranty relates to an earlier date;

(v) any repayment of Advances Outstanding in connection with any sale or
 Substitution of Loans hereunder shall comply with the requirements set forth in <u>Section 2.3</u>;

(vi) any Discretionary Sale or sale in connection with a Substitution shall
 be made by the Collateral Manager, on behalf of the Borrower, to an unaffiliated third party
 purchaser or to the Transferor or any Affiliate in a transaction (1) reflecting arms-length
 market terms and (2) in which the Borrower makes no representations, warranties or covenants
 and provides no indemnification for the benefit of any other party to such sale (other than
 that the Borrower has good title thereto, free and clear of all Liens and has the right to
 sell the related Loan) (and the parties agree that the assignment agreement form attached
 as an exhibit to the applicable Underlying Instrument (solely to the extent such assignment
 agreement form (x) is reasonable and customary for a credit facility of the type to
 which such sale relates and (y) does not contain atypical or unusually burdensome covenants
 or representations and warranties in respect of the Borrower, in each case, in the Collateral
 Manager's reasonable and good faith discretion) shall satisfy this <u>clause (2)</u>); <u>provided</u> that if a Default or Event of Default has occurred and is continuing any
 Discretionary Sale or sale in connection with a Substitution to an Affiliate of the Borrower
 shall require the prior written consent of the Administrative Agent in its reasonable discretion; <u>provided further</u> that, the Administrative Agent's prior written consent shall
 not be required for any such Discretionary Sale or sale in connection with a Substitution
 that satisfies the requirement of <u>clause (C)</u> of <u>Section 2.14(e)(vii)</u>.

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(vii) (A) no Default or Event of Default shall have occurred and be
 continuing and, immediately after giving effect to any Discretionary Sale or Substitution,
 as applicable, no Default or Event of Default shall have occurred; (B) notwithstanding
 anything set forth in this <u>Section 2.14</u>, immediately after giving effect to any
 Discretionary Sale or Substitution, as applicable, there shall not exist a Borrowing Base
 Deficiency; <u>provided</u> that, notwithstanding the foregoing or anything to the contrary
 set forth in <u>Section 3.2</u>, in the event a Borrowing Base Deficiency shall have
 existed immediately prior to giving effect to a Discretionary Sale or Substitution, the Borrower
 may effect such Discretionary Sale or Substitution so long as, immediately after giving effect
 to such Discretionary Sale or Substitution and any other sale or transfer or other action
 taken in accordance with <u>Section 2.6</u> substantially contemporaneous therewith,
 (x) the Borrowing Base Deficiency shall be reduced to zero Dollars ($0) or (y) such
 Discretionary Sale or Substitution is otherwise approved by the Administrative Agent in its
 sole discretion; and (C) unless consented to by the Administrative Agent in its sole
 discretion, (x) the net cash price received pursuant to any Discretionary Sale is greater
 than or equal to the Adjusted Borrowing Value of the Loan sold in connection with such Discretionary
 Sale (<u>provided</u> that, solely for the purpose of determining if this <u>clause (C)</u> has
 been satisfied, with respect to any Loan for which the net cash price received by the Borrower
 equals or exceeds ninety-five percent (95.0%) of the Outstanding Balance thereof, the net
 cash price received by the Borrower shall be treated as if it were one hundred percent (100.0%)
 of the Outstanding Balance of such Loan) and (y) the Adjusted Borrowing Value of the
 substitute Loan acquired by the Borrower in connection with any Substitution shall be equal
 to or greater than the Adjusted Borrowing Value of the Loan sold or otherwise transferred
 in connection with such Substitution;

(viii) the Borrower and Collateral Manager (on behalf of the Borrower) shall
 pay an amount equal to all accrued and unpaid costs and expenses (including reasonable legal
 fees) of the Administrative Agent, the Lenders, the Collateral Administrator and the Collateral
 Custodian in connection with any such sale, Substitution or repurchase (including, but not
 limited to, expenses incurred in connection with the release of the Lien of the Administrative
 Agent on behalf of the Secured Parties and any other party having an interest in the Loan
 in connection with such sale, Substitution or repurchase); and

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(ix) notwithstanding anything to the contrary in this <u>Section 2.14(e)</u>, so long as no Event of Default has occurred and is continuing
and, immediately after giving effect thereto, no Default or Event of Default shall have occurred, the Borrower may dispose of any Zero
Value Asset through a Discretionary Sale, Substitution or otherwise without satisfying any other requirement of this <u>Section 2.14(e)</u>.

(a) [ <u>Reserved]</u>.

(b) <u>Notices to Lenders</u>. The Administrative Agent shall, if requested by the Lenders, provide the Lenders
with copies of any notices and other materials received by the Administrative Agent pursuant to this <u>Section 2.14</u> in connection
with any sale, Substitution, or repurchase of Loans. The Borrower (or Collateral Manager, on its behalf) shall deliver an Officer's
Certificate to the Collateral Custodian, on which it may conclusively rely, to the effect that all conditions precedent to such sale,
Substitution or repurchase of Loans, as the case may be, have been satisfied.

Section 2.15 <u>Assignment of the Sale Agreement</u>.

The Borrower hereby assigns to the Administrative Agent, for the ratable benefit of the Secured Parties hereunder, all of the Borrower's right, title and interest in and to, but none of its obligations under, the Sale Agreement, any Third Party Sale Agreement and any UCC financing statements filed under or in connection therewith to secure the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations of the Borrower arising in connection with this Agreement and each other Transaction Document, whether now or hereafter existing, due or to become due, direct or indirect, absolute or contingent. In furtherance and not in limitation of the foregoing, the Borrower hereby assigns to the Administrative Agent for the benefit of the Secured Parties its right to indemnification under the Sale Agreement and any Third Party Sale Agreement. The Borrower confirms that, following the occurrence and during the continuation of an Event of Default, the Administrative Agent, on behalf of the Secured Parties, shall have the right to enforce the Borrower's rights and remedies under the Sale Agreement, any Third Party Sale Agreement and any UCC financing statements filed under or in connection therewith for the benefit of the Secured Parties.

Section 2.16 <u>Defaulting Lenders</u>.

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

(i) That Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall
be restricted as set forth in <u>Section 12.1</u>.

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(ii) Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting
Lender (whether voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by the
Administrative Agent as follows: *first*, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent
hereunder; *second*, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Advance
in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the
Administrative Agent; *third*, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing
deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Advances under this Agreement; *fourth*,
to the payment of any amounts owing to the Lenders, as a result of any judgment of a court of competent jurisdiction obtained by any Lender
against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; *fifth*,
so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a
court of competent jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender's
breach of its obligations under this Agreement; and *sixth*, to that Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; <u>provided</u> that if such payment is a payment of the principal amount of any Advances in respect of which that Defaulting
Lender has not fully funded its appropriate share, such payment shall be applied solely to pay the Advances of all non-Defaulting Lenders
on a *pro rata* basis prior to being applied to the payment of any Advances of that Defaulting Lender. Any payments, prepayments
or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post
cash collateral pursuant to this <u>Section 2.16</u> shall be deemed paid to and redirected by that Defaulting Lender, and each Lender
irrevocably consents hereto.

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

Section 2.17 <u>Mitigation Obligations; Replacement of Lenders</u>.

(a) <u>Designation of a Different Lending Office</u>. If any Lender requests compensation under <u>Section 2.12</u>,
or requires the Borrower to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant
to <u>Section 2.13</u>, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending
office for funding or booking its Advances hereunder or assign its rights and obligations hereunder to another of its offices, branches
or affiliates, if, in the judgement of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to <u>Section 2.12</u> or <u>Section 2.13</u>, as the case may be, in the future and (ii) would not otherwise
be disadvantageous to such Lender. Upon receipt of such estimate, the Borrower may approve the proposed designation or assignment, in
which case the Lender shall use reasonable efforts to effect the same. The Borrower hereby agrees to pay all reasonable costs and expenses
incurred by any Lender in connection with any such approved designation or assignment.

[KFIT] Loan and Security Agreement

(b) <u>Replacement of Lenders</u>. If any Lender requests compensation under <u>Section 2.12</u>, or
if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant
to <u>Section 2.13</u>, or if any Lender is a Defaulting Lender hereunder, or if any Lender does not consent to any amendment or
modification (including in the form of a consent or waiver) to the definitions described in <u>Section 12.1(d), (e)</u> or <u>(g)</u> which
is approved by the Borrower, the Administrative Agent and the Required Lenders, then the Borrower may, at its sole expense and effort,
upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with
and subject to the restrictions contained in, and consents required by, <u>Section 12.16</u>), all of its interests, rights and obligations
under this Agreement and the Transaction Documents to an assignee that shall assume such obligations (which assignee may be another Lender,
if a Lender accepts such assignment); <u>provided</u> that:

(i) such assigning Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and
accrued interest and fees) or the Borrower (in the case of all other amounts);

(ii) in the case of any such assignment resulting from a claim for compensation under <u>Section 2.12</u> or payments required to
be made pursuant to <u>Section 2.13,</u> such assignment will result in a reduction in such compensation or payments thereafter;
and

(iii) such assignment does not conflict with Applicable Law.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

Section 2.18 Increase of Commitment; Facility Amount.

(a) At any time during the Revolving Period, provided that no Event of Default
has occurred and is continuing, the Commitment for any Lender may be increased in connection with a corresponding increase in the Facility
Amount upon the written request of the Borrower with the prior written consent of the Administrative Agent and such Lender (and with notice
to the Collateral Custodian) (an " <u>Increased Commitment</u> "); <u>provided</u> that, (i) following such Increased Commitment,
the Facility Amount shall not exceed $500,000,000 <u>750,000,000</u>,
and (ii) any increase in the Facility Amount shall be in a minimum amount of $25,000,000. Except for upfront fees payable to Lenders
providing any Increased Commitment, any such Increased Commitment shall be on the same terms (including the pricing and maturity date)
as, and pursuant to the documentation applicable to, the Commitments provided pursuant to the Agreement as of the Effective Date. Prior
to, or on the date of, the effectiveness of any such Increased Commitment, if requested by the Administrative Agent or any increasing
Lender, the Borrower shall execute and deliver to the applicable Lender a revised Note in an aggregate face amount equal to such Lender's
revised Commitment. The Borrower confirms that each Lender, in its sole and absolute discretion, without regard to the value or performance
of the facility documented hereby or any other factor, may elect not to increase its Commitment. Upon such increase, <u>Annex B</u> hereto
shall be deemed to be revised to reflect such increase in each increasing Lender's Commitment.

[KFIT] Loan and Security Agreement

(b) The Borrower may, with the written consent of the Administrative Agent, add additional Persons as Lenders
(with notice to the Collateral Custodian). Each additional Lender shall become a party hereto by executing and delivering to the Administrative
Agent and the Borrower a Joinder Supplement and a Transferee Letter.

Section 2.19 <u>Termination or Reduction of Commitments</u>.

(a) <u>Optional</u>. The Borrower may, upon notice to the Administrative Agent, terminate the unused portion
of the Commitments, or from time to time reduce the unused Commitments; <u>provided</u> that (a) each such notice shall be in writing
and must be received by the Administrative Agent at least three (3) Business Days prior to the effective date of such termination
or reduction, and shall be irrevocable, (b) any such partial reduction shall be in an aggregate amount of $25,000,000 or a larger
multiple of $5,000,000 (unless the aggregate amount of unused Commitments is less than $25,000,000, in which case such partial reduction
shall be for an amount equal to the aggregate amount of unused Commitments then outstanding), and (c) the Borrower shall not terminate
or reduce the Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the total Advances Outstanding
would exceed the total Commitments. Unless previously terminated, the Commitments shall automatically terminate on the earlier to occur
of the Revolving Period End Date or the Termination Date.

(b) <u>Application of Commitment Reductions</u>. The Administrative Agent will promptly notify the Lenders
of any termination or reduction of the Commitments pursuant to this Section. Upon any reduction of unused Commitments, the Commitment
of each Lender shall be reduced by such Lender's ratable share of the amount of such reduction.

**ARTICLE III**

**CONDITIONS TO THE EFFECTIVE DATE AND ADVANCES**

Section 3.1 <u>Conditions to Effective Date</u>.

No Lender, and none of the Administrative Agent, the Collateral Administrator or the Collateral Custodian shall be obligated to take, fulfill or perform any other action hereunder, until the following conditions have been satisfied, in the sole discretion of, or waived in writing, by the Administrative Agent:

(a) This Agreement and the other Transaction Documents shall have been duly executed by, and delivered to,
the parties hereto and thereto, and the Administrative Agent shall have received such other documents, instruments, agreements and legal
opinions as the Administrative Agent shall reasonably request in connection with the transactions contemplated by this Agreement;

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(b) The Administrative Agent shall have received satisfactory evidence that the Borrower, the Transferor and
the Collateral Manager have obtained all required consents and approvals of all Persons to the execution, delivery and performance of
this Agreement and the consummation of the transactions contemplated hereby or thereby;

(c) The Borrower and the Collateral Manager shall each have delivered to the Administrative Agent a certification
in the form of <u>Exhibit D</u>, and such certification shall, with respect to the Collateral Manager, include a representation that
the Collateral Manager has neither incurred nor suffered to exist any Indebtedness as of the Effective Date except as disclosed to the
Administrative Agent;

(d) The Borrower and the Collateral Manager shall each have delivered to the Administrative Agent a certificate
as to whether such entity is Solvent in the form of <u>Exhibit C</u>;

(e) The Borrower and Collateral Manager shall have delivered to the Administrative Agent certification that
no Default or Event of Default has occurred and is continuing;

(f) The Administrative Agent shall have received the executed legal opinion or opinions of Dechert LLP, counsel
to the FS/KKR Parties, covering (A) authority, (B) enforceability of this Agreement and the other Transaction Documents, (C) true
sale and non-consolidation matters, (D) UCC, perfection and other closing matters and (E) certain tax matters; in each case,
in form and substance acceptable to the Administrative Agent in its reasonable discretion;

(g) The Administrative Agent shall have received the executed legal opinion or opinions of Locke Lord LLP,
counsel to the Collateral Administrator and Collateral Custodian, covering (A) authority, (B) enforceability of this Agreement
and the other Transaction Documents, and (C) other closing matters; in each case, in form and substance acceptable to the Administrative
Agent in its reasonable discretion;

(h) The Borrower and the Administrative Agent shall have executed the Fee Letter, and the Borrower shall have
paid all fees due and unpaid under the Fee Letter;

(i) The Borrower, the Collateral Custodian and the Collateral Administrator shall have executed the Collateral
Custodian Fee Letter, and the Borrower shall have paid all fees due and unpaid under the Collateral Custodian Fee Letter;

(j) Each applicable Lender shall have received a duly executed copy of its Note (to the extent such Note has
been requested), in a principal amount equal to the Commitment of the Lender;

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(k) The Administrative Agent shall have received a secretary's certificate of each FS/KKR Party (i) that
includes a copy of the resolutions, in form and substance reasonably satisfactory to the Administrative Agent, of the board of directors,
manager(s) or member(s) of such FS/KKR Party, as applicable, authorizing (A) the execution, delivery and performance of
this Agreement and the other Transaction Documents to which it is a party, and (B) the borrowings contemplated hereunder, and a certification
that such resolutions have not been amended, modified, revoked or rescinded, (ii) that includes a copy of the Governing Documents
of such FS/KKR Party and a certification that, except as disclosed therein, there has not been any amendment, modification or supplement
to such Governing Documents, (iii) that includes a certification as to the incumbency and signature of the officers of such FS/KKR
Party executing any Transaction Document and (iv) that includes certificates dated as of a recent date from the Secretary of State
or other appropriate authority, evidencing the good standing of such FS/KKR Party (A) in the jurisdiction of its organization and
(B) in each other jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires it to
qualify as a foreign Person except, as to this subclause (B), where the failure to so qualify could not be reasonably expected to have
a Material Adverse Effect, which certificate shall be in form and substance satisfactory to the Administrative Agent and shall be executed
by a corporate secretary or Responsible Officer of such FS/KKR Party;

(l) The Administrative Agent shall have received the results of a recent search by a Person satisfactory to
the Administrative Agent, of the UCC, judgment and tax lien filings which may have been filed with respect to personal property of each
FS/KKR Party, and bankruptcy and pending lawsuits with respect to the FS/KKR Parties and the results of such search shall be satisfactory
to the Administrative Agent;

(m) The Administrative Agent shall have received (i) all documentation and other information requested
by such Administrative Agent in its sole discretion and/or required by regulatory authorities with respect to the Borrower and the Collateral
Manager under applicable "know your customer" and anti-money laundering rules and regulations, including the USA Patriot
Act, and (ii) a Beneficial Ownership Certification with respect to the Borrower, in each case, in form and substance reasonably satisfactory
to the Administrative Agent;

(n) The results of the due diligence procedures, as carried out by the Administrative Agent, are satisfactory
to the Administrative Agent, in its reasonable discretion; and

(o) The representations and warranties contained in <u>Section 4.1</u> and <u>Section 4.2</u> are
true, correct and complete in all respects on and as of the Effective Date (other than any representation and warranty that is expressly
made as of another specific date which were true, correct, and complete as of such date); and

(p) The Administrative Agent shall have received an assignment of the Collateral Manager Agreement between
the Borrower and the Collateral Manager, and in form and substance acceptable to the Administrative Agent;

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(q) All corporate and other proceedings, and all documents, instruments and other legal matters in connection
with the transactions contemplated by this Agreement and the other Transaction Documents shall be reasonably satisfactory in form and
substance to the Administrative Agent, and the Administrative Agent shall have received such other documents and legal opinions in respect
of any aspect or consequence of the transactions contemplated hereby or thereby as it shall reasonably request.

Section 3.2 <u>Conditions Precedent to All Advances and Acquisitions of Loans</u>.

Each Loan Advance under this Agreement, each Reinvestment of Principal Collections pursuant to <u>Section 2.14(a)(i)</u>, each acquisition of Loans in connection with a Substitution pursuant to <u>Section 2.14(b)</u> and each acquisition of Loans with amounts on deposit in the Operating Account (each, a "<u>Transaction</u>") shall be subject to the further conditions precedent that:

(a) With respect to any Loan Advance, the Collateral Manager on Borrower's behalf shall have delivered
to the Administrative Agent (with a copy to the Collateral Custodian and the Collateral Administrator), by not later than the deadline
set forth in <u>Section 2.2(b)</u> (or such shorter period as may be agreed to by the Administrative Agent and each Lender),
a Funding Notice in the form of <u>Exhibit A-1</u> and a Borrowing Base Certificate updated to the date such Transaction is requested
and giving pro forma effect to such Transaction, executed by the Borrower.

(b) With respect to any Reinvestment of Principal Collections permitted by <u>Section 2.14(a)(i)</u> and
each acquisition of Loans in connection with a Substitution pursuant to <u>Section 2.14(b)</u>, the Collateral Manager on Borrower's
behalf shall have delivered to the Administrative Agent (with a copy to the Collateral Custodian and the Collateral Administrator), no
later than 12:00 p.m. on the date of such Transaction, a Reinvestment Notice in the form of <u>Exhibit A-3</u> and a Borrowing
Base Certificate updated to the date such Transaction is requested and giving pro forma effect to such Transaction, executed by the Borrower.

(c) Other than with respect to an acquisition of Loans with funds on deposit in the Operating Account, on
the date of such Transaction the following shall be true, correct and complete, and the Borrower and the Collateral Manager shall have
certified in the related Borrower's Notice that all conditions precedent to the requested Transaction have been satisfied and shall
thereby be deemed to have certified that:

(i) The representations and warranties contained in <u>Section 4.1</u> and <u>Section 4.2</u> are true, correct and complete
in all material respects (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or
any similar qualifier, which representations and warranties shall be true in all respects) on and as of such day as though made on and
as of such day and shall be deemed to have been made on such day (other than any representation and warranty that is expressly made as
of another specific date which were true, correct, and complete as of such date);

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(ii) No event has occurred and is continuing, or would result from such Transaction or from the application of proceeds thereof, that constitutes
a Default or Event of Default;

(iii) On and as of such day, immediately after giving effect to such Transaction, the Advances Outstanding does not exceed the Availability
(or, to the extent permitted under <u>Section 2.14</u>, that any existing Borrowing Base Deficiency is reduced); and

(iv) No Applicable Law shall prohibit or enjoin the making of such Advance by any Lender or the proposed acquisition of Loans (if any).

(d) (i) With respect to any Loan Advance under this Agreement or any Reinvestment of Principal Collections
pursuant to <u>Section 2.14(a)(i)</u>, the Revolving Period End Date shall not have occurred and (ii) with respect to any Transaction,
the Termination Date shall not have occurred;

(e) The Borrower and Collateral Manager shall have delivered to the Administrative Agent (and, if applicable,
to Collateral Custodian and the Collateral Administrator) all reports required to be delivered as of the date of such Transaction including
all deliveries required by <u>Section 2.2</u>;

(f) The Borrower shall have paid all fees then required to be paid and, without duplication of <u>Section 2.11</u>,
shall have reimbursed the Lenders, the Collateral Custodian, the Collateral Administrator and the Administrative Agent for all fees, costs
and expenses then required to be paid in connection with the closing of the transactions contemplated hereunder and under the other Transaction
Documents, including the reasonable attorney fees and any other legal and document preparation costs incurred by the Lenders, the Collateral
Custodian, the Collateral Administrator and the Administrative Agent;

(g) In connection with each Loan Advance the proceeds of which are deposited into the applicable Pre-Funded
Loan Account in connection with the acquisition of a Pre-Funded Loan, unless otherwise waived by the Administrative Agent in its sole
discretion, the Borrower (or the Collateral Manager on its behalf) shall have delivered to the Administrative Agent via a Platform, no
later than 11:00 a.m. on the date of such Loan Advance, a draft of the loan agreement, credit agreement, indenture or other principal
agreement pursuant to which such Pre-Funded Loan will be issued or created;

(h) [Reserved]; and

(i) The Borrower shall have delivered to the Administrative Agent an Officer's Certificate (which may
be part of the applicable Borrower's Notice) in form and substance reasonably satisfactory to the Administrative Agent certifying
that each of the foregoing conditions precedent has been satisfied (other than such conditions precedent (i) subject to the judgment
or satisfaction of the Administrative Agent or any Lender or (ii) otherwise waived).

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Section 3.3 <u>Custodianship; Transfer of Loans and Permitted Investments</u>.

(a) The Collateral Custodian shall hold all Certificated Securities and Instruments delivered to it as Collateral
in accordance with the terms hereof in physical form at the Custody Facilities or at such other location identified to the Administrative
Agent and the Borrower. Any successor Collateral Custodian shall be a state or national bank or trust company which is not an Affiliate
of the Borrower and which is a Qualified Institution.

(b) Each time that the Borrower (or the Collateral Manager on behalf of the Borrower) shall direct or cause
the acquisition of any Permitted Investment, the Borrower shall (or the Collateral Manager on behalf of the Borrower), cause the delivery
of such Permitted Investment to the Collateral Custodian at the Custody Facilities.

(c) The Borrower (or the Collateral Manager on behalf of the Borrower) shall direct that the Collateral Custodian
cause all Collateral acquired by the Borrower that constitutes Financial Assets to be credited to the Collateral Account, and shall cause
all Loans and Permitted Investments acquired by the Borrower to be delivered to the Collateral Custodian or the Collateral Custodian,
as applicable, by one of the following means (and shall take any and all other actions necessary to create and perfect in favor of the
Administrative Agent a valid security interest in each Loan and Permitted Investment, which security interest shall be senior to that
of any other creditor of the Borrower (whether now existing or hereafter acquired) (other than pursuant to Permitted Liens)):

(i) in the case of an Instrument or a Certificated Security represented by a Security Certificate in registered form by having it Indorsed
to the Collateral Custodian or in blank by an effective Indorsement or registered in the name of the Administrative Agent and by (A) delivering
such Instrument to the Collateral Custodian or delivering such Security Certificate to the Collateral Custodian at the Custody Facilities
(or at such other location identified to the Administrative Agent and the Borrower) and (B) causing the Collateral Custodian to maintain
(on behalf of the Administrative Agent) continuous possession of such Instrument or Security Certificate at the Custody Facilities (or
at such other location identified to the Administrative Agent and the Borrower);

(ii) in the case of an Uncertificated Security, by (A) causing the Administrative Agent to become the registered owner of such Uncertificated
Security and (B) causing such registration to remain effective;

(iii) in the case of any Security Entitlement, by causing each such Security Entitlement to be credited to a Securities Account in the name
of the Borrower pursuant to the Account Control Agreement; and

(iv) in the case of General Intangibles (including any Loan or Permitted Investment not evidenced by an Instrument) by filing, maintaining
and continuing the effectiveness of, a financing statement naming the Borrower as debtor and the Administrative Agent as secured party
and describing the Loan or Permitted Investment (as the case may be) as the collateral at the filing office of the Secretary of State
of the State of Delaware (it being understood that a UCC financing statement describing the collateral as "all assets of the Borrower"
or words of similar effect will be deemed to satisfy the requirements of this clause (iv) in the case of any General Intangibles
to be delivered by the Borrower).

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(d) The security interest of the Administrative Agent in any Collateral disposed of in a transaction permitted
by this Agreement shall, immediately and without further action on the part of the Administrative Agent, be released and the Collateral
Custodian shall immediately release such Collateral to, or as directed by, the Borrower.

**ARTICLE IV**

**REPRESENTATIONS AND WARRANTIES**

Section 4.1 <u>Representations and Warranties of the Borrower</u>.

The Borrower represents and warrants as follows as of the Effective Date, each Funding Date, and as of each other date provided under this Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made:

(a) <u>Organization and Good Standing</u>. The Borrower has been duly organized, and is validly existing as
a limited liability company in good standing, under the laws of the State of Delaware, with all requisite limited liability company power
and authority to own or lease its properties and conduct its business as such business is presently conducted, and had at all relevant
times, and now has all necessary power, authority and legal right to acquire, own and sell the Collateral.

(b) <u>Due Qualification</u>. The Borrower is (i) <u>is</u> duly qualified to do business and is in good standing as a limited liability company in its jurisdiction of formation, and (ii) has
obtained all necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of property or the
conduct of its business requires such qualifications, licenses or approvals, except where the failure to be so qualified, licensed or
approved could not reasonably be expected to have a Material Adverse Effect.

(c) <u>Power and Authority; Due Authorization; Execution and Delivery</u>. The Borrower (i) has all necessary
limited liability company power, authority and legal right to (a) execute and deliver each Transaction Document to which it is a
party, and (b) carry out the terms of the Transaction Documents to which it is a party, and (ii) has duly authorized by all
necessary limited liability company action, the execution, delivery and performance of each Transaction Document to which it is a party
and the transfer and assignment of an ownership and security interest in the Collateral on the terms and conditions herein provided. This
Agreement and each other Transaction Document to which the Borrower is a party have been duly executed and delivered by the Borrower.

(d) <u>Binding Obligation</u>. Each Transaction Document to which the Borrower is a party constitutes a legal,
valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its respective terms, except as such
enforceability may be limited by Insolvency Laws and by general principles of equity.

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(e) <u>No Violation</u>. The consummation of the transactions contemplated by each Transaction Document to
which it is a party and the fulfillment of the terms thereof will not (i) conflict with, result in any breach of any of the terms
and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Governing Documents of the Borrower
or any Contractual Obligation of the Borrower, (ii) result in the creation or imposition of any Lien (other than Permitted Liens)
upon any of the Borrower's properties pursuant to the terms of any such Contractual Obligation, or (iii) violate any Applicable
Law.

(f) <u>Agreements</u>. The Borrower is not a party to any agreement or instrument or subject to any limited
liability company restriction that has resulted or could reasonably be expected to result in a Material Adverse Effect. The Borrower is
not a party to or otherwise subject or has any of its property that is subject to any indenture or other agreement or instrument evidencing
Indebtedness of the Borrower, or any other agreement or instrument where a default could reasonably be expected to result in a Material
Adverse Effect.

(g) <u>No Proceedings</u>. (i) As of the Effective Date, there is no litigation, proceeding or investigation
pending or, to the knowledge of the Borrower, threatened against the Borrower, before any Governmental Authority and as of any date thereafter,
and, (ii) as of any date thereafter, there is no litigation, proceeding or investigation pending or, to the knowledge of the Borrower,
threatened against the Borrower, before any Governmental Authority (x) asserting the invalidity of any Transaction Document to which
the Borrower is a party, (y) seeking to prevent the consummation of any of the transactions contemplated by any Transaction Document
to which the Borrower is a party or (z) that could reasonably be expected to have Material Adverse Effect.

(h) <u>All Consents Required</u>. All approvals, authorizations, consents, orders, licenses, filings or other
actions of any Person or of any Governmental Authority (if any) required for the due execution, delivery and performance by the Borrower
of each Transaction Document to which the Borrower is a party have been obtained, except where the failure to obtain such approval, authorization,
consent, order, license, filing or other action could not reasonably be expected to have a Material Adverse Effect.

(i) <u>[Reserved]</u>.

(j) <u>Solvency</u>. The Borrower is not the subject of any Insolvency Proceedings or Insolvency Event. The
transactions under the Transaction Documents to which the Borrower is a party do not and will not render the Borrower not Solvent.

(k) <u>Taxes</u>.

(i) The Borrower is and has always been treated as a disregarded entity of Transferor for U.S. federal income
tax purposes and no election has been filed by the Borrower to be treated as a corporation for U.S. federal income tax purposes. The Borrower
will, unless otherwise required by applicable law, treat the Advances and Notes as indebtedness for U.S. federal income tax purposes.

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(ii) Each of the Borrower, the Transferor has timely filed or caused to be timely filed (taking into account
valid extensions of the time for filing) all material Tax returns required to be filed by it and has timely paid all material Taxes due,
except Taxes that are being contested in good faith by appropriate proceedings and for which it has set aside on its books adequate reserves
in accordance with GAAP.

(l) <u>Exchange Act Compliance; Regulations T, U and X</u>. None of the transactions contemplated herein or
in the other Transaction Documents (including the use of the proceeds from the transfer of the Collateral) will violate or result in a
violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including Regulations T, U and X of the Board
of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. The Borrower does not own or intend to carry or purchase, and no proceeds
from the Advances will be used to carry or purchase, any "margin stock" within the meaning of Regulation U or to extend "purpose
credit" within the meaning of Regulation U.

(m) <u>Security Interest</u>.

(i) This Agreement creates a valid and continuing security interest (as defined in the UCC as in effect from
time to time in the State of New York) in the Collateral in favor of the Administrative Agent, on behalf of the Secured Parties, which
security interest is validly perfected under Article 9 of the UCC and is prior to all other Liens other than Permitted Liens, and
is enforceable as such against creditors of and purchasers from the Borrower;

(ii) this Agreement constitutes a security agreement within the meaning of Section 9-102(a)(73) of the
UCC as in effect from time to time in the State of New York.

(iii) the Collateral is comprised of "instruments", "general intangibles", "certificated
securities", "security entitlements", "uncertificated securities", "deposit accounts", "securities
accounts", "investment property" and "proceeds" (each as defined in the applicable UCC) and such other categories
of collateral under the applicable UCC as to which the Borrower has complied with its obligations under <u>Section 4.1(m)(i)</u>;

(iv) with respect to Collateral that constitutes Deposit Accounts:

(1) the Borrower has taken all steps necessary to enable the Administrative Agent to obtain "control"
(within the meaning of the UCC as in effect from time-to-time in the State of New York) with respect to each such Account; and

(2) such Accounts are not in the name of any Person other than the Borrower, subject to the Lien of the Administrative
Agent. The Borrower has not instructed the depository bank of any Account to comply with the instructions of any Person other than the
Administrative Agent; <u>provided</u> that, until the Administrative Agent delivers a Notice of Exclusive Control, the Borrower and the
Collateral Manager may cause cash in such Accounts to be invested in Permitted Investments, and the proceeds thereof to be distributed
in accordance with this Agreement.

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(v) with respect to Collateral that constitutes Security Entitlements:

(1) all of such Security Entitlements have been credited to an Account that is a Securities Account and the
securities intermediary for each such Securities Account has agreed to treat all assets credited to such Account as Financial Assets within
the meaning of the UCC as in effect from time-to-time in the State of New York;

(2) the Borrower has taken all steps necessary to enable the Administrative Agent to obtain "control"
(within the meaning of the UCC as in effect from time-to-time in the State of New York) with respect to each Account that is a Securities
Account; and

(3) the Accounts that are Securities Accounts are not in the name of any Person other than the Borrower, subject
to the Lien of the Administrative Agent. The Borrower has not instructed the securities intermediary of any Account that is a Securities
Account to comply with the entitlement order of any Person other than the Administrative Agent; <u>provided</u> that, until the Administrative
Agent delivers a Notice of Exclusive Control, the Borrower and the Collateral Manager may cause cash in the Accounts that are Securities
Accounts to be invested in Permitted Investments, and the proceeds thereof to be distributed in accordance with this Agreement.

(vi) all Accounts (other than the Collateral Account) constitute "deposit accounts" as defined
in Section 9-102 of the UCC as in effect from time-to-time in the State of New York and the Collateral Account constitutes a "securities
account" as defined in the Section 8-501(a) of the UCC as in effect from time-to-time in the State of New York;

(vii) the Borrower owns and has good and marketable title to the Collateral free and clear of any Lien of any
Person (other than Permitted Liens);

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

(ix) the Borrower has taken all necessary steps to authorize the Administrative Agent to file all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security
interest in that portion of the Collateral in which a security interest may be perfected by filing pursuant to Article 9 of the UCC
as in effect in the Borrower's jurisdiction of organization;

(x) upon the delivery to the Collateral Custodian of all Collateral constituting "instruments"
and "certificated securities" (as defined in the UCC as in effect from time to time in the jurisdiction where the Collateral
Custodian's Custody Facilities is located), the crediting of all Collateral that constitutes Financial Assets (as defined in the
UCC as in effect from time to time in the State of New York) to an Account and the filing of the financing statements described in this <u>Section 4.1(m)</u> in the jurisdiction in which the Borrower is located, such security interest shall be a valid and first
priority (subject to Permitted Liens) perfected security interest in that portion of the Collateral in which a security interest may be
created under Article 9 of the UCC as in effect from time to time in the State of New York;

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(xi) other than Permitted Liens, the Borrower has not pledged, assigned, sold, granted a security interest
in or otherwise conveyed any of the Collateral. The Borrower has not authorized the filing of and is not aware of any financing statements
against the Borrower that include a description of any collateral included in the Collateral other than any financing statement (A) relating
to the security interest granted to the Borrower under the Sale Agreement or any Third Party Sale Agreement, as applicable, or (B) that
has been terminated and/or fully and validly assigned to the Administrative Agent on or prior to the date hereof. There are no judgments
or tax lien filings against the Borrower;

(xii) all original executed copies of each underlying promissory note that constitute or evidence each Loan
have been or, subject to the delivery requirements contained herein, will be delivered to the Collateral Custodian;

(xiii) none of the underlying promissory notes that constitute or evidence the Loans has any marks or notations
indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Administrative Agent on behalf of
the Secured Parties;

(xiv) with respect to Collateral that constitutes a "certificated security," such certificated security has been delivered to
the Collateral Custodian on behalf of the Administrative Agent and, if in registered form, has been specially Indorsed to the Collateral
Custodian or in blank by an effective Indorsement or has been registered in the name of the Administrative Agent upon original issue or
registration of transfer by the Borrower of such certificated security; and

(xv) with respect to Collateral that constitutes an Uncertificated Security, the Borrower has caused the Administrative Agent to gain "control"
of such Collateral pursuant to Section 8-106(c) of the UCC and such control remains effective.

(n) <u>Reports Accurate</u>. All information, exhibits, financial statements, documents, books, records or
reports relating to the Borrower furnished or to be furnished by or on behalf of the Borrower to the Administrative Agent, the Collateral
Custodian, the Collateral Administrator or any Lender by any FS/KKR Party in connection with this Agreement are true, complete and correct
in all material respects when taken as a whole (or, (A) in the case of general economic data, industry information or information,
or if not prepared by or under the direction of the Borrower, true and correct in all material respects as of the date furnished, when
taken as a whole to the knowledge of the Borrower after reasonable inquiry or (B) in the case of any projections and forward-looking
information, such has been prepared in good faith and is reasonable in light of information available to Borrower at the relevant time
after reasonable inquiry).

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(o) <u>Location of Offices</u>. The Borrower's location (within the meaning of Article 9 of the
UCC) is, and at all times has been, the State of Delaware. Except as set forth on <u>Schedule I</u> hereto, the Borrower has not changed
its name (whether by amendment of its certificate of formation, by reorganization or otherwise) or its jurisdiction of organization and
has not changed its location within the four (4) months preceding the Effective Date, in each case other than any change of name
or other corporate change for which notice has been duly provided pursuant to <u>Section 5.1(o)(vii)</u>.

(p) <u>Legal Name</u>. Each FS/KKR Party's exact legal name is, and, except as specified on <u>Schedule I</u> hereto, at all times has been the name as set forth on <u>Schedule I</u> hereto.

(q) <u>Sale Agreement</u>. The Sale Agreement is the only agreement pursuant to which the Borrower purchases
Collateral from the Transferor or any of its Affiliates unless such purchase is made pursuant to a transaction otherwise permitted hereunder.

(r) <u>Value Given</u>. The Borrower has given reasonably equivalent value to the Transferor or the applicable
third party seller of each Loan in consideration for the transfer to the Borrower of each Loan, and no such transfer has been made for
or on account of an antecedent debt, and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy
Code.

(s) <u>Accounting</u>. The Borrower accounts for the transfers to it of interests in Collateral as sales of
such Collateral for financial accounting purposes and for legal purposes on its books, records and financial statements, in each case
consistent with GAAP and with the requirements set forth herein.

(t) <u>Special Purpose Entity</u>. The Borrower has not and shall not:

(i) engage in any business or activity other than the purchase, receipt and management of Collateral, the transfer and pledge of Collateral
pursuant to the terms of the Transaction Documents, the sale of Collateral as permitted hereunder, the entry into and the performance
under the Transaction Documents and such other activities as are incidental thereto;

(ii) acquire or own any assets other than (a) the Collateral or (b) incidental property as may be necessary for the operation
of the Borrower and the performance of its obligations under the Transaction Documents;

(iii) merge into or consolidate with any Person or dissolve, terminate or liquidate in whole or in part, transfer or otherwise dispose of
all or substantially all of its assets (other than in accordance with the provisions hereof), without in each case first obtaining the
prior written consent of the Administrative Agent, or except as permitted by this Agreement, change its legal structure, or jurisdiction
of formation;

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(iv) fail to preserve its existence as an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization or formation, amend, modify, terminate or fail to comply with the provisions of its operating agreement except as
otherwise permitted pursuant to <u>Section 5.2(h)</u>, or fail to observe limited liability company formalities;

(v) form, acquire or own any Subsidiary, own any equity interest in any other entity (other than any Equity Security received in exchange
for a defaulted Loan or portion thereof in connection with an insolvency, bankruptcy, reorganization, debt restructuring or workout of
the Obligor thereof), or make any Investment in any Person (other than Permitted Investments) without the prior written consent of the
Administrative Agent;

(vi) commingle its assets with the assets of any of its Affiliates, or of any other Person;

(vii) incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than Indebtedness
to the Secured Parties hereunder or in conjunction with a repayment of all Advances owed to the Lenders and a termination of all the Commitments;

(viii) fail to pay its debts and liabilities from its assets as the same shall become due;

(ix) fail to maintain its records, books of account and bank accounts separate and apart from those of any other Person;

(x) enter into any contract or agreement with any Person, except (a) the Transaction Documents and (b) other contracts or agreements
that are upon terms and conditions that are commercially reasonable and that would be available on an arms-length basis with third parties
other than such Person;

(xi) seek its dissolution or winding up in whole or in part;

(xii) fail to correct any known misunderstandings regarding the separate identity of the Borrower, the Transferor or any other Person;

(xiii) except as provided in this Agreement, guarantee, become obligated for, or hold itself out to be responsible for the debt of another
Person;

(xiv) fail either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its business
solely in its own name in order not (a) to mislead others as to the identity of the Person with which such other party is transacting
business, or (b) to suggest that it is responsible for the debts of any third party (including any of its principals or Affiliates);

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(xv) fail to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in
light of its contemplated business operations;

(xvi) divide or permit any division of the Borrower;

(xvii) except as may be required or permitted by the Code and regulations or other applicable state or local tax law, hold itself out as
or be considered as a department or division of (a) any of its principals or Affiliates, (b) any Affiliate of a principal or
(c) any other Person;

(xviii) fail to maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other Person
and not have its assets listed on any financial statement of any other Person; <u>provided</u>, <u>however</u>, that the Borrower's
assets may be included in a consolidated financial statement of its Affiliate <u>provided</u> that (a) appropriate notation shall
be made on such consolidated financial statements to indicate the separateness of the Borrower from such Affiliate and to indicate that
the Borrower's assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any other Person
and (b) such assets shall also be listed on the Borrower's own separate balance sheet;

(xix) fail to pay its own liabilities and expenses only out of its own funds;

(xx) fail to maintain a sufficient number of employees, if any, in light of its contemplated business operations or to pay the salaries
of its own employees, if any;

(xxi) acquire the obligations of or securities issued by its Affiliates or members, it being understood that this clause (xxi) shall
not prevent the Borrower from acquiring Loans from the Transferor;

(xxii) guarantee any obligation of any person, including an Affiliate;

(xxiii) fail to allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including paying for office space
and services performed by any employee of an Affiliate;

(xxiv) fail to use separate invoices and checks bearing its own name;

(xxv) pledge its assets for the benefit of any other Person, other than with respect to payment of the indebtedness to the Secured Parties
hereunder;

(xxvi) other than prior to the Effective Date. (A) fail at any time to have at least one (1) independent member (the " <u>Special Member</u> ") which shall be a natural Person who has prior experience as an independent director, independent manager or independent
member with at least three years of employment experience and who is provided by CT Corporation, Corporation Service Company, Global Securitization
Services, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation or,
if none of those companies is then providing professional Special Members, another nationally recognized company reasonably approved by
the Administrative Agent, in each case that is not an Affiliate of the Borrower and that provides professional Special Members and other
corporate services in the ordinary course of its business, and which individual is duly appointed as a Special Member and is not, and
has never been, and will not while serving as Special Member be, any of the following: (w) a member, partner, equityholder, manager,
director, officer or employee of the Borrower or any of its equityholders or Affiliates (other than as a Special Member of the Borrower
or any of its equityholders or Affiliates that is required by a creditor to be a single purpose bankruptcy remote entity); (x) a
creditor, supplier or service provider (including provider of professional services) to the Borrower or any of its equityholders or Affiliates
(other than a nationally recognized company that routinely provides professional Special Members and other corporate services to the Borrower
or any of its equityholders or Affiliates in the ordinary course of business); (y) a family member of any such member, partner, equityholder,
manager, director, officer, employee, creditor, supplier or service provider; or (z) a Person that controls (whether directly, indirectly
or otherwise) any of (w), (x) or (y) above; <u>provided</u> that the Borrower shall have ten (10) Business Days to replace
any Special Member with a person approved by Administrative Agent in its sole discretion upon the death, resignation or incapacitation
of the current Special Member; or (B) fail to ensure that all limited liability company action relating to the selection, maintenance
or replacement of the Special Member during the Covenant Compliance Period shall require the written consent of the Administrative Agent.
A natural person who otherwise satisfies the foregoing definition and satisfies subparagraph (w) by reason of being the Special Member
of a "special purpose entity" affiliated with the Borrower shall be qualified to serve as a Special Member of the Borrower,
provided that the fees that such individual earns from serving as Special Member of affiliates of the Borrower in any given year constitute
in the aggregate less than five percent (5.00%) of such individual's annual income for that year;

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(xxvii) fail to provide that the unanimous consent of all members (including the consent of the Borrower's Special Member) is required
for the Borrower to (a) institute proceedings to be adjudicated bankrupt or insolvent, (b) institute or consent to the institution
of bankruptcy or insolvency proceedings against it, (c) file a petition seeking or consent to reorganization or relief under any
applicable federal or state law relating to bankruptcy or insolvency, (d) seek or consent to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator, custodian or any similar official for the Borrower, (e) make any assignment for the benefit of the
Borrower's creditors, (f) admit in writing its inability to pay its debts generally as they become due, or (g) take any
action in furtherance of any of the foregoing; or

(xxviii) fail to file its own tax returns separate from those of any other Person, except to the extent that the Borrower is treated as a "disregarded
entity" for tax purposes and is not required to file tax returns under applicable law, and pay any taxes required to be paid under
applicable law.

(u) <u>Beneficial Ownership Certification</u> **.** As of the Effective Date, the information included in
the Beneficial Ownership Certification is true and correct in all material respects.

(v) <u>Investment Company Act</u>. The Borrower is not required to register as an "investment company"
under the 1940 Act, and is not "controlled by" an entity required to register as an "investment company" under
the 1940 Act.

(w) <u>ERISA</u>. The Borrower (i) does not maintain, nor are any employees of the Borrower permitted
to participate in, an "employee pension benefit plan," as such term is defined in Section 3 of ERISA which is subject
to Title IV of ERISA (a " <u>Pension Plan</u> ") and (ii) has no underlying assets which constitute "plan assets"
within the Plan Asset Rules.

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(x) <u>Compliance with Law</u>. The Borrower has complied in all respects with all Applicable Law to which
it may be subject, and no item of Collateral contravenes any Applicable Law, in each case, except for instances of non-compliance or contravention
that could not reasonably be expected to have a Material Adverse Effect.

(y) <u>No Material Adverse Effect</u>. Except as previously disclosed to the Administrative Agent, no event,
change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect on any FS/KKR Party
since the last Reporting Date.

(z) <u>Amendments</u>. No Loan has been amended, modified or waived since the Effective Date or the related
Funding Date, as the case may be, except for amendments, modifications or waivers, if any, to such Loan otherwise permitted under <u>Section 6.4(a)</u> and
in accordance with the Collateral Manager Standard.

(aa) <u>Full Payment</u>. As of the date of the Borrower's acquisition thereof, the Borrower has no knowledge
of any fact which would reasonably lead it to expect that any Loan will not be repaid by the relevant Obligor in full.

(bb) <u>Sanctions; Anti-Money Laundering Laws; and Anti-Corruption Laws</u>. Neither the Borrower nor any Affiliate
of the Borrower is a Sanctioned Person or otherwise identified on any list maintained by the Office of Foreign Asset Control of the U.S.
Department of the Treasury or such other list or such similar lists relating to Sanctions. The Borrower maintains or is otherwise subject
to policies and procedures reasonably designed to ensure compliance with Anti-Money Laundering Laws and Anti-Corruption Laws.

The representations and warranties in <u>Section 4.1(m)</u> shall survive the termination of this Agreement and such representations and warranties may not be waived by any party hereto without the consent of the Administrative Agent.

Section 4.2 <u>Representations and Warranties of the Borrower Relating to the Agreement and the Collateral</u>.

The Borrower represents and warrants as follows as of the Effective Date, each Funding Date, and as of each other date provided under this Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made:

(a) <u>Eligibility of Collateral</u>. The Borrower has conducted such due diligence and other review as it
considered necessary with respect to the Loans set forth on the Loan List. As of the Effective Date and each Funding Date, (i) the
Loan List and the information contained in each Funding Notice delivered pursuant to <u>Section 2.2</u>, is an accurate and complete
listing of all Loans included in the Collateral as of the related Funding Date and the information contained therein with respect to the
identity of such Loans and the amounts owing thereunder is true, correct and complete as of the related Funding Date, (ii) each such
Loan included in the Borrowing Base is an Eligible Loan, (iii) each Loan included in the Collateral is free and clear of any Lien
of any Person (other than Permitted Liens) and in compliance with all Applicable Laws and (iv) with respect to each Loan included
in the Collateral, all consents, licenses, approvals or authorizations of or registrations or declarations of any Governmental Authority
or any Person required to be obtained, effected or given by the Borrower in connection with the transfer of an ownership interest or security
interest in such Collateral to the Administrative Agent as agent for the benefit of the Secured Parties have been duly obtained, effected
or given and are in full force and effect.

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(b) <u>No Fraud</u>. Each Loan was originated without any fraud or material misrepresentation by the Borrower
or its Affiliates or to the knowledge of the Borrower or its Affiliates, of the related Obligors.

Section 4.3 [Reserved].

Section 4.4 <u>Representations and Warranties of the Collateral Custodian</u>.

The Collateral Custodian represents and warrants as follows:

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

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

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

(d) <u>No Violation</u>. The execution and delivery of this Agreement, the performance of the Transactions
contemplated hereby to be performed by it and the fulfillment of the terms hereof applicable to it will not conflict with or violate,
in any material respect, any Applicable Law as to the Collateral Custodian.

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

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

**ARTICLE V**

**GENERAL COVENANTS**

Section 5.1 <u>Affirmative Covenants of the Borrower</u>.

During the Covenant Compliance Period:

(a) <u>Compliance with Laws</u>. The Borrower will comply in all material respects with all Applicable Laws,
including those with respect to the Collateral or any part thereof, except for instances of non-compliance that could not reasonably be
expected to have a Material Adverse Effect.

(b) <u>Preservation of Company Existence</u>. The Borrower will (i) preserve and maintain its limited
liability company existence, rights, franchises and privileges in the jurisdiction of its formation, (ii) qualify and remain qualified
in good standing (to the extent such concept exists in such jurisdiction) as a limited liability company in each jurisdiction where the
failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected
to have, a Material Adverse Effect and (iii) maintain the Governing Documents of the Borrower in full force and effect and shall
not amend the same without the prior written consent of the Administrative Agent except as permitted under <u>Section 5.2(h)</u>.

(c) <u>Performance and Compliance with Collateral</u>. The Borrower will, at its expense, timely and fully
perform and comply (or cause the Transferor or any third party seller to perform and comply pursuant to the Sale Agreement or any Third
Party Sale Agreement, as applicable) with all provisions, covenants and other promises required to be observed by it under the Collateral,
the Transaction Documents and all other agreements related to such Collateral.

(d) <u>Keeping of Records and Books of Account; Inspection Rights</u>.

(i) The Borrower will keep proper books of record and account in which full, true and correct entries in conformity
with GAAP and all requirements of law are made of all dealings and transactions in relation to its business and activities. The Borrower,
the Transferor and the Collateral Manager will permit representatives and agents of the Administrative Agent or the Collateral Administrator
to visit and inspect any of its properties or the properties of its Affiliates, to examine it and its Affiliates corporate, financial
and operating records relating to the Collateral, the Eligible Loans, and make copies of the Required Loan Documents, and to discuss its
affairs, finances and accounts with its directors and officers (provided, that (i) representatives of such Person may be present
at any such discussion and (ii) any third party's confidential information subject to a confidentiality agreement with a FS/KKR
Party that prohibits the disclosure of such third party's information to Administrative Agent may be redacted from the information
provided to Administrative Agent pursuant to this <u>Section 5.1(d)</u>, all at the expense of the Borrower and at such reasonable
times during normal business hours and as often as may be reasonably desired, upon reasonable (and in any event not less than two (2) Business
Days') advance written notice from Administrative Agent to such Person; <u>provided</u>, that when an Event of Default exists the
Administrative Agent (or any representative or agent thereof) may do any of the foregoing at any time and without advance notice (other
than discussions with auditors and other third parties, for which reasonable prior notice shall still be required); <u>provided</u>, <u>further</u>,
that so long as no Event of Default shall have occurred and be continuing (at which time no limits shall apply), (x) no more than
two (2) such inspections or audits shall be conducted in any one year and (y) the Borrower shall not be obligated to reimburse
Administrative Agent for more than one (1) inspection or audit in any calendar year.

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(ii) In connection with the foregoing paragraph, Administrative Agent (through any of its officers, employees,
or agents) shall have the right, from time to time hereafter (i) at any time that an Event of Default has occurred and is continuing
and following delivery of notice of acceleration of the Obligations hereunder, but solely after a failure of the Collateral Manager to
make any such notifications or communications within 10 Business Days of Administrative Agent's written demand therefor, to the
extent the Borrower has such right under the applicable Underlying Instruments, to communicate directly with any and all of the Borrower's
account debtors and Obligors to verify the existence and terms thereof; <u>provided</u> that the Administrative Agent has given the Borrower
prior notice of its intention to do so; and (ii) from time to time, upon reasonable advance notice, to audit the Collateral, or any
portion thereof, in order to verify any FS/KKR Party's financial condition or the amount, quality, value, condition of, or any other
matter relating to, the Collateral; and each of Transferor and the Borrower shall, and shall cause the Collateral Manager to permit any
designated representative of Administrative Agent to visit and inspect any of the properties of Transferor, the Borrower or the Collateral
Manager, as applicable, to inspect and to discuss their respective finances and any of their respective properties and Collateral, during
normal business hours. The Borrower shall reimburse Administrative Agent for any expense incurred in the exercise of the foregoing provisions.
Audit fees and other charges for the inspections contemplated in this <u>Section 5.1(d)</u> shall be as follows: (a) a
fee of $1,000.00 per day, per auditor, <u>plus</u> reasonable and documented out-of-pocket expenses for each field audit of Transferor,
the Borrower or any other FS/KKR Party or Person performed by personnel employed by Administrative Agent, and (b) the reasonable
and documented out-of-pocket charges and expenses paid or incurred by Administrative Agent if it elects to employ the services of one
or more third Persons to perform field audits of Transferor, Borrower, any other FS/KKR Party or the Collateral Manager or to appraise
the Collateral, or any portion thereof; <u>provided</u>, that so long as no Event of Default shall have occurred and be continuing, (x) the
Borrower shall not be obligated to reimburse Administrative Agent for more than one (1) field audit or appraisal of the Collateral,
in either case, in any calendar year and (y) no more than two (2) such field audits and appraisals shall be conducted in any
one year. For purposes of clarity, any Lender or its designated representatives having requested to attend in the case of physical inspections
may, at such Lender's expense, accompany Administrative Agent in the case of such physical inspections.

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(e) <u>Protection of Interest in Collateral</u>. With respect to the Collateral acquired by the Borrower,
the Borrower will (i) acquire such Collateral pursuant to and in accordance with the terms of the Sale Agreement or directly from
a third party pursuant to a Third Party Sale Agreement and (ii) at the Borrower's expense, take all action necessary to perfect,
protect and more fully evidence the Borrower's ownership of such Collateral free and clear of any Lien, including (a) with
respect to the Loans and that portion of the Collateral in which a security interest may be perfected by filing and maintaining (at the
Borrower's expense), effective financing statements against the Obligor in all necessary or appropriate filing offices, (including
any amendments thereto or assignments thereof) and filing continuation statements, amendments or assignments with respect thereto in such
filing offices, (including any amendments thereto or assignments thereof) and (b) executing or causing to be executed such other
instruments or notices as may be necessary or appropriate.

(f) <u>Deposit of Collections</u>.

(i) The Borrower shall, or cause the Collateral Manager to, instruct each Obligor or relevant administrative agent, as applicable, to
deliver all Collections in respect of the Collateral to the General Collection Account.

(ii) The Borrower shall promptly (and in any event within two (2) Business Days after identifying any Collections received as being
on account of Interest Collections or Principal Collections), direct the Collateral Custodian to transfer from the General Collection
Account (A) all Collections received by it in respect of the Collateral attributable to Interest Collections to the Interest Collection
Account, (B) other than as provided in clause (C), all Collections received by it in respect of the Collateral attributable to Principal
Collections to the Principal Collection Account and (C) to the extent provided in <u>Section 2.9(e)</u>, Collections to the
Unfunded Exposure Account.

(g) <u>Special Purpose Entity</u>. The Borrower shall be in compliance with the special purpose entity requirements
set forth in <u>Section 4.1(t)</u>.

(h) <u>Collateral Manager Standard</u>. The Borrower will (i) ensure that the Collateral Manager acts
in compliance with the Collateral Manager Standard in all material respects and (ii) maintain an investment strategy consistent with
the terms of the Transaction Documents.

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(i) <u>Events of Default</u>. Promptly following the Borrower's knowledge or notice of the occurrence
of any Event of Default or Default, the Borrower will provide the Administrative Agent, the Collateral Custodian and the Collateral Administrator
with written notice of the occurrence of such Event of Default or Default of which the Borrower has knowledge or has received notice.
In addition, such notice will include a written statement of a Responsible Officer of the Borrower setting forth the details of such event
and the action that the Borrower proposes to take with respect thereto. The Administrative Agent will provide each Lender with a copy
of any such notice promptly upon receipt thereof.

(j) <u>Obligations</u>. Each FS/KKR Party shall pay its respective Indebtedness and other obligations promptly
and in accordance with their terms and pay and discharge promptly when due all lawful claims for labor, materials and supplies or otherwise
that, if unpaid, might give rise to a Lien upon the Collateral or any part thereof.

(k) <u>Taxes</u>.

(i) The Borrower will at all times continue to be treated as a disregarded entity of the Transferor for U.S. federal income tax purposes.
The Borrower is and has always been treated as a disregarded entity of Transferor for U.S. federal income tax purposes and no election
has been filed or will be filed in the future by the Borrower to be treated as a corporation for U.S. federal income tax purposes. The
Borrower will, unless otherwise required by applicable law, treat the Advances and Notes as indebtedness for U.S. federal income tax purposes.

(ii) The Borrower will at all times continue to be owned by the Transferor.

(iii) The
Transferor will, unless otherwise required by applicable law, treat the Advances and Notes as indebtedness for U.S. federal income tax
purposes.

(iv) Each of the Borrower and the Transferor will timely file or cause to be timely filed (taking into account valid extensions of the
time for filing) all material Tax returns required to be filed by it and will timely pay all material Taxes due (including all Taxes on
the income and gain or the Borrower and the Transferor), except Taxes that are being contested in good faith by appropriate proceedings
and for which it has set aside on its books adequate reserves in accordance with GAAP.

(l) <u>Use of Proceeds</u>. The Borrower will use the proceeds of the Advances only to acquire Loans or fund
unfunded commitments with respect to Loans, to make distributions to its members in accordance with the terms hereof or to pay related
expenses (including expenses payable hereunder) and for such other purposes as are necessary or incidental to the foregoing.

(m) <u>Obligor Notification Forms</u>. The Administrative Agent may, in its discretion after the occurrence
of an Event of Default, send notification forms giving each relevant administrative agent or Obligor, as applicable, notice of the Secured
Parties' interest in the Collateral and the obligation to make payments as directed by the Administrative Agent.

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(n) <u>Adverse Claims</u>. The Borrower will not (i) create, or participate in the creation of, any Liens

Agreement and Permitted Liens.

(o) <u>Notices</u>. The Borrower will furnish each of the following documents to the Collateral Administrator
and the Administrative Agent, which shall forward copies of the same to the Lenders:

(i) <u>Income Tax Liability</u>. Within ten (10) Business Days after the receipt of revenue agent reports or other written proposals,
determinations or assessments of the IRS or any other taxing authority which propose, determine or otherwise set forth positive adjustments
to the Tax liability of, or assess or propose the collection of Taxes required to have been withheld by, the Borrower which equal or exceed
$100,000 in the aggregate, telephonic or facsimile notice (confirmed in writing within five (5) Business Days) specifying the nature
of the items giving rise to such adjustments and the amounts thereof;

(ii) <u>Auditors' Management Letters</u>. Promptly after the receipt thereof, any auditors' management letters are received
by the Borrower;

(iii) <u>Representations and Warranties</u>. Promptly after receiving knowledge or notice of the same, the Borrower shall notify the Administrative
Agent if any representation or warranty set forth in <u>Section 4.1</u> or <u>Section 4.2</u> was incorrect in any material
respect (except for such representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier,
which representations and warranties shall have been incorrect in any respect) at the time it was given or deemed to have been given and
at the same time deliver to the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and
circumstances. In particular, but without limiting the foregoing, the Borrower shall notify the Administrative Agent in the manner set
forth in the preceding sentence before any Funding Date of any facts or circumstances within the knowledge of the Borrower which would
render any of the said representations and warranties untrue in any material respect (except for such representations and warranties as
are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties would be rendered
untrue in any respect) as of such Funding Date;

(iv) <u>ERISA</u>. (1) Promptly after receiving notice of any Reportable Event with respect to the Borrower (or any ERISA Affiliate
thereof), a copy of such notice and (2) promptly after obtaining knowledge thereof (and in any event within two (2) Business
Days), notice that Borrower has underlying assets which constitute "plan assets" within the Plan Asset Rules;

(v) <u>Proceedings</u>. As soon as possible and in any event within two (2) Business Days after an executive officer of the Borrower
or the Transferor receives notice or obtains knowledge thereof or at the request of the Administrative Agent, notice of any settlement
of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of
any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental
department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Collateral, the Transaction Documents,
the Secured Parties' interest in the Collateral, or any FS/KKR Party or any of its Affiliates; <u>provided</u> that notwithstanding
the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral, the Transaction
Documents, the Secured Parties' interest in the Collateral, or the Borrower in excess of $500,000, the Transferor in excess of $5,000,000
shall be deemed to be material for purposes of this <u>Section 5.1(o)</u>;

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(vi) <u>Notice of Certain Events</u>. Promptly upon obtaining knowledge thereof (and in any event within two (2) Business Days), notice
of (1) any Event of Default, (2) any other event or circumstance that could reasonably be expected to have a Material Adverse
Effect, or (3) any amendment to the Governing Documents of the Transferor if such amendment materially and adversely effects the
interests of the Administrative Agent and the Lenders, as determined in the reasonable judgement of the Collateral Manager (on behalf
of the Borrower);

(vii) <u>Corporate Changes</u>. As soon as possible and in any event within five (5) Business Days after the effective date thereof,
notice of any change in the name, jurisdiction of organization, corporate structure, tax characterization or location of records of the
Borrower; <u>provided</u> that the Borrower agrees not to effect or permit any change referred to in the preceding sentence unless all
filings have been made under the UCC or otherwise that are required in order for the Administrative Agent to continue at all times following
such change to have a valid, legal and perfected security interest in all the Collateral; and

(viii) <u>Accounting Changes</u>. As soon as possible and in any event within two (2) Business Days after the effective date thereof,
notice of any material change in the accounting policies of the Borrower relating to loan accounting or revenue recognition.

(p) <u>Contest Recharacterization</u>. The Borrower shall in good faith contest any attempt to recharacterize
the treatment of the Loans as property of the bankruptcy estate of the Transferor.

(q) <u>Payment Date Reporting</u>.

(i) The Borrower shall deliver (or shall cause to be delivered) a Payment Date Report, for the previous quarter ending as of the applicable
Determination Date, and delivered to the Administrative Agent, the Collateral Administrator and Collateral Custodian not later than 3:00
p.m. on the day that is two (2) Business Days preceding the related Payment Date; <u>provided</u> that if a Borrowing Base Deficiency
has occurred after the applicable Determination Date and remains continuing as of the day that is two (2) Business Days preceding
the related Payment Date, the Payment Date Report shall reflect (or, if already delivered, be revised to reflect) amounts necessary to
cure such Borrowing Base Deficiency pursuant to <u>Section 2.7(a)(9)</u>. Each such Payment Date Report shall contain instructions
to the Collateral Custodian to withdraw funds on the related Payment Date from the applicable Collection Account and pay or transfer amounts
set forth in such report in the manner specified, and in accordance with the priorities established, in <u>Section 2.7</u> or <u>Section 2.8</u>,
as applicable.

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(ii) Each Payment Date Report shall include a calculation of Availability, the aggregate outstanding principal balance of the Advances,
the Aggregate Unfunded Exposure Amount, and the Borrowing Base.

(iii) If and to the extent the Collateral Manager may be required to calculate or to report in a Payment Date Report or other accounting
hereunder, the Dollar Equivalent of any amount, including the outstanding principal amount of an Eligible Loan, the Advances, the Borrowing
Base or other such calculation or amount involving Canadian Dollars, it shall use (A) the Dollar Equivalent identified in or the
(B) Assigned Value provided in, as the case may be, the collateral database compiled and delivered (or caused to be compiled and
delivered) to the Collateral Manager by the Collateral Administrator under the Collateral Administration Agreement for the related collection
or reporting period or other such amount as is identified in such calculation or such report by the Collateral Manager; <u>provided</u> that nothing herein shall impose a duty upon the Collateral Administrator under this Agreement or the Collateral Administration Agreement
to determine the Dollar Equivalent or the Assigned Value of any Eligible Loan.

(iv) In preparing the Payment Date Report and other information and statements required hereunder, the Collateral Administrator shall provide
the Collateral Manager with such information and data maintained pursuant to the terms of the Collateral Administration Agreement to assist
the Collateral Manager in preparing the Payment Date Report and to the extent required under the terms of the Collateral Administration
Agreement. The Collateral Administrator shall have the rights, protections and immunities provided to it in the Collateral Administration
Agreement.

(v) In each Payment Date Report, the Collateral Manager shall further include a statement in the Borrowing Base Certificate delivered
pursuant to <u>Section 5.1(t)</u> as to the amount and type (whether Principal Collections, Interest Collections or other
Collections) of all Collections received since the prior Reporting Date, all Principal Collections and Interest Collections on deposit
as of such Reporting Date and a detailed aging of each Loan.

(r) <u>Sanctions; Anti-Money Laundering Laws; and Anti-Corruption Laws</u>. The Borrower shall at all times
comply with Sanctions, Anti-Money Laundering Laws and Anti-Corruption Laws applicable to the Borrower.

(s) <u>Financial Statements</u>. The Borrower shall furnish to the Administrative Agent for distribution to
each Lender:

(i) as soon as available, but in any event within one hundred twenty (120) days after the end of each fiscal year of Transferor, a copy
of the audited consolidated balance sheet of Transferor and the unaudited consolidated balance sheet of the Transferor, in each case,
as at the end of such year and the related statements of income and retained earnings and of cash flows for such year, setting forth in
each case in comparative form the figures for the previous year, and, in the case of financial statements of Transferor, reported on without
a "going concern" or like qualification or exception, or qualification arising out of the scope of the audit, by an independent
certified public accountants of nationally recognized standing;

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(ii) as soon as available, but in any event not later than seventy-five (75) days after the end of each of the first three quarterly periods
of each fiscal year of Transferor, the unaudited consolidated balance sheet of the Transferor as at the end of such quarter and the related
unaudited statements of income and retained earnings and of cash flows of the Transferor for such quarter and the portion of the fiscal
year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year, certified by a
Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments);

(iii) all such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and
in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such
accountants or officer, as the case may be, and disclosed therein).

(t) <u>Certificates; Other Information</u>. The Borrower shall furnish to the Administrative Agent for distribution
to each Lender:

(i) concurrently with the delivery of the financial statements of the Transferor referred to in <u>Section 5.1(s)(i)</u>, a certificate
of the independent certified public accountants firm reporting on such financial statements stating that in making the examination necessary
therefor no knowledge was obtained of any Default or Event of Default, except as specified in such certificate;

(ii) concurrently with the delivery of the financial statements referred to in Sections <u>5.1(s)(i)</u> and <u>5.1(s)(ii)</u> (or,
if such financial statements are furnished to the Administration Agent by posting such financial statements on a publicly available website,
not later than three (3) Business Days after the posting of such financial statements) a fully and properly completed compliance
certificate in the form of <u>Exhibit K</u>, certified on behalf of the Borrower by a Responsible Officer of the Borrower;

(iii) on each Measurement Date, a Borrowing Base Certificate showing the Borrowing Base and the Availability as of such date;

(iv) [reserved];

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(v) within five (5) Business Days after the same are filed, copies of all financial statements, filings and reports which the Borrower
or Transferor may make to, or file with, the Securities and Exchange Commission or any successor or analogous Governmental Authority;

(vi) within one hundred twenty (120) days (or such greater number of days as may be agreed by the Administrative Agent in its sole discretion)
after the end of each fiscal year of Transferor, beginning with the fiscal year of the Transferor ending December 31, 2024, a report
covering such fiscal year of a firm of independent certified public accountants of nationally recognized standing (or any other party
identified by the Administrative Agent) to the effect that such accountants (or such other party) have applied certain agreed-upon procedures
(the " <u>Agreed-Upon Procedures Report</u> ") (a copy of which procedures are attached hereto as <u>Schedule IV</u>, it being
understood that Transferor and the Administrative Agent may provide an updated <u>Schedule IV</u> reflecting any further amendments to
such <u>Schedule IV</u> on or prior to the last day of the first fiscal year of Transferor to end following the Effective Date), a copy
of which shall replace the then existing <u>Schedule IV</u>) to certain documents and records relating to the Collateral and the FS/KKR
Parties, compared the information contained in three random Borrowing Base Certificates (provided that the Administrative Agent, in its
sole discretion, may elect that such analysis include (x) a smaller number of Borrowing Base Certificates and (y) only a subset
of Loans included in each Borrowing Base Certificate) and Payment Date Reports, in each case, delivered during the period covered by such
Agreed-Upon Procedures Report with such documents and records and that no matters came to the attention of such accountants (or such other
party) that caused them to believe that (A) the information and the calculations included in such Borrowing Base Certificates and
Payment Date Reports were not determined or performed in accordance with the provisions of this Agreement, except for such exceptions
as such accountants (or such other party) shall believe to be immaterial and such other exceptions as shall be set forth in such statement,
or (B) an Event of Default occurred during the applicable reporting period; provided that, if the Administrative Agent has provided
written notice to the Borrower that the Administrative Agent has, in its reasonable discretion, elected to directly engage a firm of independent
certified public accountants of nationally recognized standing (or any other party identified by the Administrative Agent) to provide
an Agreed-Upon Procedures Report for an applicable fiscal year, the Borrower shall not be obligated to separately furnish an Agreed-Upon
Procedures Report for such fiscal year;

(vii) promptly, (A) such information, documents, records or reports reasonably available to it respecting the Collateral or the condition
or operations, financial or otherwise, of the Borrower or the Collateral Manager as the Administrative Agent or any Lender may from time
to time reasonably request in order to protect the interests of the Administrative Agent or Secured Parties under or as contemplated by
this Agreement or the other Transaction Documents, and (B) such additional financial and other information as any Lender may from
time to time reasonably request;

(viii) [reserved]; and

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(ix) on each Payment Date, a calculation of Available Capital certified by the Fund and a calculation of the Borrower's Total Interest
Coverage Ratio, certified as complete and correct by a Responsible Officer.

(u) <u>Further Assurances</u>. The Borrower will execute any and all further documents, financing statements,
agreements and instruments, and take all further action (including filing UCC and other financing statements, agreements or instruments)
that may be required under applicable law, or that the Administrative Agent may reasonably request, in order to effectuate the transactions
contemplated by the Transaction Documents and in order to grant, preserve, protect, perfect or more fully evidence the validity and first
priority (subject to Permitted Liens) of the security interests and Liens created or intended to be created hereby. Such security interests
and Liens will be created hereunder and the Borrower shall deliver or cause to be delivered to the Administrative Agent all such instruments
and documents (including legal opinions and lien searches) as it shall reasonably request to evidence compliance with this <u>Section 5.1(u)</u>.
The Borrower agrees to provide such evidence as the Administrative Agent shall reasonably request as to the perfection and priority status
of each such security interest and Lien.

(v) <u>Non-Consolidation</u>. The Borrower shall at all times act in a manner such that each of the assumptions
made by Dechert LLP in their opinion delivered pursuant to <u>Section 3.1(f)</u> is true and accurate in all material respects.
The Borrower shall at all times observe and be in compliance in all material respects with all covenants and requirements in the Governing
Documents of the Borrower.

(w) <u>Know Your Customer Laws</u>. The Borrower will furnish to the Administrative Agent promptly, from time
to time, information and documentation requested by Administrative Agent or any Lender for the purpose of compliance with "know
your customer" laws, including the Beneficial Ownership Regulation.

(x) <u>Other</u>. The Borrower will furnish to the Administrative Agent promptly, from time to time, such
other information, documents, records or reports reasonably available to it respecting the Collateral or the condition or operations,
financial or otherwise, of the Collateral Manager or the Borrower as the Administrative Agent or any Lender may from time to time reasonably
request in order to protect the interests of the Administrative Agent or the other Secured Parties under or as contemplated by this Agreement.

Section 5.2 <u>Negative Covenants of the Borrower</u>.

During the Covenant Compliance Period:

(a) <u>Other Business</u>. The Borrower will not (i) engage in any business other than (A) entering
into and performing its obligations under the Transaction Documents and other activities contemplated by the Transaction Documents, (B) the
acquisition, ownership and management of the Collateral and (C) the sale of Loans as permitted hereunder, (ii) incur any Indebtedness,
obligation, liability or contingent obligation of any kind other than pursuant to this Agreement, or (iii) form any Subsidiary or
make any Investment in any other Person except as permitted hereunder.

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(b) <u>Collateral Not to be Evidenced by Instruments</u>. The Borrower will take no action to cause any Loan
that is not, as of the Effective Date or the related Funding Date, as the case may be, evidenced by an Instrument, to be so evidenced
except in connection with the enforcement or collection of such Loan or unless such Instrument is immediately delivered to the Collateral
Custodian, together with an Indorsement in blank, as collateral security for such Loan.

(c) <u>Security Interests</u>. Except as otherwise permitted herein and in respect of any Discretionary Sale,
Substitution, sale of a Warranty Loan or any distribution of a Zero Value Asset as a Restricted Payment permitted hereunder, the Borrower
will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than
the security interest granted to the Administrative Agent, on behalf of the Secured Parties, pursuant to this Agreement or Permitted Liens)
on any Collateral, whether now existing or hereafter transferred hereunder, or any interest therein. The Borrower will promptly notify
the Administrative Agent of the existence of any Lien (other than the security interest granted to the Administrative Agent, on behalf
of the Secured Parties, pursuant to this Agreement or Permitted Liens) on any Collateral and the Borrower shall defend the right, title
and interest of the Administrative Agent, as agent for the Secured Parties in, to and under the Collateral against all claims of third
parties (other than Permitted Liens).

(d) <u>Mergers, Acquisitions, Sales, etc.</u> The Borrower will not be a party to any merger or consolidation,
or purchase or otherwise acquire any of the assets or any stock of any class of, or any partnership or joint venture interest in, any
other Person, or sell, transfer, convey or lease any of its assets, or sell or assign with or without recourse any Collateral or any interest
therein (other than as permitted pursuant to this Agreement, the Sale Agreement or any Third Party Sale Agreement).

(e) <u>Restricted Payments</u>. The Borrower shall not make any Restricted Payments other than distributions
of (i) amounts paid to it in accordance with <u>Sections 2.7</u> and <u>2.8</u> on a Payment Date as set forth in the related Payment
Date Report, (ii) amounts on deposit in the Operating Account, (iii) Zero Value Assets during the Revolving Period (or after
the Revolving Period End Date with the consent of the Administrative Agent) or (iv) amounts on deposit in the Pre-Funded Loan Account
to the extent permitted under clause (y) of the final sentence of <u>Section 2.9(h)</u>; <u>provided</u> that, distributions
may be made only if immediately before and after giving effect to such distribution, (x) the Advances Outstanding shall not exceed
Availability and (y) no Default or Event of Default shall exist.

(f) <u>Change of Location of Underlying Instruments</u>. The Borrower shall not, without the prior consent
of the Administrative Agent, consent to the Collateral Custodian moving any Certificated Securities or Instruments from the Collateral
Custodian's Custody Facilities on the Effective Date, unless the Borrower has given at least thirty (30) days' written notice
to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to ensure that the
Secured Parties' first priority perfected security interest continues in effect.

(g) <u>ERISA Matters</u>. Except as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect, the Borrower will not (i) engage or permit any ERISA Affiliate to engage in any transaction that
is a prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code for which an exemption is
not available or has not previously been obtained from the U.S. Department of Labor, (ii) knowingly permit to exist any accumulated
funding deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the Code, or funding deficiency with
respect to any Pension Plan of an ERISA Affiliate, if any, other than a Multiemployer Plan, (iii) fail to make or knowingly permit
any ERISA Affiliate to fail to make, any payments to a Multiemployer Plan that the Borrower or any ERISA Affiliate may be required to
make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (iv) terminate any Pension Plan of an
ERISA Affiliate, if any, (v) knowingly permit to exist any occurrence of any Reportable Event with respect to a Pension Plan of an
ERISA Affiliate, if any, or (vi) take any actions that would cause the underlying assets of the Borrower to constitute "plan
assets" within the meaning of the Plan Asset Rules.

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(h) <u>Operating Agreement</u>. The Borrower will not amend, modify, waive or terminate any provision of its
operating agreement in any matter that is materially adverse to the Lenders or otherwise prohibited under this Agreement without the prior
written consent of the Administrative Agent.

(i) <u>Changes in Payment Instructions to Obligors</u>. The Borrower will not make any change, or permit the
Collateral Manager to make any change, in its instructions to any relevant administrative agent or Obligor, as applicable, regarding payments
to be made with respect to the Collateral to the Collection Account, unless the Administrative Agent has consented to such change.

(j) <u>Extension or Amendment of Collateral</u>. The Borrower will not, except as otherwise permitted in Section 2(d)(i) of
the Collateral Management Agreement, extend, amend or otherwise modify the terms of any Loan. Without limiting the foregoing, the Borrower
shall not may waive, modify or otherwise vary any provision of an item of Collateral (including, but not limited to, any Loan) in any
manner contrary to the Collateral Manager Standard and without the approval of Administrative Agent in its sole discretion, <u>provided</u>,
that if Administrative Agent does not provide its approval for any such waiver or modification, Borrower shall have the option, subject
to <u>Sections 2.14(d)</u> and <u>(e)</u>, to repurchase such item of Collateral immediately prior to the effectiveness of such modification
for an amount equal to the amount calculated in clause (i) of the definition of "Borrowing Base" with respect to such
Collateral and <u>provided</u>, <u>further</u>, that if Borrower does not elect to repurchase such item of Collateral pursuant to this <u>Section 5.2(j)</u>, the Assigned Value with respect to such Collateral shall be zero.

(k) <u>Fiscal Year</u>. The Borrower shall not change its fiscal year or method of accounting without providing
the Administrative Agent with prior written notice (i) providing a detailed explanation of such changes and (ii) including pro
forma financial statements demonstrating the impact of such change.

(l) <u>Change of Control</u>. The Borrower shall not enter into any transaction or agreement which results
or, upon consummation, would result, in a Change of Control.

(m) <u>Ownership</u>. The Borrower shall not have any direct owners other than the Transferor.

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(n) <u>Financial Covenants</u>.

(i) <u>Minimum Interest Coverage Ratio</u>. As of the end of any fiscal quarter, beginning with the first fiscal quarter ending after
the one (1) year anniversary of the Effective Date, or if earlier, the first fiscal quarter ending after the Effective Date in which
the following covenant is satisfied, Borrower shall not permit its Total Interest Coverage Ratio to be less than 1.50 to 1.00.

(o) <u>Eligible Loans</u>. The Borrower shall not permit any of the three largest Eligible Loans (measured
in terms of the Adjusted Borrowing Value of such Eligible Loan) included in the calculation of the Borrowing Base to be (i) First
Lien Last Out Loans, (ii) Second Lien Loans or (iii) Loans for which the related Obligor has EBITDA of less than $15,000,000.

(p) <u>Collateral Administration Agreement</u>.

(i) The Borrower shall not (A) permit the Collateral Administration Agreement to be modified, amended, or terminated, or (B) waive
any material duties or obligations of the Collateral Administrator (or any of its permitted assigns) thereunder, in each case, in a manner
that adversely affects any Secured Party without the prior written consent of the Administrative Agent.

(ii) Other than a collateral assignment in favor of the Administrative Agent, the Borrower shall not permit either of the Collateral Administration
Agreement to be assigned (except to an Affiliate of Computershare Trust Company, N.A.).

(q) <u>Collateral Management Agreement</u>. The Borrower shall not (A) permit the Collateral Management
Agreement to be modified, amended, or terminated, or (B) waive any material duties or obligations of the Collateral Manager (or any
of its permitted assigns) thereunder, in each case, in a manner that adversely affects any Secured Party without the prior written consent
of the Administrative Agent.

(r) <u>Sanctions; Anti-Money Laundering Laws; and Anti-Corruption Laws</u>. The Borrower shall not, directly
or indirectly, use any proceeds hereunder, or lend, contribute, or otherwise make available such proceeds to any Subsidiary, joint venture
partner, or other Person, (i) to fund any activities or any business of or with a Sanctioned Person; or (ii) in any manner that
would be prohibited by, or would otherwise cause any party hereto to be in breach of, Sanctions, Anti-Money Laundering Laws or Anti-Corruption
Laws.

Section 5.3 [Reserved].

Section 5.4 [Reserved].

Section 5.5 <u>Affirmative Covenants of the Collateral Custodian</u>.

During the Covenant Compliance Period:

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

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

(c) <u>Location of Underlying Instruments</u>. Subject to <u>Section 7.8</u>, the Underlying Instruments
shall remain at all times in the possession of the Collateral Custodian at the Custody Facilities unless notice of a different address
is given in accordance with the terms hereof or unless the Administrative Agent agrees to allow certain Underlying Instruments to be released
to the Collateral Manager on a temporary basis in accordance with the terms hereof, except as such Underlying Instruments may be released
pursuant to this Agreement.

Section 5.6 <u>Negative Covenants of the Collateral Custodian</u>.

During the Covenant Compliance Period:

(a) <u>Underlying Instruments</u>. The Collateral Custodian will not dispose of any documents constituting
the Underlying Instruments in any manner that is inconsistent with the performance of its obligations as the Collateral Custodian pursuant
to this Agreement and will not dispose of any Collateral except as contemplated by this Agreement.

(b) <u>No Changes to Collateral Custodian Fee</u>. The Collateral Custodian will not make any changes to the
Collateral Custodian Fee set forth in the Collateral Custodian Fee Letter without the prior written approval of the Administrative Agent
and the Borrower.

Section 5.7 Affirmative Covenants of the Collateral Administrator.

During the Covenant Compliance Period:

(a) <u>Compliance with Law</u>. The Collateral Administrator will comply in all material respects with all
Applicable Law.

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

Section 5.8 <u>Negative Covenants of the Collateral Administrator</u>.

During the Covenant Compliance Period:

(a) <u>No Changes to Collateral Administration Agreement</u>. The Collateral Administrator will not permit
the Collateral Administration Agreement to be modified, amended, or terminated in a manner that materially adversely affects any Secured
Party without the prior written consent of the Administrative Agent.

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**ARTICLE VI**

**COLLATERAL ADMINISTRATION**

Section 6.1 <u>Accounts</u>.

Each of the parties hereto hereby agrees that the Collateral Account shall be deemed to be a Securities Account, together with any additional subaccounts as the Collateral Custodian may determine from time to time are necessary for administrative convenience. Each of the parties hereto hereby agrees that with respect to the Collateral Account, (A) the cash and other property (subject to Section 2(d)(v) of the Collateral Management Agreement with respect to any property other than investment property, as defined in Section 9-102(a)(49) of the UCC) is to be treated as a Financial Asset and (B) the jurisdiction governing the Account, all Cash and other Financial Assets credited to the Account and the securities intermediary's jurisdiction (within the meaning of Section 9-304(b) of the UCC) shall, in each case, be the State of New York. In no event may any Financial Asset held in the Collateral Account be registered in the name of, payable to the order of, or specially Indorsed to, the Borrower, unless such Financial Asset has also been Indorsed in blank or to the Collateral Custodian. In addition, for Canadian Dollars, the Collateral Custodian shall establish the Canadian Dollar Principal Collection Account and Canadian Dollar Interest Collection Account. Any amounts received by the Collateral Custodian that are denominated in Canadian Dollars shall be deposited by the Collateral Custodian into the Canadian Dollar Principal Collection Account or Canadian Dollar Interest Collection Account, as applicable.

Section 6.2 [Reserved].

Section 6.3 [Reserved].

Section 6.4 [Reserved].

Section 6.5 [Reserved].

Section 6.6 [Reserved].

Section 6.7 [Reserved].

Section 6.8 Reports.

(a) <u>Borrower's Notice</u>. On each Funding Date and on the date of each Reinvestment of Principal
Collections pursuant to <u>Section 2.14(a)(i)</u> or acquisition by the Borrower of Loans in connection with a Substitution
pursuant to <u>Section 2.14(b)</u>, the Borrower (or the initial Collateral Manager on its behalf) will provide the applicable Borrower's
Notice and a Borrowing Base Certificate, each updated as of such date, to the Administrative Agent (with a copy to the Collateral Custodian
and the Collateral Administrator).

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(b) <u>Tax Returns</u>. Upon demand by the Administrative Agent, the initial Collateral Manager shall deliver
copies of all foreign, federal, state and local income tax returns and reports filed by the Borrower and the initial Collateral Manager,
or in which the Borrower or the Collateral Manager was included.

(c) <u>Obligor Financial Statements; Other Reports</u>. Reasonably promptly after receipt thereof, the Collateral
Manager will deliver, or cause the Borrower to deliver, to the Administrative Agent (with a copy to the Collateral Custodian), to the
extent received by the Borrower or the Collateral Manager pursuant to the Underlying Instruments, the complete financial reporting package
with respect to each Obligor and with respect to each Loan for such Obligor (including any financial statements, management discussion
and analysis, executed covenant compliance certificates and related covenant calculations with respect to such Obligor and with respect
to each Loan for such Obligor) provided to the Borrower or the Collateral Manager for the quarterly and annual periods required by the
Underlying Instruments. Promptly following request by the Administrative Agent or any Lender, the Collateral Manager will provide any
financial or other information reasonably available to it as the Administrative Agent or such Lender may reasonably request with respect
to any Obligor.

(d) <u>Amendments to Loans</u>. The Collateral Manager will furnish via electronic communication pursuant
to procedures approved by the Administrative Agent, to the Administrative Agent, a copy of (x) any material Loan Modification, including,
without limitation, any Material Modification, and (y) any other Loan Modification to which the Borrower and/or the Collateral Manager
is a signatory (along with any internal documents prepared by the Collateral Manager and provided to its credit committee in connection
with such Loan Modification) not later than the applicable Loan Modification Delivery Date (or such later date as agreed to by the Administrative
Agent in its sole discretion).

Section 6.9 [Reserved].

Section 6.10 [Reserved].

Section 6.11 [Reserved].

Section 6.12 [Reserved].

**ARTICLE VII**

**THE COLLATERAL CUSTODIAN AND COLLATERAL ADMINISTRATOR**

Section 7.1 Designation of Collateral Custodian.

(a) <u>Initial Collateral Custodian</u>. The role of Collateral Custodian with respect to the Underlying Instruments
relating to the Permitted Investments shall be conducted by the Person designated as Collateral Custodian hereunder from time to time
in accordance with this <u>Section 7.1</u>. Until the Administrative Agent shall give to Computershare Trust Company, N.A, a Collateral
Custodian Termination Notice, Computershare Trust Company, N.A. is hereby appointed as, and hereby accepts such appointment and agrees
to perform the duties and obligations of, Collateral Custodian pursuant to the terms hereof.

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(b) <u>Successor Collateral Custodian</u>. Upon the Collateral Custodian's receipt of a Collateral Custodian
Termination Notice from the Administrative Agent of the designation of a successor Collateral Custodian pursuant to the provisions of <u>Section 7.5</u>, the Collateral Custodian agrees that it will terminate its activities as Collateral Custodian hereunder.

Section 7.2 <u>Duties of Collateral Custodian</u>.

(a) <u>Appointment</u>. Each of the Borrower and the Administrative Agent hereby designate and appoint the
Collateral Custodian to act as its agent and hereby authorizes the Collateral Custodian to take such actions on its behalf and to exercise
such powers and perform such duties as are expressly granted to the Collateral Custodian by this Agreement. The Collateral Custodian hereby
accepts such agency appointment to act as Collateral Custodian pursuant to the terms of this Agreement, until its resignation or removal
as Collateral Custodian pursuant to the terms hereof. The Collateral Custodian's services hereunder shall be conducted through its
CCT division (including, as applicable, any agents or Affiliates utilized thereby).

(b) <u>Duties</u>. On or before the initial Funding Date, and until its removal pursuant to <u>Section 7.5</u>,
the Collateral Custodian shall perform, on behalf of the Administrative Agent and the Secured Parties, the following duties and obligations:

(i) In taking and retaining custody of the Underlying
 Instruments with respect to the Permitted Investments, the Collateral Custodian shall be
 deemed to be acting as the agent of the Secured Parties; <u>provided</u> that the Collateral
 Custodian makes no representations as to the existence, perfection or priority of any Lien
 on the Underlying Instruments or the instruments therein; and <u>provided</u> <u>further</u> that the Collateral Custodian's duties as agent shall be limited to those expressly
 contemplated herein.

(ii) The Collateral Custodian shall make payments in accordance with <u>Section 2.7</u> and <u>Section 2.8</u> (the " <u>Payment Duties</u> ").

(iii) The Collateral Custodian shall provide a written daily report to the Administrative Agent and the Collateral Manager of (x) all
deposits to and withdrawals from the Accounts for such Business Day and the outstanding balance as of the end of such Business Day, and
(y) a report of settled trades for such Business Day. For the avoidance of doubt the Collateral Custodian will not permit any withdrawal
from the Interest Collection Account or the Principal Collection Account except in accordance with <u>Section 2.9(g)</u>.

(iv) Notwithstanding any provision to the contrary elsewhere in the Transaction Documents, the Collateral Custodian shall not have any
fiduciary relationship with any party hereto or any Secured Party in its capacity as such, and no implied covenants, functions, obligations
or responsibilities shall be read into this Agreement, the other Transaction Documents or otherwise exist against the Collateral Custodian.
Without limiting the generality of the foregoing, it is hereby expressly agreed and stipulated by the other parties hereto that the Collateral
Custodian shall not be required to exercise any discretion hereunder and shall have no investment or management responsibility. The Collateral
Custodian shall not be deemed to assume any obligations or liabilities of the Borrower or Collateral Manager hereunder or under any other
Transaction Document.

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(v) The Administrative Agent may direct the Collateral Custodian to take any action incidental to its duties hereunder. With respect to
other actions which are incidental to the actions specifically delegated to the Collateral Custodian hereunder, the Collateral Custodian
shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall
be fully protected in acting or refraining from acting) upon the direction of the Administrative Agent; <u>provided</u> that, the Collateral
Custodian shall not be required to take any action hereunder at the request of the Administrative Agent or otherwise if the taking of
such action, in the reasonable determination of the Collateral Custodian, (x) shall be in violation of any Applicable Law or contrary
to any provisions of this Agreement or (y) shall expose the Collateral Custodian to liability hereunder or otherwise (unless it has
received indemnity which it reasonably deems to be satisfactory with respect thereto). In the event the Collateral Custodian requests
the consent of the Administrative Agent and the Collateral Custodian does not receive a consent (either positive or negative) from the
Administrative Agent within 10 Business Days of its receipt of such request, then the Administrative Agent shall be deemed to have declined
to consent to the relevant action.

(vi) The Collateral Custodian shall not be liable for any action taken, suffered or omitted by it in accordance with the request or direction
of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Custodian. The
Collateral Custodian shall not be deemed to have notice or knowledge of any matter hereunder, including an Event of Default, unless a
Responsible Officer of the Collateral Custodian has actual knowledge of such matter or written notice thereof is received by the Collateral
Custodian.

(vii) The parties acknowledge that in accordance with the Customer ‎Identification Program ‎‎(CIP) requirements under the USA
PATRIOT Act and its ‎implementing regulations, the ‎Collateral Custodian in order to help fight the ‎funding of terrorism
and money laundering ‎is required to obtain, verify and record ‎information that identifies each person or legal ‎entity that
establishes a relationship ‎or opens an account with the Collateral Custodian. ‎The Borrower hereby agrees that ‎it shall
provide the Collateral Custodian with such ‎information as it may request ‎including but not limited to the Borrower's name,
physical ‎address, tax ‎identification number and other information that will help the Collateral ‎Custodian ‎to identify
and verify the Borrower's identity such as organizational documents, ‎‎certificate of good standing, license to do business,
or other pertinent identifying ‎‎information.‎

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Section 7.3 <u>Merger or Consolidation</u>.

Any Person (i) into which the Collateral Custodian may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral Custodian shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Custodian substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Collateral Custodian hereunder, shall be the successor to the Collateral Custodian under this Agreement and any other Transaction Document to which it is a party without further act of any of the parties to this Agreement.

Section 7.4 <u>Collateral Custodian Compensation</u>.

As compensation for its collateral custodian activities hereunder, the Collateral Custodian shall be entitled to a Collateral Custodian Fee pursuant to the provision of <u>Section 2.7(a)(2)</u>, <u>Section 2.7(b)(1)</u> or <u>Section 2.8(2)</u>, as applicable. The Collateral Custodian's entitlement to receive the Collateral Custodian Fee shall cease on the earlier to occur of: (i) its removal as Collateral Custodian pursuant to <u>Section 7.5</u> or (ii) the termination of this Agreement.

Section 7.5 <u>Collateral Custodian Removal</u>.

The Collateral Custodian may be removed, with or without cause, by the Administrative Agent by notice given in writing to the Collateral Custodian (the "<u>Collateral Custodian Termination Notice</u>"); <u>provided</u> that notwithstanding its receipt of a Collateral Custodian Termination Notice, the Collateral Custodian shall continue to act in such capacity until a successor Collateral Custodian has been appointed, has agreed to act as Collateral Custodian hereunder, and has received all Underlying Instruments held by the previous Collateral Custodian.

Section 7.6 <u>Limitation on Liability</u>.

(a) The Collateral Custodian may conclusively rely on and shall be fully protected in acting upon any certificate,
instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine
and that has been signed by the proper party or parties. The Collateral Custodian may rely conclusively on and shall be fully protected
in acting upon (a) the written instructions of any designated officer of the Administrative Agent or, prior to the occurrence of
an Event of Default, the Collateral Manager or (b) the verbal instructions of the Administrative Agent or, prior to the occurrence
of an Event of Default, the Collateral Manager.

(b) The Collateral Custodian may consult counsel satisfactory to it and the advice or opinion of such counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith
and in accordance with the advice or opinion of such counsel.

(c) The Collateral Custodian shall not be liable for any error of judgment, or for any act done or step taken
or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection
herewith except, notwithstanding anything to the contrary contained herein, in the case of its willful misconduct, bad faith or grossly
negligent performance or omission of its duties and in the case of its grossly negligent performance of its Payment Duties and in the
case of its grossly negligent performance of its duties in taking and retaining custody of the Underlying Instruments. Under no circumstances
will the Collateral Custodian be liable for indirect, special, punitive, consequential or incidental damages, such as loss of use, revenue
or profit.

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(d) The Collateral Custodian makes no warranty or representation and shall have no responsibility (except
as expressly set forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness,
ownership or transferability of the Collateral, and will not be required to and will not make any representations as to the validity or
value (except as expressly set forth in this Agreement) of any of the Collateral. The Collateral Custodian shall not be obligated to take
any legal action hereunder that might in its judgment be contrary to Applicable Law or involve any expense or liability unless it has
been furnished with an indemnity reasonably satisfactory to it.

(e) The Collateral Custodian shall have no duties or responsibilities except such duties and responsibilities
as are specifically set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral
Custodian. Any permissive grant of power to the Collateral Custodian shall not be construed to be a duty to ‎act.

(f) The Collateral Custodian shall not be required to expend or risk its own funds in the performance of its
duties hereunder.

(g) It is expressly agreed and acknowledged that the Collateral Custodian is not guaranteeing performance
or observance of any of the terms, covenants or conditions of this Agreement, other loan ‎documents or any related document on part
of the Borrower or any other Person (other than the ‎Collateral Custodian)‎ or assuming any liability for the obligations of the
other parties hereto or any parties to the Collateral.

(h) The Collateral Custodian may assume the genuineness of any such Required Loan Document it may receive
and the genuineness and due authority of any signatures appearing thereon, and shall be entitled to assume that each Required Loan Document
it may receive is what it purports to be. If an original "security" or "instrument" as defined in Section 8-102
and Section 9-102(a)(47) of the UCC, respectively, is or shall be or become available with respect to any Collateral to be held by
the Collateral Custodian under this Agreement, it shall be the sole responsibility of the Borrower to make or cause delivery thereof to
the Collateral Custodian, and the Collateral Custodian shall not be under any obligation at any time to determine whether any such original
security or instrument has been or is required to be issued or made available in respect of any Collateral or to compel or cause delivery
thereof to the Collateral Custodian. Without prejudice to the generality of the foregoing, the Collateral Custodian shall be without liability
to the Borrower, Collateral Manager, the Administrative Agent or any other Person for any damage or loss resulting from or caused by events
or circumstances beyond the Collateral Custodian's reasonable control, including nationalization, expropriation, currency restrictions,
the interruption, disruption or suspension of the normal procedures and practices of any securities market, power, mechanical, communications
or other technological failures or interruptions, ‎ the unavailability of the Federal Reserve Bank wire or telex system or other applicable
wire or ‎funds transfer system, or unavailability of any securities clearing system that delay, restrict or ‎prohibit the providing
of services by the Collateral Custodian as contemplated by this Agreement,‎ computer viruses or the like, fires, floods, earthquakes
or other natural disasters, civil and military disturbance, acts of war or terrorism, riots, revolution, acts of God, work stoppages,
strikes, national disasters of any kind, or other similar events or acts; errors by the Borrower, the Collateral Manager or the Administrative
Agent (including any Responsible Officer of any thereof) in its instructions to the Collateral Custodian; or changes in applicable law,
regulation or orders.

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(i) It is expressly acknowledged by the parties hereto that application and ‎performance by the ‎Collateral
Custodian of its various duties hereunder (including, without ‎limitation, ‎recalculations to be performed in respect of the matters
contemplated hereby) ‎shall be based ‎upon, and in reliance upon data information and notice provided to it by the ‎Collateral
Manager, the ‎Administrative Agent, the Borrower and/or any related bank agent obligor or ‎similar party, ‎and the Collateral
Custodian shall have no responsibility for the accuracy of ‎any such ‎information or data provided to it by such person and shall
be entitled to update ‎its records ‎‎(as it may deem necessary or appropriate).‎

(j) In the event that (i) the Borrower, Collateral Manager, the Administrative Agent, Lenders, the Collateral
Administrator or the Collateral Custodian shall be served by a third party with any type of levy, attachment, writ or court order with
respect to any Loan or Required Loan Document or (ii) a third party shall institute any court proceeding by which any Required Loan
Document shall be required to be delivered otherwise than in accordance with the provisions of this Agreement, the party receiving such
service shall promptly deliver or cause to be delivered to the other parties to this Agreement copies of all court papers, orders, documents
and other materials concerning such proceedings. The Collateral Custodian shall, to the extent permitted by law, continue to hold and
maintain all the Required Loan Documents that are the subject of such proceedings pending a final, nonappealable order of a court of competent
jurisdiction permitting or directing disposition thereof. Upon final determination of such court, the Collateral Custodian shall dispose
of such Required Loan Documents as directed by the Administrative Agent, which shall give a direction consistent with such determination.
Expenses of the Collateral Custodian incurred as a result of such proceedings shall be borne by the Borrower.

(k) In case any reasonable question arises as to its duties hereunder, the Collateral Custodian may, in the
absence of a continuing of an Event of Default or the occurrence of the Termination Date, request instructions from the Collateral Manager
and during the existence of an Event of Default or following the occurrence of the Termination Date, request instructions from the Administrative
Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions from the Collateral Manager
or the Administrative Agent, as applicable. The Collateral Custodian shall in all events have no liability, risk or cost for any action
taken pursuant to and in compliance with the instruction of the Administrative Agent.

(l) Without limiting the generality of any terms of this section, the Collateral Custodian shall have no liability
for any failure, inability or unwillingness on the part of the Collateral Manager, the Administrative Agent, any agent or the Borrower
to provide accurate and complete information on a timely basis to the Collateral Custodian, or otherwise on the part of any such party
to comply with the terms of this Agreement, and shall have no liability for any inaccuracy or error in the performance or observance on
the Collateral Custodian's part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete
or untimely information received by it, or other failure on the part of any such other party to comply with the terms hereof.

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(m) The Collateral Custodian shall not be deemed to have knowledge or notice of any matter unless actually
known to a Responsible Officer of the Collateral Custodian. The Collateral Custodian shall have no responsibility to monitor the availability
of any ‎benchmark rates, nor the occurrence of any Benchmark Transition Event, but may, as to such ‎matters, rely conclusively
upon notice from the Administrative Agent‎.

(n) The Collateral Custodian may exercise any of its rights or powers hereunder or perform any of its duties
hereunder, including with respect to any foreign exchange transaction, either directly or, by or through agents or attorneys, and the
Collateral Custodian shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed hereunder
with due care by it. Neither the Collateral Custodian nor any of its affiliates, directors, officers, shareholders, agents or employees
will be liable to the Collateral Manager, Borrower or any other Person, except by reason of acts or omissions by the Collateral Custodian
constituting bad faith, willful misconduct, gross negligence or reckless disregard of the Collateral Custodian's duties hereunder.
The Collateral Custodian shall in no event have any liability for the actions or omissions of the Borrower, the Collateral Manager, the
Administrative Agent, or any other Person, and shall have no liability for any inaccuracy or error in any duty performed by it that results
from or is caused by inaccurate, untimely or incomplete information or data received by it from the Borrower, the Collateral Manager,
the Administrative Agent, or another Person except to the extent that such inaccuracies or errors are caused by the Collateral Custodian's
own bad faith, willful misconduct, gross negligence or reckless disregard of its duties hereunder.

(o) It is understood and agreed that any foreign exchange transaction effected by the Collateral Custodian
acting at the direction of the Administrative Agent, the Borrower or the Collateral Manager may be entered with Computershare Trust Company,
N.A. or its affiliates acting as principal or otherwise through customary banking channels. The Collateral Custodian shall be entitled
at all times to comply with any legal or regulatory requirements applicable to currency or foreign exchange transactions. Each party hereto
acknowledges that the Collateral Custodian or any affiliates of the Collateral Custodian involved in any such foreign exchange transactions
may make a margin or banking income from foreign exchange transactions entered into pursuant to this section for which they shall not
be required to account to the Borrower, the Administrative Agent or the Collateral Manager. All risk and expense incident to such conversion
is the responsibility of the Borrower, the Administrative Agent or the Collateral Manager. Neither the Collateral Custodian nor the Collateral
Administrator, shall have (x) responsibility for fluctuations in exchange rates affecting any collections or conversion thereof and
(y) to the extent it complies with the instructions provided by the respective party, liability for any losses incurred or resulting
from the rates obtained in such foreign exchange transactions.

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(p) ‎The rights, privileges, protections, indemnities, immunities and benefits ‎afforded to the Collateral
Custodian under this Agreement are extended to, and shall be ‎enforceable by (i) it in each Transaction Document to which it
is a party or otherwise subject, ‎whether or not specifically set forth therein, and (ii) the entity serving as the Collateral
 ‎Custodian and its Affiliates in their respective capacities as Collateral Administrator and Securities ‎Intermediary hereunder
and under any other Transaction Document and ‎each agent, custodian and other Person employed to act by the Collateral Custodian hereunder
 ‎and under any Transaction Document, whether or not specifically set forth herein or in any ‎Transaction Document, as the case
may be, together with such other rights, privileges, ‎protections, indemnities, immunities and benefits afforded to the applicable
party hereunder or ‎under any related document.‎

Section 7.7 <u>Resignation of the Collateral Custodian</u>.

The Collateral Custodian shall not resign from the obligations and duties hereby imposed on it except upon (a) ninety (90) days written notice to the Borrower, Collateral Manager, Administrative Agent and each Lender, or (b) the Collateral Custodian's determination that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that the Collateral Custodian could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Collateral Custodian shall be evidenced as to clause (i) above by an Opinion of Counsel to such effect delivered to the Administrative Agent. No such resignation shall become effective until a successor Collateral Custodian shall have assumed the responsibilities and obligations of the Collateral Custodian hereunder. In the case of a resignation of the Collateral Custodian, if no successor custodian shall have been appointed and an instrument of acceptance by a successor custodian shall not have been delivered to the Collateral Custodian within ninety (90) days after the giving of such notice of resignation, the Collateral Custodian may petition any court of competent jurisdiction for the appointment of a successor custodian.

Section 7.8 [Reserved].

Section 7.9 [Reserved].

Section 7.10 [Reserved].

Section 7.11 <u>Designation of Collateral Administrator</u>.

(a) <u>Initial Collateral Administrator</u>. The role of Collateral Administrator with respect to the Underlying
Instruments shall be conducted by the Person designated as Collateral Administrator hereunder from time to time in accordance with this <u>Section 7.11</u>. Until the Administrative Agent shall give to Computershare Trust Company, N.A. a Collateral Administrator Termination
Notice, Computershare Trust Company, N.A. is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties
and obligations of, Collateral Administrator pursuant to the terms hereof and the Collateral Administration Agreement.

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(b) <u>Successor Collateral Administrator</u>. Upon the Collateral Administrator's receipt of a Collateral
Administrator Termination Notice from the Administrative Agent of the designation of a successor Collateral Administrator pursuant to
the provisions of <u>Section 7.15</u>, the Collateral Administrator agrees that it will terminate its activities as Collateral Administrator
hereunder.

Section 7.12 <u>Appointment of Collateral Administrator</u>.

Each of the Borrower and the Administrative Agent hereby designate and appoint the Collateral Administrator to act as its agent and hereby authorizes the Collateral Administrator to take such actions on its behalf and to exercise such powers and perform such duties as are expressly granted to the Collateral Administrator by this Agreement. The Collateral Administrator hereby accepts such agency appointment to act as Collateral Administrator pursuant to the terms of this Agreement, until its resignation or removal as Collateral Administrator pursuant to the terms hereof.

Section 7.13 <u>Merger or Consolidation</u>.

Any Person (i) into which the Collateral Custodian or Collateral Administrator may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral Custodian or Collateral Administrator shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Custodian or Collateral Administrator substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of Collateral Custodian or Collateral Administrator hereunder, shall be the successor to the Collateral Custodian or Collateral Administrator under this Agreement without further act of any of the parties to this Agreement.

Section 7.14 Reserved.

Section 7.15 <u>Collateral Administrator Removal</u>.

The Collateral Administrator may be removed, with or without cause, by the Administrative Agent (with the Borrower's consent, which consent is not to be unreasonably withheld, delayed or conditioned) by notice given in writing to the Collateral Administrator (the "<u>Collateral Administrator Termination Notice</u>"); <u>provided</u> that notwithstanding its receipt of a Collateral Administrator Termination Notice, the Collateral Administrator shall continue to act in such capacity until a successor Collateral Administrator has been appointed and has agreed to act as Collateral Administrator hereunder.

Section 7.16 Limitation on Liability.

(a) The Collateral Administrator may conclusively rely on and shall be fully protected in acting upon any
certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes
to be genuine and that has been signed by the proper party or parties. The Collateral Administrator may rely conclusively on and shall
be fully protected in acting upon (a) the written instructions of any designated officer of the Administrative Agent or (b) the
verbal instructions of the Administrative Agent.

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(b) The Collateral Administrator may consult counsel satisfactory to it and the advice or opinion of such
counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in
good faith and in accordance with the advice or opinion of such counsel.

(c) The Collateral Administrator shall not be liable for any error of judgment, or for any act done or step
taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection
herewith except, notwithstanding anything to the contrary contained herein, in the case of its willful misconduct, or grossly negligent
performance or omission of its duties.

(d) The Collateral Administrator makes no warranty or representation and shall have no responsibility (except
as expressly set forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness,
ownership or transferability of the Collateral, and will not be required to and will not make any representations as to the validity or
value (except as expressly set forth in this Agreement) of any of the Collateral. The Collateral Administrator shall not be obligated
to take any legal action hereunder that might in its judgment involve any expense or liability unless it has been furnished with an indemnity
reasonably satisfactory to it.

(e) The Collateral Administrator shall have no duties or responsibilities except such duties and responsibilities
as are specifically set forth in this Agreement and the Collateral Administration Agreement and no covenants or obligations shall be implied
in this Agreement against the Collateral Administrator.

(f) The Collateral Administrator shall not be required to expend or risk its own funds in the performance
of its duties hereunder.

(g) It is expressly agreed and acknowledged that the Collateral Administrator is not guaranteeing performance
of or assuming any liability for the obligations of the other parties hereto or any parties to the Collateral.

(h) The Collateral Administrator shall have no obligation to supervise, verify, monitor or administer the
performance of the Collateral Manager or the Borrower and shall have no liability for any action taken or omitted by the Collateral Manager
(including any successor to the Collateral Manager or the Borrower. The Collateral Administrator may act through its agents, attorneys
and custodians in performing any of its duties and obligations under this Agreement, it being understood by the parties hereto that the
Collateral Administrator will be liable for any acts or omissions of any such agents, attorneys or custodians acting for and on behalf
of the Collateral Administrator. Neither the Collateral Administrator nor any of its officers, directors, employees or agents shall be
liable, directly or indirectly, for any damages or expenses arising out of the services performed under this Agreement other than damages
or expenses that result from the gross negligence or willful misconduct of it or them or the failure to perform materially in accordance
with this Agreement.

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(i) ‎The rights, privileges, protections, indemnities, immunities and benefits ‎afforded to the Collateral
Administrator under this Agreement are extended to, and shall be ‎enforceable by (i) it in each Transaction Document to which
it is a party or otherwise subject, ‎whether or not specifically set forth therein, and (ii) the entity serving as the Collateral
 ‎Administrator and its Affiliates in their respective capacities as Collateral Custodian and Securities ‎Intermediary hereunder
and under any other Transaction Document and ‎each agent, custodian and other Person employed to act by the Collateral Administrator
hereunder ‎and under any Transaction Document, whether or not specifically set forth herein or in any ‎Transaction Document, as
the case may be, together with such other rights, privileges, ‎protections, indemnities, immunities and benefits afforded to the applicable
party hereunder or ‎under any related document.‎

Section 7.17 <u>Resignation of the Collateral Administrator</u>.

(a) The Collateral Administrator shall not resign from the obligations and duties hereby imposed on it except
upon (a) ninety (90) days written notice to the Borrower, Collateral Manager, Administrative Agent and each Lender, or (b) the
Collateral Administrator's determination that (i) the performance of its duties hereunder is or becomes impermissible under
Applicable Law and (ii) there is no reasonable action that the Collateral Administrator could take to make the performance of its
duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Collateral Administrator shall
be evidenced as to clause (i) above by an Opinion of Counsel to such effect delivered to the Administrative Agent. No such resignation
shall become effective until a successor Collateral Administrator shall have assumed the responsibilities and obligations of the Collateral
Administrator hereunder. Upon the resignation of the Collateral Administrator, the Administrative Agent shall appoint a successor Collateral
Administrator and if it does not do so within thirty (30) days of the Collateral Administrator's resignation, the Borrower may so
appoint the successor and if it does not do so within sixty (60) days of the Collateral Administrator's resignation, Collateral
Administrator may petition a court of competent jurisdiction for the appointment of a successor.

(b) Upon ninety (90) days prior written notice to the Borrower, Collateral Manager, Administrative Agent and
each Lender, the Collateral Administrator will have the right to assign its obligations hereunder with the prior written consent of the
Administrative Agent and the Borrower, which consents shall not be unreasonably withheld, <u>provided</u>, that such assignment must be
to a Person that is a nationally reputable Collateral Administrator with experience providing services of the type that Collateral Administrator
is obligated to provide hereunder and with respect to loans of the type represented by the Loans. In addition, the Collateral Administrator
may execute any of its duties under this Agreement by or through agents; <u>provided</u> that the Collateral Administrator shall remain
primarily liable for the due performance of its duties hereunder.

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**ARTICLE VIII**

**SECURITY INTEREST**

Section 8.1 <u>Grant of Security Interest</u>.

(a) This Agreement constitutes a security agreement and the Advances effected hereby constitute secured loans
by the applicable Lenders to the Borrower under Applicable Law. For such purpose, the Borrower hereby transfers, conveys, assigns and
grants as of the Effective Date to the Administrative Agent, as agent for the Secured Parties, a lien and continuing security interest
in all of the Borrower's right, title and interest in, to and under (in each case, whether now owned or existing, or hereafter acquired
or arising) all Accounts, Cash, General Intangibles, Instruments and Investment Property and any and all other property of any type
or nature owned by it (the " <u>Collateral</u> "), including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Loans, Permitted Investments and Equity Securities, all payments thereon or with respect thereto and all contracts to purchase, commitment letters, confirmations and due bills relating to any Loans, Permitted Investments or Equity Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Accounts and all Cash and Financial Assets credited thereto and all income from the investment of funds therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all Transaction Documents to which the Borrower is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all funds delivered to the Collateral Custodian (directly or through a bailee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all Collections, rights in Underlying Assets and Underlying Instruments, Insurance Policies, all Required Loan Documents and related records and assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all accounts, accessions, profits, income benefits, proceeds, substitutions and replacements, whether voluntary or involuntary, of and to any of the property of the Borrower described in the preceding clauses;

in each case, whether now existing or hereafter arising or acquired by the Borrower, and wherever the same may be located, to secure the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations of the Borrower arising in connection with this Agreement and each other Transaction Document, whether now or hereafter existing, due or to become due, direct or indirect, or absolute or contingent, including all Obligations. Notwithstanding any of the other provisions set forth in this Agreement, this Agreement shall not constitute a grant of a security interest in (A) any Excluded Amounts, (B) any amounts received by the Borrower from an Obligor following the sale of the related Loan by the Borrower pursuant to <u>Section 2.14</u> which the Borrower is required to pay to the purchaser of such Loan, and (C) any property to the extent that such grant of a security interest is prohibited by any Applicable Law not in effect as of the date hereof or requires a consent not obtained of any Governmental Authority pursuant to such Applicable Law, *provided that* (x) immediately at such time as the prohibition shall no longer be applicable, such security interest shall attach immediately to such assets and (y) the Collateral includes any Proceeds of any such assets. The powers conferred on the Administrative Agent and the other Secured Parties hereunder are solely to protect the Administrative Agent's and the other Secured Parties' interests in the Collateral and shall not impose any duty upon the Administrative Agent or any Secured Party to exercise any such powers. Each of the Administrative Agent and each Secured Party shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to the Borrower for any act or failure to act hereunder, except for its own gross negligence or willful misconduct. If the Borrower fails to perform or comply with any of its agreements contained herein, the Administrative Agent, at its option, but without any obligation to do so, may itself perform or comply, or otherwise cause performance or compliance, with such agreement. The expenses of the Administrative Agent incurred in connection with such performance or compliance, together with interest thereon at the rate *per annum* applicable to Advances, shall be payable by the Borrower to the Administrative Agent on demand and shall constitute Obligations secured hereby.

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(b) The grant of a security interest under this <u>Section 8.1</u> does not constitute and is not intended
to result in a creation or an assumption by the Administrative Agent or any of the other Secured Parties of any obligation of the Borrower
or any other Person in connection with any or all of the Collateral or under any agreement or instrument relating thereto. Anything herein
to the contrary notwithstanding, (i) the Borrower shall remain liable under any applicable Collateral to the extent set forth therein
to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise
by the Administrative Agent, as agent for the Secured Parties, of any of its rights in the Collateral shall not release the Borrower from
any of its duties or obligations under any applicable Collateral, and (iii) none of the Administrative Agent or any other Secured
Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall the Administrative Agent or
any other Secured Party be obligated to perform any of the obligations or duties of the Borrower thereunder or to take any action to collect
or enforce any claim for payment assigned hereunder.

(c) Notwithstanding anything to the contrary, the Borrower, the Collateral Manager, the Administrative Agent,
the Collateral Custodian, the Collateral Administrator and each Lender hereby agree to treat, and to cause each of their respective Affiliates
to treat, each Note <u>(if any) and each Advance</u> as indebtedness for
purposes of United States federal and state income tax or state franchise tax to the extent permitted by Applicable Law and shall file
its tax returns or reports, or cause its Affiliates to file such tax returns or reports, in a manner consistent with such treatment.

Section 8.2 <u>Release of Lien on Collateral</u>.

The Lien created pursuant to this Agreement shall be automatically released with upon the occurrence of the following: (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale, Substitution or a sale of a Warranty Loan pursuant to <u>Section 2.14</u> or (iii) this Agreement terminates in accordance with <u>Section 12.6</u>. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Borrower, execute and deliver to the Borrower any assignments, bills of sale, termination statements and any other releases and instruments as the Borrower may reasonably request in order to effect the release and transfer of such Collateral; <u>provided</u> that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Borrower's or the Collateral Manager's obligations pursuant to Section 2(e) of the Collateral Management Agreement with respect to the Proceeds of any such sale.

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Section 8.3 <u>Remedies</u>.

Upon the occurrence of an Event of Default, the Administrative Agent and Secured Parties shall have, with respect to the Collateral granted pursuant to <u>Section 8.1</u>, and in addition to all other rights and remedies available to the Administrative Agent and Secured Parties under this Agreement or other Applicable Law, all rights and remedies set forth in <u>Section 9.2</u>.

Section 8.4 <u>Waiver of Certain Laws</u>.

The Borrower agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any locality where any Collateral may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and the Borrower, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or in such parcels as the Administrative Agent or such court may determine.

Section 8.5 <u>Power of Attorney</u>.

The Borrower hereby irrevocably appoints the Administrative Agent its true and lawful attorney (with full power of substitution) in its name, place and stead and at the Borrower's expense, in connection with the enforcement of the rights and remedies provided for (and subject to the terms and conditions set forth) in this Agreement during the continuance of an Event of Default, including the following powers: (a) to give any necessary receipts or acquittance for amounts collected or received hereunder, (b) to make all necessary transfers of the Collateral in connection with any such sale or other disposition made pursuant hereto, (c) to execute and deliver for value all necessary or appropriate bills of sale, assignments and other instruments in connection with any such sale or other disposition, the Borrower hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, and (d) to sign any agreements, orders or other documents in order to enforce any and all right hereunder or pursuant to any Transaction Document, including, without limitation, Section 9 of the Collateral Management Agreement. Nevertheless, if so requested by the Administrative Agent, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Administrative Agent or such purchaser all proper bills of sale, assignments, releases and other instruments as may be designated in any such request.

[KFIT] Loan and Security Agreement

**ARTICLE IX**

**EVENTS OF DEFAULT**

Section 9.1 <u>Events of Default</u>.

The following events shall be Events of Default ("<u>Events of Default</u>") hereunder:

(a) any failure by the Borrower to pay any principal when due (including on the Termination Date);

(b) any failure by the Borrower to pay all accrued and unpaid Interest, Non-Usage Fees on any Payment Date
and such failure shall continue unremedied for a period of three (3) Business Days; <u>provided</u> only that if such failure to
pay is due to administrative error or omission of a Secured Party, such failure to pay shall constitute an Event of Default if not cured
within three (3) Business Days after the Secured Party responsible for such error or omission receives written notice or has actual
knowledge of such error or omission and so notifies the Borrower, or the Borrower or the Transferor has actual knowledge of such administrative
error or omission; or

(c) the Borrower fails to make any payments not addressed by <u>Section 9.1(a)</u> through <u>(b)</u> or
when due under the Transaction Documents and the same continues unremedied for a period of thirty (30) days after the earlier to occur
of (i) the date on which written notice of such failure shall have been given to the Borrower and (ii) the date on which the
Borrower acquires knowledge thereof; or

(d) the failure on the part of the Borrower to observe or perform the covenants set forth in <u>Sections 5.1(a)</u>, <u>5.1(b)</u>, <u>5.1(e)</u>, <u>5.1(f)</u>, <u>5.1(g)</u>, <u>5.1(h)</u>, <u>5.1(k)</u>, <u>5.1(n)</u>, <u>5.1(p)</u>, <u>5.1(v)</u> or <u>5.2</u>; <u>provided</u>, that with respect to a failure on the part of the Borrower to observe or perform the covenant set forth in <u>Section 5.1(n)(ii)</u>, such failure shall not be an Event of Default hereunder if, (i) such Lien is released within five
(5) Business Days after the earlier to occur of (x) the date on which written notice of such failure requiring the same to be
remedied shall have been given to the Borrower and (y) the date on which the Borrower acquires knowledge thereof, or (ii) a
reserve has been established for such Lien in accordance with GAAP and such Lien is being diligently contested in good faith by the Borrower
(except to the extent that the amount secure by such Lien exceeds $500,000); or

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(e) the failure on the part of the Collateral Manager to (i) make
 any payment, transfer or deposit into the Collection Account as required by this Agreement or the Collateral
 Management Agreement, which failure continues unremedied for a period of three (3) Business Days,
 (ii) make any payment when due (after giving effect to any related grace period) with respect
 to any recourse debt or other obligations, which debt or other obligations are in excess of $10,000,000
 in the aggregate, or the occurrence of any event or condition that has resulted in the acceleration
 of such recourse debt or other obligations, whether or not waived, (iii) deliver on behalf of
 the Borrower any Required Reports hereunder on or before the date occurring two (2) Business Days
 (or such later date as agreed to by the Administrative Agent in its sole discretion) after the date
 such report is required to be made or given, as the case may be, under the terms of this Agreement,
 or (iv) duly observe or perform in any material respect any material covenants or agreements of
 the Collateral Manager (other than those specifically addressed by a separate Event of Default) set
 forth in any Transaction Document to which the Collateral Manager is a party (including any material
 delegation of the Collateral Manager's duties) and the same continues unremedied for a period
 of ten (10) days after the earlier to occur of (x) the date on which written notice of such
 failure requiring the same to be remedied shall have been given to the Collateral Manager and (y) the
 date on which the Collateral Manager acquires knowledge thereof; or

(f) any failure on the part of any FS/KKR Party duly to observe or perform
 in any material respect any other covenants or agreements of such FS/KKR Party (other than those specifically
 addressed by a separate Event of Default), as applicable, set forth in this Agreement or the other
 Transaction Documents to which such FS/KKR Party is a party and the same continues unremedied for a
 period of thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the
 date on which written notice of such failure requiring the same to be remedied shall have been given
 to the applicable FS/KKR Party and (ii) the date on which the applicable FS/KKR Party acquires
 knowledge thereof; or

(g) the occurrence of an Insolvency Event relating to the Borrower or the
 Collateral Manager; or

(h) the occurrence of a Change of Control; or

(i) the Collateral Manager Bylaws shall fail to be in full force and effect
 or shall have been amended in a manner that materially and adversely effects the interests of the Administrative
 Agent and the Lenders, as determined in the reasonable judgement of the Collateral Manager, without
 the prior written consent of the Administrative Agent (for the avoidance of doubt, it shall not be
 an Event of Default if the Collateral Manager Bylaws cease to be in full force and effect as a result
 of the Collateral Manager entering into a merger, consolidation or amalgamation with or into a Permitted
 BDC so long as the constitutional documents of such Permitted BDC or any other successor entity formed
 by or surviving such merger, consolidation or amalgamation shall not prejudice the interests of the
 Administrative Agent and the Lenders in a manner that is adverse and material to such interests; or

(j) the rendering of one or more final judgments, decrees or orders by
 a court or arbitrator of competent jurisdiction against any FS/KKR Party for the payment of money in
 excess individually or in the aggregate of $1,000,000 (in the case of the Borrower), the lesser of
 (x) three percent 3% of the net asset value of such Person or (y) $25,000,000 (in the case
 of the Collateral Manager or the Transferor), and the Borrower, the Collateral Manager or the Transferor,
 as applicable, shall not have within thirty (30) days either (i) discharged or provided for the
 discharge of any such judgment, decree or order in accordance with its terms or (ii) perfected
 a timely appeal of such judgment, decree or order and cause the execution of same to be stayed during
 the pendency of the appeal; or

[KFIT] Loan and Security Agreement

(k) the Borrower shall assign or attempt to assign any of its rights, obligations
 or duties under this Agreement without the prior written consent of the Administrative Agent (such
 consent to be provided) in the sole and absolute discretion of the Administrative Agent; or

(l) failure to pay, on the Termination Date, the outstanding principal
 of all Advances Outstanding, and all Interest and all fees accrued and unpaid thereon together with
 all other Obligations; or

(m) [reserved]; or

(n) the Borrower shall fail to qualify as a bankruptcy-remote entity based
 upon the criteria set forth in <u>Section 4.1(t)</u>, such that Dechert LLP or another law firm
 reasonably acceptable to the Administrative Agent could no longer render a customary non-consolidation
 opinion with respect thereto; or

(o) any Transaction Document, or any material portion of a Lien granted
 thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be
 effective or cease to be the legally valid, binding and enforceable obligation of any FS/KKR Party
 party thereto, or

(p) any FS/KKR Party shall, directly or indirectly, contest in any manner
 the effectiveness, validity, binding nature or enforceability of any Transaction Document or any lien
 or security interest thereunder; or

(q) any security interest securing any obligation under any Transaction
 Document shall, in whole or in part, cease to be a first priority perfected security interest (subject
 only to the Permitted Liens described in <u>clauses (a)</u>, <u>(d)</u> or <u>(f)</u> of
 the definition of "Permitted Liens") except as otherwise expressly permitted to be released
 in accordance with the applicable Transaction Document; or

(r) the existence of a Borrowing Base Deficiency which continues unremedied
 for (x) three (3) Business Days or (y) if an Equity Cure Notice was delivered with respect
 to such event, twelve (12) Business Days, in each case, from the earlier to occur of the date of the
 Collateral Manager's (i) actual knowledge of, or (ii) receipt of notice of, in either
 case, such Borrowing Base Deficiency; or

(s) the Borrower or the Collateral Manager shall become required to register
 as an "investment company" within the meaning of the 1940 Act; or

(t) the IRS or any other Governmental Authority shall file notice of a
 lien pursuant to Section 6323 of the Code with regard to any assets of the Borrower, or the Pension
 Benefit Guaranty Corporation shall file notice of a lien pursuant to Section 4068 of ERISA with
 regard to any assets of the Borrower and such lien shall not have been released within five (5) Business
 Days, unless in each case, a reserve has been established therefor in accordance with GAAP and such
 lien is being diligently contested in good faith by the Borrower (except to the extent that the amount
 secure by such lien exceeds $500,000); or

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(u) any representation, warranty or certification made by any FS/KKR Party
 in any Transaction Document or in any certificate delivered pursuant to any Transaction Document shall
 prove to have been incorrect in any material respect when made or deemed made (except for such representations
 and warranties as are qualified by materiality, a Material Adverse Effect or any similar qualifier,
 which representations and warranties shall be true in all respects) and the same continues unremedied
 for a period of thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the
 date on which written notice of such failure requiring the same to be remedied shall have been given
 to such FS/KKR Party and (ii) the date on which such FS/KKR Party acquires knowledge thereof;
 or

(v) [reserved]; or

(w) [reserved]; or

(x) the Collateral Manager agrees to or otherwise permits to occur any
 change in the Collateral Manager Standard or its investment strategy as identified in <u>Section 5.1(h)(ii)</u> that
 could, individually or in the aggregate, reasonably be expected to adversely affect the interests of
 Administrative Agent or any Lender without the prior written consent of the Administrative Agent; <u>provided</u> that no consent shall be required from the Administrative Agent in connection with any change mandated
 by Applicable Law or a Governmental Authority as evidenced by an Opinion of Counsel to that effect
 delivered to the Administrative Agent; or

(y) a failure of the Investment Advisor to maintain at least $1,000,000,000
 of assets under management (measured on the last day of any fiscal quarter of Collateral Manager and
 measured, for purposes of this Agreement, to include all assets of the Investment Advisor); or

(z) any of the following events occur with respect to the Collateral Manager:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a finding by any court or governmental body of competent jurisdiction in a final, non-appealable judgment, or an admission by it in a settlement of any lawsuit, that it has committed fraud, willful misconduct, or a material violation of applicable securities laws, in each case which has a material adverse effect on the business of Collateral Manager;

(ii) a conviction of, or plea of guilty or nolo contendere by the senior
 officers of the Collateral Manager in respect of a felony in connection with any activity of any FS/KKR
 Party or any of its Subsidiaries or Affiliates; or

(iii) the Administrative Agent otherwise has the right to direct that actions
 of the Collateral Manager pursuant to Section 9 of the Collateral Management Agreement; or

(aa) (i)(A) the
 Investment Advisory Agreement is modified or amended, or (B) any material duties or
 obligations of the Investment Advisor (or any of its permitted assigns) thereunder are waived,
 in either case, in a manner that materially adversely affects any Secured Party without the
 prior written consent of the Administrative Agent, (ii) the Investment Advisory Agreement
 is assigned, or any material duties or obligations of the Investment Advisor (or any of its
 permitted assigns) thereunder are waived, without giving the Administrative Agent at least
 ten (10) Business Days prior written notice, or (iii) any party to the Investment
 Advisory Agreement shall be in material breach of any of its representations, warranties,
 agreements and/or covenants thereunder, except as a result of insufficient funds being available
 to make any payments pursuant to <u>Section 2.7</u>.

[KFIT] Loan and Security Agreement

Section 9.2 <u>Remedies</u>.

(a) Upon the occurrence of an Event of Default, the Administrative Agent
 may, or, at the direction of the Required Lenders shall, by notice to the Borrower (with a copy to
 the Collateral Custodian and Collateral Administrator, it being agreed that the failure to give such
 notice shall not impair the rights of the Administrative Agent or the Lenders hereunder), declare (i) the
 Termination Date to have occurred and the Notes and all other Obligations to be immediately due and
 payable in full (without presentment, demand, protest or notice of any kind all of which are hereby
 waived by the Borrower) or (ii) the Revolving Period End Date to have occurred; <u>provided</u> that in the case of any event involving the Borrower described in <u>Section 9.1(g)</u>, the Notes
 and all other Obligations shall be immediately due and payable in full (without presentment, demand,
 notice of any kind, all of which are hereby expressly, waived by the Borrower) and the Termination
 Date shall be deemed to have occurred automatically upon the occurrence of any such event. The Administrative
 Agent shall forward a copy of any notice delivered to the Borrower pursuant to this <u>Section 9.2(a)</u> to
 the Lenders.

(b) On and after the declaration or occurrence of the Termination Date,
 the Administrative Agent, for the benefit of the Secured Parties, shall have, in addition to all other
 rights and remedies under this Agreement or otherwise, all other rights and remedies provided under
 the UCC of each applicable jurisdiction and other Applicable Laws, which rights shall be cumulative.
 The Borrower hereby agrees that it will, at the Borrower's expense and at the direction of the
 Administrative Agent, forthwith, (i) assemble all or any part of the Loans as directed by the
 Administrative Agent and make the same available to the Administrative Agent at a place to be designated
 by the Administrative Agent and (ii) subject to the limitations set forth in <u>Section 9.2(c)</u>,
 without notice except as specified below, sell the Loans or any part thereof upon such terms, in such
 lots, to such buyers, and according to such other instructions as the Administrative Agent may deem
 commercially reasonable; <u>provided</u> that, notwithstanding anything to the contrary set forth herein,
 the Administrative Agent will not cause or direct the sale of any Loans or other Collateral on and
 after the declaration or occurrence of the Termination Date unless either (i) the Administrative
 Agent determines that the anticipated proceeds of a sale or liquidation of all or any portion of the
 Collateral (after deducting the reasonable expenses of such sale or liquidation) would be sufficient
 to discharge in full the Obligations (or in the case of a sale of less than all of the Collateral,
 an amount sufficient to discharge the amount of the Obligations attributable to such portion of the
 Collateral); or (ii) the Required Lenders direct such sale and liquidation. The Borrower agrees
 that, to the extent notice of sale shall be required by law, ten (10) days' notice to the
 Borrower of any sale hereunder shall constitute reasonable notification. All cash Proceeds received
 by the Administrative Agent in respect of any sale of, collection from, or other realization upon,
 all or any part of the Loans (after payment of any amounts incurred in connection with such sale) shall
 be deposited into the Collection Account and to be applied pursuant to <u>Section 2.8</u>. The
 occurrence of a Termination Date as defined in clauses (a) through (c), inclusive, of the
 definition of "Termination Date" shall constitute a Termination Date for the purposes of
 this <u>Section 9.2</u>.

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(c) (i) If the Administrative Agent elects, subject to clause (b) above,
 to sell the Collateral in whole, but not in part, at a public or private sale, the Borrower may exercise
 its right of first refusal to repurchase the Collateral, in whole but not in part, prior to such sale
 at a purchase price that is not less than the amount of the Obligations as of the date of such proposed
 sale. The Borrower's right of first refusal shall terminate not later than 4:00 p.m. on
 the tenth Business Day following the Business Day on which the Borrower receives notice of the Administrative
 Agent's election to sell such Collateral, such notice to attach copies of all Eligible Bids received
 by the Administrative Agent in respect of such Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Borrower elects not to exercise its right of first refusal as provided in clause (i) above, the Administrative Agent may sell such Collateral or portion thereof for a purchase price equal to the highest of the Eligible Bids then received. Any determination of the highest Eligible Bid shall only consider bids for the same parcels of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) It is understood that the Borrower may submit its bid for the Collateral as a combined bid with the bids of other members of a group of bidders, and shall have the right to find bidders to bid on the Collateral or any portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) It is understood that the Borrower's right of first refusal shall apply to each proposed sale of the same parcel of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary contained herein, the exercise by the Administrative Agent or the Secured Parties of their rights hereunder, shall not release the Transferor or the Borrower from any of their duties or responsibilities with respect to the Collateral except to the extent expressly provided herein. The Secured Parties, the Administrative Agent, the Collateral Administrator, the Collateral Custodian shall not have any obligation or liability with respect to any Collateral, other than to use reasonable care in the custody and preservation of collateral in such party's possession, nor shall any of them be obligated to perform any of the obligations of the Borrower or the Transferor hereunder.

[KFIT] Loan and Security Agreement

**ARTICLE X**

**INDEMNIFICATION**

Section 10.1 <u>Indemnities by the Borrower</u>.

(a) Without limiting any other rights that any such Person may have hereunder
 or under Applicable Law, the Borrower hereby agrees to indemnify the Administrative Agent, the Collateral
 Custodian, the Collateral Administrator, the Securities Intermediary, the Secured Parties, the Lenders
 and each of their respective assigns and directors, officers, employees, agents and advisors (collectively,
 the " <u>Indemnified Parties</u> "), forthwith on demand, from and against any and all damages,
 losses, claims (whether brought by or involving the Borrower or any other third party), liabilities
 and related costs and expenses, including reasonable attorneys' fees and disbursements (limited
 to one primary counsel and such other local or special counsel as may be necessary) (all of the foregoing
 being collectively referred to as the " <u>Indemnified Amounts</u> ") awarded against or
 incurred by such Indemnified Party and other non-monetary damages of any such Indemnified Party or
 any of them arising out of or as a result of this Agreement (including enforcement of the indemnification
 obligations hereunder) or having an interest in the Collateral or in respect of any Loan included in
 the Collateral, excluding, however, any Indemnified Amounts to the extent resulting from gross negligence
 or willful misconduct on the part of any Indemnified Party as determined by a court of competent jurisdiction
 in a final non-appealable judgment. If the Borrower has made any indemnity payment pursuant to this <u>Section 10.1</u> and <u>Section 10.3</u> and such payment fully indemnified the recipient
 thereof and the recipient thereafter collects any payments from others in respect of such Indemnified
 Amounts then, the recipient shall repay to the Borrower an amount equal to the amount it has collected
 from others in respect of such indemnified amounts.

(b) Any amounts subject to the indemnification provisions of this <u>Section 10.1</u> shall be paid by the Borrower to the Indemnified Party on the Payment Date following such Person's
 demand therefor, accompanied by a reasonably detailed description in writing of the related damage,
 loss, claim, liability and related costs and expenses.

(c) If for any reason the indemnification provided above in this <u>Section 10.1</u> is unavailable to the Indemnified Party or is insufficient to hold an Indemnified Party harmless, then
 the Borrower shall contribute to the amount paid or payable by such Indemnified Party as a result of
 such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the
 relative benefits received by such Indemnified Party on the one hand and the Borrower on the other
 hand but also the relative fault of such Indemnified Party as well as any other relevant equitable
 considerations; <u>provided</u> that the Borrower shall not be required to contribute in respect of
 any Indemnified Amounts excluded in <u>Section 10.1(a)</u>.

(d) The obligations of the Borrower under this <u>Section 10.1</u> shall survive the resignation or removal of the Administrative Agent, the Collateral Manager, the Collateral
 Custodian, the Securities Intermediary or the Collateral Administrator and the termination of this
 Agreement.

Section 10.2 [Reserved].

Section 10.3 <u>After-Tax Basis</u>.

Indemnification under <u>Section 10.1</u>, <u>Section 2.12</u>, and <u>Section 12.9</u> shall be on an after-Tax basis to the extent not applicable to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

[KFIT] Loan and Security Agreement

**ARTICLE XI**

**THE ADMINISTRATIVE AGENT**

Section 11.1 <u>Appointment</u>.

Each Secured Party hereby appoints and authorizes the Administrative Agent as its agent and bailee for purposes of perfection pursuant to the applicable UCC and hereby further authorizes the Administrative Agent to appoint additional agents and bailees (including the Collateral Custodian) to act on its behalf and for the benefit of each of the Secured Parties. Each Secured Party further authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. In furtherance, and without limiting the generality, of the foregoing, each Secured Party hereby appoints the Administrative Agent as its agent to execute and deliver all further instruments and documents, and take all further action that the Administrative Agent may deem necessary or appropriate or that a Secured Party may reasonably request in order to perfect, protect or more fully evidence the security interests granted by the Borrower hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder, including the execution by the Administrative Agent as secured party/assignee of such financing or continuation statements, or amendments thereto or assignments thereof, relative to all or any of the Collateral now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. The Lenders may direct the Administrative Agent to take any such incidental action hereunder. With respect to other actions which are incidental to the actions specifically delegated to the Administrative Agent hereunder, the Administrative Agent shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the direction of the Lenders; <u>provided</u> that the Administrative Agent shall not be required to take any action hereunder if the taking of such action, in the reasonable determination of the Administrative Agent, shall be in violation of any Applicable Law or contrary to any provision of this Agreement or shall expose the Administrative Agent to liability hereunder or otherwise. In the event the Administrative Agent requests the consent of a Lender pursuant to the foregoing provisions and the Administrative Agent does not receive a consent (either positive or negative) from such Person within ten (10) Business Days of such Person's receipt of such request, then such Lender shall be deemed to have declined to consent to the relevant action.

The Administrative Agent shall also act as the "collateral agent" under the Transaction Documents, and each of the Lenders hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the FS/KKR Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as "collateral agent" and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to this <u>Article XI</u> for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Transaction Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this <u>Article XI</u> and <u>Articles X</u> and <u>XII</u> (as though such co-agents, sub-agents and attorneys-in-fact were the "collateral agent" under the Transaction Documents) as if set forth in full herein with respect thereto.

[KFIT] Loan and Security Agreement

Section 11.2 <u>Standard of Care; Exculpatory Provisions</u>.

(a) The Administrative Agent shall exercise such rights and powers vested
 in it by this Agreement and the other Transaction Documents, and use the same degree of care and skill
 in their exercise as a prudent person would exercise or use under the circumstances in the conduct
 of such person's own affairs.

(b) The Administrative Agent shall not have any duties or obligations except
 those expressly set forth herein and in the other Transaction Documents. Without limiting the generality
 of the foregoing, the Administrative Agent:

(i) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default
 has occurred and is continuing;

(ii) shall not have any duty to take any discretionary action or exercise any discretionary powers,
 except discretionary rights and powers expressly contemplated hereby or by the other Transaction Documents
 that the Administrative Agent is required to exercise as directed in writing by the Required Lenders
 (or such other number or percentage of the Lenders as shall be expressly provided for herein or in
 the other Transaction Documents), provided that the Administrative Agent shall not be required to
 take any action that, in its opinion or the opinion of its counsel, may expose the Administrative
 Agent to liability or that is contrary to any Transaction Document or Applicable Law; and

(iii) shall not, except as expressly set forth herein and in the other Transaction Documents, have
 any duty to disclose, and shall not be liable for the failure to disclose, any information relating
 to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving
 as the Administrative Agent or any of its Affiliates in any capacity.

(c) The Administrative Agent shall not be liable for any action taken or
 not taken by it (i) with the consent or at the request of the Required Lenders (or such other
 number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe
 in good faith shall be necessary) or (ii) in the absence of its own gross negligence or willful
 misconduct as determined by a court of competent jurisdiction by final nonappealable judgment. The
 Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing
 such Default is given to the Administrative Agent by the Collateral Manager, the Borrower or a Lender.

(d) The Administrative Agent shall not be responsible for or have any duty
 to ascertain or inquire into (i) any statement, warranty or representation made in or in connection
 with this Agreement or any other Transaction Document, (ii) the contents of any certificate, report
 or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
 performance or observance of any of the covenants, agreements or other terms or conditions set forth
 herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness
 or genuineness of this Agreement, any other Transaction Document or any other agreement, instrument
 or document or (v) the satisfaction of any condition set forth in Article III or elsewhere
 herein, other than to confirm receipt of items expressly required to be delivered to the Administrative
 Agent.

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Section 11.3 <u>Administrative Agent's Reliance, Etc.</u>

Neither the Administrative Agent nor any of its Related Parties shall be liable for any action taken or omitted to be taken by it or them as Administrative Agent under or in connection with this Agreement or any of the other Transaction Documents, except for its or their own gross negligence or willful misconduct. Without limiting the foregoing, the Administrative Agent: (i) may consult with legal counsel (including counsel for any FS/KKR Party with the consent of such counsel), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation and shall not be responsible for any statements, warranties or representations made by any other Person in or in connection with this Agreement; (iii) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any of the other Transaction Documents on the part of any FS/KKR Party or to inspect the property (including the books and records) of any FS/KKR Party; (iv) shall not be responsible for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any of the other Transaction Documents or any other instrument or document furnished pursuant hereto or thereto; (v) may rely upon and shall incur no liability under or in respect of this Agreement or any of the other Transaction Documents by acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties, or upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person. In determining compliance with any condition hereunder to the making of an Advance, that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Advance.

Section 11.4 <u>Credit Decision with Respect to the Administrative Agent</u>.

Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, or any of the Administrative Agent's Affiliates, and based upon such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement and the other Transaction Documents to which it is a party. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, or any of the Administrative Agent's Affiliates, and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement and the other Transaction Documents to which it is a party.

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Section 11.5 <u>Indemnification of the Administrative Agent</u>.

Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower), ratably in accordance with its Pro Rata Share from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any of the other Transaction Documents, or any action taken or omitted by the Administrative Agent hereunder or thereunder; <u>provided</u> that, the Lenders shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent's gross negligence or willful misconduct. The payment of amounts under this <u>Section 11.5</u> shall be on an after-Tax basis. Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent, ratably in accordance with its Pro Rata Share promptly upon demand for any out-of-pocket expenses (including counsel fees) incurred by the Administrative Agent in connection with the administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and the other Transaction Documents, to the extent that such expenses are incurred in the interests of or otherwise in respect of the Lenders hereunder and/or thereunder and to the extent that the Administrative Agent is not reimbursed for such expenses by the Borrower.

Section 11.6 <u>Successor Administrative Agent</u>.

The Administrative Agent may resign as Administrative Agent upon thirty (30) days' notice to the Lenders. If the Administrative Agent resigns under this Agreement, the Required Lenders shall appoint from among the Lenders a successor administrative agent for the Lenders, with the approval of the Borrower at all times other than during the existence of a Default or an Event of Default (which approval of the Borrower shall not be unreasonably withheld, conditioned or delayed). Upon the acceptance of its appointment as successor administrative agent hereunder, the Person acting as such successor administrative agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent and the term "Administrative Agent" means such successor administrative agent and the retiring Administrative Agent's appointment, powers and duties as Administrative Agent shall be terminated. After any retiring Administrative Agent's resignation or removal hereunder as Administrative Agent, the provisions of this <u>ARTICLE XI</u> and <u>Sections 12.9</u> and <u>12.11</u> shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement.

Section 11.7 <u>Delegation of Duties</u>.

The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Transaction Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facility as well as activities as Administrative Agent.

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Section 11.8 <u>Payments by the Administrative Agent</u>.

Unless specifically allocated to a specific Lender pursuant to the terms of this Agreement, all amounts received by the Administrative Agent on behalf of the Lenders shall be paid by the Administrative Agent to the Lenders in accordance with their respective Pro Rata Shares in the applicable Advances Outstanding, or if there are no Advances Outstanding in accordance with their most recent Commitments, on the Business Day received by the Administrative Agent, unless such amounts are received after 12:00 noon on such Business Day, in which case the Administrative Agent shall use its reasonable efforts to pay such amounts to each Lender on such Business Day, but, in any event, shall pay such amounts to such Lender not later than the following Business Day. The Administrative Agent shall pay amounts owing to each Lender in accordance with the written instructions delivered by each such Lender to the Administrative Agent.

Section 11.9 <u>Collateral Matters</u>.

Each of the Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion:

(a) to release any Lien on any Collateral granted to or held by the Administrative
 Agent, for the ratable benefit of the Secured Parties, under any Transaction Document (i) upon
 the termination of the Commitment and payment in full of all Obligations (other than contingent indemnification
 obligations), (ii) that is sold or to be sold as part of or in connection with any sale permitted
 hereunder or under any other Transaction Document, or (iii) if approved, authorized or ratified
 in writing in accordance with <u>Section 12.1</u>; and

(b) to subordinate or release any Lien on any Collateral granted to or
 held by the Administrative Agent under any Transaction Document to the holder of any other Lien on
 the Collateral.

Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent's authority to release or subordinate its interest in particular types or items of property pursuant to this <u>Section 11.9</u>. In each case as specified in this <u>Section 11.9</u>, the Administrative Agent will, at the Borrower's expense, execute and deliver to the applicable FS/KKR Party such documents as such FS/KKR Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Transaction Documents or to subordinate its interest in such item, in each case in accordance with the terms of the Transaction Documents and this <u>Section 11.9</u>.

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Section 11.10 <u>Erroneous Payments</u>.

(a) If the Administrative Agent (x) notifies a Lender or Secured Party,
 or any Person who has received funds on behalf of a Lender or Secured Party (any such Lender, Secured
 Party or other recipient (and each of their respective successors and assigns), a "Payment Recipient")
 that the Administrative Agent has determined in its sole discretion (whether or not after receipt of
 any notice under immediately succeeding clause (b)) that any funds (as set forth in such notice from
 the Administrative Agent) received by such Payment Recipient from the Administrative Agent or any of
 its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly
 received by, such Payment Recipient (whether or not known to such Lender, Secured Party or other Payment
 Recipient on its behalf) (any such funds, whether transmitted or received as a payment, prepayment
 or repayment of principal, interest, fees, distribution or otherwise, individually and collectively,
 an "Erroneous Payment") and (y) demands in writing the return of such Erroneous Payment
 (or a portion thereof) (provided, that, without limiting any other rights or remedies (whether at law
 or in equity), the Administrative Agent may not make any such demand under this clause (a) with
 respect to an Erroneous Payment unless such demand is made within 5 Business Days of the date of receipt
 of such Erroneous Payment by the applicable Payment Recipient), such Erroneous Payment shall at all
 times remain the property of the Administrative Agent pending its return or repayment as contemplated
 below in this Section 11.10 and held in trust for the benefit of the Administrative Agent, and
 such Lender or Secured Party shall (or, with respect to any Payment Recipient who received such funds
 on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two (2) Business
 Days thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify
 in writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion
 thereof) as to which such a demand was made, in same day funds (in the currency so received) together
 with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect
 of each day from and including the date such Erroneous Payment (or portion thereof) was received by
 such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds
 at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance
 with banking industry rules on interbank compensation from time to time in effect. A notice of
 the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent
 manifest error.

(b) Without limiting the immediately preceding clause (a), each Lender
 or Secured Party, or any Person who has received funds on behalf of a Lender or Secured Party (and
 each of their respective successors and assigns) hereby further agrees that if it receives a payment,
 prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest,
 fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that
 is in a different amount than, or on a different date from, that specified in this Agreement or in
 a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates)
 with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied
 by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates),
 or (z) that such Lender or Secured Party, or other such recipient, otherwise becomes aware was
 transmitted, or received, in error or by mistake (in whole or in part), then in each such case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it acknowledges and agrees that (A) in the case of immediately preceding clauses (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Lender or Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one (1) Business Day of its knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 11.10(b). For the avoidance of doubt, the failure to deliver a notice to the Administrative Agent pursuant to this Section 11.10(b) shall not have any effect on a Payment Recipient's obligations pursuant to Section 11.10(a) or on whether or not an Erroneous Payment has been made.

(c) Each Lender and each Secured Party hereby authorizes the Administrative
 Agent to set off, net and apply any and all amounts at any time owing to such Lender or Secured Party
 under any Transaction Document, or otherwise payable or distributable by the Administrative Agent to
 such Lender or Secured Party under any Transaction Document with respect to any payment of principal,
 interest, fees or other amounts, against any amount that the Administrative Agent has demanded to be
 returned under immediately preceding clause (a).

(d) The parties hereto agree that (x) irrespective of whether the
 Administrative Agent may be equitably subrogated, in the event that an Erroneous Payment (or portion
 thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion
 thereof) for any reasons, the Administrative Agent shall be subrogated to all the rights and interests
 of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf
 of a Lender or Secured Party, to the rights and interests of such Lender or Secured Party, as the case
 may be) under the Transaction Documents with respect to such amount (the "Erroneous Payment Subrogation
 Rights") and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise
 satisfy any Obligations owed by the Borrower or any other FS/KKR Party; provided that this Section 11.10
 shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing
 (or accelerating the due date for), the Obligations of the Borrower relative to the amount (and/or
 timing for payment) of the Obligations that would have been payable had such Erroneous Payment not
 been made by the Administrative Agent; provided, further, that for the avoidance of doubt, immediately
 preceding clauses (x) and (y) shall not apply to the extent any such Erroneous Payment is,
 and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received
 by the Administrative Agent from, or on behalf of (including through the exercise of remedies under
 any Transaction Document), the Borrower for the purpose of making a payment on the Obligations.

(e) To the extent permitted by applicable law, no Payment Recipient shall
 assert any right or claim to an Erroneous Payment, and each Payment Recipient hereby waives, and is
 deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to
 any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment
 received, including without limitation, any defense based on "discharge for value" or any
 similar doctrine.

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(f) Each party's obligations, agreements and waivers under this Section 11.10
 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or
 obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment,
 satisfaction or discharge of all Obligations (or any portion thereof) under any Transaction Document.

**ARTICLE XII**

**MISCELLANEOUS**

Section 12.1 <u>Amendments and Waivers</u>.

Except as provided in this <u>Section 12.1</u>, no amendment, waiver or other modification of any provision of this Agreement shall be effective without the written agreement of the Borrower, the Administrative Agent and the Required Lenders; <u>provided</u>, that no amendment, waiver or consent shall:

(a) increase the Commitment of any Lender or the amount of Advances of
 any Lender, in any case, without the written consent of such Lender;

(b) waive, extend or postpone any date fixed by this Agreement or any other
 Transaction Document for any payment or mandatory prepayment of principal, interest, fees or other
 amounts due to the Lenders (or any of them) or any scheduled or mandatory reduction of the Commitments
 hereunder or under any other Transaction Document (including as a result of any modification to the
 definition of "Revolving Period" or "Scheduled Revolving Period End Date")
 without the written consent of each Lender directly and adversely affected thereby;

(c) reduce the principal of, or the rate of interest specified herein on,
 any Advance or Obligation, or any fees or other amounts payable hereunder or under any other Transaction
 Document without the written consent of each Lender directly and adversely affected thereby;

(d) change <u>Section 2.7</u>, <u>2.8</u> or any related definitions
 or provisions in a manner that would alter the order of application of proceeds or would alter the
 pro rata sharing of payments required thereby, in each case, without the written consent of each Lender
 directly and adversely affected thereby;

(e) change any provision of this Section or reduce the percentages
 specified in the definition of "Required Lenders" or any other provision hereof specifying
 the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder
 or make any determination or grant any consent hereunder, without the written consent of each Lender
 directly affected thereby;

(f) consent to the assignment or transfer by any FS/KKR Party of such FS/KKR
 Party's rights and obligations under any Transaction Document to which it is a party (except
 as expressly permitted hereunder), in each case, without the written consent of each Lender;

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(g) make any modification to the definition of (i) "Borrowing
 Base", "Availability", "Advance Rate", "Adjusted Borrowing Value",
 "Dollar Equivalent" or "Excess Concentration Amount", in each case, which would
 have a material adverse effect on the calculation of the Borrowing Base or the Availability or (ii) "Eligible
 Loan" in a manner that would reduce or make less restrictive the requirements for a Loan to be
 an Eligible Loan, in either case without the written consent of each Lender;

(h) release all or substantially all of the Collateral or release any Transaction
 Document (other than as specifically permitted or contemplated in this Agreement or the applicable
 Transaction Document) without the written consent of each Lender; or

(i) provide for any additional duties or obligations to be performed by
 the Collateral Custodian or the Collateral Administrator or modify the rights of the Collateral Custodian
 or the Collateral Administrator hereunder in any manner materially adverse to the Collateral Custodian
 or the Collateral Administrator without the written consent of the Collateral Custodian or the Collateral
 Administrator;

provided further, that (i) any amendment of the Agreement that is solely for the purpose of adding a Lender or waiving, extending or postponing any fee to the Administrative Agent may be effected without the written consent of any Lender and, at any time that an Event of Default has occurred and is continuing, the Borrower, (ii) no such amendment, waiver or modification materially adversely affecting the rights or obligations of the Collateral Custodian or the Collateral Administrator shall be effective without the written agreement of such Person, (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent, affect the rights or duties of the Administrative Agent under this Agreement or any other Transaction Document, (iv) any amendment of the Agreement that a Lender is advised by its legal or financial advisors to be necessary or desirable in order to avoid the consolidation of the Borrower with such Lender for accounting purposes may be effected without the written consent of the Borrower or any other Lender and (v) the Administrative Agent and the Borrower shall be permitted to amend any provision of the Transaction Documents (and such amendment shall become effective without any further action or consent of any other party to any Transaction Document) if the Administrative Agent and the Borrower shall have jointly identified a facial error or any error or omission of a technical or immaterial nature in any such provision. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender.

Section 12.2 <u>Notices, Etc.</u>

(a) Except in the case of notices and other communications expressly permitted
 to be given by telephone (and subject to paragraph (b) below), all notices and other communications
 provided for herein shall be in writing and shall be delivered by hand or overnight courier service,
 mailed by certified or registered mail or sent by telecopy, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to the Borrower, the Collateral Manager, Ally Bank, Collateral Administrator, the Collateral Custodian, as set forth on <u>Annex A</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to the Administrative Agent, to Ally Bank, as set forth on <u>Annex A</u>;

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

(b) Notices and other communications to the Lenders hereunder may be delivered
 or furnished by electronic communication (including e-mail and internet or intranet websites) pursuant
 to procedures approved by the Administrative Agent; <u>provided</u> that, the foregoing shall not apply
 to notices to any Lender pursuant to <u>Article II</u> if such Lender has notified the Administrative
 Agent that it is incapable of receiving notices under such Article by electronic communication.
 The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other
 communications to it hereunder by electronic communications pursuant to procedures approved by it; <u>provided</u> that, approval of such procedures may be limited to particular notices or communications.
 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent
 to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement
 from the intended recipient (such as by the "return receipt requested" function, as available,
 return e-mail or other written acknowledgement); <u>provided</u> that, if such notice or other communication
 is not sent during the normal business hours of the recipient, such notice or communication shall be
 deemed to have been sent at the opening of business on the next Business Day for the recipient, and
 (ii) notices or communications posted to an internet or intranet website shall be deemed received
 upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing
 clause (i) of notification that such notice or communication is available and identifying
 the website address therefor.

(c) The Borrower agrees that the Administrative Agent may, but shall not
 be obligated to, make Syndicate Communications available to the Lenders by posting such Syndicate Communications
 on the Syndicate Platform. The Syndicate Platform is provided by the Administrative Agent "as
 is" and "as available". The Agent Parties (defined below) do not warrant the accuracy
 or completeness of the Syndicate Communications or the adequacy of the Syndicate Platform and expressly
 disclaim liability for errors or omissions in the Syndicate Communications. No warranty of any kind,
 express, implied or statutory, including any warranty of merchantability, fitness for a particular
 purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made
 by any Agent Party in connection with the Syndicate Communications or the Syndicate Platform. In no
 event shall the Administrative Agent or any of its Affiliates (collectively, the " <u>Agent Parties</u> ")
 have any liability to the Borrower, any Lenders or any other Person for losses, claims, damages, liabilities
 or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower's
 or any Agent Party's transmission or posting of Obligor materials through the Syndicate Platform
 or via email, except to the extent such losses, claims, damages, liabilities or expenses are determined
 by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the
 gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall
 any Agent Party have any liability to Borrower, any Lender or any other Person for indirect, incidental,
 consequential or punitive damages (as opposed to direct or actual damages).

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(d) Notwithstanding the foregoing, the Borrower hereby acknowledges that
 certain of the Lenders (each, a " <u>Public Lender</u> ") may have personnel who do not wish
 to receive material non-public information with respect to the Borrower or its Affiliates, or the respective
 securities of any of the foregoing, and who may be engaged in investment and other market-related activities
 with respect to such Person's securities. The Borrower hereby agrees that (i) all Syndicate
 Communications that <u>are not</u> to be made available to Public Lenders shall be clearly and conspicuously
 marked "PRIVATE" which, at a minimum, shall mean that the word "PRIVATE" shall
 appear prominently on the first page thereof; (ii) unless marking Syndicate Communications
 "PRIVATE", the Borrower shall be deemed to authorize the Administrative Agent and the Lenders
 to treat such Syndicate Communications as not containing any material non-public information with respect
 to the Borrower or any Affiliate thereof or their respective securities for purposes of United States
 Federal and state securities laws; (iii) unless marked "PRIVATE", all Syndicate Communications
 are permitted to be made available through the Syndicate Platform; and (iv) the Administrative
 Agent shall be entitled to treat any Syndicate Communications that are marked "PRIVATE"
 as being suitable only for posting on a portion of the Syndicate Platform designated as "Non-Public
 Information".

Section 12.3 <u>Ratable Payments</u>.

If any Secured Party, whether by setoff or otherwise, has payment made to it with respect to any portion of the Obligations owing to such Secured Party (other than payments received pursuant to <u>Section 10.1</u>) in a greater proportion than that received by any other Secured Party, such Secured Party agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of the Obligations held by the other Secured Parties so that after such purchase each Secured Party will hold its ratable proportion of the Obligations; <u>provided</u> that if all or any portion of such excess amount is thereafter recovered from such Secured Party, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.

Section 12.4 <u>No Waiver; Remedies</u>.

No failure on the part of the Administrative Agent, the Collateral Custodian, the Collateral Administrator or a Secured Party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not exclusive of any rights and remedies provided by law.

Section 12.5 <u>Binding Effect; Benefit of Agreement</u>.

This Agreement shall be binding upon and inure to the benefit of the FS/KKR Parties, the Administrative Agent, the Collateral Custodian, the Collateral Administrator, the Secured Parties and their respective successors and permitted assigns. Each Indemnified Party and each Indemnified Party shall be an express third party beneficiary of this Agreement.

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Section 12.6 <u>Term of this Agreement</u>.

This Agreement, including the Borrower's representations and covenants set forth in <u>Articles IV</u> and <u>V</u>, create and constitute the continuing obligation of the parties hereto in accordance with its terms, and shall remain in full force and effect during the Covenant Compliance Period; <u>provided</u> that the rights and remedies with respect to any breach of any representation and warranty made or deemed made by the Borrower pursuant to <u>Articles IV</u> and <u>V</u>, the provisions, including the indemnification and payment provisions, of <u>Article X</u>, <u>Section 2.13</u>, <u>Section 12.9</u>, <u>Section 12.10</u> and <u>Section 12.11</u>, shall be continuing and shall survive any termination of this Agreement.

Section 12.7 <u>Governing Law; Jury Waiver</u>.

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER.

Section 12.8 <u>Consent to Jurisdiction; Waivers</u>.

Each of the Borrower, the Lenders, Collateral Custodian, the Collateral Administrator and the Administrative Agent hereby irrevocably and unconditionally:

(a) submits for itself and its property in any legal action or proceeding
 relating to this Agreement and the other Transaction Documents to which it is a party, or for recognition
 and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the
 courts of the State of New York sitting in New York City, the courts of the United States of America
 for the Southern District of New York, and appellate courts from any thereof;

(b) consents that any such action or proceeding may be brought in such
 courts and waives any objection that it may now or hereafter have to the venue of any such action or
 proceeding in any such court or that such action or proceeding was brought in an inconvenient forum
 and agrees not to plead or claim the same;

(c) agrees that service of process (other than with respect to the Collateral
 Custodian and Collateral Administrator) in any such action or proceeding may be effected by mailing
 a copy thereof by registered or certified mail (or any substantially similar form of mail), postage
 prepaid, to its address as provided in <u>Section 12.2</u>;

(d) agrees that nothing herein shall affect the right to effect service
 of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction;
 and

(e) waives, to the maximum extent not prohibited by law, any right it may
 have to claim or recover in any legal action or proceeding referred to in this <u>Section 12.8</u> any special, exemplary, punitive or consequential damages.

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Section 12.9 <u>Costs and Expenses</u>.

(a) In addition to the rights of indemnification granted to the Indemnified
 Parties under <u>ARTICLE X</u> hereof, the Borrower agrees to pay on demand all reasonable out-of-pocket
 costs and expenses of the Administrative Agent, the Collateral Custodian, the Securities Intermediary,
 the Collateral Administrator and the Secured Parties incurred in connection with the preparation, execution,
 delivery, administration (including periodic auditing), renewal, amendment or modification of, or any
 waiver or consent issued in connection with, this Agreement and the other documents to be delivered
 hereunder or in connection herewith, including the reasonable fees and out-of-pocket expenses of one
 primary counsel and such other local or special counsel as may be necessary for the Administrative
 Agent, the Collateral Custodian, the Securities Intermediary, the Collateral Administrator and the
 Secured Parties with respect thereto and with respect to advising the Administrative Agent, the Collateral
 Custodian, the Securities Intermediary, the Collateral Administrator and the Secured Parties as to
 their respective rights and remedies under this Agreement and the other documents to be delivered hereunder
 or in connection herewith, and all costs and expenses, if any (including reasonable counsel fees and
 expenses), incurred by the Administrative Agent, the Collateral Custodian, the Securities Intermediary,
 the Collateral Administrator or the Secured Parties in connection with the enforcement of this Agreement
 by such Person and the other documents to be delivered hereunder or in connection herewith.

(b) The Borrower shall pay on the Payment Date following receipt of a request
 therefor, all other costs and expenses that have been invoiced at least two (2) Business Days
 prior to such Payment Date and incurred by the Administrative Agent and the Secured Parties, in each
 case in connection with periodic audits of the FS/KKR Parties' books and records, the Collateral,
 the Underlying Instruments, and the information contained in the Borrowing Base Certificates and Payment
 Date Reports.

Section 12.10 <u>No Proceedings</u>.

(a) Each of the parties hereto (other than the Administrative Agent) hereby
 agrees that it will not institute against, or join any other Person in instituting against, the Borrower
 any Insolvency Proceeding so long as there shall not have elapsed one year and one day (or such longer
 preference period as shall then be in effect) since the end of the Covenant Compliance Period. The
 provisions of this Section 12.10 are a material inducement for the Secured Parties to enter ‎into
 this Agreement and the transactions contemplated hereby and are an essential term hereof. ‎The
 parties hereby agree that monetary damages are not adequate for a breach of the provisions ‎of
 this Section 12.10 and the Administrative Agent may seek and obtain specific performance of ‎such
 provisions (including injunctive relief), including, without limitation, in any bankruptcy, ‎reorganization,
 arrangement, winding up, insolvency, moratorium, winding up or liquidation ‎proceedings, or other
 proceedings under U.S. federal or state bankruptcy or similar laws of any ‎jurisdiction.‎

(b) The provisions of this <u>Section 12.10</u> shall survive the
 termination hereof.

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Section 12.11 <u>Recourse Against Certain Parties</u>.

(a) No recourse under or with respect to any obligation, covenant or agreement
 (including the payment of any fees or any other obligations) of the Administrative Agent, any Secured
 Party, or any FS/KKR Party as contained in this Agreement or any other agreement, instrument or document
 entered into by it pursuant hereto or in connection herewith shall be had against any incorporator,
 affiliate, stockholder, member, officer, partner, employee, administrator, partner, organizer or director
 of the Administrative Agent, any Secured Party, or any FS/KKR Party by the enforcement of any assessment
 or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly
 agreed and understood that the agreements of the Administrative Agent, any Secured Party, or any FS/KKR
 Party contained in this Agreement and all of the other agreements, instruments and documents entered
 into by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations
 of the Administrative Agent, any Secured Party, or any FS/KKR Party, and that no personal liability
 whatsoever shall attach to or be incurred by the Administrative Agent, any Secured Party, any FS/KKR
 Party or any incorporator, stockholder, affiliate, officer, partner, employee or director of the Administrative
 Agent, any Secured Party, or any FS/KKR Party under or by reason of any of the obligations, covenants
 or agreements of the Administrative Agent, any Secured Party, or any FS/KKR Party contained in this
 Agreement or in any other such instruments, documents or agreements, or that are implied therefrom,
 and that any and all personal liability of the Administrative Agent, any Secured Party, or any FS/KKR
 Party and each incorporator, stockholder, affiliate, officer, partner, employee administrator, partner,
 organizer or director of the Administrative Agent, any Secured Party or any FS/KKR Party, or any of
 them, for breaches by the Administrative Agent, any Secured Party, or any FS/KKR Party of any such
 obligations, covenants or agreements, which liability may arise either at common law or at equity,
 by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration
 for the execution of this Agreement; <u>provided</u> that the foregoing non-recourse provisions shall
 in no way affect any rights the Secured Parties might have against any incorporator, affiliate, stockholder,
 officer, employee or director of any FS/KKR Party to the extent of any fraud, misappropriation, embezzlement
 or any other financial crime constituting a felony by such Person.

(b) Notwithstanding any contrary provision set forth herein, no claim may
 be made by any FS/KKR Party or any other Person against the Administrative Agent and the Secured Parties
 or their respective Affiliates, directors, officers, employees, attorneys or agents for any special,
 indirect, consequential or punitive damages in respect to any claim for breach of contract or any other
 theory of liability arising out of or related to the transactions contemplated by this Agreement, or
 any act, omission or event occurring in connection therewith; and each FS/KKR Party hereby waives,
 releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether
 or not known or suspected.

(c) No obligation or liability to any Obligor under any of the Loans is
 intended to be assumed by the Administrative Agent and the Secured Parties under or as a result of
 this Agreement and the transactions contemplated hereby.

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(d) The provisions of this <u>Section 12.11</u> shall survive the
 termination of this Agreement.

Section 12.12 <u>Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Advances</u>.

(a) [Reserved].

(b) The Borrower agrees that from time to time, at its expense, it will
 promptly authorize, execute and deliver all instruments and documents, and take all actions, that the
 Administrative Agent may reasonably request in order to perfect, protect or more fully evidence the
 security interest granted in the Collateral, or to enable the Administrative Agent or the Secured Parties
 to exercise and enforce their rights and remedies hereunder or under any other Transaction Document.

(c) If the Borrower fails to perform any of its obligations hereunder,
 the Administrative Agent or any Secured Party may (but shall not be required to) perform, or cause
 performance of, such obligation; and the Administrative Agent's or such Secured Party's
 costs and expenses incurred in connection therewith shall be payable by the Borrower as provided in <u>ARTICLE X</u>. The Borrower irrevocably authorizes the Administrative Agent and appoints the
 Administrative Agent as its attorney-in-fact to act on behalf of the Borrower (i) to execute on
 behalf of the Borrower as debtor and to file financing statements necessary or desirable in the Administrative
 Agent's sole discretion to perfect and to maintain the perfection and priority of the interest
 of the Secured Parties in the Collateral, including those that describe the Collateral as "all
 assets," or words of similar effect, and (ii) to file a carbon, photographic or other reproduction
 of this Agreement or any financing statement with respect to the Collateral as a financing statement
 in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to
 perfect and to maintain the perfection and priority of the interests of the Secured Parties in the
 Collateral. This appointment is coupled with an interest and is irrevocable.

(d) Without limiting the generality of the foregoing, the Borrower will,
 not earlier than six (6) months and not later than three (3) months prior to the fifth anniversary
 of the date of filing of the financing statement referred to in <u>Section 3.1(k)</u> or
 any other financing statement filed pursuant to this Agreement or in connection with any Advance hereunder,
 unless the Covenant Compliance Period shall have ended, authorize, execute and deliver and file or
 cause to be filed an appropriate continuation statement with respect to such financing statement.

Section 12.13 <u>Confidentiality</u>.

(a) Each of the Administrative Agent, the Secured Parties, the Collateral
 Custodian, the Collateral Administrator and each FS/KKR Party shall maintain and shall cause each of
 its employees and officers to maintain the confidentiality of the Agreement and all information with
 respect to the other parties, including all information regarding the business and beneficial ownership
 of the Borrower and the Collateral Manager hereto and their respective businesses obtained by it or
 them in connection with the structuring, negotiating and execution of the transactions contemplated
 herein, except that each such party and its officers and employees may (i) disclose such information
 to its external accountants, investigators, auditors, attorneys, investors, potential investors or
 other agents, engaged by such party in connection with any due diligence or comparable activities with
 respect to the transactions and Loans contemplated herein and the agents of such Persons (" <u>Excepted Persons</u> "); <u>provided</u> that each Excepted Person shall, as a condition to any such disclosure,
 agree for the benefit of the Administrative Agent, the Secured Parties, the Collateral Custodian, the
 Collateral Administrator and the FS/KKR Parties that such information shall be used solely in connection
 with such Excepted Person's evaluation of, or relationship with, the Borrower and its affiliates,
 (ii) disclose the existence of the Agreement, but not the financial terms thereof, (iii) disclose
 such information as is required by Applicable Law and (iv) disclose the Agreement and such information
 in any suit, action, proceeding or investigation (whether in law or in equity or pursuant to arbitration)
 involving any of the Transaction Documents for the purpose of defending itself, reducing its liability,
 or protecting or exercising any of its claims, rights, remedies, or interests under or in connection
 with any of the Transaction Documents. It is understood that the financial terms that may not be disclosed
 except in compliance with this <u>Section 12.13(a)</u> include all fees and other pricing
 terms, and all Events of Default, and priority of payment provisions.

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(b) Anything herein to the contrary notwithstanding, each FS/KKR Party
 hereby consents to the disclosure of any nonpublic information with respect to it (i) to the Administrative
 Agent, the Collateral Custodian, the Collateral Administrator or the Secured Parties by each other,
 (ii) by the Administrative Agent, the Collateral Custodian, the Collateral Administrator and the
 Secured Parties to any prospective or actual assignee or participant of any of them provided such Person
 agrees to hold such information confidential in accordance with the terms hereof or (iii) by the
 Administrative Agent, and the Secured Parties to any Rating Agency, any commercial paper dealer or
 other provider of a surety, guaranty or credit or liquidity enhancement to any Lender, and to any officers,
 directors, employees, outside accountants and attorneys of any of the foregoing, provided each such
 Person is informed of the confidential nature of such information and agrees to maintain the confidentiality
 thereof. In addition, the Secured Parties and the Administrative Agent, may disclose any such nonpublic
 information as required pursuant to any law, rule, regulation, direction, request or order of any judicial,
 administrative or regulatory authority or proceedings (whether or not having the force or effect of
 law).

(c) Each of the Administrative Agent, the Secured Parties, the Collateral
 Custodian and the Collateral Administrator agrees that (i) it will keep the information of the
 Obligors confidential in the manner required by the applicable Underlying Instruments, (ii) it
 will hold confidential any information provided to it by any FS/KKR Party in connection with a prospective
 Loan in the same manner and pursuant to the same procedures and exceptions that it applies to confidential
 information delivered directly to it when acting in the same capacity as it is acting under this Agreement,
 (iii) it will use any information described in clauses (i) and (ii) above only in connection
 with this Agreement, and (iv) if (a) the applicable FS/KKR Party delivers information in
 connection with a Loan or a prospective Loan that was prepared by a third party (other than the Obligor
 or any agent thereof), and (b) such third party has entered into an agreement with the applicable
 FS/KKR Party restricting the ability of the applicable FS/KKR Party to rely on such report, it will
 not have any direct rights against such third party (or the party which has engaged such third party)
 unless otherwise expressly acknowledged and agreed to by such third party or engaging party.

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(d) Notwithstanding anything herein to the contrary, the foregoing shall
 not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly
 known; (ii) disclosure of any and all information (a) if required to do so by any applicable
 statute, law, rule or regulation, (b) to any government agency or regulatory body having
 or claiming authority to regulate or oversee any respects of the Administrative Agent's, the
 Secured Parties', the Collateral Custodian's, the Collateral Administrator's or the
 Borrower's business or that of their affiliates, (c) pursuant to any subpoena, civil investigative
 demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to
 which the Administrative Agent, the Secured Parties, the Collateral Custodian, the Collateral Administrator
 or the Borrower or an officer, director, employer, shareholder or affiliate of any of the foregoing
 is a party, (d) in any preliminary or final offering circular, registration statement or contract
 or other document approved in advance by the Borrower or the Collateral Manager or (e) to any
 affiliate, independent or internal auditor, agent (including any potential sub-or-successor Collateral
 Manager), employee or attorney of the Collateral Custodian or the Collateral Administrator having a
 need to know the same, <u>provided</u> that the Collateral Custodian or the Collateral Administrator
 advises such recipient of the confidential nature of the information being disclosed and such person
 agrees to the terms hereof for the benefit of the Borrower and the Collateral Manager; or (iii) any
 other disclosure authorized by the Borrower or the Collateral Manager, as applicable.

(e) Notwithstanding any other provision of this Agreement, each FS/KKR
 Party shall each have the right to keep confidential from the Administrative Agent and the Collateral
 Custodian, the Collateral Administrator and/or the Secured Parties, for such period of time as such
 FS/KKR Party determines is reasonable (i) any information that any FS/KKR Party reasonably believes
 to be in the nature of trade secrets and (ii) any other information that any FS/KKR Party or any
 of their Affiliates, or the officers, employees or directors of any of the foregoing, is required to
 by law.

Section 12.14 <u>Execution in Counterparts; Severability; Integration</u>.

This Agreement (including any amendment, modification or waiver in respect of this Agreement) may be executed in any number of counterparts and by different parties hereto in separate counterparts (including by facsimile or electronic communication), each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. The words "execution," "signed," "signature," and words of similar import herein shall be deemed to include electronic or digital signatures or the keeping of records in electronic form, each of which shall be of the same effect, validity and enforceability as manually executed signatures or a paper-based recordkeeping system, as the case may be, to the extent and as provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000 (15 USC § 7001 et seq.), the Electronic Signatures and Records Act of 1999 (NY State Technology Law §§ 301-309), or any other similar state laws based on the Uniform Electronic Transactions Act (collectively, "<u>Signature Law</u>"). Delivery of an executed counterpart signature page of this Agreement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. For the avoidance of doubt, original manual signatures shall be used for execution or ‎indorsement of writings and authentication of certificates when required under the UCC or ‎other Signature Law due to the character or intended character of the writings‎. This Agreement, the other Transaction Documents and any agreements or letters (including fee letters) executed in connection herewith contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings.

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Section 12.15 <u>Waiver of Setoff</u>.

Each of the parties hereto hereby waives any right of setoff it may have or to which it may be entitled under this Agreement from time to time against any Lender or its assets.

Section 12.16 <u>Assignments by the Lenders</u>.

(a) Each Lender may at any time assign, or grant a security interest or
 sell a participation interest in or sell any Advance or Commitment (or portion thereof) or any Note
 (or any portion thereof) to any Person; <u>provided</u> that, as applicable, (i) no transfer of
 any Advance or Commitment (or any portion thereof) or of any Note (or any portion thereof) shall be
 made unless such transfer is exempt from the registration requirements of the Securities Act and any
 applicable state securities laws or is made in accordance with the Securities Act and such laws, and
 is made only to either an "accredited investor" as defined in paragraphs (a)(1), (2), (3),
 or (7) of Rule 501 of Regulation D under the Securities Act or any entity in which all of
 the equity owners come within such paragraphs or to a "qualified institutional buyer" as
 defined in Rule 144A under the Securities Act which in each case is a "qualified purchaser"
 as defined in the 1940 Act, (ii) so long as no Event of Default has occurred or is continuing,
 no such assignment, grant or sale of a participation interest shall be to an Ineligible Assignee, (iii) [reserved],
 (iv) in the case of an assignment of any Advance or Commitment (or any portion thereof) or of
 any Note (or of any portion thereof) the assignee executes and delivers to the Collateral Manager,
 the Borrower and the Administrative Agent a fully executed Joinder Supplement substantially in the
 form of <u>Exhibit H</u> hereto and a transferee letter substantially in the form of <u>Exhibit G</u> hereto (a " <u>Transferee Letter</u> "), (v) the consent of the Administrative Agent
 shall be required for any assignment, and (vi) so long as no Event of Default has occurred or
 is continuing, the consent of the Borrower (such consent not to be unreasonably withheld or delayed
 and shall be deemed if no response is made by the Borrower within ten (10) Business Days after
 delivery to Borrower of notice of a proposed assignment) shall be required for any assignment or participation,
 other than an assignment or participation (x) to a Lender, an Affiliate of a Lender or an Approved
 Fund or (y) required by Applicable Law or Governmental Authority. The parties to any such assignment,
 grant or sale of a participation interest shall execute and deliver to such assigning Lender for its
 acceptance and recording in its books and records, such agreement or document as may be satisfactory
 to such parties. The Borrower shall not assign or delegate, or grant any interest in, or permit any
 Lien to (other than Permitted Liens) exist upon, any of the Borrower's rights, obligations or
 duties under the Transaction Documents without the prior written consent of the Administrative Agent.
 Notwithstanding anything contained in this Agreement to the contrary, (i) Ally Bank shall not
 need prior consent of the Borrower or any other party hereto to consolidate with or merge into any
 Person or convey or transfer substantially all of its properties and assets, including as part of such
 a transaction all or substantially all of its Advances, Commitments and Notes, to any Person, (ii) [reserved],
 or (iii) if any Lender becomes a Defaulting Lender, unless such Lender shall have been deemed
 to no longer be a Defaulting Lender pursuant to <u>Section 2.16(b)</u>, then, in each case, the
 Administrative Agent shall have the right to cause such Person to assign its entire interest in the
 Advances and Commitments and this Agreement to a transferee selected by the Administrative Agent prior
 to the occurrence of an Event of Default with the consent of the Borrower, in an assignment which satisfies
 the conditions set forth in the first sentence of this <u>Section 12.16(a)</u>. Assignments shall
 be subject to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) no assignments shall be made to (x) the Borrower or any of the Borrower's Affiliates or Subsidiaries or (y) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (y);

[KFIT] Loan and Security Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) no assignments shall be made to a natural person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loan Advances of any class, the amount of the Commitment or Loan Advances of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, <u>provided</u> that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender's rights and obligations in respect of one class of Commitments or Loan Advances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its affiliates and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee's compliance procedures and applicable laws, including Federal and state securities laws, and containing payment instruction for such assignee.

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(b) The Administrative Agent, acting solely for this purpose as an agent
 of Borrower, shall maintain at one of its lending offices, a copy of each transfer pursuant to <u>Section 12.16(a)</u> delivered
 to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments
 of, and principal amounts of the Advances as well as entitlements to interest owing to, each Lender
 pursuant to the terms hereof from time to time (the " <u>Register</u> "). Transfer by a Lender
 of its rights hereunder or under any Note may be effected only by the recording by the Administrative
 Agent of the identity of the transferee in the Register. The entries in the Register shall be conclusive,
 and Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded
 in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
 notwithstanding notice to the contrary. The Register shall be available for inspection by Borrower
 and any Lender, at any reasonable time and from time to time upon reasonable prior notice. Each Lender
 that sells a participation interest shall, acting solely for this purpose as a non-fiduciary 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 Advances or
 other obligations under this Agreement (the " <u>Participant Register</u> "); 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 hereunder)
 to any Person except to the extent that such disclosure is necessary to establish that such Commitment,
 Advance, letter of credit or other obligation is in Registered form. 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, the Administrative
 Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
 Register.

(c) The Collateral Custodian may, at any time, assign all or any part of
 its rights and obligations hereunder as Collateral Custodian; <u>provided</u>, <u>however</u>, that
 any such assignee shall (i) be a bank or other financial institution organized and doing business
 under the laws of the United States or of any state thereof, (ii) be authorized under such laws
 to exercise corporate trust powers, (iii) have a combined capital and surplus of at least $200,000,000,
 (iv) be subject to supervision or examination by a United States federal or state banking authority,
 (v) have a long-term unsecured debt rating of at least "Baa2" by Moody's and
 "BBB" by S&P, (vi) have an office within the United States; (vii) be in the
 business of providing collateral custodian services consistent with those required pursuant to this
 Agreement and (viii) is otherwise reasonably acceptable to the Administrative Agent and prior
 to the occurrence of an Event of Default the Borrower; and <u>provided</u>, <u>further</u>, that such
 assignment shall not be effective unless (i), prior to such assignment, Collateral Custodian shall
 have given ninety (90) days written notice to the Borrower, Collateral Manager, Administrative Agent
 and each Lender describing such assignment and (ii) such assignee has assumed the responsibilities
 and obligations of the Collateral Custodian, being assigned to it in writing.

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Section 12.17 <u>Heading and Exhibits</u>.

The headings herein are for purposes of references only and shall not otherwise affect the meaning or interpretation of any provision hereof. The schedules and exhibits attached hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement for all purposes.

Section 12.18 <u>Benchmark Replacement Settings</u>.

(a) <u>Benchmark Replacement</u>. Notwithstanding anything to the contrary
 herein or in any other Transaction Document, upon the occurrence of a Benchmark Transition Event with
 respect to Term SOFR, the Administrative Agent and the Borrower may amend this Agreement to replace
 the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark
 Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the
 Administrative Agent has posted such proposed amendment to all Lenders and the Borrower so long as
 the Administrative Agent has not received, by such time, written notice of objection to such amendment
 from Lenders comprising the Required Lenders. No replacement of a Benchmark with a Benchmark Replacement
 pursuant to this Section 12.18(a) will occur prior to the applicable Benchmark Transition
 Start Date, and, for the avoidance of doubt, no Benchmark replacement shall occur under this Section 12.18
 unless a Benchmark Transition Event shall have occurred with respect to Term SOFR.

(b) <u>Benchmark Replacement Conforming Changes</u>. In connection with
 the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make
 Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary
 herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement
 Conforming Changes will become effective without any further action or consent of any other party to
 this Agreement or any other Transaction Document.

(c) <u>Notices; Standards for Decisions and Determinations</u>. The Administrative
 Agent will promptly notify the Borrower and the Lenders of (A) the occurrence of a Benchmark Transition
 Event and its related Benchmark Transition Start Date, (B) the implementation of any Benchmark
 Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes, (D) the
 removal or reinstatement of any tenor of a Benchmark pursuant to Section 12.18(d) below and
 (E) the commencement or conclusion of any Benchmark Unavailability Period. Any determination,
 decision or election that may be made by the Administrative Agent or Lender (or group of Lenders) pursuant
 to this Section 12.18, including any determination with respect to a tenor, rate or adjustment
 or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or
 refrain from taking any action or any selection, will be conclusive and binding absent manifest error
 and may be made in its or their sole discretion and without consent from any other party to this Agreement
 or any other Transaction Document, except, in each case, as expressly required pursuant to this Section 12.18.

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(d) <u>Unavailability of Tenor of Benchmark</u>. Notwithstanding anything
 to the contrary herein or in any other Transaction Document, at any time (including in connection with
 the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate
 and either (1) any tenor for such Benchmark is not displayed on a screen or other information
 service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable
 discretion or (2) the regulatory supervisor for the administrator of such Benchmark has provided
 a public statement or publication of information announcing that any tenor for such Benchmark is or
 will be no longer representative, then the Administrative Agent may modify the definition of "Accrual
 Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative
 tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is
 subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement)
 or (2) is not, or is no longer, subject to an announcement that it is or will no longer be representative
 for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition
 of "Accrual Period" for all Benchmark settings at or after such time to reinstate such
 previously removed tenor.

(e) <u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt
 of notice of the commencement of any Benchmark Unavailability Period, the Borrower may revoke any request
 for an Advance at the then-current Benchmark, and failing that, all Advances shall bear interest at
 the Base Rate in lieu of Daily 1M SOFR, computed as otherwise described herein; <u>provided</u>, however,
 the Administrative Agent may, in consultation with the Borrower, establish an alternative interest
 rate with respect to such Advances during the pendency of such period. During any Benchmark Unavailability
 Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component
 of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable,
 will not be used in any determination of the Base Rate.

Section 12.19 <u>Divisions</u>.

Any reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale or transfer, or similar term, as applicable, to, of or with a separate Person. Notwithstanding anything to the contrary in this Agreement, (i) any division of a limited liability company shall constitute a separate Person hereunder, and each resulting division of any limited liability company that, prior to such division, is a Subsidiary, a Guarantor, a FS/KKR Party, a joint venture or any other like term shall remain a Subsidiary, a FS/KKR Party, a joint venture, or other like term, respectively, after giving effect to such division, to the extent required under this Agreement, and any resulting divisions of such Persons shall remain subject to the same restrictions and corresponding exceptions applicable to the pre-division predecessor of such divisions, and (ii) in no event shall Transferor or Borrower be permitted to effectuate a division.

[KFIT] Loan and Security Agreement

Section 12.20 <u>Judgment Currency.</u>

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

Section 12.21 <u>Recognition of the U.S. Special Resolution Regimes</u>.

To the extent that this Agreement and/or any other Transaction Document constitutes a QFC, the Borrower agrees with each Secured Party as of the Effective Date as follows:

(a) In the event a Covered Party becomes subject to a proceeding under
 a U.S. Special Resolution Regime, the transfer of this Agreement and/or any other Transaction Document,
 and any interest and obligation in or under this Agreement and/or any other Transaction Document from
 such Covered Party will be effective to the same extent as the transfer would be effective under the
 U.S. Special Resolution Regime if this Agreement and/or any other the Transaction Document, and any
 such interest and obligation, were governed by the laws of the United States or a state of the United
 States.

(b) In the event that a Covered Party or a BHC Act Affiliate of such Covered
 Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under
 this Agreement and/or any other Transaction Document that may be exercised against such Covered Party
 are permitted to be exercised to no greater extent than such Default Rights could be exercised under
 the U.S. Special Resolution Regime if this Agreement and/or any other Transaction Document were governed
 by the laws of the United States or a state of the United States.

[KFIT] Loan and Security Agreement

Section 12.22 <u>USA PATRIOT ACT</u>.

Each Secured Party subject to the USA Patriot Act hereby notifies the Borrower that, pursuant to the requirements of the USA Patriot Act, it may be required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Secured Party to identify the Borrower in accordance with the USA Patriot Act.

**ARTICLE XIII**

**TAX CONSIDERATIONS**

Section 13.1 <u>Acknowledgement of Parties</u>.

The parties hereto acknowledge and agree that, for U.S. federal income tax purposes, financial accounting and other purposes, the parties will treat the Advances and the Notes as indebtedness and not an equity interests in the Borrower unless otherwise required by Applicable Law.

**ARTICLE XIV**

**[RESERVED]**

[*Remainder of page intentionally left blank; signature pages follow.*]

[KFIT] Loan and Security Agreement

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

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| |
|:---|
| **K-FIT FINANCE AB-1 LLC**, as the Borrower |
| By: |
| Name: |
| Title: |
| **Solely with respect to Section 5.1(d), 5.1(k), 9.2(d) and 12.19:** |
| **TRANSFEROR:** |
| **KKR FS Income Trust**, as Transferor |
| By: |
| Name: |
| Title: |

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[*Signatures continued on the following page.*]

[Signature Page]

Loan and Security Agreement

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| | |
|:---|:---|
| **ADMINISTRATIVE AGENT AND ARRANGER:** | **ADMINISTRATIVE AGENT AND ARRANGER:** |
| **ALLY BANK**, as Administrative Agent and Arranger | **ALLY BANK**, as Administrative Agent and Arranger |
| By: |  |
|  | Name: |
|  | Title: |
| **LENDERS:** | **LENDERS:** |
| **ALLY BANK**, as a Lender | **ALLY BANK**, as a Lender |
| By: |  |
|  | Name: |
|  | Title: |

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[*Signatures continued on the following page.*]

[Signature Page]

Loan and Security Agreement

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| | |
|:---|:---|
| **THE COLLATERAL CUSTODIAN:** | **THE COLLATERAL CUSTODIAN:** |
| COMPUTERSHARE TRUST COMPANY,<br> N.A., not in its individual capacity but solely<br> as Collateral Custodian | COMPUTERSHARE TRUST COMPANY,<br> N.A., not in its individual capacity but solely<br> as Collateral Custodian |
| By: |  |
|  | Name: |
|  | Title: |
| **THE COLLATERAL ADMINISTRATOR:** | **THE COLLATERAL ADMINISTRATOR:** |
| COMPUTERSHARE TRUST COMPANY, <br> N.A., not in its individual capacity but solely <br> as the Collateral Administrator | COMPUTERSHARE TRUST COMPANY, <br> N.A., not in its individual capacity but solely <br> as the Collateral Administrator |
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page]

Loan and Security Agreement

**<u>Annex A</u>**

If to Borrower:

201 Rouse Boulevard

Philadelphia, PA 19112

Attention: William Goebel

Facsimile No.: 215-222-4649

Email: credit.notices@fsinvestments <u>futurestandard</u>.com; FSICIV_Team@fsinvestments <u>futurestandard</u>.com; portfolio_finance@fsinvestments <u>futurestandard</u>.com

If to Ally Bank:

**ALLY BANK**<br> as the Administrative Agent

300 Park Avenue, 4<sup>th</sup> Floor

New York, New York 10022

Attention: SFD Portfolio Manager

Facsimile No.: (212)-884-7693

Email: Keith.Harris@ally.com

with a copy to:

**ALLY BANK**

300 Park Avenue, 4<sup>th</sup> Floor

New York, New York 10022

Attention: Legal Services/SFD

Facsimile No.: (212)-884-7189

Email: Jorge.Wagner@ally.com

[Annex A]

Loan and Security Agreement

**<u>Annex A</u>**

If to the Collateral Custodian or Collateral Administrator:

Computershare Trust Company, N.A.

9062 Old Annapolis Road

Columbia, Maryland 21045

Attn: CLO Trust Services – K-Fit Finance AB-1 LLC

E-mail: CCTFSInvestments@computershare.com

[Annex A]

Loan and Security Agreement

**<u>Annex B</u>**

**<u>COMMITMENTS</u>**

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| | |
|:---|:---|
| Lender | Commitment |
| Ally Bank | $250,000,000.00<u>500,000,000.00</u> |
| **Total:** | $**250,000,000.00<u>500,000,000.00</u>** |

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