# EDGAR Filing Document

**Accession Number:** 0001747172
**File Stem:** 0001213900-25-074300
**Filing Date:** 2025-8
**Character Count:** 921700
**Document Hash:** 9f423d1ffc2d9f4038aecf3629510080
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-074300.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001213900-25-074300

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kayne Anderson BDC, Inc.
- **CENTRAL INDEX KEY:** 0001747172

**ORGANIZATION NAME:**
- **EIN:** 830531326
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01363
- **FILM NUMBER:** 251202112

**BUSINESS ADDRESS:**
- **STREET 1:** 717 TEXAS AVENUE
- **STREET 2:** 22ND FLOOR
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 713-493-2000

**MAIL ADDRESS:**
- **STREET 1:** 717 TEXAS AVENUE
- **STREET 2:** 22ND FLOOR
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kayne Anderson BDC, LLC
- **DATE OF NAME CHANGE:** 20180718

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended June 30, 2025**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission File Number: 814-01363**

**Kayne Anderson BDC, Inc.**

---

| | |
|:---|:---|
| **Delaware** | **83-0531326** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |
| **717 Texas Avenue, Suite 2200, Houston, TX** | **77002** |
| (Address of principal executive offices) | (Zip Code) |

---

**(713) 493-2020**

(Registrant's telephone number, including area code)

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

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share KBDC | NYSE |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ <br> Non-accelerated filer ☐ Smaller reporting company ☐ <br> 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of August 6, 2025, the registrant had 70,576,976 shares of common stock, $0.001 par value per share, issued and outstanding.

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I.** | [**FINANCIAL INFORMATION**](#a_001) | 1 |
| Item 1. | [Consolidated Financial Statements](#a_002) | 1 |
|  | [Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024](#a_003) | 1 |
|  | [Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)](#a_004) | 2 |
|  | [Consolidated Statement of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (Unaudited)](#a_005) | 3 |
|  | [Consolidated Statement of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)](#a_006) | 4 |
|  | [Consolidated Schedule of Investments as of June 30, 2025 (Unaudited) and December 31, 2024](#a_007) | 5 |
|  | [Notes to Consolidated Financial Statements (Unaudited)](#a_008) | 29 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_009) | 52 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#a_010) | 64 |
| Item 4. | [Controls and Procedures](#a_011) | 64 |
| **PART II.** | [**OTHER INFORMATION**](#a_012) | 65 |
| Item 1. | [Legal Proceedings](#a_013) | 65 |
| Item 1A. | [Risk Factors](#a_014) | 65 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_015) | 65 |
| Item 3. | [Defaults Upon Senior Securities](#a_016) | 65 |
| Item 4. | [Mine Safety Disclosures](#a_017) | 65 |
| Item 5. | [Other Information](#a_018) | 65 |
| Item 6. | [Exhibits](#a_019) | 66 |
| [Signatures](#a_020) | [Signatures](#a_020) | 68 |

---

i

***Forward-Looking Statements***

This quarterly report on Form 10-Q contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the company, current and prospective portfolio investments, the industry, beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond control of Kayne Anderson BDC, Inc. ("the Company") and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

● future operating results;

● business prospects and the prospects of portfolio companies in which we invest;

● the ability of our portfolio companies to achieve their objectives;

● changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets;

● the ability of KA Credit Advisors, LLC (our "Advisor") to locate suitable investments and to monitor and administer investments;

● the ability of the Advisor and its affiliates to attract and retain highly talented professionals;

● risks associated with possible disruptions in our operations, the operations of our portfolio companies or the economy generally, including disruptions due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents;

● the adequacy of our cash resources, financing sources and working capital;

● the timing of cash flows, distributions and dividends, if any, from the operations of the companies in which the Company invests;

● the ability to maintain qualification as a business development company ("BDC") and as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code");

● the use of borrowings under our credit facilities and issuances of senior unsecured notes to finance a portion of the Company's investments;

● the adequacy, availability and pricing of financing sources and working capital for the Company;

● actual or potential conflicts of interest with the Advisor and its affiliates;

● contractual arrangements and relationships with third parties;

● the risks associated with an economic downturn, increased inflation, political instability, tariffs and trade policy instability, supply chain issues, interest rate volatility, loss of key personnel, and the illiquid nature of investments of the Company; and

● the risks, uncertainties and other factors the Company identifies under "Item 1A. Risk Factors" and elsewhere in this quarterly report on Form 10-Q, as well as in the Company's annual report on Form 10-K for the year ended December 31, 2024.

We have based the forward-looking statements included in this report on information available to us on the date of this report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the United States Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

ii

**PART I — FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements.**

**Kayne Anderson BDC, Inc.**

**Consolidated Statements of Assets and Liabilities**

**(amounts in 000's, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025 <br> (Unaudited)** | **December 31, 2024** |
| **Assets:** | | |
| Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments (amortized cost of $2,146,178 and $1,956,617) | $2164451 | $1982947 |
| &nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments (amortized cost of $15,355 and $15,438, respectively) | 10189 | 12196 |
| &nbsp;&nbsp;&nbsp;Investments in money market funds (amortized cost of $30,367 and $48,683) | 30367 | 48683 |
| Cash | 13988 | 22375 |
| Receivable for sales of investments | 14813 | - |
| Receivable for principal payments on investments | 615 | 540 |
| Interest receivable | 21329 | 14965 |
| Prepaid expenses and other assets | 239 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $2255991 | $2082664 |
| **Liabilities:** |  |  |
| Corporate Credit Facility (Note 6) | $224000 | $250000 |
| Unamortized Corporate Credit Facility issuance costs | (2837) | (3235) |
| Revolving Funding Facility (Note 6) | 574000 | 420000 |
| Unamortized Revolving Funding Facility issuance costs | (5784) | (4746) |
| Revolving Funding Facility II (Note 6) | 181000 | 113000 |
| Unamortized Revolving Funding Facility II issuance costs | (2365) | (1251) |
| Notes (Note 6) | 75000 | 75000 |
| Unamortized notes issuance costs | (541) | (643) |
| Shares repurchased payable (Note 7) | 193 | - |
| Distributions payable | 28291 | 28424 |
| Management fee payable (Note 3) | 4624 | 3712 |
| Incentive fee payable (Note 3) | 4452 | - |
| Accrued expenses and other liabilities | 18627 | 15236 |
| Accrued excise tax expense | - | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $1098660 | $896322 |
| Commitments and contingencies (Note 8) |  |  |
| **Net Assets:** |  |  |
| Common Shares, $0.001 par value; 100,000,000 shares authorized; 70,714,990 and 71,059,689 as of June 30, 2025 and December 31, 2024, respectively, issued and outstanding | $71 | $71 |
| Additional paid-in capital | 1147270 | 1152396 |
| Total distributable earnings (deficit) | 9990 | 33875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | $1157331 | $1186342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Net Assets** | $2255991 | $2082664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value Per Common Share** | $16.37 | $16.70 |

---

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Consolidated Statements of Operations**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended <br> June 30,** | **For the three months ended <br> June 30,** | **For the six months ended<br> June 30,** | **For the six months ended<br> June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Income:** |  |  |  |  |
| Investment income from investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income from non-controlled, non-affiliated investments | $57120 | $51991 | $112134 | $98228 |
| &nbsp;&nbsp;&nbsp;Dividend income | 178 | 462 | 409 | 719 |
| **Total Investment Income** | 57298 | 52453 | 112543 | 98947 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 5412 | 4251 | 10543 | 7773 |
| &nbsp;&nbsp;&nbsp;Incentive fees | 4452 | 4109 | 8942 | 6740 |
| &nbsp;&nbsp;&nbsp;Interest expense | 18384 | 13239 | 35509 | 28895 |
| &nbsp;&nbsp;&nbsp;Professional fees | 368 | 375 | 713 | 639 |
| &nbsp;&nbsp;&nbsp;Directors fees | 158 | 158 | 316 | 305 |
| &nbsp;&nbsp;&nbsp;Excise tax expense (benefit) | - | - | (43) | - |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | 603 | 508 | 1184 | 979 |
| **Total Expenses** | 29377 | 22640 | 57164 | 45331 |
| &nbsp;&nbsp;&nbsp;Less: Management fee waiver (Note 3) | (788) | (471) | (2071) | (471) |
| &nbsp;&nbsp;&nbsp;Less: Incentive fee waiver (Note 3) | - | (4109) | - | (4109) |
| &nbsp;&nbsp;&nbsp;Net expenses | 28589 | 18060 | 55093 | 40751 |
| **Net Investment Income (Loss)** | 28709 | 34393 | 57450 | 58196 |
| **Realized and unrealized gains (losses) on investments** |  |  |  |  |
| Net realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (10) | (138) | 556 | (138) |
| **Total net realized gains (losses)** | (10) | (138) | 556 | (138) |
| Net change in unrealized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (1564) | (3075) | (8057) | 877 |
| &nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | (1907) | - | (1925) | - |
| **Total net change in unrealized gains (losses)** | (3471) | (3075) | (9982) | 877 |
| **Total realized and unrealized gains (losses)** | (3481) | (3213) | (9426) | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit on unrealized appreciation/depreciation on investments | (318) | - | (899) | - |
| **Net Increase in Net Assets Resulting from Operations** | $24910 | $31180 | $47125 | $58935 |
| **<u>Per Common Share Data:</u>** |  |  |  |  |
| **Basic and diluted net investment income per common share** | $0.40 | $0.51 | $0.81 | $1.03 |
| **Basic and diluted net increase in net assets resulting from operations** | $0.35 | $0.46 | $0.66 | $1.05 |
| **Weighted Average Common Shares Outstanding - Basic and Diluted** | 70901688 | 67426904 | 71067266 | 56386161 |

---

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Consolidated Statements of Changes in Net Assets**

**(amounts in 000's)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended <br> June 30,** | **For the three months ended <br> June 30,** | **For the six months ended <br> June 30,** | **For the six months ended <br> June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $28709 | $34393 | $57450 | $58196 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | (10) | (138) | 556 | (138) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) on investments, net of tax | (3471) | (3075) | (9982) | 877 |
| &nbsp;&nbsp;&nbsp;Income tax (expense) benefit on unrealized appreciation/depreciation on investments | (318) | - | (899) | - |
| **Net Increase in Net Assets Resulting from Operations** | 24910 | 31180 | 47125 | 58935 |
| **Decrease in Net Assets Resulting from Stockholder Dividends** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends to stockholders | (35369) | (28446) | (71010) | (47962) |
| **Net Decrease in Net Assets Resulting from Stockholder Dividends** | (35369) | (28446) | (71010) | (47962) |
| **Increase (Decrease) in Net Assets Resulting from Capital Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of common shares | - | 362308 | - | 480997 |
| &nbsp;&nbsp;&nbsp;Common stock purchased under the share repurchase program | (8769) | - | (9153) | - |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | - | 1577 | 4027 | 3150 |
| **Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions** | (8769) | 363885 | (5126) | 484147 |
| **Total Increase (Decrease) in Net Assets** | (19228) | 366619 | (29011) | 495120 |
| Net Assets, Beginning of Period | 1176559 | 811557 | 1186342 | 683056 |
| **Net Assets, End of Period** | $1157331 | $1178176 | $1157331 | $1178176 |

---

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Consolidated Statements of Cash Flows**

**(amounts in 000's)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> June 30,** | **For the six months ended<br> June 30,** |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $47125 | $58935 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (gains)/losses on investments | (556) | 138 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (gains)/losses on investments | 9982 | (877) |
| &nbsp;&nbsp;&nbsp;Net accretion of discount on investments | (6725) | (5289) |
| &nbsp;&nbsp;&nbsp;Sales (purchases) of investments in money market funds, net | 18316 | (7542) |
| &nbsp;&nbsp;&nbsp;Purchases of portfolio investments | (412297) | (608157) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 232592 | 131288 |
| &nbsp;&nbsp;&nbsp;Paid-in-kind interest from portfolio investments | (2369) | (663) |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing cost | 1855 | 1824 |
| Increase/(decrease) in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;(Increase)/decrease in receivable for sales of investments | (14813) | - |
| &nbsp;&nbsp;&nbsp;(Increase)/decrease in interest and dividends receivable | (6488) | (3906) |
| &nbsp;&nbsp;&nbsp;(Increase)/decrease in receivable for principal payments on investments | (75) | (5176) |
| &nbsp;&nbsp;&nbsp;Increase/(decrease) in accrued excise tax expense | (825) | (101) |
| &nbsp;&nbsp;&nbsp;(Increase)/decrease in prepaid expenses and other assets | 719 | 202 |
| &nbsp;&nbsp;&nbsp;Increase/(decrease) in payable for investments purchased | - | 72322 |
| &nbsp;&nbsp;&nbsp;Increase/(decrease) in management fees payable | 912 | 784 |
| &nbsp;&nbsp;&nbsp;Increase/(decrease) in incentive fee payable | 4452 | (14195) |
| &nbsp;&nbsp;&nbsp;Increase/(decrease) in accrued expenses and other liabilities | 3391 | 2625 |
| **Net cash used in operating activities** | (124804) | (377788) |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings/(payments) on Corporate Credit Facility, net | (26000) | (159000) |
| &nbsp;&nbsp;&nbsp;Borrowings on Revolving Funding Facility, net | 154000 | 83000 |
| &nbsp;&nbsp;&nbsp;Borrowings on Revolving Funding Facility II, net | 68000 | 13000 |
| &nbsp;&nbsp;&nbsp;Borrowings/(payments) on Subscription Credit Agreement, net | - | (10750) |
| &nbsp;&nbsp;&nbsp;Payments of debt issuance costs | (3507) | (4841) |
| &nbsp;&nbsp;&nbsp;Deposits for issuance of common shares | - | - |
| &nbsp;&nbsp;&nbsp;Payable for shares repurchased | 193 | - |
| &nbsp;&nbsp;&nbsp;Dividends paid in cash | (67116) | (38416) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares | - | 480997 |
| &nbsp;&nbsp;&nbsp;Repurchase of common shares | (9153) | - |
| **Net cash provided by financing activities** | 116417 | 363990 |
| **Net increase (decrease) in cash** | (8387) | (13798) |
| Cash, beginning of period | 22375 | 34069 |
| **Cash, end of period** | $13988 | $20271 |
| **Supplemental and Non-Cash Information:** |  |  |
| Interest paid during the period | $31180 | $25339 |
| Non-cash financing activities not included herein consisted of reinvestment of dividends | $4027 | $3150 |

---

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(amounts in 000's, except number of shares, units)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes<sup>(1)(2)</sup>** | **Investment<sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal /<br> Par** | **Amortized** <br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage<br> of Net Assets** |
| **Debt and Equity Investments** |  |  | | | |  |  | | | | |
| **Debt Investments** |  |  | | | |  |  | | | | |
| **Aerospace & defense** |  |  | | | |  |  | | | | |
| Fastener Distribution Holdings, LLC |  | First lien senior secured loan | 9.05% | 4.75% |  | SOFR(M) | 11/4/2031 | 19966 | 19785 | 20116 | 1.7% |
|  |  | First lien senior secured delayed draw loan | 9.05% | 4.75% |  | SOFR(M) | 11/4/2031 |  |  |  | 0.0% |
| TransDigm Inc | (6) | First lien senior secured loan | 6.80% | 2.50% |  | SOFR(M) | 2/28/2031 | 9959 | 10004 | 9976 | 0.9% |
| Vitesse Systems Parent, LLC |  | First lien senior secured loan | 11.44% | 7.00% |  | SOFR(M) | 12/22/2028 | 30740 | 30160 | 30740 | 2.7% |
|  |  | First lien senior secured revolving loan | 11.43% | 7.00% |  | SOFR(M) | 12/22/2028 | 6239 | 6112 | 6239 | 0.5% |
|  |  |  |  |  |  |  |  | 66904 | 66061 | 67071 | 5.8% |
| **Automobile components** |  |  |  |  |  |  |  |  |  |  |  |
| Clarios Global LP | (6)(7) | First lien senior secured loan | 6.83% | 2.50% |  | SOFR(M) | 5/6/2030 | 10010 | 10044 | 9972 | 0.9% |
| Speedstar Holding LLC |  | First lien senior secured loan | 10.29% | 6.00% |  | SOFR(Q) | 7/22/2027 | 6069 | 6020 | 6009 | 0.5% |
|  |  | First lien senior secured delayed draw loan | 10.29% | 6.00% |  | SOFR(Q) | 7/22/2027 | 663 | 652 | 656 | 0.1% |
| WAM CR Acquisition, Inc. (Wolverine) |  | First lien senior secured loan | 10.55% | 6.25% |  | SOFR(Q) | 7/23/2029 | 26695 | 26238 | 26962 | 2.3% |
|  |  |  |  |  |  |  |  | 43437 | 42954 | 43599 | 3.8% |
| **Biotechnology** |  |  |  |  |  |  |  |  |  |  |  |
| Alcami Corporation |  | First lien senior secured delayed draw loan | 11.41% | 7.00% |  | SOFR(M) | 12/21/2028 | 842 | 810 | 842 | 0.1% |
|  |  | First lien senior secured revolving loan | 11.41% | 7.00% |  | SOFR(M) | 12/21/2028 |  |  |  | 0.0% |
|  |  | First lien senior secured loan | 11.48% | 7.00% |  | SOFR(Q) | 12/21/2028 | 11442 | 11187 | 11442 | 1.0% |
|  |  |  |  |  |  |  |  | 12284 | 11997 | 12284 | 1.1% |
| **Building products** |  |  |  |  |  |  |  |  |  |  |  |
| Ruff Roofers Buyer, LLC |  | First lien senior secured loan | 9.28% | 5.00% |  | SOFR(Q) | 11/19/2029 | 7079 | 6908 | 7079 | 0.6% |
|  |  | First lien senior secured loan | 9.30% | 5.00% |  | SOFR(M) | 11/19/2029 | 2660 | 2628 | 2660 | 0.2% |
|  |  | First lien senior secured revolving loan | 9.30% | 5.00% |  | SOFR(M) | 11/19/2029 |  |  |  | 0.0% |
|  |  | First lien senior secured delayed draw loan | 9.30% | 5.00% |  | SOFR(M) | 11/19/2029 |  |  |  | 0.0% |
|  |  | First lien senior secured delayed draw loan | 9.28% | 5.00% |  | SOFR(Q) | 11/19/2029 | 5291 | 5131 | 5291 | 0.5% |
|  |  | First lien senior secured delayed draw loan | 9.30% | 5.00% |  | SOFR(M) | 11/19/2029 | 2655 | 2655 | 2655 | 0.2% |
| US Anchors Group, Inc. (Mechanical Plastics Corp.) |  | First lien senior secured loan | 11.50% | 4.00% |  | PRIME | 7/15/2029 | 17107 | 16735 | 17107 | 1.5% |
|  |  | First lien senior secured revolving loan | 11.50% | 4.00% |  | PRIME | 7/15/2029 | - | - | - | 0.0% |
|  |  |  |  |  |  |  |  | 34792 | 34057 | 34792 | 3.0% |
| **Chemicals** |  |  |  |  |  |  |  |  |  |  |  |
| Fralock Buyer LLC |  | First lien senior secured loan | 10.30% | 6.00% |  | SOFR(Q) | 9/30/2026 | 12978 | 12796 | 12946 | 1.1% |
|  |  | First lien senior secured loan | 10.30% | 6.00% |  | SOFR(Q) | 9/30/2026 | 4466 | 4438 | 4455 | 0.4% |
|  |  | First lien senior secured revolving loan | 10.30% | 6.00% |  | SOFR(Q) | 9/30/2026 | 2337 | 2334 | 2332 | 0.2% |
| TL Atlas Merger Sub Corp. (Zep) |  | First lien senior secured loan | 9.30% | 5.00% |  | SOFR(Q) | 6/30/2031 | 33774 | 33436 | 33774 | 2.9% |
|  |  | First lien senior secured revolving loan | 9.30% | 5.00% |  | SOFR(Q) | 6/30/2031 | 766 | 704 | 766 | 0.1% |
| Nouryon USA, LLC (f/k/a AkzoNobel Specialty Chemicals) | (6) | First lien senior secured loan | 7.51% | 3.25% |  | SOFR(Q) | 4/3/2028 | 9712 | 9753 | 9748 | 0.8% |
|  |  |  |  |  |  |  |  | 64033 | 63461 | 64021 | 5.5% |

---

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(amounts in 000's, except number of shares, units)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes<sup>(1)(2)</sup>** | **Investment<sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal /<br> Par** | **Amortized** <br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage<br> of Net Assets** |
| **Commercial services & supplies** |  |  |  |  |  |  |  |  |  |  |  |
| Advanced Environmental Monitoring Intermediate, Inc. | (8) | First lien senior secured loan | 10.23% | 5.75% |  | SOFR(Q) | 1/29/2027 | 3651 | 3602 | 3651 | 0.3% |
|  |  | First lien senior secured loan | 10.20% | 5.75% |  | SOFR(Q) | 1/29/2027 | 7372 | 7314 | 7372 | 0.6% |
|  |  | First lien senior secured loan | 10.20% | 5.75% |  | SOFR(Q) | 1/29/2027 | 2787 | 2787 | 2787 | 0.2% |
| Allentown, LLC |  | First lien senior secured loan | 11.48% | 6.00% | 1.00% | SOFR(Q) | 4/22/2027 | 7580 | 7494 | 7315 | 0.6% |
|  |  | First lien senior secured delayed draw loan | 11.48% | 6.00% | 1.00% | SOFR(Q) | 4/22/2027 | 1369 | 1350 | 1321 | 0.1% |
|  |  | First lien senior secured revolving loan | 13.50% | 5.00% | 1.00% | PRIME | 4/22/2027 | 103 | 95 | 100 | 0.0% |
| American Equipment Holdings LLC |  | First lien senior secured loan | 10.67% | 6.00% |  | SOFR(S) | 11/5/2026 | 15974 | 15862 | 15974 | 1.4% |
|  |  | First lien senior secured loan | 10.67% | 6.00% |  | SOFR(S) | 11/5/2026 | 1711 | 1701 | 1711 | 0.2% |
|  |  | First lien senior secured loan | 10.71% | 6.00% |  | SOFR(S) | 11/5/2026 | 2054 | 2039 | 2054 | 0.2% |
|  |  | First lien senior secured loan | 10.69% | 6.00% |  | SOFR(S) | 11/5/2026 | 558 | 558 | 558 | 0.1% |
|  |  | First lien senior secured loan | 10.69% | 6.00% |  | SOFR(S) | 11/5/2026 |  |  |  | 0.0% |
|  |  | First lien senior secured loan | 10.74% | 6.00% |  | SOFR(S) | 11/5/2026 | 2612 | 2584 | 2612 | 0.2% |
|  |  | First lien senior secured delayed draw loan | 10.67% | 6.00% |  | SOFR(S) | 11/5/2026 | 6144 | 6096 | 6144 | 0.5% |
|  |  | First lien senior secured delayed draw loan | 10.68% | 6.00% |  | SOFR(S) | 11/5/2026 | 4893 | 4864 | 4893 | 0.4% |
|  |  | First lien senior secured revolving loan | 10.68% | 6.00% |  | SOFR(S) | 11/5/2026 | 1461 | 1405 | 1461 | 0.1% |
| Arborworks Acquisition, LLC | (9)(10) | First lien senior secured loan |  |  |  |  | 11/6/2028 | 4688 | 4688 | 4688 | 0.4% |
|  |  | First lien senior secured revolving loan |  |  |  |  | 11/6/2028 | 948 | 948 | 948 | 0.1% |
| Bloomington Holdco, LLC (BW Fusion) |  | First lien senior secured revolving loan | 9.75% | 5.50% |  | SOFR(S) | 5/1/2030 | 21141 | 20756 | 21353 | 1.9% |
|  |  | First lien senior secured loan | 9.80% | 5.50% |  | SOFR(Q) | 5/1/2030 | 3612 | 3435 | 3648 | 0.3% |
| BLP Buyer, Inc. (Bishop Lifting Products) |  | First lien senior secured loan | 10.58% | 6.25% |  | SOFR(M) | 12/22/2029 | 25838 | 25450 | 25838 | 2.2% |
|  |  | First lien senior secured loan | 10.58% | 6.25% |  | SOFR(M) | 12/22/2029 | 1214 | 1193 | 1214 | 0.1% |
|  |  | First lien senior secured delayed draw loan | 10.58% | 6.25% |  | SOFR(M) | 12/22/2029 | 3162 | 3113 | 3162 | 0.3% |
|  |  | First lien senior secured revolving loan | 10.58% | 6.25% |  | SOFR(M) | 12/22/2029 | 1848 | 1790 | 1848 | 0.2% |
| Connect America.Com, LLC | (8) | First lien senior secured loan | 9.80% | 5.50% |  | SOFR(Q) | 10/11/2029 | 25606 | 25266 | 25414 | 2.2% |
| Diverzify Intermediate LLC |  | First lien senior secured delayed draw loan | 10.34% | 5.75% |  | SOFR(M) | 5/11/2027 |  |  |  | 0.0% |
|  |  | First lien senior secured loan | 10.34% | 5.75% |  | SOFR(M) | 5/11/2027 | 6003 | 5905 | 5913 | 0.5% |
| Gusmer Enterprises, Inc. |  | First lien senior secured loan | 10.44% | 6.00% |  | SOFR(M) | 5/7/2027 | 3143 | 3119 | 3143 | 0.3% |
|  |  | First lien senior secured delayed draw loan | 10.44% | 6.00% |  | SOFR(M) | 5/7/2027 | 4115 | 4084 | 4115 | 0.4% |
|  |  | First lien senior secured delayed draw loan | 10.44% | 6.00% |  | SOFR(M) | 5/7/2027 | 1150 | 1141 | 1150 | 0.1% |
|  |  | First lien senior secured revolving loan | 10.44% | 6.00% |  | SOFR(M) | 5/7/2027 | 420 | 393 | 420 | 0.0% |
| Superior Intermediate LLC (Landmark Structures) |  | First lien senior secured loan | 10.33% | 6.00% |  | SOFR(M) | 12/18/2029 | 17365 | 16932 | 17713 | 1.5% |
|  |  | First lien senior secured delayed draw loan | 10.33% | 6.00% |  | SOFR(M) | 12/18/2029 |  |  |  | 0.0% |
|  |  | First lien senior secured revolving loan | 10.33% | 6.00% |  | SOFR(M) | 12/18/2029 |  |  |  | 0.0% |
| PMFC Holding, LLC |  | First lien senior secured loan | 12.47% | 8.00% |  | SOFR(Q) | 7/31/2026 | 5474 | 5436 | 5474 | 0.5% |
|  |  | First lien senior secured delayed draw loan | 12.43% | 8.00% |  | SOFR(Q) | 7/31/2026 | 2746 | 2743 | 2746 | 0.2% |
|  |  | First lien senior secured revolving loan | 12.43% | 8.00% |  | SOFR(Q) | 7/31/2026 |  |  |  | 0.0% |
| Regiment Security Partners LLC |  | First lien senior secured loan | 14.47% | 10.00% |  | SOFR(Q) | 9/15/2026 | 6360 | 6311 | 6074 | 0.5% |
|  |  | First lien senior secured loan | 16.25% | 8.75% |  | PRIME | 9/15/2026 | 3305 | 3305 | 3156 | 0.3% |
|  |  | First lien senior secured delayed draw loan | 14.47% | 10.00% |  | SOFR(Q) | 9/15/2026 | 2602 | 2586 | 2485 | 0.2% |
|  |  | First lien senior secured revolving loan | 14.47% | 10.00% |  | SOFR(Q) | 9/15/2026 | 1504 | 1495 | 1436 | 0.1% |
| Tempo Acquisition, LLC | (6) | First lien senior secured loan | 6.08% | 1.75% |  | SOFR(M) | 8/31/2028 | 8144 | 8169 | 8105 | 0.7% |
| Tapco Buyer LLC |  | First lien senior secured loan | 8.83% | 4.50% |  | SOFR(Q) | 11/15/2030 | 10471 | 10330 | 10445 | 0.9% |
|  |  | First lien senior secured delayed draw loan | 8.83% | 4.50% |  | SOFR(Q) | 11/15/2030 | 603 | 512 | 602 | 0.1% |
|  |  | First lien senior secured revolving loan | 8.83% | 4.50% |  | SOFR(Q) | 11/15/2030 | - | - | - | 0.0% |
|  |  |  |  |  |  |  |  | 219731 | 216851 | 219043 | 18.9% |

---

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(amounts in 000's, except number of shares, units)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes<sup>(1)(2)</sup>** | **Investment<sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal /<br> Par** | **Amortized<br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage<br> of Net Assets** |
| **Containers & packaging** |  |  |  |  |  |  |  |  |  |  |  |
| Carton Packaging Buyer, Inc. (Century Box) |  | First lien senior secured loan | 10.49% | 6.25% |  | SOFR(S) | 10/30/2028 | 23897 | 23418 | 23897 | 2.1% |
|  |  | First lien senior secured revolving loan | 10.49% | 6.25% |  | SOFR(S) | 10/30/2028 |  |  |  | 0.0% |
| Drew Foam Companies Inc. |  | First lien senior secured loan | 10.45% | 6.00% |  | SOFR(Q) | 12/5/2026 | 6941 | 6835 | 6907 | 0.6% |
|  |  | First lien senior secured loan | 10.43% | 6.00% |  | SOFR(Q) | 12/5/2026 | 19730 | 19616 | 19631 | 1.7% |
| FCA, LLC |  | First lien senior secured loan | 9.26% | 5.00% |  | SOFR(S) | 7/18/2028 | 18673 | 18514 | 18673 | 1.6% |
|  |  | First lien senior secured loan | 10.08% | 5.75% |  | SOFR(M) | 7/18/2028 | 1702 | 1676 | 1719 | 0.2% |
| M2S Group Intermediate Holdings, Inc. |  | First lien senior secured loan | 9.03% | 4.75% |  | SOFR(M) | 8/25/2031 | 38161 | 35722 | 36825 | 3.2% |
| Monza Purchaser, LLC (Smyth) |  | First lien senior secured loan | 9.79% | 5.50% |  | SOFR(S) | 2/28/2030 | 26493 | 25995 | 26625 | 2.3% |
|  |  | First lien senior secured revolving loan | 9.72% | 5.50% |  | SOFR(S) | 2/28/2030 | 1234 | 1029 | 1240 | 0.1% |
|  |  | First lien senior secured delayed draw loan | 9.72% | 5.50% |  | SOFR(S) | 2/28/2030 |  |  |  | 0.0% |
| The Robinette Company |  | First lien senior secured loan | 10.08% | 5.75% |  | SOFR(Q) | 5/10/2029 | 10175 | 10008 | 10277 | 0.9% |
|  |  | First lien senior secured revolving loan | 10.08% | 5.75% |  | SOFR(Q) | 5/10/2029 | 2414 | 2340 | 2438 | 0.2% |
|  |  | First lien senior secured delayed draw loan | 10.08% | 5.75% |  | SOFR(Q) | 5/10/2029 |  |  |  | 0.0% |
| WCHG Buyer, Inc. (Handgards) |  | First lien senior secured loan | 9.30% | 5.00% |  | SOFR(Q) | 4/10/2031 | 37551 | 37167 | 37551 | 3.2% |
|  |  |  |  |  |  |  |  | 186971 | 182320 | 185783 | 16.1% |
| **Diversified consumer services** |  |  |  |  |  |  |  |  |  |  |  |
| Fugue Finance B.V. | (6)(7) | First lien senior secured loan | 7.58% | 3.25% |  | SOFR(Q) | 2/26/2031 | 2978 | 2972 | 2994 | 0.3% |
| **Diversified telecommunication services** |  |  |  |  |  |  |  |  |  |  |  |
| Liberty Global/Vodafone Ziggo | (6)(7) | First lien senior secured loan | 6.93% | 2.50% |  | SOFR(M) | 4/30/2028 | 10060 | 9981 | 9820 | 0.8% |
| Network Connex (f/k/a NTI Connect, LLC) |  | First lien senior secured loan | 9.20% | 4.75% |  | SOFR(Q) | 7/31/2027 | 3552 | 3540 | 3552 | 0.3% |
| Virgin Media Bristol LLC | (6) | First lien senior secured loan | 6.93% | 2.50% |  | SOFR(M) | 1/31/2028 | 17500 | 17366 | 17258 | 1.5% |
|  |  |  |  |  |  |  |  | 31112 | 30887 | 30630 | 2.6% |
| **Food products** |  |  |  |  |  |  |  |  |  |  |  |
| BC CS 2, L.P. (Cuisine Solutions, Inc.) | (7)(11) |  | 10.33% | 6.00% |  | SOFR(Q) | 7/8/2028 | 18111 | 17833 | 18111 | 1.6% |
| BR PJK Produce, LLC (Keany) |  | First lien senior secured loan | 10.45% | 6.00% |  | SOFR(Q) | 11/14/2027 | 29191 | 28808 | 29264 | 2.5% |
|  |  | First lien senior secured loan | 10.45% | 6.00% |  | SOFR(Q) | 11/14/2027 | 4316 | 4243 | 4327 | 0.4% |
|  |  | First lien senior secured delayed draw loan | 10.45% | 6.00% |  | SOFR(Q) | 11/14/2027 | 4343 | 4258 | 4353 | 0.4% |
|  |  | First lien senior secured delayed draw loan | 10.45% | 6.00% |  | SOFR(Q) | 11/14/2027 | 1411 | 1392 | 1415 | 0.1% |
| CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC) |  | First lien senior secured loan | 9.28% | 5.00% |  | SOFR(S) | 2/26/2030 | 13826 | 13543 | 13930 | 1.2% |
|  |  | First lien senior secured delayed draw loan | 9.26% | 5.00% |  | SOFR(S) | 2/26/2030 | 7886 | 7680 | 7946 | 0.7% |
|  |  | First lien senior secured revolving loan | 9.26% | 5.00% |  | SOFR(S) | 2/26/2030 |  |  |  | 0.0% |
| City Line Distributors LLC |  | First lien senior secured loan | 10.54% | 6.00% |  | SOFR(Q) | 8/31/2028 | 8761 | 8610 | 8761 | 0.8% |
|  |  | First lien senior secured delayed draw loan | 10.58% | 6.00% |  | SOFR(Q) | 8/31/2028 | 3590 | 3548 | 3590 | 0.3% |
|  |  | First lien senior secured revolving loan | 10.58% | 6.00% |  | SOFR(Q) | 8/31/2028 |  |  |  | 0.0% |
| Gulf Pacific Acquisition, LLC |  | First lien senior secured loan | 11.43% | 7.00% |  | SOFR(M) | 9/29/2028 | 19873 | 19584 | 19675 | 1.7% |
|  |  | First lien senior secured delayed draw loan | 11.41% | 7.00% |  | SOFR(M) | 9/29/2028 | 1676 | 1671 | 1659 | 0.1% |
|  |  | First lien senior secured revolving loan | 11.41% | 7.00% |  | SOFR(M) | 9/29/2028 | 2697 | 2623 | 2670 | 0.2% |
| IF&P Foods, LLC (FreshEdge) |  | First lien senior secured loan | 10.02% | 5.63% |  | SOFR(Q) | 10/03/2028 | 26832 | 26427 | 26698 | 2.3% |
|  |  | First lien senior secured loan | 10.40% | 6.00% |  | SOFR(Q) | 10/03/2028 | 213 | 209 | 213 | 0.0% |
|  |  | First lien senior secured loan | 9.65% | 5.25% |  | SOFR(Q) | 10/03/2028 | 708 | 684 | 697 | 0.1% |
|  |  | First lien senior secured delayed draw loan | 10.02% | 5.63% |  | SOFR(Q) | 10/03/2028 | 3984 | 3929 | 3964 | 0.4% |
|  |  | First lien senior secured revolving loan | 10.02% | 5.63% |  | SOFR(Q) | 10/03/2028 | 3597 | 3551 | 3580 | 0.3% |

---

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(amounts in 000's, except number of shares, units)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes<sup>(1)(2)</sup>** | **Investment<sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal /<br> Par** | **Amortized<br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage<br> of Net Assets** |
| J&K Ingredients, LLC |  | First lien senior secured loan | 10.55% | 6.25% |  | SOFR(Q) | 11/16/2028 | 11407 | 11197 | 11407 | 1.0% |
| ML Buyer, LLC (Mama Lycha Foods, LLC) |  | First lien senior secured loan | 9.56% | 5.25% |  | SOFR(Q) | 9/7/2029 | 11497 | 11230 | 11612 | 1.0% |
|  |  | First lien senior secured revolving loan | 9.56% | 5.25% |  | SOFR(Q) | 9/7/2029 |  |  |  | 0.0% |
| Siegel Egg Co., LLC | (9)(10) | First lien senior secured loan |  |  |  |  | 12/29/2026 | 14727 | 14618 | 9941 | 0.9% |
|  |  | First lien senior secured loan |  |  |  |  | 12/29/2026 | 382 | 375 | 382 | 0.0% |
|  |  | First lien senior secured loan |  |  |  |  | 12/29/2026 | 912 | 894 | 912 | 0.1% |
|  |  | First lien senior secured revolving loan |  |  |  |  | 12/29/2026 | 3179 | 3157 | 2146 | 0.2% |
| Worldwide Produce Acquisition, LLC |  | First lien senior secured delayed draw loan | 11.97% | 2.50% | 5.25% | SOFR(S) | 1/18/2029 | 561 | 550 | 547 | 0.0% |
|  |  | First lien senior secured delayed draw loan | 11.97% | 2.50% | 5.25% | SOFR(S) | 1/18/2029 | 466 | 445 | 454 | 0.0% |
|  |  | First lien senior secured delayed draw loan | 11.97% | 2.50% | 5.25% | SOFR(S) | 1/18/2029 |  |  |  | 0.0% |
|  |  | First lien senior secured revolving loan | 11.97% | 2.50% | 5.25% | SOFR(S) | 1/18/2029 |  |  |  | 0.0% |
|  |  | First lien senior secured loan | 11.97% | 2.50% | 5.25% | SOFR(S) | 1/18/2029 | 2862 | 2806 | 2790 | 0.2% |
|  |  |  |  |  |  |  |  | 197008 | 193865 | 191044 | 16.5% |
| **Health care providers & services** |  |  |  |  |  |  |  |  |  |  |  |
| Aegis Toxicology Sciences Corporation |  | First lien senior secured loan | 10.32% | 6.00% |  | SOFR(Q) | 6/20/2030 | 27498 | 26834 | 27498 | 2.4% |
|  |  | First lien senior secured revolving loan | 10.32% | 6.00% |  | SOFR(Q) | 6/20/2030 |  |  |  | 0.0% |
| Brightview, LLC |  | First lien senior secured loan | 10.19% | 5.75% |  | SOFR(M) | 12/14/2026 | 12672 | 12666 | 12672 | 1.1% |
|  |  | First lien senior secured delayed draw loan | 10.19% | 5.75% |  | SOFR(M) | 12/14/2026 | 1693 | 1691 | 1693 | 0.2% |
|  |  | First lien senior secured revolving loan | 10.19% | 5.75% |  | SOFR(M) | 12/14/2026 | 774 | 772 | 774 | 0.1% |
| Guardian Dentistry Practice Management, LLC |  | First lien senior secured loan | 10.19% | 5.75% |  | SOFR(M) | 8/20/2027 | 5883 | 5814 | 5883 | 0.5% |
|  |  | First lien senior secured delayed draw loan | 10.19% | 5.75% |  | SOFR(M) | 8/20/2027 | 11532 | 11402 | 11532 | 1.0% |
|  |  | First lien senior secured delayed draw loan | 10.19% | 5.75% |  | SOFR(M) | 8/20/2027 | 4499 | 4481 | 4499 | 0.4% |
|  |  | First lien senior secured revolving loan | 10.19% | 5.75% |  | SOFR(M) | 8/20/2027 |  |  |  | 0.0% |
| Guided Practice Solutions: Dental, LLC (GPS) |  | First lien senior secured delayed draw loan | 10.69% | 6.25% |  | SOFR(M) | 11/24/2026 | 16570 | 16353 | 16611 | 1.4% |
|  |  | First lien senior secured delayed draw loan | 10.69% | 6.25% |  | SOFR(M) | 11/24/2026 | 3960 | 3960 | 3970 | 0.3% |
|  |  | First lien senior secured delayed draw loan | 10.69% | 6.25% |  | SOFR(M) | 11/24/2026 | 9686 | 9621 | 9710 | 0.8% |
| Light Wave Dental Management, LLC |  | First lien senior secured revolving loan | 9.80% | 5.50% |  | SOFR(Q) | 6/30/2029 | 1752 | 1654 | 1752 | 0.2% |
|  |  | First lien senior secured loan | 9.80% | 5.50% |  | SOFR(Q) | 6/30/2029 | 22085 | 21625 | 22085 | 1.9% |
|  |  | First lien senior secured loan | 9.81% | 5.50% |  | SOFR(Q) | 6/30/2029 | 2741 | 2688 | 2741 | 0.2% |
|  |  | First lien senior secured loan | 9.80% | 5.50% |  | SOFR(Q) | 6/30/2029 | 491 | 479 | 491 | 0.0% |
|  |  | First lien senior secured loan | 9.80% | 5.50% |  | SOFR(Q) | 6/30/2029 | 2277 | 2242 | 2277 | 0.2% |
| MVP VIP Borrower, LLC |  | First lien senior secured loan | 10.80% | 6.50% |  | SOFR(M) | 1/3/2029 | 19382 | 19019 | 19575 | 1.7% |
|  |  | First lien senior secured delayed draw loan | 10.80% | 6.50% |  | SOFR(Q) | 1/3/2029 | 1563 | 1535 | 1579 | 0.1% |
| NMA Holdings, LLC (Neuromonitoring Associates) |  | First lien senior secured loan | 9.56% | 5.25% |  | SOFR(Q) | 12/18/2030 | 16343 | 15996 | 16670 | 1.4% |
|  |  | First lien senior secured revolving loan | 9.56% | 5.25% |  | SOFR(Q) | 12/18/2030 |  |  |  | 0.0% |
|  |  | First lien senior secured delayed draw loan | 9.56% | 5.25% |  | SOFR(Q) | 12/18/2030 |  |  |  | 0.0% |
| Redwood MSO, LLC (Smile Partners) |  | First lien senior secured loan | 9.80% | 5.50% |  | SOFR(Q) | 12/20/2029 | 11159 | 10957 | 11159 | 1.0% |
|  |  | First lien senior secured delayed draw loan | 9.80% | 5.50% |  | SOFR(Q) | 12/20/2029 | 414 | 394 | 414 | 0.0% |
|  |  | First lien senior secured revolving loan | 12.00% | 4.50% |  | PRIME | 12/20/2029 | 348 | 331 | 348 | 0.0% |
| Refocus Management Services, LLC |  | First lien senior secured loan | 9.90% | 5.50% |  | SOFR(Q) | 2/14/2029 | 18129 | 17695 | 18129 | 1.6% |
|  |  | First lien senior secured delayed draw loan | 9.90% | 5.50% |  | SOFR(Q) | 2/14/2029 | 7127 | 6944 | 7127 | 0.6% |
|  |  | First lien senior secured delayed draw loan | 9.90% | 5.50% |  | SOFR(Q) | 2/14/2029 | 1743 | 1743 | 1743 | 0.2% |
|  |  | First lien senior secured revolving loan | 9.90% | 5.50% |  | SOFR(Q) | 2/14/2029 | 991 | 954 | 991 | 0.1% |
| Salt Dental Collective LLC |  | First lien senior secured delayed draw loan | 11.18% | 6.75% |  | SOFR(M) | 2/15/2028 | 3960 | 3960 | 3960 | 0.4% |
|  |  |  |  |  |  |  |  | 205272 | 201810 | 205883 | 17.8% |

---

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(amounts in 000's, except number of shares, units)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes<sup>(1)(2)</sup>** | **Investment<sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal /<br> Par** | **Amortized<br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage<br> of Net Assets** |
| **Health care equipment & supplies** |  |  |  |  |  |  |  |  |  |  |  |
| ECS Opco 1, LLC (Spectrum Vascular) |  | First lien senior secured loan | 9.05% | 4.75% |  | SOFR(Q) | 3/26/2031 | 5890 | 5793 | 5890 | 0.5% |
|  |  | First lien senior secured delayed draw loan | 9.05% | 4.75% |  | SOFR(Q) | 3/26/2031 |  |  |  | 0.0% |
|  |  | First lien senior secured revolving loan | 9.05% | 4.75% |  | SOFR(Q) | 3/26/2031 |  |  |  | 0.0% |
| LSL Industries, LLC |  | First lien senior secured loan | 11.43% | 7.00% |  | SOFR(M) | 11/3/2027 | 19035 | 18561 | 18844 | 1.6% |
|  |  | First lien senior secured delayed draw loan | 11.43% | 7.00% |  | SOFR(M) | 11/3/2027 |  |  |  | 0.0% |
|  |  | First lien senior secured revolving loan | 11.43% | 7.00% |  | SOFR(M) | 11/3/2027 |  |  |  | 0.0% |
| Medline Borrower LP | (6) | First lien senior secured loan | 6.58% | 2.25% |  | SOFR(M) | 10/23/2028 | 9935 | 9969 | 9939 | 0.9% |
|  |  |  |  |  |  |  |  | 34860 | 34323 | 34673 | 3.0% |
| **Hotels, restaurants & leisure** |  |  |  |  |  |  |  |  |  |  |  |
| IRB Holding Corp (Inspire Brands) | (6) | First lien senior secured loan | 6.83% | 2.50% |  | SOFR(M) | 12/15/2027 | 9960 | 9977 | 9956 | 0.9% |
| Restaurant Brands (1011778 BC ULC) | (6)(7) | First lien senior secured loan | 6.08% | 1.75% |  | SOFR(M) | 9/20/2030 | 17282 | 17298 | 17188 | 1.5% |
|  |  |  |  |  |  |  |  | 27242 | 27275 | 27144 | 2.4% |
| **Household durables** |  |  |  |  |  |  |  |  |  |  |  |
| Curio Brands, LLC |  | First lien senior secured loan | 9.55% | 5.25% |  | SOFR(Q) | 4/2/2031 | 10385 | 10270 | 10385 | 0.9% |
|  |  | First lien senior secured revolving loan | 9.55% | 5.25% |  | SOFR(Q) | 4/2/2031 |  |  |  | 0.0% |
|  |  | First lien senior secured delayed draw loan | 9.55% | 5.25% |  | SOFR(Q) | 4/2/2031 |  |  |  | 0.0% |
| Del-Air Heating, Air Conditioning & Refrigeration, LLC |  | First lien senior secured loan | 9.78% | 5.50% |  | SOFR(M) | 2/4/2031 | 5286 | 5211 | 5312 | 0.4% |
|  |  | First lien senior secured revolving loan | 9.82% | 5.50% |  | SOFR(M) | 2/4/2031 | 693 | 661 | 696 | 0.1% |
|  |  | First lien senior secured delayed draw loan | 9.83% | 5.50% |  | SOFR(Q) | 2/4/2031 | 3379 | 3318 | 3396 | 0.3% |
|  |  |  |  |  |  |  |  | 19743 | 19460 | 19789 | 1.7% |
| **Household products** |  |  |  |  |  |  |  |  |  |  |  |
| CREO Group Inc. (HMS Manufacturing) |  | First lien senior secured loan | 10.82% | 6.25% |  | SOFR(Q) | 2/13/2030 | 33964 | 33324 | 33964 | 2.9% |
|  |  | First lien senior secured revolving loan | 10.81% | 6.25% |  | SOFR(Q) | 2/13/2030 | 4049 | 3939 | 4049 | 0.3% |
| Home Brands Group Holdings, Inc. (ReBath) |  | First lien senior secured loan | 9.30% | 5.00% |  | SOFR(Q) | 1/8/2028 | 15759 | 15589 | 15759 | 1.4% |
|  |  | First lien senior secured revolving loan | 9.30% | 5.00% |  | SOFR(Q) | 1/8/2028 | - | - | - | 0.0% |
|  |  |  |  |  |  |  |  | 53772 | 52852 | 53772 | 4.6% |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |
| Allcat Claims Service, LLC |  | First lien senior secured loan | 9.18% | 4.75% |  | SOFR(M) | 7/7/2027 | 1001 | 991 | 1001 | 0.1% |
|  |  | First lien senior secured delayed draw loan | 9.18% | 4.75% |  | SOFR(M) | 7/7/2027 | 21278 | 20858 | 21278 | 1.8% |
|  |  | First lien senior secured delayed draw loan | 9.18% | 4.75% |  | SOFR(M) | 7/7/2027 |  |  |  | 0.0% |
|  |  | First lien senior secured revolving loan | 9.18% | 4.75% |  | SOFR(M) | 7/7/2027 | - | - | - | 0.0% |
|  |  |  |  |  |  |  |  | 22279 | 21849 | 22279 | 1.9% |
| **IT services** |  |  |  |  |  |  |  |  |  |  |  |
| Improving Acquisition LLC |  | First lien senior secured loan | 10.95% | 6.50% |  | SOFR(Q) | 7/26/2027 | 34712 | 34359 | 34712 | 3.0% |
|  |  | First lien senior secured revolving loan | 10.92% | 6.50% |  | SOFR(M) | 7/26/2027 | 167 | 153 | 167 | 0.0% |
|  |  |  |  |  |  |  |  | 34879 | 34512 | 34879 | 3.0% |

---

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(amounts in 000's, except number of shares, units)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes<sup>(1)(2)</sup>** | **Investment<sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal /<br> Par** | **Amortized<br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage<br> of Net Assets** |
| **Leisure products** |  |  |  |  |  |  |  |  |  |  |  |
| MacNeill Pride Group Corp. |  | First lien senior secured loan | 10.81% | 6.25% |  | SOFR(Q) | 4/22/2026 | 7996 | 7975 | 7996 | 0.7% |
|  |  | First lien senior secured delayed draw loan | 10.81% | 6.25% |  | SOFR(Q) | 4/22/2026 | 1497 | 1493 | 1497 | 0.1% |
|  |  | First lien senior secured delayed draw loan | 10.81% | 6.25% |  | SOFR(Q) | 4/22/2026 | 1676 | 1654 | 1676 | 0.2% |
|  |  | First lien senior secured revolving loan | 10.81% | 6.25% |  | SOFR(Q) | 4/22/2026 |  |  |  | 0.0% |
| Olibre Borrower LLC (Revelyst) |  | First lien senior secured loan | 10.05% | 5.75% |  | SOFR(Q) | 1/3/2030 | 33756 | 33132 | 34262 | 3.0% |
| Pixel Intermediate, LLC | (7) | First lien senior secured loan | 10.83% | 6.50% |  | SOFR(Q) | 2/1/2029 | 20671 | 20269 | 20878 | 1.8% |
|  |  | First lien senior secured revolving loan | 10.83% | 6.50% |  | SOFR(Q) | 2/1/2029 | 8471 | 8310 | 8556 | 0.7% |
| Spinrite Inc. | (7) | First lien senior secured loan | 9.80% | 5.50% |  | SOFR(Q) | 12/31/2025 | 5090 | 5090 | 5090 | 0.4% |
|  |  | First lien senior secured revolving loan | 9.80% | 5.50% |  | SOFR(Q) | 12/31/2025 |  |  |  | 0.0% |
| TG Parent Newco LLC (Trademark Global LLC) | (9)(10)(12) | First lien senior secured loan |  |  |  |  | 6/30/2027 | 12623 | 12555 | 8331 | 0.7% |
|  |  | First lien senior secured revolving loan |  |  |  |  | 6/30/2027 | 2815 | 2800 | 1858 | 0.2% |
| VENUplus, Inc. (f/k/a CTM Group, Inc.) |  | First lien senior secured loan | 11.43% | 4.75% | 2.25% | SOFR(M) | 11/30/2026 | 4501 | 4446 | 4389 | 0.4% |
|  |  |  |  |  |  |  |  | 99096 | 97724 | 94533 | 8.2% |
| **Machinery** |  |  |  |  |  |  |  |  |  |  |  |
| MRC Keystone Acquisition LLC (Automated Handing Solutions) |  | First lien senior secured loan | 10.80% | 6.50% |  | SOFR(Q) | 12/18/2029 | 13946 | 13621 | 13807 | 1.2% |
|  |  | First lien senior secured revolving loan | 10.80% | 6.50% |  | SOFR(Q) | 12/18/2029 |  |  |  | 0.0% |
| CMT Intermediate Holdings, LLC (Capital Machine Technologies) |  | First lien senior secured loan | 9.83% | 5.50% |  | SOFR(M) | 3/29/2030 | 16279 | 15883 | 16442 | 1.4% |
|  |  | First lien senior secured revolving loan | 9.83% | 5.50% |  | SOFR(M) | 3/29/2030 |  |  |  | 0.0% |
| LEM Buyer, Inc. (CFS Technologies Intermediate, Inc.) |  | First lien senior secured loan | 9.53% | 5.25% |  | SOFR(Q) | 4/24/2031 | 11178 | 10951 | 11178 | 1.0% |
|  |  | First lien senior secured delayed draw loan | 9.53% | 5.25% |  | SOFR(Q) | 4/24/2031 |  |  |  | 0.0% |
|  |  | First lien senior secured revolving loan | 9.53% | 5.25% |  | SOFR(Q) | 4/24/2031 |  |  |  | 0.0% |
| Eppinger Technologies, LLC | (7) | First lien senior secured loan | 12.95% | 7.75% | 0.75% | SOFR(Q) | 2/4/2026 | 24877 | 24723 | 24877 | 2.2% |
|  |  | First lien senior secured revolving loan | 11.95% | 6.75% | 0.75% | SOFR(Q) | 2/4/2026 | 1379 | 1357 | 1379 | 0.1% |
| Luxium Solutions, LLC |  | First lien senior secured loan | 10.55% | 6.25% |  | SOFR(Q) | 12/1/2027 | 3795 | 3754 | 3795 | 0.3% |
|  |  | First lien senior secured loan | 10.55% | 6.25% |  | SOFR(Q) | 12/1/2027 | 4673 | 4622 | 4673 | 0.4% |
|  |  | First lien senior secured delayed draw loan | 10.55% | 6.25% |  | SOFR(Q) | 12/1/2027 | 1227 | 1218 | 1227 | 0.1% |
| PVI Holdings, Inc |  | First lien senior secured loan | 9.32% | 4.94% |  | SOFR(Q) | 1/18/2028 | 23532 | 23336 | 23532 | 2.0% |
| RMH Systems, LLC |  | First lien senior secured loan | 9.26% | 5.00% |  | SOFR(Q) | 2/4/2030 | 10236 | 9913 | 10236 | 0.9% |
|  |  | First lien senior secured loan | 9.26% | 5.00% |  | SOFR(Q) | 2/4/2030 |  |  |  | 0.0% |
|  |  | First lien senior secured delayed draw loan | 9.26% | 5.00% |  | SOFR(Q) | 2/4/2030 | - | - | - | 0.0% |
|  |  |  |  |  |  |  |  | 111122 | 109378 | 111146 | 9.6% |
| **Media** |  |  |  |  |  |  |  |  |  |  |  |
| Directv Financing LLC | (6) | First lien senior secured loan | 9.54% | 5.00% |  | SOFR(Q) | 8/2/2027 | 5042 | 5065 | 5056 | 0.4% |
| **Personal care products** |  |  |  |  |  |  |  |  |  |  |  |
| DRS Holdings III, Inc. (Dr. Scholl's) |  | First lien senior secured loan | 9.58% | 5.25% |  | SOFR(Q) | 11/1/2028 | 10536 | 10469 | 10536 | 0.9% |
|  |  | First lien senior secured revolving loan | 9.58% | 5.25% |  | SOFR(Q) | 11/1/2028 |  |  |  | 0.0% |
| PH Beauty Holdings III, Inc. |  | First lien senior secured loan | 9.27% | 5.00% |  | SOFR(S) | 9/28/2027 | 39900 | 39638 | 39900 | 3.4% |
| Phoenix YW Buyer, Inc. (Elida Beauty) |  | First lien senior secured loan | 9.33% | 5.00% |  | SOFR(M) | 5/31/2030 | 10090 | 9861 | 10090 | 0.9% |
|  |  | First lien senior secured revolving loan | 9.33% | 5.00% |  | SOFR(M) | 5/31/2030 |  | - |  | 0.0% |
| Silk Holdings III Corp. (Suave) |  | First lien senior secured loan | 9.83% | 5.50% |  | SOFR(Q) | 5/1/2029 | 19600 | 18873 | 19600 | 1.7% |
|  |  | First lien senior secured loan | 9.83% | 5.50% |  | SOFR(Q) | 5/1/2029 | 11016 | 10834 | 11016 | 1.0% |
|  |  | First lien senior secured revolving loan | 8.32% | 4.00% |  | SOFR(Q) | 5/1/2029 | 3283 | 3283 | 3283 | 0.3% |
|  |  | First lien senior secured revolving loan | 8.33% | 4.00% |  | SOFR(Q) | 5/1/2029 | 8333 | 8087 | 8333 | 0.7% |
|  |  |  |  |  |  |  |  | 102758 | 101045 | 102758 | 8.9% |

---

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(amounts in 000's, except number of shares, units)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes<sup>(1)(2)</sup>** | **Investment<sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal /<br> Par** | **Amortized<br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage<br> of Net Assets** |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |  |
| Foundation Consumer Brands, LLC |  | First lien senior secured loan | 9.36% | 5.00% |  | SOFR(Q) | 2/12/2029 | 6195 | 6138 | 6226 | 0.5% |
|  |  | First lien senior secured revolving loan | 9.36% | 5.00% |  | SOFR(Q) | 2/12/2029 |  |  |  | 0.0% |
| Jazz Pharmaceuticals Inc. | (6)(7) | First lien senior secured loan | 6.58% | 2.25% |  | SOFR(M) | 5/5/2028 | 12380 | 12445 | 12428 | 1.1% |
| Organon & Co | (6)(7) | First lien senior secured loan | 6.57% | 2.25% |  | SOFR(M) | 5/19/2031 | 12440 | 12413 | 12201 | 1.1% |
|  |  |  |  |  |  |  |  | 31015 | 30996 | 30855 | 2.7% |
| **Professional services** |  |  |  |  |  |  |  |  |  |  |  |
| 4 Over International, LLC |  | First lien senior secured loan | 11.43% | 7.00% |  | SOFR(M) | 12/7/2026 | 18574 | 18187 | 18481 | 1.6% |
| DISA Holdings Corp. |  | First lien senior secured delayed draw loan | 9.33% | 5.00% |  | SOFR(Q) | 9/9/2028 | 8278 | 8150 | 8278 | 0.7% |
|  |  | First lien senior secured delayed draw loan | 9.32% | 5.00% |  | SOFR(Q) | 9/9/2028 | 1056 | 1055 | 1056 | 0.1% |
|  |  | First lien senior secured revolving loan | 9.33% | 5.00% |  | SOFR(Q) | 9/9/2028 | 473 | 437 | 473 | 0.0% |
|  |  | First lien senior secured loan | 9.33% | 5.00% |  | SOFR(Q) | 9/9/2028 | 1304 | 1289 | 1304 | 0.1% |
|  |  | First lien senior secured loan | 9.33% | 5.00% |  | SOFR(Q) | 9/9/2028 | 21841 | 21447 | 21841 | 1.9% |
| Envirotech Services, LLC |  | First lien senior secured loan | 9.99% | 5.75% |  | SOFR(S) | 1/18/2029 | 32880 | 32205 | 33126 | 2.9% |
|  |  | First lien senior secured loan | 9.97% | 5.75% |  | SOFR(S) | 1/18/2029 | 124 | 121 | 124 | 0.0% |
|  |  | First lien senior secured revolving loan | 9.97% | 5.75% |  | SOFR(S) | 1/18/2029 |  |  |  | 0.0% |
| CI (MG) Group, LLC (Mariani Premier Group) |  | First lien senior secured loan | 9.80% | 5.50% |  | SOFR(S) | 3/27/2030 | 21294 | 20923 | 21294 | 1.8% |
|  |  | First lien senior secured delayed draw loan | 9.80% | 5.50% |  | SOFR(Q) | 3/27/2030 |  |  |  | 0.0% |
|  |  | First lien senior secured delayed draw loan | 9.80% | 5.50% |  | SOFR(Q) | 3/27/2030 | 927 | 913 | 927 | 0.1% |
|  |  | First lien senior secured revolving loan | 9.80% | 5.50% |  | SOFR(Q) | 3/27/2030 | 1272 | 1234 | 1272 | 0.1% |
|  |  |  |  |  |  |  |  | 108023 | 105961 | 108176 | 9.3% |
| **Specialty retail** |  |  |  |  |  |  |  |  |  |  |  |
| Great Outdoors Group, LLC | (6) | First lien senior secured loan | 7.58% | 3.25% |  | SOFR(M) | 3/6/2028 | 17234 | 17210 | 17186 | 1.5% |
| Harbor Freight Tools USA Inc | (6) | First lien senior secured loan | 6.58% | 2.25% |  | SOFR(M) | 10/19/2027 | 17369 | 17348 | 16978 | 1.5% |
| Sundance Holdings Group, LLC | (9)(10)(13) | First lien senior secured loan |  |  |  |  | 6/30/2025 | 9414 | 9413 |  | 0.0% |
|  |  | First lien senior secured delayed draw loan |  |  |  |  | 6/30/2025 | 628 | 628 |  | 0.0% |
|  |  | First lien senior secured delayed draw loan |  |  |  |  | 6/30/2025 | 444 | 444 | 645 | 0.0% |
|  |  |  |  |  |  |  |  | 45089 | 45043 | 34809 | 3.0% |
| **Textiles, apparel & luxury goods** |  |  |  |  |  |  |  |  |  |  |  |
| American Soccer Company, Incorporated (SCORE) |  | First lien senior secured loan | 14.70% | 7.25% | 3.00% | SOFR(Q) | 7/20/2027 | 27858 | 27108 | 27858 | 2.4% |
|  |  | First lien senior secured revolving loan | 14.70% | 7.25% | 3.00% | SOFR(Q) | 7/20/2027 | 4771 | 4650 | 4771 | 0.4% |
| BEL USA, LLC | (9)(10) | First lien senior secured loan |  |  |  |  | 6/2/2026 | 5486 | 5423 | 4608 | 0.4% |
|  |  | First lien senior secured loan |  |  |  |  | 6/2/2026 | 90 | 89 | 76 | 0.0% |
| YS Garments, LLC |  | First lien senior secured loan | 11.88% | 7.50% |  | SOFR(Q) | 8/9/2026 | 7132 | 6949 | 7061 | 0.6% |
|  |  |  |  |  |  |  |  | 45337 | 44219 | 44374 | 3.8% |

---

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(amounts in 000's, except number of shares, units)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes<sup>(1)(2)</sup>** | **Investment<sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal /<br> Par** | **Amortized<br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage<br> of Net Assets** |
| **Trading companies & distributors** |  |  |  |  |  |  |  |  |  |  |  |
| AIDC IntermediateCo 2, LLC (Peak Technologies) |  | First lien senior secured loan | 9.83% | 5.50% |  | SOFR(M) | 7/22/2027 | 34125 | 33551 | 34125 | 2.9% |
| BCDI Meteor Acquisition, LLC |  | First lien senior secured loan | 11.40% | 7.00% |  | SOFR(Q) | 6/29/2028 | 15927 | 15691 | 15927 | 1.4% |
|  |  | First lien senior secured loan | 11.40% | 7.00% |  | SOFR(Q) | 6/29/2028 | 2195 | 2158 | 2195 | 0.2% |
| CGI Automated Manufacturing, LLC |  | First lien senior secured loan | 11.64% | 7.00% |  | SOFR(S) | 12/17/2026 | 16889 | 16580 | 16720 | 1.4% |
|  |  | First lien senior secured loan | 11.64% | 7.00% |  | SOFR(S) | 12/17/2026 | 3087 | 3040 | 3056 | 0.3% |
|  |  | First lien senior secured loan | 11.64% | 7.00% |  | SOFR(S) | 12/17/2026 | 6508 | 6436 | 6443 | 0.6% |
|  |  | First lien senior secured delayed draw loan | 11.64% | 7.00% |  | SOFR(S) | 12/17/2026 | 3522 | 3466 | 3487 | 0.3% |
|  |  | First lien senior secured revolving loan | 11.44% | 7.00% |  | SOFR(M) | 12/17/2026 | 2109 | 2066 | 2088 | 0.2% |
| Dusk Acquisition II Corporation (Motors & Armatures, Inc. – MARS) |  | First lien senior secured loan | 10.30% | 6.00% |  | SOFR(Q) | 7/12/2029 | 26002 | 25575 | 26002 | 2.2% |
|  |  | First lien senior secured loan | 10.30% | 6.00% |  | SOFR(Q) | 7/12/2029 | 13732 | 13458 | 13732 | 1.2% |
| Energy Acquisition LP (Electrical Components International, Inc. - ECI) |  | First lien senior secured loan | 10.80% | 6.50% |  | SOFR(Q) | 5/10/2029 | 26018 | 25592 | 26278 | 2.3% |
|  |  | First lien senior secured delayed draw loan | 10.80% | 6.50% |  | SOFR(Q) | 5/10/2029 |  |  |  | 0.0% |
| Engineered Fastener Company, LLC (EFC International) |  | First lien senior secured loan | 10.95% | 6.50% |  | SOFR(Q) | 11/1/2027 | 23247 | 22927 | 23247 | 2.0% |
| Genuine Cable Group, LLC |  | First lien senior secured loan | 10.18% | 5.75% |  | SOFR(M) | 11/1/2026 | 28615 | 28264 | 28472 | 2.5% |
|  |  | First lien senior secured loan | 10.18% | 5.75% |  | SOFR(M) | 11/1/2026 | 5422 | 5348 | 5395 | 0.5% |
| I.D. Images Acquisition, LLC |  | First lien senior secured loan | 10.08% | 5.75% |  | SOFR(M) | 7/30/2027 | 5622 | 5557 | 5622 | 0.5% |
|  |  | First lien senior secured loan | 10.08% | 5.75% |  | SOFR(M) | 7/30/2027 | 7812 | 7761 | 7812 | 0.7% |
|  |  | First lien senior secured loan | 10.08% | 5.75% |  | SOFR(M) | 7/30/2027 | 4450 | 4408 | 4450 | 0.4% |
|  |  | First lien senior secured loan | 10.08% | 5.75% |  | SOFR(M) | 7/30/2027 | 1027 | 1020 | 1027 | 0.1% |
|  |  | First lien senior secured delayed draw loan | 10.08% | 5.75% |  | SOFR(M) | 7/30/2027 | 2446 | 2404 | 2446 | 0.2% |
|  |  | First lien senior secured revolving loan | 10.08% | 5.75% |  | SOFR(M) | 7/30/2027 |  |  |  | 0.0% |
| Krayden Holdings, Inc. |  | First lien senior secured delayed draw loan | 9.06% | 4.75% |  | SOFR(M) | 3/1/2029 | 1781 | 1781 | 1781 | 0.1% |
|  |  | First lien senior secured delayed draw loan | 9.06% | 4.75% |  | SOFR(M) | 3/1/2029 | 1781 | 1769 | 1781 | 0.1% |
|  |  | First lien senior secured revolving loan | 9.08% | 4.75% |  | SOFR(M) | 3/1/2029 | 26 |  | 26 | 0.0% |
|  |  | First lien senior secured loan | 9.08% | 4.75% |  | SOFR(M) | 3/1/2029 | 9347 | 9143 | 9347 | 0.8% |
| Lakewood Acquisition Corporation (R&B Wholesale) |  | First lien senior secured loan | 9.78% | 5.50% |  | SOFR(Q) | 1/24/2030 | 29621 | 29068 | 29917 | 2.6% |
|  |  | First lien senior secured revolving loan | 9.78% | 5.50% |  | SOFR(Q) | 1/24/2030 | 1202 | 1014 | 1214 | 0.1% |
| OAO Acquisitions, Inc. (BearCom) |  | First lien senior secured loan | 9.81% | 5.50% |  | SOFR(M) | 12/27/2029 | 21103 | 20847 | 21262 | 1.8% |
|  |  | First lien senior secured loan | 9.81% | 5.50% |  | SOFR(Q) | 12/27/2029 | 855 | 848 | 862 | 0.1% |
|  |  | First lien senior secured delayed draw loan | 9.81% | 5.50% |  | SOFR(M) | 12/27/2029 | 4485 | 4434 | 4519 | 0.4% |
|  |  | First lien senior secured revolving loan | 9.81% | 5.50% |  | SOFR(M) | 12/27/2029 |  |  |  | 0.0% |
| TL Alpine Holding Corp. (Air Distribution Technologies Inc.) |  | First lien senior secured loan | 10.30% | 6.00% |  | SOFR(Q) | 8/1/2030 | 18161 | 17838 | 18434 | 1.6% |
| Univar (Windsor Holdings LLC) | (6) | First lien senior secured loan | 7.07% | 2.75% |  | SOFR(M) | 8/1/2030 | 9910 | 9963 | 9907 | 0.9% |
| Workholding US Holdings, LLC (Forkardt Hardinge) |  | First lien senior secured loan | 9.78% | 5.50% |  | SOFR(Q) | 10/23/2029 | 7340 | 7186 | 7340 | 0.6% |
|  |  | First lien senior secured revolving loan | 9.82% | 5.50% |  | SOFR(Q) | 10/23/2029 | 2405 | 2341 | 2405 | 0.2% |
|  |  |  |  |  |  |  |  | 336772 | 331534 | 337319 | 29.2% |
| **Wireless telecommunication services** |  |  |  |  |  |  |  |  |  |  |  |
| Centerline Communications, LLC |  | First lien senior secured loan | - |  | 11.93% | SOFR(M) | 8/10/2027 | 6224 | 6128 | 5617 | 0.5% |
|  |  | First lien senior secured loan |  | - | 12.43% | SOFR(M) | 8/10/2027 | 882 | 866 | 882 | 0.1% |
|  |  | First lien senior secured loan |  | - | 11.93% | SOFR(M) | 8/10/2027 | 9636 | 9535 | 8696 | 0.7% |
|  |  | First lien senior secured delayed draw loan |  |  | 11.93% | SOFR(M) | 8/10/2027 | 7475 | 7405 | 6746 | 0.6% |
|  |  | First lien senior secured delayed draw loan |  | - | 11.93% | SOFR(M) | 8/10/2027 | 6511 | 6444 | 5876 | 0.5% |
|  |  | First lien senior secured revolving loan |  | - | 11.93% | SOFR(M) | 8/10/2027 | 1899 | 1875 | 1714 | 0.1% |
|  |  | First lien senior secured loan | - | - | 11.93% | SOFR(M) | 8/10/2027 | 1068 | 1048 | 964 | 0.1% |
|  |  |  |  |  |  |  |  | 33695 | 33301 | 30495 | 2.6% |
| **Total Debt Investments** |  |  |  |  |  |  |  | **2175246** | **2141772** | **2149201** | **185.7%** |

---

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(amounts in 000's, except number of shares, units)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | <br>**Investment** | **Acquisition**<br>**Date** | **Number of**<br>**Shares/Units** |<br>**Cost** | **Fair**<br>**Value** | **Percentage**<br>**of Net Assets** |
| **Equity Investments(10)(14)** |  |  |  | | | | |
| **Building products** |  |  |  | | | | |
| US Anchors Investor, LP (Mechanical Plastics Corp.) | (15) | Class A common | 7/15/2024 | 566666 |  | 25 | 0.0% |
| US Anchors Investor, LP (Mechanical Plastics Corp.) | (15) | Preferred | 7/15/2024 | 566666 | 566 | 608 | 0.1% |
|  |  |  |  |  | 566 | 633 | 0.1% |
| **Commercial services & supplies** |  |  |  |  |  |  |  |
| American Equipment Holdings LLC | (16) | Class A units | 4/8/2022 | 426 | 284 | 649 | 0.1% |
| ArborWorks Intermediate Holdco, LLC | (15) | Class A preferred units | 11/6/2023 | 21716 | 9179 | 13746 | 1.2% |
| ArborWorks Intermediate Holdco, LLC | (15) | Class B preferred units | 11/6/2023 | 21716 |  |  | 0.0% |
| ArborWorks Intermediate Holdco, LLC | (15) | Class A common units | 11/6/2023 | 2604 |  |  | 0.0% |
| Bloomington Holdings, LP (BW Fusion) | (15) | Class A1 common units | 11/5/2024 | 500 | 500 | 579 | 0.1% |
| BLP Buyer, Inc. (Bishop Lifting Products) | (17) | Class A common | 2/1/2022 | 582469 | 652 | 885 | 0.1% |
|  |  |  |  |  | 10615 | 15859 | 1.5% |
| **Containers & packaging** |  |  |  |  |  |  |  |
| Robinette Company Acquisition, LLC | (15) | Class A common units | 5/10/2024 | 9 |  | 175 | 0.0% |
| Robinette Company Acquisition, LLC | (15) | Class A preferred units | 5/10/2024 | 500 | 500 | 515 | 0.0% |
|  |  |  |  |  | 500 | 690 | 0.0% |
| **Food products** |  |  |  |  |  |  |  |
| BC CS 2, L.P. (Cuisine Solutions, Inc.) | (7)(11) | Series A preferred stock | 7/8/2022 | 2000000 | 2000 | 3364 | 0.3% |
| CCFF Parent, LLC (California Custom Fruits & Flavors, LLC) | (15) | Class A-1 units | 2/26/2024 | 750 | 511 | 900 | 0.1% |
| City Line Distributors, LLC | (15) | Class A units | 8/31/2023 | 669866 | 670 | 518 | 0.1% |
| Gulf Pacific Holdings, LLC | (16) | Class A common | 9/30/2022 | 250 | 250 |  | 0.0% |
| Gulf Pacific Holdings, LLC | (16) | Class C common | 9/30/2022 |  |  |  | 0.0% |
| ML Buyer, LLC (Mama Lycha Foods, LLC) | (15) | Class A units | 9/9/2024 | 250 | 250 | 250 | 0.0% |
| Siegel Parent, LLC | (18) | Common | 12/29/2021 | 250 | 250 |  | 0.0% |
| Siegel Parent, LLC | (18) | Convertible note | 1/19/2024 | 28 | 28 |  | 0.0% |
| WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC - FreshEdge) | (16) | Class A preferred | 10/3/2022 | 773 | 773 | 476 | 0.0% |
| WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC - FreshEdge) | (16) | Class B common | 10/3/2022 |  | - | - | 0.0% |
|  |  |  |  |  | 4732 | 5508 | 0.5% |
| **Health care equipment & supplies** |  |  |  |  |  |  |  |
| LSL Industries, LLC (LSL Healthcare) | (16) | Common | 11/1/2022 | 7500 | 750 | 313 | 0.0% |
| **Health care providers & services** |  |  |  |  |  |  |  |
| NMA Super Holdings, LLC (Neuromonitoring Associates) | (15) | Class A membership interests | 12/18/2024 | 1000000 | 1000 | 1375 | 0.1% |
| **Leisure products** |  |  |  |  |  |  |  |
| TG Parent Newco LLC (Trademark Global LLC) | (10)(12)(15) | Common | 9/16/2024 | 8 | - | - | 0.0% |
| **Machinery** |  |  |  |  |  |  |  |
| RMH Parent LLC (RMH Systems) | (15) | Class A-1 Units | 2/4/2025 | 500 | 500 | 500 | 0.0% |
| **Specialty retail** |  |  |  |  |  |  |  |
| Sundance Direct Holdings, Inc. | (13) | Common | 10/27/2023 | 21479 | - | - | 0.0% |
| **Textiles, apparel & luxury goods** |  |  |  |  |  |  |  |
| BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated) | (18) | Common | 7/20/2022 | 1000000 | 1000 | 316 | 0.0% |
| BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated) | (18) | Preferred | 7/20/2022 | 97964 | 98 | 245 | 0.0% |
|  |  |  |  |  | 1098 | 561 | 0.0% |
| **Total Equity Investments** |  |  |  |  | **19761** | **25439** | **2.2%** |
| **Total Debt and Equity Investments** |  |  |  |  | **2161533** | **2174640** | **187.9%** |

---

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(amounts in 000's, except number of shares, units)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Number of**<br>**Shares** |<br>**Cost** | **Fair**<br>**Value** | **Percentage**<br>**of Net Assets** |
| **Investments in Money Market Funds** |  |  |  |  |  |
| Morgan Stanley Institutional Liquidity Fund, Institutional Class, 4.13% | (19) | 30367423 | 30367 | 30367 | 2.6% |
| **Total Investments in Money Market Funds** |  | **30367423** | **30367** | **30367** | **2.6%** |
| **Total Investments** |  |  | $**2191900** | $**2205007** | **190.5%** |
|  |  |  | **-** | **-** |  |
| Liabilities in Excess of Other Assets |  |  |  | (1047676) | (90.5)% |
| **Net Assets** |  |  |  | $**1157331** | **100.0%** |

---

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(amounts in 000's, except number of shares, units)**

**(Unaudited)**

(1) As
of June 30, 2025, unless otherwise noted, investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated
investments are defined as investments in which the Company owns less than 5% of the portfolio company's outstanding voting securities
and does not have the power to exercise control over the management or policies of such portfolio company. As of June 30, 2025, the total
value of the Company's non-controlled, non-affiliated investments was $2,164,451.

(2) Unless otherwise noted, security is a Level 3 holding. As of June 30,
2025, the aggregate value of Level 3 securities held by the Company was $1,995,928. See Note 5 – Fair Value.

(3) Debt investments are pledged to the Company's credit facilities, and a single debt investment may be divided into parts that are individually pledged to separate credit facilities.

(4) Unless
otherwise noted, all loans contain a variable rate structure, that may be subject to an interest rate floor. Variable rate loans bear
interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate ("SOFR") (which can
include one-(M), three-(Q) or six-month (S) SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the
Prime Rate).

(5) The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(6) Security is a Level 2 holding. As of June 30, 2025, the aggregate value
of Level 2 securities held by the Company was $178,712. See Note 5 – Fair Value.

(7) Non-qualifying investment as defined by Section 55(a) of the Investment
Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets
represent at least 70% of the Company's total assets. As of June 30, 2025, 6.5% of the Company's total assets were in non-qualifying
investments.

(8) The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the "last-out" portion is at a greater risk of loss. Certain lenders represent a "first out" portion of the investment and have priority to the "last-out" portion with respect to payments of principal and interest.

(9) Debt investment on non-accrual status as of June 30, 2025.

(10) Non-income producing investment.

(11) The Company has a senior secured loan in an investment vehicle (BC CS 2, L.P.) that is collateralized by a preferred stock investment in Cuisine Solutions, Inc. This investment is characterized as subordinated debt.

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(amounts in 000's, except number of shares, units)**

**(Unaudited)**

(12) In September 2024, the Company completed a restructure of the investment
in Trademark Global LLC whereby the existing term loan and revolver became a restructured term loan and revolver and no debt was converted
to equity. The Company received new common units in TG Parent Newco LLC for which it owns 6.23% of the overall business (Kayne Anderson
entities in aggregate own 20.77%). As of June 30, 2025, the amortized cost basis of Trademark Global LLC was $15,355 and was 0.7% of the
total amortized cost basis of our debt investments of $2,141,772. The restructure extended the maturity from July 30, 2024 to July 30,
2030; the rate changed from S + 5.75% to S + 8.50%.

As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement ("non-controlled affiliate"). As of June 30, 2025, the total value of the Company's non-controlled affiliated investments was $10,189. Transactions related to the Company's investment in a non-controlled affiliate for the period June 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment<sup>(1)</sup>** | **Value at 12/31/2024** | **Gross Additions<sup>(a)</sup>** | **Gross Reductions <sup>(b)</sup>** | **Net Change in Unrealized Gains(Losses)** | **Value at 6/30/2025** | **Interest and PIK Income** | **Dividend Income** | **Other Income** |
| TG Parent Newco LLC (Trademark Global LLC) - debt investment | $12196 | $&nbsp;&nbsp;&nbsp;&nbsp; - | $(82) | $(1925) | $10189 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;- |
| TG Parent Newco LLC (Trademark Global LLC) - equity investment | - | - | - | - | - | - | - | - |
| Total | $12196 | $- | $(82) | $(1925) | $10189 | $- | $- | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Gross
additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind ("PIK")
interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more
existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled
affiliated category from a different category.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Gross
reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments
and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(13) Portfolio company is in a liquidation process and, as such, the maturity
date of our debt investment in this portfolio company will not be finally determined until such process is complete. Our debt investment
in this portfolio company is on non-accrual status.

(14) Security
is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be
"restricted securities" under the Securities Act.

(15) KABDC
Corp, LLC, a wholly owned subsidiary of the Company, owns common and/or preferred equity of ArborWorks Intermediate Holdco, LLC, Bloomington
Holdings, LP (BW Fusion), City Line Distributors LLC, CCFF Parent, LLC (California Custom Fruits & Flavors, LLC), ML Buyer, LLC (Mama
Lycha Foods, LLC), NMA Super Holdings, LLC (Neuromonitoring Associates), Robinette Company Acquisition, LLC, RMH Parent LLC (RMH Systems),
TG Parent Newco LLC (Trademark Global LLC) and US Anchors Investor, LP (Mechanical Plastics Corp.).

(16) The Company owns 32.84% of a pass-through, taxable limited liability
company, KSCF IV Equity Aggregator Blocker, LLC (the "Aggregator Blocker"), which holds the Company's equity investments
in American Equipment Holdings LLC, Gulf Pacific Holdings, LLC, WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC - FreshEdge) and LSL
Industries, LLC (LSL Healthcare). Through the Company's ownership of the Aggregator Blocker, the Company owns the respective units
of each company listed above in the Schedule of Investments.

(17) The
Company owns 0.53% of the common equity of BLP Buyer, Inc. (Bishop Lifting Products).

(18) The Company owns 17.02% of a pass-through limited liability company,
KSCF IV Equity Aggregator, LLC (the "Aggregator"), which holds the Company's equity investments in Siegel Parent, LLC
and BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated). Through the Company's ownership of the Aggregator,
the Company owns the respective units of each company listed above in the Schedule of Investments.

(19) The
indicated rate is the yield as of June 30, 2025.

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(amounts in 000's, except number of shares, units)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes<sup>(1)(2)</sup>** | **Investment <sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal /<br> Par** | **Amortized <br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage of<br> Net Assets** |
| **Debt and Equity Investments** |  |  | | | |  |  | | | | |
| **Debt Investments** |  |  | | | |  |  | | | | |
| **Aerospace & defense** |  |  | | | |  |  | | | | |
| Basel U.S. Acquisition Co., Inc. (IAC) | (6) | First lien senior secured loan | 9.94% | 5.50% | - | SOFR(Q) | 12/5/2028 | $18308 | $17978 | $18570 | 1.6% |
|  |  | First lien senior secured loan | 9.94% | 5.50% | - | SOFR(Q) | 12/5/2028 | 3697 | 3612 | 3750 | 0.3% |
|  |  | First lien senior secured delayed draw loan | 9.94% | 5.50% | - | SOFR(Q) | 7/8/2026 | - | - | - | 0.0% |
|  |  | First lien senior secured revolving loan | 9.94% | 5.50% | - | SOFR(Q) | 12/5/2028 | - | - | - | 0.0% |
| Fastener Distribution Holdings, LLC |  | First lien senior secured loan | 9.31% | 4.75% | - | SOFR(Q) | 11/4/2031 | 20067 | 19870 | 20067 | 1.7% |
|  |  | First lien senior secured delayed draw loan | 9.31% | 4.75% | - | SOFR(S) | 11/4/2031 | - | - | - | 0.0% |
| TransDigm Inc | (8) | First lien senior secured loan | 6.83% | 2.50% | - | SOFR(Q) | 2/28/2031 | 10010 | 10055 | 10023 | 0.8% |
| Vitesse Systems Parent, LLC |  | First lien senior secured loan | 11.47% | 7.00% | - | SOFR(M) | 12/22/2028 | 30896 | 30249 | 30819 | 2.6% |
|  |  | First lien senior secured revolving loan | 11.56% | 7.00% | - | SOFR(M) | 12/22/2028 | 4679 | 4578 | 4667 | 0.4% |
|  |  |  |  |  |  |  |  | 87657 | 86342 | 87896 | 7.4% |
| **Automobile components** |  |  |  |  |  |  |  |  |  |  |  |
| Clarios Global LP | (6)(8) | First lien senior secured loan | 6.86% | 2.50% | - | SOFR(M) | 5/6/2030 | 10060 | 10098 | 10090 | 0.8% |
| Speedstar Holding LLC |  | First lien senior secured loan | 10.59% | 6.00% | - | SOFR(Q) | 7/22/2027 | 6100 | 6040 | 6131 | 0.5% |
|  |  | First lien senior secured delayed draw loan | 10.59% | 6.00% | - | SOFR(Q) | 7/22/2027 | 666 | 650 | 669 | 0.1% |
| Vehicle Accessories, Inc. |  | First lien senior secured loan | 9.72% | 5.25% | - | SOFR(M) | 11/30/2026 | 26424 | 26179 | 26424 | 2.2% |
|  |  | First lien senior secured revolving loan | 9.72% | 5.25% | - | SOFR(M) | 11/30/2026 | - | - | - | 0.0% |
| WAM CR Acquisition, Inc. (Wolverine) |  | First lien senior secured loan | 10.58% | 6.25% | - | SOFR(Q) | 7/23/2029 | 26830 | 26327 | 27232 | 2.3% |
|  |  |  |  |  |  |  |  | 70080 | 69294 | 70546 | 5.9% |
| **Biotechnology** |  |  |  |  |  |  |  |  |  |  |  |
| Alcami Corporation (Alcami) |  | First lien senior secured delayed draw loan | 11.55% | 7.00% | - | SOFR(M) | 12/21/2028 | 846 | 846 | 855 | 0.1% |
|  |  | First lien senior secured revolving loan | 11.44% | 7.00% | - | SOFR(M) | 12/21/2028 | 117 | 81 | 119 | 0.0% |
|  |  | First lien senior secured loan | 11.66% | 7.00% | - | SOFR(Q) | 12/21/2028 | 11501 | 11213 | 11616 | 1.0% |
|  |  |  |  |  |  |  |  | 12464 | 12140 | 12590 | 1.1% |
| **Building products** |  |  |  |  |  |  |  |  |  |  |  |
| Eastern Wholesale Fence, LLC |  | First lien senior secured loan | 12.74% | 8.00% | - | SOFR(Q) | 10/30/2025 | 2828 | 2804 | 2828 | 0.2% |
|  |  | First lien senior secured loan | 12.74% | 8.00% | - | SOFR(Q) | 10/30/2025 | 15678 | 15468 | 15678 | 1.3% |
|  |  | First lien senior secured revolving loan | 12.74% | 8.00% | - | SOFR(Q) | 10/30/2025 | 1077 | 1074 | 1077 | 0.1% |
| Ruff Roofers Buyer, LLC |  | First lien senior secured loan | 9.86% | 5.50% | - | SOFR(M) | 11/17/2029 | 7115 | 6880 | 7115 | 0.6% |
|  |  | First lien senior secured revolving loan | 10.11% | 5.75% | - | SOFR(M) | 11/17/2029 | - | - | - | 0.0% |
|  |  | First lien senior secured delayed draw loan | 10.11% | 5.75% | - | SOFR(M) | 11/17/2029 | 3818 | 3782 | 3818 | 0.3% |
| US Anchors Group, Inc. (Mechanical Plastics Corp.) |  | First lien senior secured loan | 9.33% | 5.00% | - | SOFR(Q) | 7/15/2029 | 14109 | 13800 | 14109 | 1.2% |
|  |  | First lien senior secured revolving loan | 9.33% | 5.00% | - | SOFR(Q) | 7/15/2029 | - | - | - | 0.0% |
|  |  |  |  |  |  |  |  | 44625 | 43808 | 44625 | 3.7% |
| **Chemicals** |  |  |  |  |  |  |  |  |  |  |  |
| Fralock Buyer LLC |  | First lien senior secured loan | 10.75% | 6.00% | 0.50% | SOFR(Q) | 3/31/2025 | 9286 | 9278 | 9263 | 0.8% |
|  |  | First lien senior secured loan | 10.75% | 6.00% | 0.50% | SOFR(Q) | 3/31/2025 | 2388 | 2385 | 2382 | 0.2% |
|  |  | First lien senior secured revolving loan | 10.83% | 6.00% | 0.50% | SOFR(Q) | 3/31/2025 | 749 | 747 | 747 | 0.1% |
| Nouryon USA, LLC (f/k/a AkzoNobel Specialty Chemicals) | (8) | First lien senior secured loan | 7.66% | 3.25% | - | SOFR(Q) | 4/3/2028 | 9854 | 9904 | 9913 | 0.8% |
|  |  |  |  |  |  |  |  | 22277 | 22314 | 22305 | 1.9% |
| **Commercial services & supplies** |  |  |  |  |  |  |  |  |  |  |  |
| Advanced Environmental Monitoring | (7) | First lien senior secured loan | 10.41% | 5.75% | - | SOFR(Q) | 1/29/2027 | 3651 | 3588 | 3651 | 0.3% |
|  |  | First lien senior secured loan | 10.23% | 5.75% | - | SOFR(Q) | 1/29/2026 | 7372 | 7266 | 7372 | 0.6% |
|  |  | First lien senior secured loan | 10.23% | 5.75% | - | SOFR(Q) | 1/29/2026 | 2787 | 2787 | 2787 | 0.2% |
| Alight Solutions (Tempo Acquisition LLC) | (8) | First lien senior secured loan | 6.61% | 2.25% | - | SOFR(M) | 8/31/2028 | 8185 | 8213 | 8210 | 0.7% |

---

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(amounts in 000's, except number of shares, units)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes<sup>(1)(2)</sup>** | **Investment <sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal / <br> Par** | **Amortized <br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage of<br> Net Assets** |
| Allentown, LLC |  | First lien senior secured loan | 11.66% | 6.00% | 1.00% | SOFR(Q) | 4/22/2027 | 7584 | 7474 | 7318 | 0.6% |
|  |  | First lien senior secured delayed draw loan | 11.66% | 6.00% | 1.00% | SOFR(Q) | 4/22/2027 | 1370 | 1346 | 1322 | 0.1% |
|  |  | First lien senior secured revolving loan | 12.50% | 5.00% | - | PRIME | 4/22/2027 | 367 | 357 | 354 | 0.0% |
| American Equipment Holdings LLC |  | First lien senior secured loan | 10.67% | 6.00% | - | SOFR(M) | 11/5/2026 | 16057 | 15908 | 16057 | 1.4% |
|  |  | First lien senior secured loan | 10.67% | 6.00% | - | SOFR(M) | 11/5/2026 | 1720 | 1706 | 1720 | 0.2% |
|  |  | First lien senior secured loan | 10.56% | 6.00% | - | SOFR(M) | 11/5/2026 | 2064 | 2044 | 2064 | 0.2% |
|  |  | First lien senior secured loan | 10.45% | 6.00% | - | SOFR(M) | 11/5/2026 | 561 | 558 | 561 | 0.1% |
|  |  | First lien senior secured loan | 10.50% | 6.00% | - | SOFR(M) | 11/5/2026 | 2626 | 2588 | 2626 | 0.2% |
|  |  | First lien senior secured delayed draw loan | 10.67% | 6.00% | - | SOFR(M) | 11/5/2026 | 6176 | 6110 | 6176 | 0.5% |
|  |  | First lien senior secured delayed draw loan | 10.60% | 6.00% | - | SOFR(M) | 11/5/2026 | 4919 | 4878 | 4919 | 0.4% |
|  |  | First lien senior secured revolving loan | 10.49% | 6.00% | - | SOFR(M) | 11/5/2026 | 2557 | 2481 | 2557 | 0.2% |
| Arborworks Acquisition LLC | (9)(10) | First lien senior secured loan | - | - | - |  | 11/6/2028 | 4688 | 4688 | 4688 | 0.4% |
|  |  | First lien senior secured revolving loan | - | - | - |  | 11/6/2028 | 948 | 948 | 948 | 0.1% |
| Bloomington Holdco, LLC (BW Fusion) |  | First lien senior secured revolving loan | 10.05% | 5.50% | - | SOFR(Q) | 5/1/2030 | 21248 | 20830 | 21248 | 1.8% |
|  |  | First lien senior secured loan | 10.05% | 5.50% | - | SOFR(Q) | 5/1/2030 | 3612 | 3417 | 3612 | 0.3% |
| BLP Buyer, Inc. (Bishop Lifting Products) |  | First lien senior secured loan | 10.34% | 6.00% | - | SOFR(M) | 12/22/2029 | 25969 | 25538 | 26163 | 2.2% |
|  |  | First lien senior secured loan | 10.34% | 6.00% | - | SOFR(M) | 12/22/2029 | 1220 | 1198 | 1229 | 0.1% |
|  |  | First lien senior secured delayed draw loan | 10.34% | 6.00% | - | SOFR(M) | 12/22/2029 | 3178 | 3123 | 3202 | 0.3% |
|  |  | First lien senior secured revolving loan | 10.34% | 6.00% | - | SOFR(M) | 12/22/2029 | 757 | 692 | 762 | 0.1% |
| Connect America.com, LLC |  | First lien senior secured loan | 9.83% | 5.50% | - | SOFR(Q) | 10/11/2029 | 25670 | 25298 | 25670 | 2.2% |
| Diverzify Intermediate LLC |  | First lien senior secured delayed draw loan | 10.53% | 5.75% | - | SOFR(M) | 4/4/2026 | - | - | - | 0.0% |
|  |  | First lien senior secured loan | 10.53% | 5.75% | - | SOFR(Q) | 5/11/2027 | 6033 | 5902 | 5957 | 0.5% |
| Gusmer Enterprises, Inc. |  | First lien senior secured loan | 11.47% | 7.00% | - | SOFR(M) | 5/7/2027 | 3688 | 3652 | 3688 | 0.3% |
|  |  | First lien senior secured delayed draw loan | 11.47% | 7.00% | - | SOFR(M) | 5/7/2027 | 4828 | 4784 | 4828 | 0.4% |
|  |  | First lien senior secured delayed draw loan | 11.47% | 7.00% | - | SOFR(M) | 5/7/2027 | 1349 | 1302 | 1349 | 0.1% |
|  |  | First lien senior secured revolving loan | 11.47% | 7.00% | - | SOFR(Q) | 5/7/2027 | - | - | - | 0.0% |
| Superior Intermediate LLC (Landmark Structures) |  | First lien senior secured loan | 10.35% | 6.00% | - | SOFR(M) | 12/18/2029 | 18257 | 17762 | 18257 | 1.5% |
|  |  | First lien senior secured delayed draw loan | 10.35% | 6.00% | - | SOFR(M) | 12/18/2029 | - | - | - | 0.0% |
|  |  | First lien senior secured revolving loan | 10.38% | 6.00% | - | SOFR(M) | 12/18/2029 | - | - | - | 0.0% |
| PMFC Holding, LLC |  | First lien senior secured loan | 12.74% | 8.00% | - | SOFR(Q) | 12/19/2032 | 5504 | 5435 | 5504 | 0.5% |
|  |  | First lien senior secured delayed draw loan | 12.74% | 8.00% | - | SOFR(Q) | 12/19/2032 | 2760 | 2746 | 2760 | 0.2% |
|  |  | First lien senior secured revolving loan | 12.74% | 8.00% | - | SOFR(Q) | 12/19/2032 | 445 | 443 | 445 | 0.0% |
| Regiment Security Partners LLC |  | First lien senior secured loan | 12.50% | 8.00% | - | SOFR(Q) | 9/15/2026 | 6360 | 6298 | 6360 | 0.5% |
|  |  | First lien senior secured delayed draw loan | 12.50% | 8.00% | - | SOFR(Q) | 9/15/2026 | 2602 | 2582 | 2602 | 0.2% |
|  |  | First lien senior secured revolving loan | 12.50% | 8.00% | - | SOFR(Q) | 9/15/2026 | 1452 | 1434 | 1452 | 0.1% |

---

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(amounts in 000's, except number of shares, units)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes<sup>(1)(2)</sup>** | **Investment <sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal / <br> Par** | **Amortized <br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage of<br> Net Assets** |
| Tapco Buyer LLC |  | First lien senior secured loan | 9.52% | 5.00% |  | SOFR(Q) | 11/15/2030 | 10471 | 10316 | 10471 | 0.9% |
|  |  | First lien senior secured delayed draw loan | 9.34% | 5.00% |  | SOFR(Q) | 11/15/2030 | 603 | 503 | 603 | 0.1% |
|  |  | First lien senior secured revolving loan | 9.34% | 5.00% |  | SOFR(Q) | 11/15/2030 | - | - | - | 0.0% |
|  |  |  |  |  |  |  |  | 219638 | 216195 | 219492 | 18.5% |
| **Construction materials** |  |  |  |  |  |  |  |  |  |  |  |
| Quikrete Holdings Inc | (8) | First lien senior secured loan | 6.61% | 2.25% |  | SOFR(M) | 3/19/2029 | 14888 | 14888 | 14870 | 1.3% |
| **Containers & packaging** |  |  |  |  |  |  |  |  |  |  |  |
| Carton Packaging Buyer, Inc. (Century Box) |  | First lien senior secured loan | 10.84% | 6.25% |  | SOFR(Q) | 10/30/2028 | 24018 | 23477 | 23778 | 2.0% |
|  |  | First lien senior secured revolving loan | 10.84% | 6.25% |  | SOFR(S) | 10/30/2028 | - | - | - | 0.0% |
| Drew Foam Companies, Inc. | (7) | First lien senior secured loan | 10.48% | 6.00% |  | SOFR(Q) | 12/5/2026 | 6978 | 6835 | 6978 | 0.6% |
|  |  | First lien senior secured loan | 10.78% | 6.00% |  | SOFR(Q) | 12/5/2026 | 19835 | 19685 | 19835 | 1.7% |
| FCA, LLC (FCA Packaging) |  | First lien senior secured loan | 10.13% | 5.00% |  | SOFR(S) | 7/18/2028 | 18673 | 18492 | 18673 | 1.6% |
|  |  | First lien senior secured loan | 10.11% | 5.75% |  | SOFR(M) | 7/18/2028 | 1711 | 1658 | 1745 | 0.1% |
|  |  | First lien senior secured revolving loan | 10.13% | 5.00% |  | SOFR(S) | 7/18/2028 | - | - | - | 0.0% |
| Innopak Industries, Inc. |  | First lien senior secured loan | 10.75% | 6.25% |  | SOFR(M) | 3/5/2027 | 7241 | 7116 | 7241 | 0.6% |
|  |  | First lien senior secured loan | 10.75% | 6.25% |  | SOFR(M) | 3/5/2027 | 5925 | 5821 | 5925 | 0.5% |
|  |  | First lien senior secured loan | 10.69% | 6.25% |  | SOFR(M) | 3/5/2027 | 14775 | 14529 | 14775 | 1.2% |
| M2S Group Intermediate Holdings, Inc. |  | First lien senior secured loan | 9.09% | 4.75% |  | SOFR(M) | 8/22/2031 | 39080 | 36446 | 37713 | 3.2% |
| The Robinette Company |  | First lien senior secured loan | 10.52% | 6.00% |  | SOFR(Q) | 5/10/2029 | 10226 | 10042 | 10431 | 0.9% |
|  |  | First lien senior secured revolving loan | 10.52% | 6.00% |  | SOFR(Q) | 5/10/2029 | 2414 | 2322 | 2462 | 0.2% |
|  |  | First lien senior secured delayed draw loan | 10.52% | 6.00% |  | SOFR(M) | 11/10/2025 | - | - | - | 0.0% |
|  |  |  |  |  |  |  |  | 150876 | 146423 | 149556 | 12.6% |
| **Diversified consumer services** |  |  |  |  |  |  |  |  |  |  |  |
| Fugue Finance B.V. | (6)(8) | First lien senior secured loan | 8.25% | 3.75% |  | SOFR(Q) | 2/26/2031 | 2985 | 2979 | 3001 | 0.3% |
| **Diversified telecommunication services** |  |  |  |  |  |  |  |  |  |  |  |
| Liberty Global/Vodafone Ziggo | (6)(8) | First lien senior secured loan | 7.01% | 2.50% |  | SOFR(M) | 4/30/2028 | 10060 | 9968 | 10006 | 0.8% |
| Network Connex (f/k/a NTI Connect, LLC) |  | First lien senior secured loan | 9.48% | 5.00% |  | SOFR(Q) | 1/31/2026 | 3552 | 3530 | 3552 | 0.3% |
| Virgin Media Bristor LLC | (8) | First lien senior secured loan | 7.01% | 2.50% |  | SOFR(M) | 1/31/2028 | 17500 | 17343 | 17361 | 1.5% |
|  |  |  |  |  |  |  |  | 31112 | 30841 | 30919 | 2.6% |
| **Electrical equipment** |  |  |  |  |  |  |  |  |  |  |  |
| Westinghouse (Wec US Holdings LTD) | (8) | First lien senior secured loan | 6.80% | 2.25% |  | SOFR(M) | 1/27/2031 | 10035 | 10046 | 10033 | 0.8% |

---

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(amounts in 000's, except number of shares, units)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes <sup>(1)(2)</sup>** | **Investment <sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal / <br> Par** | **Amortized <br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage of<br> Net Assets** |
| **Food products** |  |  |  |  |  |  |  |  |  |  |  |
| BC CS 2, L.P. (Cuisine Solutions) | (6)(11) |  | 12.55% | 8.00% |  | SOFR(S) | 7/8/2028 | 18111 | 17788 | 18111 | 1.5% |
| BR PJK Produce, LLC (Keany) |  | First lien senior secured loan | 10.99% | 6.25% |  | SOFR(Q) | 11/14/2027 | 29340 | 28886 | 29340 | 2.5% |
|  |  | First lien senior secured loan | 10.99% | 6.25% |  | SOFR(Q) | 11/14/2027 | 4338 | 4249 | 4338 | 0.4% |
|  |  | First lien senior secured delayed draw loan | 10.99% | 6.25% |  | SOFR(Q) | 11/14/2027 | 4364 | 4263 | 4364 | 0.4% |
|  |  | First lien senior secured delayed draw loan | 10.99% | 6.25% |  | SOFR(Q) | 11/14/2027 | 1418 | 1395 | 1418 | 0.1% |
| CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC) |  | First lien senior secured loan | 9.77% | 5.25% |  | SOFR(Q) | 2/26/2030 | 13896 | 13587 | 13896 | 1.2% |
|  |  | First lien senior secured delayed draw loan | 9.77% | 5.25% |  | SOFR(Q) | 2/26/2030 | 7926 | 7622 | 7926 | 0.7% |
|  |  | First lien senior secured revolving loan | 9.77% | 5.00% |  | SOFR(Q) | 2/26/2030 |  |  |  | 0.0% |
| City Line Distributors, LLC |  | First lien senior secured loan | 10.47% | 6.00% |  | SOFR(M) | 8/31/2028 | 8806 | 8634 | 8894 | 0.7% |
|  |  | First lien senior secured delayed draw loan | 10.51% | 6.00% |  | SOFR(M) | 8/31/2028 | 3608 | 3550 | 3645 | 0.3% |
|  |  | First lien senior secured revolving loan | 10.47% | 6.00% |  | SOFR(M) | 8/31/2028 |  |  |  | 0.0% |
| Gulf Pacific Holdings, LLC |  | First lien senior secured loan | 10.46% | 6.00% |  | SOFR(M) | 9/30/2028 | 19976 | 19703 | 19576 | 1.7% |
|  |  | First lien senior secured delayed draw loan | 10.55% | 6.00% |  | SOFR(M) | 9/30/2028 | 1684 | 1684 | 1651 | 0.1% |
|  |  | First lien senior secured revolving loan | 10.46% | 6.00% |  | SOFR(M) | 9/30/2028 | 4195 | 4120 | 4111 | 0.3% |
| IF&P Foods, LLC (FreshEdge) |  | First lien senior secured loan | 10.05% | 5.63% |  | SOFR(Q) | 7/23/2030 | 26970 | 26511 | 26970 | 2.3% |
|  |  | First lien senior secured loan | 10.43% | 6.00% |  | SOFR(Q) | 7/23/2030 | 214 | 210 | 214 | 0.0% |
|  |  | First lien senior secured loan | 10.05% | 5.63% |  | SOFR(Q) | 7/23/2030 | 712 | 684 | 706 | 0.1% |
|  |  | First lien senior secured delayed draw loan | 10.05% | 5.63% |  | SOFR(Q) | 7/23/2030 | 4004 | 3941 | 4004 | 0.3% |
|  |  | First lien senior secured revolving loan | 10.05% | 5.63% |  | SOFR(Q) | 7/23/2030 | 2303 | 2248 | 2303 | 0.2% |
| J&K Ingredients, LLC |  | First lien senior secured loan | 10.83% | 6.50% |  | SOFR(Q) | 11/16/2028 | 11465 | 11230 | 11580 | 1.0% |
| ML Buyer, LLC (Mama Lycha Foods, LLC) |  | First lien senior secured loan | 9.68% | 5.25% |  | SOFR(Q) | 9/9/2029 | 11555 | 11262 | 11555 | 1.0% |
|  |  | First lien senior secured revolving loan | 9.68% | 5.25% |  | SOFR(Q) | 9/9/2029 |  |  |  | 0.0% |
| Siegel Egg Co., LLC |  | First lien senior secured loan | 13.19% | 6.50% | 2.00% | SOFR(Q) | 12/29/2026 | 14651 | 14541 | 12600 | 1.1% |
|  |  | First lien senior secured revolving loan | 13.19% | 6.50% | 2.00% | SOFR(Q) | 12/29/2026 | 2629 | 2604 | 2261 | 0.2% |
| Worldwide Produce Acquisition, LLC |  | First lien senior secured delayed draw loan | 11.00% | 6.75% |  | SOFR(S) | 1/18/2029 | 555 | 542 | 544 | 0.0% |
|  |  | First lien senior secured delayed draw loan | 11.00% | 6.75% |  | SOFR(S) | 1/18/2029 | 461 | 437 | 452 | 0.0% |
|  |  | First lien senior secured revolving loan | 11.00% | 6.75% |  | SOFR(S) | 1/18/2029 |  |  |  | 0.0% |
|  |  | First lien senior secured loan | 11.00% | 6.75% |  | SOFR(S) | 1/18/2029 | 2831 | 2769 | 2775 | 0.2% |
|  |  |  |  |  |  |  |  | 196012 | 192460 | 193234 | 16.3% |
| **Health care providers & services** |  |  |  |  |  |  |  |  |  |  |  |
| Brightview, LLC |  | First lien senior secured loan | 10.47% | 6.00% |  | SOFR(M) | 12/14/2026 | 12738 | 12729 | 12611 | 1.1% |
|  |  | First lien senior secured delayed draw loan | 10.47% | 6.00% |  | SOFR(M) | 12/14/2026 | 1701 | 1699 | 1684 | 0.1% |
|  |  | First lien senior secured revolving loan | 10.34% | 6.00% |  | SOFR(M) | 12/14/2026 | 774 | 771 | 767 | 0.1% |

---

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(amounts in 000's, except number of shares, units)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes<sup>(1)(2)</sup>** | **Investment <sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal / <br> Par** | **Amortized <br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage of<br> Net Assets** |
| Guardian Dentistry Partners |  | First lien senior secured loan | 9.72% | 5.25% |  | SOFR(M) | 8/20/2027 | 5914 | 5829 | 5914 | 0.5% |
|  |  | First lien senior secured delayed draw loan | 9.72% | 5.25% |  | SOFR(M) | 8/20/2027 | 11592 | 11433 | 11592 | 1.0% |
|  |  | First lien senior secured delayed draw loan | 9.72% | 5.25% |  | SOFR(M) | 8/20/2027 | 4522 | 4503 | 4522 | 0.4% |
|  |  | First lien senior secured revolving loan | 9.72% | 5.25% |  | SOFR(M) | 8/20/2027 | - | - | - | 0.0% |
| Guided Practice Solutions: Dental, LLC (GPS) |  | First lien senior secured delayed draw loan | 10.72% | 6.25% |  | SOFR(M) | 11/24/2026 | 16654 | 16348 | 16654 | 1.4% |
|  |  | First lien senior secured delayed draw loan | 10.72% | 6.25% |  | SOFR(M) | 11/24/2026 | 3980 | 3980 | 3980 | 0.3% |
|  |  | First lien senior secured delayed draw loan | 10.72% | 6.25% |  | SOFR(M) | 11/24/2026 | 9734 | 9634 | 9734 | 0.8% |
| Light Wave Dental Management LLC |  | First lien senior secured revolving loan | 9.82% | 5.50% |  | SOFR(Q) | 6/30/2029 | - | - | - | 0.0% |
|  |  | First lien senior secured loan | 9.82% | 5.50% |  | SOFR(Q) | 6/30/2029 | 22198 | 21583 | 22198 | 1.9% |
|  |  | First lien senior secured loan | 9.82% | 5.50% |  | SOFR(Q) | 6/30/2029 | 494 | 480 | 494 | 0.0% |
|  |  | First lien senior secured loan | 9.85% | 5.50% |  | SOFR(Q) | 6/30/2029 | 2288 | 2250 | 2288 | 0.2% |
| MVP VIP Borrower, LLC |  | First lien senior secured loan | 10.83% | 6.50% |  | SOFR(Q) | 1/3/2029 | 19480 | 19075 | 19675 | 1.7% |
|  |  | First lien senior secured delayed draw loan | 10.83% | 6.50% |  | SOFR(Q) | 1/3/2029 | 1571 | 1539 | 1587 | 0.1% |
| NMA Holdings, LLC (Neuromonitoring Associates) |  | First lien senior secured loan | 9.60% | 5.25% |  | SOFR(Q) | 12/18/2030 | 16425 | 16046 | 16425 | 1.4% |
|  |  | First lien senior secured revolving loan | 9.60% | 5.25% |  | SOFR(Q) | 12/18/2030 | - | - | - | 0.0% |
|  |  | First lien senior secured delayed draw loan | 9.60% | 5.25% |  | SOFR(Q) | 12/18/2030 | - | - | - | 0.0% |
| Redwood MSO, LLC (Smile Partners) |  | First lien senior secured loan | 9.60% | 5.25% |  | SOFR(Q) | 12/20/2029 | 11216 | 10955 | 11216 | 1.0% |
|  |  | First lien senior secured delayed draw loan | 9.60% | 5.25% |  | SOFR(Q) | 12/20/2029 | - | - | - | 0.0% |
|  |  | First lien senior secured revolving loan | 11.75% | 4.25% |  | PRIME | 12/19/2030 | - | - | - | 0.0% |
| Refocus Management Services, LLC |  | First lien senior secured loan | 10.75% | 6.00% |  | SOFR(Q) | 2/14/2029 | 18221 | 17736 | 18221 | 1.5% |
|  |  | First lien senior secured delayed draw loan | 10.75% | 6.00% |  | SOFR(Q) | 2/14/2029 | 2525 | 2380 | 2525 | 0.2% |
|  |  | First lien senior secured revolving loan | 10.75% | 6.00% |  | SOFR(Q) | 2/14/2029 | - | - | - | 0.0% |
| Salt Dental Collective LLC |  | First lien senior secured delayed draw loan | 11.21% | 6.75% |  | SOFR(Q) | 2/15/2028 | 3980 | 3980 | 3980 | 0.3% |
|  |  |  |  |  |  |  |  | 166007 | 162950 | 166067 | 14.0% |
| **Health care equipment & supplies** |  |  |  |  |  |  |  |  |  |  |  |
| LSL Industries, LLC (LSL Healthcare) |  | First lien senior secured loan | 11.78% | 7.00% |  | SOFR(Q) | 11/3/2027 | 19084 | 18518 | 18655 | 1.6% |
|  |  | First lien senior secured delayed draw loan | 11.78% | 7.00% |  | SOFR(Q) | 11/3/2027 | - | - | - | 0.0% |
|  |  | First lien senior secured revolving loan | 11.78% | 7.00% |  | SOFR(Q) | 11/3/2027 | - | - | - | 0.0% |
| Medline Borrower LP | (8) | First lien senior secured loan | 6.82% | 2.25% |  | SOFR(M) | 10/23/2028 | 9985 | 10024 | 10012 | 0.8% |
|  |  |  |  |  |  |  |  | 29069 | 28542 | 28667 | 2.4% |
| **Hotels, restaurants & leisure** |  |  |  |  |  |  |  |  |  |  |  |
| Inspire Brands | (8) | First lien senior secured loan | 6.86% | 2.50% |  | SOFR(M) | 12/15/2027 | 10010 | 10030 | 10012 | 0.8% |
| Restaurant Brands (1011778 BC ULC) | (6)(8) | First lien senior secured loan | 6.11% | 1.75% |  | SOFR(M) | 9/20/2030 | 17369 | 17387 | 17264 | 1.5% |
|  |  |  |  |  |  |  |  | 27379 | 27417 | 27276 | 2.3% |

---

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(amounts in 000's, except number of shares, units)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes <sup>(1)(2)</sup>** | **Investment <sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal / <br> Par** | **Amortized <br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage of<br> Net Assets** |
| **Household durables** |  |  | | | |  |  | | | | |
| Curio Brands, LLC |  | First lien senior secured loan | 9.48% | 5.00% | - | SOFR(Q) | 12/21/2027 | 16286 | 16060 | 16286 | 1.4% |
|  |  | First lien senior secured revolving loan | 9.48% | 5.00% | - | SOFR(Q) | 12/21/2027 | - | - | - | 0.0% |
|  |  | First lien senior secured delayed draw loan | 9.48% | 5.00% | - | SOFR(Q) | 12/21/2027 | 3911 | 3911 | 3911 | 0.3% |
|  |  |  |  |  |  |  |  | 20197 | 19971 | 20197 | 1.7% |
| **Household products** |  |  |  |  |  |  |  |  |  |  |  |
| Home Brands Group Holdings, Inc. (ReBath) |  | First lien senior secured loan | 9.49% | 4.75% | - | SOFR(Q) | 11/8/2026 | 15373 | 15238 | 15373 | 1.3% |
|  |  | First lien senior secured revolving loan | 9.49% | 4.75% | - | SOFR(Q) | 11/8/2026 | - | - | - | 0.0% |
|  |  |  |  |  |  |  |  | 15373 | 15238 | 15373 | 1.3% |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |
| Allcat Claims Service, LLC |  | First lien senior secured loan | 10.46% | 6.00% | - | SOFR(M) | 7/7/2027 | 7639 | 7552 | 7639 | 0.6% |
|  |  | First lien senior secured delayed draw loan | 10.46% | 6.00% | - | SOFR(M) | 7/7/2027 | 21387 | 20960 | 21387 | 1.8% |
|  |  | First lien senior secured revolving loan | 10.69% | 6.00% | - | SOFR(Q) | 7/7/2027 | - | - | - | 0.0% |
| AmWINS Group Inc | (8) | First lien senior secured loan | 6.72% | 2.25% | - | SOFR(M) | 2/22/2028 | 9956 | 9970 | 9982 | 0.9% |
|  |  |  |  |  |  |  |  | 38982 | 38482 | 39008 | 3.3% |
| **IT services** |  |  |  |  |  |  |  |  |  |  |  |
| Improving Acquisition LLC |  | First lien senior secured loan | 11.00% | 6.50% | - | SOFR(Q) | 7/26/2027 | 33616 | 33198 | 33616 | 2.8% |
|  |  | First lien senior secured revolving loan | 11.00% | 6.50% | - | SOFR(Q) | 7/26/2027 | - | - | - | 0.0% |
|  |  |  |  |  |  |  |  | 33616 | 33198 | 33616 | 2.8% |
| **Leisure products** |  |  |  |  |  |  |  |  |  |  |  |
| MacNeill Pride Group Corp. |  | First lien senior secured loan | 11.84% | 6.75% | 0.50% | SOFR(Q) | 4/22/2026 | 8038 | 8003 | 7997 | 0.7% |
|  |  | First lien senior secured delayed draw loan | 11.84% | 6.75% | 0.50% | SOFR(Q) | 4/22/2026 | 1505 | 1499 | 1497 | 0.1% |
|  |  | First lien senior secured delayed draw loan | 11.84% | 6.75% | 0.50% | SOFR(Q) | 4/22/2026 | 1685 | 1664 | 1677 | 0.1% |
|  |  | First lien senior secured revolving loan | 11.34% | 6.75% | - | SOFR(Q) | 4/22/2026 | 599 | 585 | 596 | 0.1% |
| Pixel Intermediate, LLC | (6) | First lien senior secured loan | 10.92% | 6.50% | - | SOFR(S) | 2/1/2029 | 20723 | 20276 | 20931 | 1.8% |
|  |  | First lien senior secured revolving loan | 10.83% | 6.50% | - | SOFR(Q) | 2/1/2029 | 6989 | 6810 | 7059 | 0.6% |
| Spinrite, Inc. | (6) | First lien senior secured loan | 9.83% | 5.50% | - | SOFR(Q) | 6/30/2025 | 5118 | 5096 | 5118 | 0.4% |
|  |  | First lien senior secured revolving loan | 9.83% | 5.50% | - | SOFR(Q) | 6/30/2025 | 3399 | 3399 | 3399 | 0.3% |
| TG Parent Newco LLC (Trademark Global LLC) | (9)(10)(12) | First lien senior secured loan | - | - | - |  | 7/30/2030 | 12623 | 12623 | 9972 | 0.8% |
|  |  | First lien senior secured revolving loan | - | - | - |  | 7/30/2030 | 2815 | 2815 | 2224 | 0.2% |
| VENUplus, Inc. (f/k/a CTM Group, Inc.) |  | First lien senior secured loan | 11.96% | 4.75% | 2.75% | SOFR(Q) | 11/30/2026 | 4431 | 4359 | 4365 | 0.4% |
|  |  |  |  |  |  |  |  | 67925 | 67129 | 64835 | 5.5% |
| **Machinery** |  |  |  |  |  |  |  |  |  |  |  |
| MRC Keystone Acquisition LLC (Automated Handing Solutions) |  | First lien senior secured loan | 10.85% | 6.50% | - | SOFR(Q) | 12/18/2029 | 14016 | 13660 | 14016 | 1.2% |
|  |  | First lien senior secured revolving loan | 10.85% | 6.50% | - | SOFR(Q) | 12/18/2029 | - | - | - | 0.0% |
| Eppinger Technologies, LLC | (6) | First lien senior secured loan | 14.48% | 8.50% | 1.50% | SOFR(Q) | 2/4/2026 | 24886 | 24606 | 24886 | 2.1% |
|  |  | First lien senior secured revolving loan | 13.23% | 7.25% | 1.50% | SOFR(Q) | 2/4/2026 | 1371 | 1332 | 1371 | 0.1% |
| Luxium Solutions, LLC |  | First lien senior secured loan | 10.58% | 6.25% | - | SOFR(Q) | 12/1/2027 | 3815 | 3766 | 3815 | 0.3% |
|  |  | First lien senior secured loan | 10.58% | 6.25% | - | SOFR(Q) | 12/1/2027 | 4697 | 4637 | 4697 | 0.4% |
|  |  | First lien senior secured delayed draw loan | 10.58% | 6.25% | - | SOFR(Q) | 12/1/2027 | 1233 | 1220 | 1233 | 0.1% |

---

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(amounts in 000's, except number of shares, units)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes <sup>(1)(2)</sup>** | **Investment <sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal / <br> Par** | **Amortized <br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage of<br> Net Assets** |
| PVI Holdings, Inc |  | First lien senior secured loan | 9.68% | 4.94% |  | SOFR(Q) | 1/18/2028 | 23653 | 23423 | 23653 | 2.0% |
|  |  |  |  |  |  |  |  | 73671 | 72644 | 73671 | 6.2% |
| **Media** |  |  |  |  |  |  |  |  |  |  |  |
| Directv Financing LLC | (8) | First lien senior secured loan | 9.85% | 5.00% |  | SOFR(Q) | 8/2/2027 | 16154 | 16244 | 16182 | 1.4% |
| **Personal care products** |  |  |  |  |  |  |  |  |  |  |  |
| DRS Holdings III, Inc. (Dr. Scholl's) |  | First lien senior secured loan | 10.71% | 6.25% |  | SOFR(M) | 11/1/2025 | 10618 | 10596 | 10618 | 0.9% |
|  |  | First lien senior secured revolving loan | 10.71% | 6.25% |  | SOFR(M) | 11/1/2025 | - | - | - | 0.0% |
| PH Beauty Holdings III, Inc. |  | First lien senior secured loan | 10.17% | 5.00% |  | SOFR(S) | 9/28/2025 | 10496 | 10422 | 10496 | 0.9% |
| Phoenix YW Buyer, Inc. (Elida Beauty) |  | First lien senior secured loan | 9.33% | 5.00% |  | SOFR(Q) | 5/31/2030 | 11013 | 10747 | 11013 | 0.9% |
|  |  | First lien senior secured revolving loan | 9.33% | 5.00% |  | SOFR(Q) | 5/31/2030 | - | - | - | 0.0% |
| Silk Holdings III Corp. (Suave) |  | First lien senior secured loan | 9.83% | 5.50% |  | SOFR(Q) | 5/1/2029 | 19700 | 18899 | 19700 | 1.7% |
|  |  | First lien senior secured loan | 9.83% | 5.50% |  | SOFR(Q) | 5/1/2029 | 12908 | 12674 | 12908 | 1.1% |
|  |  | First lien senior secured revolving loan | 8.33% | 4.00% |  | SOFR(Q) | 5/1/2029 | 8333 | 8062 | 8333 | 0.7% |
|  |  |  |  |  |  |  |  | 73068 | 71400 | 73068 | 6.2% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |  |
| Foundation Consumer Brands LLC |  | First lien senior secured loan | 10.89% | 6.25% |  | SOFR(Q) | 2/12/2027 | 6358 | 6334 | 6358 | 0.5% |
|  |  | First lien senior secured revolving loan | 10.89% | 6.25% |  | SOFR(Q) | 2/12/2027 | - | - | - | 0.0% |
| Jazz Pharmaceuticals Inc. | (6)(8) | First lien senior secured loan | 6.61% | 2.25% |  | SOFR(M) | 5/5/2028 | 17301 | 17407 | 17334 | 1.5% |
| Organon & Co | (6)(8) | First lien senior secured loan | 6.60% | 2.25% |  | SOFR(Q) | 5/19/2031 | 12440 | 12411 | 12455 | 1.0% |
|  |  |  |  |  |  |  |  | 36099 | 36152 | 36147 | 3.0% |
| **Professional services** |  |  |  |  |  |  |  |  |  |  |  |
| 4 Over International, LLC |  | First lien senior secured loan | 11.46% | 7.00% |  | SOFR(M) | 12/7/2026 | 18851 | 18376 | 18662 | 1.6% |
| DISA Holdings Corp. (DISA) |  | First lien senior secured delayed draw loan | 9.50% | 5.00% |  | SOFR(Q) | 9/9/2028 | 8320 | 8174 | 8320 | 0.7% |
|  |  | First lien senior secured delayed draw loan | 9.40% | 5.00% |  | SOFR(Q) | 9/9/2028 | 125 | 83 | 125 | 0.0% |
|  |  | First lien senior secured revolving loan | 9.40% | 5.00% |  | SOFR(Q) | 9/9/2028 | - | - | - | 0.0% |
|  |  | First lien senior secured loan | 9.50% | 5.00% |  | SOFR(Q) | 9/9/2028 | 1311 | 1294 | 1311 | 0.1% |
|  |  | First lien senior secured loan | 9.50% | 5.00% |  | SOFR(Q) | 9/9/2028 | 21953 | 21505 | 21953 | 1.9% |
| Dun & Bradstreet Corp | (8) | First lien senior secured loan | 6.59% | 2.25% |  | SOFR(M) | 1/18/2029 | 9985 | 9995 | 9986 | 0.8% |
| Envirotech Services, LLC |  | First lien senior secured loan | 10.34% | 6.00% |  | SOFR(Q) | 1/18/2029 | 33046 | 32290 | 33046 | 2.8% |
|  |  | First lien senior secured loan | 10.35% | 6.00% |  | SOFR(Q) | 1/18/2029 | 124 | 122 | 124 | 0.0% |
|  |  | First lien senior secured revolving loan | 10.34% | 6.00% |  | SOFR(Q) | 1/18/2029 | - | - | - | 0.0% |
|  |  |  |  |  |  |  |  | 93715 | 91839 | 93527 | 7.9% |
| **Semiconductors & semiconductor equipment** |  |  |  |  |  |  |  |  |  |  |  |
| MKS Instruments Inc. | (6)(8) | First lien senior secured loan | 6.59% | 2.25% |  | SOFR(M) | 8/17/2029 | 11823 | 11871 | 11846 | 1.0% |
| **Specialty retail** |  |  |  |  |  |  |  |  |  |  |  |
| Great Outdoors Group, LLC | (8) | First lien senior secured loan | 8.22% | 3.75% |  | SOFR(M) | 3/6/2028 | 17321 | 17361 | 17382 | 1.5% |

---

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(amounts in 000's, except number of shares, units)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes <sup>(1)(2)</sup>** | **Investment<sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal / <br> Par** | **Amortized <br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage of<br> Net Assets** |
| Harbor Freight Tools USA Inc | (8) | First lien senior secured loan | 6.86% | 2.75% | - | SOFR(M) | 10/19/2027 | 17456 | 17424 | 17198 | 1.4% |
| Sundance Holdings Group, LLC | (7)(9)(10) | First lien senior secured loan | - | - | - |  | 6/30/2025 | 9414 | 9412 | 6590 | 0.5% |
|  |  | First lien senior secured delayed draw loan | - | - | - |  | 6/30/2025 | 444 | 444 | 657 | 0.1% |
|  |  |  |  |  |  |  |  | 44635 | 44641 | 41827 | 3.5% |
| **Textiles, apparel & luxury goods** |  |  |  |  |  |  |  |  |  |  |  |
| American Soccer Company, Incorporated (SCORE) |  | First lien senior secured loan | 14.73% | 7.25% | 3.00% | SOFR(Q) | 7/20/2027 | 27799 | 26870 | 27799 | 2.3% |
|  |  | First lien senior secured revolving loan | 14.73% | 7.25% | 3.00% | SOFR(Q) | 7/20/2027 | 2136 | 1986 | 2136 | 0.2% |
| BEL USA, LLC |  | First lien senior secured loan | 11.67% | 7.00% | - | SOFR(Q) | 6/2/2026 | 5503 | 5427 | 5379 | 0.5% |
|  |  | First lien senior secured loan | 11.67% | 7.00% | - | SOFR(Q) | 6/2/2026 | 90 | 89 | 88 | 0.0% |
| YS Garments, LLC |  | First lien senior secured loan | 12.25% | 7.50% | - | SOFR(Q) | 8/9/2026 | 6263 | 6210 | 6075 | 0.5% |
|  |  |  |  |  |  |  |  | 41791 | 40582 | 41477 | 3.5% |
| **Trading companies & distributors** |  |  |  |  |  |  |  |  |  |  |  |
| AIDC Intermediate Co 2, LLC (Peak Technologies) |  | First lien senior secured loan | 9.59% | 5.25% | - | SOFR(M) | 7/22/2027 | 34300 | 33591 | 34129 | 2.9% |
| TL Alpine Holding Corp. (Air Distribution Technologies Inc.) |  | First lien senior secured loan | 10.55% | 6.00% | - | SOFR(M) | 8/1/2030 | 18253 | 17905 | 18435 | 1.5% |
| BCDI Meteor Acquisition, LLC (Meteor) |  | First lien senior secured loan | 11.43% | 7.00% | - | SOFR(Q) | 6/29/2028 | 16133 | 15859 | 16133 | 1.3% |
|  |  | First lien senior secured loan | 11.43% | 7.00% | - | SOFR(Q) | 6/29/2028 | 2223 | 2180 | 2223 | 0.2% |
| CGI Automated Manufacturing, LLC |  | First lien senior secured loan | 11.59% | 7.00% | - | SOFR(Q) | 12/17/2026 | 16979 | 16565 | 16979 | 1.4% |
|  |  | First lien senior secured loan | 11.59% | 7.00% | - | SOFR(Q) | 12/17/2026 | 3104 | 3041 | 3104 | 0.3% |
|  |  | First lien senior secured loan | 11.59% | 7.00% | - | SOFR(Q) | 12/17/2026 | 6542 | 6447 | 6542 | 0.5% |
|  |  | First lien senior secured delayed draw loan | 11.59% | 7.00% | - | SOFR(Q) | 12/17/2026 | 3541 | 3467 | 3541 | 0.3% |
|  |  | First lien senior secured revolving loan | 11.59% | 7.00% | - | SOFR(Q) | 12/17/2026 | 479 | 421 | 479 | 0.0% |
| Dusk Acquisition II Corporation (Motors & Armatures, Inc. – MARS) |  | First lien senior secured loan | 10.33% | 6.00% | - | SOFR(Q) | 7/12/2029 | 26133 | 25663 | 26133 | 2.2% |
|  |  | First lien senior secured loan | 10.33% | 6.00% | - | SOFR(Q) | 7/12/2029 | 13801 | 13500 | 13801 | 1.2% |
| Energy Acquisition LP (Electrical Components International, Inc. - ECI) |  | First lien senior secured loan | 11.28% | 6.50% | - | SOFR(Q) | 5/10/2029 | 26149 | 25672 | 26541 | 2.2% |
|  |  | First lien senior secured delayed draw loan | 11.28% | 6.50% | - | SOFR(Q) | 5/11/2026 | - | - | - | 0.0% |
| Engineered Fastener Company, LLC (EFC International) |  | First lien senior secured loan | 10.98% | 6.50% | - | SOFR(Q) | 11/1/2027 | 23366 | 22986 | 23471 | 2.0% |
| Genuine Cable Group, LLC |  | First lien senior secured loan | 10.21% | 5.75% | - | SOFR(M) | 11/1/2026 | 28763 | 28285 | 28691 | 2.4% |
|  |  | First lien senior secured loan | 10.21% | 5.75% | - | SOFR(M) | 11/1/2026 | 5450 | 5348 | 5436 | 0.5% |

---

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(amounts in 000's, except number of shares, units)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Footnotes <sup>(1)(2)</sup>** | **Investment <sup>(3)</sup>** | **Interest Rate** | **Spread** | **PIK Rate** | **Reference<sup>(4)</sup>** | **Maturity<br> Date** | **Principal / <br> Par** | **Amortized <br> Cost<sup>(5)</sup>** | **Fair<br> Value** | **Percentage of<br> Net Assets** |
| I.D. Images Acquisition, LLC |  | First lien senior secured loan | 10.11% | 5.75% | - | SOFR(M) | 7/30/2027 | 5652 | 5572 | 5652 | 0.5% |
|  |  | First lien senior secured loan | 10.11% | 5.75% | - | SOFR(M) | 7/30/2027 | 7854 | 7792 | 7854 | 0.7% |
|  |  | First lien senior secured loan | 10.11% | 5.75% | - | SOFR(M) | 7/30/2027 | 4474 | 4423 | 4474 | 0.4% |
|  |  | First lien senior secured loan | 10.11% | 5.75% | - | SOFR(M) | 7/30/2027 | 1032 | 1024 | 1032 | 0.1% |
|  |  | First lien senior secured delayed draw loan | 10.11% | 5.75% | - | SOFR(M) | 7/30/2027 | 2459 | 2407 | 2459 | 0.2% |
|  |  | First lien senior secured revolving loan | 10.11% | 5.75% | - | SOFR(M) | 7/30/2027 | - | - | - | 0.0% |
| Krayden Holdings, Inc. |  | First lien senior secured delayed draw loan | 9.11% | 4.75% | - | SOFR(M) | 3/1/2029 | - | - | - | 0.0% |
|  |  | First lien senior secured revolving loan | 9.11% | 4.75% | - | SOFR(M) | 3/1/2029 | - | - | - | 0.0% |
|  |  | First lien senior secured loan | 9.11% | 4.75% | - | SOFR(M) | 3/1/2029 | 9395 | 9110 | 9395 | 0.8% |
| OAO Acquisitions, Inc. (BearCom) |  | First lien senior secured loan | 9.98% | 5.50% | - | SOFR(M) | 12/27/2029 | 21210 | 20932 | 21210 | 1.8% |
|  |  | First lien senior secured loan | 9.87% | 5.50% | - | SOFR(M) | 12/27/2029 | 857 | 849 | 857 | 0.1% |
|  |  | First lien senior secured delayed draw loan | 9.87% | 5.50% | - | SOFR(M) | 12/27/2025 | 4498 | 4420 | 4498 | 0.4% |
|  |  | First lien senior secured revolving loan | 9.87% | 5.50% | - | SOFR(M) | 12/27/2029 | - | - | - | 0.0% |
| Univar (Windsor Holdings LLC) | (8) | First lien senior secured loan | 7.86% | 3.50% | - | SOFR(M) | 8/1/2030 | 9960 | 10018 | 10065 | 0.8% |
| Workholding US Holdings, LLC (Forkardt Hardinge) |  | First lien senior secured loan | 10.13% | 5.50% | - | SOFR(Q) | 10/23/2029 | 7377 | 7208 | 7377 | 0.6% |
|  |  | First lien senior secured revolving loan | 10.09% | 5.50% | - | SOFR(Q) | 10/23/2029 | 555 | 484 | 555 | 0.1% |
|  |  |  |  |  |  |  |  | 300539 | 295169 | 301066 | 25.4% |
| **Wireless telecommunication services** |  |  |  |  |  |  |  |  |  |  |  |
| Centerline Communications, LLC |  | First lien senior secured loan | 12.12% | 6.00% | 1.50% | SOFR(Q) | 8/10/2027 | 5884 | 5770 | 5413 | 0.5% |
|  |  | First lien senior secured loan | 12.12% | 6.00% | 1.50% | SOFR(Q) | 8/10/2027 | 854 | 835 | 854 | 0.1% |
|  |  | First lien senior secured loan | 12.12% | 6.00% | 1.50% | SOFR(Q) | 8/10/2027 | 9109 | 8984 | 8380 | 0.7% |
|  |  | First lien senior secured delayed draw loan | 12.12% | 6.00% | 1.50% | SOFR(Q) | 8/10/2027 | 7066 | 6984 | 6501 | 0.5% |
|  |  | First lien senior secured delayed draw loan | 12.15% | 6.00% | 1.50% | SOFR(Q) | 8/10/2027 | 6220 | 6140 | 5722 | 0.5% |
|  |  | First lien senior secured revolving loan | 12.00% | 6.00% | 1.50% | SOFR(Q) | 8/10/2027 | 1824 | 1796 | 1678 | 0.1% |
|  |  | First lien senior secured loan | 12.16% | 6.00% | 1.50% | SOFR(Q) | 8/10/2027 | 1023 | 1000 | 941 | 0.1% |
|  |  |  |  |  |  |  |  | 31980 | 31509 | 29489 | 2.5% |
| **Total Debt Investments** |  |  |  |  |  |  |  | **1984672** | **1952708** | **1972406** | **166.3%** |

---

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(amounts in 000's, except number of shares, units)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Footnotes<sup>(1)(2)</sup>** | **Acquisition<br> Date** | **Number of<br> Shares/Units** | **Cost** | **Fair <br> Value** | **Percentage of<br> Net Assets** |
| **Equity Investments(10)(13)** |  |  | | | | |
| **Automobile components** |  |  | | | | |
| Vehicle Accessories, Inc. - Class A common | (14) | 2/25/2022 | 128250 | - | 589 | 0.1% |
| Vehicle Accessories, Inc. - preferred | (14) | 2/25/2022 | 250000 | 250 | 318 | 0.0% |
|  |  |  |  | 250 | 907 | 0.1% |
| **Building Products** |  |  |  |  |  |  |
| US Anchors Investor, LP - preferred | (15) | 7/15/2024 | 500000 | 500 | 500 | 0.0% |
| US Anchors Investor, LP - Class A Common | (15) | 7/15/2024 | 500000 | - | - | 0.0% |
|  |  |  |  | 500 | 500 | 0.0% |
| **Commercial services & supplies** |  |  |  |  |  |  |
| American Equipment Holdings LLC - Class A units | (16) | 4/8/2022 | 426 | 284 | 570 | 0.1% |
| Arborworks Acquisition LLC - Class A preferred units | (15) | 11/6/2023 | 21716 | 9179 | 11114 | 0.9% |
| Arborworks Acquisition LLC - Class B preferred units | (15) | 11/6/2023 | 21716 | - | - | 0.0% |
| Arborworks Acquisition LLC - Class A common units | (15) | 11/6/2023 | 2604 | - | - | 0.0% |
| Bloomington Holdings, LP (BW Fusion) - Class A1 common units | (15) | 11/5/2024 | 500 | 500 | 500 | 0.0% |
| BLP Buyer, Inc. (Bishop Lifting Products) - Class A common | (17) | 2/1/2022 | 582469 | 652 | 1097 | 0.1% |
|  |  |  |  | 10615 | 13281 | 1.1% |
| **Containers & packaging** |  |  |  |  |  |  |
| Robinette Company Acquisition, LLC - Class A common units | (15) | 5/10/2024 | 9 | - | 83 | 0.0% |
| Robinette Company Acquisition, LLC - Class A preferred units | (15) | 5/10/2024 | 500 | 500 | 515 | 0.1% |
|  |  |  |  | 500 | 598 | 0.1% |
| **Food products** |  |  |  |  |  |  |
| BC CS 2, L.P. (Cuisine Solutions) | (6)(11) | 7/8/2022 | 2000000 | 2000 | 3062 | 0.3% |
| CCFF Parent, LLC (California Custom Fruits & Flavors, LLC) - Class A-1 units | (15) | 2/26/2024 | 750 | 511 | 936 | 0.1% |
| City Line Distributors, LLC - Class A units | (15) | 8/31/2023 | 669866 | 670 | 518 | 0.0% |
| Gulf Pacific Holdings, LLC - Class A common | (16) | 9/30/2022 | 250 | 250 | 46 | 0.0% |
| Gulf Pacific Holdings, LLC - Class C common | (16) | 9/30/2022 | 250 | - | - | 0.0% |
| IF&P Foods, LLC (FreshEdge) - Class A preferred | (16) | 10/3/2022 | 773 | 773 | 908 | 0.1% |
| IF&P Foods, LLC (FreshEdge) - Class B common | (16) | 10/3/2022 | 750 | - | - | 0.0% |
| ML Buyer, LLC (Mama Lycha Foods, LLC) - Class A units | (15) | 9/9/2024 | 250 | 250 | 250 | 0.0% |
| Siegel Parent, LLC - Common | (18) | 12/29/2021 | 250 | 250 | - | 0.0% |
| Siegel Egg Co., LLC - Convertible Note | (18) | 1/19/2024 | 28 | 28 | 16 | 0.0% |
|  |  |  |  | 4732 | 5736 | 0.5% |
| **Health care equipment & supplies** |  |  |  |  |  |  |
| LSL Industries, LLC (LSL Healthcare) - common | (16) | 11/1/2022 | 7500 | 750 | 274 | 0.0% |
| **Health care providers & services** |  |  |  |  |  |  |
| NMA Super Holdings, LLC (BW Fusion) - Class A membership interests | (15) | 12/18/2024 | 1000000 | 1000 | 1000 | 0.1% |
| **Leisure products** |  |  |  |  |  |  |
| TG Parent Newco LLC (Trademark Global LLC) – common | (10)(12)(15) | 9/16/2024 | 8 | - | - | 0.0% |
| **Specialty retail** |  |  |  |  |  |  |
| Sundance Direct Holdings, Inc. - common |  | 10/27/2023 | 21479 | - | - | 0.0% |
| **Textiles, apparel & luxury goods** |  |  |  |  |  |  |
| American Soccer Company, Incorporated (SCORE) - common | (18) | 7/20/2022 | 1000000 | 1000 | 441 | 0.0% |
| **Total Equity Investments** |  |  |  | **19347** | **22737** | **1.9%** |
| **Total Debt and Equity Investments** |  |  |  | **1972055** | **1995143** | **168.2%** |

---

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(amounts in 000's, except number of shares, units)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Number of Shares** | **Cost** | **Fair Value** | **Percentage of Net Assets** |
| **Short-Term Investments** |  | | | | |
| Morgan Stanley Institutional Liquidity Fund, Institutional Class, 4.24% | (19) | 48683210 | 48683 | 48683 | 4.1% |
| **Total Short-Term Investments** |  | **48683210** | **48683** | **48683** | **4.1%** |
| **Total Investments** |  |  | $**2020738** | $**2043826** | **172.3%** |
| Liabilities in Excess of Other Assets |  |  |  | (857484) | (72.3)% |
| **Net Assets** |  |  |  | $**1186342** | **100.0%** |

---

(1) As of December 31, 2024, unless otherwise noted, investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company's outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2024, the total value of the Company's non-controlled, non-affiliated investments was $1,982,947.

(2) Unless otherwise noted, security is a Level 3 holding. As of December 31, 2024, the aggregate value of Level 3 securities held by the Company was $1,741,919. See Note 5 – Fair Value.

(3) Debt investments are pledged to the Company's credit facilities, and a single debt investment may be divided into parts that are individually pledged to separate credit facilities.

(4) Unless otherwise noted, all loans contain a variable rate structure, that may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate ("SOFR") (which can include one-(M), three-(Q) or six-month (S) SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate).

(5) The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(6) Non-qualifying investment as defined by Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, 9.0% of the Company's total assets were in non-qualifying investments.

(7) The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the "last-out" portion is at a greater risk of loss. Certain lenders represent a "first out" portion of the investment and have priority to the "last-out" portion with respect to payments of principal and interest.

(8) Security is a Level 2 holding. As of December 31, 2024, the aggregate value of Level 2 securities held by the Company was $253,224. See Note 5 – Fair Value.

(9) Debt investment on non-accrual status as of December 31, 2024.

(10) Non-income producing investment.

(11) The Company has a senior secured loan in an investment vehicle (BC CS 2, L.P.) that is collateralized by a preferred stock investment in Cuisine Solutions, Inc. This investment is characterized as subordinated debt.

(12) In September 2024, the Company completed a restructure of the investment in Trademark Global LLC whereby the existing term loan and revolver became a restructured term loan and revolver and no debt was converted to equity. The Company did receive new common units in TG Parent Newco LLC for which it owns 6.23% of the overall business (Kayne Anderson entities as a whole own 20.77%). As of December 31, 2024, the amortized cost basis of Trademark Global LLC was $15,438 and was 0.8% of the total amortized cost basis of our debt investments of $1,952,708. The restructure extended the maturity from July 30, 2024 to July 30, 2030; the rate changed from S + 5.75% to S + 8.50%.

**Kayne Anderson BDC, Inc.**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(amounts in 000's, except number of shares, units)**

As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement ("non-controlled affiliate"). As of December 31, 2024, the total value of the Company's non-controlled affiliated investments was $12,196. Transactions related to the Company's investment in a non-controlled affiliate for the period December 31, 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment<sup>(1)</sup>** | **Value at 12/30/2023** | **Gross Additions<sup>(a)</sup>** | **Gross Reductions<sup>(b)</sup>** | **Net Change in Unrealized Gains(Losses)** | **Value at 12/31/2024** | **Interest and PIK Income** | **Dividend Income** | **Other Income** |
| Trademark Global, LLC | $13129 | $1035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $(1968) | $12196 | $754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; - |
| TG Parent Newco LLC (Trademark Global LLC) | - | - | - | - | - | - | - | - |
| Total | $13129 | $1035 | $- | $(1968) | $12196 | $754 | $- | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind ("PIK") interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(13) Security is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act.

(14) The Company owns 0.19% of the common equity and 0.43% of the preferred equity of Vehicle Accessories, Inc.

(15) KABDC Corp, LLC, a wholly owned subsidiary of the Company, owns common and/or preferred equity of Arborworks Acquisition LLC, Bloomington Holdings, LP (BW Fusion), City Line Distributors, LLC, CCFF Parent, LLC (California Custom Fruits & Flavors, LLC), ML Buyer, LLC (Mama Lycha Foods, LLC), NMA Super Holdings, LLC (Neuromonitoring Associates), Robinette Company Acquisition, LLC, TG Parent Newco LLC (Trademark Global LLC) and US Anchors, LP (Mechanical Plastics Corp.).

(16) The Company owns 33.46% of a pass-through, taxable limited liability company, KSCF IV Equity Aggregator Blocker, LLC (the "Aggregator Blocker"), which holds the Company's equity investments in American Equipment Holdings LLC, Gulf Pacific Holdings, LLC, IF&P Foods, LLC (FreshEdge) and LSL Industries, LLC (LSL Healthcare). Through the Company's ownership of the Aggregator Blocker, the Company owns the respective units of each company listed above in the Schedule of Investments.

(17) The Company owns 0.53% of the common equity BLP Buyer, Inc. (Bishop Lifting Products).

(18) The Company owns 17.15% of a pass-through limited liability company, KSCF IV Equity Aggregator, LLC (the "Aggregator"), which holds the Company's equity investments in Siegel Parent, LLC and American Soccer Company, Incorporated (SCORE). Through the Company's ownership of the Aggregator, the Company owns the respective units of each company listed above in the Schedule of Investments.

(19) The indicated rate is the yield as of December 31, 2024.

See accompanying notes to consolidated financial statements.

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

**Note 1. Organization**

*Organization*

Kayne Anderson BDC, Inc. (the "Company") is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for U.S. federal income tax purposes, the Company intends to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Company is a Delaware corporation formed to make investments in middle-market companies and commenced operations on February 5, 2021. Following its initial public offering, the Company's common stock began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "KBDC" on May 22, 2024.

The Company is managed by KA Credit Advisors, LLC (the "Advisor"), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. ("Kayne Anderson"), a prominent alternative investment management firm. The Advisor operates within Kayne Anderson's middle market private credit platform ("KAPC" or "Kayne Anderson Private Credit"). The Advisor is registered with the United States Securities and Exchange Commission (the "SEC") under the Investment Advisory Act of 1940, as amended. Subject to the overall supervision of the Company's board of directors (the "Board"), the Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments, determining the value of the investments and monitoring its investments and portfolio companies on an ongoing basis. The Board consists of seven directors, four of whom are independent.

The Company's investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through debt investments in middle-market companies.

**Note 2. Significant Accounting Policies**

A. *Basis of Presentation* — the accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 — "Financial Services — Investment Companies." In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the consolidated financial statements for the periods presented, have been included.

B. *Consolidation* — as provided under Regulation S-X and ASC Topic 946 – "Financial Services – Investment Companies", the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company.

Accordingly, the Company consolidated the accounts of the Company's wholly-owned subsidiaries, Kayne Anderson BDC Financing, LLC, ("KABDCF"); Kayne Anderson BDC Financing II, LLC ("KABDCF II"), and KABDC Corp, LLC in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. KABDC Corp, LLC is a Delaware LLC that has elected to be treated as a corporation for U.S. tax purposes and was formed to facilitate compliance with the requirements to be treated as a RIC under the Code by holding (directly or indirectly through a subsidiary) equity or equity related investments in portfolio companies organized as limited liability companies or limited partnerships.

C. *Use of Estimates* — the preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ materially from those estimates.

D. *Cash and Cash Equivalents* — cash and cash equivalents include short-term, liquid investments with an original maturity of three months or less and include money market fund accounts. Cash equivalents, which are the Company's investments in money market fund accounts, are presented on the Company's consolidated schedule of investments, and within investments on the Company's consolidated statement of assets and liabilities.

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

E. *Investment Valuation, Fair Value* — the Company conducts the valuation of its investments consistent with GAAP and the 1940 Act. The Company's investments will be valued no less frequently than quarterly, in accordance with the terms of Topic 820 of the Financial Accounting Standards Board's Accounting Standards Codification, *Fair Value Measurement and Disclosures* ("ASC 820").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors has designated the Advisor as the "valuation designee" to perform fair value determinations of the Company's portfolio holdings, subject to oversight by and periodic reporting to the Board. The valuation designee performs fair valuation of the Company's portfolio holdings in accordance with the Advisor's Valuation Program, as approved by the Board.

*<u>Traded Investments (Level 1 or Level 2)</u>*

Investments for which market quotations are readily available will typically be valued at those market quotations. Traded investments such as corporate bonds, preferred stock, bank notes, broadly syndicated loans or loan participations are valued by using the bid price provided by an independent pricing service, by an independent broker, the agent bank, syndicate bank or principal market maker. When price quotes for investments are not available, or such prices are stale or do not represent fair value in the judgment of the Company's Advisor, fair market value will be determined using the Advisor's valuation process for investments that are privately issued or otherwise restricted as to resale.

The Company may also invest, to a lesser extent, in equity securities purchased in conjunction with debt investments. While the Company anticipates these equity securities to be issued by privately held companies, the Company may hold equity securities that are publicly traded. Equity securities listed on any exchange other than the NASDAQ Stock Market, Inc. ("NASDAQ") are valued, except as indicated below, at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities admitted to trade on the NASDAQ are valued at the NASDAQ official closing price. Equity securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Equity securities traded in the over-the-counter market, but excluding securities admitted to trading on the NASDAQ, are valued at the closing bid prices.

*<u>Non-Traded Investments (Level 3)</u>*

Investments that are privately issued or otherwise restricted as to resale, as well as any security for which (a) reliable market quotations are not available in the judgment of the Company's Advisor, or (b) the independent pricing service or independent broker does not provide prices or provides a price that in the judgment of the Company's Advisor is stale or does not represent fair value, shall each be valued in a manner that most fairly reflects fair value of the security on the valuation date. The Company expects that a significant majority of its investments will be Level 3 investments. Unless otherwise determined by the Advisor, the following valuation process is used for the Company's Level 3 investments:

● *Valuation Designee*. The applicable investments will be valued no less frequently than quarterly by the Advisor, with new investments valued at the time such investment was made. The value of each Level 3 investment will be initially reviewed by the persons responsible for such portfolio company or investment. The Advisor will use a standardized template designed to approximate fair market value based on observable market inputs, updated credit statistics and unobservable inputs to determine a preliminary value. The Advisor will specify the titles of the persons responsible for determining the fair value of Company investments, including by specifying the particular functions for which they are responsible, and will reasonably segregate fair value determinations from the portfolio management of the Company such that the portfolio manager(s) may not determine, or effectively determine by exerting substantial influence on, the fair values ascribed to portfolio investments.

● *Valuation Firm*. Quarterly, a third-party valuation firm engaged by the Advisor reviews the valuation methodologies and calculations employed for each of the Company's investments that the Advisor has placed on the "watch list" and approximately 25% of the Company's remaining investments. The third-party valuation firm will review and independently value all of the Level 3 investments at least once per year, on a rolling twelve-month basis. The quarterly report issued by the third-party valuation firm will provide positive assurance on the fair values of the investments reviewed.

● *Oversight*. The Board has appointed the Advisor as the valuation designee for the Company for purposes of making determinations of fair value as permitted by Rule 2a-5 under the 1940 Act. The Audit Committee shall aid the Board in overseeing the Advisor's fair valuation of securities that are not publicly traded or for which current market values are not readily available. The Audit Committee shall meet quarterly to review the fair value determinations, processes and written reports of the Advisor as part of the Board's oversight responsibilities *.* 

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to the Company's financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Company's financial statements.

F. *Interest Income Recognition* — Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. The Company does not accrue PIK interest if, in the opinion of the Advisor, the portfolio company valuation indicates that the PIK interest is not likely to be collectible. If the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK interest income. Previously capitalized PIK interest is not reversed when an investment is placed on non-accrual status. To maintain the Company's status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends for the year the income was earned, even though the Company has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest. For the six months ended June 30, 2025 and 2024, the Company had $2,369 and $663, respectively, of PIK interest included in interest income, which represents 2.1% and 0.7%, respectively, of aggregate interest income.

Loans are generally placed on non-accrual status when it has been determined that a significant impairment in the financial condition and ability of the borrower to repay principal and interest has occurred and is expected to continue such that it is probable the collectability of full amount of the loan (principal and interest) is doubtful. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. If cash payments are received subsequent to a loan being placed on non-accrual status, these payments will first be applied to previously accrued but uncollected interest, then to recover the principal. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer a reasonable doubt that such principal or interest will be collected in full and, in the Company's judgment, principal and interest are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection. As of June 30, 2025, the Company had five debt investments on non-accrual status, which comprised 2.6% and 1.6%, respectively, of total debt investments at cost and fair value. As of June 30, 2024, the Company had two debt investment on non-accrual status, which comprised 1.2% and 1.0%, respectively, of total debt investments at cost and fair value.

G. *Debt Issuance Costs* — Costs incurred by the Company related to the issuance of its debt (credit facilities) are capitalized and amortized over the period the debt is outstanding. The Company has classified the costs incurred to issue its credit facilities as a deduction from the carrying value of the credit facilities on the Statement of Assets and Liabilities. For the purpose of calculating the Company's asset coverage ratios pursuant to the 1940 Act, deferred issuance costs are not deducted from the carrying value of debt or preferred stock.

H. *Dividends to Common Stockholders* — Dividends to common stockholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Company's board of directors each quarter and is generally based upon the earnings estimated by management and considers the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Net realized capital gains, if any, are generally distributed, although the Company may decide to retain such capital gains for investment.

I. *Income Taxes* — it is the Company's intention to continue to be treated as and to qualify each year for special tax treatment afforded a RIC under the Code. As long as the Company meets certain requirements that govern its sources of income, diversification of assets and timely distribution of earnings to stockholders, the Company will not be subject to U.S. federal income tax.

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

The Company must pay distributions equal to 90% of its investment company taxable income (ordinary income and short-term capital gains) to qualify as a RIC and it must distribute all of its taxable income (ordinary income, short-term capital gains and long-term capital gains) to avoid federal income taxes. The Company will be subject to federal income tax on any undistributed portion of income. For purposes of the distribution test, the Company may elect to treat as paid on the last day of its taxable year all or part of any distributions that are declared after the end of its taxable year if such distributions are declared before the due date of its tax return, including any extensions.

All RICs are subject to a non-deductible 4% excise tax on income that is not distributed on a timely basis in accordance with the calendar year distribution requirements. To avoid the tax, the Company must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its net capital gains for the one-year period ending on December 31, the last day of our taxable year, and (iii) undistributed amounts from previous years on which the Company paid no U.S. federal income tax. A distribution will be treated as paid during the calendar year if it is paid during the calendar year or declared by the Company in October, November or December of such year, payable to stockholders of record on a date during such months and paid by the Company no later than January of the following year. Any such distributions paid during January of the following year will be deemed to be received by stockholders on December 31 of the year the distributions are declared, rather than when the distributions are actually received.

The Company's wholly owned subsidiary, KABDC Corp, LLC has elected to be a corporation and is obligated to pay federal and state income tax on its taxable income. KABDC Corp, LLC invests in partnerships and includes its allocable share of the taxable income or loss in computing its own taxable income. Deferred income taxes reflect (i) taxes on unrealized gains (losses), which are attributable to the difference between fair value and tax cost basis, (ii) the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (iii) the net tax benefit of accumulated net operating and capital losses. Income tax expense, if any, is included under the income category for which it relates in the Consolidated Statements of Operations.

To the extent KABDC Corp, LLC has a deferred tax asset, consideration is given as to whether or not a valuation allowance is required. The need to establish a valuation allowance for deferred tax assets is assessed periodically based on the Income Tax Topic of the FASB Accounting Standards Codification (ASC 740), that it is more likely than not that some portion or all of the deferred tax asset will not be realized. In the assessment for a valuation allowance, consideration is given to all positive and negative evidence related to the realization of the deferred tax asset. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods and the associated risk that certain loss carryforwards may expire unused.

KABDC Corp, LLC may rely to some extent on information provided by portfolio investments, which may not necessarily be timely, to estimate taxable income allocable to the units/shares of such companies held in the portfolio and to estimate the associated current and/or deferred tax liability.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

J. *Commitments and Contingencies* — in the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

**Note 3. Agreements and Related Party Transactions**

A. *Controlled / Affiliated Portfolio Companies* — under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company's outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in "affiliated" companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company's outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in "controlled" companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company's non-controlled, non-affiliated, and non-controlled, affiliated, investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.

B. *Administration Agreement* — on February 5, 2021, the Company entered into an Administration Agreement with its Advisor, which serves as its Administrator and provides or oversees the performance of its required administrative services and professional services rendered by others, which include (but are not limited to), accounting, payment of our expenses, legal, compliance, operations, technology and investor relations, preparation and filing of its tax returns, and preparation of financial reports provided to its stockholders and filed with the SEC. On February 19, 2025, the Board approved an additional one-year term of the Administration Agreement through March 15, 2026.

The Company reimburses the Administrator for its costs and expenses incurred in performing its obligations under the Administration Agreement, which may include its allocable portion of office facilities, overhead, and compensation paid to or compensatory distributions received by its officers (including our Chief Compliance Officer and Chief Financial Officer) and its respective staff who provide services to the Company. As the Company reimburses the Administrator for its expenses, the Company indirectly bears such cost. The Administration Agreement may be terminated by either party with 60 days' written notice.

C. *Investment Advisory Agreement* — on February 5, 2021, the Company entered into an Investment Advisory Agreement with its Advisor. Pursuant to the Investment Advisory Agreement with its Advisor, the Company pays its Advisor a fee for investment advisory and management services consisting of two components—a base management fee and an incentive fee. The Advisor may, from time-to-time, grant waivers on the Company's obligations, including waivers of the base management fee and/or incentive fee, under the Investment Advisory Agreement. The Investment Advisory Agreement may be terminated by either party with 60 days' written notice.

On March 6, 2024, the Board approved an amended and restated investment advisory agreement (the "Amended Investment Advisory Agreement") and a fee waiver agreement (the "Fee Waiver Agreement") between the Company and the Advisor, which became effective upon the completion of the initial public offering of the Company's shares of common stock on May 24, 2024 (the "IPO Date").

The Amended Investment Advisory Agreement is materially the same as the Investment Advisory Agreement except, following the IPO Date, the base management fee is calculated at an annual rate of 1.00% and the incentive fee on income is subject to a twelve-quarter lookback quarterly hurdle rate of 1.50% as opposed to a single quarter measurement and is subject to an Incentive Fee Cap (as defined below) based on the Company's Cumulative Pre-Incentive Fee Net Return (as defined below). This lookback feature provides that the Advisor's income incentive fee may be reduced if the Company's portfolio experiences aggregate write-downs or net capital losses during the applicable Trailing Twelve Quarters (as defined below). Pursuant to the Fee Waiver Agreement, commencing on the IPO Date, the Advisor implemented waivers of (i) the income incentive fee for three calendar quarters commencing the quarter the initial public offering was completed and (ii) a portion of the base management fee for one year following the completion of the initial public offering. Amounts waived by the Advisor pursuant to the Fee Waiver Agreement are not subject to recoupment by the Advisor.

On February 19, 2025, the Board approved an additional one-year term of the Investment Advisory Agreement through March 15, 2026.

*<u>Base Management Fee</u>*

<u>Pre-IPO Base Management Fee</u>

Prior to the IPO Date, the base management fee was calculated at an annual rate of 0.90% of the fair market value of the Company's investments including, in each case, assets purchased with borrowings under credit facilities and issuances of senior unsecured notes, but excluding cash, U.S. government securities and commercial paper instruments maturing within one year of purchase.

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

<u>Post-IPO Base Management Fee</u>

Commencing on the IPO Date, the base management fee is calculated at an annual rate of 1.00% of the fair market value of the Company's investments. Since the IPO Date was on a date other than the first day of a calendar quarter, the management fee was calculated for the calendar quarter at a weighted rate based on the fee rates applicable before and after the IPO Date based on the number of days in such calendar quarter before and after the IPO Date. Pursuant to the Fee Waiver Agreement, commencing on the IPO Date, the Advisor has contractually agreed to waive the base management fee at an annual rate of 0.25% for one year following the IPO Date.

For the three months ended June 30, 2025, the Company incurred base management fees of $4,624, net of waiver of $788. For the three months ended June 30, 2024, the Company incurred base management fees of $3,780, net of waiver of $471.

For the six months ended June 30, 2025, the Company incurred base management fees of $8,472, net of waiver of $2,071. For the six months ended June 30, 2024, the Company incurred base management fees of $7,302, net of waiver of $471.

*<u>Incentive Fee</u>*

The Company also pays the Advisor an incentive fee. The incentive fee consists of two parts—an incentive fee on income and an incentive fee on capital gains. Described in more detail below, these components of the incentive fee are largely independent of each other with the result that one component may be payable even if the other is not.

*Incentive Fee on Income*

The incentive fee based on income (the "income incentive fee") is determined and paid quarterly in arrears in cash. The Company's quarterly pre-incentive fee net investment income must exceed a preferred return of 1.50% of the Company's net asset value ("NAV") at the end of the immediately preceding calendar quarter (6.0% annualized but not compounded) (the "Hurdle Amount") in order for the Company to receive an income incentive fee.

<u>Pre-IPO Incentive Fee on Income</u>

Prior to the IPO Date, the income incentive fee is calculated as 100% of our pre-incentive fee net investment income for the immediately preceding calendar quarter in excess of 1.50% of the Company's NAV at the end of the immediately preceding calendar quarter until the Advisor has received 10% of the total pre-incentive fee net income for that calendar quarter and, for pre-incentive fee net investment income in excess of 1.6667%, 10% of all remaining pre-incentive fee net investment income for that quarter. Pre-incentive fee net investment income excludes any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

<u>Post-IPO Incentive Fee on Income</u>

Commencing on the IPO Date, the Company pays the Advisor an income incentive fee based on its aggregate pre-incentive fee net investment income with respect to (i) the quarter ended June 30, 2024 (the "First Calendar Quarter") and (ii) each subsequent calendar quarter, with the then-current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter after the First Calendar Quarter (or the appropriate portion thereof in the case of any of the Company's first eleven calendar quarters that commence after the First Calendar Quarter) (those calendar quarters after the First Calendar Quarter, the "Trailing Twelve Quarters").

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

For the First Calendar Quarter, pre-incentive fee net investment income in respect of the First Calendar Quarter will be compared to a hurdle rate of 1.50% (6.00% annualized). The income incentive fee for the First Calendar Quarter will be determined as follows:

● no income incentive fee is payable to the Advisor if the aggregate pre-incentive fee net investment income for the First Calendar Quarter does not exceed that hurdle rate;

● 100% of the aggregate pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds that hurdle rate, but is less than a quarterly rate of 1.6667% for the portion of the First Calendar Quarter before the initial public offering and a quarterly rate of 1.7647% for the portion of the First Calendar Quarter after the initial public offering, referred to the "catch-up." The "catch-up" is meant to provide the Advisor with 10.0% of the Company's pre-incentive fee net investment income for the portion of the First Calendar Quarter before the initial public offering and 15.0% for the balance of that First Calendar Quarter, as if the hurdle rate did not apply; and

● 10.0% of the aggregate pre-incentive fee net investment income, if any, that exceeds a quarterly rate of 1.6667% for the portion of the First Calendar Quarter before the initial public offering and 15.0% of the aggregate pre-incentive fee net investment income, if any, that exceeds a quarterly rate of 1.7647% for the balance of the First Calendar Quarter.

Commencing with the calendar quarter beginning immediately after the First Calendar Quarter, subject to the Incentive Fee Cap (described below), the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a "Hurdle Rate" equal to the product of (i) the hurdle rate of 1.50% per quarter (6.00% annualized) and (ii) the sum of our net assets at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Hurdle Rate is calculated after making appropriate adjustments to the Company's net asset value at the beginning of each applicable calendar quarter for all issuances by the Company of shares of its common stock, including issuances pursuant to its dividend reinvestment plan, and distributions during the applicable calendar quarter. The income incentive fee for each calendar quarter is determined as follows:

● no income incentive fee is payable to the Advisor in any calendar quarter in which aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters does not exceed the Hurdle Rate;

● 100% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate, but is less than or equal to an amount, which we refer to as the "Catch-up Amount," determined on a quarterly basis by multiplying 1.7647% by the Company's net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters (after making appropriate adjustments to the Company's net asset value at the beginning of each applicable calendar quarter for all issuances by the Company of shares of its common stock, including issuances pursuant to its dividend reinvestment plan, and distributions during the applicable calendar quarter); and

● 15.0% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount.

Commencing with the quarter that begins immediately after the First Calendar Quarter, each income incentive fee is subject to an "Incentive Fee Cap" that in respect of any calendar quarter is an amount equal to 15.0% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the Trailing Twelve Quarters less the aggregate income incentive fees that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. In the event the Incentive Fee Cap is zero or a negative value then no income incentive fee shall be payable and if the Incentive Fee Cap is less than the amount of income incentive fee that would otherwise be payable, the amount of income incentive fee shall be reduced to an amount equal to the Incentive Fee Cap.

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

"Cumulative Pre-Incentive Fee Net Return" means (x) with respect to the First Calendar Quarter, the sum of pre-incentive fee net investment income in respect of the First Calendar Quarter, (y) with respect to the relevant Trailing Twelve Quarters, the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters minus any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no income incentive fee to the Advisor for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the income incentive fee that is payable to the Advisor for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income incentive fee to the Advisor equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the income incentive fee that is payable to the Advisor for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income incentive fee to the Advisor equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

"Net Capital Loss" in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

These calculations are prorated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. Amounts waived by the Advisor pursuant to the Fee Waiver Agreement are not subject to recoupment by the Advisor.

*Incentive Fee on Capital Gains*

 

<u>Pre-IPO Incentive Fee on Capital Gains</u>

 

Prior to the IPO Date, the incentive fee on capital gains (the "capital gains incentive fee") was calculated and payable in arrears in cash as 10% of the Company's realized capital gains, if any, on a cumulative basis from formation through (a) the day before our initial public offering ("IPO"), (b) upon consummation of a Liquidity Event (as defined in the Investment Advisory Agreement) or (c) upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For the purpose of computing the capital gain incentive fee, the calculation methodology looked through derivative financial instruments or swaps as if the Company owned the reference assets directly.

<u>Post-IPO Incentive Fee on Capital Gains</u>

Commencing on the IPO Date, the incentive fee on capital gains is calculated and payable in arrears in cash as 15.0% of the Company's realized capital gains, if any, on a cumulative basis from formation through the end of a given calendar year or upon termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. In the event that the Investment Advisory Agreement terminates as of a date that is not a fiscal year end, the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying a capital gain incentive fee.

For the three months ended June 30, 2025, the Company incurred incentive fees on income of $4,452 and no incentive fees on capital gains. For the three months ended June 30, 2024, the Company incurred incentive fees on income of zero, net of waivers of $4,109 and no incentive fees on capital gains.

For the six months ended June 30, 2025, the Company incurred incentive fees on income of $8,942 and no incentive fees on capital gains. For the six months ended June 30, 2024, the Company incurred incentive fees on income of $2,631, net of waivers of $4,109, and no incentive fees on capital gains.

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

**Note 4. Investments**

The following table presents the composition of the Company's investment portfolio at amortized cost and fair value as of June 30, 2025 and December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized**<br>**Cost** | **Fair**<br>**Value** | **Amortized**<br>**Cost** | **Fair**<br>**Value** |
| First-lien senior secured debt investments | $2141772 | $2149201 | $1952708 | $1972406 |
| Equity investments | 19761 | 25439 | 19347 | 22737 |
| Investments in money market funds | 30367 | 30367 | 48683 | 48683 |
| **Total Investments** | $2191900 | $2205007 | $2020738 | $2043826 |

---

As of June 30, 2025 and December 31, 2024, $146,858 and $188,253, respectively, of the Company's total assets were non-qualifying assets, as defined by Section 55(a) of the 1940 Act.

The Company uses Global Industry Classification Standards (GICS), Level 3 – Industry, for classifying the industry groupings of its portfolio companies.

The industry composition of long-term investments based on fair value as of June 30, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Trading companies & distributors | 15.5% | 15.1% |
| Commercial services & supplies | 10.8% | 11.7% |
| Health care providers & services | 9.5% | 8.4% |
| Food products | 9.0% | 10.0% |
| Containers & packaging | 8.6% | 7.5% |
| Machinery | 5.1% | 3.7% |
| Professional services | 5.0% | 4.7% |
| Personal care products | 4.7% | 3.7% |
| Leisure products | 4.3% | 3.2% |
| Aerospace & defense | 3.1% | 4.4% |
| Chemicals | 3.0% | 1.1% |
| Household products | 2.5% | 0.8% |
| Textiles, apparel & luxury goods | 2.1% | 2.1% |
| Automobile components | 2.0% | 3.6% |
| Building products | 1.6% | 2.3% |
| Health care equipment & supplies | 1.6% | 1.4% |
| IT services | 1.6% | 1.7% |
| Specialty retail | 1.6% | 2.1% |
| Pharmaceuticals | 1.5% | 1.8% |
| Diversified telecommunication services | 1.4% | 1.5% |
| Wireless telecommunication services | 1.4% | 1.5% |
| Hotels, restaurants & leisure | 1.3% | 1.4% |
| Insurance | 1.0% | 2.0% |
| Household durables | 0.9% | 1.0% |
| Biotechnology | 0.6% | 0.6% |
| Media | 0.2% | 0.8% |
| Diversified consumer services | 0.1% | 0.1% |
| Construction materials |  | 0.7% |
| Semiconductors & semiconductor equipment |  | 0.6% |
| Electrical equipment | - | 0.5% |
|  | 100.0% | 100.0% |

---

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

**Note 5. Fair Value**

The Fair Value Measurement Topic of the FASB Accounting Standards Codification (ASC 820) defines fair value as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants under current market conditions at the measurement date. As required by ASC 820, the Company has performed an analysis of all investments measured at fair value to determine the significance and character of all inputs to their fair value determination. Inputs are the assumptions, along with considerations of risk, that a market participant would use to value an asset or a liability. In general, observable inputs are based on market data that is readily available, regularly distributed and verifiable that the Company obtains from independent, third-party sources. Unobservable inputs are developed by the Company based on its own assumptions of how market participants would value an asset or a liability.

The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into the following three broad categories.

*Level 1 — Valuations based on quoted unadjusted prices for identical instruments in active markets traded on a national exchange to which the Company has access at the date of measurement.*

*Level 2 — Valuations based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.*

*Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Company's own assumptions that market participants would use to price the asset or liability based on the best available information.*

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

The following tables present the fair value hierarchy of investments as of June 30, 2025 and December 31, 2024. Note that the valuation levels below are not necessarily an indication of the risk associated with the underlying investment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Hierarchy as of June 30, 2025** | **Fair Value Hierarchy as of June 30, 2025** | **Fair Value Hierarchy as of June 30, 2025** | **Fair Value Hierarchy as of June 30, 2025** |
| <br>**Investments:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First-lien senior secured debt investments | $- | $178712 | $1970489 | $2149201 |
| Equity investments | - | - | 25439 | 25439 |
| Investments in money market funds | 30367 | - | - | 30367 |
| **Total Investments** | $30367 | $178712 | $1995928 | $2205007 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Hierarchy as of December 31, 2024** | **Fair Value Hierarchy as of December 31, 2024** | **Fair Value Hierarchy as of December 31, 2024** | **Fair Value Hierarchy as of December 31, 2024** |
| <br>**Investments:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First-lien senior secured debt investments | $- | $253224 | $1719182 | $1972406 |
| Equity investments | - | - | 22737 | 22737 |
| Investments in money market funds | 48683 | - | - | 48683 |
| **Total Investments** | $48683 | $253224 | $1741919 | $2043826 |

---

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and six months ended June 30, 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
| <br>**For the three months ended June 30, 2025** | **First-lien**<br>**senior secured**<br>**debt investments<sup>(1)</sup>** | **Private**<br>**equity**<br>**investments<sup>(2)</sup>** |<br>**Total** |
| Fair value, beginning of period | $1918740 | $24123 | $1942863 |
| Purchases of investments | 124395 | 165 | 124560 |
| Proceeds from sales of investments and principal repayments | (72046) | (30) | (72076) |
| Net change in unrealized gain (loss) | (5996) | 1151 | (4845) |
| Net realized gain (loss) | - | 30 | 30 |
| Net accretion of discount on investments | 3261 | - | 3261 |
| PIK interest and dividends | 2135 | - | 2135 |
| Transfers into (out of) Level 3 | - | - | - |
| **Fair value, end of period** | $1970489 | $25439 | $1995928 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**For the three months ended June 30, 2024** | **First-lien**<br>**senior secured**<br>**debt investments** | **Private**<br>**equity**<br>**investments** |<br>**Total** |
| Fair value, beginning of period | $1463891 | $18451 | $1482342 |
| Purchases of investments | 131435 | 511 | 131946 |
| Proceeds from sales of investments and principal repayments | (40471) | - | (40471) |
| Net change in unrealized gain (loss) | (2511) | (335) | (2846) |
| Net realized gain (loss) | - | - | - |
| Net accretion of discount on investments | 2850 | - | 2850 |
| PIK interest | 576 | - | 576 |
| Transfers into (out of) Level 3 | - | - | - |
| **Fair value, end of period** | $1555770 | $18627 | $1574397 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**For the six months ended June 30, 2025** | **First-lien**<br>**senior secured**<br>**debt investments** | **Private**<br>**equity**<br>**investments** |<br>**Total** |
| Fair value, beginning of period | $1719182 | $22737 | $1741919 |
| Purchases of investments | 411719 | 665 | 412384 |
| Proceeds from sales of investments and principal repayments | (158303) | (846) | (159149) |
| Net change in unrealized gain (loss) | (11419) | 2287 | (9132) |
| Net realized gain (loss) | - | 596 | 596 |
| Net accretion of discount on investments | 6817 | - | 6817 |
| PIK interest and dividends | 2493 | - | 2493 |
| Transfers into (out of) Level 3 | - | - | - |
| **Fair value, end of period** | $1970489 | $25439 | $1995928 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**For the six months ended June 30, 2024** | **First-lien**<br>**senior secured**<br>**debt investments** | **Private**<br>**equity**<br>**investments** |<br>**Total** |
| Fair value, beginning of period | $1346174 | $17324 | $1363498 |
| Purchases of investments | 273730 | 1530 | 275260 |
| Proceeds from sales of investments and principal repayments | (72861) | - | (72861) |
| Net change in unrealized gain (loss) | 2319 | (227) | 2092 |
| Net realized gain (loss) | - | - | - |
| Net accretion of discount on investments | 5466 | - | 5466 |
| PIK interest | 942 | - | 942 |
| Transfers into (out of) Level 3 | - | - | - |
| **Fair value, end of period** | $1555770 | $18627 | $1574397 |

---

For the three and six months ended June 30, 2025 and 2024, the Company did not recognize any transfers to or from Level 3. The increase in unrealized gain (loss) relates to investments that were held during the period. The Company includes these unrealized gains and losses on the Statement of Operations – Net Change in Unrealized Gains (Losses).

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

*<u>Valuation Techniques and Unobservable Inputs</u>*

Non-traded debt investments are typically valued using either a market yield analysis or an enterprise value analysis. For debt investments that are not considered to be credit impaired, the Advisor uses a market yield analysis to determine fair value. If the debt investment is considered to be credit impaired (which is determined by performing an enterprise value analysis), the Advisor will use the enterprise value analysis or a liquidation basis analysis to determine fair value.

To determine fair value using a market yield analysis, the Advisor discounts the contractual cash flows of each investment at an appropriate discount rate (the market yield). To determine the estimated market yield for its debt investments, the Advisor analyzes changes in the risk/reward (measured by yields and leverage) of middle market indices as compared to changes in risk/reward for the underlying investment and estimates the appropriate discount rate for such debt investment. In this context, the discount rate and the fair market value of the investment is impacted by the structure and pricing of the security relative to current market yields for similar investments in similar businesses as well as the financial performance of such business. In performing this analysis, the Advisor considers data sources including, but not limited to: (i) industry publications, such as S&P Global's High-End Middle Market Lending Review; Thomson Reuter's Refinitiv Middle Market Monthly Stats; CapitalIQ; Pitchbook News; The Lead Left, and other data sources; (ii) comparable investments reviewed or completed by affiliates of the Advisor, and (iii) information obtained and provided by the Advisor's independent valuation managers.

To determine if a debt investment is credit impaired, the Advisor estimates the enterprise value of the business and compares such estimate to the outstanding indebtedness of such business. The Advisor utilizes the following valuation methodologies to determine the estimated enterprise value of the company: (i) analysis of valuations of publicly traded companies in a similar line of business ("public company comparable analysis"), (ii) analysis of valuations of M&A transaction valuations for companies in a similar line of business ("precedent transaction analysis"), (iii) discounted cash flows ("DCF analysis") and (iv) other valuation methodologies.

In determining the non-traded debt investment valuations, the following factors are considered, where relevant: the nature and realizable value of any collateral; the company's ability to make interest payments, amortization payments (if any) and other fixed charges; call features, put features and other relevant terms of the debt security; the company's historical and projected financial results; the markets in which the company does business; changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be valued; and other relevant factors.

Equity investments in private companies are typically valued using one of or a combination of the following valuation techniques: (i) public company comparable analysis, (ii) precedent transaction analysis and (iii) DCF analysis.

Under all of these valuation techniques, the Advisor estimates operating results of the companies in which it invests, including earnings before interest expense, income tax expense, depreciation and amortization ("EBITDA") and free cash flow. These estimates utilize unobservable inputs such as historical operating results, which may be unaudited, and projected operating results, which will be based on operating assumptions for such company. Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information. These estimates will be sensitive to changes in assumptions specific to such company as well as general assumptions for the industry. Other unobservable inputs utilized in the valuation techniques outlined above include: discounts for lack of marketability, selection of publicly traded companies, selection of similar precedent transactions, selected ranges for valuation multiples and expected required rates of return (discount rates).

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

*<u>Quantitative Table for Valuation Techniques</u>*

 

The following tables present quantitative information about the significant unobservable inputs of the Company's Level 3 investments as of June 30, 2025 and December 31, 2024. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Advisor's determination of fair value. The Company calculates weighted average, based on the value of the unobservable input of each investment relative to the fair value of the investment compared to the total fair value of all investments. First-lien senior secured debt investments include the Company's senior secured loan in an investment vehicle (BC CS 2, L.P.), which is considered subordinated debt since it is collateralized by a preferred stock investment in Cuisine Solutions, Inc.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | | |
|  |<br>**Fair Value** | **Valuation**<br>**Technique** | **Unobservable**<br>**Input** | <br>**Range** | <br>**Weighted**<br>**Average** |
| First-lien senior secured debt investments | $1970489 | Discounted cash flow analysis | Discount rate | 6.9% - 15.0% | 9.3% |
| Preferred equity investment | 13746 | Discounted cash flow analysis | Discount rate | 15.0% | 15.0% |
| Common equity investments | 750 | Precedent Transaction Analysis | Original cost | 1 | 1 |
| Other equity investments | 10943 | Comparable Multiples | EV / EBITDA | 7.8 - 17.2 | 11.1 |
|  | $1995928 |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  |<br>**Fair Value** | **Valuation**<br>**Technique** | **Unobservable**<br>**Input** | <br>**Range** | **Weighted**<br>**Average** |
| First-lien senior secured debt investments | $1719182 | &nbsp;&nbsp;Discounted cash flow analysis | &nbsp;&nbsp;Discount rate | 8.2% - 15.0% | 10.1% |
| Preferred equity investment | 11114 | &nbsp;&nbsp;Discounted cash flow analysis | &nbsp;&nbsp;Discount rate | 15.0% | 15.0% |
| Preferred equity investment | 500 | &nbsp;&nbsp;Precedent Transaction Analysis | &nbsp;&nbsp;Original cost | 1 | 1 |
| Common equity investment | 1750 | &nbsp;&nbsp;Precedent Transaction Analysis | &nbsp;&nbsp;Original cost | 1 | 1 |
| Other equity investments | 9373 | &nbsp;&nbsp;Comparable Multiples | &nbsp;&nbsp;EV / EBITDA | 7.6 - 17.2 | 11.3 |
|  | $1741919 |  |  |  |  |

---

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

**Note 6. Debt**

*Corporate Credit Facility*

 

As of June 30, 2025, the Company had a senior secured revolving credit facility (the "Corporate Credit Facility"), that has a total commitment of $400,000 which has a maturity date of November 22, 2029. The Corporate Credit Facility also provides for a feature that allows the Company, under certain circumstances, to increase the overall size of the Corporate Credit Facility to a maximum of $600,000. The interest rate on the Corporate Credit Facility is equal to Term SOFR (a forward-looking rate based on SOFR futures) plus an applicable spread of 2.10% per annum or an "alternate base rate" (as defined in the agreements governing the Corporate Credit Facility) plus an applicable spread of 1.00%. The Company is also required to pay a commitment fee of 0.375% per annum on any unused portion of the Corporate Credit Facility.

Under the Corporate Credit Facility, the Company is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum stockholders' equity, and (e) maintaining a ratio of total assets (less total liabilities not representing indebtedness) to total indebtedness of the Company and its consolidated subsidiaries of not less than 1.5:1.0. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Corporate Credit Facility. Amounts available to borrow under the Corporate Credit Facility are subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Corporate Credit Facility) that are pledged as collateral. The Corporate Credit Facility is secured by certain assets in the Company's portfolio and excludes investments held by Kayne Anderson BDC Financing LLC ("KABDCF") under the Revolving Funding Facility and by Kayne Anderson BDC Financing II, LLC ("KABDCF II") under the Revolving Funding Facility II (each as defined below).

For the six months ended June 30, 2025 and 2024, the average amount of borrowings outstanding under the Corporate Credit Facility was $243,956 and $146,692, respectively, with a weighted average interest rate of 6.43% and 7.73%, respectively. As of June 30, 2025, the Company had $224,000 outstanding under the Corporate Credit Facility at a weighted average interest rate of 6.42%.

*Revolving Funding Facility*

As of June 30, 2025, the Company and KABDCF, a wholly-owned, special purpose financing subsidiary, had a senior secured revolving funding facility (the "Revolving Funding Facility"), that has a total commitment of $675,000. The end of the reinvestment period is February 13, 2028, and the maturity date is February 13, 2030. The interest rate on the Revolving Funding Facility is SOFR plus 2.15% per annum. The Revolving Funding Facility is secured by all of the assets held by KABDCF and the Company has agreed that it will not grant or allow a lien on the membership interest of KABDCF.

KABDCF is also required to pay a commitment fee of between 0.50% and 1.50% per annum depending on the size of the unused portion of the Revolving Funding Facility. Amounts available to borrow under the Revolving Funding Facility are subject to a borrowing base that applies different advance rates to different types of assets held by KABDCF and is subject to limitations with respect to the loans securing the Revolving Funding Facility, including restrictions on, loan size, industry concentration, payment frequency and status, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and KABDCF are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Revolving Funding Facility.

For the six months ended June 30, 2025 and 2024, the average amount of borrowings outstanding under the Revolving Funding Facility was $507,345 and $338,906, respectively, with a weighted average interest rate of 6.54% and 7.92%, respectively. As of June 30, 2025, the Company had $574,000 outstanding under the Revolving Funding Facility at a weighted average interest rate of 6.44%.

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

 

*Revolving Funding Facility II*

As of June 30, 2025, the Company and KABDCF II, a wholly-owned, special purpose financing subsidiary, had a senior secured revolving credit facility (the "Revolving Funding Facility II"). The Revolving Funding Facility II has an initial commitment of $250,000 which, under certain circumstances, can be increased up to $500,000. The Revolving Funding Facility II is secured by all of the assets held by KABDCF II and the Company has agreed that it will not grant or allow a lien on the membership interest of KABDCF II. The end of the reinvestment period is December 22, 2027, and the maturity date is December 22, 2029. The interest rate on the Revolving Funding Facility II is 3-month term SOFR plus 2.25%. KABDCF II is also required to pay a commitment fee of 0.55% on the unused portion of the Revolving Funding Facility II.

Amounts available to borrow under the Revolving Funding Facility II are subject to a borrowing base that has limitations with respect to the loans securing the Revolving Funding Facility II, including limitations on, loan size, payment frequency and status, sector concentrations, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and KABDCF II are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Revolving Funding Facility II.

For the six months ended June 30, 2025 and 2024, the average amount of borrowings outstanding under the Revolving Funding Facility II was $144,577 and $69,098, respectively, with a weighted average interest rate of 6.64% and 8.02%, respectively. As of June 30, 2025, the Company had $181,000 outstanding under the Revolving Funding Facility II at a weighted average interest rate of 6.55%.

*Senior Unsecured Notes*

 

As of June 30, 2025, the Company had $75,000 aggregate principal amount of senior unsecured notes (the "Notes").

The table below sets forth a summary of the key terms of each series of Notes outstanding at June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Series** | **Principal**<br>**Outstanding**<br>**June 30,**<br>**2025** |<br>**Unamortized**<br>**Issuance**<br>**Costs** | **Estimated**<br>**Fair Value**<br>**June 30,**<br>**2025** |<br>**Fixed**<br>**Interest**<br>**Rate** |<br><br>**Maturity** |
| A | $25000 | $157 | $26778 | 8.65% | 6/30/2027 |
| B | 50000 | 384 | 54684 | 8.74% | 6/30/2028 |
|  | $75000 | $541 | $81462 |  |  |

---

Holders of the Notes are entitled to receive cash interest payments semi-annually (on January 30 and July 30) at the fixed rate. As of June 30, 2025, the weighted average interest rate on the outstanding Notes was 8.71%.

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

 

As of June 30, 2025, the Notes were rated "BBB" by Kroll Bond Rating Agency ("KBRA"). The Company is required to maintain a current rating from one rating agency with respect to the Notes. In the event the Company does not maintain a current rating from a rating agency for a specified period of time or the credit rating on the Notes falls below "BBB-" (a "Below Investment Grade Event"), the interest rate per annum on the Notes will increase by 1.0% during the period the Notes are rated below "BBB-". In the event the Company's Secured Debt Ratio exceeds 55% (a "Secured Debt Ratio Event"), the interest rate per annum on the Notes will increase by 1.5% during the period the ratio is above stated percentage. If a Below Investment Grade Event and a Secured Debt Ratio Event is continuing at the same time the aggregate increase in interest rate per annum will not exceed 2.0%.

The Notes were issued in private placement offerings to institutional investors and are not listed on any exchange or automated quotation system. The Notes contain various covenants related to other indebtedness, liens and limits on the Company's overall leverage. The Company must maintain a minimum amount of shareholder equity and the Company's asset coverage ratio must be greater than 150% as of the last business day of each fiscal quarter. The Notes are redeemable in certain circumstances at the option of the Company and may be redeemed under certain circumstances to cure the asset coverage ratio covenant.

The Notes are unsecured obligations of the Company and, upon liquidation, dissolution or winding up of the Company, will rank: (1) senior to all of the Company's outstanding common shares; (2) on parity with any unsecured creditors of the Company and any unsecured senior securities representing indebtedness of the Company; and (3) junior to any secured creditors of the Company.

At June 30, 2025, the Company was in compliance with all covenants under the Notes agreements.

Debt obligations consisted of the following as of June 30, 2025 and December 31, 2024. As of each of these dates, the amounts outstanding under the Corporate Credit Facility, Revolving Funding Facility and Revolving Funding Facility II equal their respective fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Aggregate Principal<br> Committed** | **Outstanding Principal** | **Amount Available<sup>(1)</sup>** | **Net Carrying<br> Value<sup>(2)</sup>** |
| Notes | $75000 | $75000 | $- | $74459 |
| Corporate Credit Facility | 400000 | 224000 | 176000 | 221163 |
| Revolving Funding Facility | 675000 | 574000 | 101000 | 568216 |
| Revolving Funding Facility II | 250000 | 181000 | 69000 | 178635 |
| **Total debt** | $1400000 | $1054000 | $346000 | $1042473 |

---

(1) The amounts available under the Company's credit facilities
do not reflect any limitations related to each borrowing base as of June 30, 2025.

(2) The carrying value of the Notes, Corporate Credit Facility,
Revolving Funding Facility and Revolving Funding Facility II are presented net of deferred financing costs totaling $11,527.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate Principal<br> Committed** | **Outstanding Principal** | **Amount Available<sup>(1)</sup>** | **Net Carrying<br> Value<sup>(2)</sup>** |
| Notes | $75000 | $75000 | $- | $74357 |
| Corporate Credit Facility | 475000 | 250000 | 225000 | 246765 |
| Revolving Funding Facility | 600000 | 420000 | 180000 | 415254 |
| Revolving Funding Facility II | 150000 | 113000 | 37000 | 111749 |
| **Total debt** | $1300000 | $858000 | $442000 | $848125 |

---

(1) The
amounts available under the Company's credit facilities do not reflect any limitations related to each borrowing base as of December
31, 2024.

(2) The
carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility and Revolving Funding Facility II are presented net
of deferred financing costs totaling $9,875.

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

For the three and six months ended June 30, 2025 and 2024, the components of interest expense were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **June 30, 2025** | **June 30, 2024** |
| &nbsp;&nbsp;Interest expense | $17450 | $12312 |
| &nbsp;&nbsp;Amortization of debt issuance costs | 934 | 927 |
| &nbsp;&nbsp;**Total interest expense** | $18384 | $13239 |
| &nbsp;&nbsp;Average interest rate | 7.2% | 9.3% |
| &nbsp;&nbsp;Average borrowings | $1013511 | $569341 |

---

---

| | | |
|:---|:---|:---|
|  | **For the six months ended** | **For the six months ended** |
|  | **June 30, 2025** | **June 30, 2024** |
| &nbsp;&nbsp;Interest expense | $33654 | $27071 |
| &nbsp;&nbsp;Amortization of debt issuance costs | 1855 | 1824 |
| &nbsp;&nbsp;**Total interest expense** | $35509 | $28895 |
| &nbsp;&nbsp;Average interest rate | 7.3% | 9.1% |
| &nbsp;&nbsp;Average borrowings | $970878 | $636346 |

---

**Note 7. Common Stock and Share Transactions**

As of June 30, 2025, the Company had 100,000,000 shares of common stock authorized and 70,714,990 shares outstanding. As of June 30, 2025, KAPC Investment Holdings, L.P., a controlled affiliate of Kayne Anderson, owned 957,217 shares of the Company. These shares were purchased on May 22, 2024 in conjunction with the Company's IPO.

*Common Stock Issuances*

The following table summarizes the number of common stock shares issued and aggregate proceeds received from such issuances related to the Company's capital call notices pursuant to subscription agreements with investors for the three months ended June 30, 2024. On May 24, 2024, the Company completed its IPO and began trading on the NYSE under the ticker symbol "KBDC."

---

| | | | |
|:---|:---|:---|:---|
| **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** |
| <br>**Common stock issue date** | **Offering**<br>**price per**<br>**share** |<br>**Common stock**<br>**shares issued** | **Aggregate**<br>**offering**<br>**amount** |
| February 14, 2024 | $16.74 | 7089771 | $118689 |
| April 2, 2024 | $16.63 | 16232415 | 269945 |
| May 24, 2024 | $16.63 | 6000000 | 99780 |
| &nbsp;&nbsp;&nbsp;**Total common stock issued** |  | **29322186** | $**488414** |

---

*Share Repurchase Plan*

On May 21, 2024, the Company entered into a share repurchase plan, or the Company 10b5-1 Plan, to acquire up to $100,000 in the aggregate of the Company's Common Stock at prices below the Company's net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Company 10b5-1 Plan was approved by the Board of Directors on March 6, 2024. The Company 10b5-1 Plan requires Morgan Stanley Corporation as the Company's agent, to repurchase Common Stock on its behalf when the market price per share is below the most recently reported net asset value per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced net asset value per share, including any distributions declared). Under the Company 10b5-1 Plan, the volume of purchases would be expected to increase as the price of the Company's Common Stock declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of the Company's Common Stock and trading volumes, and no assurance can be given that Common Stock be repurchased in any particular amount or at all. The repurchase of shares pursuant to the Company 10b5-1 Plan is intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act, and will otherwise be subject to applicable law, including Regulation M, which may prohibit repurchases under certain circumstances. The Company 10b5-1 Plan commenced beginning 60 calendar days following the end of the "restricted period" under Regulation M and will terminate upon the earliest to occur of (i) the close of business on May 24, 2025, (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Company 10b5-1 Plan equals $100,000 and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan.

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

The "restricted period" under Regulation M ended upon the closing of the Company's IPO and, therefore, the Common Stock repurchases/purchases described above began on July 23, 2024.

On May 1, 2025, the Board of Directors of the Company authorized an amendment to the Company's share repurchase plan to extend the expiration to May 24, 2026. Under the amended and restated plan (effective May 25, 2025), the Company may repurchase up to $100,000 of the outstanding common stock in the open market at a price per share that meets certain thresholds below its net asset value per share.

For the six months ended June 30, 2025, the agent has repurchased shares of common stock pursuant to the Plan as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Period** | **Total number**<br>**of shares<br> repurchased** | **Average**<br>**price paid<br> per share** | **Approximate<br> dollar<br> value of shares<br> that have<br> been<br> purchased**<br>**under the<br> plan** | **Approximate<br> dollar<br> value of shares<br> that may <br> yet be<br> purchased**<br>**under the<br> plan** |
| March 1 - 31, 2025 | 23688 | $16.23 | $384 | $98090 |
| April 1 - 30, 2025 | 304967 | $15.46 | 4714 | $93377 |
| May 1 - 24, 2025 | 178981 | $15.85 | 2837 | $90539 |
| May 25 - 31, 2025 | 804 | $15.67 | 13 | $99987 |
| June 1 - 30, 2025 | 77231 | $15.61 | 1205 | $98782 |
| **Total stock repurchased** | **585671** |  | $**9153** |  |

---

*Dividends and Dividend Reinvestment*

The following tables summarize the dividends declared and payable by the Company for the six months ended June 30, 2025 and 2024. For the six months ended June 30, 2025, both of the $0.10 per share dividend with payment dates of March 18, 2025 and June 24, 2025 were the final two of three special dividends declared by the Board of Directors in conjunction with the Company's IPO in May 2024.

---

| | | | |
|:---|:---|:---|:---|
| **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** |
| <br>**Dividend declaration date** | **Dividend**<br>**record**<br>**date** | **Dividend**<br>**payment**<br>**date** | **Dividend**<br>**per**<br>**share** |
| May 8, 2024 | &nbsp;&nbsp;March 3, 2025 | &nbsp;&nbsp;March 18, 2025 | $0.10 |
| March 3, 2025 | &nbsp;&nbsp;March 31, 2025 | &nbsp;&nbsp;April 15, 2025 | 0.40 |
| May 8, 2024 | &nbsp;&nbsp;June 9, 2025 | &nbsp;&nbsp;June 24, 2025 | 0.10 |
| May 1, 2025 | &nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;July 16, 2025 | 0.40 |
| **Total dividends declared** |  |  | $**1.00** |

---

---

| | | | |
|:---|:---|:---|:---|
| **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** |
| <br>**Dividend declaration date** | **Dividend**<br>**record**<br>**date** | **Dividend**<br>**payment**<br>**date** | **Dividend**<br>**per**<br>**share** |
| March 6, 2024 | &nbsp;&nbsp;March 29, 2024 | &nbsp;&nbsp;April 17, 2024 | $0.40 |
| May 8, 2024 | &nbsp;&nbsp;June 28, 2024 | &nbsp;&nbsp;July 15, 2024 | 0.40 |
| **Total dividends declared** |  |  | $**0.80** |

---

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

The following tables summarize the amounts received and shares of common stock issued to shareholders pursuant to the Company's dividend reinvestment plan ("DRIP") for the six months ended June 30, 2025 and 2024. See Note 12 – Subsequent Events.

---

| | | | |
|:---|:---|:---|:---|
| **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** |
| <br>**Dividend record date** | **Dividend**<br>**payment**<br>**date** | **DRIP**<br>**shares**<br>**issued** |<br>**DRIP**<br>**value** |
| December 31, 2024 | &nbsp;&nbsp;January 15, 2025 | 205626 | $3434 |
| March 3, 2025 | &nbsp;&nbsp;March 18, 2025 | 35346 | 593 |
| March 31, 2025 | &nbsp;&nbsp;April 15, 2025 | - | - |
| June 9, 2025 | &nbsp;&nbsp;June 24, 2025 | - | - |
|  |  | **240972** | $**4027** |

---

**For the regular dividend paid on January 15, 2025, the DRIP value was $3,923. Of this amount, $3,434 was reinvested into the Company through the issuance of 205,626 shares of common stock and $489 was fulfilled through open market purchases of common stock pursuant to the DRIP.** 

For the regular dividend paid on April 15, 2025, the DRIP value was $2,401 and was fulfilled through open market purchases of common stock.

For the special dividend paid on June 24, 2025, the DRIP value was $257 and was fulfilled through open market purchases of common stock.

For the dividend paid on July 16, 2025, the DRIP value was $380 and was fulfilled through open market purchases of common stock. This DRIP is excluded from the table above, as the DRIP share activity was after June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** |
| <br>**Dividend record date** | **Dividend**<br>**payment**<br>**date** | **DRIP**<br>**shares**<br>**issued** |<br>**DRIP**<br>**value** |
| December 29, 2023 | &nbsp;&nbsp;January 16, 2024 | 95791 | $1573 |
| March 29, 2024 | &nbsp;&nbsp;April 17, 2024 | 94816 | 1577 |
|  |  | **190607** | $**3150** |

---

For the dividend declared on May 8, 2024 and paid on July 15, 2024, the DRIP value was $4,431 and was fulfilled through open market purchases of common stock. These shares are excluded from the table above, as the DRIP share activity was after June 30, 2024.

On May 8, 2024, in conjunction with the Company's IPO, the Board of Directors declared the following special dividends:

---

| | | |
|:---|:---|:---|
| **Record date** | **Pay date** | **Special Dividend** |
| December 5, 2024 | December 20, 2024 | $0.10 |
| March 3, 2025 | March 18, 2025 | $0.10 |
| June 9, 2025 | June 24, 2025 | $0.10 |

---

**Note 8. Commitments and Contingencies** 

The Company had an aggregate of $250,809 and $186,282, respectively, of unfunded commitments, including $162,199 and $126,738, respectively, of unfunded commitments on revolvers, to provide debt financing to its portfolio companies as of June 30, 2025 and December 31, 2024. These commitments are not reflected in the Company's consolidated statement of assets and liabilities but are generally incorporated into the Company's determination of its liquidity. Consequently, such commitments result in an element of credit risk in excess of the amount recognized in the Company's consolidated statement of assets and liabilities.

The Company's unfunded revolving commitments are generally available on a borrower's demand and may remain outstanding until the maturity date of the underlying senior secured loan. The Company's unfunded delayed draw term loan commitments are generally subject to the satisfaction of certain financial and nonfinancial covenants and certain operational metrics. The commitment period for unfunded delayed draw term loan commitments may be shorter than the maturity date if drawn or funded.

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

A summary of the composition of the unfunded commitments as of June 30, 2025 and December 31, 2024 is shown in the table below.

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**June 30,<br> 2025** | **As of**<br>**December 31,<br> 2024** |
| Aegis Toxicology Sciences Corporation | $5769 | $- |
| Alcami Corporation | 1565 | 1447 |
| Allcat Claims Service, LLC | 17407 | 10803 |
| Allentown, LLC | 928 | 663 |
| American Equipment Holdings LLC | 4018 | 2922 |
| American Soccer Company, Incorporated (SCORE) | - | 2601 |
| Arborworks Acquisition, LLC | 1792 | 1792 |
| Basel U.S. Acquisition Co., Inc. (IAC) | - | 2930 |
| Bloomington Holdco, LLC (BW Fusion) | 6421 | 6421 |
| BLP Buyer, Inc. (Bishop Lifting Products) | 1787 | 2878 |
| Carton Packaging Buyer, Inc. (Century Box) | 2848 | 2848 |
| CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC) | 9812 | 9812 |
| CGI Automated Manufacturing, LLC | 611 | 2242 |
| CI (MG) Group, LLC (Mariani Premier Group) | 10622 | - |
| City Line Distributors LLC | 2530 | 2530 |
| CMT Intermediate Holdings, LLC (Capital Machine Technologies) | 3803 | - |
| CREO Group Inc. (HMS Manufacturing) | 1902 | - |
| Curio Brands, LLC | 2605 | 1719 |
| Del-Air Heating, Air Conditioning & Refrigeration, LLC | 3522 | - |
| DISA Holdings Corp. | 1924 | 3331 |
| Diverzify Intermediate, LLC | 3155 | 3155 |
| DRS Holdings III, Inc. (Dr. Scholl's) | 310 | 310 |
| Eastern Wholesale Fence | - | 198 |
| ECS Opco 1, LLC (Spectrum Vascular) | 2540 | - |
| Energy Acquisition LP (Electrical Components International, Inc. - ECI) | 1442 | 1442 |
| Envirotech Services, LLC | 6746 | 6746 |
| Eppinger Technologies, LLC | 1137 | 1145 |
| Fastener Distribution Holdings, LLC | 7502 | 7502 |
| Foundation Consumer Brands, LLC | 577 | 577 |
| Fralock Buyer LLC | 1501 | - |
| Guardian Dentistry Practice Management, LLC | 773 | 773 |
| Gulf Pacific Acquisition, LLC | 899 | 1798 |
| Gusmer Enterprises, Inc. | 3256 | 3676 |
| Home Brands Group Holdings, Inc. (ReBath) | 2099 | 2099 |
| I.D. Images Acquisition, LLC | 2020 | 2020 |
| IF&P Foods, LLC (FreshEdge) | 1518 | 2813 |
| Improving Acquisition LLC | 1504 | 1672 |
| Krayden Holdings, Inc. | 1849 | 5438 |
| Lakewood Acquisition Corporation (R&B Wholesale) | 9102 | - |
| LEM Buyer, Inc. (CFS Technologies Intermediate, Inc.) | 6784 | - |
| Light Wave Dental Management, LLC | 2419 | 4171 |
| LSL Industries, LLC | 5224 | 5224 |
| MacNeill Pride Group | 2397 | 1798 |
| ML Buyer, LLC (Mama Lycha Foods, LLC) | 3991 | 3991 |
| Monza Purchaser, LLC (Smyth) | 12207 | - |
| MRC Keystone Acquisition LLC (Automated Handing Solutions) | 3864 | 3864 |
| NMA Holdings, LLC (Neuromonitoring Associates) | 7459 | 7459 |
| OAO Acquisitions, Inc. (BearCom) | 2482 | 2482 |
| Phoenix YW Buyer, Inc. (Elida Beauty) | 1960 | 1960 |
| Pixel Intermediate, LLC | - | 1482 |
| PMFC Holding, LLC | 445 | - |
| Redwood MSO, LLC (Smile Partners) | 2022 | 2784 |
| Refocus Management Services, LLC | 7297 | 6269 |
| Regiment Security Partners LLC | 52 | 104 |
| RMH Systems, LLC | 10668 | - |
| The Robinette Company | 5047 | 5047 |
| Ruff Roofers Buyer, LLC | 10065 | 7138 |
| Siegel Egg Co., LLC | - | 501 |
| Silk Holdings III Corp. (Suave) | 3383 | 6667 |
| Speedstar Holding LLC | 666 | 666 |
| Spinrite Inc. | 3399 | - |
| Sundance Holdings Group, LLC | 377 | - |
| Superior Intermediate LLC (Landmark Structures) | 10006 | 10006 |
| Tapco Buyer LLC | 9435 | 9435 |
| TL Atlas Merger Sub Corp. (Zep) | 5460 | - |
| Trademark Global LLC | 480 | 480 |
| US Anchors Group, Inc. (Mechanical Plastics Corp.) | 3705 | 2819 |
| Vehicle Accessories, Inc. | - | 2064 |
| Workholding US Holdings, LLC (Forkardt Hardinge) | 1295 | 3144 |
| Worldwide Produce Acquisition, LLC | 424 | 424 |
| &nbsp;&nbsp;&nbsp;Total unfunded commitments | $250809 | $186282 |

---

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2025 and December 31, 2024, management was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

**Note 9. Earnings Per Share**

In accordance with the provisions of ASC Topic 260, *Earnings per Share* ("ASC 260"), basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. As of June 30, 2025 and 2024, there were no dilutive shares.

The following table sets forth the computation of basic and diluted earnings per share of common stock for the three and six months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the six months ended** | **For the six months ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Net increase (decrease) in net assets resulting from operations | $24910 | $31180 | $47125 | $58935 |
| Weighted average shares of common stock |  |  |  |  |
| outstanding - basic and diluted | 70901688 | 67426904 | 71067266 | 56386161 |
| Earnings (loss) per share of common stock - basic and diluted | $0.35 | $0.46 | $0.66 | $1.05 |

---

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

**Note 10. Financial Highlights**

The following per share of common stock data has been derived from information provided in the unaudited financial statements. The following is a schedule of financial highlights for the six months ended June 30, 2025 and 2024.

---

| | | |
|:---|:---|:---|
| | **For the six months ended<br> June 30,** | **For the six months ended<br> June 30,** |
| | **(amounts in thousands, except share and per share amounts)** | **(amounts in thousands, except share and per share amounts)** |
| <br>**Per Common Share Operating Performance <sup>(1)</sup>** | **2025** | **2024** |
| Net Asset Value, Beginning of Period | $16.70 | $16.42 |
| Results of Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.81 | 1.03 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments<sup>(2)</sup> | (0.15) | 0.03 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 0.66 | 1.06 |
| Dividends to Common Stockholders |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | (1.00) | (0.80) |
| Net Decrease in Net Assets Resulting from Dividends | (1.00) | (0.80) |
| Capital Share Transactions |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Common Stock, net of Underwriting and Offering Costs | - | (0.11) |
| &nbsp;&nbsp;&nbsp;Repurchase of Common Stock | 0.01 | - |
| Net Increase (Decrease) Resulting from Capital Share Transactions | 0.01 | (0.11) |
| Net Asset Value, End of Period | $16.37 | $16.57 |
| Per Share Market Value, End of Period | $15.26 | $15.95 |
| Shares Outstanding, End of Period | 70714990 | 71116459 |
| **<u>Ratio/Supplemental Data</u>** |  |  |
| Net assets, end of period | $1157331 | $1178176 |
| Weighted-average shares outstanding | 71067266 | 56386161 |
| Total Return based on net asset value<sup>(3)</sup> | 4.2% | 5.9% |
| Total Return based on market value<sup>(4)</sup> | (1.9%) | (1.7)% |
| Portfolio turnover | 11.0% | 7.9% |
| Ratio of operating expenses to average net assets before waivers<sup>(5)</sup> | 9.8% | 10.2% |
| Ratio of operating expenses to average net assets with waiver<sup>(5)</sup> | 9.5% | 9.2% |
| Ratio of net investment income (loss) to average net assets<sup>(5)</sup> | 9.9% | 13.1% |

---

(1) The
per common share data was derived by using weighted average shares outstanding.

**Kayne Anderson BDC, Inc.**

**Notes to Consolidated Financial Statements**

**(amounts in 000's, except share and per share amounts)**

**(Unaudited)**

(2) Realized
and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value
per share for the period and may not be consistent or reconcile with the aggregate gains and losses in the Consolidated Statement of
Operations due to the timing of share transactions during the period. For the six months ended June 30, 2025, includes $0.01 per share
of deferred income tax expense on unrealized appreciation on investments.

(3) Total
return is calculated as the change in net asset value ("NAV") per share during the period, plus distributions per share (if
any), divided by the beginning NAV per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the
Company's dividend reinvestment plan. Total return is not annualized.

(4) Total
return based on market value is calculated as the change in market value per share during the respective periods, plus distributions
per share, if any, divided by the beginning market value per share. The calculation also assumes reinvestment of dividends at actual
prices pursuant to the Company's dividend reinvestment plan.

(5) Ratio
is annualized.

**Note 11. Segment Reporting**

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is comprised of the Company's co-chief executive officers and these CODMs assess the performance and make operating decisions of the Company on a consolidated basis primarily based on the Company's net increase in stockholders' equity resulting from operations ("net income"). In addition to numerous other factors and metrics, the CODMs utilize net income as a key metric in determining the amount of dividends to be distributed to the Company's stockholders. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as "total assets" and the significant segment expenses are listed on the accompanying consolidated statement of operations.

**Note 12. Subsequent Events**

The Company's management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that require recognition or disclosure in these financial statements except as described below.

On July 15, 2025, the Company made an investment in SG Credit Partners, Inc. (along with its affiliates and subsidiaries, "SG Credit"), a national credit platform focused on the lower middle market. The investment is structured as an $80,000 term loan facility, a $34,000 delayed draw term loan facility and a $12,000 common equity investment. The interest rate on the debt investments is 11.00%, and the Company will own 22.5% of the equity of SG Credit following the investment. In addition, the Company has an option to purchase additional equity interests of SG Credit at a fixed price.

On July 16, 2025, the Company paid a regular dividend of $0.40 per share to each common stockholder of record as of June 30, 2025. The total dividend was $28,291 and, of this amount, $380 was DRIP which was fulfilled through open market purchases of common stock.

On August 5, 2025, the Board of Directors of the Company declared a regular dividend to common stockholders in the amount of $0.40 per share. The regular dividend of $0.40 per share will be paid on October 16, 2025 to stockholders of record as of the close of business on September 30, 2025, payable in cash or shares of common stock of the Company pursuant to the Company's Dividend Reinvestment Plan, as amended.

From July 1, 2025 to August 6, 2025, the Company's agent repurchased 138,014 shares of common stock at an average price of $15.51 per share for a total amount of $2,141. As of August 6, 2025, $96,641 remains for repurchase under the Company's amended 10b5-1 Plan.

On August 8, 2025, the Company amended its Corporate Credit Facility and increased the total commitment from $400,000 to $475,000. There was no change to the interest rates or the maturity date. Amounts available for the Company to borrow under the Corporate Credit Facility are subject to compliance with a borrowing base that applies different advance rates to different types of assets that are pledged as collateral. These advance rates and customary concentration limits may vary depending on the asset coverage ratio.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

The following discussion and analysis should be read in conjunction with our financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. Except as otherwise specified, references to "we," "us," "our," or the "Company" refer to Kayne Anderson BDC, Inc.

***Investment Objective, Principal Strategy and Investment Structure***

Kayne Anderson BDC, Inc. is a Delaware corporation that commenced operations on February 5, 2021. Following our initial public offering ("IPO"), our common stock began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "KBDC" on May 22, 2024. We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act, as amended. In addition, for U.S. federal income tax purposes, we intend to qualify, annually, as a RIC under Subchapter M of the Code.

Our investment activities are managed by KA Credit Advisors, LLC (the "Advisor"), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. ("Kayne Anderson"), and the Advisor operates within Kayne Anderson's middle market private credit platform ("KAPC" or "Kayne Anderson Private Credit"). The Advisor is an investment advisor registered with the United States Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). In accordance with the Advisers Act, our Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments, and monitoring our investments and portfolio companies on an ongoing basis. The Advisor benefits from the scale and resources of Kayne Anderson and specifically KAPC.

Our investment objective is to generate current income and, to a lesser extent, capital appreciation. We intend to have nearly all of our debt investments in private middle market companies. We use "private" to refer to companies that are not traded on a securities exchange and define "middle market companies" as companies that, in general, generate between $10 million and $150 million of annual earnings before interest, taxes, depreciation and amortization, or EBITDA. Further, we refer to companies that generate between $10 million and $50 million of annual EBITDA as "core middle market companies" and companies that generate between $50 million and $150 million of annual EBITDA as "upper middle market companies." We typically adjust EBITDA for non-recurring and/or normalizing items to assess the financial performance of our borrowers over time.

We intend to achieve our investment objective by investing primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle market companies. Under normal market conditions, we expect at least 90% of our portfolio (including investments purchased with proceeds from borrowings under credit facilities and issuances of senior unsecured notes) to be invested in first lien senior secured, unitranche and split-lien loans. Our investment decisions are made on a case-by-case basis. We expect the remainder of our portfolio to be invested in second-lien loans, subordinated debt or equity securities (including those purchased in conjunction with other credit investments). We expect that a majority of these debt investments will be made in core middle market companies and will generally have stated maturities of three to six years. We expect that the loans in which we principally invest will be to companies that are located in the United States. We determine the location of a company as being in the United States by (i) such company being organized under the laws of one of the states in the United States; or (ii) during its most recent fiscal year, such company derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the United States or has at least 50% of its assets in the United States.

The Advisor executes on our investment objective by (1) accessing the established loan sourcing channels developed by KAPC, which includes an extensive network of private equity firms, other middle market lenders, financial advisors, intermediaries and management teams, (2) selecting investments within our middle market company focus, (3) implementing KAPC's underwriting process and (4) drawing upon its experience and resources and the broader Kayne Anderson network. KAPC was established in 2011 and manages (directly and through affiliates) assets under management ("AUM") of approximately $7.2 billion related to middle market private credit as of June 30, 2025.

***Recent Developments***

On July 15, 2025, we made an investment in SG Credit Partners, Inc. (along with its affiliates and subsidiaries, "SG Credit"), a national credit platform focused on the lower middle market. The investment is structured as an $80 million term loan facility, a $34 million delayed draw term loan facility and a $12 million common equity investment. The interest rate on the debt investments is 11.00%, and we will own 22.5% of the equity of SG Credit following the investment. In addition, we have an option to purchase additional equity interests of SG Credit at a fixed price.

On July 16, 2025, we paid a regular dividend of $0.40 per share to each common stockholder of record as of June 30, 2025. The total dividend was $28.3 million and, of this amount, $0.4 million was DRIP which was fulfilled through open market purchases of common stock.

On August 5, 2025, our Board of Directors declared a regular dividend to common stockholders in the amount of $0.40 per share. The regular dividend of $0.40 per share will be paid on October 16, 2025 to stockholders of record as of the close of business on September 30, 2025, payable in cash or shares of our common stock pursuant to our Dividend Reinvestment Plan, as amended.

From July 1, 2025 to August 6, 2025, our agent repurchased 138,014 shares of common stock at an average price of $15.51 per share for a total amount of $2.1 million. As of August 6, 2025, $96.6 million remains for repurchase under our initial stock repurchase plan.

On August 8, 2025, we amended our Corporate Credit Facility and increased the total commitment from $400 million to $475 million. There was no change to the interest rates or the maturity date. Amounts available for us to borrow under the Corporate Credit Facility are subject to compliance with a borrowing base that applies different advance rates to different types of assets that are pledged as collateral. These advance rates and customary concentration limits may vary depending on the asset coverage ratio.

***Portfolio and Investment Activity***

 ****

Our portfolio is currently comprised of a broad mix of loans, with diversity among investment size and industry focus. The Advisor's team of professionals conducts due diligence on prospective investments during the underwriting process and is involved in structuring the credit terms of our private middle market investments. Once an investment has been made, our Advisor closely monitors that portfolio investment and takes a proactive approach to identify and address sector or company specific risks. The Advisor seeks to maintain a regular dialogue with portfolio company management teams (as well as their owners, the majority of whom are private equity firms, where applicable), reviews detailed operating and financial results on a regular basis (typically monthly or quarterly) and monitors current and projected liquidity needs, in addition to other portfolio management activities. There are no assurances that we will achieve our investment objectives.

As of June 30, 2025, we had investments in 114 portfolio companies with an aggregate fair value of approximately $2,175 million, and unfunded commitments to these portfolio companies of $251 million, and our portfolio consisted of 98.0% first lien senior secured loans, 0.8% subordinated debt and 1.2% equity investments.

As of June 30, 2025, we held investments in broadly syndicated loans in 16 portfolio companies with an aggregate principal amount of $180 million. Our investments in broadly syndicated loans were made in anticipation of the receipt of proceeds from our final capital call and our IPO which closed during the second quarter of 2024. We expect to rotate out of these investments over coming quarters to invest in private middle market loans consistent with our principal strategy. We have presented certain portfolio-related information below for our private middle market loans and broadly syndicated loans separately and on a combined basis for ease of reference.

As of June 30, 2025, 100% of our debt investments had floating interest rates. Our weighted average yields for debt investments were as follows:

● private middle market loans at fair value and amortized cost weighted average yields were 10.7% and 10.8%, respectively

● broadly syndicated loans at fair value and amortized cost weighted average yields were 6.9% and 6.9%, respectively; and

● total debt investments at fair value and amortized cost weighted average yields were 10.4% and 10.4%, respectively

As of June 30, 2025, our portfolio was invested across 30 different industries (Global Industry Classification "GICS", Level 3 – Industry). The largest industries in our portfolio as of June 30, 2025 were Trading Companies & Distributors, Commercial Services & Supplies, Health Care Providers & Services and Food Products, which represented, as a percentage of our portfolio of long-term investments, 15.5%, 10.8%, 9.5% and 9.0%, respectively, based on fair value. We are generalist investors and the mix of industries represented by our portfolio companies will vary over time.

As of June 30, 2025, our average position size based on commitment of private credit and equity investments (at the portfolio company level) was $23.3 million.

As of June 30, 2025, the weighted average and median last twelve months ("LTM") EBITDA of our portfolio companies were as follows:

● private middle market loans were $60.4 million and $33.7 million, respectively, based on fair value<sup>1</sup>

● broadly syndicated loans were $2,357.4 million and $1,886.4 million, respectively, based on fair value; and

● total investments were $258.6 million and $41.1 million, respectively, based on fair value<sup>1</sup>

As of June 30, 2025, the weighted average loan-to-enterprise-value ("LTEV") of our debt investments at the time of our initial investment was as follows:

● private middle market loans was 43.3%, based on par<sup>1</sup>

● broadly syndicated loans was 36.3%, based on par

● total investments was 42.7%, based on par<sup>1</sup>; and

● LTEV represents the total par value of our debt investment relative to our estimate of the enterprise value of the underlying borrower

As of June 30, 2025, we had five debt investments on non-accrual status, which represented 1.6% and 2.6% of total debt investments at fair value and cost, respectively.

As of June 30, 2025, our portfolio companies' weighted average leverage ratios and weighted average interest coverage ratios (the calculations of which are based on the most recent quarter end or latest available information from the portfolio companies) were as follows:

● private middle market loans were 4.4x and 2.3x, respectively, based on fair value<sup>1, 2</sup>

● broadly syndicated loans were 3.3x and 4.1x, respectively, based on fair value; and

● total investments were 4.3x and 2.5x, respectively, based on fair value<sup>1, 2</sup>

As of June 30, 2025, the percentage of our debt investments including at least one financial maintenance covenant was as follows:

● private middle market loans was 100.0% based on fair value<sup>3</sup>

● broadly syndicated loans was 0%, based on fair value; and

● total investments was 91.2%, based on fair value<sup>3</sup>

<sup>1</sup> Excludes investments on watch list, which represent 3.6% of the total fair value of debt investments as of June 30, 2025.

<sup>2</sup> Excludes subordinated debt of BC CS 2, L.P. (Cuisine Solutions, Inc.) from the weighted average calculation.

<sup>3</sup> Excludes opportunistic deals, which represent 1.7% of the total fair value of debt investments as of June 30, 2025.

Our investment activity for the three months ended June 30, 2025 and 2024 is presented below (information presented herein is at par value unless otherwise indicated).

---

| | | |
|:---|:---|:---|
|  | **For the three months ended June 30,** | **For the three months ended June 30,** |
|  | **2025<br> ($ in millions)** | **2024<br> ($ in millions)** |
| **New investments:** | | |
| &nbsp;&nbsp;&nbsp;Gross new investments commitments | $128.7 | $171.8 |
| &nbsp;&nbsp;&nbsp;Less: investment commitments sold down, exited or repaid<sup>(1)</sup> | (103.3) | (95.2) |
| Net investment commitments | $25.4 | $76.6 |
| **Principal amount of investments funded<sup>(2)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Private credit investments | $128.5 | $135.7 |
| &nbsp;&nbsp;&nbsp;Broadly syndicated loans |  | 30.0 |
| &nbsp;&nbsp;&nbsp;Preferred equity investments |  |  |
| &nbsp;&nbsp;&nbsp;Common equity investments | 0.2 | 0.5 |
| Total principal amount of investments funded | $128.7 | $166.2 |
| **Principal amount of investments sold / repaid <sup>(2)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Private credit investments | $(72.1) | $(40.5) |
| &nbsp;&nbsp;&nbsp;Broadly syndicated loans | (46.5) | (58.5) |
| &nbsp;&nbsp;&nbsp;Common equity investments | - | - |
| Total principal amount of investments sold or repaid | $(118.6) | $(99.0) |
| Number of new private credit investment commitments | 12 | 18 |
| Average new private credit investment commitment amount | $10.7 | $7.8 |
| Number of new broadly syndicated loan commitments |  | 2 |
| Average new broadly syndicated loan commitment amount | $- | $15.0 |
| Weighted average maturity for new investment commitments<sup>(3)</sup> | 5.1 years | 4.6 years |
| Percentage of new debt investment commitments at floating rates | 100.0% | 100.0% |
| Percentage of new debt investment commitments at fixed rates | 0.0% | 0.0% |
| Weighted average interest rate of new private credit investment commitments<sup>(4)</sup> | 9.7% | 11.1% |
| Weighted average interest rate of new broadly syndicated loan commitments<sup>(4)</sup> | 0.0% | 7.8% |
| Weighted average interest rate on investments sold or paid down<sup>(5)</sup> | 8.2% | 9.7% |

---

(1) Does
not include repayments on revolving loans, which may be redrawn.

(2) Does
not include restructured activity. For common equity investments, amount represents cost.

(3) For
undrawn delayed draw term loans, the maturity date used is that of the associated term loan.

(4) Based
on the rate in effect at June 30, 2025 per our Consolidated Schedule of Investments for new commitments entered into during the quarter.

(5) Based
on the underlying rate if still held at June 30, 2025. For those investments sold or paid down in full during the year, based
on the rate in effect at the time of sale or paid down.

**Portfolio Internal Performance Ratings**

In general, we employ a strategy designed to ensure early detection of potential issues at underlying borrowers, including monthly financial reviews internal tracking memoranda, weekly "watch list" discussions and other like activities. We have designed a risk rating system to aid in our portfolio management efforts where each investment is rated level 1-9, where Level 1 is the "least risky" and Level 9 is the "most risky." This risk-rating system is quantitative in nature and aggregates criteria such as LTEV, leverage levels and fixed charge coverage ratios ("FCCR") (each measured at point-in-time and as relates to levels at the close of the investment).

The table below sets forth our fair value of debt investments and number of portfolio companies, including percentage of each total, that are on watch list as of June 30, 2025 and December 31, 2024. This table excludes equity investments.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Fair Value<br> ($ in millions)** | **%** | **Number of<br> Companies** | **%** | **Fair Value<br> ($ in millions)** | **%** | **Number of<br> Companies** | **%** |
| $78.2 | 3.6% | 7 | 6.1% | $69.4 | 3.5% | 5 | 4.5% |

---

We use Global Industry Classification Standards (GICS), Level 3 – Industry, for classifying the industry groupings of our portfolio companies. The table below describes long-term investments by industry composition based on fair value as of June 30, 2025 and December 31, 2024.

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, 2024** |
| Trading companies & distributors | 15.5% | 15.1% |
| Commercial services & supplies | 10.8% | 11.7% |
| Health care providers & services | 9.5% | 8.4% |
| Food products | 9.0% | 10.0% |
| Containers & packaging | 8.6% | 7.5% |
| Machinery | 5.1% | 3.7% |
| Professional services | 5.0% | 4.7% |
| Personal care products | 4.7% | 3.7% |
| Leisure products | 4.3% | 3.2% |
| Aerospace & defense | 3.1% | 4.4% |
| Chemicals | 3.0% | 1.1% |
| Household products | 2.5% | 0.8% |
| Textiles, apparel & luxury goods | 2.1% | 2.1% |
| Automobile components | 2.0% | 3.6% |
| Building products | 1.6% | 2.3% |
| Health care equipment & supplies | 1.6% | 1.4% |
| IT services | 1.6% | 1.7% |
| Specialty retail | 1.6% | 2.1% |
| Pharmaceuticals | 1.5% | 1.8% |
| Diversified telecommunication services | 1.4% | 1.5% |
| Wireless telecommunication services | 1.4% | 1.5% |
| Hotels, restaurants & leisure | 1.3% | 1.4% |
| Insurance | 1.0% | 2.0% |
| Household durables | 0.9% | 1.0% |
| Biotechnology | 0.6% | 0.6% |
| Media | 0.2% | 0.8% |
| Diversified consumer services | 0.1% | 0.1% |
| Construction materials |  | 0.7% |
| Semiconductors & semiconductor equipment |  | 0.6% |
| Electrical equipment | - | 0.5% |
|  | 100.0% | 100.0% |

---

***Results of Operations***

For the three and six months ended June 30, 2025 and 2024, our total investment income was derived from our portfolio of investments.

The following table represents the operating results for the three and six months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months <br> ended June 30,** | **For the three months <br> ended June 30,** | **For the six months <br> ended June 30,** | **For the six months <br> ended June 30,** |
|  | **2025**<br>**($ in millions)** | **2024**<br>**($ in millions)** | **2025**<br>**($ in millions)** | **2024**<br>**($ in millions)** |
| Total investment income | $57.3 | $52.4 | $112.5 | $98.9 |
| Less: Net expenses | (28.6) | (18.0) | (55.1) | (40.8) |
| &nbsp;&nbsp;&nbsp;Net investment income | 28.7 | 34.4 | 57.4 | 58.1 |
| Net realized gains (losses) on investments | (0.0) | (0.1) | 0.6 | (0.1) |
| Net change in unrealized gains (losses) on investments | (3.5) | (3.1) | (10.0) | 0.9 |
| Income tax (expense) benefit on unrealized appreciation/depreciation on investments | (0.3) | - | (0.9) | - |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | $24.9 | $31.2 | $47.1 | $58.9 |

---

*Investment Income*

Investment income for the three and six months ended June 30, 2025 totaled $57.3 million and $112.5 million, respectively, and consisted primarily of interest income on our debt investments. Investment income for the three and six months ended June 30, 2024 totaled $52.4 million and $98.9 million, respectively, and consisted primarily of interest income on our debt investments. For the three and six months ended June 30, 2025, we had $2.1 million and $2.4 million, respectively, of PIK interest included in interest income. For the three and six months ended June 30, 2024 we had $0.4 million and $0.7 million, respectively, of PIK interest included in interest income. As of June 30, 2025, we had five debt investments on non-accrual status. As of June 30, 2024, we had two debt investment on non-accrual status.

*Expenses*

Operating expenses for the three and six months ended June 30, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months <br> ended June 30,** | **For the three months <br> ended June 30,** | **For the six months <br> ended June 30,** | **For the six months <br> ended June 30,** |
|  | **2025**<br>**($ in millions)** | **2024**<br>**($ in millions)** | **2025**<br>**($ in millions)** | **2024**<br>**($ in millions)** |
| Interest and debt financing expenses | $18.4 | $13.2 | $35.5 | $28.9 |
| Management fees | 5.4 | 4.3 | 10.6 | 7.8 |
| Incentive fees | 4.4 | 4.1 | 8.9 | 6.8 |
| Directors fees | 0.2 | 0.1 | 0.3 | 0.3 |
| Other operating expenses | 1 | 0.9 | 1.9 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 29.4 | 22.6 | 57.2 | 45.4 |
| Management fee waiver | (0.8) | (0.5) | (2.1) | (0.5) |
| Incentive fee waiver (Note 3) | - | (4.1) | - | (4.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | $28.6 | $18 | $55.1 | $40.8 |

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*Net Realized Gains (Losses) on Investments* 

During the three and six months ended June 30, 2025, we had realized losses of less than $0.1 million and realized gains of $0.6 million, respectively, on our investments. During the three and six months ended June 30, 2024, we had realized losses of $0.1 million, respectively, on our investments.

*Net Unrealized Gains (Losses) on Investments*

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the three and six months ended June 30, 2025 and 2024, net unrealized gains (losses) on our investment portfolio were comprised of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months <br> ended June 30,** | **For the three months <br> ended June 30,** | **For the six months <br> ended June 30,** | **For the six months <br> ended June 30,** |
|  | **2025**<br>**($ in millions)** | **2024**<br>**($ in millions)** | **2025**<br>**($ in millions)** | **2024**<br>**($ in millions)** |
| Unrealized gains on investments | $7.2 | $5.3 | $14.0 | $9.9 |
| Unrealized (losses) on investments | $(10.7) | $(8.4) | (24.0) | (9.0) |
| Net change in unrealized gains (losses) on investments | $(3.5) | $(3.1) | $(10.0) | $0.9 |

---

For the three and six months ended June 30, 2025, we had a deferred income tax expense of $0.3 million and $0.9 million, respectively, related to our net unrealized gain on our investments in KABDC Corp, LLC, a wholly owned subsidiary, that has elected to be treated as a corporation for U.S. tax purposes. In addition, our net deferred tax liability of $1.6 million is included in accrued expenses and other liabilities of our Consolidated Statement of Assets and Liabilities as of June 30, 2025.

For the three-month periods ended June 30, 2025 and 2024, the top five largest contributors to the change in unrealized gains and the top five largest contributors to the change in unrealized losses on investments, and the remaining unrealized gains and losses from other portfolio companies, are presented in the following tables.

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| | |
|:---|:---|
|  | **For the three months ended**<br>**June 30,<br> 2025**<br>**($ in millions)** |
| **Portfolio Company** | |
| Arborworks Acquisition, LLC | $0.9 |
| Aegis Toxicology Sciences Corporation | 0.6 |
| Olibre Borrower LLC (Revelyst) | 0.5 |
| TL Atlas Merger Sub Corp. (Zep) | 0.4 |
| NMA Holdings, LLC (Neuromonitoring Associates) | 0.3 |
| Other portfolio companies unrealized gains | 4.5 |
| Other portfolio companies unrealized (losses) | (4.3) |
| Regiment Security Partners LLC | (0.6) |
| Basel U.S. Acquisition Co., Inc. (IAC) | (0.7) |
| Siegel Egg Co., LLC | (1.4) |
| Sundance Holdings Group, LLC | (1.8) |
| TG Parent Newco LLC (Trademark Global LLC) | (1.9) |
| &nbsp;&nbsp;&nbsp;Total Change in Unrealized Gain (Loss), net | $(3.5) |

---

---

| | |
|:---|:---|
|  | **For the three months ended**<br>**June 30, 2024**<br>**($ in millions)** |
| **Portfolio Company** | |
| Energy Acquisition LP (Electrical Components International – ECI) | $0.5 |
| Silk Holdings III Corp. (Suave) | 0.5 |
| Phoenix YW Buyer, Inc. (Elida Beauty) | 0.3 |
| The Robinette Company | 0.3 |
| CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC) | 0.2 |
| Other portfolio companies unrealized gains | 3.5 |
| Other portfolio companies unrealized (losses) | (4.9) |
| United Safety & Survivability Corporation (USSC) | (0.4) |
| Engineered Fastener Company, LLC (EFC International) | (0.5) |
| Gulf Pacific Holdings, LLC | (0.6) |
| Siegel Egg Co., LLC | (0.8) |
| Trademark Global LLC | (1.2) |
| &nbsp;&nbsp;&nbsp;Total Change in Unrealized Gain (Loss), net | $(3.1) |

---

For the six-month periods ended June 30, 2025 and 2024, the top five largest contributors to the change in unrealized gains and the top five largest contributors to the change in unrealized losses on investments, and the remaining unrealized gains and losses from other portfolio companies, are presented in the following tables.

---

| | |
|:---|:---|
|  | **For the six months ended**<br>**June 30, 2025**<br>**($ in millions)** |
| **Portfolio Company** | |
| Arborworks Acquisition, LLC | $2.6 |
| Olibre Borrower LLC (Revelyst) | 1.1 |
| Lakewood Acquisition Corporation (R&B Wholesale) | 1.1 |
| Monza Purchaser, LLC (Smyth) | 0.8 |
| CREO Group Inc. (HMS Manufacturing) | 0.8 |
| Other portfolio companies unrealized gains | 7.6 |
| Other portfolio companies unrealized (losses) | (9.8) |
| Centerline Communications, LLC | (0.8) |
| Vehicle Accessories, Inc. | (0.9) |
| TG Parent Newco LLC (Trademark Global LLC) | (1.9) |
| Siegel Egg Co., LLC | (3.4) |
| Sundance Holdings Group, LLC | (7.2) |
| &nbsp;&nbsp;&nbsp;Total Change in Unrealized Gain (Loss), net | $(10.0) |

---

---

| | |
|:---|:---|
|  | **For the six months ended**<br>**June 30, 2024**<br>**($ in millions)** |
| **Portfolio Company** | |
| Envirotech Services, LLC | $0.8 |
| CCFF Buyer, LLC (California Custom Fruits & Flavors, Inc.) | 0.8 |
| Pixel Intermediate, LLC | 0.6 |
| Refocus Management Services, LLC | 0.6 |
| MVP VIP Borrower, LLC | 0.6 |
| Other portfolio companies unrealized gains | 6.5 |
| Other portfolio companies unrealized (losses) | (5.0) |
| United Safety & Survivability Corporation (USSC) | (0.5) |
| American Soccer Company, Incorporated (SCORE) | (0.5) |
| Gulf Pacific Holdings, LLC | (0.6) |
| Siegel Egg Co., LLC | (1.0) |
| Trademark Global LLC | (1.4) |
| &nbsp;&nbsp;&nbsp;Total Change in Unrealized Gain (Loss), net | $0.9 |

---

***Financial Condition, Liquidity and Capital Resources***

Our liquidity and capital resources are generated primarily from the net proceeds of any offering of our shares of common stock, proceeds from borrowing on our credit facilities, proceeds from the issuance of senior unsecured notes and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. Our primary use of cash is for investments in portfolio companies, payments of our expenses, repayments of borrowings under credit facilities and senior unsecured notes, and payment of cash distributions to our stockholders.

We finance our investments with leverage in the form of borrowings under credit facilities and issuances of senior unsecured notes. We also intend to further borrow under credit facilities and/or issue senior unsecured notes in the future in order to finance our investments. In accordance with the 1940 Act, we are required to meet a coverage ratio of total assets (less total liabilities other than indebtedness) to total borrowings and other senior securities (and any preferred stock that we may issue in the future) of at least 150%. If this ratio declines below 150%, we cannot incur additional leverage and could be required to sell a portion of our investments to repay some leverage when it is disadvantageous to do so. As of June 30, 2025 and December 31, 2024, our asset coverage ratios were 210% and 238%, respectively. We currently intend to target asset coverage of 200% to 180% (which equates to a debt-to-equity ratio of 1.0x to 1.25x) but may alter this target based on market conditions.

Over the next twelve months, we expect that cash and cash equivalents, taken together with our available capacity under our credit facilities, will be sufficient to conduct anticipated investment activities. Beyond twelve months, we expect that our cash and liquidity needs will continue to be met by cash generated from our ongoing operations as well as financing activities.

As of June 30, 2025, we had $75 million Notes outstanding, $979 million borrowed under our credit facilities and cash and cash equivalents of $44.4 million (including investments in money market funds). As of that date, we had $346 million of undrawn commitments available on our credit facilities (subject to borrowing base restrictions and other conditions). As of August 6, 2025, we had $75 million Notes outstanding, $1,029 million borrowed under our credit facilities and cash and cash equivalents of $21.6 million (including investments in money market funds).

*Senior Unsecured Notes*

 

As of June 30, 2025, we have $75 million of senior unsecured notes outstanding, with $25 million of 8.65% Series A Notes due June 2027 (the "Series A Notes") and $50 million of 8.74% Series B Notes due June 2028 (the "Series B Notes", and collectively with the Series A Notes, the "Notes").

 

*Credit Facilities*

*Corporate Credit Facility:* We are party to a senior secured revolving credit facility (the "Corporate Credit Facility"), that has a total commitment of $400 million. The facility's commitment termination date and the final maturity date are November 22, 2028 and November 22, 2029, respectively. The Corporate Credit Facility also provided for a feature that allows us, under certain circumstances, to increase the overall size of the Corporate Credit Facility to a maximum of $600 million. The interest rate on the Corporate Credit Facility is equal to Term SOFR (a forward-looking rate based on SOFR futures) plus an applicable spread of 2.10% per annum or an "alternate base rate" (as defined in the agreements governing the Corporate Credit Facility) plus an applicable spread of 1.00%. We are also required to pay a commitment fee of 0.375% per annum on any unused portion of the Corporate Credit Facility.

*Revolving Funding Facility:* We and our wholly owned, special purpose financing subsidiary, Kayne Anderson BDC Financing, LLC ("KABDCF"), are party to a senior secured revolving funding facility (the "Revolving Funding Facility"). We and KABDCF have a commitment of $675 million. The Revolving Funding Facility is secured by all of the assets held by KABDCF and we have agreed that it will not grant or allow a lien on the membership interest of KABDCF. The end of the reinvestment period is February 13, 2028 and the maturity date is February 13, 2030. The interest rate on the Revolving Funding Facility is daily SOFR plus 2.15% per annum. KABDCF is also required to pay a commitment fee of between 0.50% and 1.50% per annum depending on the size of the unused portion of the Revolving Funding Facility.

*Revolving Funding Facility II:* We and our wholly owned, special purpose financing subsidiary, Kayne Anderson BDC Financing II, LLC ("KABDCF II"), are party to a senior secured revolving credit facility (the "Revolving Funding Facility II"). The Revolving Funding Facility II has an initial commitment of $250 million which, under certain circumstances, can be increased up to $500 million. The Revolving Funding Facility II is secured by all of the assets held by KABDCF II and we have agreed that it will not grant or allow a lien on the membership interest of KABDCF II. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility II are December 22, 2027, and December 22, 2029, respectively. The interest rate on the Revolving Funding Facility II is equal to 3-month term SOFR plus 2.25% per annum. KABDCF II is also required to pay a commitment fee of 0.55%.

***Contractual Obligations***

A summary of our significant contractual principal payment obligations related to the repayment of our outstanding indebtedness at June 30, 2025 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period ($ in millions)** | **Payments Due by Period ($ in millions)** | **Payments Due by Period ($ in millions)** | **Payments Due by Period ($ in millions)** | **Payments Due by Period ($ in millions)** |
|  | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **After 5 years** |
| Senior Unsecured Notes | $75.0 | $- | $75.0 | $- | $- |
| Corporate Credit Facility | 224.0 |  |  | 224.0 |  |
| Revolving Funding Facility | 574.0 |  |  | 574.0 |  |
| Revolving Funding Facility II | 181.0 | - | - | 181.0 | - |
| **Total contractual obligations** | $1054.0 | $&nbsp;&nbsp;&nbsp;&nbsp; - | $75.0 | $979.0 | $&nbsp;&nbsp;&nbsp;&nbsp; - |

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***Off-Balance Sheet Arrangements***

As of June 30, 2025 and December 31, 2024, we had an aggregate $250.8 million and $186.3 million, respectively, of unfunded commitments, including $162.2 million and $126.7 million, respectively, of unfunded commitments on revolvers, to provide debt financing to our portfolio companies. Such commitments are generally subject to the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in our financial statements. Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have any other off-balance sheet financings or liabilities.

***Critical Accounting Estimates***

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies, including those relating to the valuation of our investment portfolio, are described below. The critical accounting policies should be read in conjunction with our risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in this Quarterly Report. See Note 2 to our consolidated financial statements for the six months ended June 30, 2025, for more information on our critical accounting policies.

*Investment Valuation*

<u>Traded Investments (Level 1 or Level 2)</u>

Investments for which market quotations are readily available will typically be valued at those market quotations. Traded investments such as corporate bonds, preferred stock, bank notes, broadly syndicated loans or loan participations are valued by using the bid price provided by an independent pricing service, by an independent broker, the agent bank, syndicate bank or principal market maker. When price quotes for investments are not available, or such prices are stale or do not represent fair value in the judgment of our Advisor, fair market value will be determined using our Advisor's valuation process for investments that are privately issued or otherwise restricted as to resale.

We may also invest, to a lesser extent, in equity securities purchased in conjunction with debt investments. While we anticipate these equity securities to be issued by privately held companies, we may hold equity securities that are publicly traded. Equity securities listed on any exchange other than the NASDAQ Stock Market, Inc. ("NASDAQ") are valued, except as indicated below, at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities admitted to trade on the NASDAQ are valued at the NASDAQ official closing price. Equity securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Equity securities traded in the over-the-counter market, but excluding securities admitted to trading on the NASDAQ, are valued at the closing bid prices.

<u>Non-Traded Investments (Level 3)</u>

Investments that are privately issued or otherwise restricted as to resale, as well as any security for which (a) reliable market quotations are not available in the judgment of our Advisor, or (b) the independent pricing service or independent broker does not provide prices or provides a price that in the judgment of our Advisor is stale or does not represent fair value, shall each be valued in a manner that most fairly reflects fair value of the security on the valuation date. We expect that a significant majority of our investments will be Level 3 investments. Unless otherwise determined by the Advisor, the following valuation process is used for our Level 3 investments:

● *Valuation Designee*. The applicable investments will be valued no less frequently than quarterly by the Advisor, with new investments valued at the time such investment was made. The value of each Level 3 investment will be initially reviewed by the persons responsible for such portfolio company or investment. The Advisor will use a standardized template designed to approximate fair market value based on observable market inputs, updated credit statistics and unobservable inputs to determine a preliminary value. The Advisor will specify the titles of the persons responsible for determining the fair value of Company investments, including by specifying the particular functions for which they are responsible, and will reasonably segregate fair value determinations from the portfolio management of the Company such that the portfolio manager(s) may not determine, or effectively determine by exerting substantial influence on, the fair values ascribed to portfolio investments.

● *Valuation Firm*. Quarterly, a third-party valuation firm engaged by the Advisor reviews the valuation methodologies and calculations employed for each of the Company's investments that the Advisor has placed on the "watch list" and approximately 25% of the Company's remaining investments. The third-party valuation firm will review and independently value all of the Level 3 investments at least once per year, on a rolling twelve-month basis. The quarterly report issued by the third-party valuation firm will provide positive assurance on the fair values of the investments reviewed.

● *Oversight*. The Board has appointed the Advisor as the valuation designee for the Company for purposes of making determinations of fair value as permitted by Rule 2a-5 under the 1940 Act. The Audit Committee shall aid the Board in overseeing the Advisor's fair valuation of securities that are not publicly traded or for which current market values are not readily available. The Audit Committee shall meet quarterly to review the fair value determinations, processes and written reports of the Advisor as part of the Board's oversight responsibilities.

Refer to Note 5 – Fair Value – for more information on the Company's valuation process.

*Revenue Recognition*

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, which represents contractual interest accrued and added to the principal balance, we generally will not accrue PIK interest for accounting purposes if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities for accounting purposes if we have reason to doubt our ability to collect such interest. Original Issue Discounts (OIDs), market discounts or premiums are accreted or amortized using the effective interest method as interest income. We record prepayment premiums on loans and debt securities as interest income.

***Related Party Transactions***

*Investment Advisory Agreement.* On February 5, 2021, we entered into an Investment Advisory Agreement with our Advisor. On March 6, 2024, the Board approved an amended and restated investment advisory agreement (the "Amended Investment Advisory Agreement") and a fee waiver agreement (the "Fee Waiver Agreement") between the Company and the Advisor, which became effective upon the completion of the initial public offering of shares of common stock on May 24, 2024 (the "IPO Date"). On February 19, 2025, the Board approved an additional one-year term of the Amended Investment Advisory Agreement through March 15, 2026.

For services rendered under the Amended Investment Advisory Agreement, we pay a base management fee quarterly in arrears to our Advisor based on the of the fair market value of our investments including, in each case, assets purchased with borrowed funds or other forms of leverage, but excluding cash, U.S. government securities and commercial paper instruments maturing within one year of purchase. We also pay an incentive fee on income and an incentive fee on capital gains to our Advisor.

Under the Amended Investment Advisory Agreement, following the IPO Date, the base management fee is calculated at an annual rate of 1.00% and the incentive fee on income is subject to a twelve-quarter lookback quarterly hurdle rate of 1.50% as opposed to a single quarter measurement and is subject to an Incentive Fee Cap based on our Cumulative Pre-Incentive Fee Net Return. This lookback feature provides that the Advisor's income incentive fee may be reduced if our portfolio experiences aggregate write-downs or net capital losses during the applicable Trailing Twelve Quarters. Pursuant to the Fee Waiver Agreement, commencing on the IPO Date, the Advisor implemented waivers of (i) the income incentive fee for three calendar quarters commencing the quarter the initial public offering was completed and (ii) a portion of the base management fee for one year following the completion of the initial public offering. Amounts waived by the Advisor pursuant to the Fee Waiver Agreement are not subject to recoupment by the Advisor.

*Administration Agreement.* On February 5, 2021, we entered into the Administration Agreement with our Advisor, which serves as our Administrator and provides or oversees the performance of its required administrative services and professional services rendered by others, which include (but are not limited to), accounting, payment of our expenses, legal, compliance, operations, technology and investor relations, preparation and filing of our tax returns, and preparation of financial reports provided to its stockholders and filed with the SEC. On February 19, 2025, the Board approved an additional one-year term of the Administration Agreement through March 15, 2026.

We reimburse the Administrator for its costs and expenses incurred in performing its obligations under the Administration Agreement, which may include its allocable portion of office facilities, overhead, and compensation paid to or compensatory distributions received by its officers (including our Chief Compliance Officer and Chief Financial Officer) and its respective staff who provide services to the Company. As the Company reimburses the Administrator for its expenses, such costs (including the costs of sub-administrators) are ultimately borne by common stockholders. The Administrator does not receive compensation from us other than reimbursement of its expenses. The Administration Agreement may be terminated by either party with 60 days' written notice.

Since the inception of the Company, the Administrator has engaged sub-administrators to assist the Administrator in performing certain of its administrative duties. During this period, the Administrator has not sought reimbursement of its expenses other than expenses incurred by the sub-administrators. The Administrator has engaged Ultimus Fund Solutions, LLC under a sub-administration agreement. Under the terms of the sub-administration agreement, Ultimus Fund Solutions, LLC provides fund administration and fund accounting services. The Company pays fees to Ultimus Fund Solutions, LLC, which constitute reimbursable expenses under the Administration Agreement. The Administrator may enter into additional sub-administration agreements with third parties to perform other administrative and professional services on behalf of the Administrator.

*Non-Controlled, Affiliated Investment*. We hold TG Parent Newco LLC (Trademark Global LLC), a non-controlled, affiliated investment, as defined in the 1940 Act. See "Item 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions" for further details.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

We are subject to financial market risks, including valuation risk and changes in interest rates.

*Valuation Risk*. The majority of our investments are in instruments that do not have readily ascertainable market prices and the Adviser, as our valuation designee, will value these securities at fair value as determined in good faith under procedures approved by our Board of Directors. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

*Interest Rate Risk*. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

Assuming that the consolidated statement of assets and liabilities as of June 30, 2025 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact ($ in millions) of hypothetical base rate changes in interest rate (considering interest rate floors for floating rate instruments). We do not include investments on non-accrual status and classified as non-income producing as of June 30, 2025 in this calculation.

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| | | | |
|:---|:---|:---|:---|
| **Change in Interest Rates** | **Increase (Decrease) in Interest Income** | **Increase (Decrease) in Interest Expense** | **Net Increase (Decrease) in Net Investment Income** |
| Down 200 basis points | $(42.4) | $(19.6) | $(22.8) |
| Down 100 basis points | $(21.2) | $(9.8) | $(11.4) |
| Up 100 basis points | $21.2 | $9.8 | $11.4 |
| Up 200 basis points | $42.4 | $19.6 | $22.8 |

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The data in the table is based on the Company's current statement of assets and liabilities.

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates.

**Item 4. Controls and Procedures.**

***Evaluation of Disclosure Controls and Procedures***

As of June 30, 2025 (the end of the period covered by this report), we, including our Co-Chief Executive Officers and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including the Co-Chief Executive Officers and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic United States Securities and Exchange Commission (the "SEC") filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

***Internal Control Over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings.**

Neither we nor our Advisor is currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, or against our Advisor.

From time to time, we, or our Advisor, may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

From time to time, we are involved in various legal proceedings, lawsuits and claims incidental to the conduct of our business. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us.

**Item 1A. Risk Factors.**

In addition to the other information set forth in this report, you should carefully consider the risk factors described below and in Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

***Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, on our performance.***

There have been recent proposed changes to United States trade policies, treaties and tariffs, and, in the future, there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, treaties and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers, increase their supply-chain costs and expenses.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

*Sales of Unregistered Securities*

**None.**

*Issuer Purchases of Equity Securities* (dollars in thousands, except share amounts)

On May 21, 2024, the Company entered into a share repurchase plan, or the Company 10b5-1 Plan, to acquire up to $100,000 in the aggregate of the Company's Common Stock at prices below the Company's net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Company 10b5-1 Plan was approved by the Board of Directors on March 6, 2024. The Company 10b5-1 Plan requires Morgan Stanley Corporation as the Company's agent, to repurchase Common Stock on its behalf when the market price per share is below the most recently reported net asset value per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced net asset value per share, including any distributions declared). Under the Company 10b5-1 Plan, the volume of purchases would be expected to increase as the price of the Company's Common Stock declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of the Company's Common Stock and trading volumes, and no assurance can be given that Common Stock be repurchased in any particular amount or at all. The repurchase of shares pursuant to the Company 10b5-1 Plan is intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act, and will otherwise be subject to applicable law, including Regulation M, which may prohibit repurchases under certain circumstances. The Company 10b5-1 Plan commenced beginning 60 calendar days following the end of the "restricted period" under Regulation M and will terminate upon the earliest to occur of (i) the close of business on May 24, 2025, (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Company 10b5-1 Plan equals $100,000 and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan.

The "restricted period" under Regulation M ended upon the closing of the Company's IPO and, therefore, the Common Stock repurchases/purchases described above began on July 23, 2024.

On May 1, 2025, the Board of Directors of the Company authorized an amendment to the Company's share repurchase plan to extend the expiration to May 24, 2026. Under the amended and restated plan (effective May 25, 2025), the Company may repurchase up to $100,000 of the outstanding common stock in the open market at a price per share that meets certain thresholds below its net asset value per share.

During the six months ended June 30, 2025, the Company repurchased 585,671 shares under the Company's 10b5-1 Plan for a total of $9,153.

**Item 3. Default Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

None.

**Item 6. Exhibits.**

The exhibits required by this item are set forth in the Exhibit Index attached hereto and are filed or incorporated as part of this Report.

---

| | |
|:---|:---|
| **Exhibit<br> Index** |  |
| 3.1 | [Certificate of Formation (3)](http://www.sec.gov/Archives/edgar/data/1747172/000119312521059867/d122096dex31.htm) |
| 3.2 | [Initial Limited Liability Company Agreement (1)](http://www.sec.gov/Archives/edgar/data/1747172/000119312520289195/d78594dex9931.htm) |
| 3.3 | [Certificate of Conversion (2)](http://www.sec.gov/Archives/edgar/data/1747172/000119312521032702/d36497dex31.htm) |
| 3.4 | [Certificate of Incorporation (2)](http://www.sec.gov/Archives/edgar/data/1747172/000119312521032702/d36497dex32.htm) |
| 3.5 | [Amended and Restated Bylaws (5)](http://www.sec.gov/Archives/edgar/data/1747172/000121390022047906/f10q0622ex3-5_kayneand.htm) |
| 4.1 | [Description of Securities (3)](http://www.sec.gov/Archives/edgar/data/1747172/000119312521059867/d122096dex41.htm) |
| 10.1 | [Amended and Restated Investment Advisory Agreement (12)](http://www.sec.gov/Archives/edgar/data/1747172/000121390024068355/ea021000001ex10-3_kayne.htm) |
| 10.2 | [Fee Waiver Agreement (12)](http://www.sec.gov/Archives/edgar/data/1747172/000121390024068355/ea021000001ex10-4_kayne.htm) |
| 10.3 | [Administration Agreement (1)](http://www.sec.gov/Archives/edgar/data/1747172/000119312520289195/d78594dex99102.htm) |
| 10.4 | [License Agreement (1)](http://www.sec.gov/Archives/edgar/data/1747172/000119312520289195/d78594dex99103.htm) |
| 10.5 | [Indemnification Agreement (1)](http://www.sec.gov/Archives/edgar/data/1747172/000119312520289195/d78594dex99104.htm) |
| 10.6 | [Custody Agreement (1)](http://www.sec.gov/Archives/edgar/data/1747172/000119312520289195/d78594dex99105.htm) |
| 10.7 | [Subscription Agreement (1)](http://www.sec.gov/Archives/edgar/data/1747172/000119312520289195/d78594dex9941.htm) |
| 10.8 | [Credit Agreement, dated February 5, 2021, by and between Kayne Anderson BDC, Inc., as borrower, lenders signatories thereto, and agent and the lead arranger (2)](http://www.sec.gov/Archives/edgar/data/1747172/000119312521032702/d36497dex102.htm) |
| 10.9 | [Second Amendment to Credit Agreement, dated December 3, 2021, by and between Kayne Anderson BDC, Inc., as borrower, lender signatories thereto, and agent and lead arranger (5)](http://www.sec.gov/Archives/edgar/data/1747172/000121390022047906/f10q0622ex10-9_kayneand.htm) |
| 10.10 | [Third Amendment to the Credit Agreement, dated December 30, 2022, by and between Kayne Anderson BDC, Inc., as borrower, lenders, and City National Bank as administrative agent for the lenders (7)](http://www.sec.gov/Archives/edgar/data/1747172/000121390023001252/ea171245ex10-1_kayne.htm) |
| 10.11 | [Fourth Amendment to the Credit Agreement, dated December 31, 2023, by and between Kayne Anderson BDC, Inc., as borrower, lenders, and City National Bank as administrative agent for the lenders (10)](http://www.sec.gov/Archives/edgar/data/1747172/000121390024001581/ea191260ex10-1_kayne.htm) |
| 10.12 | [Senior Secured Revolving Credit Agreement (4)](http://www.sec.gov/Archives/edgar/data/1747172/000121390022009497/ea156212ex10-1_kayneanderson.htm) |
| 10.13 | [Second Amendment to the Senior Secured Revolving Credit Agreement (13)](http://www.sec.gov/Archives/edgar/data/1747172/000121390024102455/ea022260501ex10-1_kayne.htm) |
| 10.14 | [Third Amendment to the Senior Secured Revolving Credit Agreement (\*)](ea024937201ex10-14_kayne.htm) |
| 10.15 | [Loan and Security Agreement (4)](http://www.sec.gov/Archives/edgar/data/1747172/000121390022009497/ea156212ex10-2_kayneanderson.htm) |
| 10.16 | [First Amendment to Loan and Security Agreement, dated November 17, 2022, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (6)](http://www.sec.gov/Archives/edgar/data/1747172/000121390022074495/ea169130ex10-1_kayne.htm) |
| 10.17 | [Second Amendment to Loan and Security Agreement, dated June 29, 2023, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (8)](http://www.sec.gov/Archives/edgar/data/1747172/000121390023054283/ea181304ex10-1_kayne.htm) |
| 10.18 | [Third Amendment to Loan and Security Agreement, dated April 3, 2024, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (11)](http://www.sec.gov/Archives/edgar/data/1747172/000121390024030899/ea020342201ex10-1_kayne.htm) |
| 10.19 | [Fourth Amendment to Loan and Security Agreement, dated December 13, 2024, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (16)](http://www.sec.gov/Archives/edgar/data/1747172/000121390025019408/ea022920501ex10-20_kayne.htm) |
| 10.20 | [Fifth Amendment to Loan and Security Agreement, dated February 13, 2025, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (15)](http://www.sec.gov/Archives/edgar/data/1747172/000121390025014912/ea023139101ex10-1_kayne.htm) |
| 10.21 | [Loan and Security Agreement, dated December 22, 2023, by and between KA Credit Advisors, LLC, as portfolio manager, Kayne Anderson BDC Financing II, LLC, as borrower, certain lenders thereto, collateral administrator for the lenders, collateral agent for the lenders, securities intermediary party, and administrative agent for the lenders (9)](http://www.sec.gov/Archives/edgar/data/1747172/000121390023099821/ea190890ex10-1_kayne.htm) |
| 10.22 | [Amendment No. 2 to Loan and Security Agreement, dated December 22, 2023, by and between KA Credit Advisors, LLC, as portfolio manager, Kayne Anderson BDC Financing II, LLC, as borrower, certain lenders thereto, collateral administrator for the lenders, collateral agent for the lenders, securities intermediary party, and administrative agent for the lenders (14)](http://www.sec.gov/Archives/edgar/data/1747172/000121390025011427/ea023038901ex10-1_kayne.htm) |
| 10.23 | [Notes Purchase Agreement, dated June 29, 2023, by and among the Company and the Purchasers party thereto (8)](http://www.sec.gov/Archives/edgar/data/1747172/000121390023054281/ea181307ex10-1_kayneand.htm) |
| 21.1\* | [Subsidiaries of Kayne Anderson BDC, Inc.](ea024937201ex21-1_kayne.htm) |
| 31.1\* | [Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea024937201ex31-1_kayne.htm) |
| 31.2\* | [Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea024937201ex31-2_kayne.htm) |
| 32.1\* | [Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea024937201ex32-1_kayne.htm) |
| 32.2\* | [Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea024937201ex32-2_kayne.htm) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* Filed herewith.

(1) Incorporated by reference from the Company's Amendment No. 2 to Form 10, as filed with the Securities and Exchange Commission on November 9, 2020.

(2) Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on February 9, 2021.

(3) Incorporated by reference from the Company's Form 10-K, as filed with the Securities and Exchange Commission on March 10, 2023.

(4) Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on February 25, 2022.

(5) Incorporated by reference from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as filed with the Securities and Exchange Commission on August 15, 2022.

(6) Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on November 22, 2022.

(7) Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on January 6, 2023.

(8) Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on July 5, 2023.

(9) Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on December 29, 2023.

(10) Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on January 5, 2024.

(11) Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on April 8, 2024.

(12) Incorporated by reference from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on August 13, 2024.

(13) Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on November 26, 2024.

(14) Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on February 10, 2025.

(15) Incorporated by reference from the Company's Form 8-K, as filed with the Securities and Exchange Commission on February 18, 2025.

(16) Incorporated by reference from the Company's Form 10-K, as filed with the Securities and Exchange Commission on March 3, 2025.

**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 thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Kayne Anderson BDC, Inc.** | **Kayne Anderson BDC, Inc.** |
| Date: August 11, 2025 |  | /s/ Douglas L. Goodwillie |
|  | Name: | Douglas L. Goodwillie |
|  | Title: | Co-Chief Executive Officer |
|  |  | (Co-Principal Executive Officer) |
| Date: August 11, 2025 |  | /s/ Kenneth B. Leonard |
|  | Name: | Kenneth B. Leonard |
|  | Title: | Co-Chief Executive Officer |
|  |  | (Co-Principal Executive Officer) |
| Date: August 11, 2025 |  | /s/ Terry A. Hart |
|  | Name: | Terry A. Hart |
|  | Title: | Chief Financial Officer and Treasurer |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 10.14

**Exhibit 10.14**

**Exhibit A to Third Amendment, dated as of August 8, 2025**

SENIOR SECURED<br> REVOLVING CREDIT AGREEMENT

dated as of

February 18, 2022,

and

as amended by the First Amendment to Senior Secured Revolving Credit Agreement dated as of June 27, 2024, the Second Amendment to Senior Secured Revolving Credit Agreement dated as of November 22, 2024 and the Third Amendment to Senior Secured Revolving Credit Agreement dated as of August 8, 2025

among

KAYNE ANDERSON BDC, INC.,

as Borrower,

the LENDERS party hereto,

and

SUMITOMO MITSUI BANKING CORPORATION,<br> as Administrative Agent,

$475,000,000

SUMITOMO MITSUI BANKING CORPORATION,

as Joint Lead Arranger

and

SUMITOMO MITSUI BANKING CORPORATION

and

JPMORGAN CHASE BANK, N.A.

as Joint Bookrunners

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I | DEFINITIONS | 1 |
| SECTION 1.01. | &nbsp;&nbsp;&nbsp;&nbsp;Defined Terms | 1 |
| SECTION 1.02. | &nbsp;&nbsp;&nbsp;&nbsp;Classification of Loans and Borrowings | 49 |
| SECTION 1.03. | &nbsp;&nbsp;&nbsp;&nbsp;Terms Generally | 49 |
| SECTION 1.04. | &nbsp;&nbsp;&nbsp;&nbsp;Accounting Terms; GAAP | 49 |
| SECTION 1.05. | &nbsp;&nbsp;&nbsp;&nbsp;Currencies; Currency Equivalents | 50 |
| SECTION 1.06. | &nbsp;&nbsp;&nbsp;&nbsp;Divisions | 51 |
| SECTION 1.07. | &nbsp;&nbsp;&nbsp;&nbsp;Rates | 51 |
| ARTICLE II | THE CREDITS | 52 |
| SECTION 2.01. | &nbsp;&nbsp;&nbsp;&nbsp;The Commitments | 52 |
| SECTION 2.02. | &nbsp;&nbsp;&nbsp;&nbsp;Loans and Borrowings | 53 |
| SECTION 2.03. | &nbsp;&nbsp;&nbsp;&nbsp;Requests for Borrowings | 54 |
| SECTION 2.04. | &nbsp;&nbsp;&nbsp;&nbsp;[Reserved] | 55 |
| SECTION 2.05. | &nbsp;&nbsp;&nbsp;&nbsp;[Reserved] | 55 |
| SECTION 2.06. | &nbsp;&nbsp;&nbsp;&nbsp;Funding of Borrowings | 55 |
| SECTION 2.07. | &nbsp;&nbsp;&nbsp;&nbsp;Interest Elections | 56 |
| SECTION 2.08. | &nbsp;&nbsp;&nbsp;&nbsp;Termination, Reduction or Increase of the Commitments | 57 |
| SECTION 2.09. | &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Loans; Evidence of Debt | 61 |
| SECTION 2.10. | &nbsp;&nbsp;&nbsp;&nbsp;Prepayment of Loans | 63 |
| SECTION 2.11. | &nbsp;&nbsp;&nbsp;&nbsp;Fees | 67 |
| SECTION 2.12. | &nbsp;&nbsp;&nbsp;&nbsp;Interest | 68 |
| SECTION 2.13. | &nbsp;&nbsp;&nbsp;&nbsp;Inability to Determine Interest Rates | 69 |
| SECTION 2.14. | &nbsp;&nbsp;&nbsp;&nbsp;Increased Costs | 70 |
| SECTION 2.15. | &nbsp;&nbsp;&nbsp;&nbsp;Break Funding Payments | 72 |
| SECTION 2.16. | &nbsp;&nbsp;&nbsp;&nbsp;Taxes | 72 |
| SECTION 2.17. | &nbsp;&nbsp;&nbsp;&nbsp;Payments Generally; Pro Rata Treatment: Sharing of Set-offs | 75 |
| SECTION 2.18. | &nbsp;&nbsp;&nbsp;&nbsp;Mitigation Obligations; Replacement of Lenders | 78 |
| SECTION 2.19. | &nbsp;&nbsp;&nbsp;&nbsp;Defaulting Lenders | 79 |
| SECTION 2.20. | &nbsp;&nbsp;&nbsp;&nbsp;Effect of Benchmark Transition Event | 81 |
| ARTICLE III | REPRESENTATIONS AND WARRANTIES | 85 |
| SECTION 3.01. | &nbsp;&nbsp;&nbsp;&nbsp;Organization; Powers | 85 |
| SECTION 3.02. | &nbsp;&nbsp;&nbsp;&nbsp;Authorization; Enforceability | 85 |
| SECTION 3.03. | &nbsp;&nbsp;&nbsp;&nbsp;Governmental Approvals; No Conflicts | 85 |
| SECTION 3.04. | &nbsp;&nbsp;&nbsp;&nbsp;Financial Condition; No Material Adverse Change | 86 |
| SECTION 3.05. | &nbsp;&nbsp;&nbsp;&nbsp;Litigation | 86 |
| SECTION 3.06. | &nbsp;&nbsp;&nbsp;&nbsp;Compliance with Laws and Agreements | 86 |
| SECTION 3.07. | &nbsp;&nbsp;&nbsp;&nbsp;Taxes | 86 |
| SECTION 3.08. | &nbsp;&nbsp;&nbsp;&nbsp;ERISA | 86 |
| SECTION 3.09. | &nbsp;&nbsp;&nbsp;&nbsp;Disclosure | 87 |
| SECTION 3.10. | &nbsp;&nbsp;&nbsp;&nbsp;Investment Company Act; Margin Regulations | 87 |

---

-i-

**TABLE OF CONTENTS**

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| SECTION 3.11. | &nbsp;&nbsp;&nbsp;&nbsp;Material Indebtedness and Liens | 87 |
| SECTION 3.12. | &nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries and Investments | 88 |
| SECTION 3.13. | &nbsp;&nbsp;&nbsp;&nbsp;Properties | 88 |
| SECTION 3.14. | &nbsp;&nbsp;&nbsp;&nbsp;Affiliate Agreements | 88 |
| SECTION 3.15. | &nbsp;&nbsp;&nbsp;&nbsp;Sanctions | 89 |
| SECTION 3.16. | &nbsp;&nbsp;&nbsp;&nbsp;PATRIOT Act | 89 |
| SECTION 3.17. | &nbsp;&nbsp;&nbsp;&nbsp;Collateral Documents | 89 |
| SECTION 3.18. | &nbsp;&nbsp;&nbsp;&nbsp;EEA Financial Institutions | 89 |
| ARTICLE IV | CONDITIONS | 90 |
| SECTION 4.01. | &nbsp;&nbsp;&nbsp;&nbsp;Effective Date | 90 |
| SECTION 4.02. | &nbsp;&nbsp;&nbsp;&nbsp;Each Credit Event | 91 |
| ARTICLE V | AFFIRMATIVE COVENANTS | 92 |
| SECTION 5.01. | &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Other Information | 92 |
| SECTION 5.02. | &nbsp;&nbsp;&nbsp;&nbsp;Notices of Material Events | 94 |
| SECTION 5.03. | &nbsp;&nbsp;&nbsp;&nbsp;Existence: Conduct of Business | 95 |
| SECTION 5.04. | &nbsp;&nbsp;&nbsp;&nbsp;Payment of Obligations | 95 |
| SECTION 5.05. | &nbsp;&nbsp;&nbsp;&nbsp;Maintenance of Properties; Insurance | 95 |
| SECTION 5.06. | &nbsp;&nbsp;&nbsp;&nbsp;Books and Records; Inspection and Audit Rights | 95 |
| SECTION 5.07. | &nbsp;&nbsp;&nbsp;&nbsp;Compliance with Laws | 96 |
| SECTION 5.08. | &nbsp;&nbsp;&nbsp;&nbsp;Certain Obligations Respecting Subsidiaries; Further Assurances | 96 |
| SECTION 5.09. | &nbsp;&nbsp;&nbsp;&nbsp;Use of Proceeds | 97 |
| SECTION 5.10. | &nbsp;&nbsp;&nbsp;&nbsp;Status of RIC and BDC | 98 |
| SECTION 5.11. | &nbsp;&nbsp;&nbsp;&nbsp;Investment Policies | 98 |
| SECTION 5.12. | &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Valuation and Diversification Etc | 98 |
| SECTION 5.13. | &nbsp;&nbsp;&nbsp;&nbsp;Calculation of Borrowing Base | 102 |
| ARTICLE VI | NEGATIVE COVENANTS | 111 |
| SECTION 6.01. | &nbsp;&nbsp;&nbsp;&nbsp;Indebtedness | 111 |
| SECTION 6.02. | &nbsp;&nbsp;&nbsp;&nbsp;Liens | 113 |
| SECTION 6.03. | &nbsp;&nbsp;&nbsp;&nbsp;Fundamental Changes | 114 |
| SECTION 6.04. | &nbsp;&nbsp;&nbsp;&nbsp;Investments | 115 |
| SECTION 6.05. | &nbsp;&nbsp;&nbsp;&nbsp;Restricted Payments | 117 |
| SECTION 6.06. | &nbsp;&nbsp;&nbsp;&nbsp;Certain Restrictions on Subsidiaries | 118 |
| SECTION 6.07. | &nbsp;&nbsp;&nbsp;&nbsp;Certain Financial Covenants | 118 |
| SECTION 6.08. | &nbsp;&nbsp;&nbsp;&nbsp;Transactions with Affiliates | 118 |
| SECTION 6.09. | &nbsp;&nbsp;&nbsp;&nbsp;Lines of Business | 119 |
| SECTION 6.10. | &nbsp;&nbsp;&nbsp;&nbsp;No Further Negative Pledge | 119 |
| SECTION 6.11. | &nbsp;&nbsp;&nbsp;&nbsp;Modifications of Longer-Term Indebtedness Documents | 119 |
| SECTION 6.12. | &nbsp;&nbsp;&nbsp;&nbsp;Payments of Longer-Term Indebtedness | 120 |
| SECTION 6.13. | &nbsp;&nbsp;&nbsp;&nbsp;Accounting Changes | 121 |

---

-ii-

**TABLE OF CONTENTS**

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| SECTION 6.14. | &nbsp;&nbsp;&nbsp;&nbsp;Financing Statements | 121 |
| SECTION 6.15. | &nbsp;&nbsp;&nbsp;&nbsp;SBIC Guarantee | 121 |
| SECTION 6.16. | &nbsp;&nbsp;&nbsp;&nbsp;Capital Call Facility | 121 |
| ARTICLE VII | EVENTS OF DEFAULT | 122 |
| ARTICLE VIII | THE ADMINISTRATIVE AGENT | 125 |
| SECTION 8.01. | &nbsp;&nbsp;&nbsp;&nbsp;Appointment of the Administrative Agent | 125 |
| SECTION 8.02. | &nbsp;&nbsp;&nbsp;&nbsp;Capacity as Lender | 126 |
| SECTION 8.03. | &nbsp;&nbsp;&nbsp;&nbsp;Limitation of Duties; Exculpation | 126 |
| SECTION 8.04. | &nbsp;&nbsp;&nbsp;&nbsp;Reliance | 126 |
| SECTION 8.05. | &nbsp;&nbsp;&nbsp;&nbsp;Sub-Agents | 127 |
| SECTION 8.06. | &nbsp;&nbsp;&nbsp;&nbsp;Resignation; Successor Administrative Agent | 127 |
| SECTION 8.07. | &nbsp;&nbsp;&nbsp;&nbsp;Reliance by Lenders | 127 |
| SECTION 8.08. | &nbsp;&nbsp;&nbsp;&nbsp;Modifications to Loan Documents | 128 |
| SECTION 8.09. | &nbsp;&nbsp;&nbsp;&nbsp;Erroneous Payments | 128 |
| ARTICLE IX | MISCELLANEOUS | 131 |
| SECTION 9.01. | &nbsp;&nbsp;&nbsp;&nbsp;Notices; Electronic Communications | 131 |
| SECTION 9.02. | &nbsp;&nbsp;&nbsp;&nbsp;Waivers; Amendments | 133 |
| SECTION 9.03. | &nbsp;&nbsp;&nbsp;&nbsp;Expenses; Indemnity; Damage Waiver | 136 |
| SECTION 9.04. | &nbsp;&nbsp;&nbsp;&nbsp;Successors and Assigns | 138 |
| SECTION 9.05. | &nbsp;&nbsp;&nbsp;&nbsp;Survival | 142 |
| SECTION 9.06. | &nbsp;&nbsp;&nbsp;&nbsp;Counterparts; Integration; Effectiveness; Electronic Execution | 142 |
| SECTION 9.07. | &nbsp;&nbsp;&nbsp;&nbsp;Severability | 143 |
| SECTION 9.08. | &nbsp;&nbsp;&nbsp;&nbsp;Right of Setoff | 143 |
| SECTION 9.09. | &nbsp;&nbsp;&nbsp;&nbsp;Governing Law; Jurisdiction; Etc | 143 |
| SECTION 9.10. | &nbsp;&nbsp;&nbsp;&nbsp;WAIVER OF JURY TRIAL | 144 |
| SECTION 9.11. | &nbsp;&nbsp;&nbsp;&nbsp;Judgment Currency | 144 |
| SECTION 9.12. | &nbsp;&nbsp;&nbsp;&nbsp;Headings | 145 |
| SECTION 9.13. | &nbsp;&nbsp;&nbsp;&nbsp;Treatment of Certain Information; No Fiduciary Duty; Confidentiality | 145 |
| SECTION 9.14. | &nbsp;&nbsp;&nbsp;&nbsp;PATRIOT Act | 147 |
| SECTION 9.15. | &nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement and Consent to Bail-In of EEA Financial Institutions | 147 |
| SECTION 9.16. | &nbsp;&nbsp;&nbsp;&nbsp;Certain ERISA Matters | 147 |
| SECTION 9.17. | &nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement Regarding Any Supported QFCs | 148 |

---

-iii-

---

| |
|:---|
| SCHEDULE 1.01(a) – Approved Dealers and Approved Pricing Services |
| SCHEDULE 1.01(b) – Commitments |
| SCHEDULE 1.01(c) – Industry Classification Group List |
| SCHEDULE 3.11(a) – Material Indebtedness |
| SCHEDULE 3.11(b) – Liens |
| SCHEDULE 3.12(a) – Subsidiaries |
| SCHEDULE 3.12(b) – Investments |
| SCHEDULE 6.08 – Transactions with Affiliates |
| EXHIBIT A – Form of Assignment and Assumption |
| EXHIBIT B – Form of Borrowing Base Certificate |
| EXHIBIT C – Form of Borrowing Request |
| EXHIBIT D – Form of Commitment Increase Supplement |

---

-iv-

SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as of February 18, 2022 (this "<u>Agreement</u>"), among KAYNE ANDERSON BDC, INC., a Delaware corporation (the "<u>Borrower</u>"), the LENDERS party hereto and SUMITOMO MITSUI BANKING CORPORATION, as Administrative Agent (as defined below).

ARTICLE I<br><u>DEFINITIONS</u>

SECTION 1.01. <u>Defined Terms</u>. As used in this Agreement, the following terms have the meanings specified below:

"<u>2027 Notes</u>" means $25,000,000 of the Borrower's 8.65% Senior Notes, Series A, due June 30, 2027.

"<u>2028 Notes</u>" means $50,000,000 of the Borrower's 8.74% Senior Notes, Series B, due June 30, 2028.

"<u>ABR</u>", when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans constituting such Borrowing are, denominated in Dollars and bearing interest at a rate determined by reference to the Alternate Base Rate.

"<u>Adjusted Covered Debt Balance</u>" means, on any date, the aggregate Covered Debt Amount on such date <u>minus</u> the aggregate amount of Cash and Cash Equivalents included in the Portfolio Investments held by the Obligors.

"<u>Adjusted Term Benchmark Rate</u>" means (a) for the Interest Period for any Term Benchmark Borrowing denominated in Euros, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (i) the Term Benchmark Rate for such Interest Period for such Currency <u>multiplied by</u> (ii) the Statutory Reserve Rate for such Interest Period and (b) for the Interest Period for any Term Benchmark Borrowing denominated in a Currency (other than Euros), an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the Term Benchmark Rate for such Interest Period for such Currency; provided that if the Adjusted Term Benchmark Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

"<u>Administrative Agent</u>" means SMBC, in its capacity as administrative agent for the Lenders hereunder.

"<u>Administrative Agent's Account</u>" means, for each Currency, an account in respect of such Currency designated by the Administrative Agent in a notice to the Borrower and the Lenders.

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

"<u>Advance Rate</u>" has the meaning assigned to such term in <u>Section 5.13</u>.

"<u>Affected Currency</u>" has the meaning assigned to such term in <u>Section 2.13</u>.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affiliate</u>" means, with respect to a specified Person at any time, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified at such time. Anything herein to the contrary notwithstanding, the term "Affiliate" shall not include any Person that constitutes an Investment held, directly or indirectly, by any Obligor or Financing Subsidiary in the ordinary course of business; provided that the term "Affiliate" shall include any Financing Subsidiary.

"<u>Affiliate Agreements</u>" means (i) that certain Investment Advisory Agreement dated as of between the Borrower and the External Manager dated as of February 5, 2021 and (ii) that certain Administration Agreement dated as of February 5, 2021 between the Borrower and the External Manager.

"<u>Agent-Selected Third-Party Appraiser</u>" shall mean any Approved Third-Party Appraiser or any other Independent nationally recognized third-party appraisal firm identified by the Administrative Agent and consented to by the Borrower (such consent not to be unreasonably withheld or delayed).

"<u>Agreed Foreign Currency</u>" means, at any time, (i) any of Canadian Dollars, Sterling, Euros and Japanese Yen and (ii) with the agreement of each Multicurrency Lender, any other Foreign Currency, so long as, in respect of any such specified Foreign Currency or other Foreign Currency, at such time (a) such Foreign Currency is freely transferable and convertible into Dollars in the London foreign exchange market or the relevant local market, if applicable, and (b) no central bank or other governmental authorization in the country of issue of such Foreign Currency (including, in the case of the Euro, any authorization by the European Central Bank) is required to permit use of such Foreign Currency by any Multicurrency Lender for making any Loan hereunder and/or to permit the Borrower to borrow and repay the principal thereof and to pay the interest thereon, unless such authorization has been obtained and is in full force and effect.

"<u>Agreement</u>" has the meaning assigned to such term in the <u>preamble</u> to this Agreement

"<u>Alternate Base Rate</u>" means, for any day, a rate per annum equal to the greater of (a) zero and (b) the highest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Effective Rate for such day <u>plus</u> 1/2 of 1% and (iii) the rate per annum equal to 1% <u>plus</u> Term SOFR. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or Term SOFR (or successor therefor) as set forth above shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or Term SOFR (or successor therefor), respectively. If for any reason the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the Federal Funds Effective Rate for any reason, including the inability or failure of the Administrative Agent to obtain a quotation in accordance with the terms thereof, the Alternate Base Rate shall be determined without regard to clause (b)(ii) of the first sentence of this definition until the circumstances giving rise to such inability no longer exist.

2 *Revolving Credit Agreement*

"<u>Anti-Corruption Laws</u>" has the meaning assigned to such term in <u>Section 3.16</u>.

"<u>Applicable Dollar Percentage</u>" means, with respect to any Dollar Lender, the percentage of the total Dollar Commitments represented by such Dollar Lender's Dollar Commitment. If the Dollar Commitments have terminated or expired, the Applicable Dollar Percentage of such Lender shall be based upon such Lender's existing Revolving Dollar Credit Exposure; <u>provided</u> that, for the avoidance of doubt, on and after the Non-Extended Commitment Termination Date for any Non-Extending Lender that is a Dollar Lender, the Applicable Dollar Percentage of such Non-Extending Lender shall be 0%.

"<u>Applicable Financial Statements</u>" means the most-recent audited financial statements of the Borrower and its Subsidiaries on a consolidated basis delivered to the Lenders; <u>provided</u> that if immediately prior to the delivery to the Lenders of new audited financial statements of the Borrower a Material Adverse Change (the "<u>Pre-existing MAC</u>") shall exist (regardless of when it occurred), then the "Applicable Financial Statements" as at said date means the Applicable Financial Statements in effect immediately prior to such delivery until such time as the Pre-existing MAC shall no longer exist.

"<u>Applicable Margin</u>" means (i) in the case of any Extending Lender, the Extending Lender Applicable Margin and (ii) in the case of any Non-Extending Lender, the Non-Extending Lender Applicable Margin for such Non-Extending Lender.

"<u>Applicable Multicurrency Percentage</u>" means, with respect to any Multicurrency Lender, the percentage of the total Multicurrency Commitments represented by such Multicurrency Lender's Multicurrency Commitment. If the Multicurrency Commitments have terminated or expired, the Applicable Multicurrency Percentage of such Lender shall be based upon such Lender's existing Revolving Multicurrency Credit Exposure; <u>provided</u> that, for the avoidance of doubt, on and after the Non-Extended Commitment Termination Date for any Non-Extending Lender that is a Multicurrency Lender, the Applicable Multicurrency Percentage of such Non-Extending Lender shall be 0%.

"<u>Applicable Percentage</u>" means, with respect to any Lender, the percentage of the aggregate Term Loans and total Revolving Commitments of such Lender. If the Revolving Commitments have terminated or expired, the Applicable Percentage of such Lender shall be determined based upon such Lender's existing Credit Exposure; <u>provided</u> that, for the avoidance of doubt, on and after the Non-Extended Commitment Termination Date for any Non-Extending Lender, the Applicable Percentage of such Non-Extending Lender shall be 0%.

"<u>Applicable Revolving Percentage</u>" means, with respect to any Revolving Lender, the percentage of the total Revolving Commitments of such Lender. If the Revolving Commitments have terminated or expired, the Applicable Revolving Percentage of such Lender shall be determined based on such Lender's existing Revolving Credit Exposure.

3 *Revolving Credit Agreement*

"<u>Applicable Time</u>" means, with respect to any Loans and payments in any Foreign Currency, the local time in the Principal Financial Center for such Foreign Currency as may be reasonably determined by the Administrative Agent.

"<u>Approved Dealer</u>" means (a) in the case of any investment that is not a U.S. Government Security, a bank or a broker-dealer registered under the Securities Exchange Act of 1934, as amended, of nationally recognized standing or an Affiliate thereof, (b) in the case of a U.S. Government Security, any primary dealer in U.S. Government Securities, and (c) in the case of any foreign investment, any foreign bank or broker-dealer of internationally recognized standing or an Affiliate thereof, in the case of each of <u>clauses (a)</u>, <u>(b)</u> and <u>(c)</u> above, either as set forth on <u>Schedule 1.01(a)</u> or any other bank or broker-dealer or Affiliate thereof acceptable to the Administrative Agent in its reasonable determination.

"<u>Approved Pricing Service</u>" means a pricing or quotation service either: (a) as set forth in <u>Schedule 1.01(a)</u> or (b) any other pricing or quotation service designated in writing by the Borrower to the Administrative Agent.

"<u>Approved Third-Party Appraiser</u>" means any Independent nationally recognized third-party appraisal firm (a) designated by the Borrower in writing to the Administrative Agent and (b) reasonably acceptable to the Administrative Agent. It is understood and agreed that Houlihan Lokey, Inc., Duff & Phelps Corporation, Kroll LLC, Murray, Devine & Company, Citrin Cooperman, Lincoln International LLC (formerly known as Lincoln Partners LLC), Markit, Valuation Research Corporation and Alvarez & Marsal are acceptable to the Administrative Agent.

"<u>Assignment and Assumption</u>" means an Assignment and Assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by <u>Section 9.04</u>), and accepted by the Administrative Agent, in the form of <u>Exhibit A</u> (with adjustments thereto to reflect the Classes of Commitments and/or Loans being assigned or outstanding at the time of the respective assignment) or any other form approved by the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower.

"<u>ASU</u>" has the meaning assigned to such term in <u>Section 1.04</u>.

"<u>Assuming Lender</u>" has the meaning assigned to such term in <u>Section 2.08(e)</u>.

"<u>Availability Period</u>" means (a) in the case of any Extending Lender (with respect to such Extending Lender's Extended Loans), the Extended Availability Period or (b) in the case of any Non-Extending Lender (with respect to such Non-Extending Lender's Non-Extended Loans), the Non-Extended Availability Period for such Non-Extending Lender.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark for any Currency, as applicable, (x) 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 or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to this Agreement, in each case, 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 "Interest Period" pursuant to <u>Section 2.20(d)</u>.

4 *Revolving Credit Agreement*

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Base Rate Term SOFR Determination Day</u>" has the meaning specified in the definition of "Term SOFR".

"<u>Basel III</u>" means the agreements on capital requirements, leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision on December 16, 2010, each as amended, supplemented or restated.

"<u>Basel IV</u>" means any amendment, replacement or refinement of Basel III known as "Basel IV".

"<u>Benchmark</u>" means, initially, with respect to any Loans denominated in (a) Dollars, the Term SOFR Reference Rate, (b) Canadian Dollars, the Term CORRA Reference Rate, (c) Sterling, the Daily Simple RFR, and (d) each other Agreed Foreign Currency, the Adjusted Term Benchmark Rate for such Currency; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the Term SOFR Reference Rate, the Term CORRA Reference Rate, the Daily Simple RFR or the Adjusted Term Benchmark Rate for such Currency, as applicable, or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement for such Currency to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>clause (a)</u> or <u>clause (b)</u> of <u>Section 2.20</u>.

"<u>Benchmark Replacement</u>" means, with respect to any Benchmark Transition Event:

&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) where a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate, the sum of: (a) Daily Simple SOFR and (b) 0.10%;

5 *Revolving Credit 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) where a Benchmark Transition Event has occurred with respect to the Term CORRA Reference Rate, the sum of: (a) Daily Compounded CORRA and (b) 0.32138% per annum; 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;(3) where a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the Term CORRA Reference Rate and the rate cannot be determined by the Administrative Agent pursuant to clause (1) or (2) above, as applicable, or where a Benchmark Transition Event has occurred with respect to a Benchmark other than the Term SOFR Reference Rate or the Term CORRA Reference Rate, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Currency giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated in the applicable Currency at such time and (b) the related Benchmark Replacement Adjustment.

If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark for a Currency with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement (excluding for the avoidance of doubt, Daily Simple SOFR), 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 Currency giving due consideration to (i) 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 at such time or (ii) 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 syndicated credit facilities denominated in the applicable Currency in the U.S. syndicated loan market at such time.

"<u>Benchmark Replacement Date</u>" means, (x) with respect to any Benchmark (other than the Term SOFR Reference Rate or the Term CORRA Reference Rate), the earliest to occur of the following events with respect to such then-current Benchmark and (y) with respect to the Term SOFR Reference Rate or the Term CORRA Reference Rate, a date and time determined by the Administrative Agent in its reasonable discretion, which date shall be no later than the earlier to occur of the following events with respect to such 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:

&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 date of the public statement or publication of information referenced therein; and

6 *Revolving Credit 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) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide 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 determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-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 any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) of this definition, 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).

"<u>Benchmark Transition Event</u>" means, with respect to any then-current Benchmark, the occurrence of one or more of the following events with respect to such 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 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 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), including the Board, the Federal Reserve Bank of New York or the Bank of Canada, as applicable, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component thereof), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component thereof) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component thereof), in each case which states that the administrator of such Benchmark (or such component thereof) has ceased or will cease to provide 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 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 all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

7 *Revolving Credit Agreement*

For the avoidance of doubt, 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 Unavailability Period</u>" means, with respect to any then-current Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any other Loan Document in accordance with <u>Section 2.20</u> and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any other Loan Document in accordance with <u>Section 2.20</u>.

"<u>Benefit Plan</u>" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan".

"<u>BHC Act Affiliate</u>" has the meaning assigned to such term in <u>Section 9.17</u>.

"<u>Board</u>" means the Board of Governors of the Federal Reserve System of the United States of America (or any successor).

"<u>Borrower</u>" has the meaning assigned to such term in the preamble to this Agreement.

"<u>Borrowing</u>" means (a) all ABR Loans of the same Class made, converted or continued on the same date, (b) all Term Benchmark Loans of the same Class denominated in the same Currency that have the same Interest Period, or (c) all RFR Loans of the same Class.

"<u>Borrowing Base</u>" has the meaning assigned to such term in <u>Section 5.13</u>.

"<u>Borrowing Base Certificate</u>" means a certificate of a Financial Officer of the Borrower, substantially in the form of <u>Exhibit B</u> and appropriately completed.

"<u>Borrowing Base Deficiency</u>" means, at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date.

"<u>Borrowing Request</u>" means a request by the Borrower for a Borrowing in accordance with <u>Section 2.03</u>, which, if in writing, shall be substantially in the form of <u>Exhibit C</u>.

"<u>Business Day</u>" means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; <u>provided</u> that (a) when used in relation to a Term Benchmark Loan or any interest rate settings, fundings, disbursements, settlements or payments of any such Term Benchmark Loan, or any other dealings in the applicable Currency of such Term Benchmark Loan, the term "Business Day" shall also exclude any day that is not a Term Benchmark Banking Day for such Currency and (b) when used in relation to RFR Loans or any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings in Sterling, the term "Business Day" shall also exclude any day that is not an RFR Business Day.

8 *Revolving Credit Agreement*

"<u>Calculation Amount</u>" means, as of the end of any Testing Period, an amount equal to the greater of: (a) (i) 125% of the Adjusted Covered Debt Balance (as of the date of the most recently delivered Borrowing Base Certificate) <u>minus</u> (ii) the aggregate Value of all Quoted Investments included in the Borrowing Base (as of the date of the most recently delivered Borrowing Base Certificate) and (b) 10% of the aggregate Value of all Unquoted Investments included in the Borrowing Base (as of the date of the most recently delivered Borrowing Base Certificate); <u>provided</u> that in no event shall more than 25% (or, if <u>clause (b)</u> applies, 10%, or as near thereto as reasonably practicable) of the aggregate Value of the Unquoted Investments in the Borrowing Base be tested in respect of any applicable Testing Period.

"<u>CAM Exchange</u>" means the exchange of the Lenders' interests provided for in <u>Article VII</u>.

"<u>CAM Exchange Date</u>" means the date on which any Event of Default referred to in <u>clause (j)</u> of <u>Article VII</u> shall occur or the date on which the Borrower receives written notice from the Administrative Agent that any Event of Default referred to in <u>clause (i)</u> of <u>Article VII</u> has occurred.

"<u>CAM Percentage</u>" means, as to each Lender, a fraction, expressed as a decimal, of which (a) the numerator shall be the aggregate Dollar Equivalent of the Designated Obligations owed to such Lender (whether or not at the time due and payable) immediately prior to the CAM Exchange Date and (b) the denominator shall be the aggregate Dollar Equivalent amount of the Designated Obligations owed to all the Lenders (whether or not at the time due and payable) immediately prior to the CAM Exchange Date.

"<u>Canadian Dollars</u>" means the single currency of Canada.

"<u>Canadian Prime Rate</u>" means, on any day, the rate determined by the Administrative Agent to be the higher of (i) the rate equal to the PRIMCAN Index rate that appears on the Bloomberg screen at 10:15 a.m. Toronto time on such day (or, in the event that the PRIMCAN Index is not published by Bloomberg, any other information services that publishes such index from time to time, as selected by the Administrative Agent in its reasonable discretion) and (ii) the rate per annum equal to Term CORRA plus 1% per annum; provided, that if any of the above rates shall be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement. Any change in the Canadian Prime Rate due to a change in the PRIMCAN Index or Term CORRA shall be effective from and including the effective date of such change in the PRIMCAN Index or Term CORRA, respectively.

9 *Revolving Credit Agreement*

"<u>Capital Call Facility</u>" means any debt facility of the Borrower secured to the extent permitted under <u>Section 6.02(i)</u>, including the facility established by the Credit Agreement, dated February 5, 2021, by and among the Borrower, the lenders from time to time party thereto and City National Bank, as the administrative agent for the lenders (or any amendment, extension, renewal or replacement thereof, secured to the extent permitted under <u>Section 6.02(i)</u>).

"<u>Capital Lease Obligations</u>" of any Person means, subject to Section 1.04(b), the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases or Finance Leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided that any obligations under a lease that would not have been classified as a capital lease under GAAP prior to the adaption of the ASU shall not be treated as a capital lease obligation under this Agreement or any other Loan Document.

"<u>Cash</u>" means any immediately available funds in Dollars or in any currency other than Dollars (measured in terms of the Dollar Equivalent thereof) which is a freely convertible currency.

"<u>Cash Equivalents</u>" means investments (other than Cash) that are one or more of the following obligations:

&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) U.S. Government Securities, in each case maturing within one year from the date of acquisition 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;(b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody's (or if only one of S&P or Moody's provides such rating, such investment shall also have an equivalent credit rating from any other 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) investments in certificates of deposit, banker's acceptances and time deposits maturing within 180 days from the date of acquisition thereof (i) issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof or under the laws of the jurisdiction or any constituent jurisdiction thereof of any Agreed Foreign Currency; <u>provided</u> that such certificates of deposit, banker's acceptances and time deposits are held in a securities account (as defined in the Uniform Commercial Code) through which the Collateral Agent can perfect a security interest therein and (ii) having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody's (or if only one of S&P or Moody's provides such rating, such investment shall also have an equivalent credit rating from any other 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) fully collateralized repurchase agreements with a term of not more than thirty (30) days from the date of acquisition thereof for U.S. Government Securities and entered into with (i) a financial institution satisfying the criteria described in <u>clause (c)</u> of this definition or (ii) an Approved Dealer having (or being a member of a consolidated group having) at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody's (or if only one of S&P or Moody's provides such rating, such Approved Dealer shall also have an equivalent credit rating from any other rating agency); and

10 *Revolving Credit 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) investments in money market funds that invest primarily in investments of the type described in the immediately preceding <u>clauses (a)</u> through <u>(d)</u> above (including as to credit quality and maturity);

<u>provided</u> that (i) in no event shall Cash Equivalents include any obligation that provides for the payment of interest alone (for example, interest-only securities or "IOs"); (ii) if any of Moody's or S&P changes its rating system, then any ratings included in this definition shall be deemed to be an equivalent rating in a successor rating category of Moody's or S&P, as the case may be; (iii) Cash Equivalents (other than U.S. Government Securities, certificates of deposit, repurchase agreements or the money market funds described in clause (e) of this definition of Cash Equivalents) shall not include any such investment of more than 10% of total assets of the Borrower and its Subsidiaries in any single issuer; and (iv) in no event shall Cash Equivalents include any obligation that is not denominated in Dollars or an Agreed Foreign Currency.

"<u>Central Bank Rate</u>" means the greater of (A) the sum of (i) for any Loan denominated in (x) Sterling, the Bank of England (or any successor thereto)'s "Bank Rate" as published by the Bank of England (or any successor thereto) from time to time, (y) Euro, one of the following three rates as may be selected by the Administrative Agent in its reasonable discretion: (1) the fixed rate for the main refinancing operations of the European Central Bank (or any successor thereto), or, if that rate is not published, the minimum bid rate for the main refinancing operations of the European Central Bank (or any successor thereto), each as published by the European Central Bank (or any successor thereto) from time to time, (2) the rate for the marginal lending facility of the European Central Bank (or any successor thereto), as published by the European Central Bank (or any successor thereto) from time to time or (3) the rate for the deposit facility of the central banking system of the Participating Member States, as published by the European Central Bank (or any successor thereto) from time to time or (z) any other Agreed Foreign Currency, a central bank rate as determined by the Administrative Agent in its reasonable discretion; plus (ii) the applicable Central Bank Rate Adjustment and (B) 0%.

"<u>Central Bank Rate Adjustment</u>" means, for any date, for any Loan denominated in (A) Sterling, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of the Daily Simple RFR for Sterling for the five most recent RFR Business Days preceding such day for which SONIA was available (excluding, from such averaging, the highest and the lowest Daily Simple RFR applicable during such period of five RFR Business Days) minus (ii) the Central Bank Rate in respect of Sterling in effect on the last RFR Business Day in such period, (B) Euro, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of the EURIBOR Screen Rate for the five most recent Term Benchmark Banking Days for Euro preceding such day for which the EURIBOR Screen Rate was available (excluding, from such averaging, the highest and the lowest EURIBOR Screen Rate applicable during such period of five Term Benchmark Banking Days for Euro) minus (ii) the Central Bank Rate in respect of Euro in effect on the last Term Benchmark Banking Day for Euro in such period and (C) any other Agreed Foreign Currency, a Central Bank Rate Adjustment as determined by the Administrative Agent in its reasonable discretion. For the purposes of this definition, (x) the term "Central Bank Rate" shall be determined disregarding clause (a)(ii) of the definition of such term and (y) each of the EURIBOR Screen Rate on any day shall be based on the EURIBOR Screen Rate, on such day at approximately the time referred to in the definition of such term for deposits in the applicable Foreign Currency for a maturity of one month.

11 *Revolving Credit Agreement*

"<u>Change in Control</u>" means the external manager of the Borrower is not the External Manager (or an Affiliate thereof that is organized under the laws of a jurisdiction located in the United States of America and is registered as an investment adviser under the Investment Advisers Act of 1940 and in the business of managing or advising clients).

"<u>Change in Law</u>" means the occurrence, after the date of this Agreement (or with respect to a Person becoming a Lender by assignment or joinder after the date of this Agreement, the effective date thereof), of (a) the adoption of any law, treaty or governmental rule or regulation or any change in any law, treaty or governmental rule or regulation or in the interpretation, administration or application thereof (regardless of whether the underlying law, treaty or governmental rule or regulation was issued or enacted prior to the Effective Date (or with respect to a Person becoming a Lender by assignment or joinder after the date of this Agreement, the effective date thereof)), but excluding proposals thereof, or any determination of a court or Governmental Authority, (b) any guideline, request or directive by any Governmental Authority (whether or not having the force of law) or any implementation rules or interpretations of previously issued guidelines, requests or directives, in each case that is issued or made after the Effective Date (or with respect to a Person becoming a Lender by assignment or joinder after the date of this Agreement, the effective date thereof) or (c) compliance by any Lender (or its applicable lending office) or any company Controlling such Lender with any guideline, request or directive regarding capital adequacy or liquidity (whether or not having the force of law) of any such Governmental Authority, in each case adopted after the Effective Date (or with respect to a Person becoming a Lender by assignment or joinder after the date of this Agreement, the effective date thereof). All requests, rules, guidelines or directives concerning liquidity and capital adequacy issued (i) by any United States regulatory authority under or in connection with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) by any Governmental Authority in connection with the implementation of the recommendations of the Bank for International Settlements or the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority), in each case pursuant to Basel III or Basel IV, shall in each case be deemed to be a "Change in Law", regardless of the date adopted, issued, promulgated or implemented.

"<u>Class</u>", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are (a) Term Loans or Revolving Loans and, (i) in the case of a Term Loan, whether such Loan is an Initial Term Loan or an Incremental Term Loan (and each Incremental Term Loan funded on a different Commitment Increase Date may be treated as its own Class), as applicable, and (ii) in the case of a Revolving Loan, whether such Loan is, or the Loans constituting such Borrowing are, Dollar Loans or Multicurrency Loans and/or (b) Extended Loans or Non-Extended Loans; when used in reference to any Lender, refers to whether such Lender is (a) a Term Lender or a Revolving Lender and, (i) in the case of any Term Lender, whether such Lender is an Initial Term Lender or an Incremental Term Lender (and each Incremental Term Lender funding Incremental Term Loans on a different Commitment Increase Date may be treated as its own Class), and (ii) in the case of any Revolving Lender, whether such Lender is a Dollar Lender or a Multicurrency Lender and/or (b) an Extending Lender or a Non-Extending Lender; and, when used in reference to any Commitment, refers to whether such Commitment is a Term Commitment or Revolving Commitment and, (a) in the case of any Term Commitment, whether such Commitment is an Initial Term Commitment or an Incremental Term Commitment (and each Incremental Term Commitment with respect to Incremental Term Loans funded on a different Commitment Increase Date may be treated as its own Class), and (b) in the case of any Revolving Commitment, whether such Commitment is a Dollar Commitment or a Multicurrency Commitment. Other than for purposes of <u>Sections 2.08(f)</u>, <u>2.09(a)</u>, <u>2.10(d)</u>, <u>2.17(c)</u>, <u>2.22</u> and the last paragraph of <u>9.02(b)</u>, Extending Lenders and Non-Extending Lenders shall be treated as the same Class of Lenders and Extended Loans and Non-Extended Loans shall be treated as the same Class of Loans

12 *Revolving Credit Agreement*

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

"<u>Collateral</u>" has the meaning assigned to such term in the Guarantee and Security Agreement.

"<u>Collateral Agent</u>" means SMBC in its capacity as Collateral Agent for the Secured Parties under the Guarantee and Security Agreement and the other Loan Documents and includes any successor Collateral Agent thereunder.

"<u>Combined Debt Amount</u>" means, as of any date, (i) the aggregate Revolving Commitments and outstanding Term Loans as of such date (or, if greater, the Credit Exposures of all Lenders as of such date) plus (ii) the aggregate amount of outstanding Designated Indebtedness (as such term is defined in the Guarantee and Security Agreement) and, without duplication, the aggregate amount of unused and available commitments under any Designated Indebtedness (as such term is defined in the Guarantee and Security Agreement).

"<u>Commitment Increase</u>" has the meaning assigned to such term in <u>Section 2.08(e)(i)</u>.

"<u>Commitment Increase Date</u>" has the meaning assigned to such term in <u>Section 2.08(e)(i)</u>.

"<u>Commitment Termination Date</u>" means the Extended Commitment Termination Date or the relevant Non-Extended Commitment Termination Date, as applicable.

"<u>Commitments</u>" means, collectively, the Term Commitments and the Revolving Commitments.

"<u>Conforming Changes</u>" means, with respect to the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Term Benchmark Rate", "Alternate Base Rate", the definition of "Canadian Prime Rate", the definition of "Business Day", the definition of "Term Benchmark Banking Day", the definition of "U.S. Government Securities Business Day", the definition of "Daily Simple RFR", the definition of "Interest Period", the definition of "RFR", the definition of "RFR Business Day", the definition of "RFR Interest Day", the definition of "RFR Reference Day", the definition of or any similar or analogous definition, timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent (after consultation with the Borrower) decides in its reasonable discretion may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and 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 any such rate exists, in such other manner of administration as the Administrative Agent (after consultation with the Borrower) decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

13 *Revolving Credit Agreement*

"<u>Consolidated Asset Coverage Ratio</u>" means the ratio, determined on a consolidated basis for Borrower and its Subsidiaries, without duplication, of (a) the value of total assets of the Borrower and its Subsidiaries, less all liabilities and indebtedness not represented by senior securities to (b) the aggregate amount of senior securities representing indebtedness of Borrower and its Subsidiaries (including any Indebtedness under this Agreement and any Capital Call Facility), in each case as determined pursuant to the Investment Company Act and any orders of the Securities and Exchange Commission issued to or with respect to Borrower.

"<u>Consolidated Group</u>" has the meaning assigned to such term in <u>Section 5.13(a)</u>.

"<u>Control</u>" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "<u>Controlling</u>" and "<u>Controlled</u>" have meanings correlative thereto; <u>provided</u>, <u>however</u>, "Control" shall not include "negative" control or "blocking" rights that constitute "protective rights" whereby action cannot be taken without the vote or consent of any Person.

"<u>Controlled Foreign Corporation</u>" means any Subsidiary which is (i) a "controlled foreign corporation" (within the meaning of Section 957 of the Code), (ii) a Subsidiary substantially all the assets of which consist (directly or indirectly through one or more flow-through entities) of Equity Interests and/or indebtedness of one or more Subsidiaries described in clause (i) of this definition, or (iii) an entity treated as disregarded for United States federal income tax purposes and substantially all of the assets of which consist (directly or indirectly through one or more flow-through entities) of the Equity Interests and/or indebtedness of one or more Subsidiaries described in clause (i) or (ii) of this definition.

"<u>CORRA</u>" means the Canadian Overnight Repo Rate Average administered and published by the Bank of Canada (or any successor administrator of the Canadian Overnight Repo Rate Average).

"<u>CORRA Business Day</u>" means any day (other than a Saturday or Sunday) on which banks are open for business in Toronto, Canada.

14 *Revolving Credit Agreement*

"<u>Covered Debt Amount</u>" means, on any date, the sum of (x) all of the Credit Exposures of all Lenders on such date <u>plus</u> (y) the aggregate amount of Other Covered Indebtedness, the Existing Notes, Special Unsecured Indebtedness and Unsecured Longer Term Indebtedness on such date; <u>provided</u> that (a) the Existing Notes, Special Unsecured Indebtedness and Unsecured Longer-Term Indebtedness shall be excluded from the calculation of the Covered Debt Amount, in each case, until the date that is nine (9) months prior to the scheduled maturity date of such Special Unsecured Indebtedness or such Unsecured Longer-Term Indebtedness, as applicable, and (b) 50% of outstanding Unsecured Shorter-Term Indebtedness shall be excluded from the calculation of the Covered Debt Amount until the date that is nine (9) months prior to the scheduled maturity of such Unsecured Shorter-Term Indebtedness (provided that, to the extent, but only to the extent, any portion of such Special Unsecured Indebtedness, Unsecured Longer-Term Indebtedness or Unsecured Shorter-Term Indebtedness is subject to a contractually scheduled amortization payment or other principal payment or mandatory redemption (other than in common stock of the Borrower) earlier than six (6) months after the Extended Final Maturity Date (in the case of the Unsecured Longer-Term Indebtedness) or earlier than the original final maturity date of such Indebtedness (in the case of the Existing Notes and Special Unsecured Indebtedness and Unsecured Shorter-Term Indebtedness), such portion of such Indebtedness, to the extent then outstanding, shall be included in the calculation of the Covered Debt Amount beginning upon the date that is the later of (i) nine (9) months prior to such scheduled amortization payment or other principal payment or mandatory redemption and (ii) the date the Borrower becomes aware that such Indebtedness is required to be paid or redeemed). For the avoidance of doubt, for purposes of calculating the Covered Debt Amount, any convertible securities will be included at the then outstanding principal balance thereof.

"<u>Credit Exposure</u>" means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender's Term Loans plus such Lender's Revolving Credit Exposure at such time.

"<u>Covered Entity</u>" has the meaning assigned to such term in <u>Section 9.17</u>.

"<u>Covered Party</u>" has the meaning assigned to such term in <u>Section 9.17(a)</u>.

"<u>Currency</u>" means Dollars or any Foreign Currency.

"<u>Currency Valuation Notice</u>" has the meaning assigned to such term in <u>Section 2.10(b)</u>.

"<u>Daily Compounded CORRA</u>" means, for any day, CORRA with interest accruing on a compounded daily basis, with the methodology and conventions for this rate (which will include compounding in arrears with a lookback) being established by the Administrative Agent in accordance with the methodology and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded CORRA for business loans; <u>provided</u> that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may (in consultation with the Borrower) establish another convention in its reasonable discretion; and <u>provided</u> that if the administrator has not provided or published CORRA and a Benchmark Replacement Date with respect to CORRA has not occurred, then, in respect of any day for which CORRA is required, references to CORRA will be deemed to be references to the last provided or published CORRA. Any change in Daily Compounded CORRA due to a change in CORRA shall be effective from and including the effective date of such change in CORRA without notice to the Borrower.

15 *Revolving Credit Agreement*

"<u>Daily Simple RFR</u>" means, for any day (an "<u>RFR Interest Day</u>"), an interest rate per annum equal to for any RFR Loan denominated in Sterling, the greater of (a) SONIA for the day (the "<u>RFR Reference Day</u>") that is five (5) Business Days prior to (i) if such RFR Interest Day is a Business Day, such RFR Interest Day or (ii) if such RFR Interest Day is not a Business Day, the Business Day immediately preceding such RFR Interest Day, in each case plus the applicable RFR Applicable Credit Adjustment Spread and (b) 0.00%. If by 5:00 p.m., (London time), on the second Business Day immediately following any RFR Reference Day, SONIA in respect of such RFR Reference Day has not been published on the SONIA Administrator's Website and a Benchmark Replacement Date with respect to the Daily Simple RFR has not occurred, then SONIA for such RFR Reference Day will be SONIA as published in respect of the first preceding RFR Business Day for which SONIA was published on the SONIA Administrator's Website; <u>provided</u> that SONIA as determined pursuant to this sentence shall be utilized for purposes of calculating the Daily Simple RFR for no more than three consecutive RFR Interest Days. Any change in Daily Simple RFR due to a change in SONIA shall be effective from and including the effective date of such change in SONIA without notice to the Borrower.

"<u>Daily Simple SOFR</u>" means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for business loans; <u>provided that</u> if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.

"<u>Default</u>" means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

"<u>Default Right</u>" has the meaning assigned to such term in <u>Section 9.17</u>.

"<u>Defaulting Lender</u>" means, subject to <u>Section 2.19(b)</u>, any Lender that as determined by the Administrative Agent, (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender's reasonable determination that one or more conditions precedent to funding (each of which conditions precedent, together with the applicable default, if any, shall be specifically identified in detail in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender's obligation to fund a Loan hereunder and states that such position is based on such Lender's reasonable determination that a condition precedent to funding (which condition precedent, together with the applicable default, if any, shall be specifically identified in detail in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this <u>clause (c)</u> upon receipt of such written confirmation by Administrative Agent and Borrower), or (d) Administrative Agent has received notification that such Lender has become, or has a direct or indirect parent company that is, (i) insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, (ii) other than via an Undisclosed Administration, the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its direct or indirect parent company, or such Lender or its direct or indirect parent company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment or (iii) the subject of a Bail-In Action; <u>provided</u> that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority or instrumentality so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of <u>clauses (a)</u> through <u>(d)</u> above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to <u>Section 2.19(b)</u>) upon such determination (and the Administrative Agent shall deliver written notice of such determination to the Borrower and each Lender).

16 *Revolving Credit Agreement*

"<u>Designated Obligations</u>" means all obligations of the Borrower with respect to (a) principal of and interest on the Loans and (b) accrued and unpaid fees under the Loan Documents.

"<u>Disposition</u>" or "<u>Dispose</u>" means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith; <u>provided</u> that the term "Disposition" or "Dispose" shall not include the disposition of Investments originated by the Borrower and immediately transferred to a Financing Subsidiary pursuant to a transaction not prohibited hereunder.

"<u>Disqualified Equity Interests</u>" means any Equity Interest of the Borrower that is not a Permitted Equity Interest.

"<u>Dollar Commitment</u>" means, with respect to each Dollar Lender, the commitment of such Dollar Lender to make Revolving Loans denominated in Dollars hereunder during such Lender's Availability Period, expressed as an amount representing the maximum aggregate amount of such Lender's Revolving Dollar Credit Exposure hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to <u>Section 2.08</u> and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to <u>Section 9.04</u>. The initial amount of each Lender's Dollar Commitment is set forth on <u>Schedule 1.01(b)</u>, or in the Increasing Lender/Joining Lender Agreement or Assignment and Assumption pursuant to which such Lender shall have assumed its Dollar Commitment, as applicable. The aggregate amount of the Lenders' Dollar Commitments as of the Third Amendment Effective Date is $0.

17 *Revolving Credit Agreement*

"<u>Dollar Equivalent</u>" means, on any date of determination, with respect to an amount denominated in any Foreign Currency, the amount of Dollars that would be required to purchase such amount of such Foreign Currency on the date two (2) Business Days prior to such date, based upon the spot selling rate at which the Administrative Agent offers to sell such Foreign Currency for Dollars in the Principal Financial Center for such Foreign Currency at approximately 11:00 a.m., Applicable Time, for delivery two (2) Business Days later; <u>provided</u> that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency.

"<u>Dollar Lender</u>" means the Persons listed on <u>Schedule 1.01(b)</u> as having Dollar Commitments and any other Person that shall have become a party hereto pursuant to an Increasing Lender/Joining Lender Agreement or Assignment and Assumption that provides for it to assume a Dollar Commitment or to acquire Revolving Dollar Credit Exposure, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

"<u>Dollar Loan</u>" means a Revolving Loan denominated in Dollars under the Dollar Commitments.

"<u>Dollars</u>" or "<u>$</u>" refers to lawful money of the United States of America.

"<u>EBITDA</u>" means the consolidated net income of the applicable Person (excluding extraordinary, unusual or non-recurring gains and extraordinary losses (to the extent excluded in the definition of "EBITDA" (or similar defined term used for the purposes contemplated herein) in the relevant agreement relating to the applicable Portfolio Investment)) for the relevant period plus, without duplication, the following to the extent deducted in calculating such consolidated net income in the relevant agreement relating to the applicable Portfolio Investment for such period: (i) consolidated interest charges for such period, (ii) the provision for federal, state, local and foreign income taxes payable for such period, (iii) depreciation and amortization expense for such period, and (iv) such other adjustments included in the definition of "EBITDA" (or similar defined term used for the purposes contemplated herein) in the relevant agreement relating to the applicable Portfolio Investment, provided that such adjustments are usual and customary and substantially comparable to market terms for substantially similar debt of other similarly situated borrowers at the time such relevant agreements are entered into as reasonably determined in good faith by the Borrower. Notwithstanding the foregoing, EBITDA may be calculated by the Borrower in good faith using information from and calculations consistent with the relevant financial models, pro forma financial statements, compliance statements and financial reporting packages provided by the relevant issuer as per the requirements of the relevant agreement governing a Portfolio Investment.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in <u>clauses (a)</u> or <u>(b)</u> of this definition and is subject to consolidated supervision with its parent.

18 *Revolving Credit Agreement*

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Effective Date</u>" means the date on which the conditions specified in <u>Section 4.01</u> are satisfied (or waived in accordance with <u>Section 9.02</u>), which date is February 18, 2022.

"<u>Entitled Person</u>" has the meaning assigned to such term in <u>Section 9.11</u>.

"<u>Equity Interests</u>" means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests or equivalents (however designated, including any instrument treated as equity for U.S. federal income tax purposes) in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest.

"<u>ERISA</u>" means the U.S. Employee Retirement Income Security Act of 1974, and the rules and regulations promulgated thereunder, each as amended or modified from time to time.

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414(m) or (o) of the Code.

"<u>ERISA Event</u>" means (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) any failure by any Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan, other than for the payment of plan contributions or PBGC premiums due but not delinquent under Section 4007 of ERISA; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; or (f) the imposition of Withdrawal Liability on the Borrower or any ERISA Affiliate or the receipt of any notice by Borrower or any ERISA Affiliate of the insolvency, within the meaning of Title IV of ERISA, of any Multiemployer Plan to which Borrower or any ERISA Affiliate is obligated to contribute.

"<u>Erroneous Payment</u>" has the meaning assigned to it in <u>Section 8.09(a)</u>.

19 *Revolving Credit Agreement*

"<u>Erroneous Payment Deficiency Assignment</u>" has the meaning assigned to it in <u>Section 8.09(d)</u>.

"<u>Erroneous Payment Impacted Class</u>" has the meaning assigned to it in <u>Section 8.09(d)</u>.

"<u>Erroneous Payment Return Deficiency</u>" has the meaning assigned to it in <u>Section 8.09(d)</u>.

"<u>Erroneous Payment Subrogation Rights</u>" has the meaning assigned to it in <u>Section 8.09(d)</u>.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>EURIBOR Screen Rate</u>" has the meaning set forth in the definition of "Term Benchmark Rate".

"<u>Euro</u>" means a single currency of the Participating Member States.

"<u>Event of Default</u>" has the meaning assigned to such term in <u>Article VII</u>.

"<u>Excluded Taxes</u>" means, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) Taxes imposed on (or measured by) such recipient's net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed by the United States of America (or any state or political subdivision thereof), or by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located or (ii) Other Connection Taxes, (b) in the case of a Lender, any Taxes that are U.S. federal withholding taxes imposed on amounts payable to or for the account of such Lender (i) at the time such Lender (other than an assignee pursuant to a request by the Borrower under <u>Section 2.18(b)</u>) becomes a party to this Agreement (or otherwise acquires an interest in a Loan or Commitment) or designates a new lending office, except in each case to the extent that such Lender's assignor or such Lender was entitled to receive additional amounts from the Borrower with respect to such withholding tax pursuant to <u>Section 2.16</u>, at the time of such assignment or designation (other than to the extent such withholding is as a result of a CAM Exchange), or (ii) that is attributable to such Lender's failure or inability (other than as a result of a Change in Law occurring after the date such Lender becomes a party to this Agreement) to comply with <u>Section 2.16(f)</u>, and (c) any U.S. federal Taxes that are imposed under FATCA.

"<u>Existing Notes</u>" means the 2027 Notes and the 2028 Notes.

"<u>Extended Availability Period</u>" means, with respect to any Extending Lender's Revolving Commitments, the period from and including the Effective Date to but excluding the earlier of (x) the Extended Commitment Termination Date and (y) the date of termination of such Revolving Commitments.

20 *Revolving Credit Agreement*

"<u>Extended Commitment Termination Date</u>" means, with respect to each Extending Lender, November 22, 2028.

"<u>Extended Final Maturity Date</u>" means, with respect to each Extending Lender, November 22, 2029.

"<u>Extended Loans</u>" means Loans or Borrowings of any Extending Lender maturing on the Extended Final Maturity Date.

"<u>Extending Lender</u>" means each Lender designated as an "Extending Lender" on <u>Schedule 1.01(b)</u> and their respective successors and assigns.

"<u>Extending Lender Applicable Margin</u>" means, as of any date of determination, (i) with respect to any ABR Loan, 1.000% per annum; (ii) with respect to any Term Benchmark Loan, 2.000% per annum and (iii) with respect to any RFR Loan, 2.000% per annum.

"<u>External Manager</u>" means KA Credit Advisors, LLC.

"<u>Extraordinary Receipts</u>" means any cash received by or paid to any Obligor on account of any foreign, United States, state or local tax refunds, pension plan reversions, judgments, proceeds of settlements or other consideration of any kind in connection with any cause of action, condemnation awards (and payments in lieu thereof), indemnity payments received not in the ordinary course of business and any purchase price adjustment received not in the ordinary course of business in connection with any purchase agreement and proceeds of insurance (excluding, however, proceeds of any issuance of Equity Interests and issuances of Indebtedness by any Obligor); <u>provided</u> that Extraordinary Receipts shall not include any (x) amounts that the Borrower receives from the Administrative Agent or any Lender pursuant to <u>Section 2.16(f)</u>, or (y) cash receipts to the extent received from proceeds of insurance, condemnation awards (or payments in lieu thereof), indemnity payments or payments in respect of judgments or settlements of claims, litigation or proceedings to the extent that such proceeds, awards or payments are received by any Person in respect of any unaffiliated third-party claim against or loss by such Person and promptly applied to pay (or to reimburse such Person for its prior payment of) such claim or loss and the costs and expenses of such Person with respect thereto.

"<u>FASB</u>" has the meaning assigned to such term in <u>Section 1.04</u>.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations promulgated thereunder and official interpretations thereof and any foreign legislation implemented to give effect to any intergovernmental agreements entered into thereunder and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

"<u>FCA</u>" means the Financial Conduct Authority of the United Kingdom.

"<u>Federal Funds Effective Rate</u>" means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it; provided that if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

21 *Revolving Credit Agreement*

"<u>Fee Letter</u>" means that certain Fee Letter, dated as of January 7, 2022, among the Borrower and the Administrative Agent.

"<u>Final Maturity Date</u>" means (i) in the case of any Extending Lender (with respect to such Extending Lender's Extended Loans), the Extended Final Maturity Date and (ii) in the case of any Non-Extending Lender (with respect to such Non-Extending Lender's Non-Extended Loans), such Non-Extending Lender's applicable Non-Extended Final Maturity Date.

"<u>Finance Lease</u>" means any transaction representing the obligation of a lessee to pay rent or other amounts under a lease which is required to be classified and accounted for as a capital lease on the balance sheet of such lessee under GAAP.

"<u>Financial Officer</u>" means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.

"<u>Financing Subsidiary</u>" means an SPE Subsidiary or an SBIC Subsidiary.

"<u>Floor</u>" means zero percent (0.00%).

"<u>Foreign Currency</u>" means at any time any currency other than Dollars.

"<u>Foreign Currency Equivalent</u>" means, with respect to any amount in Dollars, the amount of any Foreign Currency that could be purchased with such amount of Dollars using the reciprocal of the foreign exchange rate(s) specified in the definition of the term "Dollar Equivalent", as determined by the Administrative Agent.

"<u>Foreign Lender</u>" means any Lender that is not a United States Person.

"<u>Foreign Subsidiary</u>" means any Subsidiary of the Borrower that is a Controlled Foreign Corporation.

"<u>GAAP</u>" means generally accepted accounting principles in the United States of America.

"<u>Governmental Authority</u>" means the government of the United States of America, or of any other nation, or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, including any supra-national bodies (such as the European Union or the European Central Bank).

22 *Revolving Credit Agreement*

"<u>Granting Lender</u>" has the meaning assigned to such term in <u>Section 9.04(e)</u>.

"<u>Gross Borrowing Base</u>" means, as of any date of determination, the Borrowing Base as of such date without giving effect to any adjustment to the Borrowing Base pursuant to <u>Section 5.13(f)</u>.

"<u>Guarantee</u>" of or by any Person (the "<u>guarantor</u>") means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; and "Guaranteed" has a meaning correlative thereto; <u>provided</u> that the term Guarantee shall not include (i) endorsements for collection or deposit in the ordinary course of business or (ii) customary indemnification agreements entered into in the ordinary course of business, provided that such indemnification obligations are unsecured, such Person has determined that any liability thereunder is remote and such indemnification obligations are not the functional equivalent of the guaranty of a payment obligation of the primary obligor.

"<u>Guarantee and Security Agreement</u>" means that certain Guarantee and Security Agreement dated as of the Effective Date among the Borrower, the Administrative Agent, each Subsidiary of the Borrower from time to time party thereto, each holder (or a representative or trustee therefor) from time to time of any Secured Longer-Term Indebtedness or Secured Shorter-Term Indebtedness, and the Collateral Agent.

"<u>Guarantee Assumption Agreement</u>" means a Guarantee Assumption Agreement substantially in the form of Exhibit B to the Guarantee and Security Agreement between the Collateral Agent and an entity that pursuant to <u>Section 5.08(a)</u> is required to become a "Subsidiary Guarantor" under the Guarantee and Security Agreement (with such changes as the Administrative Agent shall request consistent with the requirements of <u>Section 5.08</u>).

"<u>Hedging Agreement</u>" means any interest rate protection agreement, foreign currency exchange protection agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement.

"<u>Immaterial Subsidiaries</u>" means those Subsidiaries of the Borrower that are "designated" as Immaterial Subsidiaries by the Borrower from time to time (it being understood that the Borrower may at any time change any such designation); <u>provided</u> that such designated Immaterial Subsidiaries shall collectively meet all of the following criteria as of the date of the most recent balance sheet required to be delivered pursuant to <u>Section 5.01</u>: (a) the aggregate assets of such Subsidiaries and their Subsidiaries (on a consolidated basis) as of such date do not exceed an amount equal to 3% of the consolidated assets of the Borrower and its Subsidiaries as of such date; and (b) the aggregate revenues of such Subsidiaries and their Subsidiaries (on a consolidated basis) for the fiscal quarter ending on such date do not exceed an amount equal to 3% of the consolidated revenues of the Borrower and its Subsidiaries for such period.

23 *Revolving Credit Agreement*

"<u>Increasing Lender</u>" has the meaning assigned to such term in <u>Section 2.08(e)</u>.

"<u>Increasing Lender/Joining Lender Agreement</u>" has the meaning assigned to such term in <u>Section 2.08(e)(ii)</u>.

"<u>Incremental Term Commitment</u>" means as to each Incremental Term Lender, the obligation of such Lender to make, on and subject to the terms and conditions hereof, an Incremental Term Loan to the Borrower in Dollars pursuant to <u>Section 2.08(e)(ii)(z)</u> in an aggregate principal amount up to but not exceeding the amount set forth in the applicable Increasing Lender/Joining Lender Agreement. The initial amount of each Lender's Incremental Term Commitment shall be set forth in the applicable Increasing Lender/Joining Lender Agreement.

"<u>Incremental Term Lender</u>" means each Lender having an Incremental Term Commitment or, as the case may be, an outstanding Incremental Term Loan.

"<u>Incremental Term Loans</u>" means any term loans made by Incremental Term Lenders to the Borrower pursuant to <u>Section 2.08(e)(ii)(z)</u>.

"<u>Indebtedness</u>" of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts payable and accrued expenses incurred in the ordinary course of business), (e) all Indebtedness of others secured by any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (with the value of such Indebtedness being the lower of the outstanding amount of such Indebtedness and the fair market value of the property subject to such Lien), (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (i) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances and (k) all Disqualified Equity Interests. The 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 provide that such Person is not liable therefor. Notwithstanding the foregoing, "Indebtedness" shall not include (x) escrows or purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset or Investment to satisfy unperformed obligations of the seller of such asset or Investment, (y) a commitment arising in the ordinary course of business to make a future Portfolio Investment or (z) uncalled capital or other commitments of an Obligor in Joint Venture Investments, as well as any letter or agreement requiring any Obligor to provide capital to a Joint Venture Investment or a lender to a Joint Venture Investment, or (viii) Hedging Agreements entered into pursuant to Section 6.04(c) and not for borrowed money.

24 *Revolving Credit Agreement*

"<u>Indemnified Taxes</u>" means Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under this Agreement.

"<u>Indemnitee</u>" has the meaning assigned to such term in Section 9.03(b).

"<u>Independent</u>" when used with respect to any specified Person means that such Person (a) does not have any direct financial interest or any material indirect financial interest in the Borrower or any of its Subsidiaries or Affiliates (including its investment advisor or any Affiliate thereof) and (b) is not connected with the Borrower or of its Subsidiaries or Affiliates (including its investment advisor or any Affiliate thereof) as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions.

"<u>Industry Classification Group</u>" means (a) any of the classification groups set forth in <u>Schedule 1.01(c)</u> hereto, together with any such classification groups that may be subsequently established by Moody's and provided by the Borrower to the Lenders, and (b) up to three additional industry group classifications established by the Borrower pursuant to <u>Section 5.12(a)</u>.

"<u>Initial Term Commitment</u>" means as to each Term Lender, the obligation of such Lender to make, on and subject to the terms and conditions hereof, a Term Loan to the Borrower in Dollars pursuant to <u>Section 2.01(c)</u>. The aggregate amount of the Lenders' Initial Term Commitments as of the Third Amendment Effective Date is $0.

"<u>Initial Term Lender</u>" means each Lender having an Initial Term Commitment or, as the case may be, an outstanding Initial Term Loan.

"<u>Initial Term Loans</u>" means the term loans made by the Lenders to the Borrower pursuant to <u>Section 2.01(c)</u>. The outstanding principal amount of each Lender's Initial Term Loans as of the Third Amendment Effective Date is set forth on <u>Schedule 1.01(b)</u> hereto. The aggregate outstanding principal amount of the Initial Term Loans as of the Third Amendment Effective Date is $25,000,000.

"<u>Interest Election Request</u>" means a request by the Borrower to convert or continue a Borrowing in accordance with <u>Section 2.07</u>.

"<u>Interest Payment Date</u>" means (a) with respect to any ABR Loan or RFR Loan, each Quarterly Date, and (b) with respect to any Term Benchmark Loan, the last day of each Interest Period therefor.

"<u>Interest Period</u>" means, for any Term Benchmark Loan or Borrowing, the period commencing on the date of such Loan or Borrowing and ending on the numerically corresponding day in the calendar month that is one month or three months thereafter or, with respect to such portion of any Term Benchmark Loan or Borrowing denominated in a Foreign Currency that is scheduled to be repaid on the applicable Final Maturity Date, a period of less than one month's duration commencing on the date of such Loan or Borrowing and ending on the applicable Final Maturity Date, as specified in the applicable Borrowing Request or Interest Election Request; <u>provided</u> that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (ii) any Interest Period (other than an Interest Period pertaining to a Term Benchmark Borrowing denominated in a Foreign Currency that ends on the applicable Final Maturity Date that is permitted to be of less than one month's duration as provided in this definition) that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no tenor that has been removed from this definition pursuant to <u>Section 2.20(d)</u> shall be available for specification in such Borrowing Request or notice of conversion or continuation unless or until it is reinserted pursuant to <u>Section 2.20(d)</u>. For purposes hereof, the date of a Loan initially shall be the date on which such Loan is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan, and the date of a Borrowing comprising Loans that have been converted or continued shall be the effective date of the most recent conversion or continuation of such Loans.

25 *Revolving Credit Agreement*

"<u>Investment</u>" means, for any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person or any agreement to acquire any Equity Interests, bonds, notes, debentures or other securities of any other Person (and any rights or proceeds in respect of (x) any "short sale" of securities or (y) any sale of any securities at a time when such securities are not owned by such Person); (b) deposits, advances, loans or other extensions of credit made to any other Person (including purchases of property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such property to such Person); or (c) Hedging Agreements.

"<u>Investment Company Act</u>" means the Investment Company Act of 1940, as amended from time to time.

"<u>Investment Policies</u>" means the investment objectives, policies, restrictions and limitations set forth in its Registration Statement, and as the same may be changed, altered, expanded, amended, modified, terminated or restated from time to time in accordance with this Agreement.

"<u>Investment Watch List</u>" means loans with a score of 6 or higher on the internal loan score model of the Borrower or its investment advisor, as may be updated from time to time in accordance with the Borrower's or its investment advisor's, as applicable, ordinary course of business policies.

"<u>Japanese Yen</u>" means the lawful currency of Japan.

"<u>Joint Lead Arranger</u>" means SMBC and any other Person who becomes a Joint Lead Arranger hereunder with the written consent of the Administrative Agent and the Borrower.

26 *Revolving Credit Agreement*

"<u>Joint Venture Investment</u>" means, with respect to any Obligor, any Investment by such Obligor in a joint venture or other investment vehicle in the form of a capital investment, loan or other commitment in or to such joint venture or other investment vehicle pursuant to which such Obligor may be required to provide contributions, investments, or financing to such joint venture or other investment vehicle.

"<u>Lenders</u>" means, collectively, the Term Lenders, the Dollar Lenders and the Multicurrency Lenders.

"<u>Lien</u>" means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities, except in favor of the issuer thereof (and in the case of Investments that are securities, excluding customary drag-along, tag-along, right of first refusal and other similar rights in favor of other equity holders of the same issuer).

"<u>Loan Documents</u>" means, collectively, this Agreement and the Security Documents.

"<u>Loans</u>" means the loans made by the Lenders to the Borrower pursuant to this Agreement.

"<u>Margin Stock</u>" means "margin stock" within the meaning of Regulations T, U and X.

"<u>Material Adverse Change</u>" means an event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect.

"<u>Material Adverse Effect</u>" means a material adverse effect on (a) the business, Portfolio Investments and other assets, liabilities or financial condition of the Borrower or the Borrower and its Subsidiaries (other than Financing Subsidiaries) taken as a whole (excluding in any case a decline in the net asset value of the Borrower or a change in general market conditions or values of the Portfolio Investments), or (b) the validity or enforceability of any of the Loan Documents (other than in accordance therewith) or the rights or remedies of the Collateral Agent, the Administrative Agent or the Lenders thereunder.

"<u>Material Indebtedness</u>" means (a) Indebtedness (other than the Loans and Hedging Agreements), of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $25,000,000 and (b) obligations in respect of one or more Hedging Agreements under which the maximum aggregate amount (giving effect to any netting agreements) that the Borrower and its Subsidiaries would be required to pay if such Hedging Agreement(s) were terminated at such time would exceed $25,000,000.

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

27 *Revolving Credit Agreement*

"<u>Multicurrency Commitment</u>" means, with respect to each Multicurrency Lender, the commitment of such Multicurrency Lender to make Revolving Loans denominated in Dollars and in Agreed Foreign Currencies hereunder during such Lender's Availability Period, expressed as an amount representing the maximum aggregate amount of such Lender's Revolving Multicurrency Credit Exposure hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to <u>Section 2.08</u> and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to <u>Section 9.04</u>. The initial amount of each Lender's Multicurrency Commitment is set forth on <u>Schedule 1.01(b)</u>, or in the Increasing Lender/Joining Lender Agreement or Assignment and Assumption pursuant to which such Lender shall have assumed its Multicurrency Commitment, as applicable. The aggregate amount of the Lenders' Multicurrency Commitments as of the Third Amendment Effective Date is $450,000,000.

"<u>Multicurrency Lender</u>" means the Persons listed on <u>Schedule 1.01(b)</u> as having Multicurrency Commitments and any other Person that shall have become a party hereto pursuant to the Increasing Lender/Joining Lender Agreement or Assignment and Assumption that provides for it to assume a Multicurrency Commitment or to acquire Revolving Multicurrency Credit Exposure, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

"<u>Multicurrency Loan</u>" means a Revolving Loan denominated in Dollars or an Agreed Foreign Currency under the Multicurrency Commitments.

"<u>Multiemployer Plan</u>" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

"<u>National Currency</u>" means the currency, other than the Euro, of a Participating Member State.

"<u>Net Cash Proceeds</u>" means:

&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 any Disposition by the Borrower or any of its Subsidiaries (other than Financing Subsidiaries), or any Extraordinary Receipt received or paid to the account of the Borrower or any of its Subsidiaries (other than Financing Subsidiaries) (in each case, which requires a payment of the Loans under <u>Section 2.10(d)</u>), an amount equal to (a) the sum of cash and Cash Equivalents received in connection with such transaction (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) <u>minus</u> (b) the sum of (i) the principal amount of any Indebtedness that is secured by the applicable asset and that is required to be repaid in connection with such transaction (other than Indebtedness under the Loan Documents), (ii) the reasonable out-of-pocket fees, costs and expenses incurred by the Borrower or such Subsidiary in connection with such transaction, (iii) the taxes paid or reasonably estimated to be actually payable within two years of the date of the relevant transaction in connection with such transaction; <u>provided</u> that, if the amount of any estimated taxes pursuant to <u>this clause (iii)</u> exceeds the amount of taxes actually required to be paid in cash in respect of such Disposition, the aggregate amount of such excess shall constitute Net Cash Proceeds (as of the date the Borrower determines such excess exists) and (iv) any reasonable costs, fees, commissions, premiums and expenses incurred by the Borrower or any of its Subsidiaries in connection with such Disposition; and

28 *Revolving Credit 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) with respect to the sale or issuance of any Equity Interest by the Borrower or any of its Subsidiaries (other than any Financing Subsidiary) (including cash received by the Borrower or any of its Subsidiaries (other than any Financing Subsidiaries) for the sale by the Borrower or such Subsidiary of any Equity Interest of a Financing Subsidiary but specifically excluding any sale of any Equity Interest by a Financing Subsidiary or cash received by a Financing Subsidiary in connection with the sale of any Equity Interest), or the incurrence or issuance of any Indebtedness by the Borrower or any of its Subsidiaries (other than Financing Subsidiaries) (in each case, which requires a payment of the Loans under <u>Section 2.10(d)</u>), an amount equal to (i) the sum of the cash and Cash Equivalents received in connection with such transaction <u>minus</u> (ii) the sum of (1) reasonable out-of-pocket fees, costs and expenses, incurred by the Borrower or such Subsidiary in connection therewith <u>plus</u> (2) any reasonable costs, fees, commissions, premiums, expenses, or underwriting discounts or commissions incurred by the Borrower or any of its Subsidiaries in connection with such sale or issuance.

"<u>Non-Consenting Lender</u>" has the meaning assigned to such term in <u>Section 9.02(d)</u>.

"<u>Non-Defaulting Lender</u>" means, at any time, a Lender that is not a Defaulting Lender at such time.

"<u>Non-Extended Availability Period</u>" means, with respect to any Non-Extending Lender's Revolving Commitments, the period from and including the Effective Date to but excluding the earlier of (x) the Non-Extended Commitment Termination Date for such Non-Extending Lender and (y) the date of termination of such Revolving Commitments.

"<u>Non-Extended Commitment Termination Date</u>" means, with respect to each Non-Extending Lender, February 18, 2026.

"<u>Non-Extended Final Maturity Date</u>" means, with respect to each Non-Extending Lender, February 18, 2027.

"<u>Non-Extended Loans</u>" means Loans or Borrowings of any Non-Extending Lender maturing on the Non-Extended Final Maturity Date for such Non-Extending Lender.

"<u>Non-Extending Lender</u>" means each Lender designated as a "Non-Extending Lender" on <u>Schedule 1.01(b)</u> and their respective successors and assigns.

"<u>Non-Extending Lender Applicable Margin</u>" means, as of any date of determination, (i) if the Borrowing Base (as of the most recently delivered Borrowing Base Certificate) is equal to or greater than 1.60 times the Combined Debt Amount, (A) with respect to any ABR Loan, 1.00% and (B) in the case of any Term Benchmark Loan or RFR Loan, 2.00%, and (ii) if the Borrowing Base (as of the most recently delivered Borrowing Base Certificate) is less than 1.60 times the Combined Debt Amount, (A) with respect to any ABR Loan, 1.25%, and (B) in the case of any Term Benchmark Loan or RFR Loan, 2.25%.

"<u>Non-Performing Joint Venture Investment</u>" means a Joint Venture Investment that is not a Performing Joint Venture Investment.

29 *Revolving Credit Agreement*

"<u>Non-Public Information</u>" means material non-public information (within the meaning of United States federal, state or other applicable securities laws) with respect to Borrower or its Affiliates or their Securities.

"<u>Obligor</u>" means, collectively, the Borrower and the Subsidiary Guarantors.

"<u>Original Currency</u>" has the meaning assigned to such term in <u>Section 2.17(a)</u>.

"<u>Other Connection Taxes</u>" means with respect to the Administrative Agent or any Lender, Taxes imposed by any jurisdiction by reason of the recipient having any present or former connection with such jurisdiction (other than a connection arising from executing, delivering, becoming a party to, performing its obligations under, receiving any payment under, receiving or perfecting a security interest under, engaging in any other transaction pursuant to or enforcing its rights under this Agreement or any other Loan Document or selling or assigning an interest in any Loan or Loan Document).

"<u>Other Covered Indebtedness</u>" means, collectively, Secured Longer-Term Indebtedness, Secured Shorter-Term Indebtedness and Unsecured Shorter-Term Indebtedness; <u>provided</u> that "Other Covered Indebtedness" shall not include (i) any Capital Call Facility or (ii) any Other Permitted Indebtedness.

"<u>Other Permitted Indebtedness</u>" means (a) accrued expenses and current trade accounts payable incurred in the ordinary course of any Obligor's business which are not overdue for a period of more than ninety (90) days or which are being contested in good faith by appropriate proceedings, (b) Indebtedness (other than Indebtedness for borrowed money) arising in connection with transactions in the ordinary course of any Obligor's business in connection with its securities transactions, derivatives transactions, reverse repurchase agreements or dollar rolls to the extent such transactions are permitted under the Investment Company Act and the Borrower's Investment Policies (after giving effect to any Permitted Policy Amendments), provided that such Indebtedness does not arise in connection with the purchase of Investments other than Cash, Cash Equivalents and U.S. Government Securities and (c) Indebtedness in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as such judgments or awards do not constitute an Event of Default under <u>clause (l)</u> of <u>Article VII</u>.

"<u>Other Permitted Liens</u>" means (a) Liens imposed by any Governmental Authority for Taxes, assessments or charges not yet due or that are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance with GAAP; (b) Liens of clearing agencies, broker-dealers and similar Liens incurred in the ordinary course of business; <u>provided</u> that such Liens (i) attach only to the securities (or proceeds) being purchased or sold and (ii) secure only obligations incurred in connection with such purchase or sale, and not any obligation in connection with margin financing; (c) Liens imposed by law, such as materialmen's, mechanics', carriers', workmens', storage and repairmen's Liens and other similar Liens arising in the ordinary course of business and securing obligations (other than Indebtedness for borrowed money) not yet due or that are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance with GAAP; (d) Liens incurred or pledges or deposits made to secure obligations incurred in the ordinary course of business under workers' compensation laws, unemployment insurance or other similar social security legislation (other than Liens imposed by the PBGC in respect of employee benefit plans subject to Title IV of ERISA) or to secure public or statutory obligations; (e) Liens securing the performance of, or payment in respect of, bids, insurance premiums, deductibles or co-insured amounts, tenders, government or utility contracts (other than for the repayment of borrowed money), surety, stay, customs and appeal bonds and other obligations of a similar nature incurred in the ordinary course of business; (f) Liens arising out of judgments or awards, so long as such judgments or awards do not constitute an Event of Default under <u>clause (l)</u> of <u>Article VII</u>; (g) customary rights of setoff and liens upon (i) deposits of cash in favor of banks or other depository institutions in which such cash is maintained in the ordinary course of business, (ii) cash and financial assets held in securities accounts in favor of banks and other financial institutions with which such accounts are maintained in the ordinary course of business and (iii) assets held by a custodian in favor of such custodian in the ordinary course of business securing payment of fees, indemnities and other similar obligations; (h) Liens arising solely from precautionary filings of financing statements under the Uniform Commercial Code of the applicable jurisdictions in respect of leases entered into by the Borrower or any of its Subsidiaries in the ordinary course of business or with respect to assets sold or otherwise transferred in a transaction not prohibited by this Agreement; (i) deposits of money securing leases to which Borrower is a party as lessee made in the ordinary course of business; (j) easements, rights of way, zoning restrictions and similar encumbrances on real property and minor irregularities in the title thereto that do not (i) secure obligations for the payment of money or (ii) materially impair the value of such property or its use by any Obligor or any of its Subsidiaries in the normal conduct of such Person's business; and (k) Liens in favor of any escrow agent solely on and in respect of any cash earnest money deposits made by any Obligor in connection with any letter of intent or purchase agreement (to the extent that the acquisition or disposition with respect thereto is otherwise permitted hereunder).

30 *Revolving Credit Agreement*

"<u>Other Taxes</u>" means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document, excluding any such Taxes that are Other Connection Taxes resulting from an assignment by any Lender in accordance with Section 9.04 hereof (unless such assignment is made pursuant to <u>Section 2.18(b)</u>).

"<u>Outbound Investment Rules</u>" means the regulations codified at 31 C.F.R. § 850.101 et seq. and any related public guidance issued, as of the date of the Third Amendment Effective Date, by the United States Treasury Department.

"<u>Participant</u>" has the meaning assigned to such term in <u>Section 9.04(f)</u>.

"<u>Participant Register</u>" has the meaning assigned to such term in <u>Section 9.04(f)</u>.

"<u>Participating Member State</u>" means any member state of the European Community that adopts or has adopted the Euro as its lawful currency in accordance with the legislation of the European Union relating to the European Monetary Union.

"<u>PATRIOT Act"</u> shall mean United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.

31 *Revolving Credit Agreement*

"<u>Payment Recipient</u>" has the meaning assigned to it in <u>Section 8.09(a)</u>.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

"<u>Periodic Term CORRA Determination Day</u>" has the meaning set forth in the definition of "Term CORRA".

"<u>Periodic Term SOFR Determination Day</u>" has the meaning specified in the definition of "Term SOFR".

"<u>Permitted Convertible Indebtedness</u>" means Indebtedness incurred by an Obligor that is convertible solely into Permitted Equity Interests of the Borrower.

"<u>Permitted Equity Interests</u>" means common stock of the Borrower that after its issuance is not subject to any agreement between the holder of such common stock and the Borrower where the Borrower is required to purchase, redeem, retire, acquire, cancel or terminate any such common stock.

"<u>Permitted Liens</u>" means Other Permitted Liens and any other Liens permitted pursuant to Section 6.02.

"<u>Permitted Policy Amendment</u>" means any change, alteration, expansion, amendment, modification, termination or restatement of the Investment Policies that is one of the following: (a) approved in writing by the Administrative Agent (with the consent of the Required Lenders), (b) required by applicable law, rule, regulation or Governmental Authority, or (c) not materially adverse to the rights, remedies or interests of the Lenders in the reasonable discretion of the Administrative Agent (for the avoidance of doubt, no change, alteration, expansion, amendment, modification, termination or restatement of the Investment Policies shall be deemed "materially adverse" if investment size proportionately increases as the size of the Borrower's capital base changes).

"<u>Permitted SBIC Guarantee</u>" means a guarantee by the Borrower of Indebtedness of an SBIC Subsidiary on the SBA's then applicable form; <u>provided</u> that the recourse to the Borrower thereunder is expressly limited only to periods after the occurrence of an event or condition that is an impermissible change in the control of such SBIC Subsidiary (it being understood that, as provided in <u>clause (r)</u> of <u>Article VII</u>, it shall be an Event of Default hereunder if any such event or condition giving rise to such recourse occurs).

"<u>Person</u>" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority, vessel or other entity.

"<u>Plan</u>" means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA.

32 *Revolving Credit Agreement*

"<u>Platform</u>" has the meaning set forth in <u>Section 5.01(i)</u>.

"<u>Portfolio Investment</u>" means any Investment (including any Participation Interest) held by the Obligors in their asset portfolio (and solely for purposes of determining the Borrowing Base, Cash and Cash Equivalents). Without limiting the generality of the foregoing, the following Investments shall not be considered Portfolio Investments under this Agreement or any other Loan Document: (a) any Investment that has not been originated in compliance in all material respects with the Investment Policy as in effect as of the date of its purchase; (b) any Investment by an Obligor in any Subsidiary, Affiliate or joint venture (including any Joint Venture Investment) of such Obligor; (c) any Investment that provides in favor of the underlying obligor in respect of such Portfolio Investment an express right of rescission, set-off, counterclaim or any other defenses; (d) any Investment, which if debt, is an obligation (other than the unused portion of a revolving loan or delayed draw term loan) pursuant to which any future advances or payments to the underlying obligor of such debt may be required to be made by the applicable Obligor; (e) any Investment which is made to a bankrupt entity (other than a debtor-in-possession financing and current pay obligations); (f) any Investment, Cash, Cash Equivalent or account in which a Financing Subsidiary has an interest; and (g) any Investment that is not owned by an Obligor free and clear of any Liens (except Permitted Liens), including any Cash or Cash Equivalents in which lenders under a Capital Call Facility have a Lien; and (h) to the extent of such participation, any Investment in which any Obligor has sold a participation therein to a Person that is not an Obligor.

"<u>Prime Rate</u>" means the rate which is quoted as the "prime rate" in the print edition of *The Wall Street Journal*, Money Rates Section.

"<u>Principal Financial Center</u>" means, in the case of any Foreign Currency, the principal financial center where such Currency is cleared and settled, as determined by the Administrative Agent.

"<u>PTE</u>" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"<u>Public Lender</u>" means Lenders that do not wish to receive Non-Public Information with respect to the Borrower or any of its Subsidiaries or their Securities.

"<u>QFC</u>" has the meaning assigned to such term in <u>Section 9.17</u>.

"<u>QFC Credit Support</u>" has the meaning assigned to such term in <u>Section 9.17.</u>

"<u>Quarterly Dates</u>" means the last Business Day of March, June, September and December in each year, commencing on March 31, 2022.

"Quoted Investments" has the meaning set forth in Section 5.12(b)(ii)(A).

"<u>Register</u>" has the meaning set forth in <u>Section 9.04(c)</u>.

33 *Revolving Credit Agreement*

"<u>Registration Statement</u>" means the Registration Statement filed by the Borrower with the Securities and Exchange Commission on September 11, 2020, as amended on October 16, 2020, November 9, 2020 and March 11, 2021.

"<u>Regulations D, T, U and X</u>" means, respectively, Regulation D, Regulation T, Regulation U and Regulation X of the Board, as the same may be modified and supplemented and in effect from time to time.

"<u>Related Parties</u>" means, with respect to any specified Person, such Person's Affiliates and the respective partners, directors, officers, managers, employees, agents, advisers and other representatives of such Person and such Person's Affiliates.

"<u>Relevant Asset Coverage Ratio</u>" means, as of any date, the Consolidated Asset Coverage Ratio as of the most recent Quarterly Date.

"<u>Relevant Governmental Body</u>" means (a) with respect to a Benchmark Replacement in respect of obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Dollars, the Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board and/or the Federal Reserve Bank of New York or any successor thereto, (b) with respect to a Benchmark Replacement in respect of obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Canadian Dollars, the Bank of Canada, or a committee officially endorsed or convened by the Bank of Canada or, in each case, any successor thereto, (c) with respect to a Benchmark Replacement in respect of obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Sterling, the Bank of England, or a committee officially endorsed or convened by the Bank of England or, in each case, any successor thereto, (d) with respect to a Benchmark Replacement in respect of obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Euros, the European Central Bank, or a committee officially endorsed or convened by the European Central Bank or, in each case, any successor thereto and (e) with respect to a Benchmark Replacement in respect of obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, any Currency other than Dollars, Canadian Dollars, Sterling or Euros, (1) the central bank for the Currency in which such obligations, interest, fees, commissions or other amounts are denominated in, or calculated with respect to, any central bank or other supervisor which is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (2) any working group or committee officially endorsed or convened by (A) the central bank for the Currency in which such obligations, interest, fees, commissions or other amounts are denominated in, or calculated with respect to, (B) any central bank or other supervisor that is responsible for supervising either (i) such Benchmark Replacement or (ii) the administrator of such Benchmark Replacement, (C) a group of those central banks or other supervisors or (D) the Financial Stability Board or any part thereof.

"<u>Required Lenders</u>" means, at any time, Lenders having Credit Exposures and unused Commitments representing more than 50% of the sum of the total Credit Exposures and unused Commitments at such time. The Required Lenders of a Class (which shall include the term "Required Multicurrency Lenders") means Lenders having Credit Exposures and unused Commitments of such Class representing more than 50% of the sum of the total Credit Exposures and unused Commitments of such Class at such time. Notwithstanding the foregoing, the Credit Exposure and unused Commitments of any Defaulting Lender shall be disregarded in the determination of Required Lenders or Required Lenders of a Class.

34 *Revolving Credit Agreement*

"<u>Required Revolving Lenders</u>" means, at any time, Lenders having Revolving Credit Exposures and unused Revolving Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Revolving Commitments at such time. Notwithstanding the foregoing, the Revolving Credit Exposure and unused Revolving Commitments of any Defaulting Lender shall be disregarded in the determination of Required Revolving Lenders.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Responsible Officer</u>" means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of an Obligor.

"<u>Restricted Payment</u>" means any dividend or other distribution (whether in cash, securities or other property) with respect to any shares of any class of capital stock of the Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such shares of capital stock of the Borrower or any option, warrant or other right to acquire any such shares of capital stock of the Borrower (it being understood that none of: (w) the conversion features under convertible notes; (x) the triggering and/or settlement thereof; or (y) any cash payment made by the Borrower in respect thereof, shall constitute a Restricted Payment hereunder).

"<u>Return of Capital</u>" means (a) any net cash amount received by any Borrower or its Subsidiaries (other than a Financing Subsidiary) in respect of the outstanding principal of any Investment (whether at stated maturity, by acceleration or otherwise), (b) without duplication of amounts received under <u>clause (a)</u>, any net cash proceeds received by any Obligor from the sale of any property or assets pledged as collateral in respect of any Investment to the extent such net cash proceeds are less than or equal to the outstanding principal balance of such Investment, (c) any net cash amount received by any Obligor in respect of any Investment that is an Equity Interest (x) upon the liquidation or dissolution of the issuer of such Investment, (y) as a distribution of capital made on or in respect of such Investment, or (z) pursuant to the recapitalization or reclassification of the capital of the issuer of such Investment or pursuant to the reorganization of such issuer or (d) any similar return of capital received by any Obligor in cash in respect of any Investment (in the case of <u>clauses (a)</u>, <u>(b)</u>, <u>(c)</u> and <u>(d)</u> of this definition, net of any fees, costs, expenses and taxes paid or payable with respect thereto).

"<u>Revolving Commitments</u>" means, collectively, the Dollar Commitments and the Multicurrency Commitments.

"<u>Revolving Credit Exposure</u>" means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender's Revolving Dollar Credit Exposure and Revolving Multicurrency Credit Exposure at such time.

35 *Revolving Credit Agreement*

"<u>Revolving Dollar Credit Exposure</u>" means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender's Revolving Loans at such time made or incurred under the Dollar Commitments.

"<u>Revolving Lenders</u>" means the Dollar Lenders and the Multicurrency Lenders.

"<u>Revolving Loans</u>" means the revolving loans made by the Lenders to the Borrower pursuant to <u>Section 2.01(a)</u> or <u>(b)</u>.

"<u>Revolving Multicurrency Credit Exposure</u>" means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender's Revolving Loans at such time made or incurred under the Multicurrency Commitments.

"<u>Revolving Percentage</u>" means, as of any date of determination, the result, expressed as a percentage, of the Revolving Credit Exposure on such date divided by the aggregate outstanding Covered Debt Amount on such date.

"<u>RFR</u>", when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans constituting such Borrowing are, bearing interest at a rate determined by reference to Daily Simple RFR.

"<u>RFR Applicable Credit Adjustment Spread</u>" means, with respect to any RFR Loan, 0.1193%.

"<u>RFR Business Day</u>" means, for any Loans, Borrowings, interest, fees, commissions or other amounts denominated in, or calculated with respect to Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for general business in London.

"<u>RFR Interest Day</u>" has the meaning specified in the definition of "Daily Simple RFR".

"<u>RFR Reference Day</u>" has the meaning specified in the definition of "Daily Simple RFR".

"<u>RIC</u>" means a person qualifying for treatment as a "regulated investment company" under the Code.

"<u>S&P</u>" means S&P Global Ratings or any successor thereto.

"<u>Sanctioned Country</u>" means, at any time, a country, territory or region that is the subject or the target of country-wide or territory-wide Sanctions broadly prohibiting dealings with such country, territory or region (as of the Second Amendment Effective Date, Cuba, Iran, North Korea and Syria, the Crimea Region of Ukraine, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic and non-government-controlled areas of the Zaporizhzhia and Kherson Regions of Ukraine).

36 *Revolving Credit Agreement*

"<u>Sanctioned Person</u>" means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or by the United Nations Security Council, the European Union or any European Union member state or subject to or the subject or target of Sanctions, (b) any Person located, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clause (a) or (b). For purposes of this definition, "Person" shall include a vessel.

"<u>Sanctions</u>" means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the United States of America (including the Office of Foreign Assets Control of the U.S. Department of the Treasury and the U.S. Department of State), the United Nations Security Council, the European Union or any member state thereof, His Majesty's Treasury of the United Kingdom or any other relevant sanctions authority having jurisdiction over the Borrower or its Subsidiaries or any Lender.

"<u>SBA</u>" means the United States Small Business Administration.

"<u>SBIC Equity Commitment</u>" means a commitment by the Borrower to make one or more capital contributions to an SBIC Subsidiary.

"<u>SBIC Subsidiary</u>" means any direct or indirect Subsidiary (including such Subsidiary's general partner or managing entity to the extent that the only material asset of such general partner or managing entity is its equity interest in the SBIC Subsidiary) of the Borrower licensed as a small business investment company under the Small Business Investment Act of 1958, as amended (or that has applied for such a license and is actively pursuing the granting thereof by appropriate proceedings promptly instituted and diligently conducted), and which is designated by the Borrower (as provided below) as an SBIC Subsidiary, so long as (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of such Subsidiary: (i) is Guaranteed by any Obligor (other than a Permitted SBIC Guarantee), (ii) is recourse to or obligates any Obligor in any way (other than in respect of any SBIC Equity Commitment or Permitted SBIC Guarantee), or (iii) subjects any property of any Obligor, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than Equity Interests in any SBIC Subsidiary pledged to secure such Indebtedness, and (b) no Obligor has any obligation to maintain or preserve such Subsidiary's financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the Borrower shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which certificate shall include a statement to the effect that, to the best of such officer's knowledge, such designation complied with the foregoing conditions.

"<u>SEC</u>" means the United States Securities and Exchange Commission or any successor thereto.

"<u>Second Amendment Effective Date</u>" means November 22, 2024.

"<u>Second Currency</u>" has the meaning assigned to such term in <u>Section 9.11</u>.

37 *Revolving Credit Agreement*

"<u>Secured Longer-Term Indebtedness</u>" means Indebtedness (other than Indebtedness hereunder) of any Obligor (which may be Guaranteed by Subsidiary Guarantors) that (a) has no scheduled amortization prior to (other than for amortization in an amount not greater than 1% of the aggregate initial principal amount of such Indebtedness per year; <u>provided</u> that amortization in excess of 1% per year shall be permitted so long as the amount of such amortization in excess of 1% is permitted to be incurred pursuant to <u>Section 6.01(h)</u> or <u>(o)</u>), and a final maturity date not earlier than, six months after the Extended Final Maturity Date (it being understood that none of: (i) the conversion features into Permitted Equity Interests under Permitted Convertible Indebtedness; (ii) the triggering and/or settlement thereof solely with Permitted Equity Interests, except in the case of interest expense or fractional shares (which may be payable in Cash or Cash Equivalents); (iii) any customary voluntary prepayment provisions permitted by the terms thereof; or (iv) any customary mandatory prepayment that is contingent upon the happening of an event that is not certain to occur (including, without limitation, as a result of any borrowing base or collateral base deficiency), in any case shall constitute "amortization" or a "final maturity date" for purposes of this <u>clause (a)</u>), (b) is incurred pursuant to documentation containing (i) financial covenants, covenants governing the borrowing base, if any, portfolio valuations and events of default (other than events of default customary in indentures or similar instruments that have no analogous provisions in this Agreement or credit agreements generally) that are not materially more restrictive, taken as a whole, on the Borrower and its Subsidiaries than those set forth in this Agreement and (ii) other terms (other than pricing terms) that are not materially more restrictive, taken as a whole, upon the Borrower and its Subsidiaries, prior to the Termination Date, than those set forth in this Agreement (it being understood that put rights or repurchase or redemption obligations (x) in the case of convertible securities, in connection with the suspension or delisting of the capital stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect to its capital stock or (y) arising out of circumstances that would constitute a "fundamental change" (as such term is customarily defined in convertible note offerings) or an Event of Default under this Agreement shall not be deemed to be more restrictive for purposes of this definition); provided that, upon the Borrower's written request in connection with the incurrence of any Secured Longer-Term Indebtedness that otherwise would not meet the requirements of this clause (b), the Borrower and the Administrative Agent (on behalf of the Lenders) shall promptly enter into a written amendment to this Agreement making changes necessary such that the financial covenants, covenants governing the borrowing base, if any, portfolio valuations, events of default (other than events of default customary in indentures or similar instruments that have no analogous provisions in this Agreement or credit agreements generally) or other terms, as applicable, in this Agreement shall not be materially more restrictive, taken as a whole, as such covenants in the Secured Longer-Term Indebtedness, and (c) is not secured by any assets of any Obligor other than pursuant to this Agreement or the Security Documents and the holders of which (or an authorized agent, representative or trustee of such holders) have either executed (i) a joinder agreement to the Guarantee and Security Agreement or (ii) such other document or agreement, in a form reasonably satisfactory to the Administrative Agent and the Collateral Agent, pursuant to which the holders (or an authorized agent, representative or trustee of such holders) of such Secured Longer-Term Indebtedness shall have become a party to the Guarantee and Security Agreement and assumed the obligations of a Financing Agent or Designated Indebtedness Holder (in each case, as defined in the Guarantee and Security Agreement). Secured Longer-Term Indebtedness shall not include any Indebtedness under any Capital Call Facility or arising under any Hedging Agreement.

"<u>Secured Parties</u>" has the meaning assigned to such term in the Guarantee and Security Agreement.

38 *Revolving Credit Agreement*

"<u>Secured Shorter-Term Indebtedness</u>" means, collectively, (a) any Indebtedness of any Obligor that is secured by any assets of any Obligor, does not constitute Secured Longer-Term Indebtedness and is not secured by any assets of any Obligor other than pursuant to this Agreement or the Security Documents and the holders of which (or an authorized agent, representative or trustee of such holders) have either executed (i) a joinder agreement to the Guarantee and Security Agreement or (ii) such other document or agreement, in a form reasonably satisfactory to the Administrative Agent and the Collateral Agent, pursuant to which the holders (or an authorized agent, representative or trustee of such holders) of such Secured Shorter-Term Indebtedness shall have become a party to the Guarantee and Security Agreement and assumed the obligations of a Financing Agent or Designated Indebtedness Holder (in each case, as defined in the Guarantee and Security Agreement) and (b) any Indebtedness that is designated as "Secured Shorter-Term Indebtedness" pursuant to <u>Section 6.11(a)</u>. Secured Shorter-Term Indebtedness shall not include any Indebtedness under any Capital Call Facility or arising under any Hedging Agreement.

"<u>Security Documents</u>" means, collectively, the Guarantee and Security Agreement, all Uniform Commercial Code financing statements filed with respect to the security interests in personal property created pursuant to the Guarantee and Security Agreement and all other assignments, pledge agreements, security agreements, control agreements and other instruments executed and delivered on or after the Effective Date by any of the Obligors pursuant to the Guarantee and Security Agreement or otherwise providing or relating to any collateral security for any of the Secured Obligations under and as defined in the Guarantee and Security Agreement.

"<u>Shareholders' Equity</u>" means, at any date, the amount determined on a consolidated basis, without duplication, in accordance with GAAP, of shareholders equity for the Borrower and its Subsidiaries at such date.

"<u>SMBC</u>" means Sumitomo Mitsui Banking Corporation.

"<u>SOFR</u>" means a rate per annum equal to the secured overnight financing rate as administered by the SOFR Administrator.

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

"<u>SONIA</u>" means a rate equal to the Sterling Overnight Index Average as administered by the SONIA Administrator.

"<u>SONIA Administrator</u>" means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

"<u>SONIA Administrator's Website</u>" means the Bank of England's website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

"<u>SPC</u>" has the meaning assigned to such term in <u>Section 9.04(e</u>).

39 *Revolving Credit Agreement*

"<u>SPE Subsidiary</u>" means:

&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 direct or indirect Subsidiary of the Borrower to which any Obligor sells, conveys or otherwise transfers (whether directly or indirectly) Investments, Cash or Cash Equivalents, which engages in no material activities other than in connection with the purchase, holding, disposition or financing of such assets and which is designated by the Borrower (as provided below) as an SPE Subsidiary, so long as:

&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) no portion of the Indebtedness or any other obligations (contingent or otherwise) of such Subsidiary (i) is Guaranteed by any Obligor (other than Guarantees in respect of Standard Securitization Undertakings), (ii) is recourse to or obligates any Obligor in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property of any Obligor, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings or any Guarantee 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;(ii) no Obligor has any material contract, agreement, arrangement or understanding with such Subsidiary other than on terms, taken as a whole, not materially less favorable to such Obligor than those that would reasonably be expected to be obtained at such time from Persons that are not Affiliates of any Obligor, other than fees payable in the ordinary course of business in connection with servicing receivables or financial 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;(iii) to which no Obligor has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results; 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) any passive holding company that is designated by the Borrower (as provided below) as a SPE Subsidiary, so long as:

&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 passive holding company is the direct parent of a SPE Subsidiary referred to in <u>clause (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;(ii) such passive holding company engages in no activities and has no assets or liabilities (other than in connection with the transfer of assets to and from a SPE Subsidiary referred to in <u>clause (a)</u>, and its ownership of all of the Equity Interests of a SPE Subsidiary referred to in <u>clause (a)</u>, and activities incidental to the foregoing described in this clause (ii));

&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) except with respect to any activities permitted under clause (b)(ii) above, no Obligor has any contract, agreement, arrangement or understanding with such passive holding company; 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;(iv) no Obligor has any obligation to maintain or preserve such passive holding company's financial condition or cause such entity to achieve certain levels of operating results.

Any such designation of a SPE Subsidiary by the Borrower shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which certificate shall include a statement to the effect that, to the best of such officer's knowledge, such designation complies with the conditions set forth in clause (a) or (b) of this definition, as applicable. Each Subsidiary of an SPE Subsidiary shall be deemed to be an SPE Subsidiary and shall comply with the foregoing requirements of clause (a) or (b) of this definition, as applicable.

40 *Revolving Credit Agreement*

As of the Second Amendment Effective Date, each of Kayne Anderson BDC Financing, LLC and Kayne Anderson BDC Financing II, LLC is an SPE Subsidiary.

"<u>Special Equity Interest</u>" means any Equity Interest that is subject to a Lien in favor of creditors of the issuer of such Equity Interest; <u>provided</u> that (a) such Lien was created to secure Indebtedness owing by such issuer to such creditors, (b) such Indebtedness was (i) in existence and already secured by such Lien at the time the Obligors acquired such Equity Interest, (ii) incurred or assumed by such issuer and secured by such Lien substantially contemporaneously with such acquisition or (iii) a refinancing of the Indebtedness described in the foregoing clause (i) or clause (ii) and (c) unless such Equity Interest is not intended to be included in the Collateral, the documentation creating or governing such Lien does not prohibit the inclusion of such Equity Interest in the Collateral.

"<u>Special Unsecured Indebtedness</u>" means Indebtedness of an Obligor issued after the Effective Date (which may be Guaranteed by Subsidiary Guarantors) that (a) has no amortization prior to (other than for amortization in an amount not greater than 1% of the aggregate initial principal amount of such Indebtedness per annum, provided that amortization in excess of 1% per annum shall be permitted so long as the amount of such amortization in excess of 1% is permitted to be incurred pursuant to Section 6.01(l) or Section 6.01(o) hereof) and a final maturity date not earlier than, the Extended Final Maturity Date (it being understood that none of (i) the conversion features into Permitted Equity Interests under Permitted Convertible Indebtedness; (ii) the triggering and/or settlement thereof solely with Permitted Equity Interests, except in the case of interest expense or fractional shares (which may be payable in Cash or Cash Equivalents); or (iii) any customary mandatory prepayment that is contingent upon the happening of an event that is not certain to occur (including, without limitation, a change of control or bankruptcy), in any case shall constitute "amortization" or a "final maturity date" for purposes of this definition, (b) is incurred pursuant to terms that are substantially comparable to market terms for substantially similar debt of other similarly situated borrowers as reasonably determined in good faith by the Borrower or, if such transaction is not one in which there are market terms for substantially similar debt of other similarly situated borrowers, on terms that are negotiated in good faith on an arm's-length basis (except, in each case, other than financial covenants and events of default (other than events of default customary in indentures or similar instruments that have no analogous provisions in this Agreement or credit agreements generally)), which shall be not materially more restrictive, taken as a whole, on the Borrower and its Subsidiaries, while any Loans or the Commitments are outstanding, than those set forth in the Loan Documents; <u>provided</u> that, upon the Borrower's written request in connection with the incurrence of any Special Unsecured Indebtedness that otherwise would not meet the requirements set forth in this parenthetical of this clause (b), the Borrower and the Administrative Agent (on behalf of the Lenders) shall promptly enter into a written amendment to this Agreement making changes necessary such that the financial covenants and events of default, as applicable, in this Agreement shall be as restrictive as such provisions in the Special Unsecured Indebtedness (it being understood that put rights or repurchase or redemption obligations (x) in the case of convertible securities, in connection with the suspension or delisting of the capital stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect to its capital stock or (y) arising out of circumstances that would constitute a "fundamental change" (as such term is customarily defined in convertible note offerings) or be an Event of Default under this Agreement shall not be deemed to be more restrictive for purposes of this definition) and (c) is not secured by any assets of any Obligor.

41 *Revolving Credit Agreement*

"<u>Specified Currency</u>" has the meaning assigned to such term in <u>Section 9.11</u>.

"<u>Specified Place</u>" has the meaning assigned to such term in <u>Section 9.11</u>.

"<u>Standard Securitization Undertakings</u>" means, collectively, (a) customary arm's-length servicing obligations (together with any related performance guarantees), (b) obligations (together with any related performance guarantees) to refund the purchase price or grant purchase price credits for dilutive events or misrepresentations (in each case unrelated to the collectability of the assets sold or the creditworthiness of the associated account debtors) and (c) representations, warranties, covenants and indemnities (together with any related performance guarantees) of a type that are reasonably customary in transactions involving bankruptcy remote special purpose entities, including accounts receivable securitizations or collateralized loan obligations.

"<u>Statutory Reserve Rate</u>" means, for any applicable Interest Period for any Term Benchmark Borrowing in Euros, a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one <u>minus</u> the arithmetic mean, taken over each day in such Interest Period, of the aggregate of the applicable maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as "Eurocurrency liabilities" in Regulation D). Such reserve percentages shall include those imposed pursuant to Regulation D. Term Benchmark Loans denominated in Euros shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

"<u>Sterling</u>" means the lawful currency of the United Kingdom.

"<u>Subsidiary</u>" means, with respect to any Person (the "<u>parent</u>") at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Anything herein to the contrary notwithstanding, the term "Subsidiary" shall not include any Person that constitutes an Investment (including a Joint Venture Investment) held by any Obligor in the ordinary course of business and that is not, under GAAP, consolidated on the financial statements of the Borrower and its Subsidiaries. Unless otherwise specified, "Subsidiary" means a Subsidiary of the Borrower.

42 *Revolving Credit Agreement*

"<u>Subsidiary Guarantor</u>" means any Subsidiary that is a "Guarantor" (as defined in the Guarantee and Security Agreement) under the Guarantee and Security Agreement. It is understood and agreed that no Financing Subsidiary, Immaterial Subsidiary, Foreign Subsidiary or a Subsidiary of a Foreign Subsidiary shall be a Subsidiary Guarantor.

"<u>Supported QFC</u>" has the meaning assigned to such term in <u>Section 9.17</u>.

"<u>T2</u>" means the real time gross settlement system operated by the Eurosystem, or any successor system as determined by the Administrative Agent to be a suitable replacement.

"<u>TARGET Day</u>" means any day on which the T2 is open for the settlement of payments in Euros.

"<u>Taxes</u>" means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings (including backup withholding), assessments, fees, or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Term Benchmark</u>", when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans constituting such Borrowing are, bearing interest at a rate determined by reference to the Adjusted Term Benchmark Rate.

"<u>Term Benchmark Banking Day</u>" means for Term Benchmark Loans, Term Benchmark Borrowings, interest, fees, commissions or other amounts denominated in, or calculated with respect 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) Dollars, a U.S. Government Securities Business Day;

&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) Euros, a TARGET Day;

&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) Canadian Dollars, a CORRA Business Day; 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;(d) Japanese Yen, any day (other than a Saturday or Sunday) on which banks are open for business in Tokyo, Japan.

"<u>Term Benchmark Rate</u>" means, for any Interest Period:

&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) in the case of Term Benchmark Borrowings denominated in Dollars, Term SOFR for such Interest Period;

&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) in the case of Term Benchmark Borrowings denominated in Euros, the rate per annum equal to the Euro Interbank Offered Rate as administered by the European Money Markets Institute (or any other Person that takes over the administration of such rate) for a period equal in length to such Interest Period, as displayed on the applicable Bloomberg page (or on any successor or substitute page or service providing such quotations as determined by the Administrative Agent from time to time; in each case, the "<u>EURIBOR Screen Rate</u>") at approximately 11:00 a.m. (Brussels time) two (2) Term Benchmark Banking Days for Euros prior to the first day of such Interest Period;

43 *Revolving Credit 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;(c) in the case of Term Benchmark Borrowings denominated in Canadian Dollars, Term CORRA for such Interest Period; 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;(d) in the case of Term Benchmark Borrowings denominated in Japanese Yen, the rate per annum equal to the Tokyo Interbank Offered Rate as administered by the Ippan Shadan Hojin JBA TIBOR Administration (or any other Person that takes over the administration of such rate) for a period equal in length to such Interest Period, as displayed on the applicable Bloomberg page (or on any successor or substitute page or service providing such quotations as determined by the Administrative Agent from time to time) at approximately 11:00 a.m. (Tokyo time) two Term Benchmark Banking Days for Japanese Yen prior to the first day of such Interest Period (the "<u>TIBOR Screen Rate</u>").

"<u>Term Commitments</u>" means each Lender's Initial Term Commitments and Incremental Term Commitments.

"<u>Term CORRA</u>" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) for any calculation with respect to a Term Benchmark Loan denominated in Canadian Dollars for any Interest Period, the sum of (i) the applicable Term CORRA Credit Adjustment Spread for such Interest Period and (ii) the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "<u>Periodic Term CORRA Determination Day</u>") that is two (2) Term Benchmark Banking Days prior to the first day of such Interest Period, as such rate is published by the Term CORRA Administrator and is displayed on a screen or other information service, as identified or selected by the Administrative Agent; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then clause (a)(ii) of this definition will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Term Benchmark Banking Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Term Benchmark Banking Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any calculation with respect to the Canadian Prime Rate for any day, the sum of (i) the Term CORRA Credit Adjustment Spread for Term Benchmark Loans for an Interest Period of one month and (ii) the Term CORRA Reference Rate for a tenor of one month on the day (such day, the "<u>Canadian Prime Rate Term CORRA Determination Day</u>") that is two (2) Term Benchmark Banking Days prior to such day, as such rate is published by the Term CORRA Administrator and is displayed on a screen or other information service, as identified or selected by the Administrative Agent; <u>provided</u>, <u>however</u>, that if as of 1:00 p.m. (Toronto time) on any Canadian Prime Rate Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then clause (b)(ii) of this definition will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Term Benchmark Banking Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Term Benchmark Banking Day is not more than three (3) Business Days prior to such Canadian Prime Rate Term CORRA Determination Day.

44 *Revolving Credit Agreement*

"<u>Term CORRA Administrator</u>" means Candeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator of the Term CORRA Reference Rate selected by the Administrative Agent in its reasonable discretion.

"<u>Term CORRA Credit Adjustment Spread</u>" means, with respect to Term Benchmark Loans denominated in Canadian Dollars, (a) with an Interest Period of one month, 0.29547% and (b) with an Interest Period of three months, 0.32138%.

"<u>Term CORRA Reference Rate</u>" means the forward-looking term rate based on CORRA.

"<u>Term Lender</u>" means each Lender having a Term Commitment or, as the case may be, an outstanding Term Loan.

"<u>Term Loans</u>" means the Initial Term Loans and the Incremental Term Loans.

"<u>Term SOFR</u>" means,

&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) for any calculation with respect to any Term Benchmark Loan denominated in Dollars for any Interest Period, the sum of (i) the Term SOFR Applicable Credit Adjustment Spread and (ii) the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period 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 the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then clause (a)(ii) of this definition will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate 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; 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) for any calculation with respect to an ABR Loan on any day, the sum of (i) the Term SOFR Applicable Credit Adjustment Spread and (ii) the Term SOFR Reference Rate for a tenor of one month on the day (such day, the "<u>Base Rate 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. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then clause (b)(ii) of this definition will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate 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 Base Rate Term SOFR Determination Day.

45 *Revolving Credit Agreement*

"<u>Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

"<u>Term SOFR Applicable Credit Adjustment Spread</u>" means 0.10%.

"<u>Term SOFR Reference Rate</u>" means the forward-looking term rate based on SOFR.

"<u>Termination Date</u>" means the earliest to occur of (i) the Extended Final Maturity Date, (ii) the date of the termination of the Commitments in full pursuant to <u>Section 2.08(c)</u>, or (iii) the date on which the Commitments are terminated pursuant to <u>Article VII</u>.

"<u>Testing Period</u>" has the meaning assigned to such term in <u>Section 5.12(b)(ii)(E)(x)</u>.

"<u>Testing Quarter</u>" has the meaning assigned to such term in <u>Section 5.12(b)(ii)(B)</u>.

"<u>Third Amendment Effective Date</u>" means August 8, 2025.

"<u>Transactions</u>" means the execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents, the borrowing of Loans and the use of the proceeds thereof.

"<u>Type</u>", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans constituting such Borrowing, is determined by reference to the Adjusted Term Benchmark Rate, Daily Simple RFR or the Alternate Base Rate.

"<u>U.S. Government Securities</u>" means securities that are direct obligations of, and obligations the timely payment of principal and interest on which is fully guaranteed by, the United States or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United States and in the form of conventional bills, bonds, and notes.

"<u>U.S. Government Securities Business Day</u>" means any day except for (a) a Saturday, (b) a Sunday or (c) 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.

46 *Revolving Credit Agreement*

"<u>U.S. Person</u>" means any United States citizen, lawful permanent resident, entity organized under the laws of the United States or any jurisdiction within the United States, including any foreign branch of any such entity, or any person in the United States.

"<u>U.S. Special Resolution Regimes</u>" has the meaning assigned to such term in <u>Section 9.17</u>.

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the FCA, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

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

"<u>Undisclosed Administration</u>" means, in relation to a Lender, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender is subject to home jurisdiction supervision if applicable law requires that such appointment is not to be publicly disclosed.

"<u>Uniform Commercial Code</u>" means the Uniform Commercial Code as in effect from time to time in the State of New York.

"<u>United States Person</u>" means any Person that is a "United States Person" as defined in Section 7701(a)(30) of the Code.

"<u>Unquoted Investments</u>" has the meaning set forth in Section 5.12(b)(ii)(B).

47 *Revolving Credit Agreement*

"<u>Unsecured Longer-Term Indebtedness</u>" means any Indebtedness of an Obligor (which may be Guaranteed by Subsidiary Guarantors) that (a) has no amortization prior to (other than for amortization in an amount not greater than 1% of the aggregate initial principal amount of such Indebtedness per annum, provided that amortization in excess of 1% per annum shall be permitted so long as the amount of such amortization in excess of 1% is permitted to be incurred pursuant to Section 6.01(l), (m) or (o) hereof) and a final maturity date not earlier than, six months after the Extended Final Maturity Date (it being understood that none of (i) the conversion features into Permitted Equity Interests under Permitted Convertible Indebtedness; (ii) the triggering and/or settlement thereof solely with Permitted Equity Interests, except in the case of interest expense or fractional shares (which may be payable in Cash or Cash Equivalents); or (iii) any customary mandatory prepayment that is contingent upon the happening of an event that is not certain to occur (including a change of control or bankruptcy) , in any case shall constitute "amortization" or a "final maturity date" for purposes of this clause for the purposes of this definition), (b) is incurred pursuant to terms that are substantially comparable to market terms for substantially similar debt of other similarly situated borrowers as reasonably determined in good faith by the Borrower or, if such transaction is not one in which there are market terms for substantially similar debt of other similarly situated borrowers, on terms that are negotiated in good faith on an arm's-length basis (except, in each case, other than financial covenants and events of default (other than events of default customary in indentures or similar instruments that have no analogous provisions in this Agreement or credit agreements generally)), which shall not be materially more restrictive, taken as a whole, upon the Borrower and its Subsidiaries, while any Loans or the Commitments are outstanding, than those set forth in the Loan Documents; <u>provided</u> that, upon the Borrower's written request in connection with the incurrence of any Unsecured Longer-Term Indebtedness that otherwise would not meet the requirements set forth in this parenthetical of this clause (b), the Borrower and the Administrative Agent (on behalf of the Lenders) shall promptly enter into a written amendment to this Agreement making changes necessary such that the financial covenants and events of default, as applicable, in this Agreement shall be as restrictive as such provisions in the Unsecured Longer-Term Indebtedness (it being understood that put rights or repurchase or redemption obligations (x) in the case of convertible securities, in connection with the suspension or delisting of the capital stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect to its capital stock or (y) arising out of circumstances that would constitute a "fundamental change" (as such term is customarily defined in convertible note offerings) or be an Event of Default under this Agreement shall not be deemed to be more restrictive for purposes of this definition) and (c) is not secured by any assets of any Obligor. For the avoidance of doubt, the conversion of all or any portion of Indebtedness under any convertible notes constituting Unsecured Longer-Term Indebtedness into Permitted Equity Interests in accordance with <u>Section 6.12(a)</u>, shall not cause such Indebtedness to be designated as Unsecured Shorter-Term Indebtedness hereunder.

Notwithstanding the foregoing, the Existing Notes shall be deemed Unsecured Longer-Term Indebtedness in all respects despite the fact that each maturity date of the Existing Notes is prior to the Extended Final Maturity Date so long as the Existing Notes continue to comply with all other requirements of the above definition; <u>provided</u> that from and after the date that is nine (9) months prior to the scheduled maturity date of any such Existing Notes, such Existing Notes shall be included in the Covered Debt Amount.

"<u>Unsecured Shorter-Term Indebtedness</u>" means, collectively, (a) any Indebtedness of an Obligor that is not secured by any assets of any Obligor and that does not constitute Unsecured Longer-Term Indebtedness or Special Unsecured Indebtedness and (b) any Indebtedness that is designated as "Unsecured Shorter-Term Indebtedness" pursuant to <u>Section 6.11(a)</u>.

"<u>Value</u>" has the meaning assigned to such term in <u>Section 5.13</u>.

"<u>Withdrawal Liability</u>" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

48 *Revolving Credit Agreement*

"<u>Write-Down and Conversion Powers</u>" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

SECTION 1.02. <u>Classification of Loans and Borrowings</u>. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a "Term Loan", "Revolving Loan" or "Multicurrency Loan"), by Type (e.g., an "ABR Loan") or by Class and Type (e.g., a "Multicurrency Term Benchmark Loan"). Borrowings also may be classified and referred to by Class (e.g., a "Term Borrowing" or "Dollar Borrowing"), by Type (e.g., an "ABR Borrowing") or by Class and Type (e.g., a "ABR Borrowing" or "Multicurrency Term Benchmark Borrowing"). Loans and Borrowings may also be identified by Currency.

SECTION 1.03. <u>Terms Generally</u>. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation". The word "will" shall be construed to have the same meaning and effect as the word "shall". Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, amended and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or therein), (b) any reference herein to any Person shall be construed to include such Person's successors and assigns, (c) the words "herein", "hereof" and "hereunder", and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

SECTION 1.04. <u>Accounting Terms; GAAP</u>. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; <u>provided</u> that (a) if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Effective Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith and (b) all leases that are or would have been treated as operating leases for purposes of GAAP prior to the effectiveness or adaptation of the Accounting Standards Update No. 2016-02, Leases (Topic 842) (the "ASU") shall continue to be accounted for as operating leases for purposes of all definitions and calculations for the purposes of the Loan Documents hereunder, including without limitation, the definition of "Capital Lease Obligations" (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to be treated as capitalized lease obligations in the financial statements to be delivered pursuant to the Loan Documents. Whether or not the Borrower may at any time adopt Financial Accounting Standards Board ("FASB") Accounting Standards Codification Subtopic 825-10 (or successor standard solely as it relates to fair valuing liabilities) or accounts for liabilities acquired in an acquisition on a fair value basis pursuant to FASB Statement of Financial Accounting Standard No. 141(R) (or successor standard solely as it relates to fair valuing liabilities), all determinations of compliance with the terms and conditions of this Agreement shall be made on the basis that the Borrower has not adopted FASB Accounting Standards Codification Subtopic 825-10 (or such successor standard solely as it relates to fair valuing liabilities) or, in the case of liabilities acquired in an acquisition, FASB Statement of Financial Accounting Standard No. 141(R) (or such successor standard solely as it relates to fair valuing liabilities). It is understood and agreed that the valuations and other financial determinations included herein are solely for the purposes of this Agreement and, for financial reporting purposes, the Borrower will use valuations as determined by or under the supervision of its board of directors and in accordance with its valuation policies and procedures as required by the Investment Company Act.

49 *Revolving Credit Agreement*

SECTION 1.05. <u>Currencies; Currency Equivalents</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) <u>Currencies Generally</u>. At any time, any reference in the definition of the term "Agreed Foreign Currency" or in any other provision of this Agreement to the Currency of any particular nation means the lawful currency of such nation at such time whether or not the name of such Currency is the same as it was on the Effective Date. Except as provided in <u>Section 2.10(b)</u> and the last sentence of <u>Section 2.17(a)</u>, for purposes of determining (i) whether the amount of any Borrowing under the Multicurrency Commitments, together with all other Borrowings under the Multicurrency Commitments then outstanding or to be borrowed at the same time as such Borrowing, would exceed the aggregate amount of the Multicurrency Commitments, (ii) the aggregate unutilized amount of the Multicurrency Commitments, (iii) the Revolving Multicurrency Credit Exposure, (iv) the Covered Debt Amount and (v) the Borrowing Base or the Value or the fair market value of any Investment, the outstanding principal amount of any Borrowing that is denominated in any Foreign Currency or the Value or the fair market value of any Investment that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount of the Foreign Currency of such Borrowing or Investment, as the case may be, determined as of the date of such Borrowing (determined in accordance with the last sentence of the definition of the term "Interest Period") or the date of valuation of such Investment, as the case may be. Wherever in this Agreement in connection with a Borrowing or Loan an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing or Loan is denominated in a Foreign Currency, such amount shall be the relevant Foreign Currency Equivalent of such Dollar amount (rounded to the nearest 1,000 units of such Foreign Currency). Without limiting the generality of the foregoing, for purposes of determining compliance with any basket in Article VI denominated in Dollars, in no event shall the Borrower or any of its Subsidiaries be deemed not to be in compliance with any such basket solely as a result of a change in exchange rates.

&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) <u>Special Provisions Relating to Euro</u>. Each obligation hereunder of any party hereto that is denominated in the National Currency of a state that is not a Participating Member State on the Effective Date shall, effective from the date on which such state becomes a Participating Member State, be redenominated in Euro in accordance with the legislation of the European Union applicable to the European Monetary Union; <u>provided</u> that, if and to the extent that any such legislation provides that any such obligation of any such party payable within such Participating Member State by crediting an account of the creditor can be paid by the debtor either in Euros or such National Currency, such party shall be entitled to pay or repay such amount either in Euros or in such National Currency. If the basis of accrual of interest or fees expressed in this Agreement with respect to an Agreed Foreign Currency of any country that becomes a Participating Member State after the date on which such currency becomes an Agreed Foreign Currency shall be inconsistent with any convention or practice in the interbank market for the basis of accrual of interest or fees in respect of the Euro, such convention or practice shall replace such expressed basis effective as of and from the date on which such state becomes a Participating Member State; <u>provided</u> that, with respect to any Borrowing denominated in such currency that is outstanding immediately prior to such date, such replacement shall take effect at the end of the Interest Period therefor.

50 *Revolving Credit Agreement*

Without prejudice to the respective liabilities of the Borrower to the Lenders and the Lenders to the Borrower under or pursuant to this Agreement, each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time, in consultation with the Borrower, reasonably specify to be necessary or appropriate to reflect the introduction or changeover to the Euro in any country that becomes a Participating Member State after the Effective Date; <u>provided</u> that the Administrative Agent shall provide the Borrower and the Lenders with prior notice of the proposed change with an explanation of such change in sufficient time to permit the Borrower and the Lenders an opportunity to respond to such proposed change.

SECTION 1.06. <u>Divisions</u>. For all purposes under the Loan Documents, if, as a result of any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) any new Person comes into existence, such new Person shall be deemed to have been organized or acquired on the first date of its existence by the holders of its Equity Interests at such time.

SECTION 1.07. <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 Alternate Base Rate, the Daily Simple RFR, the Adjusted Term Benchmark Rate or 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 Alternate Base Rate, the Daily Simple RFR, the Adjusted Term Benchmark Rate or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of the Alternate Base Rate, the Daily Simple RFR, the Adjusted Term Benchmark Rate, 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 Alternate Base Rate, the Daily Simple RFR, the Adjusted Term Benchmark Rate or any other Benchmark, in each case 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.

51 *Revolving Credit Agreement*

ARTICLE II<br><u>THE CREDITS</u>

SECTION 2.01. <u>The Commitments</u>. Subject to the terms and conditions set forth herein:

&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) each Dollar Lender severally agrees to make Revolving Loans in Dollars to the Borrower from time to time during such Dollar Lender's Availability Period in an aggregate principal amount that will not result in (i) such Lender's Revolving Dollar Credit Exposure exceeding such Lender's Dollar Commitment, (ii) the aggregate Revolving Dollar Credit Exposure of all of the Dollar Lenders exceeding the aggregate Dollar Commitments at such time or (iii) the total Covered Debt Amount exceeding the Borrowing Base then in 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;(b) each Multicurrency Lender severally agrees to make Revolving Loans in Dollars and in Agreed Foreign Currencies to the Borrower from time to time during such Multicurrency Lender's Availability Period in an aggregate principal amount that will not result in (i) such Lender's Revolving Multicurrency Credit Exposure exceeding such Lender's Multicurrency Commitment, (ii) the aggregate Revolving Multicurrency Credit Exposure of all of the Multicurrency Lenders exceeding the aggregate Multicurrency Commitments at such time or (iii) the total Covered Debt Amount exceeding the Borrowing Base then in effect; 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;(c) each Initial Term Lender severally agrees to make a Term Loan in Dollars to the Borrower on the Second Amendment Effective Date in an aggregate principal amount (i) up to but not exceeding such Term Lender's Initial Term Commitment and (ii) that will not result in the total Covered Debt Amount exceeding the Borrowing Base then in effect;

Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. Amounts repaid or prepaid with respect to the Term Loans may not be reborrowed. The Term Commitment of each Term Lender shall automatically terminate upon such Term Lender fully funding its Term Commitment.

52 *Revolving Credit Agreement*

SECTION 2.02. <u>Loans and Borrowings</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) <u>Obligations of Lenders</u>. Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class of Commitments, Currency and Type made by the applicable Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; <u>provided</u> that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender's failure to make Loans as required.

&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) <u>Type of Loans</u>. Subject to <u>Section 2.13</u>, each Borrowing of a Class shall be constituted entirely of ABR Loans, RFR Loans or of Term Benchmark Loans of such Class denominated in a single Currency as the Borrower may request in accordance herewith. Each ABR Loan shall be denominated in Dollars. Each Term Benchmark Loan shall be denominated in Dollars or an Agreed Foreign Currency (other than Sterling). Each RFR Loan shall be denominated in Sterling. Each Lender at its option may make any Term Benchmark Loan or RFR Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; <u>provided</u> that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this 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;(c) <u>Minimum Amounts</u>. Each Term Benchmark Borrowing and RFR Borrowing shall be in an aggregate amount of $1,000,000 or a larger multiple of $1,000,000, and each ABR Borrowing shall be in an aggregate amount of $1,000,000 or a larger multiple of $100,000; <u>provided</u> that an ABR Borrowing of a Class may be in an aggregate amount that is equal to the entire unused balance of the total Commitments of such Class. Borrowings of more than one Class, Currency and Type may be outstanding at the same time.

&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) <u>Limitations on Interest Periods</u>. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request (or to elect to convert to or continue as a Term Benchmark Borrowing) any Borrowing if the Interest Period requested therefor would end after the Extended Final Maturity Date; <u>provided</u> that any request (or election to convert or continue as a Term Benchmark Borrowing) that would extend past an applicable Non-Extended Final Maturity Date may only be made with respect to the portion of the Term Benchmark Borrowing held by the Extending Lenders and Non-Extending Lenders for which the Non-Extended Final Maturity Date shall not have occurred; <u>provided further</u> that the foregoing will not release any Non-Extending Lender from any such obligation to make Loans to the Borrower, in each case, that was required to be performed on or prior to the Non-Extended Commitment Termination Date for such Non-Extending 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;(e) <u>Treatment of Classes</u>. Notwithstanding anything to the contrary contained herein, with respect to each Revolving Loan designated in Dollars, the Administrative Agent shall deem the Borrower to have requested that such Revolving Loan be applied ratably to each of the Dollar Commitments and the Multicurrency Commitments, based upon the percentage of the aggregate Revolving Commitments represented by the Dollar Commitments and the Multicurrency Commitments, respectively.

53 *Revolving Credit Agreement*

SECTION 2.03. <u>Requests for Borrowings</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) <u>Notice by the Borrower</u>. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (i) in the case of a Term Benchmark Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of the proposed Borrowing, (ii) in the case of a Term Benchmark Borrowing denominated in a Foreign Currency, not later than 11:00 a.m., New York City time, four (4) Business Days before the date of the proposed Borrowing, (iii) in the case of a RFR Borrowing, not later than 11:00 a.m., New York City time, five (5) Business Days before the date of the proposed Borrowing or (iv) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy or electronic mail to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed 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;(b) <u>Content of Borrowing Requests</u>. Each telephonic and written Borrowing Request shall specify the following information in compliance with <u>Section 2.02</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;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether such Borrowing is to be made under the Dollar Commitments or the Multicurrency Commitments or pro rata pursuant to <u>Section 2.02(e)</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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a Revolving Borrowing, the aggregate amount and Currency of the requested Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the date of such Borrowing, which shall be a Business Day (or, in the case of the Borrowing of the Initial Term Loans, the Second Amendment Effective 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing or a Term Benchmark Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) in the case of a Borrowing denominated in an Agreed Foreign Currency, whether such Borrowing is to be a Term Benchmark Borrowing or a RFR Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) in the case of a Term Benchmark Borrowing, the Interest Period therefor, which shall be a period contemplated by the definition of the term "Interest Period" and permitted under <u>Section 2.02(d)</u>; 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;(vii) the location and number of the Borrower's account to which funds are to be disbursed, which will comply with the requirements of <u>Section 2.06</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) <u>Notice by the Administrative Agent to the Lenders</u>. Promptly following receipt of a Borrowing Request in accordance with this <u>Section 2.03</u>, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amounts of such Lender's Loan to be made as part of the requested Borrowing.

54 *Revolving Credit 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;(d) <u>Failure to Elect</u>. If no election as to the Currency of a Revolving Borrowing is specified, then the requested Revolving Borrowing shall be denominated in Dollars. If no election as to the Type of a Borrowing is specified, then the requested Borrowing shall be a Term Benchmark Borrowing having an Interest Period of one month and, in the case of a Revolving Borrowing, if an Agreed Foreign Currency has been specified, the requested Revolving Borrowing shall be a Term Benchmark Borrowing or RFR Borrowing (and in the case of such Term Benchmark Borrowing, having an Interest Period of one month), as applicable, denominated in such Agreed Foreign Currency. If a Term Benchmark Borrowing is requested but no Interest Period is specified, (i) if the Currency specified for such Borrowing is Dollars (or if no Currency has been so specified), the requested Borrowing shall be a Term Benchmark Borrowing denominated in Dollars having an Interest Period of one month's duration, and (ii) if the Currency specified for such Borrowing is an Agreed Foreign Currency (other than Sterling), the Borrower shall be deemed to have selected an Interest Period of one month's duration.

SECTION 2.04. [Reserved].

SECTION 2.05. <u>[Reserved]</u>.

SECTION 2.06. <u>Funding of Borrowings</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) <u>Funding by Lenders</u>. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by (i) in the case of any Loan (other than an ABR Borrowing), 11:00 a.m. New York City time, and (ii) in the case of any Loan that is an ABR Borrowing, 1:00 p.m. New York City time, in each case, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request.

&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) <u>Presumption by the Administrative Agent</u>. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed funding deadline of any Borrowing set forth in clause (a) of this <u>Section 2.06</u> that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with <u>clause (a)</u> of this <u>Section 2.06</u> and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing. Nothing in this paragraph shall relieve any Lender of its obligation to fulfill its commitments hereunder, and this paragraph shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

55 *Revolving Credit Agreement*

SECTION 2.07. <u>Interest Elections</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) <u>Elections by the Borrower for Borrowings</u>. Subject to <u>Section 2.03(d)</u>, the Loans constituting each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Term Benchmark Borrowing, shall have the Interest Period specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a Borrowing of a different Type or to continue such Borrowing as a Borrowing of the same Type and, in the case of a Term Benchmark Borrowing, may elect the Interest Period therefor, all as provided in this <u>Section 2.07</u>; <u>provided</u>, <u>however</u>, that (i) except as set forth in <u>Sections 2.13</u>, <u>2.20(e)</u> and <u>2.21</u>, Borrowing of a Class may only be continued or converted into a Borrowing of the same Class, (ii) except as set forth in <u>Sections 2.13</u>, <u>2.20(c)</u> and <u>2.21</u>, a Borrowing denominated in one Currency may not be continued as, or converted to, a Borrowing in a different Currency, (iii) no Term Benchmark Borrowing denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Multicurrency Credit Exposures would exceed the aggregate Multicurrency Commitments and (iv) neither a Term Benchmark Borrowing denominated in a Foreign Currency nor an RFR Borrowing may be converted to a Borrowing of a different Type. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders of the respective Class holding the Loans constituting such Borrowing, and the Loans constituting each such portion shall be considered a separate Borrowing.

&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) <u>Notice of Elections</u>. To make an election pursuant to this <u>Section 2.07</u>, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under <u>Section 2.03</u> if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly (but no later than the close of business on the date of such request) by hand delivery, telecopy or electronic mail to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed 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;(c) <u>Content of Interest Election Requests</u>. Each telephonic and written Interest Election Request shall specify the following information in compliance with <u>Section 2.02</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;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrowing (including the Class of Commitment) to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to <u>subclauses (iii)</u> and <u>(iv)</u> of this <u>clause (c)</u> shall be specified for each resulting Borrowing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) whether, in the case of a Borrowing denominated in Dollars, the resulting Borrowing is to be an ABR Borrowing or a Term Benchmark Borrowing; and

56 *Revolving Credit 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;(iv) if the resulting Borrowing is a Term Benchmark Borrowing, the Interest Period therefor after giving effect to such election, which shall be a period contemplated by the definition of the term "Interest Period" and permitted under <u>Section 2.02(d)</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) <u>Notice by the Administrative Agent to the Lenders</u>. Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each applicable Lender of the details thereof and of such Lender's portion of each resulting Borrowing.

&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) <u>Failure to Elect; Events of Default</u>. If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Term Benchmark Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided herein, (i) if such Borrowing is denominated in Dollars, at the end of such Interest Period such Borrowing shall be converted to a Term Benchmark Borrowing of the same Class having an Interest Period of one month, and (ii) if such Borrowing is denominated in a Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one month's duration. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, (i) each Term Benchmark Borrowing denominated in Dollars shall, at the end of the applicable Interest Period for such Term Benchmark Borrowing, be automatically converted to an ABR Borrowing and (ii) no Term Benchmark Borrowing denominated in a Foreign Currency shall have an Interest Period of more than one month's duration.

SECTION 2.08. <u>Termination, Reduction or Increase of the Commitments</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) <u>Scheduled Termination</u>. Unless previously terminated, the Commitments of each Extending Lender with respect to such Extending Lender's Extended Loans shall terminate on the Extended Commitment Termination Date and the Commitments of each Non-Extending Lender with respect to such Non-Extending Lender's Non-Extended Loans shall terminate on the Non-Extended Commitment Termination Date for such Non-Extending Lender; provided that the foregoing will not release any Non-Extending Lender from any such obligation to make Loans to the Borrower that was required to be performed on or prior to the Non-Extended Commitment Termination Date for such Non-Extending Lender. The Initial Term Commitments terminated upon the funding of the Initial Term Loans on the Second Amendment Effective 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;(b) <u>Voluntary Termination or Reduction</u>. The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments of either Class of Revolving Commitment; <u>provided</u> that (i) each reduction of the Revolving Commitments of a Class shall be in an amount that is $10,000,000 (or, if less, the entire amount of the Revolving Commitments of such Class) or a larger multiple of $5,000,000 in excess thereof (or, if less, the entire amount of the Revolving Commitments of such Class) and (ii) the Borrower shall not terminate or reduce the Revolving Commitments of either Class if, after giving effect to any concurrent prepayment of the Revolving Loans of such Class in accordance with <u>Section 2.10</u>, the total Revolving Credit Exposures of such Class would exceed the total Revolving Commitments of such Class.

&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) <u>Notice of Voluntary Termination or Reduction</u>. The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under <u>paragraph (b)</u> of this <u>Section 2.08</u> at least three (3) Business Days prior to the effective date of such termination or reduction (or such later date as the Administrative Agent may agree), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this <u>Section 2.08</u> shall be irrevocable; <u>provided</u> that a notice of termination or reduction of the Revolving Commitments of a Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or any other transaction, in which case such notice may be revoked or extended by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not or will not be satisfied.

57 *Revolving Credit 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;(d) <u>Effect of Termination or Reduction</u>. Any termination or reduction of the Revolving Commitments of a Class shall be permanent. Each reduction of the Revolving Commitments of a Class shall be made ratably among the Lenders of such Class (including with respect to (x) Dollar Lenders and Multicurrency Lenders and (y) Extending Lenders and Non-Extending Lenders) in accordance with their respective Revolving Commitments.

&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) <u>Increase of the Commitments</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;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Requests for Increase by Borrower</u>. The Borrower may, at any time, request that the Revolving Commitments hereunder of a Class be increased or a new Class of Incremental Term Commitments be created (each such proposed increase or creation being a "<u>Commitment Increase</u>") upon notice to the Administrative Agent (who shall promptly notify the Lenders), which notice shall specify each existing Lender that shall have agreed to an additional Commitment of the same Class as its existing Commitment (each an "<u>Increasing Lender</u>") and/or each additional lender that shall have agreed to a new Commitment or existing Lender that shall have agreed to a new Commitment of a different Class than its existing Commitment (each an "<u>Assuming Lender</u>") and the date on which such increase or creation, as applicable, is expected to be effective (the date of actual effectiveness, the "<u>Commitment Increase Date</u>"), which shall be a Business Day at least three (3) Business Days (or such lesser period as the Administrative Agent may reasonably agree) after delivery of such notice and at least thirty (30) days prior to the Extended Commitment Termination Date; <u>provided</u> 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;&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 minimum amount of the Commitment of any Assuming Lender, and the minimum amount of the increase of the Commitment of any Increasing Lender, as part of such Commitment Increase shall be $10,000,000 or a larger multiple of $5,000,000 in excess thereof (or such lesser amount as the Administrative Agent may reasonably agree);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) immediately after giving effect to such Commitment Increase (including, if applicable, the substantially concurrent reduction of the Commitments of a Non-Extending Lender in accordance with <u>Section 2.08(f)</u>), the aggregate amount of all Revolving Commitments and outstanding Term Loans shall not exceed $600,000,000;

58 *Revolving Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) each Assuming Lender shall be consented to by the Administrative Agent (such consent not to be unreasonably withheld or delayed) to the extent the consent of the Administrative Agent would be required in connection with an assignment to such Person under <u>Section 9.04(b)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) no Default shall have occurred and be continuing on such Commitment Increase Date or shall result from the proposed Commitment Increase; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the representations and warranties contained in this Agreement shall be true and correct in all material respects (or, in the case of any representation or warranty already subject to a materiality qualifier, true and correct in all respects) on and as of the Commitment Increase Date as if made on and as of such date (or, as to any such representation or warranty that refers to a specific date, as of such specific 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Effectiveness of Commitment Increase by Borrower. On the Commitment Increase Date for any Commitment Increase, the Assuming Lender, if any, shall become a Lender hereunder as of such Commitment Increase Date and the Commitment of the respective Class of any Increasing Lender part of such Commitment Increase, if any, shall be increased as of such Commitment Increase Date; provided 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;&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) the Administrative Agent shall have received on or prior to 11:00 a.m., New York City time, on such Commitment Increase Date, a certificate of a duly authorized officer of the Borrower stating that each of the applicable conditions to such Commitment Increase set forth in the foregoing <u>paragraph (i)</u> has been satisfied; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) each Assuming Lender or Increasing Lender shall have delivered to the Administrative Agent, on or prior to 11:00 a.m., New York City time on such Commitment Increase Date, an agreement, substantially in the form attached hereto as <u>Exhibit D</u> (or such other form as shall be reasonably satisfactory to the Borrower and the Administrative Agent) (each, an "Increasing Lender/Joining Lender Agreement"), pursuant to which such Lender shall, effective as of such Commitment Increase Date, undertake a Commitment or an increase of Commitment in each case of the respective Class, duly executed by such Assuming Lender or Increasing Lender, as applicable, and the Borrower and acknowledged by the Administrative Agent; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) in the case of a Commitment Increase under the Term Commitments, each Assuming Lender shall on such Commitment Increase Date make available their respective Term Loans to the Borrower pursuant to procedures reasonably established by the Administrative Agent.

59 *Revolving Credit Agreement*

Promptly following satisfaction of such conditions, the Administrative Agent shall notify the Lenders of such Class (including any Assuming Lenders) thereof and of the occurrence of the Commitment Increase Date by facsimile transmission or electronic messaging system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Recordation into Register</u>. Upon its receipt of an Increasing Lender/Joining Lender Agreement executed by an Assuming Lender or any Increasing Lender, and, if applicable, upon the making of any Incremental Term Loan pursuant to clause (ii)(C), together with the certificate referred to in <u>clause (ii)(x)</u> above, the Administrative Agent shall, if such agreement has been completed, (x) accept such agreement, (y) record the information contained therein, and, if applicable, the Incremental Term Loans, in the Register and (z) give prompt notice thereof 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Adjustments of Borrowings upon Effectiveness of Increase. In the case of a Commitment Increase under the Revolving Commitments, on the Commitment Increase Date, the Borrower shall (A) prepay the outstanding Revolving Loans (if any) of the affected Class in full, (B) simultaneously borrow new Revolving Loans of such Class hereunder in an amount equal to such prepayment; provided that with respect to subclauses (A) and (B), (x) the prepayment to, and borrowing from, any existing Revolving Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Revolving Lender will be subsequently borrowed from such Revolving Lender and (y) the existing Revolving Lenders, the Increasing Lenders and the Assuming Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Revolving Loans of such Class are held ratably by the Revolving Lenders of such Class in accordance with the respective Revolving Commitments of such Class of such Revolving Lenders (after giving effect to such Commitment Increase) and (C) pay to the Revolving Lenders of such Class the amounts, if any, payable under Section 2.15 as a result of any such prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Terms of Loans Issued on the Commitment Increase Date</u>. The terms and provisions of any new Loans issued by any Assuming Lender or Increasing Lender, and the Commitment Increase of any Assuming Lender or Increasing Lender, (A) in the case of a Commitment Increase under the Revolving Commitments, shall be identical to the terms and provisions of Loans issued by, and the Commitments of, the Revolving Lenders immediately prior to the applicable Commitment Increase Date (except that any upfront or similar one-time fee may be different) and (B) in the case of a Commitment Increase under the Term Commitments, shall be identical to the terms and provisions of the Initial Term Loans (except that any upfront or similar one-time fee may be different).

60 *Revolving Credit 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) <u>Reduction of Non-Extending Lenders' Commitment</u>. Notwithstanding anything to the contrary herein (including <u>Section 2.08(d)</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;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower may at any time (x) terminate, or from time to time reduce, the Commitment of any Non-Extending Lender without reducing the Commitments of any other Lender of the same Class of Commitments of such Non-Extending Lender or (y) at any time after a Non-Extending Lender's Non-Extended Commitment Termination Date and so long as (1) no Event of Default exists, (2) no event or condition exists which, upon notice, lapse of time or both would, unless cured or waived, become an Event of Default under clause (a), (b), (i), (j) or (k) of <u>Section 7.01</u> and (3) the Borrowing Base exceeds the Covered Debt Amount at such time, prepay the Loans of such Non-Extending Lender without prepaying the Loans of any other Lender of the same Class of Commitments of such Non-Extending Lender; <u>provided</u> that each reduction of the Commitment or prepayment of Loans of a Non-Extending Lender pursuant to this clause (f) shall be in an amount that is $10,000,000 or a larger multiple of $5,000,000 in excess thereof (or, in each case, the entire Commitment or outstanding Loans of such Non-Extending Lender, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitment or prepay the Loans of any Non-Extending Lender under this clause (f) at least three Business Days (or such lesser period as the Administrative Agent may reasonably agree) prior to (x) the related Commitment Increase Date in the case of any termination or reduction or (y) the effective date of such prepayment, in each case, specifying such election and the related Commitment Increase Date or effective date thereof, as applicable. Promptly following receipt of any notice, the Administrative Agent shall advise each Lender of the contents thereof. Each notice delivered by the Borrower pursuant to this <u>clause (f)</u> shall be irrevocable; <u>provided</u> that a notice of termination or reduction may state that such notice is conditioned upon the effectiveness of other events, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Any termination or reduction of the Commitment or prepayment of Loans of any Non-Extending Lender pursuant to this <u>clause (f)</u> shall be permanent and, if applicable in connection with any termination or reduction of Commitments, shall be made concurrently with all required reallocations, prepayments and cash collateralizations required under <u>Section 2.22</u>; provided that, for the avoidance of doubt, if any Loans are outstanding, no reduction or termination of Commitments shall be made pursuant to this <u>Section 2.08(f)</u> if the conditions set forth in <u>Section 4.02</u> are not satisfied on the date of such reduction or termination.

SECTION 2.09. <u>Repayment of Loans; Evidence of Debt</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) <u>Repayment</u>. The Borrower hereby unconditionally promises to pay the Loans of each Class to the Administrative Agent for account of the Lenders of such Class the outstanding principal amount of the Loans of the Lenders of such Class and all other amounts due and owing hereunder and under the other Loan Documents on such Lenders' applicable Final Maturity Date.

61 *Revolving Credit 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) <u>Manner of Payment</u>. Prior to any repayment or prepayment of any Borrowings to any Lenders of any Class of Commitment hereunder, the Borrower shall select the Borrowing or Borrowings of such Class to be paid and shall notify the Administrative Agent by telephone (confirmed by telecopy or email) of such selection not later than the time set forth in <u>Section 2.10(f)</u> prior to the scheduled date of such repayment; <u>provided</u> that each repayment of Borrowings in Dollars to any Lenders of a Class shall be applied to repay any outstanding ABR Borrowings of such Class before any other Borrowings of such Class. If the Borrower fails to make a timely selection of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied to repay Borrowings in the same Currency and, solely in the case of any such payment in Dollars, first, to pay any outstanding ABR Borrowings of the applicable Class and, second, to other Borrowings of such Class in the order of the remaining duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest Period to be repaid first). Other than in connection with a reduction or termination of Commitments or prepayment of Loans pursuant to <u>Section 2.08(f)</u>, the occurrence of the Final Maturity Date with respect to any Lender pursuant to <u>Section 2.09(a)</u> or a mandatory prepayment pursuant to <u>Section 2.10(d)</u>, each payment of a Borrowing to Lenders of a Class shall be applied ratably (both with respect to (x) Dollar Loans and Multicurrency Loans and (y) Extended Loans and Non-Extended Loans) to the Loans included in such Borrowing.

&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) <u>Maintenance of Records by Lenders</u>. Each Lender shall maintain in accordance with its usual practice records evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts and Currency of principal and interest payable and paid to such Lender from time to time hereunder.

&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) <u>Maintenance of Records by the Administrative Agent</u>. The Administrative Agent shall maintain records in which it shall record (i) the amount and Currency of each Loan made hereunder, the Class and Type thereof and each Interest Period therefor, (ii) the amount and Currency of any principal or interest due and payable or to become due and payable from the Borrower to each Lender of such Class of Commitment hereunder and (iii) the amount and Currency of any sum received by the Administrative Agent hereunder for account of the Lenders and each Lender's share 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;(e) <u>Effect of Entries</u>. The entries made in the records maintained pursuant to <u>paragraph (c)</u> or <u>(d)</u> of this <u>Section 2.09</u> shall be <u>prima facie</u> evidence, absent obvious error, of the existence and amounts of the obligations recorded therein; <u>provided</u> that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this 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) <u>Promissory Notes</u>. Any Lender may request that Loans of any Class made by it be evidenced by a promissory note; in such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to <u>Section 9.04</u>) be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns, unless and until the Borrower and the Lender holding such Loan agree otherwise).

62 *Revolving Credit Agreement*

SECTION 2.10. <u>Prepayment of Loans</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) <u>Optional Prepayments</u>. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, without premium or penalty except for payments under <u>Section 2.15</u>, if any, subject to the requirements of this <u>Section 2.10</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) <u>Mandatory Prepayments due to Changes in Exchange Rates</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;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Determination of Amount Outstanding</u>. On each Quarterly Date and, in addition, promptly upon the receipt by the Administrative Agent of a Currency Valuation Notice (as defined below), the Administrative Agent shall determine the aggregate Revolving Multicurrency Credit Exposure. For the purpose of this determination, the outstanding principal amount of any Loan that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount in the Foreign Currency of such Loan, determined as of such Quarterly Date or, in the case of a Currency Valuation Notice received by the Administrative Agent prior to 11:00 a.m., New York City time, on a Business Day, on such Business Day or, in the case of a Currency Valuation Notice otherwise received, on the first Business Day after such Currency Valuation Notice is received. Upon making such determination, the Administrative Agent shall promptly notify the Multicurrency Lenders and the Borrower 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;(ii) <u>Prepayment</u>. If on the date of such determination the aggregate Revolving Multicurrency Credit Exposure exceeds 105% of the aggregate amount of the Multicurrency Commitments as then in effect, the Borrower shall prepay the Multicurrency Loans within fifteen (15) Business Days following the Borrower's receipt of notice from the Administrative Agent pursuant to <u>clause (b)(i)</u> above in such amounts as shall be necessary so that after giving effect thereto the aggregate Revolving Multicurrency Credit Exposure does not exceed the Multicurrency Commitments.

For purposes hereof "<u>Currency Valuation Notice</u>" means a notice given by the Required Multicurrency Lenders to the Administrative Agent stating that such notice is a "Currency Valuation Notice" and requesting that the Administrative Agent determine the aggregate Revolving Multicurrency Credit Exposure. The Administrative Agent shall not be required to make more than one valuation determination pursuant to Currency Valuation Notices within any rolling three month period.

63 *Revolving Credit 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;(c) <u>Mandatory Prepayments due to Borrowing Base Deficiency</u>. In the event that at any time any Borrowing Base Deficiency shall exist, the Borrower shall, within five (5) Business Days after delivery of the applicable Borrowing Base Certificate, prepay the Loans or reduce Other Covered Indebtedness or any other Indebtedness that is included in the Covered Debt Amount at such time in such amounts as shall be necessary so that such Borrowing Base Deficiency is cured; <u>provided</u> that (i) the aggregate amount of such prepayment of Revolving Loans shall be at least equal to the Revolving Percentage times the aggregate prepayment of the Covered Debt Amount, and (ii) if, within five (5) Business Days after delivery of a Borrowing Base Certificate demonstrating such Borrowing Base Deficiency, the Borrower shall present the Administrative Agent with a reasonably feasible plan (determined by the Borrower in good faith) to enable such Borrowing Base Deficiency to be cured within ten (10) Business Days (which 10-Business Day period shall include the five (5) Business Days permitted for delivery of such plan), then such prepayment or reduction shall not be required to be effected immediately but may be effected in accordance with such plan (with such modifications as the Borrower may reasonably determine), so long as such Borrowing Base Deficiency is cured within such ten (10)-Business Day period; <u>provided</u>, <u>further</u>, that, if, within five (5) Business Days (or to the extent the Borrower delivers a plan to the Administrative Agent in accordance with <u>clause (ii)</u> above, ten (10) Business Days) after delivery of a Borrowing Base Certificate demonstrating such Borrowing Base Deficiency, the Borrower shall present the Administrative Agent with a reasonably feasible plan acceptable to the Administrative Agent in its sole discretion to enable such Borrowing Base Deficiency to be cured within thirty (30) Business Days (which thirty (30)-Business Day period shall include the five (5) or ten (10) Business Days, as applicable, permitted for delivery of such plan), then such prepayment or reduction shall not be required to be effected immediately but may be effected in accordance with such plan (with such modifications as the Borrower may reasonably determine), so long as such Borrowing Base Deficiency is cured within such thirty (30)-Business Day period; provided, further that solely to the extent such Borrowing Base Deficiency is due to the Borrower's failure to satisfy the requirements of Section 5.13(f) as a consequence of a change in either (x) the ratio of the Gross Borrowing Base to the Senior Debt Amount or (y) the Relevant Asset Coverage Ratio from one quarterly period to the next, such thirty (30)-Business Day period shall be extended to a forty-five (45)-Business Day period solely with respect to compliance with Section 5.13(f). Notwithstanding anything to the contrary contained herein or in any other Loan Document, the existence of a Borrowing Base Deficiency shall not be an Event of Default hereunder until the expiration of the applicable grace or cure period.

&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) <u>Mandatory Prepayments During Amortization Period</u>. During the period commencing on the date immediately following the Commitment Termination Date with respect to any Lender or Lenders and ending on the Final Maturity Date with respect to such Lender or Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Asset Disposition</u>. If the Borrower or any of its Subsidiaries (other than a Financing Subsidiary or Foreign Subsidiary) Disposes of any property which results in the receipt by such Person of Net Cash Proceeds in excess of $2,000,000 in the aggregate since the Commitment Termination Date, the Borrower shall prepay an aggregate principal amount of the Loans (including, for the avoidance of doubt, all Term Loans and Revolving Loans) owed to such Lender or Lenders equal to 100% of such Net Cash Proceeds no later than the fifth Business Day following the receipt of such Net Cash Proceeds (such prepayments to be applied as set forth in <u>Section 2.09(b)</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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Equity Issuance</u>. Upon the sale or issuance by the Borrower or any of its Subsidiaries (other than a Financing Subsidiary or Foreign Subsidiary) of any of its Equity Interests (other than any sales or issuances of Equity Interests to the Borrower or any Subsidiary Guarantor), the Borrower shall prepay an aggregate principal amount of the Loans (including, for the avoidance of doubt, Term Loans and Revolving Loans) owed to such Lender or Lenders equal to 75% of all Net Cash Proceeds received therefrom no later than the fifth Business Day following the receipt of such Net Cash Proceeds (such prepayments to be applied as set forth in <u>Section 2.09(b)</u>).

64 *Revolving Credit 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) <u>Indebtedness</u>. Upon the incurrence or issuance by the Borrower or any of its Subsidiaries (other than a Financing Subsidiary or Foreign Subsidiary) of any Indebtedness, the Borrower shall prepay an aggregate principal amount of the Loans (including, for the avoidance of doubt, Term Loans and Revolving Loans) owed to such Lender or Lenders equal to 100% of all Net Cash Proceeds received therefrom no later than the fifth Business Day following the receipt of such Net Cash Proceeds (such prepayments to be applied as set forth in <u>Section 2.09(b)</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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Extraordinary Receipt</u>. Upon any Extraordinary Receipt (which, when taken with all other Extraordinary Receipts received after the Commitment Termination Date, exceeds $5,000,000 in the aggregate) received by or paid to or for the account of the Borrower or any of its Subsidiaries (other than a Financing Subsidiary or Foreign Subsidiary), and not otherwise included in <u>clauses (i)</u>, <u>(ii)</u> or <u>(iii)</u> of this <u>Section 2.10(d)</u>, the Borrower shall prepay an aggregate principal amount of the Loans (including, for the avoidance of doubt, Term Loans and Revolving Loans) owed to such Lender or Lenders equal to 100% of all Net Cash Proceeds received therefrom no later than the fifth Business Day following the receipt of such Net Cash Proceeds (such prepayments to be applied as set forth in <u>Section 2.09(b)</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;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Return of Capital</u>. If any Obligor shall receive any Return of Capital (other than from any Financing Subsidiary), the Borrower shall prepay an aggregate principal amount of the Loans (including, for the avoidance of doubt, Term Loans and Revolving Loans) owed to such Lender or Lenders equal to 90% of such Return of Capital (excluding amounts payable by the Borrower pursuant to <u>Section 2.15</u>) no later than the fifth Business Day following the receipt of such Return of Capital (such prepayments to be applied as set forth in <u>Section 2.09(b)</u>).

Notwithstanding the foregoing, (I) Net Cash Proceeds and Return of Capital required to be applied to the prepayment of the Loans pursuant to this <u>Section 2.10(d)</u> shall (A) (I) from the period commencing on the Non-Extended Commitment Termination Date and ending on the Extended Commitment Termination Date, be applied ratably among the Non-Extending Lenders for which the Non-Extended Commitment Termination Date shall have occurred and (II) from the Extended Commitment Termination Date to the Extended Final Maturity Date, be applied ratably among the Extending Lenders and (B) exclude the amount necessary for the Borrower to make all required distributions (which shall be no less than the amount estimated in good faith by Borrower under <u>Section 6.05(b)</u> herein) to maintain the status of a RIC under the Code and a "business development company" under the Investment Company Act for so long as the Borrower retains such status and (II) if the Loans to be prepaid pursuant to this pursuant to clauses (i) through (v) above are Term Benchmark Loans, the Borrower may defer such prepayment until the last day of the Interest Period applicable to such Loans, so long as the Borrower deposits an amount equal to such Net Cash Proceeds, no later than the fifth Business Day following the receipt of such Net Cash Proceeds, into a segregated collateral account in the name and under the dominion and control of the Administrative Agent, pending application of such amount to the prepayment of the Loans on the last day of such Interest Period; <u>provided</u>, <u>further</u>, that the Administrative Agent may direct the application of such deposits as set forth in <u>Section 2.09(b)</u> at any time and if the Administrative Agent does so, no amounts will be payable by the Borrower pursuant to <u>Section 2.15</u>.

65 *Revolving Credit 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) <u>Payments Following the Commitment Termination Date or During an Event of Default</u>. Notwithstanding any provision to the contrary in Section 2.09 or this Section 2.10:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) any prepayment of Loans required to be made in connection with any of the events specified in Section 2.10(d) shall be applied to prepay Loans on a pro-rata basis between each outstanding Class of Credit Exposure; provided, that, so long as no Event of Default has occurred and is continuing, each prepayment in an Agreed Foreign Currency (including as a result of the Borrower's receipt of proceeds from a prepayment event in such Agreed Foreign Currency) shall be applied ratably among just the Multicurrency Lenders to prepay the Revolving Loans denominated in such Agreed Foreign Currency and, if after such payment, if applicable, or otherwise, the balance of the Revolving Loans denominated in such Agreed Foreign Currency remaining is zero, then, if there are any remaining proceeds, such amount shall be applied to prepay (in Dollars) the remaining Loans on a pro-rata basis (based on the aggregate outstanding Dollar Equivalent principal amount of such Loans) between each outstanding Class of Credit Exposure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) after the Commitment Termination Date, no optional prepayment of the Loans of any Class shall be permitted unless at such time, the Borrower also prepays the Loans of each other Class or, to the extent no Loans of any other Class are outstanding, which prepayment shall be made on a pro-rata basis (based on the outstanding principal amounts of such Indebtedness) between each outstanding Class of Credit Exposure; 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;(iii) notwithstanding any other provision to the contrary in this Agreement, if an Event of Default has occurred and is continuing, then any payment or repayment of the Loans shall be applied to repay Loans on a pro rata basis (based on the aggregate Dollar Equivalents of the outstanding principal amounts of such Loans) between each outstanding Class of Credit Exposure.

&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) <u>Notices, Etc</u>. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy or email) of any prepayment hereunder (i) in the case of prepayment of a Term Benchmark Borrowing denominated in Dollars (other than in the case of a prepayment pursuant to <u>Section 2.10(d)</u>), not later than 11:00 a.m., New York City time, three (3) Business Days before the date of prepayment, (ii) in the case of prepayment of a Term Benchmark Borrowing denominated in a Foreign Currency (other than in the case of a prepayment pursuant to <u>Section 2.10(d)</u>), not later than 11:00 a.m., Applicable Time, four (4) Business Days before the date of prepayment, (iii) in the case of prepayment of a RFR Borrowing (other than in the case of a prepayment pursuant to <u>Section 2.10(d)</u>), not later than 11:00 a.m., Applicable Time, five (5) Business Days before the date of prepayment, (iv) in the case of prepayment of an ABR Borrowing (other than in the case of a prepayment pursuant to <u>Section 2.10(d))</u>, not later than 11:00 a.m., New York City time, on the date of prepayment, or (v) in the case of any prepayment pursuant to <u>Section 2.10(d)</u>, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; <u>provided</u> that, if (i) a notice of prepayment is given in connection with a conditional notice of termination or reduction of the Commitments of a Class as contemplated by <u>Section 2.08</u>, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with <u>Section 2.08</u> and (ii) any notice given in connection with <u>Section 2.10(d)</u> may be conditioned on the consummation of the applicable transaction contemplated by such Section and the receipt by the Borrower or any such Subsidiary (other than a Financing Subsidiary) of Net Cash Proceeds. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the affected Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of a Borrowing of the same Type as provided in <u>Section 2.02</u>, except as necessary to apply fully the required amount of a mandatory prepayment or scheduled payment. Each prepayment of a Borrowing of a Class of Commitments shall be applied ratably to the Loans held by the Lenders of such Class included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by <u>Section 2.12</u> and shall be made in the manner specified in <u>Section 2.09(b)</u> unless such prepayment is made in connection with the reduction of Commitments in accordance with <u>Section 2.08(b)</u> or <u>2.08(f)</u> or a mandatory prepayment pursuant to <u>Section 2.10(d)</u>, in which case such prepayment shall be applied in accordance with <u>Section 2.08(d)</u>, <u>2.08(f)</u> or <u>Section 2.10(d)</u>, as applicable.

66 *Revolving Credit Agreement*

SECTION 2.11. <u>Fees</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) <u>Commitment Fee</u>. The Borrower agrees to pay to the Administrative Agent for account of each Revolving Lender a commitment fee, which shall accrue at a rate per annum equal to 0.375% on the average daily unused amount of the Dollar Commitment and Multicurrency Commitment, as applicable, of such Revolving Lender during the period from and including the Effective Date to but excluding the earlier of the date such Revolving Commitment terminates and such Revolving Lender's Commitment Termination Date. Accrued commitment fees shall be payable within one Business Day after each Quarterly Date and on the earlier of the date the Revolving Commitments of the respective Class terminate and the Commitment Termination Date, commencing on the first such date to occur after the Effective Date. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). For purposes of computing commitment fees, (i) the daily unused amount of the applicable Revolving Commitment shall be determined as of the end of each day and (ii) the Revolving Commitment of any Class of a Revolving Lender shall be deemed to be used to the extent of the outstanding Revolving Loans of such Class of such Revolving 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;(b) [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;(c) <u>Administrative Agent Fees</u>. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and 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;(d) <u>Payment of Fees</u>. All fees payable hereunder shall be paid on the dates due, in Dollars and immediately available funds, to the Administrative Agent for distribution, in the case of commitment fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances absent obvious error.

67 *Revolving Credit Agreement*

SECTION 2.12. <u>Interest</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) <u>ABR Loans</u>. The Loans constituting each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate <u>plus</u> the Applicable Margin.

&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) <u>Term Benchmark Loans</u>. The Loans constituting each Term Benchmark Borrowing shall bear interest at a rate per annum equal to the Adjusted Term Benchmark Rate for the related Interest Period for such Borrowing <u>plus</u> the Applicable Margin.

&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) <u>RFR Loans</u>. The Loans constituting each RFR Borrowing shall bear interest at a rate per annum equal to the Daily Simple RFR <u>plus</u> the Applicable Margin.

&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) <u>Default Interest</u>. Notwithstanding the foregoing, if any Event of Default has occurred and is continuing and the Required Lenders have elected to increase pricing, the overdue amount of any Loans and any fee or other amount payable by the Borrower hereunder shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of principal of any Loan that is past due, 2% <u>plus</u> the rate otherwise applicable to such Loan as provided above, or (ii) in the case of any fee or other amount that is past due, 2% <u>plus</u> the rate applicable to ABR Loans as provided in <u>paragraph (a)</u> of this <u>Section 2.12</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) <u>Payment of Interest</u>. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan in the Currency in which such Loan is denominated and, in the case of Loans, upon the earlier of such Lender's Final Maturity Date and the Termination Date; <u>provided</u> that (i) interest accrued pursuant to <u>paragraph (d)</u> of this <u>Section 2.12</u> shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to such Lenders' Final Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark Borrowing denominated in Dollars prior to the end of the Interest Period therefor, accrued interest on such Borrowing shall be payable on the effective date of such conversion.

&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) <u>Computation</u>. All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed (i) by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate and (ii) on Multicurrency Loans denominated in Sterling shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Daily Simple RFR or Adjusted Term Benchmark Rate shall be determined by the Administrative Agent and such determination shall be conclusive absent manifest error.

68 *Revolving Credit Agreement*

SECTION 2.13. <u>Inability to Determine Interest Rates</u>. (a) If prior to the commencement of any Interest Period for any Term Benchmark Borrowing of a Class or at any time for a RFR Borrowing (the Currency of such Borrowing herein called the "<u>Affected Currency</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;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) in the case of a Term Benchmark Borrowing, the Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower absent manifest error) that the Adjusted Term Benchmark Rate for the Affected Currency cannot be determined pursuant to the definition thereof for such Interest Period or (B) in the case of a RFR Borrowing, the Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower absent manifest error) that the Daily Simple RFR for the Affected Currency cannot be determined pursuant to the definition 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) in the case of a Term Benchmark Borrowing, the Administrative Agent shall have received notice from the Required Lenders of such Class of Commitments that the Adjusted Term Benchmark Rate for the Affected Currency for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making, funding or maintaining their respective Loans included in such Borrowing for such Interest Period or (B) in the case of a RFR Borrowing, the Administrative Agent shall have received notice from the Required Multicurrency Lenders that the Daily Simple RFR for the Affected Currency will not adequately and fairly reflect the cost to such Lenders of making, funding or maintaining the Loans included in such RFR Borrowing; or

then the Administrative Agent shall give written notice thereof (or telephonic notice, promptly confirmed in writing) to the Borrower and the affected Lenders as promptly as practicable thereafter. Until the Administrative Agent shall notify the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or the continuation of any Borrowing as, a Term Benchmark Borrowing denominated in the Affected Currency shall be ineffective and, if the Affected Currency is Dollars, such Borrowing (unless prepaid) shall be continued as, or converted to, an ABR Borrowing at the end of the applicable Interest Period, (ii) if the Affected Currency is Dollars and any Borrowing Request requests a Term Benchmark Borrowing denominated in Dollars, such Borrowing shall be made as an ABR Borrowing, (iii) if the Affected Currency is a Foreign Currency other than Canadian Dollars, (A) any Borrowing Request that requests a Term Benchmark Borrowing or RFR Borrowing denominated in the Affected Currency shall be made as a Term Benchmark Borrowing with a Term Benchmark Rate equal to the Central Bank Rate for the applicable Agreed Foreign Currency; provided, that if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed Foreign Currency cannot be determined, such Borrowing Request shall be ineffective, and (B) any outstanding Term Benchmark Borrowing or RFR Borrowing in the Affected Currency, at the Borrower's election shall either (1) be converted to a Borrowing bearing interest at the Central Bank Rate for the applicable Agreed Foreign Currency; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed Foreign Currency cannot be determined, such Borrowing shall be converted into a ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such Affected Currency) immediately in the case of an RFR Borrowing or, in the case of a Term Benchmark Borrowing, at the end of the applicable Interest Period, (2) be converted into a ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such Affected Currency) immediately in the case of an RFR Borrowing or, in the case of a Term Benchmark Borrowing, at the end of the applicable Interest Period, or (3) be prepaid in full immediately in the case of an RFR Borrowing or, in the case of a Term Benchmark Borrowing, at the end of the applicable Interest Period, and (iv) if the Affected Currency is Canadian Dollars, (A) any Borrowing Request that requests a Term Benchmark Borrowing denominated in Canadian Dollars shall be made as a Term Benchmark Borrowing with a Term Benchmark Rate equal to the Canadian Prime Rate; provided, that if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Canadian Prime Rate cannot be determined, such Borrowing Request shall be ineffective, and (B) any outstanding Term Benchmark Borrowing in Canadian Dollars, at the Borrower's election, shall either (1) be converted to a Term Benchmark Borrowing denominated in Canadian Dollars with a Term Benchmark Rate equal to the Canadian Prime Rate at the end of applicable Interest Period; provided that, if the Administrative Agent determines, which determination shall be conclusive and biding absent manifest error) that the Canadian Prime Rate cannot be determined, such Borrowing shall be converted into a Syndicated ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such Affected Currency) at the end of the applicable Interest Period, (2) be converted into a ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such Affected Currency) at the end of the applicable Interest Period, or (3) be prepaid in full at the end of the applicable Interest Period; <u>provided</u> that if no election is made by the Borrower by the date that is three Business Days after receipt by the Borrower of such notice or, in the case of Term Benchmark Borrowing, the last day of the current Interest Period for the applicable Term Benchmark Loan, if earlier, the Borrower shall be deemed to have elected <u>clause (iii)(B)(1)</u> or <u>(iv)(B)(1)</u> above, as applicable.

69 *Revolving Credit Agreement*

SECTION 2.14. <u>Increased Costs</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) <u>Increased Costs Generally</u>. If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) impose, modify or deem applicable any reserve (including pursuant to regulations issued from time to time by the Board for determining the maximum reserve requirement (including any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently referred to as "Eurocurrency liabilities" in Regulation D)), special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted Term Benchmark Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) subject any Lender to any Taxes (other than (A) Indemnified Taxes, and (B) Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) impose on the Administrative Agent or any Lender or the London interbank market any other condition, cost or expense (other than (A) Indemnified Taxes, (B) Other Taxes, (C) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (D) Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes) affecting this Agreement or Term Benchmark Loans made by such Lender;

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and the result of any of the foregoing shall be to increase the cost to such Lenders of making, converting to, continuing or maintaining any Term Benchmark Loan (or any Loan, if such increase is in respect of Taxes) (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender, in Dollars, such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

&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) <u>Capital and Liquidity Requirements</u>. If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement or the Loans made by, such Lender to a level below that which such Lender such Lender's holding company could have achieved but for such Change in Law (taking into consideration such Lender's policies and the policies of such Lender's holding company with respect to capital adequacy and liquidity requirements), by an amount deemed to be material by such Lender, then from time to time the Borrower will pay to such Lender, in Dollars, such additional amount or amounts as will compensate such Lender or such Lender's holding company for any such reduction suffered.

&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) <u>Certificates from Lenders</u>. A certificate of a Lender setting forth in reasonable detail the basis for and the calculation of the amount or amounts, in Dollars, necessary to compensate such Lender or its holding company, as the case may be, as specified in <u>paragraph (a)</u> or <u>(b)</u> of this <u>Section 2.14</u> shall be promptly delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) Business Days after receipt 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;(d) <u>Delay in Requests</u>. Failure or delay on the part of any Lender to demand compensation pursuant to this <u>Section 2.14</u> shall not constitute a waiver of such Lender's right to demand such compensation; <u>provided</u> that the Borrower shall not be required to compensate a Lender pursuant to this <u>Section 2.14</u> for any increased costs or reductions incurred more than six months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender's intention to claim compensation therefor; <u>provided</u>, <u>further</u>, that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect 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;(e) <u>Certification</u>. Notwithstanding anything contained herein to the contrary, a Lender shall not be entitled to compensation pursuant to this Section 2.14 unless such Lender certifies in writing to the Borrower that it is imposing such charges or requesting such compensation from similarly situated borrowers under comparable syndicated credit facilities as a matter of general practice and policy.

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SECTION 2.15. <u>Break Funding Payments</u>. In the event of (a) the payment of any principal of any Term Benchmark Loan or RFR Loan other than on the last day of an Interest Period therefor (including as a result of the occurrence of any Commitment Increase Date or an Event of Default), (b) the conversion of any Term Benchmark Loan other than on the last day of an Interest Period therefor, (c) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (including, in connection with any Commitment Increase Date, and regardless of whether such notice is permitted to be revocable under <u>Section 2.10(f)</u> and is revoked in accordance herewith), or (d) the assignment as a result of a request by the Borrower pursuant to <u>Section 2.18(b)</u> of any Term Benchmark Loan or RFR Loan other than on the last day of an Interest Period therefor, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and reasonable expense attributable to such event (excluding loss of anticipated profits), including any loss, cost or expense arising from the liquidation or redeployment of funds. Payment under this <u>Section 2.15</u> shall be made upon request of a Lender delivered not later than five (5) Business Days following the payment, conversion, or failure to borrow, convert, continue or prepay that gives rise to a claim under this <u>Section 2.15</u> accompanied by a certificate of such Lender setting forth in reasonable detail the basis for and the calculation of the amount or amounts that such Lender is entitled to receive pursuant to this <u>Section 2.15</u>, which certificate shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.

SECTION 2.16. <u>Taxes</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) <u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of any Obligor hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Taxes, except as required by applicable law (as determined in the good faith discretion of an applicable withholding agent); <u>provided</u> that if any Obligor shall be required to deduct any Taxes from such payments, then (i) if such Taxes are Indemnified Taxes or Other Taxes, the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this <u>Section 2.16</u>) the Administrative Agent or applicable Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Obligor shall make such deductions and (iii) such Obligor shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

&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) <u>Payment of Other Taxes by the Borrower</u>. In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of Other Taxes.

&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) <u>Indemnification by the Borrower</u>. The Borrower shall indemnify the Administrative Agent and each Lender for and, within ten (10) Business Days after written demand therefor, pay the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 2.16</u>) paid by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority, except to the extent that any such Indemnified Taxes or Other Taxes arise as the result of the gross negligence or willful misconduct of the Administrative Agent or such Lender. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

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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;(d) <u>Indemnification by the Lenders</u>. Each Lender shall severally indemnify the Administrative Agent, within ten (10) Business Days after written demand therefor, for (i) any Indemnified Taxes or Other Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of <u>Section 9.04(f)</u> relating to the maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this <u>paragraph (d)</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) <u>Evidence of Payments</u>. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably 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;(f) <u>Tax Documentation</u>. (i) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Section 2.16(f)(ii)</u> below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

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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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) any Lender that is a United States Person shall deliver to the Borrower and the Administrative Agent (and such additional copies as shall be reasonably requested by the recipient) on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), duly completed and executed copies of Internal Revenue Service Form W-9 or any successor form certifying that such Lender is exempt from U.S. federal backup withholding tax; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each Foreign Lender shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), but only if such Foreign Lender is legally entitled to do so, whichever of the following is 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;&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) duly completed and executed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E or any successor form claiming eligibility for benefits of an income tax treaty to which the United States 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) duly completed copies of Internal Revenue Service Form W-8ECI or any successor form certifying that the income receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business in 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;&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) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (1) a certificate to the effect that such Foreign Lender is not (1) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (2) a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (3) a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code and (2) duly completed and executed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or any successor form) certifying that the Foreign Lender is not a United States Person, 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;&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) any other form including Internal Revenue Service Form W-8IMY as applicable prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine the withholding or deduction required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) In addition, each Lender shall deliver such forms promptly upon the obsolescence, expiration or invalidity of any form previously delivered by such Lender; <u>provided</u> it is legally able to do so at the time. Each Lender shall promptly notify the Borrower and the Administrative Agent at any time the chief tax officer of such Lender (or such other person so responsible) becomes aware that it no longer satisfies the legal requirements to provide any previously delivered form or certificate to the Borrower (or any other form of certification adopted by the U.S. or other taxing authorities for such purpose).

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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;(g) <u>Documentation Required by FATCA</u>. If a payment made to a Lender under this Agreement would be subject to withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent, 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 Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their respective obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this <u>Section 2.16(g)</u>, "FATCA" shall include any amendments made to FATCA after the date of this 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) <u>Treatment of Certain Refunds</u>. If the Administrative Agent or any Lender determines, in its sole discretion exercised in good faith, that it has received a refund 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 2.16</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 2.16</u> with respect to the Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses (including Taxes) of the Administrative Agent or any Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); <u>provided</u> that the Borrower, upon the request of the Administrative Agent or any Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or any Lender in the event the Administrative Agent or any Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this <u>clause (h)</u>, in no event will the Administrative Agent or any Lender be required to pay any amount to Borrower pursuant to this <u>clause (h)</u>, the payment of which would place such Person in a less favorable net after-Tax position than such Person would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This subsection shall not be construed to require the Administrative Agent or any Lender to make available its tax returns or its books or records (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person.

SECTION 2.17. <u>Payments Generally; Pro Rata Treatment: Sharing of Set-offs</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) <u>Payments by the Borrower</u>. The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest or fees, or under <u>Section 2.14</u>, <u>2.15</u> or <u>2.16</u>, or otherwise) or under any other Loan Document (except to the extent otherwise provided therein) prior to 2:00 p.m., New York City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at the Administrative Agent's Account, except as otherwise expressly provided in the relevant Loan Document and payments pursuant to <u>Sections 2.14</u>, <u>2.15</u>, <u>2.16</u> and <u>9.03</u>, which shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.

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All amounts owing under this Agreement (including commitment fees, payments required under <u>Section 2.14</u>, and payments required under <u>Section 2.15</u> relating to any Loan denominated in Dollars, but not including principal of and interest on any Loan denominated in any Foreign Currency or payments relating to any such Loan required under <u>Section 2.15</u>, which are payable in such Foreign Currency) or under any other Loan Document (except to the extent otherwise provided therein) are payable in Dollars. Notwithstanding the foregoing, if the Borrower shall fail to pay any principal of any Loan when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), the unpaid portion of such Loan shall, if such Loan is not denominated in Dollars, automatically be redenominated in Dollars on the due date thereof (or, if such due date is a day other than the last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such principal shall be payable on demand; and if the Borrower shall fail to pay any interest on any Loan that is not denominated in Dollars, such interest shall automatically be redenominated in Dollars on the due date therefor (or, if such due date is a day other than the last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such interest shall be payable on demand.

Notwithstanding the foregoing provisions of this <u>Section 2.17</u>, if, after the making of any Borrowing in any Foreign Currency, currency control or exchange regulations are imposed in the country which issues such currency with the result that the type of currency in which the Borrowing was made (the "<u>Original Currency</u>") no longer exists or the Borrower is not able to make payment to the Administrative Agent for the account of the Lenders in such Original Currency, then all payments to be made by the Borrower hereunder in such currency shall instead be made when due in Dollars in an amount equal to the Dollar Equivalent (as of the date of repayment) of such payment due, it being the intention of the parties hereto that the Borrower takes all risks of the imposition of any such currency control or exchange regulations.

&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) <u>Application of Insufficient Payments</u>. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees of a Class of Commitments then due hereunder, such funds shall be applied (i) first, to pay interest and fees of such Class then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees of such Class then due to such parties, and (ii) second, to pay principal of such Class then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal of such Class then due to such parties.

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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;(c) <u>Pro Rata Treatment</u>. Except to the extent otherwise provided herein: (i)(x) other than with respect to any Borrowing requested pursuant to <u>Section 2.22(a)</u>, each Borrowing of a Class shall be made from the Lenders of such Class of Commitments, (y) other than the payment of a commitment fee to a Non-Extending Lender on the earlier of the date its Revolving Commitments terminate and its applicable Non-Extended Commitment Termination Date each payment of commitment fee under <u>Section 2.11</u> shall be made for account of the Lenders of the applicable Class and (z) other than with respect to any termination or reduction of Commitments or prepayment of Loans in accordance with Section <u>2.08(f)</u>, each termination or reduction of the amount of the Commitments of a Class of Commitments under <u>Section 2.08</u> shall be applied to the respective Commitments of the Lenders of such Class of Commitments, pro rata according to the amounts of their respective Commitments of such Class of Commitments; (ii) other than with respect to any Borrowing requested pursuant to Section 2.22(a), each Borrowing of a Class of Commitments shall be allocated pro rata among the Lenders of such Class according to the amounts of their respective Commitments of such Class (in the case of the making of Loans) or their respective Loans of such Class that are to be included in such Borrowing (in the case of conversions and continuations of Loans); (iii) other than in connection with a termination or reduction of Commitments or prepayment of Loans in accordance with Section 2.08(f), the payment of a Non-Extending Lender's Non-Extended Loans on such Non-Extending Lender's Non-Extended Final Maturity Date pursuant to <u>Section 2.09(a)</u> or a mandatory prepayment pursuant to <u>Section 2.10(d)</u>, each payment or prepayment of principal of Loans of a Class of Commitments by the Borrower shall be made for account of the Lenders of such Class of Commitments pro rata in accordance with the respective unpaid principal amounts of the Loans of such Class of Commitments held by them; and (iv) other than the payment of interest to a Non-Extending Lender on the earlier of the date its Commitments terminate and its applicable Non-Extended Final Maturity Date, each payment of interest on Loans of a Class of Commitments by the Borrower shall be made for account of the Lenders of such Class of Commitments pro rata in accordance with the amounts of interest on such Loans of such Class of Commitments then due and payable to the respective Lenders. Each Borrowing requested pursuant to <u>Section 2.22(a)</u> shall be made from each Extending Lender and Non-Extending Lender for which the Non-Extended Commitment Termination Date shall not have occurred on a pro rata basis according to the amounts of their respective Commitments. Any termination or reduction of Commitments or prepayment of Loans made in accordance with <u>Section 2.08(f)</u> (including any payment or prepayment of principal of Loans in connection therewith), shall be applied to the applicable Non-Extending Lender(s) on a pro rata basis according to the amounts of their respective Commitments or Loans, as applicable, any payment of Non-Extended Loans on a Non-Extended Final Maturity Date pursuant to <u>Section 2.09(a)</u> shall be made for the account of each Non-Extending Lender for which the applicable Non-Extended Final Maturity Date shall have occurred pro rata in accordance with the respective unpaid principal amounts of the Non-Extended Loans held by them and any mandatory prepayment of Non-Extended Loans pursuant to <u>Section 2.10(d)</u> shall be made for account of each Non-Extending Lender for which the applicable Non-Extended Commitment Termination Date shall have occurred pro rata in accordance with the respective unpaid principal amounts of the Non-Extended Loans held by them. For the avoidance of doubt, no payments shall be allocated solely to Non-Extending Lenders following the occurrence and during the continuance of an Event of Default or at any time the Borrowing Base exceeds the Covered Debt Amount.

77 *Revolving Credit 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;(d) <u>Sharing of Payments by Lenders</u>. If any Lender of any Class of Commitment shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans of such Class resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon of such Class then due than the proportion received by any other Lender of such Class, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders of such Class to the extent necessary so that the benefit of all such payments shall be shared by the Lenders of such Class ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans of such Class; <u>provided</u> that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

&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) <u>Presumptions of Payment</u>. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent at the Federal Funds Effective Rate.

&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) <u>Certain Deductions by the Administrative Agent</u>. If any Lender shall fail to make any payment required to be made by it pursuant to <u>Section 2.06(a)</u> or <u>(b)</u> or <u>2.17(e)</u>, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for account of such Lender to satisfy such Lender's obligations under such Sections until all such unsatisfied obligations are fully paid.

SECTION 2.18. <u>Mitigation Obligations; Replacement of 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;(a) <u>Designation of a Different Lending Office</u>. If any Lender requests compensation under <u>Section 2.14</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 2.16</u>, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section 2.14</u> or <u>2.16</u>, as the case may be, in the future and (ii) would not subject such Lender to any cost or expense not actually reimbursed, or required to be reimbursed, by the Borrower and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

78 *Revolving Credit 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) <u>Replacement of Lenders</u>. If (x) any Lender requests compensation under <u>Section 2.14</u>, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for account of any Lender pursuant to <u>Section 2.16</u> and, in each case, such Lender has not designated a different lending office in accordance with <u>clause (a)</u> above, (y) any Lender becomes a Defaulting Lender or (z) any Lender is a Non-Consenting Lender, then, in each case, 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 <u>Section 9.04(b)</u>), all its interests, rights and obligations under this Agreement 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 assignment is permitted under <u>Section 9.04(b)</u>, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, 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) and (iii) in the case of any such assignment resulting from a claim for compensation under <u>Section 2.14</u> or payments required to be made pursuant to <u>Section 2.16</u>, such assignment is resulting in, or reasonably expected at the time of such assignment request to result in, a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and 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 2.19. <u>Defaulting 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;(a) <u>Defaulting Lender Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Defaulting Lender Waterfall</u>. Any payment of principal, interest, fees or other amounts received by Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VII</u> or otherwise) or received by Administrative Agent from a Defaulting Lender pursuant to <u>Section 9.08</u> shall be applied at such time or times as may be determined by Administrative Agent as follows: *first*, to the payment of any amounts owing by such Defaulting Lender to Administrative Agent hereunder; *second*, as Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Administrative Agent; *third*, if so determined by Administrative Agent and Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender's potential future funding obligations with respect to Loans 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 such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; *fifth*, so long as no Default exists, to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and *sixth*, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Loans for which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made at a time when the conditions set forth in <u>Section 4.02</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with the applicable Commitments. 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 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

79 *Revolving Credit 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;(ii) <u>Certain Fees</u>. No Defaulting Lender shall be entitled to receive any fee pursuant to <u>Section 2.11(a)</u> for any period during which that Lender is a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Amendments Etc.</u> No Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder or any other Loan Documents and the Credit Exposure and unused Commitments of such Defaulting Lender shall not be included in determining whether two-thirds (2/3rds) of the Lenders, two-thirds (2/3rds) of the Lenders of a Class, the Required Lenders or the Required Lenders of a Class have taken or may take any action hereunder or any other Loan Documents, except that the Commitments of such Lender may not be increased or extended, and, except as otherwise set forth herein, amounts payable to such Defaulting Lender hereunder may not be permanently reduced, without the consent of such Defaulting Lender (other than reductions in fees and interest in which such reduction does not disproportionately affect such Defaulting 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;(b) <u>Defaulting Lender Cure</u>. If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, 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 such former Defaulting Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as Administrative Agent may determine to be necessary to cause the Loans to be held pro rata by the Lenders in accordance with the applicable Commitments, and if cash collateral has been posted with respect to such Defaulting Lender, the Administrative Agent will promptly return or release such cash collateral to the Borrower, whereupon such 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 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 having been a Defaulting Lender.

80 *Revolving Credit Agreement*

SECTION 2.20. <u>Effect of Benchmark Transition Event</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) <u>Benchmark Replacement</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event has occurred prior to any setting of the then-current Benchmark for a Currency, then (x) if a Benchmark Replacement for the Term SOFR Reference Rate is determined in accordance with clause (1) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date or a Benchmark Replacement for the Term CORRA Reference Rate is determined in accordance with clause (2) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for such Currency for all purposes hereunder and under any other Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the other parties hereto without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising (x) in the case of a Benchmark Replacement for Dollars, the Required Lenders, and (y) in the case of a Benchmark Replacement for any Foreign Currency, the Required Multicurrency Lenders. If the Benchmark Replacement is Daily Simple SOFR or Daily Compounded CORRA, all interest payments will be payable on a quarterly basis on each Quarterly 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;(b) <u>Benchmark Replacement Conforming Changes</u>. In connection with the use, administration, adoption, or implementation of a Benchmark Replacement, the Administrative Agent (after consulting with the Borrower) will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document, other than notice of the same 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;(c) <u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement and (iii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this <u>Section 2.20</u>, 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 Loan Document, except, in each case, as expressly required pursuant to this <u>Section 2.20</u>.

81 *Revolving Credit 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;(d) <u>Unavailability of Tenor of Benchmark</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark for a Currency is a term rate (including the Term SOFR Reference Rate, the Term CORRA Reference Rate or the applicable Adjusted Term Benchmark Rate) and either (A) any tenor for such Benchmark for such Currency 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 (B) 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 for such Currency is or will be no longer representative, then the Administrative Agent may modify the definition of "Interest Period" for any Benchmark settings for such Currency at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark for such Currency (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark for such Currency (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" for all Benchmark settings for such Currency at or after such time to reinstate such previously removed tenor.

&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) <u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Term Benchmark Borrowing or RFR Borrowing of, conversion to or continuation of Term Benchmark Loans or RFR Loans in each affected Currency to be made, converted or continued during any Benchmark Unavailability Period and, failing that, (i) any Interest Election Request that requests the conversion of any Borrowing to, or the continuation of any Borrowing as, a Term Benchmark Borrowing, denominated in the affected Currency shall be ineffective and, if the affected Currency is Dollars, such Borrowing (unless prepaid) shall be continued as, or converted to an ABR Borrowing at the end of the applicable Interest Period, (ii) if the affected Currency is Dollars and any Borrowing Request requests a Term Benchmark Borrowing denominated in Dollars, such Borrowing shall be made as an ABR Borrowing, (iii) if the affected Currency is a Foreign Currency other than Canadian Dollars, (A) any Borrowing Request that requests a Term Benchmark Borrowing or RFR Borrowing denominated in the affected Currency shall be made as a Term Benchmark Borrowing with a Term Benchmark Rate equal to the Central Bank Rate for the applicable Agreed Foreign Currency; provided, that if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Foreign Currency cannot be determined, such Borrowing Request shall be ineffective, and (B) any outstanding Term Benchmark Borrowing or RFR Borrowing in the affected Currency, at the Borrower's election, shall either (1) be converted to a Term Benchmark Borrowing with a Term Benchmark Rate equal to the Central Bank Rate for the applicable Agreed Foreign Currency; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed Foreign Currency cannot be determined, such Borrowing shall be converted into an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such affected Currency) immediately in the case of an RFR Borrowing or, in the case of a Term Benchmark Borrowing, at the end of the applicable Interest Period, (2) be converted into an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such affected Currency) immediately in the case of an RFR Borrowing or, in the case of a Term Benchmark Borrowing, at the end of the applicable Interest Period, or (3) be prepaid in full immediately in the case of an RFR Borrowing or, in the case of a Term Benchmark Borrowing, at the end of the applicable Interest Period, and (iv) if the affected Currency is Canadian Dollars, (A) any Borrowing Request that requests a Term Benchmark Borrowing denominated in Canadian Dollars shall be made as a Term Benchmark Borrowing with a Term Benchmark Rate equal to the Canadian Prime Rate; provided, that if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Canadian Prime Rate cannot be determined, such Borrowing Request shall be ineffective, and (B) any outstanding Term Benchmark Borrowing in Canadian Dollars, at the Borrower's election, shall either (1) be converted to a Term Benchmark Borrowing denominated in Canadian Dollars with a Term Benchmark Rate equal to the Canadian Prime Rate at the end of applicable Interest Period; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Canadian Prime Rate cannot be determined, such Borrowing shall be converted into an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such affected Currency) at the end of the applicable Interest Period, (2) be converted into an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such affected Currency) at the end of the applicable Interest Period, or (3) be prepaid in full at the end of the applicable Interest Period; <u>provided</u> that, if no election is made by the Borrower by the date that is three Business Days after receipt by the Borrower of such notice or, in the case of a Term Benchmark Borrowing, the last day of the current Interest Period for the applicable Term Benchmark Loan, if earlier, the Borrower shall be deemed to have elected <u>clause (iii)(B)(1) or (iv)(B)(1)</u> above, as applicable. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Alternate 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 Alternate Base Rate.

82 *Revolving Credit Agreement*

SECTION 2.21. <u>Illegality</u>. If any Change in Law shall make it unlawful or impossible for any Lender to perform any of its obligations hereunder, to make, maintain or fund any RFR Loan or Term Benchmark Loan or to determine or charge interest rates based upon any applicable Daily Simple RFR or Term Benchmark Rate and such Lender shall so notify the Administrative Agent, the Administrative Agent shall give written notice thereof (or telephonic notice, promptly confirmed in writing) to the Borrower and the other Lenders as promptly as practicable thereafter, whereupon until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such notice no longer exist, (i) the Alternate Base Rate shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to clause (iii) thereof, (ii) any Interest Election Request that requests the conversion of any Borrowing to, or the continuation of any Borrowing as, a Term Benchmark Borrowing denominated in the affected Currency shall be ineffective and, if the affected Currency is Dollars, such Borrowing (unless prepaid) shall be continued as, or converted to, an ABR Borrowing either (A) at the end of the applicable Interest Period if such Lender may lawfully continue to maintain such Loan to such date or (B) immediately if such Lender shall determine that it may not lawfully continue to maintain such Term Benchmark Loan to such date, (iii) if the affected Currency is Dollars and any Borrowing Request requests a Term Benchmark Borrowing denominated in Dollars, such Borrowing shall be made as an ABR Borrowing, (iv) if the affected Currency is a Foreign Currency other than Canadian Dollars, (A) any Borrowing Request that requests a Term Benchmark Borrowing or RFR Borrowing denominated in the affected Currency shall be made as a Term Benchmark Borrowing with a Term Benchmark Rate equal to the Central Bank Rate for the applicable Agreed Foreign Currency; <u>provided</u>, that if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed Foreign Currency cannot be determined, such Borrowing Request shall be ineffective, and (B) any outstanding Term Benchmark Borrowing or RFR Borrowing in the affected Currency, at the Borrower's election shall either (1) be converted to a Term Benchmark Borrowing with a Term Benchmark Rate equal to the Central Bank Rate for the applicable Agreed Foreign Currency; <u>provided</u> that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed Foreign Currency cannot be determined, such Borrowing shall be converted into an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such affected Currency) immediately in the case of an RFR Borrowing or, in the case of a Term Benchmark Borrowing, either (x) at the end of the applicable Interest Period if such Lender may lawfully continue to maintain such Loan to such date or (y) immediately if such Lender shall determine that it may not lawfully continue to maintain such Term Benchmark Loan to such date, (2) be converted into an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such affected Currency) immediately in the case of an RFR Borrowing or, in the case of a Term Benchmark Borrowing, either (x) at the end of the applicable Interest Period if such Lender may lawfully continue to maintain such Loan to such date or (y) immediately if such Lender shall determine that it may not lawfully continue to maintain such Term Benchmark Loan to such date, or (3) be prepaid in full immediately in the case of an RFR Borrowing or, in the case of a Term Benchmark Borrowing, either (x) at the end of the applicable Interest Period if such Lender may lawfully continue to maintain such Loan to such date or (y) immediately if such Lender shall determine that it may not lawfully continue to maintain such Term Benchmark Loan to such date, and (v) if the affected Currency is Canadian Dollars, (A) any Borrowing Request that requests a Term Benchmark Borrowing denominated in Canadian Dollars shall be made as a Term Benchmark Borrowing with a Term Benchmark Rate equal to the Canadian Prime Rate; <u>provided</u>, that if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Canadian Prime Rate cannot be determined, such Borrowing Request shall be ineffective, and (B) any outstanding Term Benchmark Borrowing in Canadian Dollars, at the Borrower's election, shall either (1) be converted to a Term Benchmark Borrowing denominated in Canadian Dollars with a Term Benchmark Rate equal to the Canadian Prime Rate at the end of applicable Interest Period; <u>provided</u> that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Canadian Prime Rate cannot be determined, such Borrowing shall be converted into an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such affected Currency) either (x) at the end of the applicable Interest Period if such Lender may lawfully continue to maintain such Loan to such date or (y) immediately if such Lender shall determine that it may not lawfully continue to maintain such Term Benchmark Loan to such date, (2) be converted into an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such affected Currency) either (x) at the end of the applicable Interest Period if such Lender may lawfully continue to maintain such Loan to such date or (y) immediately if such Lender shall determine that it may not lawfully continue to maintain such Term Benchmark Loan to such date, or (3) be prepaid in full at the end of the applicable Interest Period; <u>provided</u> that if no election is made by the Borrower by the date that is three Business Days after receipt by the Borrower of such notice or, in the case of a Term Benchmark Borrowing, the last day of the current Interest Period for the applicable Term Benchmark Loan, if earlier, the Borrower shall be deemed to have elected <u>clause (iv)(B)(1)</u> or <u>(v)(B)(1)</u> above, as applicable. Notwithstanding the foregoing, the affected Lender shall, prior to giving such notice to the Administrative Agent, use reasonable efforts to designate a different lending office if such designation would avoid the need for giving such notice and if such designation would not otherwise be disadvantageous to such Lender in the good faith exercise of its discretion. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to <u>Section 2.15</u>.

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SECTION 2.22.<u>Reallocation Following a Non-Extended Commitment Termination Date</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) <u>Reallocation of Loans</u>. Notwithstanding anything to the contrary herein, (i) in connection with the reduction or termination of any Non-Extending Lender's Commitments in accordance with <u>Section 2.08(f)</u> on any date prior to the Non-Extended Commitment Termination Date for such Non-Extending Lender, the Borrower shall be permitted to request a Loan to be made ratably among the Extending Lenders and Non-Extending Lenders for which the Non-Extended Commitment Termination Date shall not have occurred who are in the same Class of Commitment as such Non-Extending Lender in accordance with the provisions of <u>Sections 2.02</u>, <u>2.03</u> and <u>2.17(c)</u> in an amount up to the amount by which such Non-Extending Lender's Revolving Dollar Credit Exposure or Revolving Multicurrency Credit Exposure, as applicable, would otherwise exceed such Non-Extending Lender's Applicable Dollar Percentage or Applicable Multicurrency Percentage, as applicable, of the Dollar Credit Exposure or Multicurrency Credit Exposure, as applicable, after giving effect to such Commitment reduction or termination and (ii) on any date following the Non-Extended Commitment Termination Date for any Non-Extending Lender until the Extended Commitment Termination Date, the Borrower shall be permitted to request a Loan to be made ratably among the Extending Lenders and Non-Extending Lenders for which the Non-Extended Commitment Termination Date shall not have occurred who are in the same Class of Commitment as such Non-Extending Lender in accordance with <u>Sections 2.02</u>, <u>2.03</u> and <u>2.17(c)</u> in an amount up to the Revolving Credit Exposure of each Non-Extending Lender for which the Non-Extended Commitment Termination Date shall have occurred, in each case of the foregoing clauses (i) and (ii), so long as (x) the conditions set forth in <u>Section 4.02</u> are satisfied (and, unless Borrower shall have otherwise notified the Administrative Agent at such time, Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), (y) such Borrowing does not cause (I) the aggregate Revolving Credit Exposure of any Extending Lender to exceed such Extending Lender's Commitment, (II) the aggregate Revolving Dollar Credit Exposure of all of the Dollar Lenders with Dollar Commitments then in effect to exceed the aggregate Dollar Commitments at such time or (III) the aggregate Revolving Multicurrency Credit Exposure of all of the Multicurrency Lenders with Multicurrency Commitments then in effect to exceed the aggregate Multicurrency Commitments at such time and (z) the proceeds of any such Loan are applied solely to reduce the Revolving Credit Exposure of the applicable Non-Extending Lender or Non-Extending Lenders, as applicable.

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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;(b) <u>Repayment of Loans</u>. If the prepayment of any Loan related to the reduction or termination of a Non-Extending Lender's Commitment prior to the Non-Extended Commitment Termination Date described in clause (a) above cannot, or can only partially, be effected (or if the Borrower does not request a Loan pursuant to clause (a) above or requests a Loan in an amount less than the maximum amount permitted to be requested pursuant to clause (a) above), the Borrower shall, not later than with respect to any reduction or termination of a Non-Extending Lender's Commitment pursuant to <u>Section 2.08(f)</u>, the date of such Commitment reduction or termination, without prejudice to any right or remedy available to it hereunder or under law, prepay any other Loans of a Non-Extending Lender whose Commitments have been reduced or terminated pursuant to <u>Section 2.08(f)</u> in an amount equal to the amount by which the Revolving Credit Exposure of such Non-Extending Lender after giving effect to any prepayment described in <u>clause (a)</u> above exceeds such Non-Extending Lender's Applicable Dollar Percentage or Applicable Multicurrency Percentage, as applicable, of the Dollar Credit Exposure or Multicurrency Credit Exposure, as applicable, after giving effect to any reduction or termination in such Non-Extending Lender's Commitment, as applicable.

ARTICLE III<br><u>REPRESENTATIONS AND WARRANTIES</u>

The Borrower represents and warrants to the Lenders that:

SECTION 3.01. <u>Organization; Powers</u>. Each of the Obligors and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, the Obligors' Subsidiaries, is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required of the Borrower or such Subsidiary, as applicable.

SECTION 3.02. <u>Authorization; Enforceability</u>. The Transactions are within the Borrower's corporate powers and have been duly authorized by all necessary corporate and, if required, by all necessary shareholder action. This Agreement has been duly executed and delivered by the Borrower and constitutes, and each of the other Loan Documents when executed and delivered by each Obligor party thereto will constitute, a legal, valid and binding obligation of such Obligor, enforceable in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors' rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

SECTION 3.03. <u>Governmental Approvals; No Conflicts</u>. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except for (i) such as have been or will be obtained or made and are in full force and effect and (ii) filings and recordings in respect of the Liens created pursuant to this Agreement or the Security Documents, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default in any material respect under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or assets, or give rise to a right thereunder to require any payment to be made by any such Person and (d) except for the Liens created pursuant to this Agreement or the Security Documents, will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries.

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SECTION 3.04. <u>Financial Condition; No Material Adverse Change</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) <u>Financial Statements</u>. The consolidated financial statements of the Borrower delivered pursuant to <u>Sections 5.01(a)</u> and <u>5.01(b)</u> present fairly, in all material respects, the consolidated financial position and results of operations and cash flows of the Borrower and its Subsidiaries as of such date and for such period in accordance with GAAP.

&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) <u>No Material Adverse Change</u>. Since the date of the most recent Applicable Financial Statements, there has not been any Material Adverse Change.

SECTION 3.05. <u>Litigation</u>. There are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority now pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions.

SECTION 3.06. <u>Compliance with Laws and Agreements</u>. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries is subject to any contract or other agreement, the performance of which by the Borrower or its Subsidiaries could reasonably be expected to result in a Material Adverse Effect.

SECTION 3.07. <u>Taxes</u>. Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all material tax returns and reports required to have been filed and has paid or caused to be paid all material Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which such Person has set aside on its books adequate reserves maintained in accordance with GAAP or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

SECTION 3.08. <u>ERISA</u>. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.

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SECTION 3.09. <u>Disclosure</u>. As of the Second Amendment Effective Date, the Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other written information (other than projected financial information, other forward looking information relating to third parties and information of a general economic or general industry nature) furnished by or on behalf of the Borrower to the Administrative Agent in connection with the negotiation of this Agreement and the other Loan Documents or delivered hereunder or thereunder (as modified or supplemented by other information so furnished) when taken as a whole (and after giving effect to all updates, modifications and supplements) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; <u>provided</u> that with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

SECTION 3.10. <u>Investment Company Act; Margin Regulations</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) <u>Status as Business Development Company</u>. The Borrower has elected to be regulated as a "business development company" within the meaning of the Investment Company Act and qualifies as a RIC.

&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) <u>Compliance with Investment Company Act</u>. The business and other activities of the Borrower and its Subsidiaries, including the making of the Loans hereunder, the application of the proceeds and repayment thereof by the Borrower and the consummation of the Transactions contemplated by the Loan Documents do not result in a violation or breach in any material respect of the provisions of the Investment Company Act or any rules, regulations or orders issued by the Securities and Exchange Commission thereunder, in each case that are applicable to the Borrower and its Subsidiaries.

&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) <u>Investment Policies</u>. The Borrower is in compliance in all respects with the Investment Policies, except to the extent that the failure to so comply could not reasonably be expected 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;(d) <u>Use of Credit</u>. Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock.

SECTION 3.11. <u>Material Indebtedness and Liens</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) <u>Material Indebtedness</u>. <u>Part A</u> of <u>Schedule 3.11</u> is a complete and correct list, as of the Second Amendment Effective Date, of each credit agreement, loan agreement, indenture, purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any Indebtedness or any extension of credit (or commitment for any extension of credit) to, or guarantee by, the Borrower or any of its Subsidiaries outstanding, and the aggregate principal or face amount outstanding or that is, or may become, outstanding under each such arrangement, in each case, as of Second Amendment Effective Date, is correctly described in <u>Part A</u> of <u>Schedule 3.11</u>.

87 *Revolving Credit 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) <u>Liens</u>. <u>Part B</u> of <u>Schedule 3.11</u> is a complete and correct list, as of the Second Amendment Effective Date, of each Lien securing Indebtedness of any Person outstanding on the Second Amendment Effective Date covering any property of the Borrower or any of the Subsidiary Guarantors, and the aggregate Indebtedness secured (or that may be secured) by each such Lien and the property covered by each such Lien as of the Second Amendment Effective Date is correctly described in <u>Part B</u> of <u>Schedule 3.11</u>.

SECTION 3.12. <u>Subsidiaries and Investments</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) <u>Subsidiaries</u>. Set forth on <u>Schedule 3.12(a)</u> is a list of the Borrower's Subsidiaries as of the Second Amendment Effective 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;(b) <u>Investments</u>. Set forth on <u>Schedule 3.12(b)</u> is a complete and correct list, as of the Second Amendment Effective Date, of all Investments (other than Investments of the types referred to in <u>clauses (b)</u>, <u>(c)</u> and <u>(d)</u> of <u>Section 6.04</u>) held by the Borrower or any of the Subsidiary Guarantors in any Person on the Second Amendment Effective Date and, for each such Investment, (x) the identity of the Person or Persons holding such Investment and (y) the nature of such Investment. Except as disclosed in <u>Schedule 3.12</u>, each of the Borrower and any of the Subsidiary Guarantors owned, free and clear of all Liens (other than Liens created pursuant to this Agreement or the Security Documents and Permitted Liens), all such Investments as of such date.

SECTION 3.13. <u>Properties</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) <u>Title Generally</u>. Each of the Borrower and the Subsidiary Guarantors has good title to, or valid leasehold interests in, or other rights to use, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes and except as could not reasonably be expected to result in 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;(b) <u>Intellectual Property</u>. Each of the Borrower and its Subsidiaries (other than any Financing Subsidiary) owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries (other than any Financing Subsidiary) does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

SECTION 3.14. <u>Affiliate Agreements</u>. As of the Second Amendment Effective Date, the Borrower has heretofore delivered to the Administrative Agent true and complete copies of each of the Affiliate Agreements (including schedules and exhibits thereto, and any amendments, supplements or waivers executed and delivered thereunder). As of the Second Amendment Effective Date, each of the Affiliate Agreements is in full force and effect.

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SECTION 3.15. <u>Sanctions</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) None of the Borrower or any of its Subsidiaries nor, to the knowledge of the Borrower, any of their respective directors, officers or authorized signors is a Sanctioned 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;(b) The Borrower (and, to the extent not implemented by the Borrower on its behalf, each of its Subsidiaries) has implemented and maintains in effect policies and procedures reasonably designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and investment advisors with Anti-Corruption Laws and applicable Sanctions in all material respects. The Borrower, its Subsidiaries and to the knowledge of the Borrower, their respective employees, officers, directors and agents (acting on their behalf), are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.

SECTION 3.16. <u>PATRIOT Act</u>. Each of the Borrower and its Subsidiaries is in compliance, in all material respects, to the extent applicable with the PATRIOT Act and the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto. No part of the proceeds of the Loans will be used, directly or, to the knowledge of a Responsible Officer of the Borrower, indirectly, for any payments to (i) any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation by the Borrower or its Subsidiaries of the United States Foreign Corrupt Practices Act of 1977, as amended, or in material violation of US or UK regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (collectively, the "<u>Anti-Corruption Laws</u>") or (ii) any Person for the purpose of financing the activities of any Person, at the time of such financing (A) subject to, or the subject of, any Sanctions or (B) located, organized or resident in a Sanctioned Country, in each case as would result in a violation of Sanctions.

SECTION 3.17. <u>Collateral Documents</u>. The provisions of the Security Documents are effective to create in favor of the Collateral Agent a legal, valid and enforceable first priority Lien (subject to Liens permitted by <u>Section 6.02</u>) on all right, title and interest of the Borrower and each Subsidiary Guarantor in the Collateral described therein. Except for filings completed on or prior to the Second Amendment Effective Date or as contemplated hereby and by the Security Documents, no filing or other action will be necessary to perfect such Liens.

SECTION 3.18. <u>EEA Financial Institutions</u>. Neither the Borrower nor any Subsidiary is an EEA Financial Institution.

SECTION 3.19. <u>Outbound Investment Rules</u>. Neither the Borrower nor any of its Subsidiaries is a "covered foreign person" as that term is used in the Outbound Investment Rules. Neither the Borrower nor any of its Subsidiaries currently engages, or has any present intention to engage in the future, directly or indirectly, in (i) a "covered transaction", as such term is defined in the Outbound Investment Rules, (ii) any activity or transaction that would constitute a "covered transaction" as such term is defined in the Outbound Investment Rules, if the Borrower were a U.S. Person or (iii) any other activity that would cause the Administrative Agent, the Collateral Agent or the Lenders to be in violation of the Outbound Investment Rules or cause the Administrative Agent, the Collateral Agent or the Lenders to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.

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ARTICLE IV<br><u>CONDITIONS</u>

SECTION 4.01. <u>Effective Date</u>. The effectiveness of this Agreement and of the obligations of the Lenders to make Loans hereunder shall not become effective until satisfaction of each of the following conditions precedent (unless a condition shall have been waived in accordance with <u>Section 9.02</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) <u>Documents</u>. The Administrative Agent shall have received each of the following documents, each of which shall be reasonably satisfactory to the Administrative Agent (and to the extent specified below to each Lender) in form and substance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Executed Counterparts</u>. From each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic (e.g. pdf) transmission of a signed signature page to this Agreement) that such party has signed a counterpart of this 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;(ii) <u>Opinion of Counsel to the Borrower</u>. A favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Paul Hastings LLP, New York counsel for the Borrower (and the Borrower hereby instructs such counsel to deliver such opinion to the Lenders and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Corporate Documents</u>. Such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other legal matters relating to the Borrower, this Agreement or the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Officer's Certificate</u>. A certificate, dated the Effective Date and signed by the President, the Chief Executive Officer, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in clauses (a), (b) and (c) of <u>Section 4.02</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;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Guarantee and Security Agreement</u>. The Guarantee and Security Agreement, duly executed and delivered by each of the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Control Agreement</u>. An account control agreement, duly executed and delivered by the Borrower, the Collateral Agent and U.S. Bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Borrowing Base Certificate</u>. A Borrowing Base Certificate showing a calculation of the Borrowing Base as of the Effective Date with the Value of each Portfolio Investment determined as of January 20, 2022.

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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;(b) <u>Liens</u>. The Administrative Agent shall have received results of a recent lien search in the respective jurisdictions of organization or formation, as applicable, of the Borrower and the Subsidiary Guarantors, confirming that each financing statement in respect of the Liens in favor of the Collateral Agent created pursuant to the Security Documents is otherwise prior to all other financing statements or other interests reflected therein (other than any financing statement or interest in respect of liens permitted under <u>Section 6.02</u> or Liens to be discharged, or with respect to which arrangements to discharge such Lien have been made, on or prior to the Effective Date pursuant to documentation satisfactory to the Administrative Agent). All UCC financing statements and similar documents required to be filed in order to create in favor of the Collateral Agent, for the benefit of the Lenders, a first priority perfected security interest in the Collateral (to the extent that such a security interest may be perfected by a filing under the Uniform Commercial Code) shall have been authorized to be filed in each jurisdiction where the Borrower or any Subsidiary Guarantor is incorporated or formed, 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;(c) <u>Consents</u>. The Borrower shall have obtained and delivered to the Administrative Agent certified copies of all consents, approvals, authorizations, registrations, or filings required to be made or obtained by the Borrower and all Subsidiary Guarantors in connection with the Transactions and any transaction being financed with the proceeds of the Loans, and such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect and all applicable waiting periods shall have expired and no investigation or inquiry by any Governmental Authority shall be ongoing.

&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) <u>Fees and Expenses</u>. The Borrower shall have paid in full to the Administrative Agent all fees and expenses required to be paid on the Effective Date under this Agreement and the Fee Letter, and invoiced, in the case of expenses, at least two (2) Business Days prior to the Effective Date, which may be net from any Borrowing made on the Effective 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;(e) <u>PATRIOT Act</u>. The Administrative Agent and the Lenders shall have received, sufficiently in advance of the Effective Date, all documentation and other information required by bank regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the PATRIOT Act.

SECTION 4.02. <u>Each Credit Event</u>. The obligation of each Lender to make any Loan (including, on the Second Amendment Effective Date, the Initial Term Loans) is additionally subject to the satisfaction 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) the representations and warranties of the Borrower set forth in this Agreement and in the other Loan Documents shall be true and correct in all material respects (or, in the case of any representation or warranty already subject to a materiality qualifier, true and correct in all respects) on and as of the date of such Loan, or, as to any such representation or warranty that refers to a specific date, as of such specific 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;(b) at the time of and immediately after giving effect to such Loan, no Default shall have occurred and be continuing; 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;(c) either (i) the aggregate Covered Debt Amount (after giving effect to such extension of credit) shall not exceed the Borrowing Base reflected on the Borrowing Base Certificate most recently delivered to the Administrative Agent or (ii) the Borrower shall have delivered an updated Borrowing Base Certificate demonstrating that the Covered Debt Amount (after giving effect to such extension of credit) shall not exceed the Borrowing Base after giving effect to such extension of credit as well as any concurrent acquisitions of Investments or payment of outstanding Loans or Other Covered Indebtedness or any other Indebtedness that is included in the Covered Debt Amount at such time.

Each Borrowing (other than a conversion or continuation of Loans) shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in the preceding sentence.

ARTICLE V<br><u>AFFIRMATIVE COVENANTS</u>

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, the Borrower covenants and agrees with the Lenders that:

SECTION 5.01. <u>Financial Statements and Other Information</u>. The Borrower will furnish to the Administrative Agent for distribution to each 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;(a) within ninety (90) days after the end of each fiscal year of the Borrower, the audited consolidated balance sheet and related statements of income and cash flows of the Borrower and its Subsidiaries as of the end of and for such year, setting forth in each case, in comparative form the figures for the previous fiscal year, all reported on by independent public accountants of recognized national standing to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; <u>provided</u> that the requirements set forth in this <u>clause (a)</u> may be fulfilled by providing to the Administrative Agent and the Lenders the report of the Borrower to the SEC on Form 10-K for the applicable fiscal year;

&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) within forty five (45) days after the end of each fiscal quarter of the Borrower, the consolidated balance sheet and related statements of income and cash flows of the Borrower and its Subsidiaries as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case, in comparative form the figures for (or, in the case of the statements of assets and liabilities and cash flows, as of the end of) the corresponding period or periods of the previous fiscal year, all certified by a Financial Officer of the Borrower as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; <u>provided</u> that the requirements set forth in this <u>clause (b)</u> may be fulfilled by providing to the Administrative Agent and the Lenders the report of the Borrower to the SEC on Form 10-Q for the applicable quarterly period;

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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;(c) concurrently with any delivery of financial statements under <u>clause (a)</u> or <u>(b)</u> of this Section, a certificate of a Financial Officer of the Borrower (i) certifying that such statements are consistent with the financial statements filed by the Borrower with the Securities and Exchange Commission, (ii) certifying as to whether the Borrower has knowledge that a Default or Event of Default has occurred during the applicable period and, if a Default or Event of Default has occurred (or has occurred and is continuing from a prior period), specifying the details thereof and any action taken or proposed to be taken with respect thereto, (iii) setting forth reasonably detailed calculations demonstrating whether the Borrower is in compliance with Sections <u>6.01(h)</u>, <u>6.01(l)</u>, <u>6.01(m)</u>, <u>6.01(n)</u>, <u>6.02(d)</u>, <u>6.02(g)</u>, <u>6.04(f)</u> and <u>6.07</u> and (iv) stating whether any change in GAAP as applied by (or in the application of GAAP by) the Borrower has occurred since the Effective Date, and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;

&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) as soon as available and in any event not later than twenty (20) days after the end of each monthly accounting period (ending on the last day of each calendar month) of the Borrower and its Subsidiaries, a Borrowing Base Certificate as at the last day of such accounting period; provided that (x) if during such monthly accounting period the Borrower has declared or made any Restricted Payment pursuant to <u>Section 6.05(d)</u>, such Borrowing Base Certificate shall include a description of each such Restricted Payment and a certification from a Financial Officer that the conditions set forth in <u>Section 6.05(d)</u> were satisfied on the date of each such Restricted Payment and (y) if during such monthly accounting period the Obligors sell, transfer (including a deemed transfer resulting from a division or plan of division) or otherwise Dispose of Investments to an Immaterial Subsidiary, Foreign Subsidiary or Financing Subsidiary as described under <u>Section 6.03(e)</u>, such Borrowing Base Certificate shall include a description of such dispositions and a certification from a Financial Officer that the conditions set forth in <u>Section 6.03(e)</u> were satisfied on the date of each such disposition;

&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) promptly but no later than five (5) Business Days after any Responsible Officer of the Borrower shall at any time have knowledge that there is a Borrowing Base Deficiency, a Borrowing Base Certificate as at the date such Responsible Officer of the Borrower has knowledge of such Borrowing Base Deficiency indicating the amount of the Borrowing Base Deficiency as at the date such Responsible Officer of the Borrower obtained knowledge of such deficiency and the amount of the Borrowing Base Deficiency as of the date not earlier than one Business Day prior to the date the Borrowing Base Certificate is delivered pursuant to this paragraph (e);

&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) promptly upon receipt thereof copies of all significant reports submitted by the Borrower's independent public accountants in connection with each annual, interim or special audit or review of any type of the financial statements or related internal control systems of the Borrower or any of its Subsidiaries delivered by such accountants to the management or board of directors of the Borrower (to the extent information contained in any such report (i) does not constitute non-financial trade secrets or non-financial proprietary information, (ii) is not subject to attorney-client or similar privilege and does not constitute attorney work product and (iii) is not otherwise confidential or would not result in a breach, default or termination of any contractual obligation binding on the Borrower or any of its Subsidiaries); <u>provided</u> that the Borrower shall notify the Administrative Agent that it is withholding such document or other information in accordance with this parenthetical);

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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;(g) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Borrower or any of the Subsidiary Guarantors with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of the Securities and Exchange Commission, or with any national securities exchange, as the case may be;

&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) promptly following any material change to the internal loan score model of the Borrower or its investment advisor used to determine the Watch List, a written description of such change; 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;(i) promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower or any of its Subsidiaries, or compliance with the terms of this Agreement and the other Loan Documents, as the Administrative Agent or any Lender may reasonably request, including such documents and information requested by the Administrative Agent or any Lender that are reasonably required in order to comply with "know-your-customer" and other anti-terrorism, anti-money laundering and similar rules and regulations and related policies and procedures (to the extent information contained in any such report (i) does not constitute non-financial trade secrets or non-financial proprietary information, (ii) is not subject to attorney-client or similar privilege and does not constitute attorney work product and (iii) is not otherwise confidential or would not result in a breach, default or termination of any contractual obligation binding on the Borrower or any of its Subsidiaries); <u>provided</u> that the Borrower shall notify the Administrative Agent that it is withholding such document or other information in accordance with this parenthetical).

&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) Borrower and each Lender acknowledge that certain of the Lenders may be Public Lenders and, if documents or notices required to be delivered pursuant to this <u>Section 5.01</u> or otherwise are being distributed through IntraLinks/IntraAgency, SyndTrak or another relevant website or other information platform (the "<u>Platform</u>"), any document or notice that Borrower has indicated contains Non-Public Information shall not be posted by Administrative Agent on that portion of the Platform designated for such Public Lenders. Borrower agrees to clearly designate all information provided to Administrative Agent by or on behalf of Borrower or any of its Subsidiaries which is suitable to make available to Public Lenders. If Borrower has not indicated whether a document or notice delivered pursuant to this <u>Section 5.01</u> contains Non-Public Information, the Administrative Agent reserves the right to post such document or notice solely on that portion of the Platform designated for Lenders who wish to receive material Non-Public Information with respect to Borrower, its Subsidiaries and their Securities (as such term is defined in <u>Section 5.13</u> of this 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) Notwithstanding anything to the contrary herein, the requirements to deliver documents set forth in <u>Section 5.01(a)</u>, <u>(b)</u> and <u>(g)</u> will be fulfilled by filing by the Borrower of the applicable documents for public availability on the SEC's Electronic Data Gathering and Retrieval system.

SECTION 5.02. <u>Notices of Material Events</u>. The Borrower will furnish to the Administrative Agent and for distribution to each Lender prompt written notice upon any Responsible Officer obtaining knowledge 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;(a) the occurrence of any Default or Event of Default;

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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;(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any of its Affiliates that, if adversely determined, could reasonably be expected to result in 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;(c) the occurrence of any ERISA Event that, along or together with any other ERISA Events that have occurred after the Effective Date, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $25,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other development (excluding matters of a general economic, financial or political nature to the extent that they could not reasonably be expected to have a disproportionate effect on the Borrower) that results in, or could reasonably be expected to result in, a Material Adverse Effect.

Each notice delivered under this <u>Section 5.02</u> shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

SECTION 5.03. <u>Existence: Conduct of Business</u>. The Borrower will, and will cause each of its Subsidiaries (other than Immaterial Subsidiaries) to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; <u>provided</u> that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under <u>Section 6.03</u>.

SECTION 5.04. <u>Payment of Obligations</u>. The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including income tax and other material tax liabilities and material contractual obligations, that, if not paid, could reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.

SECTION 5.05. <u>Maintenance of Properties; Insurance</u>. The Borrower will, and will cause each of its Subsidiaries (other than Immaterial Subsidiaries) to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, other than as could not reasonably be expected to result in a Material Adverse Effect and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations.

SECTION 5.06. <u>Books and Records; Inspection and Audit Rights</u>. The Borrower will, and will cause each of its Subsidiaries to, keep books of record and account in accordance with GAAP. The Borrower will, and will cause each other Obligor to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties during business hours, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested, in each case, to the extent such inspection or requests for such information are reasonable and such information can be provided or discussed without violation of law, rule, regulation or contract such Obligor entered into with a third party that is not an Affiliate; <u>provided</u> that (i) the Borrower or such Obligor shall be entitled to have its representatives and advisors present during any inspection of its books and records and (ii) unless an Event of Default shall have occurred and be continuing, the Borrower's obligation to reimburse any costs and expenses incurred by the Administrative Agent and the Lenders in connection with any such inspections shall be limited to one inspection per calendar year.

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SECTION 5.07. <u>Compliance with Laws</u>. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations, including the Investment Company Act, and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Without limiting the generality of the foregoing, the Borrower will, and will cause its Subsidiaries to, conduct its business and other activities in compliance in all material respects with the provisions of the Investment Company Act and any applicable rules, regulations or orders issued by the Securities and Exchange Commission thereunder. The Borrower (or to the extent not implemented by the Borrower on its behalf, each of its Subsidiaries) shall maintain in effect policies and procedures reasonably designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and investment advisors with Anti-Corruption Laws and applicable Sanctions in all material respects.

SECTION 5.08. <u>Certain Obligations Respecting Subsidiaries; Further Assurances</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) <u>Subsidiary Guarantors</u>. In the event that (i) the Borrower or any Subsidiary Guarantor shall form or acquire any new Subsidiary (other than a Financing Subsidiary, a Foreign Subsidiary, an Immaterial Subsidiary or a Subsidiary of a Foreign Subsidiary) or (ii) any Financing Subsidiary, Foreign Subsidiary, Immaterial Subsidiary or Subsidiary of a Foreign Subsidiary shall no longer constitute a "Financing Subsidiary", "Immaterial Subsidiary", "Foreign Subsidiary" or "Subsidiary of a Foreign Subsidiary", as applicable, pursuant to the definition thereof (in which case such Person shall be deemed to be a "new" Subsidiary for purposes of this <u>Section 5.08</u> as of such date), the Borrower will within thirty (30) days thereof (or such longer period as shall be reasonably agreed to by the Administrative Agent) cause such new Subsidiary to become a "Subsidiary Guarantor" (and, thereby, an "Obligor") under the Guarantee and Security Agreement pursuant to a Guarantee Assumption Agreement and to deliver such proof of corporate or other action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by the Borrower pursuant to <u>Section 4.01</u> upon the Effective Date or as the Administrative Agent shall have reasonably requested.

&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) <u>Ownership of Subsidiaries</u>. Except to the extent otherwise permitted under <u>Section 6.03</u>, the Borrower will, and will cause each of its Subsidiaries to, take such action from time to time as shall be necessary to ensure that each of its Subsidiaries is a wholly owned Subsidiary.

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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;(c) <u>Further Assurances</u>. The Borrower will, and will cause each of the Subsidiary Guarantors to, take such action from time to time as shall reasonably be requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement. Without limiting the generality of the foregoing, the Borrower will, and will cause each of the Subsidiary Guarantors to, take such action from time to time (including filing appropriate Uniform Commercial Code financing statements and executing and delivering such assignments, security agreements and other instruments) as shall be reasonably requested by the Administrative Agent: (i) to create, in favor of the Collateral Agent for the benefit of the Secured Parties (and any affiliate thereof that is a party to any Hedging Agreement entered into with the Borrower) and the holders of any Secured Longer-Term Indebtedness or Secured Shorter-Term Indebtedness, perfected security interests and Liens in the Collateral; <u>provided</u> that any such security interest or Lien shall be subject to the relevant requirements of the Security Documents, (ii) in the case of any portfolio investment held by a Financing Subsidiary or an Immaterial Subsidiary, including any cash collection related thereto, ensure that such portfolio investment shall not be held in the account of any Obligor subject to a control agreement among such Obligor, the Collateral Agent and the Custodian delivered in connection with this Agreement or any other Loan Document; <u>provided</u> that, in the case of a participation interest held by a Financing Subsidiary or an Immaterial Subsidiary (other than a 100% participation interest held for more than ninety (90) days) that was acquired from an Obligor, such Portfolio Investment, including any cash collection related thereto, may be held in any account of any Obligor, so long as, in the case of cash, it is promptly distributed to such Financing Subsidiary or Immaterial Subsidiary; (iii) in the case of any Investment consisting of a Bank Loan (as defined in <u>Section 5.13</u>) that does not constitute all of the credit extended to the underlying borrower under the relevant underlying loan documents and a Financing Subsidiary or Immaterial Subsidiary holds any interest in the loans or other extensions of credit under such loan documents, (x) to cause such Financing Subsidiary or Immaterial to be party to such underlying loan documents as a "lender" having a direct interest (or a participation not acquired from an Obligor) in such underlying loan documents and the extensions of credit thereunder and (y) to ensure that all amounts owing to such Obligor, Immaterial Subsidiary or Financing Subsidiary by the underlying borrower or other obligated party are remitted by such borrower or obligated party directly to separate accounts of such Obligor, such Immaterial Subsidiary and such Financing Subsidiary, (iv) in the event that any Obligor is acting as an agent or administrative agent under any loan documents with respect to any Bank Loan that does not constitute all of the credit extended to the underlying borrower under the relevant underlying loan documents, to ensure that all funds held by such Obligor in such capacity as agent or administrative agent is segregated from all other funds of such Obligor and clearly identified as being held in an agency capacity and (v) at any time following the occurrence of an Event of Default, to cause the closing sets and all executed amendments, consents, forbearances and other modifications and assignment agreements relating to any Investment and any other documents relating to any Investment requested by the Collateral Agent, in each case, to be held by the Collateral Agent or a custodian pursuant to the terms of a custodian agreement reasonably satisfactory to the Collateral Agent.

SECTION 5.09. <u>Use of Proceeds</u>. The Borrower will use the proceeds of the Loans only for general corporate purposes of the Borrower, including the acquisition and funding (either directly or through one or more wholly-owned Subsidiaries) of leveraged loans, mezzanine loans, high-yield securities, convertible securities, preferred stock, common stock and other Investments and, subject to <u>Section 6.16</u>, payments under a Capital Call Facility; <u>provided</u> that neither the Administrative Agent nor any Lender shall have any responsibility as to the use of any of such proceeds. No part of the proceeds of any Loan will be used in violation of (a) applicable law or, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any Margin Stock or (b) <u>Section 3.16</u>. Margin Stock shall be purchased by the Obligors only with the proceeds of Indebtedness not directly or indirectly secured by Margin Stock, or with the proceeds of equity capital of the Borrower. Without limiting the foregoing, no Obligor will directly or indirectly, use the proceeds of the Loans (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

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SECTION 5.10. <u>Status of RIC and BDC</u>. As of the Second Amendment Effective Date the Borrower is treated as a RIC under the Code and the Borrower shall at all times thereafter, subject to applicable grace periods set forth in the Code, maintain its status as a RIC under the Code. The Borrower shall at all times maintain its status as a "business development company" under the Investment Company Act.

SECTION 5.11. <u>Investment Policies</u>. The Borrower shall at all times be in compliance in all material respects with its Investment Policies (after giving effect to any Permitted Policy Amendments).

SECTION 5.12. <u>Portfolio Valuation and Diversification Etc</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) <u>Industry Classification Groups</u>. For purposes of this Agreement, the Borrower shall assign each Portfolio Investment to an Industry Classification Group. To the extent that any Portfolio Investment is not correlated with the risks of other Portfolio Investments in an Industry Classification Group, such Portfolio Investment may be assigned by the Borrower to an Industry Classification Group that is more closely correlated to such Portfolio Investment. In the absence of any correlation, the Borrower shall be permitted, upon prior notice to the Administrative Agent and each Lender, to create up to three additional industry classification groups for purposes of this 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) <u>Portfolio Valuation Etc</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;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Settlement Date Basis</u>. For purposes of this Agreement, all determinations of whether an investment is to be included as a Portfolio Investment shall be determined on a settlement-date basis (meaning that any investment that has been purchased will not be treated as a Portfolio Investment until such purchase has settled, and any Portfolio Investment which has been sold will not be excluded as a Portfolio Investment until such sale has settled); <u>provided</u> that no such investment shall be included as a Portfolio Investment to the extent it has not been paid for in full.

98 *Revolving Credit 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;(ii) <u>Determination of Values</u>. The Borrower will conduct reviews of the value to be assigned to each of its Portfolio Investments 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Quoted Investments - External Review</u>. With respect to Portfolio Investments (including Cash Equivalents) for which market quotations are readily available (each, a "<u>Quoted Investment</u>"), the Borrower shall, not less frequently than once each calendar week, determine the market value of such Quoted Investments which shall, in each case, be determined in accordance with one of the following methodologies (as selected 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) in the case of public and 144A securities, the average of the bid prices as determined by two Approved Dealers selected 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) in the case of bank loans, the bid price as determined by one Approved Dealer selected 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) in the case of any Quoted Investment traded on an exchange, the closing price for such Quoted Investment most recently posted on such exchange, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) in the case of any other Quoted Investment, the fair market value thereof as determined by an Approved Pricing Service selected by 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;&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) <u>Unquoted Investments - External Review</u>. With respect to each Portfolio Investment for which market quotations are not readily available (each, an "<u>Unquoted Investment</u>"), the Borrower shall assign a value to each Unquoted Investment as of the last day of each fiscal quarter (each, a "<u>Testing Quarter</u>"); <u>provided</u> that the Borrower shall request an Approved Third-Party Appraiser to assist the Borrower in determining the fair market value as of the last day of each Testing Quarter of (x) no less than 25% of the aggregate number of all Unquoted Investments; (y) each Unquoted Investment that is on the Borrower's Investment Watch List as of the last day of such Testing Quarter and (z) each Unquoted Investment acquired during the fiscal quarter ending immediately prior to the Testing Quarter; <u>provided</u>, further, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the Value of any such Unquoted Investment acquired during a fiscal quarter shall be deemed to be equal to the cost of such Unquoted Investment until such time as the fair market value of such Unquoted Investment is determined in accordance with the foregoing provisions of this <u>subclause (B)</u>; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the Value of any Unquoted Investment for which an Approved Third-Party Appraiser has not assisted the Borrower in determining the fair market value of such Unquoted Investment during the four immediately preceding Testing Quarters shall be zero until the fair market value of such Unquoted Investment shall have been determined by an Approved Third-Party Appraiser.

99 *Revolving Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Internal Review</u>. The Borrower shall conduct internal reviews of all Portfolio Investments at least once each calendar week which shall take into account any events of which any Responsible Officer of the Borrower has knowledge that adversely affect the value of the Portfolio Investments. If the value of any Portfolio Investment as most recently determined by the Borrower pursuant to this <u>Section 5.12(b)(ii)(C)</u> is lower than the value of such Portfolio Investment as most recently determined pursuant to <u>Section 5.12(b)(ii)(A)</u> and <u>(B)</u>, such lower value shall be deemed to be the "Value" of such Portfolio Investment for purposes 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;&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) <u>Failure to Determine Values</u>. If the Borrower shall fail to determine the value of any Portfolio Investment as at any date pursuant to the requirements of the foregoing <u>subclauses (A)</u>, <u>(B)</u> or <u>(C)</u>, then the "Value" of such Portfolio Investment as at such date shall be deemed to be zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Testing of Values</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;&nbsp;&nbsp;&nbsp;&nbsp;&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) For the end of each fiscal quarter (the last day of such fiscal quarter, the "<u>Valuation Testing Date</u>" and such fiscal quarter, the "<u>Testing Period</u>"), the Administrative Agent shall cause an Agent-Selected Third-Party Appraiser to value such number of Unquoted Investments included in the Borrowing Base (selected by the Administrative Agent) that collectively have an aggregate Value approximately equal to the Calculation Amount. The Administrative Agent shall notify the Borrower of the particular Unquoted Investments included in the Borrowing Base to be valued by an Agent-Selected Third Party Appraiser in each Testing Period not later than six (6) weeks prior to the Valuation Testing Date. The Testing Period shall not be required to coincide with the timing of any valuations conducted by the Borrower pursuant to Section 5.12(b)(ii)(B). If there is a difference between the Borrower's valuation and the Agent-Selected Third-Party Appraiser's valuation of any Unquoted Investment, the Value of such Unquoted Investment for Borrowing Base purposes shall be established as set forth in <u>subclause (F)</u> of this <u>Section 5.12(b)(ii)</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;&nbsp;&nbsp;&nbsp;&nbsp;&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) For the avoidance of doubt, the valuation of any Agent-Selected Third-Party Appraiser will be as of the Valuation Testing Date and shall be reflected in the Borrowing Base Certificate for such month ending on such Valuation Testing Date if such Agent-Selected Third-Party Appraiser delivers such valuation at least seven (7) Business Days before the twentieth (20<sup>th</sup>) day after the end of the applicable monthly accounting period and, if such valuation is delivered after such time, it shall be included in the Borrowing Base Certificate for the following monthly period and applied to the then applicable balance of the related Portfolio Investment.

100 *Revolving Credit Agreement*

For the avoidance of doubt, all calculations of value pursuant to this <u>Section 5.12(b)(ii)(E)</u> shall be determined without application of the Advance Rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Valuation Dispute Resolution</u>. Notwithstanding the foregoing, the Administrative Agent shall at any time have the right to request, in its reasonable discretion, any Unquoted Investment be independently valued by an Agent-Selected Third-Party Appraiser. There shall be no limit on the number of such appraisals requested by the Administrative Agent and the costs of any such valuation shall be at the expense of the Borrower. If the Borrower's valuation pursuant to <u>subclause (B)</u> of this <u>Section 5.12(b)(ii)</u> exceeds the valuation of any Agent-Selected Third-Party Appraiser pursuant to <u>subclauses (E)</u> or <u>(F)</u> of this <u>Section 5.12(b)(ii)</u>, and such difference is (1) less than 5% of the Borrower's value thereof, then the Borrower's valuation shall be used, (2) between 5% and 20% of the Borrower's value thereof, then the valuation of such Portfolio Investment shall be the average of the value determined by the Borrower and the value determined by the Agent-Selected Third-Party Appraiser and (3) greater than 20% of the Borrower's value thereof, then the Borrower and the Administrative Agent shall select an additional Approved Third-Party Appraiser and the valuation of such Portfolio Investment shall be the average of the three valuations (with the Administrative Agent's Approved Third-Party Appraiser's valuation to be used until the third valuation is obtained).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Valuation Reports</u>. The Administrative Agent shall provide a copy of the final results of any valuation performed by an Agent-Selected Third-Party Appraiser or an Approved Third-Party Appraiser actually received by the Administrative Agent to any Lender promptly upon such Lender's request, except to the extent that such recipient has not executed and delivered a customary and reasonable non-reliance letter, confidentiality agreement or similar agreement requested or required by such Agent-Selected Third-Party Appraiser or Approved Third-Party Appraiser, 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;(c) <u>RIC Diversification Requirements</u>. The Borrower will, and will cause its Subsidiaries (other than Financing Subsidiaries that are exempt from the Investment Company Act) at all times to, subject to applicable grace periods set forth in the Code, comply with the portfolio diversification requirements set forth in the Code applicable to RICs, to the extent applicable.

101 *Revolving Credit 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;(d) <u>Participation Interests</u>. The Value attributable to any Participation Interest shall be the Value determined with respect to the underlying portfolio investment related to such Participation Interest in accordance with this <u>Section 5.12</u>, provided any participation interest that does not satisfy the definition of Participation Interest shall have a Value of zero (0) for purposes of this Agreement.

SECTION 5.13. <u>Calculation of Borrowing Base</u>. For purposes of this Agreement, the "<u>Borrowing Base</u>" shall be determined, as at any date of determination, as the sum of the products obtained by multiplying (x) of the Value of each Portfolio Investment and (y) the applicable Advance Rate for such Portfolio Investment; <u>provided</u> 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) if, as of the date of determination, the Relevant Asset Coverage Ratio is (i) greater than or equal to 2.00:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments included in the Borrowing Base of all issuers in a consolidated group of corporations or other entities (collectively, a "<u>Consolidated Group</u>") in accordance with GAAP exceeding 6% of the aggregate Value of all Portfolio Investments included in the Borrowing Base, shall be 50% of the otherwise applicable Advance Rate; (ii) less than 2.00:1.00 and greater than or equal to 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments included in the Borrowing Base of all issuers in a Consolidated Group in accordance with GAAP exceeding 5% of the aggregate Value of all Portfolio Investments included in the Borrowing Base, shall be 50% of the otherwise applicable Advance Rate or (iii) less than 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments included in the Borrowing Base of all issuers in a Consolidated Group in accordance with GAAP exceeding 4% of the aggregate Value of all Portfolio Investments included in the Borrowing Base, shall be 50% of the otherwise applicable Advance Rate;

&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) if, as of the date of determination, the Relevant Asset Coverage Ratio is (i) greater than or equal to 2.00:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments included in the Borrowing Base of all issuers in a Consolidated Group in accordance with GAAP exceeding 12% of the aggregate Value of all Portfolio Investments included in the Borrowing Base shall be 0%; (ii) less than 2.00:1.00 and greater than or equal to 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments included in the Borrowing Base of all issuers in a Consolidated Group in accordance with GAAP exceeding 10% of the aggregate Value of all Portfolio Investments included in the Borrowing Base shall be 0% or (iii) less than 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments included in the Borrowing Base of all issuers in a Consolidated Group in accordance with GAAP exceeding 8% of the aggregate Value of all Portfolio Investments included in the Borrowing Base shall be 0%;

&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) if, as of the date of determination, the Relevant Asset Coverage Ratio is (i) greater than or equal to 2.00:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments included in the Borrowing Base in any single Industry Classification Group that exceeds 25% of the aggregate Value of all Portfolio Investments included in the Borrowing Base shall be 0%; provided that, with respect to Portfolio Investments included in the Borrowing Base in a single Industry Classification Group from time to time designated by the Borrower to the Administrative Agent, such 25% figure shall be increased to 30%, (ii) less than 2.00:1.00 and greater than or equal to 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments included in the Borrowing Base in any single Industry Classification Group that exceeds 20% of the aggregate Value of all Portfolio Investments included in the Borrowing Base shall be 0%; provided that, with respect to Portfolio Investments included in the Borrowing Base in a single Industry Classification Group from time to time designated by the Borrower to the Administrative Agent, such 20% figure shall be increased to 25%, or (iii) less than 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments included in the Borrowing Base in any single Industry Classification Group that exceeds 20% of the aggregate Value of all Portfolio Investments included in the Borrowing Base shall be 0%;

102 *Revolving Credit 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;(d) if, as of the date of determination, the Relevant Asset Coverage Ratio is (i) greater than or equal to 2.00:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Borrower's investments in Non-Core Investments shall be 0% to the extent necessary so that no more than 20% of the Borrowing Base is attributable to such Non-Core Investments, (ii) less than 2.00:1.00 and greater than or equal to 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Borrower's investments in Non-Core Investments shall be 0% to the extent necessary so that no more than 10% of the Borrowing Base is attributable to such Non-Core Investments or (iii) less than 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Borrower's investments in Non-Core Investments shall be 0% to the extent necessary so that no more than 5% of the Borrowing Base is attributable to such Non-Core 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;(e) if, as of the date of determination, the Relevant Asset Coverage Ratio is (i) less than 2.00:1.00 and greater than or equal to 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Borrower's investments in Junior Investments and Non-Core Investments shall be 0% to the extent necessary so that no more than 30% of the Borrowing Base is attributable to such Investments or (ii) less than 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Borrower's investments in Junior Investments and Non-Core Investments shall be 0% to the extent necessary so that no more than 20% of the Borrowing Base is attributable to 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;(f) if, as of such date of determination, (i)(A) the Borrowing Base (without giving effect to any adjustment required pursuant to this paragraph (f), the "<u>Gross Borrowing Base</u>") is less than 1.5 times the Senior Debt Amount and (B) the Relevant Asset Coverage Ratio is less than 2.00:1.00 and greater than or equal to 1.75:1.00, then the Borrowing Base shall be reduced to the extent necessary such that the contribution of Senior Investments to the Borrowing Base may not be less than 60% of the Borrowing Base, (ii)(A) the Gross Borrowing Base is less than 1.5 times the Senior Debt Amount and (B) the Relevant Asset Coverage Ratio is less than 1.75:1.00, then the Borrowing Base shall be reduced to the extent necessary such that the contribution of Senior Investments to the Borrowing Base may not be less than 75% of the Borrowing Base, or (iii)(A) the Gross Borrowing Base is greater than or equal to 1.5 times the Senior Debt Amount and (B) the Relevant Asset Coverage Ratio is less than 1.75:1.00, then the Borrowing Base shall be reduced to the extent necessary such that the contribution of Senior Investments to the Borrowing Base may not be less than 25% of the Borrowing Base; 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) no Participation Interest may be included in the Borrowing Base for more than ninety (90) days.

103 *Revolving Credit Agreement*

For the avoidance of doubt, no Portfolio Investment may be included in the Borrowing Base unless the Collateral Agent maintains a first priority, perfected Lien (subject to Permitted Liens) on such Portfolio Investment and such Portfolio Investment has been Delivered (as defined in the Guarantee and Security Agreement) to the Collateral Agent, and then only for so long as such Portfolio Investment continues to be Delivered as contemplated therein; provided that, notwithstanding the foregoing, in the case of any Portfolio Investment in which the Collateral Agent has a first-priority perfected (subject to Other Permitted Liens under clause (g) of the definition thereof) security interest pursuant to a valid Uniform Commercial Code filing, such Portfolio Investment may be included in the Borrowing Base so long as all remaining actions to complete "Delivery" are satisfied in full within 7 days of such inclusion (or such longer period up to sixty (60) days as the Collateral Agent may agree in its sole discretion). Notwithstanding anything to the contrary contained herein or in any other Loan Document, the failure to Deliver any Portfolio Investment or other Collateral shall not be a Default or Event of Default, except for any failure that would constitute an Event of Default under clause (o) of Article VII.

As used in this <u>Section 5.13</u>, the following terms have the following meanings:

"<u>Advance Rate</u>" means, as to any Portfolio Investment and subject to adjustment as provided in this <u>Section 5.13</u>, the following percentages with respect to such Portfolio Investment:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Advance Rates | Advance Rates | Advance Rates | Advance Rates | Advance Rates | Advance Rates |
|  | Relevant Asset Coverage Ratio > 2.00:1.00 | Relevant Asset Coverage Ratio > 2.00:1.00 | 2.00:1.00 > Relevant Asset Coverage Ratio <u>></u> 1.75:1.00 | 2.00:1.00 > Relevant Asset Coverage Ratio <u>></u> 1.75:1.00 | 1.75:1.00 > Relevant Asset Coverage Ratio <u>></u> 1.50:1.00 | 1.75:1.00 > Relevant Asset Coverage Ratio <u>></u> 1.50:1.00 |
| Portfolio Investment | Quoted | Unquoted | Quoted | Unquoted | Quoted | Unquoted |
| Cash, Cash Equivalents and <br>Short-Term U.S. Government Securities | 100% | N/A | 100% | N/A | 100% | N/A |
| Long-Term U.S. Government Securities | 95% | N/A | 95% | N/A | 95% | N/A |
| Performing First Lien Bank Loans | 85% | 75% | 85% | 75% | 85% | 75% |
| Performing First Lien Unitranche Bank Loans | 85% | 75% | 80% | 70% | 75% | 65% |
| Performing First Lien Last Out Bank Loans | 80% | 70% | 75% | 65% | 70% | 60% |
| Performing Second Lien Bank Loans | 75% | 65% | 70% | 60% | 65% | 55% |
| Performing Cash Pay High Yield Securities | 70% | 60% | 65% | 55% | 60% | 50% |
| Performing Cash Pay Mezzanine Investments | 65% | 55% | 60% | 50% | 55% | 45% |
| Performing Non-Cash Pay High Yield Securities | 60% | 50% | 55% | 45% | 50% | 40% |
| Performing Non-Cash Pay Mezzanine Investments | 55% | 45% | 50% | 40% | 45% | 35% |
| Performing Preferred Stock | 55% | 45% | 50% | 40% | 45% | 35% |
| Non-Performing First Lien Bank Loans | 45% | 45% | 40% | 40% | 35% | 35% |
| Non-Performing First Lien Unitranche Bank Loans | 45% | 45% | 40% | 40% | 35% | 35% |
| Non-Performing First Lien Last Out Bank Loans | 40% | 35% | 35% | 30% | 30% | 25% |
| Performing DIP Loans | 40% | 35% | 35% | 30% | 30% | 25% |
| Non-Performing Second Lien Bank Loans | 40% | 30% | 35% | 25% | 30% | 20% |
| Non-Performing High Yield Securities | 30% | 30% | 25% | 25% | 20% | 20% |
| Non-Performing Mezzanine Investments | 30% | 25% | 25% | 20% | 20% | 20% |
| Performing Common Equity (and zero cost or penny warrants with performing debt) | 30% | 20% | 25% | 20% | 20% | 20% |
| Non-Performing DIP Loans | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Performing Preferred Stock | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Performing Common Equity | 0% | 0% | 0% | 0% | 0% | 0% |
| Structured Finance Obligations and Finance Leases | 0% | 0% | 0% | 0% | 0% | 0% |

---

104 *Revolving Credit Agreement*

"<u>Bank Loans</u>" means debt obligations (including term loans, notes, revolving loans, debtor-in-possession financings, the funded and unfunded portion of revolving credit lines and letter of credit facilities and other similar loans and investments including interim loans and senior subordinated loans) which are provided under a loan or credit facility (whether or not syndicated), note purchase agreement or substantively similar agreement.

"<u>Bankruptcy Code</u>" means the United States Bankruptcy Code, 11 U.S.C. Section 101 et seq.

"<u>Capital Stock</u>" of any Person means any and all shares of corporate stock (however designated) of and any and all other Equity Interests and participations representing ownership interests (including membership interests and limited liability company interests) in, such Person.

"<u>Cash</u>" has the meaning assigned to such term in <u>Section 1.01</u>.

"<u>Cash Equivalents</u>" has the meaning assigned to such term in <u>Section 1.01</u>.

"<u>Cash Pay Bank Loan</u>" means a First Lien Bank Loan, First Lien Unitranche Bank Loan, First Lien Last Out Bank Loan or Second Lien Bank Loan as to which, at the time of determination, not less than 2/3rds of the interest (including accretions and "pay-in-kind" interest) for the current period is payable in cash at least semi-annually.

105 *Revolving Credit Agreement*

"<u>DIP Loan</u>" means a loan made to a debtor-in-possession pursuant to Section 364 of the Bankruptcy Code having the priority allowed by either 364(c) or 364(d) of the Bankruptcy Code.

"<u>Finance Lease</u>" has the meaning assigned to such term in <u>Section 1.01</u>.

"<u>First Lien Bank Loan</u>" means a Bank Loan (other than a DIP Loan) that is entitled to the benefit of a first lien and first priority perfected security interest (subject to Liens securing a Superpriority Revolver and other customary encumbrances) on not less than a substantial portion of the assets of the respective borrower and guarantors obligated in respect thereof; <u>provided</u> that (x) any First Lien Bank Loan that is also a First Lien Unitranche Bank Loan shall be treated for purposes of determining the applicable Advance Rate as a First Lien Unitranche Bank Loan and (y) any First Lien Bank Loan that is also a First Lien Last Out Bank Loan shall be treated for purposes of determining the applicable Advance Rate as a First Lien Last Out Bank Loan. For the avoidance of doubt, to the extent that, and only for so long as, any Superpriority Revolver exceeds the amount permitted under clause (ii) of the definition thereof, an Obligor's investment in such applicable Bank Loan shall be treated as a Second Lien Bank Loan for purposes of determining the applicable Advance Rate for such Portfolio Investment.

"<u>First Lien Last Out Bank Loan</u>" means a Bank Loan that is a First Lien Bank Loan, a portion of which is, in effect, subject to debt subordination and superpriority rights of other lenders following an event of default (such portion, a "last out" portion); <u>provided</u> that, the aggregate principal amount of the "last out" portion of such Bank Loan is at least 50% of the aggregate principal amount of any "first out" portion of such Bank Loan; <u>provided</u>, further, that the underlying obligor with respect to such Bank Loan shall have a ratio of first lien debt (including the "first out" portion of such Bank Loan, but excluding the "last out" portion of such Bank Loan) to EBITDA that does not exceed 3.25 to 1.00 and a ratio of aggregate first lien debt (including both the "first out" portion and the "last out" portion of such Bank Loan) to EBITDA that does not exceed 5.25 to 1.00. An Obligor's investment in (i) the "last out" portion of a First Lien Bank Loan shall be treated as a First Lien Last Out Bank Loan; (ii) the "first out" portion of a First Lien Bank Loan shall be treated as a First Lien Bank Loan; and (iii) any "last out" portion of a First Lien Bank Loan that does not satisfy the foregoing criteria set forth in this definition shall be treated as a Second Lien Bank Loan, in each case, for purposes of determining the applicable Advance Rate for such Portfolio Investment under this Agreement.

"<u>First Lien Unitranche Bank Loan</u>" means a First Lien Bank Loan with a ratio of first lien debt to EBITDA that exceeds 5.25 to 1.00.

"<u>High Yield Securities</u>" means debt Securities and Preferred Stock (solely to the extent that such Preferred Stock has a maturity date or is subject to mandatory redemption on a date certain that is not greater than ten (10) years from the date of initial issuance of such Preferred Stock), in each case (a) issued by public or private issuers, (b) issued pursuant to an effective registration statement or pursuant to Rule 144A under the Securities Act (or any successor provision thereunder) or other exemption to the Securities Act and (c) that are not Cash Equivalents, Mezzanine Investments or Bank Loans.

106 *Revolving Credit Agreement*

"<u>Junior Investments</u>" means, collectively, Performing Cash Pay High Yield Securities and Performing Cash Pay Mezzanine Investments.

"<u>Long-Term U.S. Government Securities</u>" means U.S. Government Securities maturing more than one month from the applicable date of determination.

"<u>Mezzanine Investments</u>" means debt Securities (including convertible debt Securities (other than the "in-the-money" equity component thereof)) and Preferred Stock (solely to the extent that such Preferred Stock has a maturity date or is subject to mandatory redemption on a date certain that is not greater than ten (10) years from the date of initial issuance of such Preferred Stock), in each case (a) issued by public or private issuers, (b) issued without registration under the Securities Act, (c) not issued pursuant to Rule 144A under the Securities Act (or any successor provision thereunder), (d) that are not Cash Equivalents and (e) contractually subordinated in right of payment to other debt of the same issuer.

"<u>Non-Core Investments</u>" means, collectively, Capital Stock, Preferred Stock, Non-Performing Bank Loans, Non-Performing High Yield Securities, Non-Performing Mezzanine Investments, Performing DIP Loans, Performing Non-Cash Pay High Yield Securities and Performing Non-Cash Pay Mezzanine Investments.

"<u>Non-Performing Bank Loans</u>" means, collectively, Non-Performing First Lien Bank Loans, Non-Performing First Lien Last Out Bank Loans, Non-Performing First Lien Unitranche Bank Loans and Non-Performing Second Lien Bank Loans.

"<u>Non-Performing Common Equity</u>" means Capital Stock (other than Preferred Stock) and warrants of an issuer having any debt outstanding that is non-Performing.

"<u>Non-Performing DIP Loans</u>" means DIP Loans other than Performing DIP Loans.

"<u>Non-Performing First Lien Bank Loans</u>" means First Lien Bank Loans other than Performing First Lien Bank Loans.

"<u>Non-Performing First Lien Last Out Bank Loans</u>" means First Lien Last Out Bank Loans other than Performing First Lien Last Out Bank Loans.

"<u>Non-Performing First Lien Unitranche Bank Loans</u>" means First Lien Unitranche Bank Loans other than Performing First Lien Unitranche Bank Loans.

"<u>Non-Performing High Yield Securities</u>" means High Yield Securities other than Performing High Yield Securities.

"<u>Non-Performing Mezzanine Investments</u>" means Mezzanine Investments other than Performing Mezzanine Investments.

"<u>Non-Performing Preferred Stock</u>" means Preferred Stock other than Performing Preferred Stock.

107 *Revolving Credit Agreement*

"<u>Non-Performing Second Lien Bank Loans</u>" means Second Lien Bank Loans other than Performing Second Lien Bank Loans.

"<u>Participation Interest</u>" means a participation interest (excluding any sub-participation interests) in an investment that at the time of acquisition by an Obligor satisfies each of the following criteria: (a) the underlying investment would constitute a Portfolio Investment were it acquired directly by such Obligor, (b) the seller of the participation is an SPE Subsidiary, (c) the entire purchase price for such participation is paid in full at the time of its acquisition and (d) the participation provides the participant all of the economic benefit and risk of the whole or part of such portfolio investment that is the subject of such participation.

"<u>Performing</u>" means (a) with respect to any Portfolio Investment that is debt, the issuer of such Portfolio Investment is not in default of any payment obligations in respect thereof after the expiration of any applicable grace period and (b) with respect to any Portfolio Investment that is Preferred Stock, the issuer of such Portfolio Investment has not failed to meet any scheduled redemption obligations or to pay its latest declared cash dividend, after the expiration of any applicable grace period.

"<u>Performing Cash Pay High Yield Securities</u>" means High Yield Securities (a) as to which, at the time of determination, not less than 2/3rds of the interest (including accretions and "pay-in-kind" interest) for the current monthly, quarterly, semiannual or annual period (as applicable) is payable in cash and (b) which are Performing.

"<u>Performing Cash Pay Mezzanine Investments</u>" means Mezzanine Investments (a) as to which, at the time of determination, not less than 2/3rds of the interest (including accretions and "pay-in-kind" interest) for the current monthly, quarterly, semi-annual or annual period (as applicable) is payable in cash and (b) which are Performing.

"<u>Performing Common Equity</u>" means Capital Stock (other than Preferred Stock) and warrants of an issuer all of whose outstanding debt is Performing.

"<u>Performing DIP Loans</u>" means a DIP Loan that is Performing.

"<u>Performing First Lien Bank Loans</u>" means First Lien Bank Loans which are Cash Pay Bank Loans and are Performing.

"<u>Performing First Lien Last Out Bank Loans</u>" means First Lien Last Out Bank Loans which are Cash Pay Bank Loans and are Performing.

"<u>Performing First Lien Unitranche Bank Loans</u>" means First Lien Unitranche Bank Loans which are Cash Pay Bank Loans and are Performing.

"<u>Performing High Yield Securities</u>" means High Yield Securities which are Performing.

"<u>Performing Joint Venture Investments</u>" means Joint Venture Investments which are Performing.

108 *Revolving Credit Agreement*

"<u>Performing Mezzanine Investments</u>" means Mezzanine Investments which are Performing.

"<u>Performing Non-Cash Pay High Yield Securities</u>" means Performing High Yield Securities other than Performing Cash Pay High Yield Securities.

"<u>Performing Non-Cash Pay Mezzanine Investments</u>" means Performing Mezzanine Investments other than Performing Cash Pay Mezzanine Investments.

"<u>Performing Preferred Stock</u>" means Preferred Stock which is Performing.

"<u>Performing Second Lien Bank Loans</u>" means Second Lien Bank Loans which are Cash Pay Bank Loans and are Performing.

"<u>Preferred Stock</u>," as applied to the Capital Stock of any Person, means Capital Stock of such Person of any class or classes (however designated) that ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to any shares (or other interests) of other Capital Stock of such Person, and shall include, without limitation, cumulative preferred, non-cumulative preferred, participating preferred and convertible preferred Capital Stock.

"<u>Second Lien Bank Loan</u>" means a Bank Loan (other than a DIP Loan) that is entitled to the benefit of a second lien and second priority perfected security interest (subject to customary encumbrances) on not less than a substantial portion of the respective assets of the borrower and guarantors obligated in respect thereof.

"<u>Securities</u>" means common and preferred stock, units and participations, member interests in limited liability companies, partnership interests in partnerships, notes, bonds, debentures, trust receipts and other obligations, instruments or evidences of indebtedness, including debt instruments of public and private issuers and tax-exempt securities (including warrants, rights, put and call options and other options relating thereto, representing rights, or any combination thereof) and other property or interests commonly regarded as securities or any form of interest or participation therein, but not including Bank Loans.

"<u>Securities Act</u>" means the United States Securities Act of 1933, as amended.

"<u>Senior Debt Amount</u>" means, as of any date, the greater of (i) the Covered Debt Amount and (ii) the Combined Debt Amount.

"<u>Senior Investments</u>" means Cash, Cash Equivalents, Short-Term U.S. Government Securities, Long-Term U.S. Government Securities, Performing First Lien Bank Loans, Performing First Lien Unitranche Bank Loans, and Performing First Lien Last Out Bank Loans.

"<u>Short-Term U.S. Government Securities</u>" means U.S. Government Securities maturing within one month of the applicable date of determination.

109 *Revolving Credit Agreement*

"<u>Structured Finance Obligation</u>" means any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgaged-backed securities. If an obligation satisfies the definition of "Structured Finance Obligation", such obligation shall not (a) qualify as any other category of Portfolio Investment and (b) be included in the Borrowing Base.

"<u>Superpriority Revolver</u>" means, with respect to any borrower under a Bank Loan, a senior facility (including any "ABL" revolver) for such borrower and/or any of its parents and/or subsidiaries; provided that (a) such Bank Loan has a second-priority lien on the collateral that is subject to the first-priority lien of such senior facility (or a pari passu lien on such collateral), (b) such senior facility is not secured by any other assets (other than a pari passu lien or a second-priority lien on any collateral that is subject to a pari passu lien or a first-priority lien of such Bank Loan) and does not benefit from any standstill rights (other than customary rights) and (c) the maximum outstanding principal amount of such senior facility (i) is not greater than 15% of the aggregate enterprise value of such borrower (as determined at the time of closing of the transaction, and thereafter an enterprise value for such borrower determined in a manner consistent with the valuation methodology applied in the valuation for such borrower as determined by the External Manager (so long as it has the necessary delegated authority) or the Borrower's board of directors (or the appropriate committee thereof with the necessary delegated authority) in a commercially reasonable manner, including the use of an Approved Third-Party Appraiser in the case of Unquoted Investments) and (ii) is not greater than the lower of (x) 1.0x EBITDA of the borrower under such Bank Loan, and (y) 20% of the outstanding amount of the associated first-priority lien loan.

"<u>U.S. Government Securities</u>" has the meaning assigned to such term in <u>Section 1.01</u>.

"<u>Value</u>" means, with respect to any Portfolio Investment, the lower of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 most recent internal market value as determined pursuant to <u>Section 5.12(b)(ii)(C)</u> 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;(ii) the most recent external market value as determined pursuant to <u>Section 5.12(b)(ii)(A)</u> and <u>(B)</u>;

<u>provided</u> that the Value of any Portfolio Investment of the Borrower and its Subsidiaries shall be increased by the net unrealized gain as at the date such Value is determined of any Hedging Agreement entered into to hedge risks associated with such Portfolio Investment and reduced by the net unrealized loss as at such date of any such Hedging Agreement (such net unrealized gain or net unrealized loss, on any date, to be equal to the aggregate amount receivable or payable under the related Hedging Agreement if the same were terminated on such date); <u>provided further,</u> that if at any date the value of any Portfolio Investment is less than zero, then the "Value" of such Portfolio Investment as at such date shall be deemed to be zero for purposes of this Agreement.

110 *Revolving Credit Agreement*

ARTICLE VI<br><u>NEGATIVE COVENANTS</u>

Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full, the Borrower covenants and agrees with the Lenders that:

SECTION 6.01. <u>Indebtedness</u>. Subject to the proviso to this <u>Section 6.01</u>, the Borrower will not, nor will it permit any of the Subsidiary Guarantors to, create, incur, assume or permit to exist any Indebtedness, except:

&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) Indebtedness created hereunder or under any other Loan Document;

&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) Secured Longer-Term Indebtedness and Unsecured Longer-Term Indebtedness so long as (i) no Default exists at the time of the incurrence thereof, (ii) the aggregate amount of such Secured Longer-Term Indebtedness and Unsecured Longer-Term Indebtedness, taken together with other then-outstanding Indebtedness, does not exceed the amount required to comply with the provisions of <u>Sections 6.07(b)</u>, and (iii) prior to and immediately after giving effect to the incurrence of any Secured Longer-Term Indebtedness or Unsecured Longer-Term Indebtedness, the Covered Debt Amount does not or would not exceed the Borrowing Base then in 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;(c) Other Permitted Indebtedness;

&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) Guarantees of Indebtedness of any Obligor otherwise permitted under this <u>Section 6.01</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) Indebtedness of any Obligor owing to any other Obligor or, if such Indebtedness is subject to subordination terms and conditions that are satisfactory to the Administrative Agent, any other Subsidiary of 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;(f) repurchase obligations arising in the ordinary course of business with respect to U.S. Government 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;(g) obligations payable to clearing agencies, brokers or dealers in connection with the purchase or sale of securities in the ordinary course of business;

&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) Secured Shorter-Term Indebtedness so long as (i) no Default exists at the time of the incurrence thereof, (ii) the aggregate amount (determined at the time of the incurrence of such Indebtedness) of such Indebtedness does not exceed the greater of (A) $19,000,000 and (B) 5% of Shareholders' Equity, (iii) the aggregate amount of such Indebtedness, taken together with other then-outstanding Indebtedness, does not exceed the amount required to comply with the provisions of <u>Sections 6.07(b)</u>, and (iv) prior to and immediately after giving effect to the incurrence of any such Indebtedness, the Covered Debt Amount does not or would not exceed the Borrowing Base then in effect;

111 *Revolving Credit 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;(i) obligations (including Guarantees) in respect of Standard Securitization Undertakings;

&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) Permitted SBIC Guarantees;

&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) Any SBIC Equity Commitment or analogous commitment;

&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) Unsecured Shorter-Term Indebtedness (other than Special Unsecured Indebtedness that would otherwise constitute Unsecured Shorter-Term Indebtedness) so long as (i) no Default exists at the time of the incurrence thereof, (ii) the aggregate amount (determined at the time of the incurrence of such Indebtedness) of such Indebtedness does not exceed $250,000,000, (iii) the aggregate amount (determined at the time of the incurrence of such Indebtedness) of such Indebtedness, taken together with then-outstanding Special Unsecured Indebtedness incurred pursuant to <u>Section 6.01(m)</u>, does not exceed $500,000,000, (iv) the aggregate amount of such Indebtedness, taken together with other then-outstanding Indebtedness, does not exceed the amount required to comply with the provisions of <u>Section 6.07(b)</u>, and (v) prior to and immediately after giving effect to the incurrence of any such Indebtedness, the Covered Debt Amount does not or would not exceed the Borrowing Base then in 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;(m) Special Unsecured Indebtedness so long as (i) no Default exists at the time of the incurrence thereof, (ii) the aggregate amount (determined at the time of the incurrence of such Indebtedness) of such Indebtedness does not exceed $500,000,000, (iii) the aggregate amount (determined at the time of the incurrence of such Indebtedness) of such Indebtedness, taken together with then-outstanding Unsecured Shorter-Term Indebtedness incurred pursuant to <u>Section 6.01(l)</u>, does not exceed $500,000,000, (iv) the aggregate amount of such Indebtedness, taken together with other then-outstanding Indebtedness, does not exceed the amount required to comply with the provisions of <u>Section 6.07(b)</u>, and (v) prior to and immediately after giving effect to the incurrence of any such Indebtedness, the Covered Debt Amount does not or would not exceed the Borrowing Base then in 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;(n) Indebtedness under any Capital Call Facility not to exceed the lesser of (i) $175,000,000 and (ii) the undrawn capital commitments of the equity holders of 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;(o) other Indebtedness not to exceed the greater of (i) $19,000,000 and (ii) 5% of Shareholders' Equity at any time outstanding; 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;(p) The Existing Notes;

provided that, anything herein to the contrary notwithstanding, for purposes of determining compliance with this Section 6.01, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of permitted Indebtedness described in clauses (a) through (o) of this Section 6.01, the Borrower, in its sole discretion, will be permitted to classify such item of Indebtedness on the date of its incurrence, creation or assumption or later reclassify such item of Indebtedness, in any manner that complies with this Section 6.01, so long as such Indebtedness (or any portion thereof) is permitted to be incurred, created or assumed pursuant to such provision at the time of reclassification.

112 *Revolving Credit Agreement*

SECTION 6.02. <u>Liens</u>. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof except:

&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) any Lien on any property or asset of the Borrower existing on the Second Amendment Effective Date and set forth in <u>Part B</u> of <u>Schedule 3.11</u>; <u>provided</u> that (i) no such Lien shall extend to any other property or asset of the Borrower or any of the Subsidiary Guarantors, and (ii) any such Lien shall secure only those obligations which it secures on the Second Amendment Effective Date and extensions, renewals and replacements thereof that do not increase the outstanding principal amount 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;(b) Liens created pursuant to this Agreement (including <u>Section 2.19</u>) or any of the Security Documents (including Liens in favor of the Designated Indebtedness Holders (as defined in the Guarantee 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;(c) Liens on Special Equity Interests included in the Investments of the Borrower but only to the extent securing obligations in the manner provided in the definition of "<u>Special Equity Interests</u>" in <u>Section 1.01</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) Liens securing Indebtedness or other obligations in an aggregate principal amount not exceeding the greater of (i) $19,000,000 and (ii) 5% of Shareholders' Equity at any one time outstanding (which may cover Portfolio Investments, but only to the extent released from the Lien in favor of the Collateral Agent pursuant to Section 10.03 of the Guarantee and Security Agreement), so long as at the time of incurrence of such Indebtedness or other obligations, the aggregate amount of Indebtedness permitted under clauses (a), (b), (h), (l) and (m) of Section 6.01, does not exceed the lesser of (i) the Borrowing Base and (ii) the amount required to comply with the provisions of Section 6.07(b);

&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 Permitted Liens;

&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) Liens on Equity Interests in any SBIC Subsidiary created in favor of the SBA;

&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) (x) Liens securing Hedging Agreements permitted under <u>Section 6.04(c)</u> and not otherwise permitted under <u>clause (b)</u> above in an aggregate amount not to exceed $50,000,000 at any time and (y) Liens incurred in connection with any Hedging Agreement either entered into with a Lender (or an Affiliate of a Lender) on an uncleared basis or cleared through a Lender (or Affiliate of a Lender) as futures commission merchant in the ordinary course of business and not for speculative purposes (it being understood that such Lien shall continue to be permitted pursuant to this <u>subclause (y)</u> even if such Lender has assigned all of its Loans and other interests in this Agreement and thus has ceased to be a Lender hereunder); <u>provided</u> that in no event shall any Obligor be permitted to create, incur or assume any Lien pursuant to this <u>clause (i)</u> or increase the aggregate amount of collateral securing any Liens previously permitted under this <u>clause (g)</u> unless both before and after giving effect to the creation, incurrence or assumption of such Lien or such increase in the aggregate amount of collateral securing such Lien the Covered Debt Amount does not exceed the Borrowing Base (after giving effect to the exclusion of all such collateral from the Borrowing Base);

113 *Revolving Credit 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) Liens securing repurchase obligations arising in the ordinary course of business with respect to U.S. Government Securities; 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;(i) Liens on the capital commitments of the equity holders of the Borrower and assets related thereto in connection with any Indebtedness permitted under <u>Section 6.01(n)</u> (including any account pledged to the agent or lenders in respect to such Indebtedness but excluding any Portfolio Investments, any proceeds of any Portfolio Investments and any cash or other property that has been credited to a Pledged Account (as defined in the Guarantee and Security Agreement)).

SECTION 6.03. <u>Fundamental Changes</u>. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve or divide itself (or suffer any liquidation, dissolution or division). The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, acquire any business or property from, or Capital Stock of, or be a party to any acquisition of, any Person, except for purchases or acquisitions of Investments and other assets in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries and not in violation of the terms and conditions of this Agreement or any other Loan Document. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, any part of its assets, whether now owned or hereafter acquired, but excluding (x) assets (other than Investments) sold or disposed of in the ordinary course of business (including to make expenditures of cash in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries) and (y) subject to the provisions of <u>clauses (d)</u> and <u>(e)</u> of this <u>Section 6.03</u>, Investments. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, engage in business other than businesses of the type conducted by the Borrower (or Subsidiary Guarantor, as applicable) on the Effective Date and businesses reasonably related thereto.

Notwithstanding the foregoing provisions of this Section:

&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) any Subsidiary Guarantor may be merged or consolidated with or into the Borrower or any other Subsidiary Guarantor; <u>provided</u> that if any such transaction shall involve a wholly owned Subsidiary Guarantor (and not the Borrower), a wholly owned Subsidiary Guarantor shall be the continuing or surviving entity;

&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) any Subsidiary Guarantor may sell, lease, transfer (including a deemed transfer resulting from a division or plan of division) or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower or any wholly-owned Subsidiary Guarantor;

&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 Capital Stock of any Subsidiary of the Borrower may be sold, transferred (including a deemed transfer resulting from a division or plan of division) or otherwise disposed of to the Borrower or any wholly-owned Subsidiary Guarantor;

114 *Revolving Credit 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;(d) the Obligors may sell, transfer (including a deemed transfer resulting from a division or plan of division) or otherwise Dispose of Investments (other than to an Immaterial Subsidiary, Foreign Subsidiary or Financing Subsidiary) so long as after giving effect to such sale, transfer or other disposition (and any concurrent acquisitions of Investments or payment of outstanding Loans or Other Covered Indebtedness or any other Indebtedness that is included in the Covered Debt Amount at such time) the Covered Debt Amount does not exceed the Borrowing Base;

&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 Obligors may sell, transfer (including a deemed transfer resulting from a division or plan of division) or otherwise Dispose of Investments to an Immaterial Subsidiary, Foreign Subsidiary or Financing Subsidiary so long as (i) after giving effect to such sale, transfer or other disposition (and any concurrent acquisitions of Investments or payment of outstanding Loans or Other Covered Indebtedness or any other Indebtedness that is included in the Covered Debt Amount at such time) the Covered Debt Amount does not exceed the Borrowing Base and (ii) either (x) the amount by which the Borrowing Base exceeds the Covered Debt Amount immediately prior to such sale, is not diminished as a result of such sale, transfer or other disposition is not diminished as a result of such sale, transfer or other disposition or (y) the Borrowing Base immediately after giving effect to such sale, transfer or other disposition is at least 110% of the Covered Debt 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;(f) the Borrower may merge or consolidate with, or acquire all or substantially all of the assets of, any other Person (including any Subsidiary Guarantor) so long as (i) the Borrower is the continuing or surviving entity in such transaction and (ii) at the time thereof and after giving effect thereto, no Default shall have occurred or be continuing; <u>provided</u> that, in no event shall the Borrower enter in any transaction of merger or consolidation or amalgamation, or effect any internal reorganization, if the surviving entity would be organized under any jurisdiction other than a jurisdiction of the United States; 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) the Borrower and each of the Subsidiary Guarantors may sell, lease, transfer (including a deemed transfer resulting from a division or plan of division) or otherwise dispose of equipment or other property or assets that do not consist of Investments so long as the aggregate amount of all such sales, leases, transfer and dispositions does not exceed $5,000,000 in any fiscal year.

SECTION 6.04. <u>Investments</u>. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, acquire, make or enter into, or hold, any Investments except:

&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) operating deposit accounts with banks;

&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) Investments by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors;

&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) Hedging Agreements entered into in the ordinary course of the Borrower's financial planning and not for speculative purposes;

&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) Investments (excluding Investments in Hedging Agreements, Investments in any Financing Subsidiary and Joint Venture Investments) by the Obligors to the extent such Investments are permitted under the Investment Company Act and the Borrower's Investment Policies as in effect as of the date such Investments are acquired; <u>provided</u> that, if such Investment is not a Portfolio Investment that has been or will be Delivered (as defined in the Guarantee and Security Agreement) (other than Investments (but excluding Cash or Cash Equivalents) exchanged for Investments made or received in connection with or as a result of a workout or restructuring), then, (i) either (A) the amount by which the Borrowing Base exceeds the Covered Debt Amount immediately prior to such Investment is not diminished as a result of such Investment or (B) the Borrowing Base immediately after giving effect to such Investment is at least 110% of the Covered Debt Amount;

115 *Revolving Credit 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) Investments in Financing Subsidiaries so long as, after giving effect to such Investment (i) either (A) the amount by which the Borrowing Base exceeds the Covered Debt Amount immediately prior to such Investment is not diminished as a result of such Investment or (B) the Borrowing Base immediately after giving effect to such Investment is at least 110% of the Covered Debt Amount and (ii) the sum of (x) all Investments under this <u>clause (e)</u> that occur after the Commitment Termination Date and (y) all Investments under <u>clause (f)</u> below that occur after the Commitment Termination Date, shall not exceed (A) the greater of (i) $9,200,000 and (ii) 2.5% of Shareholders' Equity at any time outstanding or (B) so long as the ratio obtained by dividing the Borrowing Base by the Covered Debt Amount after giving effect to any Investment under this <u>clause (e)</u> (together with any related disposition under <u>Section 6.03(e)</u> and any mandatory prepayment under <u>Section 2.10(d)(i)</u>) is greater than or equal to the ratio obtained by dividing the Borrowing Base by the Covered Debt Amount (immediately prior to such Investment), the greater of (i) $19,000,000 and (ii) 5.0% of Shareholders' Equity at any time outstanding;

&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) additional Investments up to but not exceeding the greater of (i) $11,040,000 and (ii) 3.0% of Shareholders' Equity at any time outstanding in the aggregate; <u>provided</u> that no Investments shall be permitted under this <u>clause (f)</u> following the Commitment Termination Date upon the sum of (x) all Investments under this <u>clause (f)</u> that occur after the Commitment Termination Date and (y) all Investments under <u>clause (e)</u> above that occur after the Commitment Termination Date equaling or exceeding the greater of (i) $9,200,000 and (ii) 2.5% of Shareholders' Equity at any time outstanding in the aggregate;

&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) Investments in Cash and Cash Equivalents;

&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) Investments described on <u>Schedule 3.12(b)</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;(i) [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;(j) Investments in the form of Guarantees permitted pursuant to <u>Section 6.01</u>; 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;(k) Joint Venture Investments to the extent that such Joint Venture Investments are permitted under the Investment Company Act and the Borrower's Investment Policies as in effect as of the date such Joint Venture Investments are acquired; <u>provided</u> that no Obligor shall be permitted to make an Investment in a Joint Venture Investment that is a Non-Performing Joint Venture Investment under this <u>Section 6.04</u> unless, after giving effect to such Investment, the Covered Debt Amount does not exceed the Borrowing Base.

116 *Revolving Credit Agreement*

For purposes of <u>clauses (e)</u> and <u>(f)</u> of this <u>Section 6.04</u>, the aggregate amount of an Investment at any time shall be deemed to be equal to (A) the aggregate amount of cash, together with the aggregate fair market value of property, loaned, advanced, contributed, transferred or otherwise invested that gives rise to such Investment <u>minus</u> (B) the aggregate amount of dividends, distributions or other payments received in cash in respect of such Investment; <u>provided</u> that in no event shall the aggregate amount of such Investment be deemed to be less than zero; the amount of an Investment shall not in any event be reduced by reason of any write-off of such Investment nor increased by any increase in the amount of earnings retained in the Person in which such Investment is made that have not been dividended, distributed or otherwise paid out.

SECTION 6.05. <u>Restricted Payments</u>. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except that the Borrower may declare and pay:

&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) dividends with respect to the Capital Stock of the Borrower payable solely in additional shares of the Borrower's common 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;(b) dividends and distributions in either case in cash or other property (excluding for this purpose the Borrower's common stock) in any taxable year of the Borrower in amounts not to exceed the amount that is determined in good faith by the Borrower to be required to (i) maintain the status of the Borrower as a RIC for U.S. federal income tax purposes, and (ii) avoid federal income and excise taxes for such taxable year or for the previous taxable year imposed by Section 4982 and/or Section 852(b) 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;(c) dividends and distributions in each case in cash or other property (excluding for this purpose the Borrower's common stock) in addition to the dividends and distributions permitted under the foregoing <u>clauses (a)</u> and <u>(b)</u>, so long as on the date of such Restricted Payment and after giving effect thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) no Default shall have occurred and be continuing or would result therefrom; 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;(ii) the aggregate amount of Restricted Payments made during any taxable year of the Borrower after the Effective Date under this <u>clause (c)</u> shall not exceed the difference of (x) an amount equal to 10% of the taxable income of the Borrower for such taxable year determined under section 852(b)(2) of the Code, but without regard to <u>subparagraphs (A)</u>, <u>(B)</u> or <u>(D)</u> thereof, <u>minus</u> (y) the amount, if any, by which dividends and distributions made during such taxable year pursuant to the foregoing <u>clause (b)</u> (whether in respect of such taxable year or the previous taxable year) based upon the Borrower's estimate of taxable income exceeded the actual amounts specified in <u>subclauses (i)</u> and <u>(ii)</u> of such foregoing <u>clause (b)</u> for such taxable year; 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;(d) other Restricted Payments so long as on the date of such other Restricted Payment and after giving effect thereto (x) the Covered Debt Amount does not exceed 90% of the Borrowing Base and (y) no Default shall have occurred and be continuing or would result therefrom.

117 *Revolving Credit Agreement*

Nothing herein shall be deemed to prohibit the payment of Restricted Payments by any Subsidiary of the Borrower to the Borrower or to any other Subsidiary Guarantor.

SECTION 6.06. <u>Certain Restrictions on Subsidiaries</u>. The Borrower will not permit any of its Subsidiaries (other than Financing Subsidiaries) to enter into or suffer to exist any indenture, agreement, instrument or other arrangement (other than the Loan Documents) that prohibits or restrains, in each case in any material respect, or imposes materially adverse conditions upon, the incurrence or payment of Indebtedness, the declaration or payment of dividends, the making of loans, advances, guarantees or Investments or the sale, assignment, transfer or other disposition of property to the Borrower by any Subsidiary; <u>provided</u> that the foregoing shall not apply to (i) indentures, agreements, instruments or other arrangements pertaining to other Indebtedness permitted hereby (provided that such restrictions would not adversely affect in any material respect the exercise of rights or remedies of the Administrative Agent or the Lenders hereunder or under the Security Documents or restrict any Subsidiary in any manner from performing its obligations under the Loan Documents) and (ii) indentures, agreements, instruments or other arrangements pertaining to any lease, sale or other disposition of any asset permitted by this Agreement or any Lien permitted by this Agreement on such asset so long as the applicable restrictions only apply to the assets subject to such lease, sale, other disposition or Lien.

SECTION 6.07. <u>Certain Financial Covenants</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) <u>Minimum Shareholders' Equity</u>. The Borrower will not permit Shareholders' Equity at the last day of any fiscal quarter of the Borrower to be less than $770,000,000, <u>plus</u> 25% of the net proceeds of the sale of Equity Interests by the Borrower and its Subsidiaries after the Second Amendment Effective Date (other than proceeds of sales of Equity Interests by and among the Borrower and its Subsidiaries).

&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) <u>Consolidated Asset Coverage Ratio</u>. The Borrower will not permit the Consolidated Asset Coverage Ratio at the last day of any fiscal quarter of the Borrower to be less than 150% at any time.

SECTION 6.08. <u>Transactions with Affiliates</u>. The Borrower will not, and will not permit any of its Subsidiaries to enter into any transactions with any of its Affiliates except (a) transactions in the ordinary course of business (it being agreed that affiliate transactions that are expressly permitted to be undertaken by a "business development company" under the Investment Company Act and the rules and regulations promulgated thereunder will be deemed to be in the ordinary course of business for purposes of this Section 6.08) at prices and on terms and conditions not materially less favorable to the Borrower or such Subsidiary (other than a SBIC Subsidiary) than could be obtained on an arm's-length basis from unrelated third parties, (b) transactions between or among the Borrower and its Subsidiaries not involving any other Affiliate, (c) Restricted Payments permitted by <u>Section 6.05</u>, (d) the transactions provided in the Affiliate Agreements, (e) transactions described on <u>Schedule 6.08</u>, (f) any Investment that results in the creation of an Affiliate, (g) transactions between or among the Obligors and any SBIC Subsidiary or any "downstream affiliate" (as such term is used under the rules promulgated under the Investment Company Act) company of an Obligor at prices and on terms and conditions, taken as a whole, not materially less favorable to the Obligors than could be obtained at the time on an arm's-length basis from unrelated third parties or (h) transactions approved by a majority of the independent members of the board of directors of the Borrower.

118 *Revolving Credit Agreement*

SECTION 6.09. <u>Lines of Business</u>. The Borrower will not, nor will it permit any of its Subsidiaries (other than Immaterial Subsidiaries) to, engage to any material extent in any business other than in accordance with its Investment Policies. The Borrower will not, nor will it permit any of its Subsidiaries to, amend or modify the Investment Policies (other than a Permitted Policy Amendment).

SECTION 6.10. <u>No Further Negative Pledge</u>. The Borrower will not, and will not permit any of the Subsidiary Guarantors to, enter into any agreement, instrument, deed or lease which prohibits or limits the ability of any Obligor to create, incur, assume or suffer to exist any Lien upon any of its properties, assets or revenues, whether now owned or hereafter acquired, or which requires the grant of any security for an obligation if security is granted for another obligation, except the following: (a) this Agreement, the other Loan Documents and documents with respect to Indebtedness secured by a Lien that is permitted under <u>Section 6.02</u>; (b) covenants in documents creating Liens permitted by <u>Section 6.02</u> (including covenants with respect to the Designated Obligations or Designated Indebtedness Holders under (and, in each case, as defined in) the Security Documents) prohibiting further Liens on the assets encumbered thereby; (c) customary restrictions contained in leases not subject to a waiver; (d) any such agreement that imposes restrictions on investments or other interests in Financing Subsidiaries (but no other assets of any Obligor); (e) any such agreement that imposes restrictions on Liens in Joint Venture Investments (solely to the extent such restrictions relate to Joint Venture Investments); and (f) any other agreement that does not restrict in any manner (directly or indirectly) Liens created pursuant to the Loan Documents on any Collateral securing the "Secured Obligations" under and as defined in the Guarantee and Security Agreement and does not require the direct or indirect granting of any Lien securing any Indebtedness or other obligation by virtue of the granting of Liens on or pledge of property of any Obligor to secure the Loans or any Hedging Agreement.

SECTION 6.11. <u>Modifications of Longer-Term Indebtedness Documents</u>. The Borrower will not, and will not permit any other Obligor to, consent to any modification, supplement or waiver of:

&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) any of the provisions of any agreement, instrument or other document evidencing or relating to any Secured Longer-Term Indebtedness or Unsecured Longer-Term Indebtedness that would result in such Indebtedness not meeting the requirements of the definition of "Secured Longer-Term Indebtedness" and "Unsecured Longer-Term Indebtedness", as applicable, set forth in <u>Section 1.01</u> of this Agreement, unless (i) in the case of Secured Longer Term Indebtedness, such Indebtedness would have been permitted to be incurred as Secured Shorter-Term Indebtedness at the time of such modification, supplement or waiver and the Borrower so designates such Indebtedness as "Secured Shorter-Term Indebtedness" (whereupon such Indebtedness shall be deemed to constitute "Secured Shorter-Term Indebtedness" for all purposes of this Agreement) and (ii) in the case of Unsecured Longer-Term Indebtedness, such Indebtedness would have been permitted to be incurred as Unsecured Shorter-Term Indebtedness at the time of such modification, supplement or waiver and the Borrower so designates such Indebtedness as "Unsecured Shorter-Term Indebtedness" (whereupon such Indebtedness shall be deemed to constitute "Unsecured Shorter-Term Indebtedness" for all purposes of this Agreement); or

119 *Revolving Credit 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) any Affiliate Agreement, unless after giving effect to such modification, supplement or waiver, such Affiliate Agreement is not materially less favorable to the Borrower, taken as a whole, than (i) prior to such modification, supplement or waiver or (ii) could be obtained on an arm's-length basis from unrelated third parties, in each case, without the prior consent of the Administrative Agent (with the approval of the Required Lenders).

SECTION 6.12. <u>Payments of Longer-Term Indebtedness</u>. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition of or make any voluntary payment or prepayment of the principal of or interest on, or any other amount owing in respect of, any Secured Longer-Term Indebtedness, Unsecured Longer-Term Indebtedness or Special Unsecured Indebtedness (other than the refinancing of Secured Longer-Term Indebtedness, Unsecured Longer-Term Indebtedness or Special Unsecured Indebtedness with Indebtedness permitted under <u>Section 6.01</u>), except for:

&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) regularly scheduled payments, prepayments or redemptions of principal and interest in respect thereof required pursuant to the instruments evidencing such Indebtedness (it being understood that: (w) the conversion features into Permitted Equity Interests under Permitted Convertible Indebtedness; (x) the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests; and (y) any cash payment on account of interest or expenses on such convertible notes made by the Borrower in respect of such triggering and/or settlement thereof shall be permitted under this <u>clause (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;(b) so long as no Default shall exist or be continuing, any payment that, if treated as a Restricted Payment for purposes of <u>Section 6.05(d)</u>, would be permitted to be made pursuant to the provisions set forth in <u>Section 6.05(d)</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) payments and prepayments thereof required to comply with the requirements of <u>Section 2.10(c)</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) voluntary payments or prepayments of Secured Longer-Term Indebtedness, so long as both before and after giving effect to such voluntary payment or prepayment (i) the Borrower is in pro forma compliance with the financial covenants set forth in <u>Section 6.07</u> and (ii) no Default shall exist or 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;(e) mandatory payments, required prepayments or mandatory redemptions of any convertible notes constituting Unsecured Longer-Term Indebtedness or Special Unsecured Indebtedness in Cash (including any cash payment elected to be paid in connection with the settlement by the Borrower of any conversion at the option of any holder of such convertible notes pursuant to the conversion features thereunder), so long as both before and after giving effect to such payment (i) no Event of Default shall exist or be continuing and (ii) the Covered Debt Amount does not exceed the Borrowing Base; and

120 *Revolving Credit 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) payments or prepayments of Secured Longer-Term Indebtedness, Unsecured Longer-Term Indebtedness or Special Unsecured Indebtedness solely from the proceeds of any issuance of Equity Interests in excess of the amount, if any, that is required to be used for required amortization of the Facility after the Commitment Termination Date, so long as both before and after giving effect to such payment (i) no Default shall exist or be continuing and (ii) the Covered Debt Amount does not exceed 90% of the Borrowing Base.

Notwithstanding anything herein to the contrary, in no event shall any Obligor be permitted to prepay or settle (whether as a result of a mandatory redemption, conversion or otherwise) any such Indebtedness if, immediately after giving effect thereto, the Covered Debt Amount would exceed the Borrowing Base.

SECTION 6.13. <u>Accounting Changes</u>. The Borrower will not, nor will it permit any of its Subsidiaries to, make any change in (a) accounting policies or reporting practices, except as required by law or rule or regulation of any Governmental Authority, or (b) its fiscal year.

SECTION 6.14. <u>Financing Statements</u>. Except as otherwise permitted under <u>Section 6.02</u>, the Borrower will not, nor will it permit any Subsidiary Guarantor to, file or suffer to be on file, or authorize or permit to be filed or to be on file, in any jurisdiction, any financing statement or like instrument with respect to any of the Collateral in which the Collateral Agent is not named as the sole Collateral Agent for the benefit of the Secured Parties other than any financing statement or like instrument in respect of a Lien not prohibited by the provisions of any Loan Document.

SECTION 6.15. <u>SBIC Guarantee</u>. The Borrower will not, nor will it permit any of its Subsidiaries to, cause or permit the occurrence of any event or condition that would result in recourse to any Obligor under any Permitted SBIC Guarantee.

SECTION 6.16. <u>Capital Call Facility</u>. The Borrower will not, nor will it permit any other Obligor to, to, make any payment or prepayment of the principal or any other amount owing in respect of any Capital Call Facility from the proceeds of the Collateral, except (a) regularly scheduled payments of interest and fees if (i) no Default relating to clause (a), (b) or (i) of Article VII or Event of Default shall have occurred and be continuing and (ii) the Covered Debt Amount does not exceed the Borrowing Base after giving effect to such payment and (b) other amounts if (i) no Default relating to clause (a), (b) or (i) of Article VII or Event of Default shall have occurred and be continuing and (ii) the Covered Debt Amount does not exceed 90% of the Borrowing Base after giving effect to such payment; <u>provided</u>, that for the avoidance of doubt, this <u>Section 6.16</u> shall not restrict the ability of any Obligor to make any payment under any Capital Call Facility from amounts that do not constitute Collateral.

SECTION 6.17. <u>Outbound Investment Rules</u>. The Borrower will not, and will not permit any of its Subsidiaries to, (a) be or become a "covered foreign person", as that term is defined in the Outbound Investment Rules, or (b) engage, directly or indirectly, in (i) a "covered transaction", as such term is defined in the Outbound Investment Rules, (ii) any activity or transaction that would constitute a "covered transaction", as such term is defined in the Outbound Investment Rules, if the Borrower were a U.S. Person or (iii) any other activity that would cause the Administrative Agent, the Collateral Agent or the Lenders to be in violation of the Outbound Investment Rules or cause the Administrative Agent, the Collateral Agent or the Lenders to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.

121 *Revolving Credit Agreement*

ARTICLE VII<br><u>EVENTS OF DEFAULT</u>

If any of the following events (each, an "<u>Event of Default</u>") shall occur 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;(a) the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise (including, for the avoidance of doubt, any failure to pay all principal on the Loans in full on the Final Maturity 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;(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in <u>clause (a)</u> of this <u>Article VII</u>) payable under this Agreement or under any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) or more Business Days;

&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) any representation, warranty or certification made or deemed made by or on behalf of the Borrower or any of its Subsidiaries in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, shall prove to have been incorrect when made or deemed made in any material respect;

&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 Borrower shall fail to observe or perform any covenant, condition or agreement contained in (i) <u>Section 5.03</u> (with respect to the Borrower's existence) or <u>Sections 5.08(a)</u> and <u>(b)</u>, <u>Section 5.09</u> or or in <u>Article VI</u> or any Obligor shall default in the performance of any of its obligations contained in Sections 3 and 7 of the Guarantee and Security Agreement or (ii) <u>Sections 5.01(e)</u>, <u>(f)</u> or <u>(g)</u> or <u>Section 5.02</u> and such failure, in the case of this <u>clause (ii)</u>, shall continue unremedied for a period of five (5) or more days after notice thereof by the Administrative Agent (given at the request of any Lender) 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;(e) the Borrower shall fail to comply with <u>Section 2.10(c)</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;(f) the Borrower or any Obligor, as applicable, shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in <u>clause (a)</u>, <u>(b)</u>, <u>(d)</u>, <u>(e)</u> or <u>(r)</u> of this Article) or any other Loan Document and such failure shall continue unremedied for a period of thirty (30) or more days after notice thereof from the Administrative Agent (given at the request of any Lender) 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;(g) the Borrower or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable, taking into account any applicable grace period;

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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;(h) any event of default (however therein defined) occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or shall continue unremedied for any applicable period of time sufficient to enable or permit the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity (other than as permitted under <u>Section 6.12</u> and that is not a result of a breach, default or other violation or failure in respect of such Material Indebtedness by the Borrower or any of its Subsidiaries after giving effect to any applicable grace period); <u>provided</u> that this <u>clause (h)</u> shall not apply to (1) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; or (2) convertible debt that becomes due as a result of a conversion or redemption event, other than as a result of an "event of default" (as defined in the documents governing such convertible Material Indebtedness);

&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) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed and unstayed for a period of sixty (60) or more days or an order or decree approving or ordering any of the foregoing shall be entered;

&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 Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in <u>clause (i)</u> of this <u>Article VII</u>, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing (it being understood that the voluntary dissolution or liquidation of a Subsidiary in compliance with Section 6.03 shall not constitute an Event of Default under this clause (j));

&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) the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

&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) one or more judgments for the payment of money in an aggregate amount in excess of $25,000,000 shall be rendered against the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) or any combination thereof and the same shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed, discharged or bonded pending appeal, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) to enforce any such judgment;

123 *Revolving Credit 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;(m) an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in 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;(n) a Change in Control shall occur;

&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) except for expiration in accordance with its terms or as the result of action or inaction of the Administrative Agent, Collateral Agent or a Lender, any of the Loan Documents shall for whatever reason be terminated or cease to be in full force and effect in any material respect, or the enforceability thereof shall be contested by the Borrower or any other 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;(q) the Obligors shall at any time, without the consent of the Required Lenders fail to comply with the covenant contained in <u>Section 5.11</u>, and such failure shall continue unremedied for a period of thirty (30) or more days after the earlier of notice thereof by the Administrative Agent (given at the request of any Lender) to the Borrower or knowledge thereof by a Financial Officer; 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;(r) the Borrower or any of its Subsidiaries shall cause or permit the occurrence of any condition or event that would result in any recourse to any Obligor under any Permitted SBIC Guarantee;

then, and in every such event (other than an event with respect to the Borrower described in <u>clause (i)</u> or <u>(j)</u> of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder and under the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in <u>clause (i)</u> or <u>(j)</u> of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

124 *Revolving Credit Agreement*

Notwithstanding anything to the contrary contained herein, on the CAM Exchange Date, to the extent not otherwise prohibited by law, (a) the Lenders shall automatically and without further act be deemed to have exchanged interests in the Designated Obligations such that, in lieu of the interests of each Lender in the Designated Obligations under each Loan in which it shall participate as of such date, such Lender shall own an interest equal to such Lender's CAM Percentage in the Designated Obligations under each of the Loans and (b) simultaneously with the deemed exchange of interests pursuant to <u>clause (a)</u> of this paragraph, the interests in the Designated Obligations to be received in such deemed exchange shall, automatically and with no further action required, be converted into the Dollar Equivalent of such amount (as of the Business Day immediately prior to the CAM Exchange Date) and on and after such date all amounts accruing and owed to the Lenders in respect of such Designated Obligations shall accrue and be payable in Dollars at the rate otherwise applicable hereunder. Each Lender, each Person acquiring a participation from any Lender as contemplated by <u>Section 9.04</u> and the Borrower hereby consents and agrees to the CAM Exchange. The Borrower and the Lenders agree from time to time to execute and deliver to the Administrative Agent all such promissory notes and other instruments and documents as the Administrative Agent shall reasonably request to evidence and confirm the respective interests and obligations of the Lenders after giving effect to the CAM Exchange, and each Lender agrees to surrender any promissory notes originally received by it in connection with its Loans hereunder to the Administrative Agent against delivery of any promissory notes so executed and delivered; <u>provided</u> that the failure of the Borrower to execute or deliver or of any Lender to accept any such promissory note, instrument or document shall not affect the validity or effectiveness of the CAM Exchange. As a result of the CAM Exchange, on and after the CAM Exchange Date, each payment received by the Administrative Agent pursuant to any Loan Document in respect of the Designated Obligations shall be distributed to the Lenders pro rata in accordance with their respective CAM Percentages (to be redetermined as of each such date of payment).

ARTICLE VIII<br><u>THE ADMINISTRATIVE AGENT</u>

SECTION 8.01. <u>Appointment of the Administrative Agent</u>. Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. Each of the Lenders hereby irrevocably appoints the Collateral Agent as its agent hereunder and under the other Loan Documents and authorizes the Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent by the terms hereof or thereof (including Section 9 of the Guarantee and Security Agreement), and to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The Collateral Agent shall be a third party beneficiary of this <u>Section 8.01</u> and shall have all of the rights, benefits and privileges of a third party beneficiary, including an independent right of action to enforce such rights, benefits and privileges directly, without the consent or joinder of any other Person.

125 *Revolving Credit Agreement*

SECTION 8.02. <u>Capacity as Lender</u>. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder.

SECTION 8.03. <u>Limitation of Duties; Exculpation</u>. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent 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 Loan Documents that the Administrative Agent is required to exercise in writing by the Required Lenders, and (c) except as expressly set forth herein and in the other Loan Documents, the Administrative Agent shall not 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 Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and 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 Loan 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, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in <u>Article IV</u> or elsewhere herein or therein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

SECTION 8.04. <u>Reliance</u>. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

126 *Revolving Credit Agreement*

SECTION 8.05. <u>Sub-Agents</u>. The Administrative Agent may perform any and all of its duties and exercise its rights and powers 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 through their respective Related Parties. The exculpatory provisions of the preceding paragraphs 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 facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

SECTION 8.06. <u>Resignation; Successor Administrative Agent</u>. The Administrative Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, with the consent of the Borrower not to be unreasonably withheld or delayed (or, if an Event of Default has occurred and is continuing in consultation with the Borrower), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent's resignation shall nonetheless become effective and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and (2) the Required Lenders shall perform the duties of the Administrative Agent (and all payments and communications provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly) until such time as the Required Lenders appoint a successor agent as provided for above in this paragraph. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as provided above in this paragraph). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent's resignation hereunder, the provisions of this Article and <u>Section 9.03</u> shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Administrative Agent.

SECTION 8.07. <u>Reliance by Lenders</u>. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. The Administrative Agent shall have no duty or responsibility, either initially or on a continuing basis, to make any such investigation or any such appraisal on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or at any time or times thereafter, and the Administrative Agent shall have no responsibility with respect to the accuracy of or the completeness of any information provided to Lenders.

127 *Revolving Credit Agreement*

Each Lender, by delivering its signature page to this Agreement or any Assignment and Assumption and funding any Loan shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be approved by the Administrative Agent, Required Lenders or Lenders.

SECTION 8.08. <u>Modifications to Loan Documents</u>. Except as otherwise provided in <u>Section 2.20</u> or <u>Section 9.02(b)</u> or <u>(c)</u> of this Agreement or the Security Documents with respect to this Agreement, the Administrative Agent may, with the prior consent of the Required Lenders (but not otherwise), consent to any modification, supplement or waiver under any of the Loan Documents.

SECTION 8.09. <u>Erroneous Payments</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) If the Administrative Agent notifies a Lender or an Indemnitee, or any Person who has received funds on behalf of a Lender or an Indemnitee (any such Lender, Indemnitee or other recipient, a "<u>Payment Recipient</u>"), that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding <u>clause (b)</u>) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Indemnitee or other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "<u>Erroneous Payment</u>") and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender or Indemnitee 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, 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 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 <u>clause (a)</u> shall be conclusive, absent manifest error.

128 *Revolving Credit 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) Without limiting immediately preceding <u>clause (a)</u>, each Lender or Indemnitee, or any Person who has received funds on behalf of a Lender or Indemnitee, 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 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 Indemnitee, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) in the case of immediately preceding <u>clauses (x)</u> or <u>(y)</u>, an error shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding <u>clause (z)</u>), in each case, with respect to such payment, prepayment or repayment; 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;(ii) such Lender or Indemnitee shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) 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 <u>Section 8.09(b)</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) Each Lender and Indemnitee hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender or Indemnitee under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender or Indemnitee from any source, against any amount due to the Administrative Agent under immediately preceding <u>clause (a)</u> or under the indemnification provisions of this 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;(d) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding <u>clause (a)</u>, from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "<u>Erroneous Payment Return Deficiency</u>"), upon the Administrative Agent's notice to such Lender at any time, (i) such Lender shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the "<u>Erroneous Payment Impacted Class</u>") in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the "<u>Erroneous Payment Deficiency Assignment</u>") at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any notes evidencing such Loans to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to have acquired the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender and (iv) the Administrative Agent may reflect in the Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. So long as any sale of Loans complies with the terms of <u>Section 9.04(b)</u>, the Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender (and/or against any recipient that receives funds on its respective behalf). No Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender or Indemnitee under the Loan Documents with respect to each Erroneous Payment Return Deficiency (the "Erroneous Payment Subrogation Rights").

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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;(e) The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Credit Exposure or other obligations owed by the Borrower or any other Obligor, except, in each case, to the extent 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 the Borrower or any other Obligor for the purpose of making payment in respect of the Credit Exposure.

&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) To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and 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.

&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) Each party's obligations, agreements and waivers under this <u>Section 8.09</u> 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 Loan Document.

130 *Revolving Credit Agreement*

ARTICLE IX<br><u>MISCELLANEOUS</u>

SECTION 9.01. <u>Notices; Electronic Communications</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) <u>Notices Generally</u>. Except in the case of notices and other communications expressly permitted to be given by telephone, 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 or email, 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;(i) if to the Borrower, to it at:

Kayne Anderson BDC, Inc.

811 Main Street

14th Floor

Houston, TX 77002

Attention: Chief Executive Officer

Phone: 713-493-2020

Fax: 713-655-7359

&nbsp;&nbsp;&nbsp;&nbsp;&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 or SMBC, to it at:

Sumitomo Mitsui Banking Corporation

277 Park Avenue

New York, NY 10172

Attention: Steven Mao

Phone: 646-231-3733

Fax: 212-224-4433

Email : steven_mao@smbcgroup.com

Attention: Agency Services

Fax: 212-224-4433

Email: agencyservices@smbcgroup.com and cmragency@smbcgroup.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 or email) set forth in its Administrative Questionnaire.

Any party hereto may change its address, email or telecopy number for notices and other communications hereunder by notice to the other parties hereto All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. Notices delivered through electronic communications to the extent provided in <u>paragraph (b)</u> below, shall be effective as provided in said <u>paragraph (b)</u>.

131 *Revolving Credit 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) <u>Electronic Communications</u>. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including email 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>Section 2.06</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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Notices and other communications sent to an email 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 email 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 email address as described in the foregoing <u>clause (i)</u> of notification that such notice or communication is available and identifying the website address therefor.

Each party hereto understands that the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution and agrees and assumes the risks associated with such electronic distribution, except to the extent caused by the willful misconduct or gross negligence of the Administrative Agent, any Lender or their respective Related Parties, as determined by a final, non-appealable judgment of a court of competent jurisdiction. The Platform and any electronic communications media approved by the Administrative Agent as provided herein are provided "as is" and "as available". None of the Administrative Agent or its Related Parties warrant the accuracy, adequacy, or completeness of such media or the Platform and each expressly disclaims liability for errors or omissions in the Platform and such media. 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 the Administrative Agent and any of its Related Parties in connection with the Platform or the electronic communications media approved by the Administrative Agent as provided for herein.

&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) <u>Private Side Information Contacts</u>. Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the "Private Side Information" or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender's compliance procedures and applicable law, including United States federal and state securities laws, to make reference to information that is not made available through the "Public Side Information" portion of the Platform and that may contain Non-Public Information with respect to the Borrower, its Subsidiaries or their Securities for purposes of United States federal or state securities laws. In the event that any Public Lender has determined for itself to not access any information disclosed through the Platform or otherwise, such Public Lender acknowledges that (i) other Lenders may have availed themselves of such information and (ii) neither Borrower nor Administrative Agent has any responsibility for such Public Lender's decision to limit the scope of the information it has obtained in connection with this Agreement and the other Loan Documents.

132 *Revolving Credit 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;(d) <u>Documents to be Delivered under Sections 5.01 and 5.12(a)</u>. For so long as an Intralinks™ or equivalent website is available to each of the Lenders hereunder, the Borrower may satisfy its obligation to deliver documents to the Administrative Agent or the Lenders under <u>Sections 5.01</u> and <u>5.12(a)</u> by delivering one hard copy thereof to the Administrative Agent and either an electronic copy or a notice identifying the website where such information is located for posting by the Administrative Agent on Intralinks™ or such equivalent website; <u>provided</u> that the Administrative Agent shall have no responsibility to maintain access to Intralinks™ or an equivalent website.

SECTION 9.02. <u>Waivers; Amendments</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) <u>No Deemed Waivers Remedies Cumulative</u>. No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by <u>paragraph (b)</u> of this <u>Section 9.02</u>, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.

&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) <u>Amendments to this Agreement</u>. Except as provided in <u>Section 2.13</u>, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; <u>provided</u> that no such agreement shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) increase the Commitment of any Lender without the written consent of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) change <u>Section 2.17(b)</u>, <u>(c)</u> or <u>(d)</u> or <u>Section 2.19(i)</u> in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) change any of the provisions of this <u>Section 9.02</u> or the definition of the term "Required Lenders", the definition of the term "Required Revolving Lenders" or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender affected thereby;

133 *Revolving Credit 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;(vi) subject to <u>clause (d)</u> below, change any of the provisions of the definition of "Agreed Foreign Currencies" or any other provision specifying the Foreign Currencies in which Multicurrency Loans may be made hereunder, or make any determination or grant any consent hereunder with respect to the definition of "Agreed Foreign Currencies", in each case, without the consent of each Multicurrency Lender; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) contractually subordinate the payment priority of the Credit Agreement Obligations (as defined in the Guarantee and Security Agreement) or contractually subordinate the Liens granted to the Collateral Agent (for the benefit of the Secured Parties) in the Collateral, without the written consent of each Lender;

<u>provided</u> further that (x) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent and (y) the consent of Lenders holding not less than two-thirds of the Credit Exposure and unused Commitments will be required (A) for any adverse change affecting the provisions of this Agreement relating to the determination of the Borrowing Base (excluding changes to the provisions of <u>Section 5.12(b)(ii)(E)</u> and <u>(F)</u>, but including changes to the provisions of <u>Section 5.12(c)</u> and the definitions set forth in <u>Section 5.13</u>), and <u>(B)</u> for any release of any material portion of the Collateral other than for fair value or as otherwise permitted hereunder or under the other Loan Documents.

In addition, whenever a waiver, amendment or modification requires the consent of a Lender "affected" thereby, such waiver, amendment or modification shall, upon consent of such Lender, become effective as to such Lender whether or not it becomes effective as to any other Lender, so long as the Required Lenders consent to such waiver, amendment or modification as provided above.

Anything in this Agreement to the contrary notwithstanding, (x) no waiver or modification of any provision of this Agreement or any other Loan Document that could reasonably be expected to adversely affect the Lenders of any Class in a manner that does not affect all Classes equally shall be effective against the Lenders of such Class unless the Required Lenders of such Class shall have concurred with such waiver or modification, (y) the Required Revolving Lenders may waive any condition precedent to an extension of credit under the Revolving Commitments (other than as required by Section 4.02) (which, for the avoidance of doubt, shall not constitute a waiver of any ongoing or resulting Default or Event of Default) (but the consent of no Term Lender shall be required) and (z) any Incremental Term Lender may waive any condition precedent to an extension of credit under the applicable Incremental Term Commitments (which, for the avoidance of doubt, shall not constitute a waiver of any ongoing or resulting Default or Event of Default) (but the consent of no Revolving Lender or other Term Lender shall be required); provided, however, that for the avoidance of doubt, except as expressly required herein, in no other circumstances shall the concurrence of the Required Lenders of a particular Class be required for any waiver, amendment or modification of any provision of this Agreement or any other Loan Document.

134 *Revolving Credit 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;(c) <u>Amendments to Security Documents</u>. No Security Document nor any provision thereof may be waived, amended or modified, nor may the Liens thereof be spread to secure any additional obligations (including any increase in Loans hereunder, but excluding (x) the spreading of such Liens in connection with any such increase pursuant to a Commitment Increase under <u>Section 2.08(e)</u> or <u>(y</u>) the spreading of such Liens to any Designated Indebtedness Obligations or Hedging Agreement Obligations (as such terms are defined in the Guarantee and Security Agreement) as provided for in the Guarantee and Security Agreement) except pursuant to an agreement or agreements in writing entered into by the Borrower, and by the Collateral Agent with the consent of the Required Lenders, except that no such consent shall be required, and the Administrative Agent is hereby authorized (and so agrees with the Borrower) to direct the Collateral Agent under the Guarantee and Security Agreement, (x) to release any Lien covering property (and to release any such guarantor) that is the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders have consented, (y) to release any Lien and/or guarantee obligation in accordance with the Guarantee and Security Agreement and (z) to release (and to acknowledge the release of) all Liens and guarantees of Obligors upon the termination of this Agreement (including in connection with a complete refinancing). Notwithstanding anything herein or in any other Loan Document to the contrary, except for any such release or termination in connection with the Termination Date, the Collateral Agent shall not (i) without the consent of each Lender that prior to giving effect to such amendment is owed Hedging Agreement Obligations (as defined in the Guaranty and Security Agreement) that are secured pursuant to the Guaranty and Security Agreement, change the definition of "Hedging Agreement Obligations" in the Guarantee and Security Agreement, (ii) without the written consent of each Lender, release all or substantially all of the Obligors from their respective obligations under the Security Documents, (iii) without the written consent of each Lender, release all or substantially all of the Collateral, (iv) without the written consent of each Lender, otherwise terminate all or substantially all of the Liens under the Security Documents, (v) without the written consent of each Lender, alter the relative priorities of the obligations entitled to the Liens created under the Security Documents (except in connection with securing additional obligations equally and ratably with the Loans and other obligations hereunder) with respect to all or substantially all of the collateral security provided thereby, or (vi) without the written consent of each Lender, release all or substantially all of the guarantors under the Guarantee and Security Agreement from their guarantee obligations 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;(d) <u>Replacement of Non-Consenting Lender</u>. If, in connection with any proposed change, waiver, discharge or termination to any of the provisions of this Agreement as contemplated by this <u>Section 9.02</u>, the consent of the Required Lenders (or a majority of the Lenders otherwise required for such vote) shall have been obtained but the consent of one or more Lenders (each a "<u>Non-Consenting Lender</u>") whose consent is required for such proposed change, waiver, discharge or termination is not obtained, then (so long as no Event of Default has occurred and is continuing) the Borrower shall have the right, at its sole cost and expense, to replace each such Non-Consenting Lender or Lenders with one or more replacement Lenders pursuant to <u>Section 2.18(b)</u> so long as at the time of such replacement, each such replacement Lender consents to the proposed change, waiver, discharge or termination.

135 *Revolving Credit 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) If the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment, modification or supplement shall become effective without any further action or consent of any other party to this Agreement.

SECTION 9.03. <u>Expenses; Indemnity; Damage Waiver</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) <u>Costs and Expenses</u>. The Borrower shall pay (i) all reasonable and documented out-of-pocket costs and expenses incurred by the Administrative Agent, the Collateral Agent and their Affiliates, including the reasonable and documented out-of-pocket fees, charges and disbursements of one counsel for the Administrative Agent and the Collateral Agent, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents and any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the reasonable and documented fees, charges and disbursements of one outside counsel for the Administrative Agent and the Collateral Agent as well as one outside counsel for the Lenders and additional counsel should any conflict of interest arise, in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this <u>Section 9.03</u>, or in connection with the Loans made hereunder, including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect thereof and (iii) and all reasonable and documented costs, expenses, taxes, assessments and other charges incurred in connection with any filing, registration, recording or perfection of any security interest contemplated by any Security Document or any other document referred to 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;(b) <u>Indemnification by the Borrower</u>. The Borrower shall indemnify the Administrative Agent, Lead Arrangers, each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable and documented out-of-pocket fees and disbursements of one outside counsel for all Indemnitees (and, if reasonably necessary, of one local counsel in any relevant jurisdiction for all Indemnitees) unless, in the reasonable opinion of an Indemnitee, representation of all Indemnitees by such counsel would be inappropriate due to the existence of an actual or potential conflict of interest) in connection with any investigative, administrative or judicial proceeding or hearing commenced or threatened by any Person, whether or not any such Indemnitee shall be designated as a party or a potential party thereto, and any fees or expenses incurred by Indemnitees in enforcing this indemnity, whether based on any federal, state or foreign laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules or regulations and laws, statutes, rules or regulations relating to environmental, occupational safety and health or land use matters), on common law or equitable cause or on contract or otherwise and related expenses or disbursements of any kind, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of; in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and whether brought by the Borrower or a third party and regardless of whether any Indemnitee is a party thereto; <u>provided</u> that such indemnity shall not as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (A) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the willful misconduct, gross negligence or material breach in bad faith of the obligations of such Indemnitee under any Loan Document of such Indemnitee or its Related Parties, (B) result from the settlement of any such claim, investigation, litigation or other proceedings described in clause (iii) above unless the Borrower has consented to such settlement (which consent shall not be unreasonably withheld, delayed or conditioned (provided that nothing in this clause (B) shall restrict the right of any person to settle any claim for which it has waived its right of indemnity by the Borrower)) or (C) result from disputes solely among Indemnitees and not involving any act or omission of an Obligor or any of its Affiliates (other than any dispute against the Administrative Agent, the Collateral Agent or the Lead Arranger in their respective capacities as such). Notwithstanding the foregoing, this section <u>9.03(b)</u> shall not apply with respect to Taxes, other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

136 *Revolving Credit Agreement*

The Borrower shall not be liable to any Indemnitee for any special, indirect, consequential or punitive damages (as opposed to direct or actual damages (which may include special, indirect, consequential or punitive damages asserted against any such party hereto by a third party)) arising out of, in connection with, or as a result of the Transactions asserted by an Indemnitee against the Borrower or any other Obligor; <u>provided</u> that the foregoing limitation shall not be deemed to impair or affect the obligations of the Borrower under the preceding provisions of this subsection with respect to damages not expressly described in the foregoing limitation.

&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) <u>Reimbursement by Lenders</u>. To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under <u>paragraph (a)</u> or <u>(b)</u> of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender's Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; <u>provided</u> that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in its capacity as such.

&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) <u>Waiver of Consequential Damages, Etc</u>. To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof; provided that nothing contained in this sentence shall limit the Borrower's indemnification obligations under <u>Section 9.03</u> to the extent such special, indirect consequential or punitive damages are included in any third party claim in connection with which any Indemnitee is entitled to indemnification thereunder. Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, except to the extent caused by the willful misconduct or gross negligence of such Indemnitee, as determined by a final, non-appealable judgment of a court of competent jurisdiction.

137 *Revolving Credit 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) <u>Payments</u>. All amounts due under this Section shall be payable promptly after written demand therefor.

SECTION 9.04. <u>Successors and Assigns</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) <u>Assignments Generally</u>. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this 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) <u>Assignments by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Assignments Generally</u>. Subject to the conditions set forth in <u>clause (ii)</u> below, any Lender may assign to one or more assignees (other than natural persons (or a holding company, investments vehicle, investment vehicle or trust for, or owned and operated by or for the primary benefit of a natural Person) or any Defaulting Lender) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Borrower; <u>provided</u> that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, or, if an Event of Default has occurred and is continuing, any other assignee; <u>provided</u>, <u>further</u>, that the Borrower shall be deemed to have consented to any such assignment unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment by a Lender to another Lender or an Affiliate of such Lender with credit ratings at least as good as the assigning Lender.

138 *Revolving Credit 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;(ii) <u>Certain Conditions to Assignments</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of a Class, the amount of the Commitment or Loans of such Class 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 U.S. $5,000,000 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each partial assignment of any Commitments or Loans shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement in respect of such Commitments and Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption in substantially the form of <u>Exhibit A</u> hereto, together with a processing and recordation fee of U.S. $3,500 (which fee shall not be payable in connection with an assignment to a Lender or to an Affiliate of a Lender), for which the Borrower and the Subsidiary Guarantors shall not be obligated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 assignee, if it shall not already be a Lender of the applicable Class, shall deliver to the Administrative Agent an Administrative Questionnaire; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the assignee shall deliver to the Borrower and the Administrative Agent those documents specified in <u>Section 2.16(f)</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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Effectiveness of Assignments</u>. Subject to acceptance and recording thereof pursuant to <u>paragraph (c)</u> of this <u>Section 9.04</u>, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of <u>Sections 2.14</u>, <u>2.15</u>, <u>2.16</u> and <u>9.03</u> with respect to facts and circumstances occurring prior to the effective date of such assignment). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>Section 9.04</u> shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>paragraph (f)</u> of this <u>Section 9.04</u>. Notwithstanding anything to the contrary herein, in connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions set forth in <u>Section 9.04(b)(ii)</u> or otherwise, the parties to the assignment shall make such additional payments to Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of Borrower and Administrative Agent, the Applicable Percentage of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to Administrative Agent and each Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full Applicable Percentage of all Loans. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

139 *Revolving Credit 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;(c) <u>Maintenance of Registers by Administrative Agent</u>. The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in New York City a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the "<u>Registers</u>" and each individually, a "<u>Register</u>"). The entries in the Registers shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Registers pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Registers shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior 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;(d) <u>Acceptance of Assignments by Administrative Agent</u>. Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>paragraph (b)</u> of this <u>Section 9.04</u> and any written consent to such assignment required by <u>paragraph (b)</u> of this <u>Section 9.04</u>, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

&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) <u>Special Purposes Vehicles</u>. Notwithstanding anything to the contrary contained herein, any Lender (a "<u>Granting Lender</u>") may grant to a special purpose funding vehicle (an "<u>SPC</u>") owned or administered by such Granting Lender, identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make; <u>provided</u> that (i) nothing herein shall constitute a commitment to make any Loan by any SPC, (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall, subject to the terms of this Agreement, make such Loan pursuant to the terms hereof, (iii) the rights of any such SPC shall be derivative of the rights of the Granting Lender, and such SPC shall be subject to all of the restrictions upon the Granting Lender herein contained, and (iv) no SPC shall be entitled to the benefits of <u>Sections 2.14</u> (or any other increased costs protection provision), 2.15 or 2.16. Each SPC shall be conclusively presumed to have made arrangements with its Granting Lender for the exercise of voting and other rights hereunder in a manner which is acceptable to the SPC, the Administrative Agent, the Lenders and the Borrower, and each of the Administrative Agent, the Lenders and the Obligors shall be entitled to rely upon and deal solely with the Granting Lender with respect to Loans made by or through its SPC. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by the Granting Lender.

140 *Revolving Credit Agreement*

Each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding senior indebtedness of any SPC, it will not institute against, or join any other person in instituting against, such SPC, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceedings under the laws of the United States or any State thereof, in respect of claims arising out of this Agreement; <u>provided</u> that the Granting Lender for each SPC hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage and expense arising out of their inability to institute any such proceeding against its SPC. In addition, notwithstanding anything to the contrary contained in this <u>Section 9.04</u>, any SPC may (i) without the prior written consent of the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to its Granting Lender or to any financial institutions providing liquidity and/or credit facilities to or for the account of such SPC to fund the Loans made by such SPC or to support the securities (if any) issued by such SPC to fund such Loans (but nothing contained herein shall be construed in derogation of the obligation of the Granting Lender to make Loans hereunder); <u>provided</u> that neither the consent of the SPC or of any such assignee shall be required for amendments or waivers hereunder except for those amendments or waivers for which the consent of participants is required under <u>paragraph (f)</u> below, and (ii) disclose on a confidential basis (in the same manner described in <u>Section 9.13(b)</u>) any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of a surety, guarantee or credit or liquidity enhancement to such SPC.

&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) <u>Participations</u>. Any Lender may, without the consent of the Borrower, sell participations to one or more banks or other entities (other than natural persons (or a holding company, investments vehicle, investment vehicle or trust for, or owned and operated by or for the primary benefit of a natural Person)) (a "<u>Participant</u>") in all or a portion of such Lender's rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitments and the Loans owing to it); <u>provided</u> that (i) such Lender's obligations under this Agreement and the other Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement and the other Loan Documents. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document; <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to <u>Section 9.02(b)</u> that affects such Participant. Subject to <u>paragraph (g)</u> of this <u>Section 9.04</u>, the Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 2.14</u>, <u>2.15</u> and <u>2.16</u>, subject to the requirements and limitations therein<u>,</u> to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <u>paragraph (b)</u> of this <u>Section 9.04</u>; <u>provided</u> that such Participant agrees that it (i) shall be subject to the provisions of <u>Section 2.18</u> as if it were an assignee and (ii) shall not be entitled to receive any greater payment under <u>Sections 2.14</u>, <u>2.15</u> or <u>2.16</u>, with respect to any participation, than its participating Lenders would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation; <u>provided</u>, <u>further</u>, that no Participant shall be entitled to the benefits of <u>Section 2.16</u> unless the Borrower is notified of the participation granted to such Participant and such Participant shall have complied with the requirements of <u>Section 2.16</u> as if such Participant is a Lender. Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.18(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 9.08</u> as though it were a Lender; provided such Participant agrees to be subject to <u>Section 2.17(d)</u> as though it were a Lender hereunder. Each Lender that sells a participation 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 Commitments, Loans, or other obligations under the Loan Documents (the "<u>Participant Register</u>")); <u>provided</u> 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 other information relating to a Participant's interest in any Commitments, Loans, or its other obligations under any Loan Document) to any person except to the extent that such disclosures are necessary to establish that such Commitment, Loan, or other obligation is in registered form under Section 163 of the Code and any related United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. The Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

141 *Revolving Credit 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) <u>Limitations on Rights of Participants</u>. A Participant shall not be entitled to receive any greater payment under <u>Section 2.14</u>, <u>2.15</u> or <u>2.16</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower's prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of <u>Section 2.16</u> unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with <u>Sections 2.16 (e)</u> and <u>(f)</u> as though it were a Lender and in the case of a Participant claiming exemption for portfolio interest under Section 871(h) or 881(c) of the Code, the applicable Lender shall provide the Borrower with satisfactory evidence that the participation is in registered form and shall permit the Borrower to review such register as reasonably needed for the Borrower to comply with its obligations under applicable laws and regulations.

&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) <u>Certain Pledges</u>. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank or any other central bank having jurisdiction over such Lender, and this <u>Section 9.04</u> shall not apply to any such pledge or assignment of a security interest; <u>provided</u> that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such assignee for such Lender as a party hereto.

&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) <u>No Assignments to the Borrower or Affiliates</u>. Anything in this <u>Section 9.04</u> to the contrary notwithstanding, no Lender may assign or participate any interest in any Loan held by it hereunder to the Borrower or any of its Affiliates or Subsidiaries without the prior consent of each Lender.

SECTION 9.05. <u>Survival</u>. All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of <u>Sections 2.14</u>, <u>2.15</u>, <u>2.16</u> and <u>9.03</u> and <u>Article VIII</u> shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. Any Non-Extending Lender that has had all of its obligations under this Agreement and each other Loan Document paid in full shall cease to be a Lender under the Loan Documents following the earliest to occur of (i) such Non-Extending Lender's Non-Extended Commitment Termination Date, (ii) the termination of such Non-Extending Lender's Commitment in its entirety pursuant to <u>Section 2.08(f)</u> and (iii) the Termination Date, except with respect to any provision applicable to such Non-Extending Lender that expressly survives the termination of a Loan Document.

SECTION 9.06. <u>Counterparts; Integration; Effectiveness; Electronic Execution</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) <u>Counterparts; Integration; Effectiveness</u>. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract between and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in <u>Section 4.01</u>, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page to this Agreement by telecopy or electronically (e.g. pdf) shall be effective as delivery of a manually executed counterpart of this Agreement.

142 *Revolving Credit 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) <u>Electronic Execution of Loan Documents</u>. The words "execution," "signed," "signature," and words of like import in this Agreement and the other Loan Documents including any Assignment and Assumption shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

SECTION 9.07. <u>Severability</u>. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

SECTION 9.08. <u>Right of Setoff</u>. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time (with the prior consent of the Administrative Agent or the Required Lenders), to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured; <u>provided</u> that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to Administrative Agent for further application in accordance with the provisions of <u>Sections 2.17(d)</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to Administrative Agent a statement describing in reasonable detail the amounts owing to such Defaulting Lender hereunder as to which it exercised such right of setoff. The rights of each Lender under this <u>Section 9.08</u> are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; <u>provided</u> that the failure to give such notice shall not affect the validity of such setoff and application.

SECTION 9.09. <u>Governing Law; Jurisdiction; Etc</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) <u>Governing Law</u>. This Agreement and, unless otherwise specified therein, each other Loan Document shall be construed in accordance with and governed by the law of the State of New York.

143 *Revolving Credit 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) <u>Submission to Jurisdiction</u>. The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement and any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction.

&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) <u>Waiver of Venue</u>. The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in <u>paragraph (b)</u> of this <u>Section 9.09</u>. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&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) <u>Service of Process</u>. Each party to this Agreement (i) irrevocably consents to service of process in the manner provided for notices in <u>Section 9.01</u> and (ii) agrees that service as provided in the manner provided for notices in <u>Section 9.01</u> is sufficient to confer personal jurisdiction over such party in any proceeding in any court and otherwise constitutes effective and binding service in every respect. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

SECTION 9.10. <u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

SECTION 9.11. <u>Judgment Currency</u>. This is an international loan transaction in which the specification of Dollars or any Foreign Currency, as the case may be (the "<u>Specified Currency</u>"), and payment in New York City 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 Loans 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 (for purposes of this Section 9.11, an "<u>Entitled Person</u>") hereunder or under any other Loan Document 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, 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.

144 *Revolving Credit Agreement*

SECTION 9.12. <u>Headings</u>. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

SECTION 9.13. <u>Treatment of Certain Information; No Fiduciary Duty; Confidentiality</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) <u>Treatment of Certain Information; No Fiduciary Duty; No Conflicts</u>. The Borrower acknowledges that from time to time financial advisory, investment banking and other services may be offered or provided to the Borrower or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by any Lender or by one or more subsidiaries or affiliates of such Lender and the Borrower hereby authorizes each Lender to share any information delivered to such Lender by the Borrower and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender to enter into this Agreement, to any such subsidiary or affiliate, it being understood that any such subsidiary or affiliate receiving such information shall be bound by the provisions of <u>paragraph (b)</u> of this <u>Section 9.13</u> as if it were a Lender hereunder. Such authorization shall survive the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. Each Lender shall use all information delivered to such Lender by the Borrower and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender to enter into this Agreement, in connection with providing services to the Borrower. The Administrative Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the "Lenders"), may have economic interests that conflict with those of the Borrower or any of its Subsidiaries, their stockholders and/or their affiliates. The Borrower, on behalf of itself and each of its Subsidiaries, agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and the Borrower or any of its Subsidiaries, its stockholders or its affiliates, on the other. The Borrower and each of its Subsidiaries each acknowledge and agree that (i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm's-length commercial transactions between the Lenders, on the one hand, and the Borrower and its Subsidiaries, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of the Borrower or any of its Subsidiaries, any of their stockholders or affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise the Borrower or any of its Subsidiaries, their stockholders or their affiliates on other matters) or any other obligation to the Borrower or any of its Subsidiaries except the obligations expressly set forth in the Loan Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of the Borrower or any of its Subsidiaries, their management, stockholders, creditors or any other Person. The Borrower and each of its Subsidiaries each acknowledge and agree that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. The Borrower and each of its Subsidiaries each agree that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Borrower or any of its Subsidiaries, in connection with such transaction or the process leading thereto.

145 *Revolving Credit 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) <u>Confidentiality</u>. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates and to its and its Affiliates' respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority), (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this <u>Section 9.13</u>, to (x) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (y) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (vii) with the consent of the Borrower, (viii) to the extent such Information (x) becomes publicly available other than as a result of a breach of this <u>Section 9.13</u> or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower or (ix) on a confidential basis to (x) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or (y) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the credit facilities provided hereunder.

For purposes of this <u>Section 9.13</u>, "<u>Information</u>" means all information received from the Borrower or any of its Subsidiaries or provided on their behalf (including from any third-party appraiser or other representative engage in connection with this Agreement or the Transactions) relating to the Borrower or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries; <u>provided</u> that, in the case of Information received from the Borrower or any of its Subsidiaries after the Effective Date; such Information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

146 *Revolving Credit Agreement*

SECTION 9.14. <u>PATRIOT Act</u>. Each Lender hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower and each other Obligor, which information includes the name and address of the Borrower and each other Obligor and other information that will allow such Lender to identify Borrower and each other Obligor in accordance with the PATRIOT Act.

SECTION 9.15. <u>Interest Rate Limitation</u>. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the "<u>Maximum Rate</u>"). If Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the obligations hereunder.

SECTION 9.16.<u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>. Solely to the extent any Lender that is an Affected Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&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 application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an Affected Financial Institution; 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) the effects of any Bail-In Action on any such liability, including, if 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in full or in part or cancellation of any such liability;

147 *Revolving Credit 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;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

SECTION 9.17. <u>Certain ERISA Matters</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) Each Lender (x) represents and warrants, as of the later of the date such Person became a Lender party hereto and the Effective Date, to, and (y) covenants, from such date to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, each Joint Lead Arranger, and their respective Affiliates, and not to or for the benefit of the Borrower or any other Obligor, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Lender is not using "plan assets" (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the Commitments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this 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) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or

148 *Revolving Credit 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;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender with respect to the Loan Documents.

&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) In addition, unless <u>subclause (i)</u> in the immediately preceding <u>clause (a)</u> is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in <u>subclause (iv)</u> in the immediately preceding <u>clause (a)</u>, such Lender further (x) represents and warrants, as of the later of the date such Person became a Lender party hereto and the Effective Date, to, and (y) covenants, from such date to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, each Joint Lead Arranger, and their respective Affiliates, and not to or for the benefit of the Borrower or any other Obligor, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) none of the Administrative Agent, any Joint Lead Arranger, or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies (including in respect of the Secured Obligations (as defined in the Guarantee 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;(iv) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, 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;(v) no fee or other compensation is being paid directly to the Administrative Agent, any Joint Lead Arranger or any their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Commitments or this Agreement.

149 *Revolving Credit 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;(c) The Administrative Agent and the Joint Lead Arrangers hereby inform the Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans or the Commitments for an amount less than the amount being paid for an interest in the Loans or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker's acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

SECTION 9.18. <u>Acknowledgement Regarding Any Supported QFCs</u>. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedging Agreements or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>", and each such QFC, a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state 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;(a) In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) 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 the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support 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 the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

150 *Revolving Credit 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) As used in this <u>Section 9.17</u>, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) "<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such 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;(ii) "<u>Covered Entity</u>" means any 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); 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;&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) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) "<u>Default Right</u>" has 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) "<u>QFC</u>" has 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).

SECTION 9.19. <u>Representations and Warranties of the Lenders</u>. Each Lender represents and warrants that in participating as a Lender, it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Lender, in each case in the ordinary course of business, and not for the purpose of investing in the general performance or operations of the Borrower, or for the purpose of purchasing, acquiring or holding any other type of financial instrument such as a security (and each Lender agrees not to assert a claim in contravention of the foregoing, such as a claim under the federal or state securities laws).

[Signatures omitted]

151 *Revolving Credit Agreement*

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of Kayne Anderson BDC, Inc.**

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| Kayne Anderson BDC Financing, LLC | Delaware |
| Kayne Anderson BDC Financing II, LLC | Delaware |
| KABDC Corp, LLC | Delaware |
| KABDC Corp II, LLC | Delaware |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Co-Chief Executive Officer** 

I, Douglas L. Goodwillie, Co-Chief Executive Officer of Kayne Anderson BDC, Inc., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Kayne Anderson BDC, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's
 other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
 Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
 Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 11, 2025

---

| | |
|:---|:---|
| By: | /s/ DOUGLAS L. GOODWILLIE |
|  | Co-Chief Executive Officer |
|  | (Co-Principal Executive Officer) |

---

**Certification of Co-Chief Executive Officer** 

I, Kenneth B. Leonard, Co-Chief Executive Officer of Kayne Anderson BDC, Inc., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Kayne Anderson BDC, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's
 other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
 Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
 Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 11, 2025

---

| | |
|:---|:---|
| By: | /s/ KENNETH B. LEONARD |
|  | Co-Chief Executive Officer |
|  | (Co-Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Chief Financial Officer** 

I, Terry A. Hart, Chief Financial Officer of Kayne Anderson BDC, Inc., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Kayne Anderson BDC, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's
 other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
 Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
 Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 11, 2025

---

| | |
|:---|:---|
| By: | /s/ TERRY A. HART |
|  | Chief Financial Officer<br> (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Co-Chief Executive Officer**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)**

In connection with the Quarterly Report on Form 10-Q for the three months ended June 30, 2025 (the "Report") of Kayne Anderson BDC, Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Douglas L. Goodwillie, the Co-Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
|  | /s/ DOUGLAS L. GOODWILLIE |
| Name: | Douglas L. Goodwillie |
| Title: | Co-Chief Executive Officer <br> (Co-Principal Executive Officer) |
| Date: | August 11, 2025 |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

**Certification of Co-Chief Executive Officer**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)**

In connection with the Quarterly Report on Form 10-Q for the three months ended June 30, 2025 (the "Report") of Kayne Anderson BDC, Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Kenneth B. Leonard, the Co-Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
|  | /s/ KENNETH B. LEONARD |
| Name: | Kenneth B. Leonard |
| Title: | Co-Chief Executive Officer <br> (Co-Principal Executive Officer) |
| Date: | August 11, 2025 |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Exhibit 32.2

**Exhibit 32.2**

**Certification of Chief Financial Officer**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)**

In connection with the Quarterly Report on Form 10-Q for the three months ended June 30, 2025 (the "Report") of Kayne Anderson BDC, Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Terry A. Hart, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
|  | /s/ TERRY A. HART |
| Name: | Terry A. Hart |
| Title: | Chief Financial Officer <br> (Principal Financial and Accounting Officer) |
| Date: | August 11, 2025 |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.