# EDGAR Filing Document

**Accession Number:** 0001930679
**File Stem:** 0001628280-25-051535
**Filing Date:** 2025-11
**Character Count:** 1020355
**Document Hash:** 5e5457fd426230125245ce24351bd9c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-051535.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001628280-25-051535

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01620
- **FILM NUMBER:** 251472013

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

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

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

?xml version='1.0' encoding='ASCII'? kfit-20250930

    

**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 SEPTEMBER 30, 2025**

---

| | |
|:---|:---|
| ◻ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**COMMISSION FILE NUMBER: 814-01620**

**_________________________________________________**

**KKR FS Income Trust**

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

**_________________________________________________**

---

| | |
|:---|:---|
| **Delaware** | **88-0591692** |
| **(State of Organization)** | **(I.R.S. Employer Identification Number)** |
| **201 Rouse Boulevard**<br>**Philadelphia, Pennsylvania** | **19112** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

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

**_______________________________________**

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.&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;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).&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;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 | ◻ |
| Non-accelerated filer | ⌧ | Smaller reporting company | ◻ |
| | | 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 ◻&nbsp;&nbsp;&nbsp;&nbsp;No ⌧.

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act.** | **Securities registered pursuant to Section 12(b) of the Act.** | **Securities registered pursuant to Section 12(b) of the Act.** |
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **N/A** | **N/A** | **N/A** |

---

Indicate the number of shares outstanding of each of the issuer's classes of common shares, as of the latest practicable date.

The number of shares of the registrant's common shares of beneficial interest, par value $0.01 per share, outstanding as of October 31, 2025 was 49,100,279 of Class I shares.

    

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | <u>Page</u> |
| **PART I—FINANCIAL INFORMATION** | **PART I—FINANCIAL INFORMATION** | **PART I—FINANCIAL INFORMATION** |
| &nbsp;&nbsp;ITEM 1. | <u>[FINANCIAL STATEMENTS](#i73f9152daa0a4955bbb3e96fb62fb4c2_16)</u> | <u>[1](#i73f9152daa0a4955bbb3e96fb62fb4c2_13)</u> |
| | <u>[Consolidated Statements of Assets and Liabilities as of](#i73f9152daa0a4955bbb3e96fb62fb4c2_19)[September](#i73f9152daa0a4955bbb3e96fb62fb4c2_19)[30, 2025 (Unaudited) and December 31, 2024](#i73f9152daa0a4955bbb3e96fb62fb4c2_19)</u> | <u>[1](#i73f9152daa0a4955bbb3e96fb62fb4c2_19)</u> |
| | <u>[Unaudited Consolidated Statements of Operations for the three and](#i73f9152daa0a4955bbb3e96fb62fb4c2_22)[nine](#i73f9152daa0a4955bbb3e96fb62fb4c2_22)[months ended](#i73f9152daa0a4955bbb3e96fb62fb4c2_22)[September](#i73f9152daa0a4955bbb3e96fb62fb4c2_22)[30, 2025 and 2024](#i73f9152daa0a4955bbb3e96fb62fb4c2_22)</u> | <u>[2](#i73f9152daa0a4955bbb3e96fb62fb4c2_22)</u> |
| | <u>[Unaudited Consolidated Statements of Changes in Net Assets for the three and](#i73f9152daa0a4955bbb3e96fb62fb4c2_25)[nine](#i73f9152daa0a4955bbb3e96fb62fb4c2_25)[months ended](#i73f9152daa0a4955bbb3e96fb62fb4c2_25)[September](#i73f9152daa0a4955bbb3e96fb62fb4c2_25)[30, 2025 and 2024](#i73f9152daa0a4955bbb3e96fb62fb4c2_25)</u> | <u>[4](#i73f9152daa0a4955bbb3e96fb62fb4c2_25)</u> |
| | <u>[Unaudited Consolidated Statements of Cash Flows for the](#i73f9152daa0a4955bbb3e96fb62fb4c2_28)[nine](#i73f9152daa0a4955bbb3e96fb62fb4c2_28)[months ended](#i73f9152daa0a4955bbb3e96fb62fb4c2_28)[September](#i73f9152daa0a4955bbb3e96fb62fb4c2_28)[30, 2025 and 2024](#i73f9152daa0a4955bbb3e96fb62fb4c2_28)</u> | <u>[5](#i73f9152daa0a4955bbb3e96fb62fb4c2_28)</u> |
| | <u>[Consolidated Schedules of Investments as of](#i73f9152daa0a4955bbb3e96fb62fb4c2_31)[September](#i73f9152daa0a4955bbb3e96fb62fb4c2_31)[30, 2025 (Unaudited) and December 31, 2024](#i73f9152daa0a4955bbb3e96fb62fb4c2_31)</u> | <u>[6](#i73f9152daa0a4955bbb3e96fb62fb4c2_31)</u> |
| | <u>[Notes to Unaudited Consolidated Financial Statements](#i73f9152daa0a4955bbb3e96fb62fb4c2_37)</u> | <u>[30](#i73f9152daa0a4955bbb3e96fb62fb4c2_37)</u> |
| &nbsp;&nbsp;ITEM 2. | <u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i73f9152daa0a4955bbb3e96fb62fb4c2_88)</u> | <u>[53](#i73f9152daa0a4955bbb3e96fb62fb4c2_88)</u> |
| &nbsp;&nbsp;ITEM 3. | <u>[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i73f9152daa0a4955bbb3e96fb62fb4c2_130)</u> | <u>[71](#i73f9152daa0a4955bbb3e96fb62fb4c2_130)</u> |
| &nbsp;&nbsp;ITEM 4. | <u>[CONTROLS AND PROCEDURES](#i73f9152daa0a4955bbb3e96fb62fb4c2_133)</u> | <u>[73](#i73f9152daa0a4955bbb3e96fb62fb4c2_133)</u> |
| **PART II—OTHER INFORMATION** | **PART II—OTHER INFORMATION** | |
| &nbsp;&nbsp;ITEM 1. | <u>[LEGAL PROCEEDINGS](#i73f9152daa0a4955bbb3e96fb62fb4c2_139)</u> | <u>[74](#i73f9152daa0a4955bbb3e96fb62fb4c2_139)</u> |
| &nbsp;&nbsp;ITEM 1A. | <u>[RISK FACTORS](#i73f9152daa0a4955bbb3e96fb62fb4c2_142)</u> | <u>[74](#i73f9152daa0a4955bbb3e96fb62fb4c2_142)</u> |
| &nbsp;&nbsp;ITEM 2. | <u>[UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#i73f9152daa0a4955bbb3e96fb62fb4c2_145)</u> | <u>[74](#i73f9152daa0a4955bbb3e96fb62fb4c2_145)</u> |
| &nbsp;&nbsp;ITEM 3. | <u>[DEFAULTS UPON SENIOR SECURITIES](#i73f9152daa0a4955bbb3e96fb62fb4c2_148)</u> | <u>[75](#i73f9152daa0a4955bbb3e96fb62fb4c2_148)</u> |
| &nbsp;&nbsp;ITEM 4. | <u>[MINE SAFETY DISCLOSURES](#i73f9152daa0a4955bbb3e96fb62fb4c2_151)</u> | <u>[75](#i73f9152daa0a4955bbb3e96fb62fb4c2_151)</u> |
| &nbsp;&nbsp;ITEM 5. | <u>[OTHER INFORMATION](#i73f9152daa0a4955bbb3e96fb62fb4c2_154)</u> | <u>[75](#i73f9152daa0a4955bbb3e96fb62fb4c2_154)</u> |
| &nbsp;&nbsp;ITEM 6. | <u>[EXHIBITS](#i73f9152daa0a4955bbb3e96fb62fb4c2_157)</u> | <u>[76](#i73f9152daa0a4955bbb3e96fb62fb4c2_157)</u> |
| | <u>[SIGNATURES](#i73f9152daa0a4955bbb3e96fb62fb4c2_160)</u> | <u>[77](#i73f9152daa0a4955bbb3e96fb62fb4c2_160)</u> |

---

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**PART I—FINANCIAL INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements.** 

**KKR FS Income Trust**

**Consolidated Statements of Assets and Liabilities** 

**(in thousands, except share and per share amounts)** 

---

| | | |
|:---|:---|:---|
| | **September 30, 2025**<br>**(Unaudited)** | **December 31, 2024** |
| **Assets** | | |
| Investments, at fair value |  |  |
| &nbsp;&nbsp;Non-controlled/unaffiliated investments (amortized cost—$1,968,598 and $1,027,138, respectively) | $1995558 | $1037289 |
| &nbsp;&nbsp;Non-controlled/affiliated investments (amortized cost—$8,156 and $8,095, respectively) | 8655 | 8841 |
| &nbsp;&nbsp;Controlled/affiliated investments (amortized cost—$17,158 and $17,630, respectively) | 17498 | 17943 |
| Total investments, at fair value (amortized cost—$1,993,912 and $1,052,863, respectively) | 2021711 | 1064073 |
| Cash and cash equivalents | 42849 | 19277 |
| Foreign currency (cost—$470 and $424, respectively) | 470 | 416 |
| Receivable for investments sold and repaid | 2836 | 216 |
| Income receivable | 15818 | 10401 |
| Unrealized appreciation on foreign currency forward contracts | 111 | 200 |
| Deferred financing costs | 5320 | 3659 |
| Prepaid expenses and other assets | 2082 | 254 |
| &nbsp;&nbsp;**Total assets** | $2091197 | $1098496 |
| **Liabilities** |  |  |
| Payable for investments purchased | $1978 | $23746 |
| Debt<sup>(1)</sup> | 661820 | 229355 |
| Unrealized depreciation on foreign currency forward contracts | 223 |  |
| Shareholders' distributions payable | 11753 | 9818 |
| Organizational and offering costs payable |  | 103 |
| Accrued capital gains incentive fee<sup>(2)</sup> | 2845 | 1467 |
| Administrative services expense payable | 1194 | 365 |
| Accrued accounting and administrative fees | 209 | 83 |
| Interest payable | 5761 | 3150 |
| Other accrued expenses and liabilities | 2041 | 1167 |
| &nbsp;&nbsp;**Total liabilities** | 687824 | 269254 |
| Commitments and contingencies<sup>(3)</sup> |  |  |
| **Shareholders' equity** |  |  |
| Common Shares, $0.01 par value, unlimited shares authorized, 47,002,485 and 28,051,771 Class I shares issued and outstanding, respectively | 470 | 281 |
| Capital in excess of par value | 1378221 | 815969 |
| Retained earnings (accumulated deficit) | 24682 | 12992 |
| &nbsp;&nbsp;**Total shareholders' equity** | 1403373 | 829242 |
| &nbsp;&nbsp;**Total liabilities and shareholders' equity** | $2091197 | $1098496 |
| Net asset value per share of common shares at period end | $29.86 | $29.56 |

---

_______________

(1)See Note 9 for a discussion of the Company's financing arrangements.

(2)See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees.

(3)See Note 10 for a discussion of the Company's commitments and contingencies.

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Statements of Operations**

**(in thousands, except share and per share amounts)**

  

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Investment income** |  |  |  |  |
| From non-controlled/unaffiliated investments: |  |  |  |  |
| &nbsp;&nbsp;Interest income | $40345 | $18763 | $104185 | $41221 |
| &nbsp;&nbsp;Paid-in-kind interest income | 1397 | 1046 | 3748 | 1574 |
| &nbsp;&nbsp;Fee income | 2336 | 2253 | 5305 | 4812 |
| &nbsp;&nbsp;Dividend and other income | 401 | 115 | 1519 | 1158 |
| From non-controlled/affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;Interest income |  | 136 |  | 200 |
| &nbsp;&nbsp;Paid-in-kind interest income | 102 |  | 306 |  |
| &nbsp;&nbsp;Fee income |  | 8 |  | 8 |
| &nbsp;&nbsp;Dividend and other income | 75 |  | 395 |  |
| From controlled/affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;Interest income | 363 |  | 1098 |  |
| &nbsp;&nbsp;Fee income |  |  | 23 |  |
| &nbsp;&nbsp;Dividend and other income | 714 | 86 | 1153 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 45733 | 22407 | 117732 | 49087 |
| **Operating expenses** |  |  |  |  |
| Management fees | 3912 | 1596 | 10067 | 3428 |
| Subordinated income incentive fees<sup>(1)</sup> | 4266 | 2034 | 11141 | 4250 |
| Capital gains incentive fees<sup>(1)</sup> | 880 | 247 | 1378 | 971 |
| Interest expense<sup>(2)</sup> | 9444 | 3804 | 23199 | 9172 |
| Administrative services expense | 759 | 560 | 1897 | 1376 |
| Accounting and administrative fees | 164 | 72 | 422 | 186 |
| Organizational and offering costs |  | 1025 | 440 | 2290 |
| Insurance expense | 38 | 46 | 104 | 137 |
| Audit expense | 219 | 147 | 549 | 436 |
| Other general and administrative expenses | 981 | 469 | 1991 | 1008 |
| &nbsp;&nbsp;Total operating expenses | 20663 | 10000 | 51188 | 23254 |
| &nbsp;&nbsp;Management and incentive fee waivers | (8178) | (3630) | (21208) | (7678) |
| &nbsp;&nbsp;Recoupment of previously waived expenses<sup>(3)</sup> |  |  |  | 436 |
| &nbsp;&nbsp;Net expenses | 12485 | 6370 | 29980 | 16012 |
| &nbsp;&nbsp;Net investment income | 33248 | 16037 | 87752 | 33075 |
| **Realized and unrealized gain/loss** |  |  |  |  |
| Net realized gain (loss) on investments: |  |  |  |  |
| &nbsp;&nbsp;Non-controlled/unaffiliated investments | 367 | 21 | 113 | 77 |
| Net realized gain (loss) on foreign currency forward contracts | (114) | 9 | (202) | 9 |
| Net realized gain (loss) on foreign currency | (602) | (192) | (688) | (141) |
| Net change in unrealized appreciation (depreciation) on investments: |  |  |  |  |
| &nbsp;&nbsp;Non-controlled/unaffiliated investments | 5763 | 2921 | 16809 | 8388 |
| &nbsp;&nbsp;Non-controlled/affiliated investments | 79 | 319 | (247) | 306 |
| &nbsp;&nbsp;Controlled/affiliated investments | (111) | (29) | 27 | 41 |
| Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | 192 | (113) | (312) | (119) |
| Net change in unrealized gain (loss) on foreign currency | 1470 | (962) | (4472) | (793) |
| &nbsp;&nbsp;Total net realized and unrealized gain (loss) | 7044 | 1974 | 11028 | 7768 |
| **Net increase (decrease) in net assets resulting from operations** | $40292 | $18011 | $98780 | $40843 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Statements of Operations (continued)**

**(in thousands, except share and per share amounts)**

  

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Per share information—basic and diluted** |  |  |  |  |
| Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) | $0.93 | $0.98 | $2.66 | $3.12 |
| Weighted average shares outstanding | 43411691 | 18447883 | 37200259 | 13059527 |

---

_______________

(1)See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees and capital gains incentive fees.

(2)See Note 9 for a discussion of the Company's financing arrangements.

(3)See Note 4 for a discussion of the Company's expense support and conditional reimbursement.

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Statements of Changes in Net Assets**

**(in thousands)**

  

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $33248 | $16037 | $87752 | $33075 |
| &nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency forward contracts and foreign currency | (349) | (162) | (777) | (55) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency forward contracts | 5923 | 3098 | 16277 | 8616 |
| &nbsp;&nbsp;Net change in unrealized gain (loss) on foreign currency | 1470 | (962) | (4472) | (793) |
| Net increase (decrease) in net assets resulting from operations | 40292 | 18011 | 98780 | 40843 |
| **Shareholder distributions** |  |  |  |  |
| &nbsp;&nbsp;Distributions to common shareholders | (32622) | (16030) | (87090) | (32828) |
| &nbsp;&nbsp;Distributions to preferred shareholders |  | (15) |  | (46) |
| Net decrease in net assets resulting from shareholder distributions | (32622) | (16045) | (87090) | (32874) |
| **Capital transactions**<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;Issuance of capital | 253210 | 222940 | 548207 | 363244 |
| &nbsp;&nbsp;Reinvestment of shareholder distributions | 5937 | 1349 | 15968 | 1552 |
| &nbsp;&nbsp;Repurchases of common shares | (1187) |  | (1734) |  |
| Net increase (decrease) in net assets resulting from capital share transactions | 257960 | 224289 | 562441 | 364796 |
| Total increase (decrease) in net assets | 265630 | 226255 | 574131 | 372765 |
| Net assets at beginning of period | 1137743 | 390404 | 829242 | 243894 |
| Net assets at end of period | $1403373 | $616659 | $1403373 | $616659 |

---

_______________

(1)See Note 3 for a discussion of the Company's capital share transactions.

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Statements of Cash Flows**

**(in thousands)**

  

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $98780 | $40843 |
| &nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;Purchases of investments | (1179295) | (613073) |
| &nbsp;&nbsp;Paid-in-kind interest | (4054) | (1574) |
| &nbsp;&nbsp;Proceeds from sales and repayments of investments | 244685 | 60091 |
| &nbsp;&nbsp;Net realized (gain) loss on investments | (113) | (77) |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (16589) | (8735) |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | 312 | 119 |
| &nbsp;&nbsp;Accretion of discount | (2747) | (794) |
| &nbsp;&nbsp;Amortization of deferred financing costs | 1199 | 722 |
| &nbsp;&nbsp;Unrealized (gain)/loss on borrowings in foreign currency | 4478 | 795 |
| &nbsp;&nbsp;(Increase) decrease in receivable for investments sold and repaid | (2620) | 59 |
| &nbsp;&nbsp;(Increase) decrease in income receivable | (4942) | (4548) |
| &nbsp;&nbsp;(Increase) decrease in expense support receivable |  | 436 |
| &nbsp;&nbsp;(Increase) decrease in prepaid expenses and other assets | (1828) | (82) |
| &nbsp;&nbsp;Increase (decrease) in payable for investments purchased | (21768) | 15500 |
| &nbsp;&nbsp;Increase (decrease) in organizational and offering costs payable | (103) | 1749 |
| &nbsp;&nbsp;Increase (decrease) in accrued capital gains incentive fee | 1378 | 972 |
| &nbsp;&nbsp;Increase (decrease) in administrative services expense payable | 829 | 416 |
| &nbsp;&nbsp;Increase (decrease) in accrued accounting and administrative fees | 126 | 12 |
| &nbsp;&nbsp;Increase (decrease) in interest payable | 2611 | 1984 |
| &nbsp;&nbsp;Increase (decrease) in other accrued expenses and liabilities | 874 | (57) |
| Net cash provided by (used in) operating activities | (878787) | (505242) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;Issuance of common shares | 548207 | 363244 |
| &nbsp;&nbsp;Repurchases of common shares | (1734) |  |
| &nbsp;&nbsp;Distributions to common shareholders | (69187) | (26004) |
| &nbsp;&nbsp;Distributions to preferred shareholders |  | (46) |
| &nbsp;&nbsp;Borrowings under financing arrangements | 795237 | 439252 |
| &nbsp;&nbsp;Repayments under financing arrangements | (367250) | (312050) |
| &nbsp;&nbsp;Deferred financing costs paid | (2860) | (530) |
| Net cash provided by (used in) financing activities | 902413 | 463866 |
| Total increase (decrease) in cash | 23626 | (41376) |
| Cash and foreign currency at beginning of period | 19693 | 78991 |
| Cash and foreign currency at end of period | $43319 | $37615 |
| **Supplemental disclosure** |  |  |
| Reinvestment of shareholder distributions | $15968 | $1552 |
| Federal and income taxes paid during the period | $145 |  |
| Interest paid during the period | $19389 | $6469 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments**

**As of September 30, 2025** 

**(in thousands, expect share amounts)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| **Senior Secured Loans—First Lien—110.0%** | | | | | | | | | | | | |
| &nbsp;&nbsp;Advanced Dermatology & Cosmetic Surgery | (f) | Health Care Equipment & Services | SF | + | 6.3% |  |  | 1.0% | 05/27 | $818 | $818 | $818 |
| &nbsp;&nbsp;Affordable Care Inc | (f) | Health Care Equipment & Services | SF | + | 6.0% | (3.3% PIK | / 3.3% PIK) | 0.8% | 08/28 | 1699 | 1699 | 1628 |
| &nbsp;&nbsp;AGS Health LLC | (f) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/32 | 4873 | 4861 | 4873 |
| &nbsp;&nbsp;AGS Health LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/32 | 1679 | 1679 | 1679 |
| &nbsp;&nbsp;AGS Health LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/32 | 596 | 596 | 596 |
| &nbsp;&nbsp;A-Lign Assurance LLC | (f) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 3.0% PIK) | 0.8% | 08/32 | 11232 | 11121 | 11120 |
| &nbsp;&nbsp;A-Lign Assurance LLC | (i) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 3.0% PIK) | 0.8% | 08/32 | 3303 | 3287 | 3270 |
| &nbsp;&nbsp;A-Lign Assurance LLC | (i) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 08/32 | 1586 | 1570 | 1570 |
| &nbsp;&nbsp;Amerivet Partners Management Inc | (f) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/28 | 3274 | 3274 | 3227 |
| &nbsp;&nbsp;Apex Service Partners LLC | (f) | Commercial & Professional Services | SF | + | 5.0% |  |  | 1.0% | 10/30 | 2563 | 2550 | 2589 |
| &nbsp;&nbsp;Apex Service Partners LLC | (f)(g)(h) | Commercial & Professional Services | SF | + | 5.0% |  |  | 1.0% | 10/30 | 54893 | 54285 | 55442 |
| &nbsp;&nbsp;Apex Service Partners LLC | (i) | Commercial & Professional Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 3751 | 3722 | 3751 |
| &nbsp;&nbsp;Arcfield Acquisition Corp | (f)(g) | Capital Goods | SF | + | 5.0% |  |  | 0.5% | 10/31 | 12126 | 12126 | 12149 |
| &nbsp;&nbsp;Arcfield Acquisition Corp | (i) | Capital Goods | SF | + | 5.0% |  |  | 0.5% | 10/31 | 1375 | 1375 | 1375 |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | (g)(h) | Commercial & Professional Services | SF | + | 5.5% |  |  | 0.8% | 01/31 | 19753 | 19632 | 19951 |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | (f) | Commercial & Professional Services | SF | + | 5.0% |  |  | 0.8% | 01/31 | 794 | 793 | 802 |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | (f) | Commercial & Professional Services | SF | + | 5.0% |  |  | 0.8% | 01/31 | 1483 | 1483 | 1483 |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | (i) | Commercial & Professional Services | SF | + | 5.5% |  |  | 0.8% | 01/30 | 2797 | 2797 | 2797 |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | (i) | Commercial & Professional Services | SF | + | 5.0% |  |  | 0.8% | 01/31 | 1331 | 1331 | 1331 |
| &nbsp;&nbsp;Area Wide Protective Inc | (f)(g) | Commercial & Professional Services | SF | + | 4.5% |  |  | 1.0% | 12/30 | 5302 | 5267 | 5302 |
| &nbsp;&nbsp;Area Wide Protective Inc | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 1.0% | 12/30 | 2769 | 2769 | 2769 |
| &nbsp;&nbsp;Avetta LLC | (h) | Software & Services | SF | + | 4.3% | (0.0% PIK | / 2.6% PIK) | 0.5% | 07/31 | 6557 | 6500 | 6623 |
| &nbsp;&nbsp;Avetta LLC | (i) | Software & Services | SF | + | 4.3% |  |  | 0.5% | 07/30 | 780 | 780 | 780 |
| &nbsp;&nbsp;Avetta LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 07/30 | 367 | 367 | 367 |
| &nbsp;&nbsp;Avetta LLC | (i) | Software & Services | SF | + | 4.3% | (0.0% PIK | / 2.6% PIK) | 0.5% | 07/31 | 1605 | 1605 | 1621 |
| &nbsp;&nbsp;BCA Marketplace Ltd | (f)(k) | Commercial & Professional Services | SA | + | 6.3% | (0.0% PIK | / 2.5% PIK) | 0.0% | 03/31 | £9211 | 11726 | 12185 |
| &nbsp;&nbsp;BCA Marketplace Ltd | (f)(k) | Commercial & Professional Services | E | + | 6.3% | (0.0% PIK | / 2.5% PIK) | 0.0% | 04/31 | 3808 | 4062 | 4397 |
| &nbsp;&nbsp;BDO USA PA | (f)(g) | Commercial & Professional Services | SF | + | 5.0% |  |  | 2.0% | 08/28 | $16714 | 16521 | 16848 |
| &nbsp;&nbsp;Bonterra LLC | (f)(g) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 03/32 | 35931 | 35744 | 35931 |
| &nbsp;&nbsp;Bonterra LLC | (f) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 03/32 | 584 | 580 | 584 |
| &nbsp;&nbsp;Bonterra LLC | (i) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 03/32 | 3894 | 3890 | 3894 |
| &nbsp;&nbsp;Bonterra LLC | (i) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 03/32 | 3310 | 3310 | 3310 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of September 30, 2025** 

**(in thousands, except share amounts)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Cadence Education LLC | (h) | Consumer Services | SF | + | 5.0% |  |  | 0.8% | 05/31 | $9113 | $9074 | $9204 |
| &nbsp;&nbsp;Cadence Education LLC | (f) | Consumer Services | SF | + | 5.0% |  |  | 0.8% | 05/31 | 1334 | 1331 | 1347 |
| &nbsp;&nbsp;Cadence Education LLC | (i) | Consumer Services | SF | + | 5.0% |  |  | 0.8% | 05/30 | 1414 | 1412 | 1414 |
| &nbsp;&nbsp;Cadence Education LLC | (i) | Consumer Services | SF | + | 5.0% |  |  | 0.8% | 05/31 | 1056 | 1056 | 1066 |
| &nbsp;&nbsp;Cambrex Corp | (f) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.8% | 03/32 | 14471 | 14404 | 14760 |
| &nbsp;&nbsp;Cambrex Corp | (i) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 4.5% |  |  | 0.8% | 03/32 | 1890 | 1890 | 1890 |
| &nbsp;&nbsp;Cambrex Corp | (i) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 4.8% |  |  | 0.8% | 03/32 | 2160 | 2160 | 2203 |
| &nbsp;&nbsp;Cambrex Corp | (i) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.8% | 03/32 | 11348 | 11348 | 11234 |
| &nbsp;&nbsp;Carrier Fire Protection | (f) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.5% | 07/30 | 366 | 358 | 366 |
| &nbsp;&nbsp;Carrier Fire Protection | (h) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.0% PIK) | 0.5% | 07/31 | 7740 | 7680 | 7817 |
| &nbsp;&nbsp;Carrier Fire Protection | (f) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 3.0% PIK) | 0.5% | 07/31 | 412 | 398 | 416 |
| &nbsp;&nbsp;Carrier Fire Protection | (f) | Commercial & Professional Services | E | + | 4.5% | (0.0% PIK | / 2.0% PIK) | 0.5% | 07/31 | 1920 | 2077 | 2275 |
| &nbsp;&nbsp;Carrier Fire Protection | (f) | Commercial & Professional Services | E | + | 4.5% |  |  | 0.5% | 07/30 | 63 | 68 | 74 |
| &nbsp;&nbsp;Carrier Fire Protection | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.5% | 07/30 | $1426 | 1426 | 1426 |
| &nbsp;&nbsp;Carrier Fire Protection | (i) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 3.0% PIK) | 0.5% | 07/31 | 1656 | 1656 | 1673 |
| &nbsp;&nbsp;Carrier Fire Protection | (i) | Commercial & Professional Services | E | + | 4.5% |  |  | 0.5% | 07/30 | 195 | 212 | 212 |
| &nbsp;&nbsp;Circana Group (f.k.a. NPD Group) | (f) | Consumer Services | SF | + | 4.5% |  |  | 0.8% | 12/29 | $9812 | 9812 | 9910 |
| &nbsp;&nbsp;Circana Group (f.k.a. NPD Group) | (i) | Consumer Services | SF | + | 4.5% |  |  | 0.8% | 12/28 | 718 | 718 | 718 |
| &nbsp;&nbsp;Clarience Technologies LLC | (f)(g)(h) | Capital Goods | SF | + | 5.8% | (0.0% PIK | / 3.1% PIK) | 0.8% | 02/32 | 33649 | 33649 | 33986 |
| &nbsp;&nbsp;Clarience Technologies LLC | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 02/31 | 3129 | 3129 | 3129 |
| &nbsp;&nbsp;Clarience Technologies LLC | (i) | Capital Goods | SF | + | 5.8% | (0.0% PIK | / 3.1% PIK) | 0.8% | 02/32 | 6933 | 6933 | 7002 |
| &nbsp;&nbsp;Clarience Technologies LLC | (i) | Capital Goods | SF | + | 5.8% |  |  | 0.8% | 02/32 | 1126 | 1126 | 1138 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | (f)(g) | Commercial & Professional Services | SF | + | 4.8% | (0.0% PIK | / 2.5% PIK) | 0.8% | 08/31 | 12400 | 12290 | 12524 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | (i) | Commercial & Professional Services | SF | + | 5.0% | (0.0% PIK | / 2.5% PIK) | 0.8% | 08/31 | 3123 | 3108 | 3155 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | (i) | Commercial & Professional Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 2082 | 2064 | 2082 |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | (f) | Consumer Services | SF | + | 5.0% |  |  | 1.0% | 07/32 | 18963 | 18825 | 18868 |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | (i) | Consumer Services | SF | + | 5.0% |  |  | 1.0% | 07/31 | 2061 | 2061 | 2051 |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | (i) | Consumer Services | SF | + | 5.0% |  |  | 1.0% | 07/32 | 1237 | 1237 | 1231 |
| &nbsp;&nbsp;Community Brands Inc | (f)(g) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 07/31 | 10167 | 10116 | 10268 |
| &nbsp;&nbsp;Community Brands Inc | (i) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 07/31 | 932 | 932 | 932 |
| &nbsp;&nbsp;Community Brands Inc | (i) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 07/31 | 1640 | 1640 | 1657 |
| &nbsp;&nbsp;CPM Holdings Inc | (e)(f) | Capital Goods | SF | + | 4.5% |  |  | 0.5% | 09/28 | 24940 | 24519 | 24911 |
| &nbsp;&nbsp;CSafe Global | (f)(g)(h) | Transportation | SF | + | 5.8% |  |  | 0.8% | 12/28 | 29492 | 29498 | 29785 |
| &nbsp;&nbsp;CSafe Global | (f) | Transportation | SA | + | 5.8% |  |  | 0.8% | 12/28 | £3829 | 4836 | 5199 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of September 30, 2025** 

**(in thousands, except share amounts)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;CSafe Global | (f) | Transportation | SF | + | 5.8% |  |  | 0.8% | 03/29 | $2303 | $2305 | $2303 |
| &nbsp;&nbsp;CSafe Global | (i) | Transportation | SF | + | 5.8% |  |  | 0.8% | 03/29 | 576 | 576 | 576 |
| &nbsp;&nbsp;Dental365 LLC | (f)(g) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 08/28 | 11358 | 11358 | 11358 |
| &nbsp;&nbsp;Dental365 LLC | (f) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 08/28 | 5976 | 5976 | 5976 |
| &nbsp;&nbsp;Dental365 LLC | (i) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 05/28 | 2216 | 2216 | 2216 |
| &nbsp;&nbsp;Dental365 LLC | (i) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 08/28 | 6001 | 6001 | 6001 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (f) | Insurance | SF | + | 5.3% |  |  | 0.8% | 12/29 | 148 | 148 | 148 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (f)(h) | Insurance | SF | + | 5.3% |  |  | 0.8% | 12/30 | 11002 | 10956 | 11002 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (i) | Insurance | SF | + | 5.3% |  |  | 0.8% | 12/29 | 1085 | 1085 | 1085 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (i) | Insurance | SF | + | 5.3% |  |  | 0.8% | 12/30 | 51 | 51 | 51 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (i) | Insurance | SF | + | 5.0% |  |  | 0.8% | 12/30 | 838 | 838 | 842 |
| &nbsp;&nbsp;DuBois Chemicals Inc | (f)(g) | Materials | SF | + | 5.0% |  |  | 0.8% | 06/31 | 14069 | 14014 | 14209 |
| &nbsp;&nbsp;DuBois Chemicals Inc | (i) | Materials | SF | + | 5.0% |  |  | 0.8% | 06/31 | 2138 | 2138 | 2138 |
| &nbsp;&nbsp;DuBois Chemicals Inc | (i) | Materials | SF | + | 5.0% |  |  | 0.8% | 06/31 | 855 | 855 | 864 |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | (h) | Transportation | SF | + | 4.5% |  |  | 0.5% | 06/32 | 9638 | 9615 | 9638 |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | (i) | Transportation | SF | + | 4.5% |  |  | 0.5% | 06/32 | 2008 | 2008 | 2008 |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | (i) | Transportation | SF | + | 4.5% |  |  | 0.5% | 06/32 | 1807 | 1807 | 1807 |
| &nbsp;&nbsp;Excelitas Technologies Corp | (f) | Technology Hardware & Equipment | SF | + | 5.3% |  |  | 0.8% | 08/29 | 264 | 266 | 264 |
| &nbsp;&nbsp;Flexera Software LLC | (f)(g)(h) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.5% PIK) | 0.5% | 08/32 | 31537 | 31499 | 31505 |
| &nbsp;&nbsp;Flexera Software LLC | (f) | Software & Services | E | + | 4.8% | (0.0% PIK | / 2.5% PIK) | 0.5% | 08/32 | 9518 | 11127 | 11158 |
| &nbsp;&nbsp;Flexera Software LLC | (i) | Software & Services | SF | + | 4.8% |  |  | 0.5% | 08/32 | $2550 | 2550 | 2548 |
| &nbsp;&nbsp;Follett Software Co | (h) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/31 | 9910 | 9910 | 9992 |
| &nbsp;&nbsp;Follett Software Co | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/30 | 925 | 925 | 925 |
| &nbsp;&nbsp;Frontline Road Safety LLC | (f)(g) | Capital Goods | SF | + | 4.8% | (2.0% PIK | / 2.0% PIK) | 0.0% | 03/32 | 24577 | 24464 | 24708 |
| &nbsp;&nbsp;Frontline Road Safety LLC | (f) | Capital Goods | SF | + | 4.8% |  |  | 0.0% | 03/32 | 726 | 726 | 726 |
| &nbsp;&nbsp;Frontline Road Safety LLC | (f) | Capital Goods | SF | + | 5.0% | (2.3% PIK | / 2.3% PIK) | 0.0% | 03/32 | 15191 | 15149 | 15272 |
| &nbsp;&nbsp;Frontline Road Safety LLC | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.0% | 03/32 | 3424 | 3424 | 3424 |
| &nbsp;&nbsp;Frontline Road Safety LLC | (i) | Capital Goods | SF | + | 5.0% | (2.3% PIK | / 2.3% PIK) | 0.0% | 03/32 | 726 | 726 | 730 |
| &nbsp;&nbsp;Galway Partners Holdings LLC | (f) | Insurance | SF | + | 4.5% |  |  | 0.8% | 09/28 | 194 | 194 | 194 |
| &nbsp;&nbsp;Galway Partners Holdings LLC | (h) | Insurance | SF | + | 4.5% | (0.0% PIK | / 1.0% PIK) | 0.8% | 09/28 | 8019 | 8019 | 8019 |
| &nbsp;&nbsp;Galway Partners Holdings LLC | (i) | Insurance | SF | + | 4.5% |  |  | 0.8% | 09/28 | 724 | 724 | 724 |
| &nbsp;&nbsp;Gigamon Inc | (f) | Software & Services | SF | + | 5.8% |  |  | 0.8% | 03/29 | 818 | 818 | 765 |
| &nbsp;&nbsp;Granicus Inc | (f) | Software & Services | SF | + | 5.8% | (2.3% PIK | / 2.3% PIK) | 0.8% | 01/31 | 330 | 328 | 333 |
| &nbsp;&nbsp;Granicus Inc | (f) | Software & Services | SF | + | 5.3% | (2.3% PIK | / 2.3% PIK) | 0.8% | 01/31 | 3550 | 3550 | 3585 |
| &nbsp;&nbsp;Granicus Inc | (i) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 01/31 | 46 | 46 | 46 |
| &nbsp;&nbsp;Granicus Inc | (i) | Software & Services | SF | + | 5.3% | (2.3% PIK | / 2.3% PIK) | 0.8% | 01/31 | 1339 | 1339 | 1352 |
| &nbsp;&nbsp;Hexion International Cooperatief UA | (e)(f)(j) | Materials | SF | + | 4.0% |  |  | 0.5% | 03/29 | 4400 | 4283 | 4400 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of September 30, 2025** 

**(in thousands, except share amounts)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Highgate Hotels Inc | (g) | Consumer Services | SF | + | 5.5% |  |  | 1.0% | 11/29 | $12514 | $12389 | $12514 |
| &nbsp;&nbsp;Highgate Hotels Inc | (f) | Consumer Services | SF | + | 5.5% |  |  | 1.0% | 11/29 | 350 | 338 | 350 |
| &nbsp;&nbsp;Highgate Hotels Inc | (i) | Consumer Services | SF | + | 5.5% |  |  | 1.0% | 11/29 | 1242 | 1242 | 1242 |
| &nbsp;&nbsp;Homrich & Berg Inc | (f) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 1038 | 1038 | 1038 |
| &nbsp;&nbsp;Homrich & Berg Inc | (g)(h) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 17208 | 17191 | 17272 |
| &nbsp;&nbsp;Homrich & Berg Inc | (i) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 849 | 849 | 849 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | (h) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.8% | 03/32 | 12171 | 12115 | 12239 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | (f) | Capital Goods | SF | + | 4.5% |  |  | 0.8% | 03/32 | 921 | 921 | 921 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | (i) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.8% | 03/32 | 2302 | 2302 | 2315 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | (i) | Capital Goods | SF | + | 4.5% |  |  | 0.8% | 03/32 | 1957 | 1957 | 1957 |
| &nbsp;&nbsp;Individual FoodService | (f)(g)(h) | Capital Goods | SF | + | 5.0% |  |  | 1.0% | 10/29 | 22290 | 21973 | 22290 |
| &nbsp;&nbsp;Individual FoodService | (i) | Capital Goods | SF | + | 5.0% |  |  | 1.0% | 10/29 | 439 | 439 | 439 |
| &nbsp;&nbsp;Inhabit IQ | (g) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.8% | 01/32 | 4281 | 4271 | 4335 |
| &nbsp;&nbsp;Inhabit IQ | (i) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.8% | 01/32 | 1192 | 1192 | 1207 |
| &nbsp;&nbsp;Inhabit IQ | (i) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 01/32 | 745 | 745 | 745 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (f) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 05/28 | 468 | 468 | 468 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (f) | Software & Services | SF | + | 5.3% |  |  | 1.0% | 05/28 | 296 | 296 | 296 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (f) | Software & Services | SF | + | 5.3% |  |  | 1.0% | 05/28 | 7113 | 7113 | 7113 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (i) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 05/28 | 4805 | 4805 | 4805 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (i) | Software & Services | SF | + | 5.3% |  |  | 1.0% | 05/28 | 593 | 593 | 593 |
| &nbsp;&nbsp;Integrated Power Services LLC | (f)(g) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.8% | 11/28 | 15278 | 15278 | 15278 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | (f)(g)(h) | Insurance | SF | + | 5.0% |  |  | 0.8% | 08/28 | 42984 | 42870 | 42984 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | (i) | Insurance | SF | + | 5.0% |  |  | 0.8% | 08/28 | 6058 | 6056 | 6058 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | (i) | Insurance | SF | + | 5.0% |  |  | 0.8% | 08/28 | 8435 | 8466 | 8435 |
| &nbsp;&nbsp;IntraFi Network LLC | (e)(f) | Financial Services | SF | + | 4.0% |  |  | 0.0% | 07/31 | 9851 | 9754 | 9863 |
| &nbsp;&nbsp;J S Held LLC | (f)(g)(h) | Insurance | SF | + | 5.5% |  |  | 1.0% | 06/28 | 27354 | 27354 | 27354 |
| &nbsp;&nbsp;J S Held LLC | (f) | Insurance | SF | + | 5.5% |  |  | 1.0% | 06/28 | 1934 | 1934 | 1953 |
| &nbsp;&nbsp;J S Held LLC | (i) | Insurance | SF | + | 5.5% |  |  | 1.0% | 06/28 | 1588 | 1588 | 1588 |
| &nbsp;&nbsp;J S Held LLC | (i) | Insurance | SF | + | 5.5% |  |  | 1.0% | 06/28 | 2654 | 2654 | 2680 |
| &nbsp;&nbsp;Keystone Agency Partners LLC | (f)(h) | Insurance | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.8% | 08/32 | 35198 | 35024 | 35022 |
| &nbsp;&nbsp;Keystone Agency Partners LLC | (i) | Insurance | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.8% | 08/32 | 6786 | 6786 | 6752 |
| &nbsp;&nbsp;Keystone Agency Partners LLC | (i) | Insurance | SF | + | 4.5% |  |  | 0.8% | 08/32 | 3016 | 3016 | 3001 |
| &nbsp;&nbsp;Lazer Logistics Inc | (f)(g) | Transportation | SF | + | 5.0% |  |  | 0.8% | 05/30 | 13661 | 13531 | 13661 |
| &nbsp;&nbsp;Lazer Logistics Inc | (i) | Transportation | SF | + | 5.0% |  |  | 0.8% | 05/29 | 1244 | 1232 | 1244 |
| &nbsp;&nbsp;Learning Experience Corp/The | (h) | Consumer Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 07/32 | 3642 | 3625 | 3642 |
| &nbsp;&nbsp;Learning Experience Corp/The | (i) | Consumer Services | SF | + | 4.8% |  |  | 0.8% | 07/32 | 801 | 801 | 801 |
| &nbsp;&nbsp;Legends Hospitality LLC | (f) | Consumer Services | SF | + | 5.0% | (0.0% PIK | / 2.5% PIK) | 0.8% | 08/30 | 201 | 201 | 201 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of September 30, 2025** 

**(in thousands, except share amounts)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Legends Hospitality LLC | (f)(g)(h) | Consumer Services | SF | + | 5.5% | (2.8% PIK | / 2.8% PIK) | 0.8% | 08/31 | $18060 | $17865 | $18060 |
| &nbsp;&nbsp;Legends Hospitality LLC | (i) | Consumer Services | SF | + | 5.0% | (0.0% PIK | / 2.5% PIK) | 0.8% | 08/30 | 1809 | 1809 | 1809 |
| &nbsp;&nbsp;Legends Hospitality LLC | (i) | Consumer Services | SF | + | 5.5% | (2.8% PIK | / 2.8% PIK) | 0.8% | 08/31 | 382 | 382 | 382 |
| &nbsp;&nbsp;Lipari Foods LLC | (f)(g) | Consumer Staples Distribution & Retail | SF | + | 6.5% |  |  | 1.0% | 10/28 | 16527 | 16377 | 16066 |
| &nbsp;&nbsp;Magna Legal Services LLC | (f)(g) | Commercial & Professional Services | SF | + | 5.0% |  |  | 0.8% | 11/29 | 12564 | 12428 | 12564 |
| &nbsp;&nbsp;Magna Legal Services LLC | (i) | Commercial & Professional Services | SF | + | 5.0% |  |  | 0.8% | 11/28 | 861 | 851 | 861 |
| &nbsp;&nbsp;Magna Legal Services LLC | (i) | Commercial & Professional Services | SF | + | 5.0% |  |  | 0.8% | 11/29 | 228 | 228 | 228 |
| &nbsp;&nbsp;MAI Capital Management LLC | (f)(h) | Financial Services | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.8% | 08/31 | 11653 | 11588 | 11715 |
| &nbsp;&nbsp;MAI Capital Management LLC | (f) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 448 | 448 | 448 |
| &nbsp;&nbsp;MAI Capital Management LLC | (i) | Financial Services | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.8% | 08/31 | 2491 | 2491 | 2504 |
| &nbsp;&nbsp;MAI Capital Management LLC | (i) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 2039 | 2039 | 2039 |
| &nbsp;&nbsp;MAI Capital Management LLC | (i) | Financial Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 08/31 | 6225 | 6225 | 6258 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | (f)(g) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/31 | 23577 | 23339 | 23812 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | (i) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/31 | 3456 | 3456 | 3491 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | (i) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/31 | 1901 | 1882 | 1901 |
| &nbsp;&nbsp;Med-Metrix | (g)(h) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 07/32 | 24215 | 24097 | 24094 |
| &nbsp;&nbsp;Med-Metrix | (i) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 07/32 | 10072 | 10072 | 10021 |
| &nbsp;&nbsp;Med-Metrix | (i) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 07/32 | 4286 | 4286 | 4264 |
| &nbsp;&nbsp;Mercer Advisors Inc | (f)(g) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 10/30 | 14388 | 14388 | 14388 |
| &nbsp;&nbsp;Mercer Advisors Inc | (i) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 10/30 | 2499 | 2499 | 2499 |
| &nbsp;&nbsp;Milano Acquisition Corp | (e)(f) | Health Care Equipment & Services | SF | + | 4.0% |  |  | 0.8% | 10/27 | 25980 | 25040 | 25616 |
| &nbsp;&nbsp;Misys Ltd | (e)(f)(k) | Software & Services | SF | + | 4.0% |  |  | 0.0% | 09/32 | 27489 | 27216 | 27406 |
| &nbsp;&nbsp;Model N Inc | (f)(g) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/31 | 12924 | 12878 | 13028 |
| &nbsp;&nbsp;Model N Inc | (i) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/31 | 2664 | 2664 | 2686 |
| &nbsp;&nbsp;Model N Inc | (i) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 06/31 | 1421 | 1421 | 1421 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | (h) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.5% | 09/32 | 15057 | 15001 | 15000 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | (i) | Software & Services | SA | + | 4.5% |  |  | 0.5% | 09/32 | 821 | 821 | 821 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | 1825 | 1825 | 1825 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | (i) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.5% | 09/32 | 3650 | 3650 | 3636 |
| &nbsp;&nbsp;Netsmart Technologies Inc | (f)(h) | Health Care Equipment & Services | SF | + | 5.0% | (2.5% PIK | / 2.5% PIK) | 0.8% | 08/31 | 32774 | 32636 | 33102 |
| &nbsp;&nbsp;Netsmart Technologies Inc | (i) | Health Care Equipment & Services | SF | + | 5.0% | (2.5% PIK | / 2.5% PIK) | 0.8% | 08/31 | 4258 | 4236 | 4300 |
| &nbsp;&nbsp;Netsmart Technologies Inc | (i) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 4343 | 4343 | 4343 |
| &nbsp;&nbsp;OEConnection LLC | (f)(g) | Software & Services | SF | + | 5.3% | (0.0% PIK | / 3.0% PIK) | 0.8% | 04/31 | 17121 | 17039 | 17292 |
| &nbsp;&nbsp;OEConnection LLC | (i) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 04/31 | 1602 | 1597 | 1602 |
| &nbsp;&nbsp;OEConnection LLC | (i) | Software & Services | SF | + | 5.3% | (0.0% PIK | / 1.3% PIK) | 0.8% | 04/31 | 1376 | 1376 | 1390 |
| &nbsp;&nbsp;PCI Pharma Services | (f)(k) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 01/32 | 12225 | 12197 | 12323 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of September 30, 2025** 

**(in thousands, except share amounts)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;PCI Pharma Services | (i)(k) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 01/32 | $6285 | $6285 | $6335 |
| &nbsp;&nbsp;PCI Pharma Services | (i)(k) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 01/32 | 1235 | 1235 | 1235 |
| &nbsp;&nbsp;PCI Pharma Services | (i)(k) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 07/32 | 224 | 224 | 226 |
| &nbsp;&nbsp;Personify Health Inc | (g) | Software & Services | SF | + | 6.3% | (3.0% PIK | / 3.0% PIK) | 0.8% | 11/29 | 13375 | 13329 | 12940 |
| &nbsp;&nbsp;Precisely Software Inc | (e)(f) | Software & Services | SF | + | 4.0% |  |  | 0.8% | 04/28 | 25874 | 25055 | 25072 |
| &nbsp;&nbsp;PSC Group | (f) | Transportation | SF | + | 5.3% |  |  | 0.8% | 04/30 | 141 | 141 | 141 |
| &nbsp;&nbsp;PSC Group | (f) | Transportation | SF | + | 5.0% |  |  | 0.8% | 04/31 | 2885 | 2867 | 2914 |
| &nbsp;&nbsp;PSC Group | (i) | Transportation | SF | + | 5.3% |  |  | 0.8% | 04/30 | 266 | 266 | 266 |
| &nbsp;&nbsp;PSC Group | (i) | Transportation | SF | + | 5.0% |  |  | 0.8% | 04/31 | 291 | 291 | 294 |
| &nbsp;&nbsp;PSKW LLC (dba ConnectiveRx) | (f)(g)(h) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 1.0% | 03/28 | 28031 | 28031 | 28031 |
| &nbsp;&nbsp;Radwell International LLC | (f) | Capital Goods | SF | + | 5.5% |  |  | 0.8% | 04/29 | 484 | 454 | 484 |
| &nbsp;&nbsp;Radwell International LLC | (f)(g)(h) | Capital Goods | SF | + | 5.5% |  |  | 0.8% | 04/29 | 28604 | 28316 | 28888 |
| &nbsp;&nbsp;Radwell International LLC | (i) | Capital Goods | SF | + | 5.5% |  |  | 0.8% | 04/29 | 1330 | 1330 | 1330 |
| &nbsp;&nbsp;Radwell International LLC | (i) | Capital Goods | SF | + | 5.5% |  |  | 0.8% | 04/29 | 9049 | 9049 | 9139 |
| &nbsp;&nbsp;Railpros Inc | (f) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.8% | 05/32 | 1172 | 1172 | 1172 |
| &nbsp;&nbsp;Railpros Inc | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.8% | 05/32 | 361 | 361 | 361 |
| &nbsp;&nbsp;Railpros Inc | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.8% | 05/32 | 180 | 180 | 180 |
| &nbsp;&nbsp;Resa Power LLC | (f)(h) | Commercial & Professional Services | SF | + | 4.8% | (0.0% PIK | / 2.5% PIK) | 0.8% | 04/32 | 14208 | 14159 | 14287 |
| &nbsp;&nbsp;Resa Power LLC | (i) | Commercial & Professional Services | SF | + | 4.8% | (0.0% PIK | / 2.5% PIK) | 0.8% | 04/32 | 3984 | 3984 | 4006 |
| &nbsp;&nbsp;Resa Power LLC | (i) | Commercial & Professional Services | SF | + | 4.8% |  |  | 0.8% | 04/32 | 1975 | 1975 | 1975 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (g) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 348 | 348 | 348 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (f) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 64 | 64 | 64 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (f)(g) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 4321 | 4321 | 4321 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (i) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 413 | 413 | 413 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (i) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 238 | 238 | 238 |
| &nbsp;&nbsp;Rialto Capital Management LLC | (h) | Financial Services | SF | + | 5.0% |  |  | 0.8% | 12/30 | 9706 | 9620 | 9803 |
| &nbsp;&nbsp;Rialto Capital Management LLC | (i) | Financial Services | SF | + | 5.0% |  |  | 0.8% | 12/30 | 362 | 362 | 362 |
| &nbsp;&nbsp;Rockefeller Capital Management LP | (f) | Financial Services | SF | + | 4.8% |  |  | 0.5% | 04/31 | 5777 | 5750 | 5777 |
| &nbsp;&nbsp;Rockefeller Capital Management LP | (i) | Financial Services | SF | + | 4.8% |  |  | 0.5% | 04/31 | 2244 | 2244 | 2244 |
| &nbsp;&nbsp;RxBenefits Inc | (e)(f)(j) | Health Care Equipment & Services | SF | + | 4.5% |  |  | 0.8% | 12/27 | 1965 | 1940 | 1977 |
| &nbsp;&nbsp;Service Express Inc | (f)(h) | Commercial & Professional Services | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.5% | 08/31 | 14306 | 14247 | 14449 |
| &nbsp;&nbsp;Service Express Inc | (i) | Commercial & Professional Services | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.5% | 08/31 | 2555 | 2555 | 2580 |
| &nbsp;&nbsp;Service Express Inc | (i) | Commercial & Professional Services | SF | + | 4.8% |  |  | 0.5% | 08/31 | 1865 | 1865 | 1865 |
| &nbsp;&nbsp;Shaw Development LLC | (g)(h) | Capital Goods | SF | + | 6.0% |  |  | 0.5% | 10/29 | 16995 | 16822 | 16301 |
| &nbsp;&nbsp;Solera LLC | (e)(f) | Software & Services | SF | + | 4.0% |  |  | 0.5% | 06/28 | 10415 | 9975 | 10060 |
| &nbsp;&nbsp;Sphera Solutions Inc | (f) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | 869 | 869 | 869 |
| &nbsp;&nbsp;Sphera Solutions Inc | (f) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | 33579 | 33495 | 33495 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of September 30, 2025** 

**(in thousands, except share amounts)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Sphera Solutions Inc | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | $3699 | $3699 | $3699 |
| &nbsp;&nbsp;Sphera Solutions Inc | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | 6853 | 6853 | 6836 |
| &nbsp;&nbsp;Spins LLC | (f)(h) | Software & Services | SF | + | 4.8% |  |  | 1.0% | 01/29 | 10974 | 10974 | 11080 |
| &nbsp;&nbsp;Spins LLC | (i) | Software & Services | SF | + | 4.8% |  |  | 1.0% | 01/29 | 1063 | 1063 | 1063 |
| &nbsp;&nbsp;Spotless Brands LLC | (f)(g)(h) | Consumer Services | SF | + | 5.8% |  |  | 1.0% | 07/28 | 16034 | 15827 | 16194 |
| &nbsp;&nbsp;Spotless Brands LLC | (f) | Consumer Services | SF | + | 5.5% |  |  | 1.0% | 07/28 | 5857 | 5824 | 5892 |
| &nbsp;&nbsp;Spotless Brands LLC | (i) | Consumer Services | SF | + | 5.5% |  |  | 1.0% | 07/28 | 803 | 803 | 808 |
| &nbsp;&nbsp;Spotless Brands LLC | (i) | Consumer Services | SF | + | 5.0% |  |  | 1.0% | 07/28 | 6827 | 6801 | 6801 |
| &nbsp;&nbsp;STV Group Inc | (g) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 03/31 | 6810 | 6751 | 6878 |
| &nbsp;&nbsp;STV Group Inc | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 03/30 | 1383 | 1382 | 1383 |
| &nbsp;&nbsp;STV Group Inc | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 03/31 | 1975 | 1974 | 1995 |
| &nbsp;&nbsp;SureScripts LLC | (f)(g)(h) | Health Care Equipment & Services | SF | + | 4.0% |  |  | 0.8% | 11/31 | 29539 | 29274 | 29834 |
| &nbsp;&nbsp;SureScripts LLC | (i) | Health Care Equipment & Services | SF | + | 4.0% |  |  | 0.8% | 11/31 | 5938 | 5938 | 5938 |
| &nbsp;&nbsp;Trackunit ApS | (f)(k) | Software & Services | SF | + | 5.0% | (0.0% PIK | / 2.8% PIK) |  | 05/32 | 12442 | 12261 | 12346 |
| &nbsp;&nbsp;Trackunit ApS | (i)(k) | Software & Services | SF | + | 5.0% | (0.0% PIK | / 2.8% PIK) |  | 05/32 | 8294 | 8235 | 8231 |
| &nbsp;&nbsp;Turnpoint Services Inc | (f) | Capital Goods | SF | + | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/30 | 138 | 138 | 138 |
| &nbsp;&nbsp;Turnpoint Services Inc | (g) | Capital Goods | SF | + | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/31 | 5650 | 5601 | 5628 |
| &nbsp;&nbsp;Turnpoint Services Inc | (i) | Capital Goods | SF | + | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/30 | 554 | 554 | 552 |
| &nbsp;&nbsp;Turnpoint Services Inc | (i) | Capital Goods | SF | + | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/31 | 1108 | 1108 | 1104 |
| &nbsp;&nbsp;USIC Holdings Inc | (f)(g)(h) | Commercial & Professional Services | SF | + | 5.5% |  |  | 0.8% | 09/31 | 24299 | 24189 | 24785 |
| &nbsp;&nbsp;USIC Holdings Inc | (f) | Commercial & Professional Services | SF | + | 5.3% |  |  | 0.8% | 09/31 | 1058 | 1055 | 1058 |
| &nbsp;&nbsp;USIC Holdings Inc | (i) | Commercial & Professional Services | SF | + | 5.5% |  |  | 0.8% | 09/31 | 764 | 764 | 779 |
| &nbsp;&nbsp;USIC Holdings Inc | (i) | Commercial & Professional Services | SF | + | 5.3% |  |  | 0.8% | 09/31 | 1977 | 1977 | 1977 |
| &nbsp;&nbsp;Veriforce LLC | (g)(k) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 9193 | 9152 | 9193 |
| &nbsp;&nbsp;Veriforce LLC | (f)(k) | Software & Services | SA | + | 4.8% |  |  | 0.8% | 11/31 | £3366 | 4218 | 4525 |
| &nbsp;&nbsp;Veriforce LLC | (i)(k) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 11/31 | $935 | 935 | 935 |
| &nbsp;&nbsp;Veriforce LLC | (i)(k) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 11/31 | 1170 | 1170 | 1170 |
| &nbsp;&nbsp;Veriforce LLC | (i)(k) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.8% | 11/31 | 20071 | 20021 | 20071 |
| &nbsp;&nbsp;Vermont Information Processing Inc | (f) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.5% | 01/32 | 9108 | 9066 | 9108 |
| &nbsp;&nbsp;Vermont Information Processing Inc | (f) | Software & Services | SF | + | 4.8% |  |  | 0.5% | 01/32 | 380 | 380 | 380 |
| &nbsp;&nbsp;Vermont Information Processing Inc | (i) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.5% | 01/32 | 3804 | 3804 | 3804 |
| &nbsp;&nbsp;Vermont Information Processing Inc | (i) | Software & Services | SF | + | 4.8% |  |  | 0.5% | 01/32 | 761 | 761 | 761 |
| &nbsp;&nbsp;VetCor Professional Practices LLC | (f)(g) | Health Care Equipment & Services | SF | + | 5.8% |  |  | 0.8% | 08/29 | 24563 | 24551 | 24563 |
| &nbsp;&nbsp;VetCor Professional Practices LLC | (f)(g) | Health Care Equipment & Services | SF | + | 6.0% |  |  | 0.8% | 08/29 | 577 | 577 | 577 |
| &nbsp;&nbsp;VetCor Professional Practices LLC | (i) | Health Care Equipment & Services | SF | + | 5.8% |  |  | 0.8% | 08/29 | 457 | 456 | 457 |
| &nbsp;&nbsp;Vitu | (g)(h) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 01/32 | 22084 | 22009 | 22524 |
| &nbsp;&nbsp;Vitu | (i) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 01/31 | 3598 | 3598 | 3598 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of September 30, 2025** 

**(in thousands, except share amounts)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (f) | Financial Services | SF | + | 4.5% |  |  | 1.0% | 10/28 | $4630 | $4630 | $4642 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (g) | Financial Services | SF | + | 4.5% |  |  | 1.0% | 10/28 | 2460 | 2460 | 2466 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (i) | Financial Services | SF | + | 4.5% |  |  | 1.0% | 10/28 | 1775 | 1775 | 1779 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (i) | Financial Services | SF | + | 4.5% |  |  | 1.0% | 10/28 | 298 | 298 | 298 |
| &nbsp;&nbsp;Wedgewood Weddings | (f)(h) | Consumer Services | SF | + | 4.8% |  |  | 0.8% | 06/32 | 23511 | 23398 | 23493 |
| &nbsp;&nbsp;Wedgewood Weddings | (i) | Consumer Services | SF | + | 4.8% |  |  | 0.8% | 06/32 | 4702 | 4702 | 4699 |
| &nbsp;&nbsp;Wedgewood Weddings | (i) | Consumer Services | SF | + | 4.8% |  |  | 0.8% | 06/32 | 4702 | 4702 | 4699 |
| &nbsp;&nbsp;West Star Aviation Inc | (h) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.8% | 05/32 | 14819 | 14766 | 14878 |
| &nbsp;&nbsp;West Star Aviation Inc | (f) | Capital Goods | SF | + | 4.5% |  |  | 0.8% | 05/32 | 415 | 415 | 415 |
| &nbsp;&nbsp;West Star Aviation Inc | (i) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.8% | 05/32 | 3109 | 3097 | 3121 |
| &nbsp;&nbsp;West Star Aviation Inc | (i) | Capital Goods | SF | + | 4.5% |  |  | 0.8% | 05/32 | 1658 | 1658 | 1658 |
| &nbsp;&nbsp;Woolpert Inc | (f) | Capital Goods | SF | + | 4.5% |  |  | 1.0% | 04/31 | 539 | 539 | 539 |
| &nbsp;&nbsp;Woolpert Inc | (f)(g)(h) | Capital Goods | SF | + | 4.5% |  |  | 1.0% | 04/32 | 32480 | 32480 | 32480 |
| &nbsp;&nbsp;Woolpert Inc | (i) | Capital Goods | SF | + | 4.5% |  |  | 1.0% | 04/31 | 3607 | 3607 | 3607 |
| &nbsp;&nbsp;Woolpert Inc | (i) | Capital Goods | SF | + | 4.5% |  |  | 1.0% | 04/32 | 8293 | 8293 | 8210 |
| &nbsp;&nbsp;Xylem Kendall | (f) | Commercial & Professional Services | SF | + | 5.8% |  |  | 1.0% | 04/30 | 6392 | 6392 | 6392 |
| &nbsp;&nbsp;Xylem Kendall | (f) | Commercial & Professional Services | SF | + | 5.9% |  |  | 1.0% | 04/30 | 417 | 417 | 417 |
| &nbsp;&nbsp;Xylem Kendall | (i) | Commercial & Professional Services | SF | + | 5.8% |  |  | 1.0% | 04/30 | 5739 | 5739 | 5739 |
| &nbsp;&nbsp;Xylem Kendall | (i) | Commercial & Professional Services | SF | + | 5.9% |  |  | 1.0% | 04/30 | 560 | 560 | 560 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (f)(h) | Health Care Equipment & Services | SF | + | 6.0% | (3.0% PIK | / 3.0% PIK) | 0.8% | 02/31 | 23258 | 23086 | 22209 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (f) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/31 | 2167 | 2144 | 2069 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (i) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/30 | 3261 | 3244 | 3114 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (i) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/31 | 2174 | 2174 | 2076 |
| **Total Senior Secured Loans—First Lien** |  |  |  |  |  |  |  |  |  |  | 1878425 | 1891244 |
| &nbsp;&nbsp;Unfunded Loan Commitments |  |  |  |  |  |  |  |  |  |  | (348279) | (348279) |
| **Net Senior Secured Loans—First Lien** |  |  |  |  |  |  |  |  |  |  | 1530146 | 1542965 |
| **Subordinated Debt—0.1%** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Apex Service Partners LLC | (f) | Commercial & Professional Services |  |  | 14.3% | PIK |  |  | 04/31 | $1889 | $1870 | $1945 |
| **Total Subordinated Debt** |  |  |  |  |  |  |  |  |  |  | 1870 | 1945 |
| **Asset Based Finance—34.0%** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Australis Maritime II, ABF Equity | (f)(k)(n) | Transportation |  |  |  |  |  |  |  | 603410 | 603 | 604 |
| &nbsp;&nbsp;Auxilior Capital Partners Inc, Preferred Equity | (f) | Financial Services |  |  | 14.5% | (9.5% PIK | / 9.5% PIK) |  | 04/30 | $1262 | 1262 | 1283 |
| &nbsp;&nbsp;Bankers Healthcare Group LLC, Term Loan | (f)(k) | Financial Services | SF | + | 3.8% |  |  |  | 11/27 | $771 | 771 | 777 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of September 30, 2025** 

**(in thousands, except share amounts)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Bausch Health Cos Inc, Revolver | (f)(k) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 6.7% |  | 1.0% | 01/28 | $18750 | $18342 | $18938 |
| &nbsp;&nbsp;Bausch Health Cos Inc, Revolver | (i)(k) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 6.7% |  | 1.0% | 01/28 | $18750 | 18750 | 18938 |
| &nbsp;&nbsp;CAFL 2024-RTL1 Issuer LLC, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 10.2% |  |  | 11/31 | $2500 | 2500 | 2569 |
| &nbsp;&nbsp;Curia Global Inc, Revolver | (f)(k) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 6.3% |  | 1.0% | 01/29 | $10500 | 10356 | 10605 |
| &nbsp;&nbsp;Curia Global Inc, Revolver | (i)(k) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 6.3% |  | 1.0% | 01/29 | $10333 | 10333 | 10437 |
| &nbsp;&nbsp;Discover Financial Services, ABF Equity | (f)(k)(n) | Financial Services |  |  |  |  |  |  | 4308946 | 4309 | 4379 |
| &nbsp;&nbsp;Discover Financial Services, Subordinated Loan | (f)(k)(n) | Financial Services |  |  | 15.0% |  |  | 09/34 | $7896 | 7896 | 7896 |
| &nbsp;&nbsp;Drive Revel, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  | 687414 | 763 | 859 |
| &nbsp;&nbsp;EFMT 2024-INV1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 7.5% |  |  | 03/69 | $6380 | 6084 | 6350 |
| &nbsp;&nbsp;EW Scripps Co/The, Revolver | (f)(k) | Media & Entertainment | SF | + | 5.5% |  | 0.8% | 03/28 | $8330 | 8330 | 8383 |
| &nbsp;&nbsp;EW Scripps Co/The, Revolver | (i)(k) | Media & Entertainment | SF | + | 5.5% |  | 0.8% | 03/28 | $5647 | 5647 | 5683 |
| &nbsp;&nbsp;Fidelis Mortgage Trust 2025-RTL1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 9.0% |  |  | 02/40 | $4500 | 4425 | 4522 |
| &nbsp;&nbsp;FIGRE Trust 2024-HE3, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 9.3% |  |  | 07/54 | $1913 | 1921 | 2040 |
| &nbsp;&nbsp;Florida Food Products LLC, Revolver | (f)(k) | Food, Beverage & Tobacco | SF | + | 4.8% |  | 1.0% | 06/28 | $4706 | 4706 | 4706 |
| &nbsp;&nbsp;Florida Food Products LLC, Revolver | (i)(k) | Food, Beverage & Tobacco | SF | + | 4.8% |  | 1.0% | 06/28 | $923 | 923 | 923 |
| &nbsp;&nbsp;Fortna Group Inc, Revolver | (f)(k) | Capital Goods | SF | + | 4.8% |  | 0.8% | 06/29 | $16431 | 16431 | 16431 |
| &nbsp;&nbsp;Fortna Group Inc, Revolver | (i)(k) | Capital Goods | SF | + | 4.8% |  | 0.8% | 06/29 | $2383 | 2383 | 2383 |
| &nbsp;&nbsp;Global Lending Services LLC, ABF Equity | (f)(k)(l) | Financial Services |  |  |  |  |  |  | 2268549 | 2269 | 3623 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services |  |  | 12.5% | PIK |  | 12/32 | $3994 | 3994 | 3994 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services |  |  | 12.5% | PIK |  | 02/33 | $2330 | 2330 | 2330 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services |  |  | 12.5% |  |  | 05/33 | $1402 | 1402 | 1402 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services |  |  | 12.5% |  |  | 08/33 | $1348 | 1348 | 1348 |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | (f)(l)(m) | Financial Services |  |  |  |  |  |  | 1332761 | 1333 | 1789 |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | (f)(k)(m) | Financial Services |  |  |  |  |  |  | 2230017 | 2230 | 2273 |
| &nbsp;&nbsp;GreenSky Holdings LLC, Term Loan | (f)(m) | Financial Services |  |  | 9.3% | PIK |  | 03/34 | $4593 | 4593 | 4593 |
| &nbsp;&nbsp;GreenSky Holdings LLC, Term Loan | (i)(m) | Financial Services |  |  | 9.3% | PIK |  | 03/34 | $374 | 374 | 374 |
| &nbsp;&nbsp;Harley-Davidson Financial Services Inc, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  | 9093814 | 9094 | 9094 |
| &nbsp;&nbsp;HOMES 2024-AFC1 Trust, Structured Mezzanine | (e)(f)(k) | Real Estate Management & Development |  |  | 7.6% |  |  | 08/59 | $1944 | 1849 | 1938 |
| &nbsp;&nbsp;Homeward Opportunities Fund Trust 2024-RRTL2, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 9.1% |  |  | 09/39 | $7878 | 7878 | 7869 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of September 30, 2025** 

**(in thousands, except share amounts)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Income Contingent Student Loans 1 2002-2006 PLC, ABS | (f)(k) | Financial Services |  |  | 8.0% |  | 07/56 | £4904 | $6102 | $6708 |
| &nbsp;&nbsp;Income Contingent Student Loans 2 2007-2009 PLC, ABS | (f)(k) | Financial Services |  |  | 8.0% |  | 07/58 | £14626 | 18200 | 19819 |
| &nbsp;&nbsp;IQUW UK Ltd, Bond | (f)(k) | Insurance |  |  | 8.8% |  | 03/35 | $6072 | 6072 | 6182 |
| &nbsp;&nbsp;John Wood Group PLC, Revolver | (f)(k) | Capital Goods | SF | + | 5.5% | 0.8% | 10/28 | $18000 | 18000 | 18000 |
| &nbsp;&nbsp;John Wood Group PLC, Revolver | (i)(k) | Capital Goods | SF | + | 5.5% | 0.8% | 10/28 | $27000 | 27000 | 27000 |
| &nbsp;&nbsp;KKR Altitude II Offshore Aggregator LP, Partnership Interest | (f)(k)(n) | Capital Goods |  |  |  |  |  | 2074663 | 2075 | 2199 |
| &nbsp;&nbsp;Laurel Road Prime Student Loan Trust 2017-B, ABS | (f)(k) | Financial Services |  |  | 6.8% |  | 08/42 | $1384 | 2048 | 2107 |
| &nbsp;&nbsp;LHOME Mortgage Trust 2024-RTL4, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 9.3% |  | 07/39 | $7513 | 7513 | 7636 |
| &nbsp;&nbsp;LHOME Mortgage Trust 2025-RTL3, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 6.9% |  | 08/40 | $759 | 759 | 763 |
| &nbsp;&nbsp;LHOME Mortgage Trust 2025-RTL3, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 8.7% |  | 08/40 | $543 | 543 | 546 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 6.4% |  | 09/70 | $3155 | 3111 | 3111 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 7.1% |  | 09/70 | $5450 | 5187 | 5187 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 1.9% |  | 09/70 | $114739 | 6780 | 6780 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 0.3% |  | 09/70 | $114739 | 749 | 749 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 7.3% |  | 03/70 | $2135 | 1972 | 2108 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 0.3% |  | 03/70 | $81731 | 544 | 525 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 7.3% |  | 03/70 | $1920 | 1824 | 1948 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 1.2% |  | 03/70 | $81731 | 2556 | 2446 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 7.3% |  | 03/70 | $1410 | 1204 | 1335 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 6.6% |  | 07/70 | $2468 | 2434 | 2442 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 7.2% |  | 07/70 | $4481 | 4274 | 4292 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 1.8% |  | 07/70 | $129413 | 5580 | 5786 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 0.3% |  | 07/70 | $129413 | 821 | 830 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of September 30, 2025** 

**(in thousands, except share amounts)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Newday Group Jersey Ltd, ABF Equity | (f)(k)(l) | Financial Services |  |  |  |  |  | 27817038 | $37132 | $37414 |
| &nbsp;&nbsp;Norway_France, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  | 1634015 | 1818 | 1921 |
| &nbsp;&nbsp;Opendoor Labs Inc, Structured Mezzanine | (f)(k) | Real Estate Management & Development | 12.5% |  |  |  | 02/29 | $8259 | 8259 | 8263 |
| &nbsp;&nbsp;Opendoor Labs Inc, Structured Mezzanine | (i)(k) | Real Estate Management & Development | 12.5% |  |  |  | 02/29 | $4130 | 4130 | 4131 |
| &nbsp;&nbsp;PayPal Europe Sarl et Cie SCA, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  | 2930561 | 3215 | 3525 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | (f)(k) | Transportation | 6.5% |  |  |  | 10/27 | $4928 | 4928 | 4956 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | (f)(k) | Transportation | 6.5% |  |  |  | 12/27 | $4928 | 4928 | 4956 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | (i)(k) | Transportation | 6.5% |  |  |  | 10/27 | $2831 | 2831 | 2847 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | (i)(k) | Transportation | 6.5% |  |  |  | 12/27 | $2831 | 2831 | 2847 |
| &nbsp;&nbsp;Powin Energy Corp/NV, Warrants | (l) | Capital Goods |  |  |  |  |  | 861398 |  |  |
| &nbsp;&nbsp;Pretium Partners LLC P1, Structured Mezzanine | (f)(k) | Equity Real Estate Investment Trusts (REITs) | 8.0% | (5.3% PIK | / 5.3% PIK) |  | 10/26 | $17253 | 16909 | 17253 |
| &nbsp;&nbsp;Progress Residential 2024-SFR4 Trust, Structured Mezzanine | (e)(f)(k) | Real Estate Management & Development | 3.4% |  |  |  | 07/41 | $6250 | 5107 | 5668 |
| &nbsp;&nbsp;PRPM 2024-RCF4 LLC, ABS | (e)(f)(k) | Real Estate Management & Development | 4.0% |  |  |  | 07/54 | $2813 | 2305 | 2578 |
| &nbsp;&nbsp;PRPM 2024-RCF5 LLC, ABS | (e)(f)(k) | Real Estate Management & Development | 4.0% |  |  |  | 08/54 | $3750 | 3146 | 3424 |
| &nbsp;&nbsp;Rain City Mortgage Trust 2024-RTL1, ABS | (e)(f)(k) | Real Estate Management & Development | 10.2% |  |  |  | 11/29 | $3290 | 3290 | 3317 |
| &nbsp;&nbsp;Rosemawr Management LLC, ABS | (f) | Utilities | 5.0% |  |  |  | 08/54 | $1025 | 922 | 932 |
| &nbsp;&nbsp;Rosemawr Management LLC, Structured Mezzanine | (f) | Utilities | 7.3% |  |  |  | 08/54 | $499 | 450 | 455 |
| &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine | (f)(k) | Real Estate Management & Development | 8.0% |  |  |  | 07/30 | $217 | 217 | 219 |
| &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine | (f)(k) | Real Estate Management & Development | 18.0% |  |  |  | 07/30 | $147 | 111 | 74 |
| &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust 2022-BC2, Term Loan | (f)(k) | Real Estate Management & Development | 7.3% |  |  |  | 07/30 | $1301 | 1301 | 1314 |
| &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust 2023-LOC2, Structured Mezzanine | (f)(k) | Real Estate Management & Development | 18.9% |  |  |  | 10/53 | $325 | 531 | 412 |
| &nbsp;&nbsp;Santander Consumer Bank AS, ABF Equity | (f)(k)(l) | Banks |  |  |  |  |  | 210223000 | 21078 | 21062 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS | (f)(k) | Real Estate Management & Development | 1.5% |  |  |  | 01/65 | $74455 | 2429 | 3075 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS | (f)(k) | Real Estate Management & Development | 0.4% |  |  |  | 01/65 | $74455 | 578 | 529 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS | (f)(k) | Real Estate Management & Development | 7.3% |  |  |  | 01/65 | $1335 | 1302 | 1232 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS | (f)(k) | Real Estate Management & Development | 7.3% |  |  |  | 01/65 | $1295 | 1254 | 1241 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of September 30, 2025** 

**(in thousands, except share amounts)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 7.1% |  |  |  | 07/65 | $9746 | $9421 | $9541 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 1.5% |  |  |  | 07/65 | $128160 | 4580 | 4853 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 0.4% |  |  |  | 07/65 | $128160 | 973 | 1061 |
| &nbsp;&nbsp;Slate Venture Holdings LP, ABF Equity | (f)(k) | Consumer Durables & Apparel |  |  |  |  |  |  |  | 5523032 | 5523 | 7255 |
| &nbsp;&nbsp;Slate Venture Holdings LP, Term Loan | (f)(k) | Consumer Durables & Apparel |  |  | 10.8% | (0.0% PIK | / 10.8% PIK) |  | 08/29 | $4965 | 4965 | 4965 |
| &nbsp;&nbsp;SunPower Financial, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  |  | 118680 | 119 | 130 |
| &nbsp;&nbsp;Synovus Financial Corp, ABF Equity | (f)(k) | Banks |  |  |  |  |  |  |  | 481665 | 482 | 554 |
| &nbsp;&nbsp;TalkTalk Telecom Group Ltd, Revolver | (f)(k) | Commercial & Professional Services | SA | + | 7.0% |  |  | 1.5% | 09/26 | £8991 | 11359 | 12168 |
| &nbsp;&nbsp;TalkTalk Telecom Group Ltd, Revolver | (i)(k) | Commercial & Professional Services | SA | + | 7.0% |  |  | 1.5% | 09/26 | £1852 | 2286 | 2301 |
| &nbsp;&nbsp;TDC LLP, ABF Equity | (f)(k)(l)(n) | Financial Services |  |  |  |  |  |  |  | 69097 | 87 | 90 |
| &nbsp;&nbsp;TDC LLP, Preferred Equity | (f)(k)(n) | Financial Services |  |  | 8.0% |  |  |  |  | $1705 | 2188 | 2330 |
| &nbsp;&nbsp;Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver | (f)(k) | Materials | SF | + | 4.8% |  |  | 1.0% | 01/28 | $15935 | 15935 | 16085 |
| &nbsp;&nbsp;Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver | (i)(k) | Materials | SF | + | 4.8% |  |  | 1.0% | 01/28 | $1138 | 1138 | 1149 |
| &nbsp;&nbsp;Tropicana Products Inc, Revolver | (f)(k) | Food, Beverage & Tobacco | SF | + | 4.8% |  |  | 1.0% | 01/29 | $18770 | 18770 | 18806 |
| &nbsp;&nbsp;Tropicana Products Inc, Revolver | (i)(k) | Food, Beverage & Tobacco | SF | + | 4.8% |  |  | 1.0% | 01/29 | $671 | 671 | 673 |
| &nbsp;&nbsp;Unison Trust 2025-1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 6.0% |  |  |  | 07/55 | $15580 | 14323 | 14545 |
| &nbsp;&nbsp;Vehicle Secured Funding Trust, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  |  | 2638928 | $2639 | $3635 |
| &nbsp;&nbsp;Vehicle Secured Funding Trust, Term Loan | (f)(k) | Financial Services |  |  | 15.0% |  |  |  | 01/46 | $7917 | 7917 | 7917 |
| &nbsp;&nbsp;Vietjet Aviation JSC, Term Loan | (f)(k) | Transportation |  |  | 9.4% |  |  |  | 03/37 | $9810 | 9810 | 9836 |
| &nbsp;&nbsp;Vietjet Aviation JSC, Term Loan | (i)(k) | Transportation |  |  | 9.4% |  |  |  | 03/37 | $10163 | 10163 | 10189 |
| &nbsp;&nbsp;Vontive Mortgage Trust 2025-RTL1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 8.0% |  |  |  | 03/30 | $976 | 976 | 987 |
| &nbsp;&nbsp;Vontive Mortgage Trust 2025-RTL1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 9.5% |  |  |  | 03/30 | $2370 | 2345 | 2373 |
| &nbsp;&nbsp;Weber-Stephen Products LLC, Revolver | (f)(k) | Consumer Discretionary Distribution & Retail | SF | + | 5.8% |  |  | 1.0% | 12/26 | $3132 | 2907 | 3164 |
| &nbsp;&nbsp;Weber-Stephen Products LLC, Revolver | (i)(k) | Consumer Discretionary Distribution & Retail | SF | + | 5.8% |  |  | 1.0% | 12/26 | $17701 | 17701 | 17878 |
| **Total Asset Based Finance** |  |  |  |  |  |  |  |  |  |  | 569057 | 583962 |
| &nbsp;&nbsp;Unfunded Commitments |  |  |  |  |  |  |  |  |  |  | (107161) | (107161) |
| **Net Asset Based Finance** |  |  |  |  |  |  |  |  |  |  | 461896 | 476801 |
| **TOTAL INVESTMENTS—144.1%** | **TOTAL INVESTMENTS—144.1%** | **TOTAL INVESTMENTS—144.1%** | **TOTAL INVESTMENTS—144.1%** | **TOTAL INVESTMENTS—144.1%** | **TOTAL INVESTMENTS—144.1%** | **TOTAL INVESTMENTS—144.1%** | **TOTAL INVESTMENTS—144.1%** |  |  |  | $1993912 | 2021711 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS—(44.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS—(44.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS—(44.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS—(44.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS—(44.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS—(44.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS—(44.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS—(44.1)%** |  |  |  |  | (618338) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** |  |  |  |  | $1403373 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of September 30, 2025** 

**(in thousands, except share amounts)**

**Foreign currency forward contracts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Amount and Transaction** | **Amount and Transaction** | **US$ Value at Settlement Date** | **US$ Value at** <br>**September 30, 2025** | **Unrealized Appreciation (Depreciation)** |
| EUR | 3/30/28 | Goldman Sachs Bank USA | 930 | Sold | $1088 | $1130 | $(42) |
| EUR | 5/25/28 | Goldman Sachs Bank USA | 1300 | Sold | 1470 | 1582 | (112) |
| EUR | 5/25/28 | Goldman Sachs Bank USA | 548 | Sold | 605 | 667 | (62) |
| GBP | 6/1/26 | Goldman Sachs Bank USA | £2500 | Sold | 3386 | 3358 | 28 |
| GBP | 3/29/29 | Goldman Sachs Bank USA | £1000 | Sold | 1319 | 1326 | (7) |
| NOK | 1/28/28 | Goldman Sachs Bank USA | 210223 | Sold | 20978 | 20895 | 83 |
| Total |  |  |  |  | $28846 | $28958 | $(112) |

---

________________

(a)Security may be an obligation of one or more entities affiliated with the named company.

(b)Certain variable rate securities in the Company's portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of September 30, 2025, the Secured Overnight Financing Rate, or SOFR or "SF", was 3.98%, the Sterling Overnight Index Average, or SONIA or "SA", was 3.97% and the Euro Interbank Offered Rate, or EURIBOR or "E", was 2.03%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the performance of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

(c)Denominated in U.S. dollars unless otherwise noted.

(d)See Note 8 for additional information regarding the fair value of the Company's financial instruments.

(e)Security is classified as Level 1 or Level 2 in the Company's fair value hierarchy (see Note 8).

(f)Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

(g)Security or portion thereof held within K-FIT Finance AB-1 LLC and is pledged as collateral supporting the amounts outstanding under the K-FIT AB-1 Credit Facility (see Note 9).

(h)Security or portion thereof held within K-FIT Finance CO-1 LLC and is pledged as collateral supporting the amounts outstanding under the K-FIT CO-1 Credit Facility (see Note 9).

(i)Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding.

(j)Position or portion thereof unsettled as of September 30, 2025.

(k)The investment, or portion of the investment is not a qualifying asset under the Investment Company Act of 1940, as amended. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2025, 73.6% of the Company's total assets represented qualifying assets.

(l)Security is non-income producing.

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of September 30, 2025** 

**(in thousands, except share amounts)**

(m)Under the Investment Company Act of 1940, as amended, the Company generally is deemed to be an "affiliated person" of a portfolio company if it owns 5% or more of the portfolio company's voting securities and is generally deemed to "control" a portfolio company if it owns more than 25% of the portfolio company's voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of September 30, 2025, the Company held investments in portfolio companies of which it is deemed to be an "affiliated person" but is not deemed to "control". The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2024** | **Gross Additions**<sup>(1)</sup> | **Gross Reductions**<sup>(2)</sup> | **Net Realized Gain (Loss)** | **Net Change in Unrealized Appreciation (Depreciation)** | **Fair Value at September 30, 2025** | **Interest Income**<sup>(3)</sup> | **PIK Income**<sup>(3)</sup> | **Fee Income**<sup>(3)</sup> | **Dividend and Other Income**<sup>(3)</sup> |
| **Asset Based Finance** | | | | | | | | | | |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | $1863 | $— | $— | $— | $(74) | $1789 | $— | $— | $— | $— |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | 2790 | 330 | (674) |  | (173) | 2273 |  |  |  | 395 |
| &nbsp;&nbsp;GreenSky Holdings LLC, Term Loan | 4188 | 405 |  |  |  | 4593 |  | 306 |  |  |
| Total | $8841 | $735 | $(674) | $— | $(247) | $8655 | $— | $306 | $— | $395 |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Interest, PIK, Fee and Dividend and Other income presented for the full nine months ended September 30, 2025.

(n)Under the Investment Company Act of 1940, as amended, the Company generally is deemed to be an "affiliated person" of a portfolio company if it owns 5% or more of the portfolio company's voting securities and is generally deemed to "control" a portfolio company if it owns more than 25% of the portfolio company's voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of September 30, 2025, the Company held investments in portfolio companies of which it is deemed to be an "affiliated person" and deemed to "control". The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2024** | **Gross Additions**<sup>(1)</sup> | **Gross Reductions**<sup>(2)</sup> | **Net Realized Gain (Loss)** | **Net Change in Unrealized Appreciation (Depreciation)** | **Fair Value at September 30, 2025** | **Interest Income**<sup>(3)</sup> | **PIK Income**<sup>(3)</sup> | **Fee Income**<sup>(3)</sup> | **Dividend and Other Income**<sup>(3)</sup> |
| **Asset Based Finance** | | | | | | | | | | |
| &nbsp;&nbsp;Australis Maritime II, ABF Equity | $694 | $159 | $(246) | $— | $(3) | $604 | $— | $— | $— | $56 |
| &nbsp;&nbsp;Discover Financial Services, ABF Equity | 5402 |  | (918) |  | (105) | 4379 |  |  |  | 852 |
| &nbsp;&nbsp;Discover Financial Services, Subordinated Loan | 9708 |  | (1812) |  |  | 7896 | 976 |  |  |  |
| &nbsp;&nbsp;KKR Altitude II Offshore Aggregator LP, Partnership Interest | 2139 | 296 | (226) |  | (10) | 2199 |  |  | 23 | 245 |
| &nbsp;&nbsp;TDC LLP, ABF Equity<sup>(4)</sup> |  | 87 |  |  | 3 | 90 |  |  |  |  |
| &nbsp;&nbsp;TDC LLP, Preferred Equity<sup>(4)</sup> |  | 2188 |  |  | 142 | 2330 | 122 |  |  |  |
| Total | $17943 | $2730 | $(3202) | $— | $27 | $17498 | $1098 | $— | $23 | $1153 |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Interest, PIK, Fee and Dividend and Other income presented for the full nine months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The Company held this investment as of December 31, 2024 but it was not deemed to "control" the portfolio company as of December 31, 2024. Transfers in or out have been presented at amortized cost.

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Consolidated Schedule of Investments**

**As of December 31, 2024** 

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| **Senior Secured Loans—First Lien—104.4%** | | | | | | | | |
| &nbsp;&nbsp;Advanced Dermatology & Cosmetic Surgery | (f) | Health Care Equipment & Services | SF+625 | 1.0% | 5/7/27 | $825 | $825 | $825 |
| &nbsp;&nbsp;Affordable Care Inc | (f) | Health Care Equipment & Services | SF+550, 0.0% PIK (3.3% Max PIK) | 0.8% | 8/2/28 | 1658 | 1658 | 1656 |
| &nbsp;&nbsp;Alera Group Intermediate Holdings Inc | (f) | Insurance | SF+525 | 0.8% | 10/2/28 | 1650 | 1650 | 1650 |
| &nbsp;&nbsp;Amerivet Partners Management Inc | (f) | Health Care Equipment & Services | SF+525 | 0.8% | 2/25/28 | 3300 | 3300 | 3300 |
| &nbsp;&nbsp;Apex Service Partners LLC | (f)(i) | Commercial & Professional Services | SF+500 | 1.0% | 10/24/29 | 1897 | 1882 | 1897 |
| &nbsp;&nbsp;Apex Service Partners LLC | (f) | Commercial & Professional Services | SF+500 | 1.0% | 10/24/30 | 745 | 732 | 746 |
| &nbsp;&nbsp;Apex Service Partners LLC | (f)(g)(i) | Commercial & Professional Services | SF+500 | 1.0% | 10/24/30 | 41120 | 40670 | 41177 |
| &nbsp;&nbsp;Apex Service Partners LLC | (h)(i) | Commercial & Professional Services | SF+500 | 1.0% | 10/24/29 | 893 | 893 | 893 |
| &nbsp;&nbsp;Apex Service Partners LLC | (h) | Commercial & Professional Services | SF+500 | 1.0% | 10/24/30 | 1828 | 1828 | 1831 |
| &nbsp;&nbsp;Arcfield Acquisition Corp | (f)(g) | Capital Goods | SF+500 | 0.5% | 10/28/31 | 12218 | 12218 | 12285 |
| &nbsp;&nbsp;Arcfield Acquisition Corp | (h) | Capital Goods | SF+500 | 0.5% | 10/28/31 | 1375 | 1375 | 1375 |
| &nbsp;&nbsp;Ardonagh Group Ltd/The | (f)(j) | Insurance | SF+475 | 0.5% | 2/17/31 | 6826 | 6763 | 6894 |
| &nbsp;&nbsp;Area Wide Protective Inc | (f)(g) | Commercial & Professional Services | SF+475 | 1.0% | 12/23/30 | 5343 | 5305 | 5336 |
| &nbsp;&nbsp;Area Wide Protective Inc | (h) | Commercial & Professional Services | SF+475 | 1.0% | 12/23/30 | 2769 | 2769 | 2766 |
| &nbsp;&nbsp;Avetta LLC | (f) | Software & Services | SF+450, 0.0% PIK (2.3% Max PIK) | 0.5% | 7/26/31 | 6557 | 6496 | 6529 |
| &nbsp;&nbsp;Avetta LLC | (h) | Software & Services | SF+450 | 0.5% | 7/26/30 | 1146 | 1146 | 1141 |
| &nbsp;&nbsp;Avetta LLC | (h) | Software & Services | SF+450, 0.0% PIK (2.3% Max PIK) | 0.5% | 7/26/31 | 1605 | 1605 | 1598 |
| &nbsp;&nbsp;BDO USA PA | (f)(g) | Commercial & Professional Services | SF+500 | 2.0% | 8/31/28 | 16842 | 16609 | 16865 |
| &nbsp;&nbsp;Cadence Education LLC | (f) | Consumer Services | SF+500 | 0.8% | 5/1/31 | 9182 | 9139 | 9190 |
| &nbsp;&nbsp;Cadence Education LLC | (f) | Consumer Services | SF+500 | 0.8% | 5/1/31 | 766 | 763 | 767 |
| &nbsp;&nbsp;Cadence Education LLC | (h) | Consumer Services | SF+500 | 0.8% | 5/1/30 | 1414 | 1412 | 1414 |
| &nbsp;&nbsp;Cadence Education LLC | (h) | Consumer Services | SF+500 | 0.8% | 5/1/31 | 1632 | 1632 | 1633 |
| &nbsp;&nbsp;Carrier Fire Protection | (f) | Commercial & Professional Services | SF+500, 0.0% PIK (3.0% Max PIK) | 0.5% | 7/1/31 | 7798 | 7732 | 7785 |
| &nbsp;&nbsp;Carrier Fire Protection | (f) | Commercial & Professional Services | SF+500 | 0.5% | 7/1/30 | 197 | 190 | 197 |
| &nbsp;&nbsp;Carrier Fire Protection | (f) | Commercial & Professional Services | E+500, 0.0% PIK (3.0% Max PIK) | 0.5% | 7/1/31 | 1934 | 2092 | 1998 |
| &nbsp;&nbsp;Carrier Fire Protection | (f) | Financial Services | E+500 | 0.5% | 7/1/31 | 35 | 41 | 36 |
| &nbsp;&nbsp;Carrier Fire Protection | (h) | Commercial & Professional Services | SF+500, 0.0% PIK (3.0% Max PIK) | 0.5% | 7/1/31 | 2070 | 2056 | 2067 |
| &nbsp;&nbsp;Carrier Fire Protection | (h) | Commercial & Professional Services | SF+500 | 0.5% | 7/1/30 | 1792 | 1792 | 1789 |
| &nbsp;&nbsp;Carrier Fire Protection | (h) | Financial Services | E+500 | 0.5% | 7/1/31 | 39 | 41 | 41 |
| &nbsp;&nbsp;Clarience Technologies LLC | (f)(g) | Capital Goods | SF+575, 0.0% PIK (2.5% Max PIK) | 0.8% | 2/13/31 | 37336 | 36864 | 37708 |
| &nbsp;&nbsp;Clarience Technologies LLC | (h) | Capital Goods | SF+575 | 0.8% | 2/13/30 | 4067 | 4026 | 4067 |
| &nbsp;&nbsp;Clarience Technologies LLC | (h) | Capital Goods | SF+575, 0.0% PIK (2.5% Max PIK) | 0.8% | 2/13/31 | 4067 | 4026 | 4108 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | (f)(g) | Commercial & Professional Services | SF+500, 0.0% PIK (2.5% Max PIK) | 0.8% | 8/27/31 | 12493 | 12373 | 12380 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | (f) | Commercial & Professional Services | SF+500 | 0.8% | 8/27/31 | 937 | 917 | 929 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | (h) | Commercial & Professional Services | SF+500, 0.0% PIK (2.5% Max PIK) | 0.8% | 8/27/31 | 3123 | 3108 | 3095 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024** 

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;CLEAResult Consulting Inc | (h) | Commercial & Professional Services | SF+500 | 0.8% | 8/27/31 | $1145 | $1145 | $1135 |
| &nbsp;&nbsp;Community Brands Inc | (g) | Software & Services | SF+500 | 0.8% | 7/1/31 | 5821 | 5766 | 5820 |
| &nbsp;&nbsp;Community Brands Inc | (h) | Software & Services | SF+500 | 0.8% | 7/1/31 | 641 | 641 | 641 |
| &nbsp;&nbsp;Community Brands Inc | (h) | Software & Services | SF+500 | 0.8% | 7/1/31 | 1644 | 1644 | 1644 |
| &nbsp;&nbsp;CSafe Global | (f)(g) | Transportation | SF+575 | 0.8% | 12/14/28 | 29717 | 29724 | 30013 |
| &nbsp;&nbsp;CSafe Global | (f) | Transportation | SA+575 | 0.8% | 12/14/28 | 3858 | 4874 | 4879 |
| &nbsp;&nbsp;CSafe Global | (f) | Transportation | SF+575 | 0.8% | 3/8/29 | 2015 | 2017 | 2015 |
| &nbsp;&nbsp;CSafe Global | (h) | Transportation | SF+575 | 0.8% | 3/8/29 | 864 | 864 | 864 |
| &nbsp;&nbsp;Dental365 LLC | (f) | Health Care Equipment & Services | SF+525 | 0.8% | 5/5/28 | 222 | 222 | 222 |
| &nbsp;&nbsp;Dental365 LLC | (g) | Health Care Equipment & Services | SF+525 | 0.8% | 8/5/28 | 9392 | 9392 | 9392 |
| &nbsp;&nbsp;Dental365 LLC | (f) | Health Care Equipment & Services | SF+525 | 0.8% | 8/7/28 | 2235 | 2235 | 2235 |
| &nbsp;&nbsp;Dental365 LLC | (h) | Health Care Equipment & Services | SF+525 | 0.8% | 5/5/28 | 1995 | 1995 | 1995 |
| &nbsp;&nbsp;Dental365 LLC | (h) | Health Care Equipment & Services | SF+525 | 0.8% | 8/7/28 | 3757 | 3757 | 3757 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (f) | Insurance | SF+525 | 0.8% | 12/20/30 | 10952 | 10903 | 11061 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (h) | Insurance | SF+550 | 0.8% | 12/20/29 | 1233 | 1233 | 1233 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (h) | Insurance | SF+525 | 0.8% | 12/20/30 | 184 | 184 | 186 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (h) | Insurance | SF+500 | 0.8% | 12/20/30 | 838 | 838 | 843 |
| &nbsp;&nbsp;DuBois Chemicals Inc | (f)(g) | Materials | SF+450 | 0.8% | 6/13/31 | 12786 | 12726 | 12817 |
| &nbsp;&nbsp;DuBois Chemicals Inc | (h) | Materials | SF+450 | 0.8% | 6/13/31 | 2138 | 2138 | 2138 |
| &nbsp;&nbsp;DuBois Chemicals Inc | (h) | Materials | SF+450 | 0.8% | 6/13/31 | 2138 | 2138 | 2143 |
| &nbsp;&nbsp;Excelitas Technologies Corp | (f) | Technology Hardware & Equipment | SF+525 | 0.8% | 8/12/29 | 264 | 266 | 264 |
| &nbsp;&nbsp;Galway Partners Holdings LLC | (f) | Insurance | SF+450 | 0.8% | 9/29/28 | 77 | 77 | 77 |
| &nbsp;&nbsp;Galway Partners Holdings LLC | (f) | Insurance | SF+450, 0.0% PIK (1.0% Max PIK) | 0.8% | 9/29/28 | 8087 | 8087 | 8087 |
| &nbsp;&nbsp;Galway Partners Holdings LLC | (h) | Insurance | SF+450 | 0.8% | 9/29/28 | 841 | 841 | 841 |
| &nbsp;&nbsp;Gigamon Inc | (f) | Software & Services | SF+575 | 1.0% | 3/9/29 | 825 | 825 | 802 |
| &nbsp;&nbsp;Granicus Inc | (f) | Software & Services | SF+350, 2.3% PIK (2.3% Max PIK) | 0.8% | 1/17/31 | 326 | 325 | 330 |
| &nbsp;&nbsp;Granicus Inc | (f) | Software & Services | SF+300, 2.3% PIK (2.3% Max PIK) | 0.8% | 1/17/31 | 3516 | 3516 | 3538 |
| &nbsp;&nbsp;Granicus Inc | (h) | Software & Services | SF+525 | 0.8% | 1/17/31 | 46 | 46 | 46 |
| &nbsp;&nbsp;Granicus Inc | (h) | Software & Services | SF+475, 0.0% PIK (2.3% Max PIK) | 0.8% | 1/17/31 | 1339 | 1339 | 1342 |
| &nbsp;&nbsp;Heritage Environmental Services Inc | (f)(g) | Commercial & Professional Services | SF+525 | 0.8% | 1/31/31 | 19903 | 19768 | 20101 |
| &nbsp;&nbsp;Heritage Environmental Services Inc | (f) | Commercial & Professional Services | SF+500 | 0.8% | 1/31/31 | 521 | 521 | 524 |
| &nbsp;&nbsp;Heritage Environmental Services Inc | (h) | Commercial & Professional Services | SF+550 | 0.8% | 1/31/30 | 2797 | 2797 | 2797 |
| &nbsp;&nbsp;Heritage Environmental Services Inc | (h) | Commercial & Professional Services | SF+500 | 0.8% | 1/31/31 | 276 | 276 | 278 |
| &nbsp;&nbsp;Highgate Hotels Inc | (g) | Consumer Services | SF+550 | 1.0% | 11/5/29 | 12609 | 12463 | 12735 |
| &nbsp;&nbsp;Highgate Hotels Inc | (h) | Consumer Services | SF+550 | 1.0% | 11/5/29 | 1592 | 1580 | 1592 |
| &nbsp;&nbsp;Homrich & Berg Inc | (f) | Financial Services | SF+450 | 0.8% | 8/18/31 | 142 | 142 | 140 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024** 

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Homrich & Berg Inc | (g) | Financial Services | SF+450 | 0.8% | 11/17/31 | $7861 | $7842 | $7783 |
| &nbsp;&nbsp;Homrich & Berg Inc | (h) | Financial Services | SF+450 | 0.8% | 8/18/31 | 1745 | 1745 | 1728 |
| &nbsp;&nbsp;Homrich & Berg Inc | (h) | Financial Services | SF+450 | 0.8% | 11/17/31 | 9433 | 9433 | 9339 |
| &nbsp;&nbsp;Individual FoodService | (f)(g) | Capital Goods | SF+500 | 1.0% | 10/31/29 | 22383 | 22021 | 22443 |
| &nbsp;&nbsp;Individual FoodService | (h) | Capital Goods | SF+500 | 1.0% | 10/31/29 | 514 | 514 | 515 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (f) | Software & Services | SF+525 | 0.8% | 5/25/28 | 260 | 260 | 261 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (f) | Software & Services | SF+525 | 1.0% | 5/25/28 | 2769 | 2768 | 2781 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (h) | Software & Services | SF+525 | 0.8% | 5/25/28 | 913 | 913 | 917 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (h) | Software & Services | SF+525 | 1.0% | 5/25/28 | 889 | 889 | 889 |
| &nbsp;&nbsp;Integrated Power Services LLC | (f)(g) | Commercial & Professional Services | SF+450 | 0.8% | 11/22/28 | 15394 | 15394 | 15317 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | (f)(g)(i) | Insurance | SF+500 | 0.8% | 8/25/28 | 34880 | 34724 | 34879 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | (h)(i) | Insurance | SF+500 | 0.8% | 8/28/28 | 6058 | 6056 | 6058 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | (h)(i) | Insurance | SF+500 | 0.8% | 8/28/28 | 16841 | 16917 | 16841 |
| &nbsp;&nbsp;J S Held LLC | (f)(g) | Insurance | SF+550 | 1.0% | 6/1/28 | 28786 | 28786 | 28894 |
| &nbsp;&nbsp;J S Held LLC | (h) | Insurance | SF+550 | 1.0% | 6/1/28 | 1588 | 1588 | 1588 |
| &nbsp;&nbsp;J S Held LLC | (h) | Insurance | SF+550 | 1.0% | 6/1/28 | 3375 | 3375 | 3388 |
| &nbsp;&nbsp;Karman Space Inc | (f) | Capital Goods | SF+625 | 2.0% | 12/21/25 | 844 | 835 | 844 |
| &nbsp;&nbsp;Lazer Logistics Inc | (f)(g) | Transportation | SF+500 | 0.8% | 5/6/30 | 13765 | 13613 | 13834 |
| &nbsp;&nbsp;Lazer Logistics Inc | (h) | Transportation | SF+500 | 0.8% | 5/4/29 | 1244 | 1230 | 1244 |
| &nbsp;&nbsp;Lazer Logistics Inc | (h) | Transportation | SF+500 | 0.8% | 5/6/30 | 1918 | 1918 | 1927 |
| &nbsp;&nbsp;Legends Hospitality LLC | (f) | Consumer Services | SF+500, 0.0% PIK (2.5% Max PIK) | 0.8% | 8/22/30 | 201 | 201 | 201 |
| &nbsp;&nbsp;Legends Hospitality LLC | (f)(g)(i) | Consumer Services | SF+275, 2.8% PIK (2.8% Max PIK) | 0.8% | 8/22/31 | 17206 | 17044 | 17168 |
| &nbsp;&nbsp;Legends Hospitality LLC | (h) | Consumer Services | SF+500, 0.0% PIK (2.5% Max PIK) | 0.8% | 8/22/30 | 1809 | 1809 | 1805 |
| &nbsp;&nbsp;Legends Hospitality LLC | (h)(i) | Consumer Services | SF+275, 2.8% PIK (2.8% Max PIK) | 0.8% | 8/22/31 | 1005 | 1005 | 1003 |
| &nbsp;&nbsp;Lexitas Inc | (f)(g) | Commercial & Professional Services | SF+625 | 1.0% | 5/18/29 | 20871 | 20562 | 21079 |
| &nbsp;&nbsp;Lipari Foods LLC | (f)(g) | Consumer Staples Distribution & Retail | SF+650 | 1.0% | 10/31/28 | 16611 | 16430 | 16427 |
| &nbsp;&nbsp;Magna Legal Services LLC | (f) | Commercial & Professional Services | SF+600 | 0.8% | 11/21/29 | 1211 | 1211 | 1223 |
| &nbsp;&nbsp;Magna Legal Services LLC | (f)(g) | Commercial & Professional Services | SF+650 | 0.8% | 11/22/29 | 9286 | 9132 | 9379 |
| &nbsp;&nbsp;Magna Legal Services LLC | (h) | Commercial & Professional Services | SF+650 | 0.8% | 11/22/28 | 861 | 849 | 861 |
| &nbsp;&nbsp;Magna Legal Services LLC | (h) | Commercial & Professional Services | SF+600 | 0.8% | 11/21/29 | 2386 | 2386 | 2410 |
| &nbsp;&nbsp;MAI Capital Management LLC | (f) | Financial Services | SF+475, 0.0% PIK (2.4% Max PIK) | 0.8% | 8/29/31 | 10567 | 10498 | 10544 |
| &nbsp;&nbsp;MAI Capital Management LLC | (f) | Financial Services | SF+475 | 0.8% | 8/29/31 | 262 | 262 | 262 |
| &nbsp;&nbsp;MAI Capital Management LLC | (h) | Financial Services | SF+475, 0.0% PIK (2.4% Max PIK) | 0.8% | 8/29/31 | 3577 | 3577 | 3570 |
| &nbsp;&nbsp;MAI Capital Management LLC | (h) | Financial Services | SF+475 | 0.8% | 8/29/31 | 1705 | 1705 | 1702 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | (f)(g) | Health Care Equipment & Services | SF+550 | 0.8% | 2/13/31 | 22137 | 21877 | 22337 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | (h) | Health Care Equipment & Services | SF+550 | 0.8% | 2/13/31 | 5057 | 5057 | 5103 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024** 

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | (h) | Health Care Equipment & Services | SF+550 | 0.8% | 2/13/31 | $1901 | $1882 | $1901 |
| &nbsp;&nbsp;Mercer Advisors Inc | (f)(g) | Financial Services | SF+475 | 0.8% | 10/4/30 | 6745 | 6745 | 6762 |
| &nbsp;&nbsp;Mercer Advisors Inc | (h) | Financial Services | SF+475 | 0.8% | 10/4/30 | 10226 | 10226 | 10252 |
| &nbsp;&nbsp;Model N Inc | (f)(g) | Software & Services | SF+500, 0.0% PIK (3.0% Max PIK) | 0.8% | 6/27/31 | 13022 | 12972 | 13026 |
| &nbsp;&nbsp;Model N Inc | (h) | Software & Services | SF+500, 0.0% PIK (3.0% Max PIK) | 0.8% | 6/27/31 | 2664 | 2664 | 2665 |
| &nbsp;&nbsp;Model N Inc | (h) | Software & Services | SF+500 | 0.8% | 6/27/31 | 1421 | 1421 | 1421 |
| &nbsp;&nbsp;Netsmart Technologies Inc | (f)(i) | Health Care Equipment & Services | SF+250, 2.7% PIK (2.7% Max PIK) | 0.8% | 8/25/31 | 32158 | 32007 | 32158 |
| &nbsp;&nbsp;Netsmart Technologies Inc | (h)(i) | Health Care Equipment & Services | SF+250, 2.7% PIK (2.7% Max PIK) | 0.8% | 8/25/31 | 4258 | 4236 | 4258 |
| &nbsp;&nbsp;Netsmart Technologies Inc | (h) | Health Care Equipment & Services | SF+475 | 0.8% | 8/25/31 | 4343 | 4343 | 4343 |
| &nbsp;&nbsp;OEConnection LLC | (f)(g) | Software & Services | SF+500 | 0.8% | 4/22/31 | 14688 | 14601 | 14545 |
| &nbsp;&nbsp;OEConnection LLC | (h) | Software & Services | SF+500 | 0.8% | 4/22/31 | 2563 | 2560 | 2538 |
| &nbsp;&nbsp;OEConnection LLC | (h) | Software & Services | SF+500 | 0.8% | 4/22/31 | 1602 | 1596 | 1586 |
| &nbsp;&nbsp;OEConnection LLC | (h) | Software & Services | SF+500, 0.0% PIK (1.3% Max PIK) | 0.8% | 4/22/31 | 1376 | 1376 | 1369 |
| &nbsp;&nbsp;Personify Health Inc | (g) | Software & Services | SF+325, 3.0% PIK (3.0% Max PIK) | 0.8% | 11/8/29 | 13132 | 13078 | 13263 |
| &nbsp;&nbsp;PSC Group | (f) | Transportation | SF+525 | 0.8% | 4/3/30 | 291 | 291 | 291 |
| &nbsp;&nbsp;PSC Group | (f) | Transportation | SF+525 | 0.8% | 4/3/31 | 2655 | 2635 | 2673 |
| &nbsp;&nbsp;PSC Group | (h) | Transportation | SF+525 | 0.8% | 4/3/30 | 117 | 117 | 117 |
| &nbsp;&nbsp;PSC Group | (h) | Transportation | SF+525 | 0.8% | 4/3/31 | 543 | 543 | 547 |
| &nbsp;&nbsp;PSKW LLC (dba ConnectiveRx) | (f)(g) | Health Care Equipment & Services | SF+550 | 1.0% | 3/9/28 | 28242 | 28242 | 28242 |
| &nbsp;&nbsp;Radwell International LLC | (f) | Capital Goods | SF+550 | 0.8% | 4/1/28 | 363 | 333 | 363 |
| &nbsp;&nbsp;Radwell International LLC | (f)(g) | Capital Goods | SF+550 | 0.8% | 4/1/29 | 28639 | 28302 | 28639 |
| &nbsp;&nbsp;Radwell International LLC | (h) | Capital Goods | SF+550 | 0.8% | 4/1/28 | 1451 | 1451 | 1451 |
| &nbsp;&nbsp;Radwell International LLC | (h) | Capital Goods | SF+550 | 0.8% | 4/1/29 | 9233 | 9233 | 9233 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (g) | Software & Services | SF+500 | 1.0% | 10/1/29 | 348 | 348 | 347 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (f)(g)(i) | Software & Services | SF+500 | 1.0% | 10/1/29 | 4021 | 4021 | 4010 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (h)(i) | Software & Services | SF+500 | 1.0% | 10/1/29 | 477 | 477 | 476 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (h)(i) | Software & Services | SF+500 | 1.0% | 10/1/29 | 538 | 538 | 538 |
| &nbsp;&nbsp;Rialto Capital Management LLC | (f) | Financial Services | SF+500 | 0.8% | 12/5/30 | 10503 | 10399 | 10398 |
| &nbsp;&nbsp;Rialto Capital Management LLC | (h) | Financial Services | SF+500 | 0.8% | 12/5/30 | 362 | 362 | 362 |
| &nbsp;&nbsp;Rockefeller Capital Management LP | (f) | Financial Services | SF+475 | 0.5% | 4/4/31 | 1698 | 1682 | 1715 |
| &nbsp;&nbsp;Rockefeller Capital Management LP | (h) | Financial Services | SF+475 | 0.5% | 4/4/31 | 4113 | 4097 | 4154 |
| &nbsp;&nbsp;RSC Insurance Brokerage Inc | (f) | Insurance | SF+475 | 0.8% | 11/1/29 | 827 | 831 | 834 |
| &nbsp;&nbsp;Service Express Inc | (f) | Commercial & Professional Services | SF+475, 0.0% PIK (2.4% Max PIK) | 0.5% | 8/15/31 | 13705 | 13640 | 13637 |
| &nbsp;&nbsp;Service Express Inc | (f) | Commercial & Professional Services | C+475 | 0.5% | 8/15/31 | 466 | 330 | 322 |
| &nbsp;&nbsp;Service Express Inc | (h) | Commercial & Professional Services | SF+475, 0.0% PIK (2.4% Max PIK) | 0.5% | 8/15/31 | 3263 | 3263 | 3247 |
| &nbsp;&nbsp;Service Express Inc | (h) | Commercial & Professional Services | SF+475 | 0.5% | 8/15/31 | 1535 | 1535 | 1527 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024** 

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Shaw Development LLC | (f)(g) | Capital Goods | SF+600 | 0.5% | 10/30/29 | $17124 | $16927 | $16716 |
| &nbsp;&nbsp;Shaw Development LLC | (h) | Capital Goods | SF+600 | 0.5% | 10/30/29 | 2054 | 2049 | 2005 |
| &nbsp;&nbsp;Spotless Brands LLC | (f)(g) | Consumer Services | SF+575 | 1.0% | 7/25/28 | 16157 | 15891 | 16270 |
| &nbsp;&nbsp;Spotless Brands LLC | (f) | Consumer Services | SF+550 | 1.0% | 7/25/28 | 3658 | 3624 | 3658 |
| &nbsp;&nbsp;Spotless Brands LLC | (h) | Consumer Services | SF+550 | 1.0% | 7/25/28 | 3034 | 3034 | 3034 |
| &nbsp;&nbsp;STV Group Inc | (f) | Capital Goods | SF+500 | 0.8% | 3/20/30 | 198 | 197 | 198 |
| &nbsp;&nbsp;STV Group Inc | (g) | Capital Goods | SF+500 | 0.8% | 3/20/31 | 6862 | 6797 | 6905 |
| &nbsp;&nbsp;STV Group Inc | (h) | Capital Goods | SF+500 | 0.8% | 3/20/30 | 1185 | 1185 | 1185 |
| &nbsp;&nbsp;STV Group Inc | (h) | Capital Goods | SF+500 | 0.8% | 3/20/31 | 1975 | 1974 | 1988 |
| &nbsp;&nbsp;SureScripts LLC | (f)(g) | Health Care Equipment & Services | SF+400 | 0.8% | 11/1/31 | 29688 | 29397 | 29390 |
| &nbsp;&nbsp;SureScripts LLC | (h) | Health Care Equipment & Services | SF+400 | 0.8% | 11/1/31 | 5938 | 5938 | 5878 |
| &nbsp;&nbsp;Turnpoint Services Inc | (g) | Capital Goods | SF+500, 0.0% PIK (3.0% Max PIK) | 0.8% | 6/17/31 | 5650 | 5596 | 5614 |
| &nbsp;&nbsp;Turnpoint Services Inc | (h) | Capital Goods | SF+500, 0.0% PIK (3.0% Max PIK) | 0.8% | 6/17/30 | 692 | 692 | 688 |
| &nbsp;&nbsp;Turnpoint Services Inc | (h) | Capital Goods | SF+500, 0.0% PIK (3.0% Max PIK) | 0.8% | 6/17/31 | 1108 | 1108 | 1101 |
| &nbsp;&nbsp;USIC Holdings Inc | (f)(g) | Commercial & Professional Services | SF+550 | 0.8% | 9/10/31 | 23932 | 23811 | 24050 |
| &nbsp;&nbsp;USIC Holdings Inc | (f) | Commercial & Professional Services | SF+525 | 0.8% | 9/10/31 | 694 | 691 | 694 |
| &nbsp;&nbsp;USIC Holdings Inc | (h) | Commercial & Professional Services | SF+550 | 0.8% | 9/10/31 | 1313 | 1313 | 1319 |
| &nbsp;&nbsp;USIC Holdings Inc | (h) | Commercial & Professional Services | SF+525 | 0.8% | 9/10/31 | 2341 | 2341 | 2341 |
| &nbsp;&nbsp;Veriforce LLC | (g)(j) | Software & Services | SF+500 | 0.8% | 11/21/31 | 9263 | 9217 | 9217 |
| &nbsp;&nbsp;Veriforce LLC | (f)(j) | Software & Services | SA+500 | 0.8% | 11/21/31 | 3392 | 4247 | 4225 |
| &nbsp;&nbsp;Veriforce LLC | (h)(j) | Software & Services | SF+500 | 0.8% | 11/21/31 | 1170 | 1170 | 1164 |
| &nbsp;&nbsp;Veriforce LLC | (h)(j) | Software & Services | SF+500 | 0.8% | 11/21/31 | 935 | 935 | 931 |
| &nbsp;&nbsp;VetCor Professional Practices LLC | (f) | Health Care Equipment & Services | SF+575 | 0.8% | 8/31/29 | 3158 | 3158 | 3158 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (g) | Financial Services | SF+500 | 1.0% | 10/2/28 | 2480 | 2480 | 2496 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (f) | Financial Services | SF+500 | 1.0% | 10/4/28 | 4666 | 4666 | 4697 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (h) | Financial Services | SF+500 | 1.0% | 10/4/28 | 298 | 298 | 298 |
| &nbsp;&nbsp;Woolpert Inc | (f) | Capital Goods | SF+500 | 1.0% | 4/5/29 | 108 | 118 | 108 |
| &nbsp;&nbsp;Woolpert Inc | (f)(g) | Capital Goods | SF+500 | 1.0% | 4/5/30 | 20752 | 20756 | 21026 |
| &nbsp;&nbsp;Woolpert Inc | (h) | Capital Goods | SF+500 | 1.0% | 4/5/29 | 2984 | 2984 | 2984 |
| &nbsp;&nbsp;Woolpert Inc | (h) | Capital Goods | SF+500 | 1.0% | 4/5/30 | 5195 | 5195 | 5264 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (f) | Health Care Equipment & Services | SF+550, 0.0% PIK (2.8% Max PIK) | 0.8% | 2/28/31 | 23256 | 23066 | 23487 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (f) | Health Care Equipment & Services | SF+550 | 0.8% | 2/28/31 | 1522 | 1500 | 1537 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (h) | Health Care Equipment & Services | SF+550 | 0.8% | 2/28/30 | 3261 | 3244 | 3261 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (h) | Health Care Equipment & Services | SF+550 | 0.8% | 2/28/31 | 2826 | 2826 | 2855 |
| **Total Senior Secured Loans—First Lien** |  |  |  |  |  |  | 1058461 | 1065991 |
| &nbsp;&nbsp;Unfunded Loan Commitments |  |  |  |  |  |  | (200503) | (200503) |
| **Net Senior Secured Loans—First Lien** |  |  |  |  |  |  | 857958 | 865488 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024** 

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| **Subordinated Debt—0.2%** | | | | | | | | |
| &nbsp;&nbsp;Apex Service Partners LLC | (f) | Commercial & Professional Services | 14.3% PIK (14.3% Max PIK) |  | 4/23/31 | $555 | $555 | $544 |
| &nbsp;&nbsp;Apex Service Partners LLC | (f) | Commercial & Professional Services | 14.3% PIK (14.3% Max PIK) |  | 4/23/31 | 1146 | 1127 | 1123 |
| **Total Subordinated Debt** |  |  |  |  |  |  | 1682 | 1667 |
| **Asset Based Finance—23.7%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Altitude II IRL WH Borrower DAC, Revolver | (f)(j) | Capital Goods | SF+1,000 | 0.0% | 1/12/30 | $89 | 89 | 89 |
| &nbsp;&nbsp;Altitude II IRL WH Borrower DAC, Revolver | (h)(j) | Capital Goods | SF+1,000 | 0.0% | 1/12/30 | $54 | 54 | 54 |
| &nbsp;&nbsp;Australis Maritime II, ABF Equity | (f)(j)(m) | Transportation |  |  |  | 690343 | 690 | 694 |
| &nbsp;&nbsp;Auxilior Capital Partners Inc, Preferred Equity | (f) | Financial Services | 5.0%, 9.5% PIK (9.5% Max PIK) |  | 4/30/30 | $1100 | 1100 | 1102 |
| &nbsp;&nbsp;Bankers Healthcare Group LLC, Term Loan | (f)(j) | Financial Services | 22.0% |  | 11/8/27 | $771 | 771 | 757 |
| &nbsp;&nbsp;Bausch Health Cos Inc, Revolver | (f)(j) | Pharmaceuticals, Biotechnology & Life Sciences | SF+665 | 1.0% | 1/28/28 | $18750 | 18273 | 18750 |
| &nbsp;&nbsp;Bausch Health Cos Inc, Revolver | (h)(j) | Pharmaceuticals, Biotechnology & Life Sciences | SF+665 | 1.0% | 1/28/28 | $18750 | 18750 | 18750 |
| &nbsp;&nbsp;CAFL 2024-RTL1 Issuer LLC, ABS | (e)(f)(j) | Real Estate Management & Development | 10.2% |  | 11/28/31 | $2500 | 2500 | 2505 |
| &nbsp;&nbsp;Curia Global Inc, Revolver | (f)(j) | Pharmaceuticals, Biotechnology & Life Sciences | SF+625 | 1.0% | 1/29/29 | $15500 | 15330 | 15500 |
| &nbsp;&nbsp;Curia Global Inc, Revolver | (h)(j) | Pharmaceuticals, Biotechnology & Life Sciences | SF+625 | 1.0% | 1/29/29 | $5333 | 5333 | 5333 |
| &nbsp;&nbsp;Discover Financial Services, ABF Equity | (f)(j)(k)(m) | Financial Services |  |  |  | 5227351 | 5227 | 5402 |
| &nbsp;&nbsp;Discover Financial Services, Subordinated Loan | (f)(j)(m) | Financial Services | 15.0% |  | 9/6/34 | $9708 | 9708 | 9708 |
| &nbsp;&nbsp;Discover Financial Services, Subordinated Loan | (h)(j)(m) | Financial Services | 15.0% |  | 9/6/34 | $23 | 23 | 23 |
| &nbsp;&nbsp;Drive Revel, ABF Equity | (f)(j) | Financial Services |  |  |  | 327630 | 354 | 400 |
| &nbsp;&nbsp;EFMT 2024-INV1, ABS | (e)(f)(j) | Real Estate Management & Development | 7.6% |  | 3/25/69 | $6380 | 6083 | 6223 |
| &nbsp;&nbsp;FIGRE Trust 2024-HE3, ABS | (e)(f)(j) | Real Estate Management & Development | 9.3% |  | 7/25/54 | $1913 | 1921 | 1927 |
| &nbsp;&nbsp;Global Lending Services LLC, ABF Equity | (f)(j)(k) | Financial Services |  |  |  | 1171192 | 1171 | 1305 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(j) | Financial Services | 12.5% PIK (12.5% Max PIK) |  | 12/31/32 | $4685 | 4685 | 4685 |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | (f)(k)(l) | Financial Services |  |  |  | 1332761 | 1333 | 1863 |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | (f)(j)(k)(l) | Financial Services |  |  |  | 2574072 | 2574 | 2790 |
| &nbsp;&nbsp;GreenSky Holdings LLC, Term Loan | (f)(l) | Financial Services | 9.3% PIK (9.3% Max PIK) |  | 3/14/34 | $4188 | 4188 | 4188 |
| &nbsp;&nbsp;GreenSky Holdings LLC, Term Loan | (h)(l) | Financial Services | 9.3% PIK (9.3% Max PIK) |  | 3/14/34 | $374 | 374 | 374 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024** 

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;HOMES 2024-AFC1 Trust, Structured Mezzanine | (e)(f)(j) | Real Estate Management & Development | 7.6% |  | 8/25/59 | $1944 | $1848 | $1816 |
| &nbsp;&nbsp;Homeward Opportunities Fund Trust 2024-RRTL2, ABS | (e)(f)(j) | Real Estate Management & Development | 9.1% |  | 9/25/39 | $7878 | 7878 | 7864 |
| &nbsp;&nbsp;KKR Altitude II Offshore Aggregator LP, Partnership Interest | (f)(j)(m) | Capital Goods |  |  |  | 2004586 | 2005 | 2139 |
| &nbsp;&nbsp;Lennar Corp, ABF Equity | (f)(j) | Consumer Durables & Apparel |  |  |  | 4967714 | 4968 | 5131 |
| &nbsp;&nbsp;Lennar Corp, Term Loan | (f)(j) | Consumer Durables & Apparel | 10.8%, 0.0% PIK (10.8% Max PIK) |  | 8/30/29 | $4278 | 4278 | 4278 |
| &nbsp;&nbsp;Lennar Corp, Term Loan | (h)(j) | Consumer Durables & Apparel | 10.8%, 0.0% PIK (10.8% Max PIK) |  | 8/30/29 | $328 | 328 | 328 |
| &nbsp;&nbsp;LHOME Mortgage Trust 2024-RTL4, ABS | (e)(f)(j) | Real Estate Management & Development | 9.3% |  | 7/25/39 | $7513 | 7513 | 7532 |
| &nbsp;&nbsp;Norway_France, ABF Equity | (f)(j) | Financial Services |  |  |  | 2674089 | 2975 | 2787 |
| &nbsp;&nbsp;Optio Invest, ABF Equity | (f)(j) | Financial Services |  |  |  | 459091 | 583 | 712 |
| &nbsp;&nbsp;PayPal Europe Sarl et Cie SCA, ABF Equity | (f)(j) | Financial Services |  |  |  | 3154023 | 3422 | 3516 |
| &nbsp;&nbsp;Powin Energy Corp/NV, Revolver | (f) | Capital Goods | 13.5%, 0.0% PIK (13.5% Max PIK) |  | 9/30/27 | $5247 | 5247 | 5247 |
| &nbsp;&nbsp;Powin Energy Corp/NV, Revolver | (h) | Capital Goods | 13.5%, 0.0% PIK (13.5% Max PIK) |  | 9/30/27 | $7253 | 7253 | 7253 |
| &nbsp;&nbsp;Powin Energy Corp/NV, Warrants | (k) | Capital Goods |  |  |  | 87778 |  |  |
| &nbsp;&nbsp;Powin Energy Corp/NV, Warrants | (k) | Capital Goods |  |  |  | 342921 |  |  |
| &nbsp;&nbsp;Powin Energy Corp/NV, Warrants | (k) | Capital Goods |  |  |  | 342921 |  |  |
| &nbsp;&nbsp;Powin Energy Corp/NV, Warrants | (k) | Capital Goods |  |  |  | 87778 |  |  |
| &nbsp;&nbsp;Pretium Partners LLC P1, Structured Mezzanine | (f)(j) | Equity Real Estate Investment Trusts (REITs) | 2.8%, 5.3% PIK (5.3% Max PIK) |  | 10/22/26 | $20676 | 19954 | 20676 |
| &nbsp;&nbsp;Progress Residential 2024-SFR4 Trust, Structured Mezzanine | (e)(f)(j) | Real Estate Management & Development | 3.4% |  | 7/17/41 | $6250 | 4929 | 5001 |
| &nbsp;&nbsp;PRPM 2024-RCF4 LLC, ABS | (e)(f)(j) | Real Estate Management & Development | 4.0% |  | 7/25/54 | $2813 | 2300 | 2350 |
| &nbsp;&nbsp;PRPM 2024-RCF5 LLC, ABS | (e)(f)(j) | Real Estate Management & Development | 4.0% |  | 8/25/54 | $3750 | 3146 | 3152 |
| &nbsp;&nbsp;Rain City Mortgage Trust 2024-RTL1, ABS | (e)(f)(j) | Real Estate Management & Development | 10.2% |  | 11/25/29 | $3290 | 3290 | 3285 |
| &nbsp;&nbsp;Rosemawr Management LLC, ABS | (f) | Utilities | 5.0% |  | 8/15/54 | $1102 | 990 | 991 |
| &nbsp;&nbsp;Rosemawr Management LLC, Structured Mezzanine | (f) | Utilities | 7.3% |  | 8/15/54 | $653 | 588 | 587 |
| &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine | (f)(j) | Real Estate Management & Development | 8.0% |  | 7/25/30 | $219 | 219 | 218 |
| &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine | (f)(j) | Real Estate Management & Development | 18.0% |  | 7/25/30 | $147 | 107 | 128 |
| &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust 2022-BC2, Term Loan | (f)(j) | Real Estate Management & Development | 7.3% |  | 7/25/30 | $1313 | 1313 | 1316 |
| &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust 2023-LOC2, Structured Mezzanine | (f)(j) | Real Estate Management & Development |  |  | 10/25/53 | 324980 | 531 | 467 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024** 

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;SunPower Financial, ABF Equity | (f)(j)(k) | Financial Services |  |  |  | 161479 | $161 | $201 |
| &nbsp;&nbsp;Synovus Financial Corp, ABF Equity | (f)(j) | Banks |  |  |  | 1063427 | 1063 | 1148 |
| &nbsp;&nbsp;TalkTalk Telecom Group Ltd, Revolver | (f)(j) | Commercial & Professional Services | SA+700 | 1.5% | 9/5/26 | £8541 | 10784 | 10693 |
| &nbsp;&nbsp;TalkTalk Telecom Group Ltd, Revolver | (h)(j) | Commercial & Professional Services | SA+700 | 1.5% | 9/5/26 | £2303 | 2861 | 2861 |
| &nbsp;&nbsp;TDC LLP, ABF Equity | (f)(j)(k) | Financial Services |  |  |  | 68953 | 87 | 83 |
| &nbsp;&nbsp;TDC LLP, Preferred Equity | (f)(j) | Financial Services | 8.0% |  |  | £1282 | 1630 | 1611 |
| &nbsp;&nbsp;Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver | (f)(j) | Materials | SF+475 | 1.0% | 1/18/28 | $8537 | 8537 | 8581 |
| &nbsp;&nbsp;Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver | (h)(j) | Materials | SF+475 | 1.0% | 1/18/28 | $8537 | 8537 | 8581 |
| &nbsp;&nbsp;Vehicle Secured Funding Trust, ABF Equity | (f)(j)(k) | Financial Services |  |  |  | 2638928 | 2639 | 2876 |
| &nbsp;&nbsp;Vehicle Secured Funding Trust, Term Loan | (f)(j) | Financial Services | 15.0% PIK (15.0% Max PIK) |  | 1/25/46 | $7917 | 7917 | 7917 |
| &nbsp;&nbsp;Weber-Stephen Products LLC, Revolver | (f)(j) | Consumer Discretionary Distribution & Retail | SF+575 | 1.0% | 12/19/26 | $6549 | 6324 | 6591 |
| &nbsp;&nbsp;Weber-Stephen Products LLC, Revolver | (h)(j) | Consumer Discretionary Distribution & Retail | SF+575 | 1.0% | 12/19/26 | $14284 | 14284 | 14376 |
| **Total Asset Based Finance** |  |  |  |  |  |  | 251020 | 254715 |
| &nbsp;&nbsp;Unfunded Commitments |  |  |  |  |  |  | (57797) | (57797) |
| **Net Asset Based Finance** |  |  |  |  |  |  | 193223 | 196918 |
| **TOTAL INVESTMENTS—128.3%** | **TOTAL INVESTMENTS—128.3%** | **TOTAL INVESTMENTS—128.3%** | **TOTAL INVESTMENTS—128.3%** |  |  |  | $1052863 | 1064073 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS—(28.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS—(28.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS—(28.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS—(28.3)%** |  |  |  |  | (234831) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** |  |  |  |  | $829242 |

---

**Foreign currency forward contracts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Amount and Transaction** | **Amount and Transaction** | **US$ Value at Settlement Date** | **US$ Value at** <br>**December 31, 2024** | **Unrealized Appreciation (Depreciation)** |
| EUR | 5/25/28 | Goldman Sachs Bank USA | 1300 | Sold | $1470 | $1439 | $31 |
| GBP | 6/10/25 | Goldman Sachs Bank USA | £2500 | Sold | 3295 | 3126 | 169 |
| Total |  |  |  |  | $4765 | $4565 | $200 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024** 

**(in thousands, except share amounts)**

________

(a)Security may be an obligation of one or more entities affiliated with the named company.

(b)Certain variable rate securities in the Company's portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2024, the Secured Overnight Financing Rate, or SOFR or "SF", was 4.31%, the Sterling Overnight Index Average, or SONIA or "SA", was 4.62%, the Euro Interbank Offered Rate, or EURIBOR or "E", was 2.71% and the Canadian Dollar Offered Rate, or CDOR or "C", was 4.97%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the performance of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

(c)Denominated in U.S. dollars unless otherwise noted.

(d)See Note 8 for additional information regarding the fair value of the Company's financial instruments.

(e)Security is classified as Level 1 or Level 2 in the Company's fair value hierarchy (see Note 8).

(f)Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

(g)Security or portion thereof held within K-FIT Finance AB-1 LLC and is pledged as collateral supporting the amounts outstanding under the K-FIT AB-1 Credit Facility (see Note 9).

(h)Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding.

(i)Position or portion thereof unsettled as of December 31, 2024

(j)The investment, or portion of the investment is not a qualifying asset under the Investment Company Act of 1940, as amended. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, 81.4% of the Company's total assets represented qualifying assets.

(k)Security is non-income producing.

(l)Under the Investment Company Act of 1940, as amended, the Company generally is deemed to be an "affiliated person" of a portfolio company if it owns 5% or more of the portfolio company's voting securities and is generally deemed to "control" a portfolio company if it owns more than 25% of the portfolio company's voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2024, the Company held investments in portfolio companies of which it is deemed to be an "affiliated person" but is not deemed to "control". The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of December 31, 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2023** | **Gross Additions**<sup>(1)</sup> | **Gross Reductions**<sup>(2)</sup> | **Net Realized Gain (Loss)** | **Net Change in Unrealized Appreciation (Depreciation)** | **Fair Value at December 31, 2024** | **Interest Income**<sup>(3)</sup> | **Fee Income**<sup>(3)</sup> | **Dividend and Other Income**<sup>(3)</sup> |
| **Asset Based Finance** | | | | | | | | | |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | $— | $1333 | $— | $— | $530 | $1863 | $— | $— | $— |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity |  | 2574 |  |  | 216 | 2790 |  | 8 |  |
| &nbsp;&nbsp;GreenSky Holdings LLC, Term Loan |  | 4188 |  |  |  | 4188 | 111 |  |  |
| Total | $— | $8095 | $— | $— | $746 | $8841 | $111 | $8 | $— |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Interest, fee and dividend and other income presented for the full year ended December 31, 2024.

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024** 

**(in thousands, except share amounts)**

(m)Under the Investment Company Act of 1940, as amended, the Company generally is deemed to be an "affiliated person" of a portfolio company if it owns 5% or more of the portfolio company's voting securities and is generally deemed to "control" a portfolio company if it owns more than 25% of the portfolio company's voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2024, the Company held investments in portfolio companies of which it is deemed to be an "affiliated person" and deemed to "control". The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of December 31, 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2023** | **Gross Additions**<sup>(1)</sup> | **Gross Reductions**<sup>(2)</sup> | **Net Realized Gain (Loss)** | **Net Change in Unrealized Appreciation (Depreciation)** | **Fair Value at December 31, 2024** | **Interest Income**<sup>(3)</sup> | **Fee Income**<sup>(3)</sup> | **Dividend and Other Income**<sup>(3)</sup> |
| **Asset Based Finance** | | | | | | | | | |
| &nbsp;&nbsp;Australis Maritime II, ABF Equity | $426 | $366 | $(57) | $— | $(41) | $694 | $— | $— | $77 |
| &nbsp;&nbsp;Discover Financial Services, ABF Equity |  | 5227 |  |  | 175 | 5402 |  |  |  |
| &nbsp;&nbsp;Discover Financial Services, Subordinated Loan |  | 9708 |  |  |  | 9708 | 325 |  |  |
| &nbsp;&nbsp;KKR Altitude II Offshore Aggregator LP, Partnership Interest | 957 | 1082 |  |  | 100 | 2139 |  |  | 96 |
| Total | $1383 | $16383 | $(57) | $— | $234 | $17943 | $325 | $— | $173 |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Interest, fee and dividend and other income presented for the full year ended December 31, 2024.

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements**

**(in thousands, except share and per share amounts)**

**Note 1. Principal Business and Organization**

KKR FS Income Trust, or the Company, is a specialty finance company, organized on February 4, 2022 as a Delaware statutory trust, that seeks to invest primarily in the debt securities of private middle market U.S. companies. The Company is externally managed by FS/KKR Advisor, LLC, or the Adviser, pursuant to an amended and restated investment advisory agreement, or the Advisory Agreement. The Adviser also performs, or oversees the performance of, the Company's corporate operations and required administrative services pursuant to the terms of an administration agreement, or the Administration Agreement. The Company's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation.

The Company is an externally managed, non-diversified, closed-end management investment company that, on March 31, 2023, elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. The Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company, or a RIC, under the Internal Revenue Code of 1986, as amended, or the Code.

The Company has various wholly-owned subsidiaries, including special-purpose financing subsidiaries and subsidiaries through which it holds interests in portfolio companies. The unaudited consolidated financial statements include both the Company's accounts and the accounts of its wholly-owned subsidiaries as of September 30, 2025. All intercompany transactions have been eliminated in consolidation. Certain of the Company's consolidated subsidiaries are subject to U.S. federal and state income taxes.

**Note 2. Summary of Significant Accounting Policies**

*Basis of Presentation*: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company's interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2024 included in the Company's annual report on Form 10-K, filed with the U.S. Securities and Exchange Commission, or the SEC. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The December 31, 2024 consolidated statement of assets and liabilities and consolidated schedule of investments are derived from the Company's audited consolidated financial statements as of and for the year ended December 31, 2024. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or FASB, Accounting Standards Codification Topic 946, *Financial Services—Investment Companies*. The Company has evaluated the impact of subsequent events through the date the unaudited consolidated financial statements were issued and filed with the SEC.

*Use of Estimates:* The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

*Segment Reporting:* In accordance with ASC Topic 280, *Segment Reporting*, or ASC 280, the Company has determined that it has a single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

*Cash and Cash Equivalents:* The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. All cash balances are maintained with high credit quality financial institutions, which are members of the Federal Deposit Insurance Corporation.

*Organizational and Offering:* Upon the initial issuance of the Class I common shares of beneficial interest, or the Common Shares, or the Class I shares, to non-affiliated investors in the Company's monthly closings for the Company's continuous private offering of its Common Shares, or the Private Offering, in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended, or the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act, which monthly closings commenced on June 30, 2023, organizational and offering costs are borne by the Company and expensed. These expenses consist primarily of legal fees, audit fees and other costs of organizing the Company. In no

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 2. Summary of Significant Accounting Policies (continued)**

event will the Company bear in excess of $1.5 million in organizational expenses; the Adviser has agreed to be responsible for any organizational expenses in excess of $1.5 million.

Costs associated with the offering of Common Shares are capitalized as deferred offering expenses and included as prepaid and other assets on the consolidated statements of assets and liabilities and eligible to be amortized over a twelve-month period.

As of September 30, 2025 and December 31, 2024, the Adviser has paid $5,653 and $4,605, respectively, in organizational and offering expenses, and are subject to reimbursement as described above. The Company had no obligation to reimburse the Adviser for organizational and offering costs until the initial issuance of the Company's Common Shares to non-affiliated investors after commencement of the monthly closings for the Company's Private Offering.

*Subordinated Income Incentive Fee:* Pursuant to the terms of the Advisory Agreement, the Adviser may be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the Advisory Agreement, which is calculated and payable quarterly in arrears commencing with the first full calendar quarter after the date of the Company's election to be regulated as a BDC under the 1940 Act on March 31, 2023, or the BDC Election Date, equals 12.5% of the Company's "pre-incentive fee net investment income" for the immediately preceding quarter (or portion thereof with respect to the quarter in which the BDC Election Date occurs) and is subject to a hurdle rate, expressed as a rate of return on the value of the Company's net assets, equal to 1.25% per quarter, or an annualized hurdle rate of 5.0%. As a result, the Adviser will not earn this incentive fee for any quarter until the Company's pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.25%. Once the Company's pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a "catch-up" fee equal to the amount of the pre-incentive fee net investment income in excess of the hurdle rate, until the Company's pre-incentive fee net investment income for such quarter equals 1.43%, or 5.72% annually, of net assets. Thereafter, the Adviser will be entitled to receive 12.5% of pre-incentive fee net investment income.

The Adviser agreed to waive the Company's base management fee and subordinated incentive fee on income through September 30, 2025.

*Capital Gains Incentive Fee:* Pursuant to the terms of the Advisory Agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement) commencing with the end of the first calendar year in which the BDC Election Date occurs. This fee equals 12.5% of the Company's incentive fee capital gains, which equals the Company's realized capital gains on a cumulative basis from the BDC Election Date, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the BDC Election Date, less the aggregate amount of any capital gains incentive fees previously paid by the Company. For purposes of calculating the incentive fee on capital gains under the Advisory Agreement, the cost basis for any investment as of the BDC Election Date will be deemed to be the most recently determined fair value for such investment as of the BDC Election Date, determined in accordance with the Adviser's valuation policies and procedures. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period.

The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to the Adviser if the Company's entire portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

*Revenue Recognition:* Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company holds investments in certain preferred securities that accumulate paid-in-kind interest income, or PIK income, to be paid upon the redemption, liquidation or maturity of the underlying investment. Such PIK income is accumulated onto the principal balance of the respective security. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company's policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. When a PIK income-paying investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. Payments received on non-accrual investments may be recognized as income or applied to

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 2. Summary of Significant Accounting Policies (continued)**

principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company's judgment.

Loan origination fees, original issue discount and market discount are capitalized and the Company accretes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. For the nine months ended September 30, 2025 and 2024, the Company recognized $5,028 and $2,848, respectively, in structuring fee revenue. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.

*Derivative Instruments:* The Company's derivative instruments include foreign currency forward contracts which have not been designated as hedging instruments. The Company recognizes such derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Changes in fair value of such derivative contracts entered into by the Company are recognized through the net change in unrealized appreciation (depreciation) on derivative instruments in the consolidated statements of operations. Realized gains and losses on the derivative instruments are included in net realized gains (losses) on derivative instruments in the consolidated statements of operations.

*Income Taxes:* Prior to making its BDC election, the Company was classified as a partnership for U.S. federal income tax purposes. As such, no provision was made in the accompanying consolidated financial statements for federal, state or local income taxes of the partners for the relevant periods prior to the Company's BDC election. Each partner is individually responsible for reporting its share of the Company's taxable income or loss. Interest and other income realized by the Company from non-U.S. sources and capital gains realized on the sale of securities of non-U.S. issuers may be subject to withholding and other taxes levied by the jurisdiction in which the income is sourced. Beginning with its tax year ending December 31, 2023, the Company has elected to be treated for U.S. federal income tax purposes and intends to qualify annually, as a RIC under Subchapter M of the Code.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements and distribute to its shareholders, for each taxable year, at least 90% of its "investment company taxable income," which is generally the Company's net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. As a RIC, the Company will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes to its shareholders. The Company intends to make distributions in an amount sufficient to qualify for and maintain its RIC status each year and to not pay any U.S. federal income taxes on income so distributed. The Company is also subject to nondeductible federal excise taxes if it does not distribute an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years.

*Recent Accounting Pronouncements:* In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, or ASU 2023-09, which requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures*, or ASU 2024-03, which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

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**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 3. Share Transactions**

Below is a summary of transactions with respect to shares of the Company's Common Shares during the nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Gross Proceeds from Offering | 18471248 | $548207 | 12353109 | $363244 |
| Reinvestment of Distributions | 538272 | 15968 | 52381 | 1552 |
| Share Repurchase Program | (58806) | (1734) |  |  |
| Net Proceeds from Share Transactions | 18950714 | $562441 | 12405490 | $364796 |

---

*Status of Continuous Private Offering* 

The Company is conducting the continuous Private Offering in reliance on exemptions from the registration requirements of the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. In connection with the Private Offering, the Company has entered into, and expects to continue to enter into, subscription agreements with investors, each, a Subscription Agreement. An investor will make a capital contribution pursuant to such Subscription Agreement and will become a common shareholder in the Company bound by the terms of the Subscription Agreement and the Company's organizational documents.

As of September 30, 2025, the Company has issued 47,061,291 Class I shares in the Private Offering for gross proceeds of $1,380,269, including Class I shares issued under its distribution reinvestment plan. Of the 47,061,291 Class I shares issued in the Private Offering, 8,995,947 shares were issued to investors with capital commitments to the Company in exchange for an aggregate of $254,500 in capital contributions. As of September 30, 2025, the Company had received capital commitments of $420,000 from investors in the Private Offering, 60.6% of which has been called for funding. In addition to $165,500 in aggregate amount of remaining uncalled capital commitments for Class I shares, the Company intends to continue selling Class I shares in the Private Offering on a monthly basis.

During the nine months ended September 30, 2025 and 2024, the Company issued 19,009,520 and 12,405,490 Class I shares, respectively, for gross proceeds of $564,175 and $364,796, respectively, at an average price per share of $29.68 and $29.41, respectively. The gross proceeds received during the nine months ended September 30, 2025 and 2024 include reinvested shareholder distributions of $15,968 and $1,552, respectively, for which the Company issued 538,272 and 52,381 Class I shares, respectively, under its distribution reinvestment plan.

During the period from October 1, 2025 to October 31, 2025, the Company issued 2,318,797 Class I shares for gross proceeds of $69,239 at an average price per share of $29.86. The gross proceeds received during the period from October 1, 2025 to October 31, 2025 include reinvested shareholder distributions of $2,474 for which the Company issued 82,858 Class I shares under its distribution reinvestment plan.

*Discretionary Share Repurchase Program*

Beginning with the quarter ended September 30, 2024, the Company commenced a discretionary share repurchase program in which it intends, subject to market conditions and the discretion of the Company's Board of Trustees, or the Board, to offer to repurchase, in each quarter, up to 5% of the Common Shares outstanding (either by number of shares or aggregate net asset value, or NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in the Company's best interest and the best interest of the Company's shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company's liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the 1940 Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the Company's discretionary share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, the Company expects to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, or the Valuation Date. If shareholders tender Common Shares in a tender offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered Common

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**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 3. Share Transactions (continued)**

Shares, the Company may repurchase such Common Shares subject to an "early repurchase deduction" of 2% of the aggregate NAV of the Common Shares repurchased, or an Early Repurchase Deduction. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining holders of Common Shares. This Early Repurchase Deduction will also generally apply to minimum account repurchases. Common Shares may be sold to certain feeder vehicles primarily created to hold the Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company may not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations.

The Company may, in its sole discretion from time to time, waive the Early Repurchase Deduction in the following circumstances (subject to the conditions described below): repurchases resulting from death, qualifying disability or divorce; in the event that a shareholder's shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; or repurchases submitted in connection with discretionary transfer programs (and similar arrangements) as approved by the Company. Shareholders should be aware that their financial intermediary's operational systems may not support participation in a Company-approved discretionary transfer program or may impose additional or different requirements in connection with such requests. Accordingly, shareholders wishing to submit tender requests in connection with a Company-approved discretionary transfer program should contact their financial intermediary as soon as possible in order to determine their financial intermediary's system limitations or requirements.

The following table sets forth information regarding repurchases of Common Shares effectuated under the Company's discretionary share repurchase program during the nine months ended September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Repurchase Date** | **Offer Date** | **Tender Offer Expiration** | **Purchase Price per Share** | **Common Shares Repurchased**<sup>(2)</sup> | **Aggregate Dollar Amount of Common Shares Accepted for Repurchase**<sup>(2)</sup> |
| January 2, 2025<sup>(1)</sup> | December 2, 2024 | December 30, 2024 |  |  | $— |
| April 1, 2025 | March 3, 2025 | March 28, 2025 | $29.64 | 18836 | 547 |
| July 1, 2025 | June 2, 2025 | June 30, 2025 | $29.68 | 39970 | 1187 |
| Total |  |  |  | 58806 | $1734 |

---

________________

(1)The Company did not repurchase any Common Shares under its discretionary share repurchase program on the applicable repurchase date.

(2)Certain of the amounts herein have been rounded for convenience of presentation.

On September 2, 2025, the Company commenced a tender offer pursuant to which it offered to repurchase up to 1,916,292 Common Shares tendered prior to the offer expiring on September 30, 2025. During the period from October 1, 2025 to October 31, 2025, the Company repurchased 221,003 Common Shares that were validly tendered by shareholders at a purchase price of $29.86 per share for aggregate consideration, net of any applicable Early Repurchase Deduction, of $6,580.

*Series A Preferred Shares*

On April 3, 2023, the Company issued 515 shares of its preferred shares of beneficial interest, or Preferred Shares, designated as 12.0% Series A Cumulative Preferred Shares, par value $0.001 per share, or the Series A Preferred Shares, for $1,000 per share. The Company redeemed all of the issued and outstanding Series A Preferred Shares on November 27, 2024, or the Preferred Shares Redemption Date, at a price equal to $1,000 per share, plus all accrued and unpaid dividends thereon to and including the Preferred Shares Redemption Date and a $100 redemption premium per share. From and after the close of business on the Preferred Shares Redemption Date, all dividends on the Series A Preferred Shares ceased to accrue, such shares are no longer deemed to be outstanding, and all rights of the holders of such shares ceased.

Prior to the redemption of the Series A Preferred Shares, each holder of Series A Preferred Shares was entitled to a liquidation preference of $1,000 per share, or the Liquidation Value, plus additional amounts as set forth in the Supplement to the Company's Amended and Restated Declaration of Trust Relating to 12.0% Series A Cumulative Preferred Shares. In addition, with respect to distributions, including the payment of dividends and distribution of the Company's assets upon dissolution, liquidation, or winding up, the Series A Preferred Shares were senior to all other classes and series of Common Shares, and ranked on parity with any other class or series of Preferred Shares, whether such class or series was existing or was created in the future, to the extent of the aggregate Liquidation Value and all accrued but unpaid dividends and any applicable redemption premium on the Series A Preferred Shares.

Prior to redemption, dividends on each Series A Preferred Share accrued on a daily basis at the rate of 12.0% per annum of the sum of the Liquidation Value thereof plus all accumulated and unpaid dividends thereon, from and including April 3, 2023, to and

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**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 3. Share Transactions (continued)**

including the earlier of (1) the date of any liquidation, dissolution, or winding up of the Company or (2) the date on which such Series A Preferred Share were redeemed. Dividends accrued whether or not they had been authorized or declared, whether or not the Company had earnings, and whether or not there were funds legally available for payment of dividends.

See the Supplement to the Company's Amended and Restated Declaration of Trust Relating to 12.0% Series A Cumulative Preferred Shares for more information relating to the Series A Preferred Shares.

Prior to redemption, the Company classified the Series A Preferred Shares as temporary equity outside of shareholders' equity on its accompanying consolidated statement of assets and liabilities due to certain redemption features that were not solely within the Company's control.

**Note 4. Related Party Transactions**

*Compensation of the Investment Adviser and its Affiliates*

Pursuant to the Advisory Agreement, commencing on and after the BDC Election Date, the Adviser is entitled to a base management fee calculated at an annual rate of 1.25% of the average monthly value of the Company's net assets during the most recently completed quarter and an incentive fee based on the Company's performance. See Note 2 for a discussion of the capital gains and subordinated income incentive fees that the Adviser may be entitled to under the Advisory Agreement. The Adviser agreed to waive the base management fee and the subordinated incentive fee on income under the Advisory Agreement through September 30, 2025.

Pursuant to the Administration Agreement, the Adviser oversees the Company's day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities, and other administrative services. The Adviser also performs, or oversees the performance of, the Company's corporate operations and required administrative services, which includes being responsible for the financial records that the Company is required to maintain and preparing reports for the Company's shareholders and reports filed with the SEC. In addition, the Adviser assists the Company in calculating its NAV, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to the Company's shareholders, and generally overseeing the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others.

Pursuant to the Administration Agreement, the Company reimburses the Adviser for expenses necessary to perform services related to its administration and operations, including the Adviser's allocable portion of the compensation and related expenses of certain personnel of Franklin Square Holdings, L.P., which does business as Future Standard, or Future Standard, and KKR Credit Advisers (US), LLC, or KKR Credit, providing administrative services to the Company on behalf of the Adviser. The Company reimburses the Adviser no less than monthly for all costs and expenses incurred by the Adviser in performing its obligations and providing personnel and facilities under the Administration Agreement. The Adviser allocates the cost of such services to the Company based on factors such as total assets, revenues, time allocations and/or other reasonable metrics. The Board reviews the methodology employed in determining how the expenses are allocated to the Company and the proposed allocation of administrative expenses among the Company and certain affiliates of the Adviser. The Board then assesses the reasonableness of such reimbursements for expenses allocated to the Company based on the breadth, depth and quality of such services as compared to the estimated cost to the Company of obtaining similar services from third-party service providers known to be available. In addition, the Board considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Board compares the total amount paid to the Adviser for such services as a percentage of the Company's net assets to the same ratio as reported by other comparable BDCs.

*Distribution/Servicing Fees*

The Company has entered into a placement agent agreement, or a Placement Agent Agreement, and, together, the Placement Agent Agreements, with each of KKR Capital Markets LLC and FS Investment Solutions, LLC, the Company's principal placement agents for the Private Offering and affiliates of the Adviser, or the Placement Agents, pursuant to which the Placement Agents have agreed to, among other things, manage the Company's relationships with third-party brokers engaged by the Placement Agents to participate in the distribution of Common Shares, which are referred to as "participating brokers," and financial advisors. The Placement Agents also coordinate the Company's marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of the Private Offering, the Company's investment strategies, material aspects of the Company's operations and subscription procedures.

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**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 4. Related Party Transactions (continued)**

Subject to any applicable Financial Industry Regulatory Authority, Inc., or FINRA, limitations on underwriting compensation, the Company is obligated to pay the Placement Agents a shareholder servicing and/or distribution fee, or the Distribution/Servicing Fees, for Class I shares equal to 0.85% per annum of the aggregate NAV, as of the beginning of the first calendar day of the applicable month, for the Class I shares. However, pursuant to a fee waiver agreement, or the Rule 12b-1 Fee Waiver Agreement, between the Company and each of the Placement Agents, the Placement Agents have agreed to waive the Distribution/Servicing Fees for Class I shares in full during the term of the Rule 12b-1 Fee Waiver Agreement, and any such waived fees will not be subject to recoupment by the Placement Agents or any other person during or following the term of the Rule 12b-1 Fee Waiver Agreement. The Rule 12b-1 Fee Waiver Agreement will remain in effect until terminated by vote of the Board, including the vote of a majority of the members of the Board who are not "interested persons" (as defined in the 1940 Act) of the Company, or the Independent Trustees.

The distribution and servicing expenses borne by the participating brokers may be different from and substantially less than the amount of Distribution/Servicing Fees charged. Following any termination of the Rule 12b-1 Fee Waiver Agreement, the Distribution/Servicing Fees will be payable to the Placement Agents, but the Placement Agents anticipate that all or a portion of the Distribution/Servicing Fees will be retained by, or re-allowed (paid) to, eligible participating brokers and servicing broker-dealers for ongoing services performed by such broker-dealers. The Company may pay for expenses related to its distribution out of its own assets under the amended and restated distribution and servicing plan, or the Distribution and Servicing Plan, outside of the Distribution/Servicing Fees, including but not limited to, expenses associated with advertising, compensation of underwriters, dealers, and sales personnel, the printing and mailing of prospectuses to other than current shareholders, and the printing and mailing of sales literature, each as may be determined to be in the best interests of the Company.

All or a portion of the Distribution/Servicing Fees may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services that are not required to be paid pursuant to the shareholder servicing and/or distribution fees under applicable FINRA rules; however, the Company also may pay for these sub-transfer agency, sub-accounting and certain other administrative services outside of the Distribution/Servicing Fees and its Distribution and Servicing Plan. The total amount that will be paid over time for other underwriting compensation depends on the average length of time for which shares remain outstanding, the term over which such amount is measured and the performance of the Company's investments. The Company will also pay or reimburse certain organizational and offering expenses, including, subject to FINRA limitations on underwriting compensation, certain wholesaling expenses.

The Board, including a majority of the Independent Trustees, have reviewed and approved the Placement Agent Agreements in accordance with Section 15(c) of the 1940 Act, and will annually review the Placement Agent Agreements and Distribution/Servicing Fees to determine that the provisions of the Placement Agent Agreements are carried out satisfactorily and to determine, among other things, whether the fees payable under such agreements are reasonable in light of the services provided (giving effect to the Rule 12b-1 Fee Waiver Agreement, while it is effective) and that there is a reasonable likelihood that the continuation of the plan for the Distribution/Servicing Fees will benefit the Company and its shareholders. The Board assesses the reasonableness of such fees based on the breadth, depth and quality of the distribution services to be provided to the Company, and reviews other information relating to the Placement Agents, such as their relationships with financial intermediaries and the adequacy of their compliance program.

The following table describes the fees and expenses accrued under the Advisory Agreement, the Administration Agreement and the Expense Support Agreement, as applicable, during the three and nine months ended September 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Related Party** | | | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| **Related Party** |<br>**Source Agreement** |<br>**Description** | **2025** | **2024** | **2025** | **2024** |
| The Adviser | Investment advisory agreement | Base Management Fee<sup>(1)</sup> | $3912 | $1596 | $10067 | $3428 |
| The Adviser | Investment advisory agreement | Capital Gains Incentive Fee<sup>(2)</sup> | $880 | $247 | $1378 | $971 |
| The Adviser | Investment advisory agreement | Subordinated Incentive Fee on Income<sup>(3)</sup> | $4266 | $2034 | $11141 | $4250 |
| The Adviser | Administration agreement | Administrative Services Expenses<sup>(4)</sup> | $759 | $560 | $1897 | $1376 |
| The Adviser | Administration agreement | Organizational & Offering Costs<sup>(5)</sup> | $— | $1025 | $440 | $2290 |
| The Adviser | Expense support agreement | Expense Recoupment<sup>(6)</sup> | $— | $— | $— | $436 |

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________________

(1)The Adviser agreed to waive all management fees accrued under the Advisory Agreement through September 30, 2025. As of September 30, 2025, no management fees were payable to the Adviser.

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**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 4. Related Party Transactions (continued)**

(2)During the nine months ended September 30, 2025 and 2024, the Company accrued capital gains incentive fees of $1,378 and $971, respectively, based on the performance of its portfolio. As of September 30, 2025, the Company had accrued $2,845 of capital gains incentive fees payable, of which $3,912 was based on unrealized appreciation and $(1,067) was based on realized gains net of unrealized depreciation. No capital gains incentive fees are actually payable by the Company with respect to unrealized gains unless and until those gains are actually realized. See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees.

(3)The Adviser agreed to waive all subordinated incentive fees on income accrued under the Advisory Agreement through September 30, 2025. As of September 30, 2025, no subordinated incentive fees on income were payable to the Adviser.

(4)During the nine months ended September 30, 2025 and 2024, $1,704 and $1,156, respectively, of administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Adviser and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as "broken deal" costs. Broken deal costs were $183 and $124 for the nine months ended September 30, 2025 and 2024, respectively. The Company paid $1,068 and $960 in administrative services expenses to the Adviser during the nine months ended September 30, 2025 and 2024, respectively.

(5)During the nine months ended September 30, 2025 and 2024, the Company expensed organizational and offering costs of $440 and $2,290, respectively, which related to reimbursements to the Adviser for organizational and offering costs incurred on the Company's behalf, including salaries and other direct expenses of the Adviser's personnel and employees of its affiliates while engaged in registering and marketing the Company's Common Shares.

(6)During the nine months ended September 30, 2025 and 2024, the Company accrued $0 and $436, respectively, for expense recoupments payable to the Adviser under the Expense Support Agreement (see "*—Expense Support and Conditional Reimbursement*" below). As of September 30, 2025, no expense recoupments remained payable to the Adviser.

*Potential Conflicts of Interest*

The members of the senior management and investment teams of the Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. For example, the Adviser is the investment adviser to FS KKR Capital Corp. and KKR FS Income Trust Select, and the officers, managers and other personnel of the Adviser may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with Future Standard or KKR Credit. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Company's best interests or in the best interest of the Company's shareholders. The Company's investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles.

*Exemptive Relief* 

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term.

In an order dated January 5, 2021, the SEC granted exemptive relief that permits the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser or KKR Credit, with certain affiliates of the Adviser.

On June 16, 2025, the Company applied for amended co-investment exemptive relief, which, if granted by the SEC, would similarly permit co-investments with certain affiliates but would simplify certain of the conditions under and provide more flexibility than the current order.

*Capital Commitments*

Affiliates of the Adviser committed to invest an aggregate of $35,000 in Common Shares, or the Seed Contribution, and will not transfer or otherwise dispose of their respective capital commitment or Common Shares without the Company's prior written consent for a period ending on the third anniversary of the BDC Election Date.

As of September 30, 2025, the full $35,000 of capital commitments under the Seed Contribution had been called and funded.

As of September 30, 2025, an additional $219,500 of capital commitments from third-party private investors had been called and funded in connection with the Private Offering.

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**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 4. Related Party Transactions (continued)**

*Expense Support and Conditional Reimbursement*

The Company has entered into an Expense Support and Conditional Reimbursement Agreement, or the Expense Support Agreement, with the Adviser. The Adviser may elect to pay certain of the Company's expenses on its behalf, including, but not limited to, organizational and offering expenses and any of the Company's expenses related to investor relations, outside legal counsel and other outside advisors and experts, finance, operations and administration, each, an Expense Payment, provided that no portion of the payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 90 days after such commitment was made in writing, and/or offset against amounts due from us to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess referred to as Excess Operating Funds), the Company will pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company are referred to as a Reimbursement Payment. Available Operating Funds means the sum of (i) the Company's net investment income (excluding organizational and offering costs and extraordinary expenses, taxes (including excise tax) and accrued capital gains incentive fees on unrealized appreciation) and (ii) the Company's net capital gains.

For the nine months ended September 30, 2025 and the year ended December 31, 2024, there were no Expense Payments that the Adviser agreed to pay, subject to reimbursement by the Company in accordance with the Expense Support Agreement. For the nine months ended September 30, 2025 and the year ended December 31, 2024, the Company reimbursed the Adviser for $0 and $436, respectively, of previously waived expenses. As of September 30, 2025, there are no remaining amounts of previously waived expenses subject to recoupment.

**Note 5. Distributions**

The following tables reflect the cash distributions per share that the Company has declared on its Common Shares during the nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** |
|<br>**Date Declared** | **Distribution** | **Record Date** | **Payment Date** | **Distribution per Share** |
| January 10, 2025 | Regular | January 31, 2025 | February 26, 2025 | $0.25 |
| February 11, 2025 | Regular | February 28, 2025 | March 27, 2025 | 0.25 |
| March 10, 2025 | Regular | March 31, 2025 | April 28, 2025 | 0.25 |
| March 10, 2025 | Special | March 31, 2025 | April 28, 2025 | 0.10 |
| April 14, 2025 | Regular | April 30, 2025 | May 28, 2025 | 0.25 |
| May 9, 2025 | Regular | May 30, 2025 | June 26, 2025 | 0.25 |
| June 6, 2025 | Regular | June 30, 2025 | July 29, 2025 | 0.25 |
| July 14, 2025 | Regular | July 31, 2025 | August 27, 2025 | 0.25 |
| July 31, 2025 | Regular | August 29, 2025 | September 26, 2025 | 0.25 |
| August 28, 2025 | Regular | September 30, 2025 | October 29, 2025 | 0.25 |
| Total |  |  |  | $2.35 |

---

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**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 5. Distributions (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** |
|<br>**Date Declared** | **Distribution** | **Record Date** | **Payment Date** | **Distribution per Share** |
| January 5, 2024 | Regular | January 31, 2024 | February 27, 2024 | $0.24 |
| February 20, 2024 | Regular | February 29, 2024 | March 26, 2024 | 0.24 |
| March 7, 2024 | Regular | March 28, 2024 | April 26, 2024 | 0.25 |
| April 3, 2024 | Regular | April 30, 2024 | May 29, 2024 | 0.25 |
| May 2, 2024 | Regular | May 31, 2024 | June 26, 2024 | 0.25 |
| June 11, 2024 | Regular | June 28, 2024 | July 29, 2024 | 0.25 |
| June 11, 2024 | Special | June 28, 2024 | July 29, 2024 | 0.10 |
| July 11, 2024 | Regular | July 31, 2024 | August 28, 2024 | 0.25 |
| July 31, 2024 | Regular | August 30, 2024 | September 26, 2024 | 0.25 |
| September 16, 2024 | Regular | September 30, 2024 | October 29, 2024 | 0.25 |
| September 16, 2024 | Special | September 30, 2024 | October 29, 2024 | 0.10 |
| Total |  |  |  | $2.43 |

---

Subject to applicable legal restrictions and the sole discretion of the Company's Board, the Company intends to declare and pay regular cash distributions on a monthly basis. From time to time, the Company may also declare and pay special interim distributions in the form of cash or shares of its Common Shares at the discretion of the Company's Board. These distributions have been or will be paid monthly to shareholders of record as of monthly record dates previously determined by the Company's Board. Shareholders receive the distribution payments in cash or in Common Shares in accordance with their election under the Company's distribution reinvestment plan. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of the Company's Board.

The Company may fund its cash distributions to shareholders from any sources of funds legally available to it, including proceeds from the sale of Common Shares in the Private Offering, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company's distributions may exceed its earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital. A return of capital generally is a return of a shareholder's investment rather than a return of earnings or gains derived from the Company's investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be mailed to the Company's shareholders. There can be no assurance that the Company will be able to pay distributions at a specific rate or at all.

The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its Common Shares during the nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** |
|<br>**Source of Distribution** | **Distribution Amount** | **Percentage** | **Distribution Amount** | **Percentage** |
| Offering proceeds | $— |  | $— |  |
| Borrowings |  |  |  |  |
| Net investment income<sup>(1)</sup> | 87090 | 100% | 32418 | 99% |
| Short-term capital gains proceeds from the sale of assets |  |  | 410 | 1% |
| Long-term capital gains proceeds from the sale of assets |  |  |  |  |
| Non-capital gains proceeds from the sale of assets |  |  |  |  |
| Distributions on account of preferred and common equity |  |  |  |  |
| Total | $87090 | 100% | $32828 | 100% |

---

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 5. Distributions (continued)**

________________

(1)During the nine months ended September 30, 2025 and 2024, 95.3% and 95.3%, respectively, of the Company's gross investment income was attributable to cash income earned, 1.3% and 1.5%, respectively, was attributable to non-cash accretion of discount and 3.4% and 3.2%, respectively, was attributable to paid-in-kind, or PIK, interest.

The determination of the tax attributes of the Company's distributions is made annually as of the end of the Company's fiscal year based upon the Company's taxable income for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Company's distributions for a full year. The actual tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV.

As of September 30, 2025 and December 31, 2024, the Company's gross unrealized appreciation on a tax basis was $32,789 and $13,838, respectively. As of September 30, 2025 and December 31, 2024, the Company's gross unrealized depreciation on a tax basis was $8,652 and $1,663, respectively.

The aggregate cost of the Company's investments for U.S. federal income tax purposes totaled $1,993,573 and $1,052,681 as of September 30, 2025 and December 31, 2024, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis was $28,138 and $11,392 as of September 30, 2025 and December 31, 2024, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis excludes net unrealized appreciation (depreciation) from foreign currency forward contracts and foreign currency transactions.

**Note 6. Investment Portfolio**

The following table summarizes the composition of the Company's investment portfolio at cost and fair value as of September 30, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025**<br>**(Unaudited)** | **September 30, 2025**<br>**(Unaudited)** | **September 30, 2025**<br>**(Unaudited)** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized Cost**<sup>(1)</sup> | **Fair Value** | **Percentage of Portfolio** | **Amortized Cost**<sup>(1)</sup> | **Fair Value** | **Percentage of Portfolio** |
| Senior Secured Loans—First Lien | $1530146 | $1542965 | 76.3% | $857958 | $865488 | 81.3% |
| Subordinated Debt | 1870 | 1945 | 0.1% | 1682 | 1667 | 0.2% |
| Asset Based Finance | 461896 | 476801 | 23.6% | 193223 | 196918 | 18.5% |
| Total | $1993912 | $2021711 | 100.0% | $1052863 | $1064073 | 100.0% |

---

________________

(1)Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

In general, under the 1940 Act, the Company would be presumed to "control" a portfolio company if it owned more than 25% of its voting securities or had the power to exercise control over the management or policies of such portfolio company, and would be an "affiliated person" of a portfolio company if it owned 5% or more of its voting securities.

As of September 30, 2025, the Company held investments in one portfolio company of which it is deemed to be an "affiliated person" but is not deemed to "control." As of September 30, 2025, the Company held investments in four portfolio companies of which it is deemed to "control." For additional information with respect to such portfolio companies, see footnotes (m) and (n) to the unaudited consolidated schedule of investments as of September 30, 2025.

As of December 31, 2024, the Company held investments in one portfolio company of which it was deemed to be an "affiliated person" but was not deemed to "control." As of December 31, 2024, the Company held investments in three portfolio companies of which it was deemed to "control." For additional information with respect to such portfolio companies, see footnotes (l) and (m) to the consolidated schedule of investments as of December 31, 2024.

The Company's investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit, revolving credit facilities, delayed draw credit facilities or other investments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of September 30, 2025, the Company had unfunded debt investments with aggregate unfunded commitments of $455,134 and unfunded equity/other commitments of $34,487. As of December 31, 2024, the Company had unfunded debt investments with aggregate unfunded commitments of $258,134 and unfunded equity/other commitments of $22,827. The Company maintains sufficient cash on hand and available capital in connection with undrawn commitments to fund such unfunded commitments should the need arise. For additional details regarding the

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 6. Investment Portfolio (continued)**

Company's unfunded debt investments, see the Company's unaudited consolidated schedule of investments as of September 30, 2025 and the Company's audited consolidated schedule of investments as of December 31, 2024.

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of September 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025**<br>**(Unaudited)** | **September 30, 2025**<br>**(Unaudited)** | **December 31, 2024** | **December 31, 2024** |
|<br>**Industry Classification** | **Fair Value** | **Percentage of Portfolio** | **Fair Value** | **Percentage of Portfolio** |
| Banks | $21616 | 1.1% | $1148 | 0.1% |
| Capital Goods | 290592 | 14.4% | 160388 | 15.1% |
| Commercial & Professional Services | 247112 | 12.2% | 207960 | 19.6% |
| Consumer Discretionary Distribution & Retail | 3341 | 0.2% | 6683 | 0.6% |
| Consumer Durables & Apparel | 12220 | 0.6% | 9409 | 0.9% |
| Consumer Services | 119642 | 5.9% | 59984 | 5.6% |
| Consumer Staples Distribution & Retail | 16066 | 0.8% | 16427 | 1.6% |
| Equity Real Estate Investment Trusts (REITs) | 17253 | 0.8% | 20676 | 1.9% |
| Financial Services | 208698 | 10.3% | 96682 | 9.1% |
| Food, Beverage & Tobacco | 23514 | 1.2% |  |  |
| Health Care Equipment & Services | 227004 | 11.2% | 157954 | 14.9% |
| Insurance | 132839 | 6.6% | 92396 | 8.7% |
| Materials | 34714 | 1.7% | 21447 | 2.0% |
| Media & Entertainment | 8419 | 0.4% |  |  |
| Pharmaceuticals, Biotechnology & Life Sciences | 44524 | 2.2% | 34250 | 3.2% |
| Real Estate Management & Development | 136479 | 6.7% | 43784 | 4.1% |
| Software & Services | 391973 | 19.4% | 78631 | 7.4% |
| Technology Hardware & Equipment | 264 | 0.0% | 264 | 0.0% |
| Transportation | 84054 | 4.2% | 54412 | 5.1% |
| Utilities | 1387 | 0.1% | 1578 | 0.1% |
| Total | $2021711 | 100.0% | $1064073 | 100.0% |

---

**Note 7. Financial Instruments**

The following is a summary of the fair value and location of the Company's derivative instruments not designated as a qualifying hedge accounting relationship in the consolidated statements of assets and liabilities held as of September 30, 2025 and December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Instrument** | **Statement Location** | **September 30, 2025**<br>**(Unaudited)** | **December 31, 2024** |
| Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | $111 | $200 |
| Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | (223) |  |
| Total |  | $(112) | $200 |

---

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 7. Financial Instruments (continued)**

Net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recorded by the Company for the nine months ended September 30, 2025 and 2024 are in the following locations in the unaudited consolidated statements of operations:

---

| | | | |
|:---|:---|:---|:---|
| | | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>**Derivative Instrument** |<br>**Statement Location** | **2025** | **2024** |
| Foreign currency forward contracts | Net realized gain (loss) on foreign currency forward contracts | $(202) | $9 |
| Foreign currency forward contracts | Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | (312) | (119) |
| Total |  | $(514) | $(110) |

---

*Offsetting of Derivative Instruments*

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company's unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated statements of assets and liabilities. The following tables present the Company's assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of September 30, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025 (Unaudited)** | **As of September 30, 2025 (Unaudited)** | **As of September 30, 2025 (Unaudited)** | **As of September 30, 2025 (Unaudited)** | **As of September 30, 2025 (Unaudited)** |
|<br>**Counterparty** | **Derivative Assets Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Received**<sup>(1)</sup> | **Cash Collateral Received**<sup>(1)</sup> | **Net Amount of Derivative Assets**<sup>(2)</sup> |
| Goldman Sachs Bank USA | $111 | $(111) | $— | $— | $— |
| Total | $111 | $(111) | $— | $— | $— |
| **Counterparty** | **Derivative Liabilities Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Pledged**<sup>(1)</sup> | **Cash Collateral Pledged**<sup>(1)</sup> | **Net Amount of Derivative Liabilities**<sup>(3)</sup> |
| Goldman Sachs Bank USA | $(223) | $111 | $— | $— | $(112) |
| Total | $(223) | $111 | $— | $— | $(112) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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>**Counterparty** | **Derivative Assets Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Received**<sup>(1)</sup> | **Cash Collateral Received**<sup>(1)</sup> | **Net Amount of Derivative Assets**<sup>(2)</sup> |
| Goldman Sachs Bank USA | $200 | $— | $— | $— | $200 |
| Total | $200 | $— | $— | $— | $200 |
| **Counterparty** | **Derivative Liabilities Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Pledged**<sup>(1)</sup> | **Cash Collateral Pledged**<sup>(1)</sup> | **Net Amount of Derivative Liabilities**<sup>(3)</sup> |
| Goldman Sachs Bank USA | $— | $— | $— | $— | $— |
| Total | $— | $— | $— | $— | $— |

---

________________

(1)In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)Net amount of derivative assets represents the net amount due from the counterparty to the Company.

(3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

*Foreign Currency Forward Contracts*

The Company may enter into foreign currency forward contracts from time to time to facilitate settlement of purchases and sales of investments denominated in foreign currencies and to economically hedge the impact that an adverse change in foreign exchange rates would have on the value of the Company's investments denominated in foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. These contracts are

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 7. Financial Instruments (continued)**

marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period presented as unrealized appreciation or depreciation. Realized gains or losses are recognized when forward contracts are settled. Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts. The Company attempts to limit counterparty risk by only dealing with well-known counterparties.

The average notional balance of foreign currency forward contracts during the nine months ended September 30, 2025 and 2024 were $8,168 and $3,669, respectively.

**Note 8. Fair Value of Financial Instruments**

Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or would pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

*Level 1*: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities.

*Level 2*: Inputs that are quoted prices for similar assets or liabilities in active markets.

*Level 3*: Inputs that are unobservable for an asset or liability.

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

As of September 30, 2025 and December 31, 2024, the Company's investments were categorized as follows in the fair value hierarchy:

---

| | | |
|:---|:---|:---|
| **Valuation Inputs** | **September 30, 2025**<br>**(Unaudited)** | **December 31, 2024** |
| Level 1—Price quotations in active markets | $— | $— |
| Level 2—Significant other observable inputs | 249424 | 41655 |
| Level 3—Significant unobservable inputs | 1772287 | 1022418 |
|  | $2021711 | $1064073 |

---

In addition, the Company had foreign currency forward contracts, as described in Note 7, which were categorized as Level 2 in the fair value hierarchy as of September 30, 2025 and December 31, 2024.

The Board is responsible for overseeing the valuation of the Company's portfolio investments at fair value as determined in good faith pursuant to the Adviser's valuation policy. The Board has designated the Adviser as the Company's valuation designee, with day-to-day responsibility for implementing the portfolio valuation process set forth in the Adviser's valuation policy.

The Company's investments consist primarily of debt investments that were acquired directly from the issuer. Debt investments, for which broker quotes are not available, are valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, the borrower's ability to adequately service its debt, prevailing interest rates for like investments, expected cash flows, call features, anticipated repayments and other relevant terms of the investments. Except as described below, all of the Company's equity/other investments are also valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, contractual rights ascribed to such investments, as well as various income scenarios and multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in limited instances, book value or liquidation value. An investment that is newly issued and purchased near the date of the financial statements is valued at cost if the Adviser determines that the cost of such investment is the best indication of its fair value. Such investments described above are typically classified as Level 3 within the fair value hierarchy. Investments that are traded on an active public market are valued at their closing price as of the date of the financial statements and are classified as Level 1

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 8. Fair Value of Financial Instruments (continued)**

within the fair value hierarchy. Except as described above, the Adviser typically values the Company's other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by independent third-party pricing services and screened for validity by such services and are typically classified as Level 2 within the fair value hierarchy.

The Adviser periodically benchmarks the bid and ask prices it receives from the third-party pricing services and/or dealers and independent valuation firms, as applicable, against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company's management in purchasing and selling these investments, the Adviser believes that these prices are reliable indicators of fair value. The Adviser reviewed and approved the valuation determinations made with respect to these investments in a manner consistent with the Adviser's valuation policy.

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value for the nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** |
| | **Senior Secured Loans—First Lien** | **Subordinated Debt** | **Asset Based Finance** | **Total** |
| Fair value at beginning of period | $865488 | $1667 | $155263 | $1022418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount (amortization of premium) | 1797 |  | 501 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (212) |  | (286) | (498) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3766 | 90 | 8312 | 12168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | 669127 |  | 256858 | 925985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest | 2018 | 188 | 1373 | 3579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and repayments | (128324) |  | (65339) | (193663) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |  |  |  |
| Fair value at end of period | $1413660 | $1945 | $356682 | $1772287 |
| The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | $5670 | $90 | $8441 | $14201 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** |
| | **Senior Secured Loans—First Lien** | **Subordinated Debt** | **Asset Based Finance** | **Total** |
| Fair value at beginning of period | $204314 | $961 | $57041 | $262316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount (amortization of premium) | 507 | 2 | 232 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (20) |  | 9 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 5215 | (2) | 2933 | 8146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | 479613 | 485 | 97469 | 577567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest | 696 | 162 | 716 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and repayments | (22366) |  | (36098) | (58464) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |  |  |  |
| Fair value at end of period | $667959 | $1608 | $122302 | $791869 |
| The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | $5180 | $(2) | $2933 | $8111 |

---

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 8. Fair Value of Financial Instruments (continued)**

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of September 30, 2025 and December 31, 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Investment** | **Fair Value at September 30, 2025**<br>**(Unaudited)** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range (Weighted Average)** | **Impact to Valuation from an Increase in Input**<sup>(1)</sup> |
| Senior Debt | $1318283 | Discounted Cash Flow | Discount Rate | 7.1% - 12.0% (8.6%) | Decrease |
|  | 95377 | Cost<sup>(2)</sup> |  |  |  |
| Subordinated Debt | 1945 | Discounted Cash Flow | Discount Rate | 14.1% - 14.1% (14.1%) | Decrease |
| Asset Based Finance | 249474 | Discounted Cash Flow | Discount Rate | 4.7% - 19.0% (9.9%) | Decrease |
|  | 85570 | Cost<sup>(2)</sup> |  |  |  |
|  | 21638 | Other<sup>(3)</sup> |  |  |  |
| Total | $1772287 |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Investment** | **Fair Value at December 31, 2024** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range (Weighted Average)** | **Impact to Valuation from an Increase in Input**<sup>(1)</sup> |
| Senior Debt | $855090 | Discounted Cash Flow | Discount Rate | 7.6% - 11.4% (9.5%) | Decrease |
|  | 10398 | Cost<sup>(2)</sup> |  |  |  |
| Subordinated Debt | 1667 | Discounted Cash Flow | Discount Rate | 15.4% - 15.4% (15.4%) | Decrease |
| Asset Based Finance | 139551 | Discounted Cash Flow | Discount Rate | 4.8% - 41.7% (9.9%) | Decrease |
|  | 3516 | Waterfall | EBITDA Multiple | 1.1x - 1.1x (1.1x) | Increase |
|  | 12196 | Cost<sup>(2)</sup> |  |  |  |
| Total | $1022418 |  |  |  |  |

---

________________

(1)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(2)Fair value was determined based on recent transaction pricing with no material changes in operations of the related portfolio company since the transaction date.

(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.

**Note 9. Financing Arrangements**

In accordance with the 1940 Act, the Company is allowed to borrow amounts such that its asset coverage, as calculated pursuant to the 1940 Act, equals at least 150% after such borrowing. As of September 30, 2025, the aggregate amount outstanding of the senior securities issued by the Company was $661,820. As of September 30, 2025, the Company's asset coverage was 312%.

The following tables present summary information with respect to the Company's outstanding financing arrangements as of September 30, 2025 and December 31, 2024. For additional information regarding these financing arrangements, see the notes to the Company's audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2024. See Note 9 to the financial statements included in the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025 for a description of amendments or other changes to the financing arrangements during the three months ended March 31, 2025 and June 30, 2025, respectively. Any significant changes to the Company's financing arrangements during the three months ended September 30, 2025 are discussed below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025 (Unaudited)** | **As of September 30, 2025 (Unaudited)** | **As of September 30, 2025 (Unaudited)** | **As of September 30, 2025 (Unaudited)** | **As of September 30, 2025 (Unaudited)** | **As of September 30, 2025 (Unaudited)** |
|<br>**Arrangement** | **Type of Arrangement** | **Rate** | **Amount<br>Outstanding** | | **Amount<br>Available** | **Maturity Date** |
| Senior Secured Revolving Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+2.125%<sup>(2)</sup> | $196820 | <sup>(3)</sup> | $173180 | July 19, 2028 |
| K-FIT AB-1 Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+2.25%<sup>(2)</sup> | 250000 |  |  | October 10, 2028 |
| K-FIT CO-1 Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+2.15%<sup>(2)</sup> | 215000 |  | 35000 | March 4, 2030 |
| Total |  |  | $661820 |  | $208180 |  |

---

________________

(1)The carrying amount outstanding under the facility approximates its fair value.

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 9. Financing Arrangements (continued)**

(2)The benchmark rate is subject to a 0% floor.

(3)Amount includes borrowing in Euros and pounds sterling. Euro balance outstanding of €18,500 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.17 as of September 30, 2025. Pounds sterling balance outstanding of £70,750 has been converted to U.S. dollars at an exchange rate of £1.00 to $1.34 as of September 30, 2025 to reflect total amount outstanding in U.S. dollars.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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** | **As of December 31, 2024** |
|<br>**Arrangement** | **Type of Arrangement** | **Rate** | **Amount<br>Outstanding** | | **Amount<br>Available** | **Maturity Date** |
| Senior Secured Revolving Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+2.125%<sup>(2)</sup> | $40855 | <sup>(3)</sup> | $109145 | July 19, 2028 |
| K-FIT AB-1 Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+2.25%<sup>(2)</sup> | 188500 |  | 61500 | October 10, 2028 |
| Total |  |  | $229355 |  | $170645 |  |

---

________________

(1)The carrying amount outstanding under the facility approximates its fair value.

(2)The benchmark rate is subject to a 0% floor.

(3)Amount includes borrowing in Canadian dollars, Euros and pounds sterling. Canadian dollar balance outstanding of C$500 has been converted to U.S. dollars at an exchange rate of C$1.00 to $0.69 as of December 31, 2024. Euro balance outstanding of €6,500 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.04 as of December 31, 2024. Pounds sterling balance outstanding of £15,000 has been converted to U.S. dollars at an exchange rate of £1.00 to $1.25 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars.

For the nine months ended September 30, 2025 and 2024, the components of total interest expense for the Company's financing arrangements were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|<br>**Arrangement**<sup>(1)</sup> | **Direct Interest Expense**<sup>(2)</sup> | **Amortization of Deferred Financing Costs** | **Total Interest Expense** | **Direct Interest Expense**<sup>(2)</sup> | **Amortization of Deferred Financing Costs** | **Total Interest Expense** |
| Senior Secured Revolving Credit Facility | $4355 | $390 | $4745 | $3564 | $297 | $3861 |
| K-FIT AB-1 Credit Facility | 11817 | 566 | 12383 | 4886 | 425 | 5311 |
| K-FIT CO-1 Credit Facility | 5828 | 243 | 6071 |  |  |  |
| Total | $22000 | $1199 | $23199 | $8450 | $722 | $9172 |

---

________________

(1)Borrowings of each of the Company's wholly-owned, special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.

(2)Direct interest expense includes the effect of non-usage fees.

The Company's average borrowings and weighted average interest rate, including the effect of non-usage fees, for the nine months ended September 30, 2025 were $430,606 and 6.81%, respectively. As of September 30, 2025, the Company's weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 6.35%.

The Company's average borrowings and weighted average interest rate, including the effect of non-usage fees, for the nine months ended September 30, 2024 were $119,552 and 9.42%, respectively. As of September 30, 2024, the Company's weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 7.88%.

Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of September 30, 2025.

*K-FIT CO-1 Credit Facility*

On September 5, 2025, the Company and K-FIT Finance CO-1 LLC, or K-FIT CO-1, entered into the First Amendment to Loan, Security and Servicing Agreement, or First Amendment, amending that certain Loan, Security and Servicing Agreement, originally dated March 4, 2025, by and among the Company, as servicer, K-FIT CO-1, as borrower, each of the lenders party thereto, Capital One, National Association, as administrative agent, and Computershare Trust Company, N.A., as collateral custodian and collateral administrator. The First Amendment provides for, among other things, an update to the collateral administrator responsibilities.

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 10. Commitments and Contingencies**

On August 2, 2022, and as amended and restated on May 9, 2024, and further amended on March 24, 2025, the Company entered into a facility agreement, or the Cliffwater Facility Agreement, with Cliffwater Corporate Lending Fund, or Cliffwater, and CCLF Holdings (D13) LLC, or CCLF Sub, and together with Cliffwater, individually and collectively, the Financing Provider, each an unaffiliated third party, to acquire portfolio investments from time to time by purchasing all or a portion of certain investments owned and held by the Financing Provider at the Company's or the Financing Provider's request pursuant to the terms and provisions of the Cliffwater Facility Agreement, or the Warehousing Transaction. The Cliffwater Facility Agreement creates a forward obligation of the Financing Provider to sell, and a forward obligation of the Company or its designee to purchase, all or a portion of certain investments owned and held by the Financing Provider at the Company's or the Financing Provider's request pursuant to the terms and conditions of the Cliffwater Facility Agreement. Prior to the date on which (i) an insolvency proceeding is commenced by the Company or (ii) an insolvency proceeding is commenced against the Company and is not dismissed or stayed within 60 days, the Company's obligation to purchase such investments is conditional upon satisfying certain conditions, including that the Company has called and received cash funding from subscriptions in an aggregate amount of at least $1.4 billion, such condition, the Capital Condition.

During the nine months ended September 30, 2025, the Company purchased investments, including unfunded commitments, with a cost of $18,690 from the Financing Provider. As of September 30, 2025, none of these purchases are included in payable for investments purchased in the unaudited consolidated statement of assets and liabilities. For the period from October 1, 2025 through November 7, 2025, there were no investments purchased by the Company from the Financing Provider.

As of September 30, 2025, the conditions precedent to the Company's obligation to purchase any additional investments from the Financing Provider had not been met. The Company did not hold any beneficial interest in the warehouse.

The Company enters into contracts that contain a variety of indemnification provisions. The Company's maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Adviser has reviewed the Company's existing contracts and expects the risk of loss to the Company to be remote.

The Company is not currently subject to any material legal proceedings and, to the Company's knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company's rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations.

Unfunded commitments to provide funds to portfolio companies are not recorded in the Company's consolidated statements of assets and liabilities. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company has sufficient liquidity to fund these commitments. As of September 30, 2025, the Company's unfunded commitments consisted of the following:

---

| | |
|:---|:---|
| **Category / Company**<sup>(1)</sup> | **Commitment Amount** |
| Senior Secured Loans—First Lien |  |
| &nbsp;&nbsp;AGS Health LLC | $1679 |
| &nbsp;&nbsp;AGS Health LLC | 596 |
| &nbsp;&nbsp;A-Lign Assurance LLC | 3287 |
| &nbsp;&nbsp;A-Lign Assurance LLC | 1570 |
| &nbsp;&nbsp;Apex Service Partners LLC | 3722 |
| &nbsp;&nbsp;Arcfield Acquisition Corp | 1375 |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | 2797 |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | 1331 |
| &nbsp;&nbsp;Area Wide Protective Inc | 2769 |
| &nbsp;&nbsp;Avetta LLC | 780 |
| &nbsp;&nbsp;Avetta LLC | 367 |
| &nbsp;&nbsp;Avetta LLC | 1605 |
| &nbsp;&nbsp;Bonterra LLC | 3890 |
| &nbsp;&nbsp;Bonterra LLC | 3310 |
| &nbsp;&nbsp;Cadence Education LLC | 1412 |
| &nbsp;&nbsp;Cadence Education LLC | 1056 |
| &nbsp;&nbsp;Cambrex Corp | 1890 |

---

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 10. Commitments and Contingencies (continued)**

---

| | |
|:---|:---|
| **Category / Company**<sup>(1)</sup> | **Commitment Amount** |
| &nbsp;&nbsp;Cambrex Corp | $2160 |
| &nbsp;&nbsp;Cambrex Corp | 11348 |
| &nbsp;&nbsp;Carrier Fire Protection | 1426 |
| &nbsp;&nbsp;Carrier Fire Protection | 1656 |
| &nbsp;&nbsp;Carrier Fire Protection | 212 |
| &nbsp;&nbsp;Circana Group (f.k.a. NPD Group) | 718 |
| &nbsp;&nbsp;Clarience Technologies LLC | 3129 |
| &nbsp;&nbsp;Clarience Technologies LLC | 6933 |
| &nbsp;&nbsp;Clarience Technologies LLC | 1126 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | 3108 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | 2064 |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | 2061 |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | 1237 |
| &nbsp;&nbsp;Community Brands Inc | 932 |
| &nbsp;&nbsp;Community Brands Inc | 1640 |
| &nbsp;&nbsp;CSafe Global | 576 |
| &nbsp;&nbsp;Dental365 LLC | 2216 |
| &nbsp;&nbsp;Dental365 LLC | 6001 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | 1085 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | 51 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | 838 |
| &nbsp;&nbsp;DuBois Chemicals Inc | 2138 |
| &nbsp;&nbsp;DuBois Chemicals Inc | 855 |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | 2008 |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | 1807 |
| &nbsp;&nbsp;Flexera Software LLC | 2550 |
| &nbsp;&nbsp;Follett Software Co | 925 |
| &nbsp;&nbsp;Frontline Road Safety LLC | 3424 |
| &nbsp;&nbsp;Frontline Road Safety LLC | 726 |
| &nbsp;&nbsp;Galway Partners Holdings LLC | 724 |
| &nbsp;&nbsp;Granicus Inc | 46 |
| &nbsp;&nbsp;Granicus Inc | 1339 |
| &nbsp;&nbsp;Highgate Hotels Inc | 1242 |
| &nbsp;&nbsp;Homrich & Berg Inc | 849 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | 2302 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | 1957 |
| &nbsp;&nbsp;Individual FoodService | 439 |
| &nbsp;&nbsp;Inhabit IQ | 1192 |
| &nbsp;&nbsp;Inhabit IQ | 745 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | 4805 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | 593 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | 6056 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | 8466 |
| &nbsp;&nbsp;J S Held LLC | 1588 |
| &nbsp;&nbsp;J S Held LLC | 2654 |
| &nbsp;&nbsp;Keystone Agency Partners LLC | 6786 |
| &nbsp;&nbsp;Keystone Agency Partners LLC | 3016 |
| &nbsp;&nbsp;Lazer Logistics Inc | 1232 |
| &nbsp;&nbsp;Learning Experience Corp/The | 801 |
| &nbsp;&nbsp;Legends Hospitality LLC | 1809 |
| &nbsp;&nbsp;Legends Hospitality LLC | 382 |

---

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 10. Commitments and Contingencies (continued)**

---

| | |
|:---|:---|
| **Category / Company**<sup>(1)</sup> | **Commitment Amount** |
| &nbsp;&nbsp;Magna Legal Services LLC | $851 |
| &nbsp;&nbsp;Magna Legal Services LLC | 228 |
| &nbsp;&nbsp;MAI Capital Management LLC | 2491 |
| &nbsp;&nbsp;MAI Capital Management LLC | 2039 |
| &nbsp;&nbsp;MAI Capital Management LLC | 6225 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | 3456 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | 1882 |
| &nbsp;&nbsp;Med-Metrix | 10072 |
| &nbsp;&nbsp;Med-Metrix | 4286 |
| &nbsp;&nbsp;Mercer Advisors Inc | 2499 |
| &nbsp;&nbsp;Model N Inc | 2664 |
| &nbsp;&nbsp;Model N Inc | 1421 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | 821 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | 1825 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | 3650 |
| &nbsp;&nbsp;Netsmart Technologies Inc | 4236 |
| &nbsp;&nbsp;Netsmart Technologies Inc | 4343 |
| &nbsp;&nbsp;OEConnection LLC | 1597 |
| &nbsp;&nbsp;OEConnection LLC | 1376 |
| &nbsp;&nbsp;PCI Pharma Services | 6285 |
| &nbsp;&nbsp;PCI Pharma Services | 1235 |
| &nbsp;&nbsp;PCI Pharma Services | 224 |
| &nbsp;&nbsp;PSC Group | 266 |
| &nbsp;&nbsp;PSC Group | 291 |
| &nbsp;&nbsp;Radwell International LLC | 1330 |
| &nbsp;&nbsp;Radwell International LLC | 9049 |
| &nbsp;&nbsp;Railpros Inc | 361 |
| &nbsp;&nbsp;Railpros Inc | 180 |
| &nbsp;&nbsp;Resa Power LLC | 3984 |
| &nbsp;&nbsp;Resa Power LLC | 1975 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | 413 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | 238 |
| &nbsp;&nbsp;Rialto Capital Management LLC | 362 |
| &nbsp;&nbsp;Rockefeller Capital Management LP | 2244 |
| &nbsp;&nbsp;Service Express Inc | 2555 |
| &nbsp;&nbsp;Service Express Inc | 1865 |
| &nbsp;&nbsp;Sphera Solutions Inc | 3699 |
| &nbsp;&nbsp;Sphera Solutions Inc | 6853 |
| &nbsp;&nbsp;Spins LLC | 1063 |
| &nbsp;&nbsp;Spotless Brands LLC | 803 |
| &nbsp;&nbsp;Spotless Brands LLC | 6801 |
| &nbsp;&nbsp;STV Group Inc | 1382 |
| &nbsp;&nbsp;STV Group Inc | 1974 |
| &nbsp;&nbsp;SureScripts LLC | 5938 |
| &nbsp;&nbsp;Trackunit ApS | 8235 |
| &nbsp;&nbsp;Turnpoint Services Inc | 554 |
| &nbsp;&nbsp;Turnpoint Services Inc | 1108 |
| &nbsp;&nbsp;USIC Holdings Inc | 764 |
| &nbsp;&nbsp;USIC Holdings Inc | 1977 |
| &nbsp;&nbsp;Veriforce LLC | 935 |
| &nbsp;&nbsp;Veriforce LLC | 1170 |

---

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 10. Commitments and Contingencies (continued)**

---

| | |
|:---|:---|
| **Category / Company**<sup>(1)</sup> | **Commitment Amount** |
| &nbsp;&nbsp;Veriforce LLC | $20021 |
| &nbsp;&nbsp;Vermont Information Processing Inc | 3804 |
| &nbsp;&nbsp;Vermont Information Processing Inc | 761 |
| &nbsp;&nbsp;VetCor Professional Practices LLC | 456 |
| &nbsp;&nbsp;Vitu | 3598 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | 1775 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | 298 |
| &nbsp;&nbsp;Wedgewood Weddings | 4702 |
| &nbsp;&nbsp;Wedgewood Weddings | 4702 |
| &nbsp;&nbsp;West Star Aviation Inc | 3097 |
| &nbsp;&nbsp;West Star Aviation Inc | 1658 |
| &nbsp;&nbsp;Woolpert Inc | 3607 |
| &nbsp;&nbsp;Woolpert Inc | 8293 |
| &nbsp;&nbsp;Xylem Kendall | 5739 |
| &nbsp;&nbsp;Xylem Kendall | 560 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | 3244 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | 2174 |
| Asset Based Finance |  |
| &nbsp;&nbsp;Bausch Health Cos Inc, Revolver | 18750 |
| &nbsp;&nbsp;Curia Global Inc, Revolver | 10333 |
| &nbsp;&nbsp;EW Scripps Co/The, Revolver | 5647 |
| &nbsp;&nbsp;Florida Food Products LLC, Revolver | 923 |
| &nbsp;&nbsp;Fortna Group Inc, Revolver | 2383 |
| &nbsp;&nbsp;GreenSky Holdings LLC, Term Loan | 374 |
| &nbsp;&nbsp;John Wood Group PLC, Revolver | 27000 |
| &nbsp;&nbsp;Opendoor Labs Inc, Structured Mezzanine | 4130 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | 2831 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | 2831 |
| &nbsp;&nbsp;TalkTalk Telecom Group Ltd, Revolver | 2286 |
| &nbsp;&nbsp;Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver | 1138 |
| &nbsp;&nbsp;Tropicana Products Inc, Revolver | 671 |
| &nbsp;&nbsp;Vietjet Aviation JSC, Term Loan | 10163 |
| &nbsp;&nbsp;Weber-Stephen Products LLC, Revolver | 17701 |
| Total | $455134 |
| Unfunded Equity/Other commitments | $34487 |

---

____________________

(1)May be commitments to one or more entities affiliated with the named company.

As of September 30, 2025, the Company's debt commitments are comprised of $211,695 revolving credit facilities and $243,439 delayed draw term loans, which generally are used for acquisitions or capital expenditures and are subject to certain performance tests. Such unfunded debt commitments have a fair value representing unrealized appreciation (depreciation) of $842. The Company's unfunded Equity/Other commitments generally require certain conditions to be met or actual approval from the Adviser prior to funding.

While the Company does not expect to fund all of its unfunded commitments, there can be no assurance that it will not be required to do so.

In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies. Under such arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. The Company had no such guarantees outstanding at September 30, 2025 and December 31, 2024.

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 11. Financial Highlights**

The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Per Share Data:** |  |  |
| Net asset value, beginning of period | $29.56 | $28.84 |
| Results of operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 2.36 | 2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) and unrealized appreciation (depreciation)<sup>(2)</sup> | 0.29 | 0.62 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2.65 | 3.15 |
| Shareholder distributions<sup>(3)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (2.35) | (2.43) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from shareholder distributions | (2.35) | (2.43) |
| Capital share transactions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Common Shares<sup>(4)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital share transactions |  |  |
| Net asset value, end of period | $29.86 | $29.56 |
| Shares outstanding, end of period | 47002485 | 20862875 |
| Total return based on net asset value<sup>(5)</sup> | 9.30% | 10.92% |
| **Ratio/Supplemental Data:** |  |  |
| Net assets, end of period | $1403373 | $616659 |
| Ratio of net investment income to average net assets<sup>(6)</sup> | 10.64% | 11.60% |
| Ratio of total operating expenses to average net assets<sup>(6)</sup> | 6.13% | 8.09% |
| Ratio of waived expenses to average net assets<sup>(6)</sup> | (2.56)% | (2.66)% |
| Ratio of net operating expenses to average net assets<sup>(6)</sup> | 3.57% | 5.43% |
| Portfolio turnover<sup>(7)</sup> | 16.16% | 11.23% |
| Total amount of senior securities outstanding, exclusive of treasury securities | $661820 | $222743 |
| Asset coverage per unit<sup>(8)</sup> | 3.12 | 3.77 |

---

____________________

(1)The per share data was derived by using the weighted average shares outstanding during the applicable period.

(2)The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share

outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the

timing of sales of the Company's Common Shares in relation to fluctuating market values for the portfolio.

(3)The per share data for distributions reflect the actual amount of distributions declared per share during the applicable period.

(4)The issuance of Common Shares on a per share basis reflects the incremental net asset value changes as a result of the issuance of Common Shares in connection with the Seed Contribution. The issuance of Common Shares at a price that is less than the net asset value per share results in a decrease in net asset value per share.

(5)The total return based on NAV for each period presented was calculated based on the change in NAV per share during the applicable period, assuming the reinvestment of all distributions that were declared during the period at the Company's most recent available NAV per share for such shares at the time the distribution was payable. Total return based on NAV does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of Common Shares. The historical calculation of total return based on NAV in the table should not be considered a representation of the Company's future total return based on NAV, which may be greater or less than the return shown in the table due to a number of factors, including the Company's ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company's expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company's investment portfolio during the applicable period and do not represent an actual return to shareholders.

(6)Weighted average net assets during the applicable period are used for this calculation. Ratios for the nine months ended September 30, 2025 and 2024 are annualized, with the exception of capital gains incentive fees and recoupment of previously waived expenses. Annualized ratios for the nine months ended September 30, 2025 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2025. The following is a schedule of supplemental ratios for the nine months ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Ratio of accrued capital gains incentive fees to average net assets | 0.12% | 0.25% |
| Ratio of interest expense to average net assets | 2.80% | 3.18% |

---

(7)Portfolio turnover for the nine months ended September 30, 2025 and 2024 are not annualized.

(8)Asset coverage per unit is the ratio of the carrying value of the Company's total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.

------

**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**KKR FS Income Trust**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 12. Segment Reporting**

The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, long-term capital appreciation. The chief operating decision maker, or CODM, is comprised of the Company's chief executive officer and chief investment officer. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net increase in shareholders' equity resulting from operations, or net income. In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company's shareholders. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as "total assets" and the significant segment expenses are listed on the accompanying consolidated statements of operations.

**Note 13. Subsequent Events**

*Distributions*

On October 8, 2025, the Board declared a distribution of $0.25 per Common Share, payable on or about November 25, 2025 to shareholders of record as of the close of business on October 31, 2025. Additionally, on October 30, 2025, the Board declared a distribution of $0.25 per Common Share, payable on or about December 29, 2025 to shareholders of record as of the close of business on November 28, 2025. Shareholders may receive the distribution payments in cash or in Common Shares in accordance with their election under the Company's distribution reinvestment plan.

*Private Offering Closings*

On October 1, 2025, the Company issued and sold 2,235,939 Common Shares in the Private Offering (with the final number of Common Shares issued being determined on October 21, 2025) pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of $66,765.

On November 3, 2025, the Company issued and sold Common Shares in the Private Offering pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of approximately $26,615. The final number of Common Shares issued as of November 3, 2025 in connection with the monthly closing will be determined at a later date in connection with the Company's determination of its net asset value per Common Share as of October 31, 2025.

*K-FIT AB-1 Credit Facility*

On October 16, 2025, K-FIT Finance AB-1 LLC, or K-FIT AB-1, a wholly-owned, special purpose financing subsidiary of the Company entered into the Second Amendment, or Second Amendment, to the Loan and Security Agreement, dated October 10, 2023, or the Loan Agreement, by and among K-FIT AB-1, as borrower, Ally Bank, as administrative agent and arranger, each of the lenders from time to time party thereto, and Computershare Trust Company, N.A., as collateral administrator and collateral custodian. The Second Amendment provides for, among other things, (i) an increase in the maximum committed facility amount from $250,000 to $500,000, (ii) a reduction of the applicable margin over one-month daily SOFR for advances from 2.25% per annum to 1.85% per annum, (iii) an extension of the revolving period from October 10, 2026 to October 16, 2028 and (iv) an extension of the stated maturity date from October 10, 2028 to October 16, 2030.

*K-FIT CO-1 Credit Facility*

On October 24, 2025, K-FIT CO-1 entered into the Second Amendment, or Second Amendment, to the Loan, Security and Servicing Agreement, dated March 4, 2025, or the Loan Agreement, by and among K-FIT CO-1, as borrower, the Company, as servicer, Capital One, National Association, as administrative agent, hedge counterparty and swingline lender, each of the lenders from time to time party thereto, and Computershare Trust Company, N.A., as collateral administrator and collateral custodian. The Second Amendment provides for, among other things, (i) an increase in the maximum committed facility amount from $250,000 to $400,000 and (ii) a reduction of the margin for advances over the applicable benchmark (which, for advances denominated in U.S. dollars, is three-month term SOFR) from 2.13% per annum to 1.85% per annum.

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

**(in thousands, except share and per share amounts and percentages)**

The information contained in this section should be read in conjunction with our unaudited consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. In this report, "we," "us," "our" and the "Company" refer to KKR FS Income Trust and the "Adviser" refers to FS/KKR Advisor, LLC.

**Forward-Looking Statements** 

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q may include statements as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the prospects of the companies in which we may invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of the investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the general interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the elevated levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our cash resources, financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with the other funds managed by the Adviser, Future Standard, KKR Credit or any of their respective affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dependence of our future success on the general economy and its effect on the industries in which we may invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our use of financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Adviser or its affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain our qualification as a RIC and as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact on our business of U.S. and international financial reform legislation, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of changes to tax legislation on us and the portfolio companies in which we may invest and our and their tax position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the tax status of the enterprises in which we may invest.

Words such as "anticipate," "believe," "expect" and "intend" indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 10-Q are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause our actual results to differ materially from those expressed or forecasted in the forward-looking statements. Factors that could cause actual results to differ materially include changes relating to those set forth above and the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• geo-political risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters or pandemics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future changes in laws or regulations and conditions in our operating areas.

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We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report on Form 10-Q. Shareholders should not place undue reliance on these forward-looking statements. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. Shareholders are advised to consult any additional disclosures that we may make directly to shareholders or through reports that we may file in the future with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements and projections contained in this quarterly report on Form 10-Q are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Exchange Act.

**Overview** 

We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on February 4, 2022, we are externally managed by the Adviser, which manages our day-to-day operations and provides us with investment advisory and administrative services pursuant to the terms of the Advisory Agreement and the Administration Agreement. The Adviser is registered as an investment adviser with the SEC. We have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a RIC under Subchapter M of the Code. We commenced operations concurrent with the initial closing on the Seed Contribution on July 25, 2022.

The Adviser oversees (subject to the oversight of the Board, a majority of whom are not "interested persons," as defined in Section 2(a)(19) of the 1940 Act) the management of our operations and is responsible for making investment decisions with respect to our portfolio pursuant to the terms of the Advisory Agreement. Under the Advisory Agreement, we have agreed to pay the Adviser an annual management fee, or the Base Management Fee, as well as an incentive fee, or the Incentive Fee, based on our investment performance.

We are conducting the continuous Private Offering of our Common Shares in reliance on exemptions from the registration requirements of the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act.

*Investments* 

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We seek to meet our investment objectives by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• utilizing the experience and expertise of the management team of the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employing a defensive investment approach focused on long-term credit performance and preservation of principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• focusing primarily on debt investments in a broad array of private U.S. companies, including middle-market companies, which we define as companies with annual EBITDA of $50 million to $150 million at the time of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investing primarily in established, stable enterprises with positive cash flows; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt negative credit events within our portfolio, such as an event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company.

We pursue our investment objective by investing primarily in the debt of private middle market U.S. companies with a focus on originated transactions sourced through the network of the Adviser and its affiliates. We define direct originations as any investment where our investment adviser or its affiliates had negotiated the terms of the transaction beyond just the price, which, for example, may include negotiating financial covenants, maturity dates or interest rate terms. These directly originated transactions include participation in other originated transactions where there may be third parties involved, or a bank acting as an intermediary, for a closely held club, or similar transactions.

See *"Item 1. Business - Investment Objectives and Strategy"* in the annual report on Form 10-K for the year ended December 31, 2024 filed with the SEC for more information.

*Revenues* 

The principal measure of our financial performance is net change in net assets resulting from operations, which includes net investment income, net realized gain or loss on investments, net realized gain or loss on foreign currency, net unrealized appreciation or depreciation on investments and net unrealized gain or loss on foreign currency. Net investment income is the difference between our income from interest, dividends, fees and other investment income and our operating and other expenses. Net realized gain or loss on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost,

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including the respective realized gain or loss on foreign currency for those foreign-denominated investment transactions. Net realized gain or loss on foreign currency is the portion of realized gain or loss attributable to foreign currency fluctuations. Net unrealized appreciation or depreciation on investments is the net change in the fair value of our investment portfolio, including the respective unrealized gain or loss on foreign currency for those foreign-denominated investments. Net unrealized gain or loss on foreign currency is the net change in the value of receivables or accruals due to the impact of foreign currency fluctuations.

We principally generate revenues in the form of interest income on the debt investments and asset based finance investments, or ABF Investments, we hold, as well as dividends and other distributions on the equity or other securities we hold. In addition, we generate revenues in the form of non-recurring commitment, closing, origination, structuring or diligence fees, monitoring fees, fees for providing managerial assistance, consulting fees, prepayment fees and performance-based fees.

*Expenses* 

Our primary operating expenses include the payment of management and incentive fees and other expenses under the Advisory Agreement and the Administration Agreement, interest expense from financing arrangements and other indebtedness, and other expenses necessary for our operations. The management and incentive fees compensate the Adviser for its work in identifying, evaluating, negotiating, executing, monitoring and servicing our investments.

The Adviser oversees our day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities, and other administrative services. The Adviser also performs, or oversees the performance of, our corporate operations and required administrative services, which includes being responsible for the financial records that we are required to maintain and preparing reports for our shareholders and reports filed with the SEC. In addition, the Adviser assists us in calculating our NAV, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to our shareholders, and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by others.

Pursuant to the Administration Agreement, we reimburse the Adviser for expenses necessary to perform services related to our administration and operations, including the Adviser's allocable portion of the compensation and related expenses of certain personnel of Future Standard and KKR Credit providing administrative services to us on behalf of the Adviser. We reimburse the Adviser no less than monthly for all costs and expenses incurred by the Adviser in performing its obligations and providing personnel and facilities under the Administration Agreement. The Adviser allocates the cost of such services to us based on factors such as total assets, revenues, time allocations and/or other reasonable metrics. The Board reviews the methodology employed in determining how the expenses are allocated to us and the proposed allocation of administrative expenses among us and certain affiliates of the Adviser. The Board then assesses the reasonableness of such reimbursements for expenses allocated to us based on the breadth, depth and quality of such services as compared to the estimated cost to us of obtaining similar services from third-party service providers known to be available. In addition, the Board considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Board compares the total amount paid to the Adviser for such services as a percentage of our net assets to the same ratio as reported by other comparable BDCs.

Except as provided in the Administration Agreement and the Advisory Agreement, we bear all expenses of our operations and transactions, including all other expenses incurred by the Adviser in performing services for us and administrative personnel paid by the Adviser, subject to the limitations included in the Advisory Agreement and the Administration Agreement. See Note 4 to our unaudited consolidated financial statements included herein for more information regarding the expenses borne by us and, thus, our shareholders.

In addition, we have contracted with State Street Bank and Trust Company to provide various accounting and administrative services, including, but not limited to, preparing preliminary financial information for review by the Adviser, preparing and monitoring expense budgets, maintaining accounting and corporate books and records, processing trade information provided by us and performing testing with respect to RIC compliance. We pay State Street Bank and Trust Company directly for the costs of such services.

The Adviser has agreed to advance all of our organizational and offering expenses on our behalf (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between our systems and those of our participating brokers, reasonable bona fide due diligence expenses of participating brokers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of our transfer agent, fees to attend retail seminars sponsored by participating brokers and costs, expenses and reimbursements for travel (provided that we will not be required to bear the cost of private airfare in excess of comparable first-class/business rates on a commercial airline, if available), meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, brokers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing and/or distribution fee) through a date determined by the Adviser in its discretion. We had no obligation to reimburse the Adviser for such advanced expenses until the initial issuance of Common Shares to non-affiliated investors after commencement of the monthly closings for the Private Offering, which commenced

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on June 30, 2023. As of September 30, 2025, we had incurred organizational and offering expenses of $991 and $4,662, respectively, which expenses the Adviser elected to cover pursuant to the Expense Support Agreement, subject to reimbursement by us pursuant to its terms. See "Expense Support and Conditional Reimbursement" below for more information. In no event will we bear in excess of $1.5 million in organizational expenses; the Adviser has agreed to be responsible for any organizational expenses in excess of $1.5 million.

From time to time, the Adviser or its affiliates may pay third-party providers of goods or services. We will reimburse the Adviser or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

*Expense Support and Conditional Reimbursement*

We have entered into the Expense Support Agreement with the Adviser. The Adviser may elect to pay certain of our expenses on our behalf, including, but not limited to, organizational and offering expenses and any of our expenses related to investor relations, outside legal counsel and other outside advisors and experts, finance, operations and administration, each, an Expense Payment, provided that no portion of the payment will be used to pay any of our interest expense or distribution and/or shareholder servicing fees. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to us in any combination of cash or other immediately available funds no later than 90 days after such commitment was made in writing, and/or offset against amounts due from us to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to our shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess referred to as Excess Operating Funds), we will pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to us within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by us are referred to as a Reimbursement Payment. Available Operating Funds means the sum of (i) our net investment income (excluding organizational and offering costs and extraordinary expenses, taxes (including excise tax) and accrued capital gains incentive fees on unrealized appreciation) and (ii) our net capital gains.

For the nine months ended September 30, 2025 and the year ended December 31, 2024, there were no Expense Payments that the Adviser agreed to pay, subject to reimbursement by us in accordance with the Expense Support Agreement. For the nine months ended September 30, 2025 and the year ended December 31, 2024, we reimbursed the Adviser for $0 and $436, respectively, of previously waived expenses. As of September 30, 2025, there are no remaining amounts of previously waived expenses subject to recoupment.

**Fees and Expenses**

The following table illustrates the aggregate fees and expenses that we expect to incur and that shareholders can expect to bear, either directly or indirectly, during the following twelve months.

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| | |
|:---|:---|
| **Shareholder transaction expenses (fees paid directly from shareholder investment)** | |
| Maximum sales load imposed on purchases<sup>(1)</sup> |  |
| **Annual operating expenses (as a percentage of average net assets attributable to shares)**<sup>(2)</sup> |  |
| Base Management Fee<sup>(3)</sup> | 1.25% |
| Incentive fees payable under our investment advisory agreement<sup>(4)</sup> |  |
| Interest payments on borrowed funds<sup>(5)</sup> | 4.21% |
| Distribution/Servicing Fees<sup>(6)</sup> |  |
| Organizational and offering costs<sup>(7)</sup> |  |
| Other expenses<sup>(8)</sup> | 0.34% |
| &nbsp;&nbsp;Total annual expenses | 5.80% |
| Waiver of management and subordinated income incentive fees<sup>(3)</sup> |  |
| &nbsp;&nbsp;Net annual expenses | 5.80% |

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(1)If Class I shares are purchased through certain financial intermediaries, they may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 3.5% cap on NAV for Class I shares. In connection with the sales of Class I shares, participating broker-dealers may charge investors a placement agent fee, subject to the discretion of the broker-dealer. Any such placement agent fee is not part of (and is in addition to) an investor's

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aggregate purchase price for its Class I shares and will be directly charged to such investor. Investors should consult with their selling agents about the upfront placement fees or brokerage commissions and any additional fees or charges their selling agents might impose.

(2)Amount assumes that we sell $876.5 million worth of Class I shares during the following twelve months, resulting in estimated average net assets of $1,841.6 million based on current asset levels. That amount also assumes that we borrow funds of approximately 66% of our average net assets during such period. Actual expenses will depend on the number of Class I shares we sell in the Private Offering and the amount of leverage we employ, if any. There can be no assurance that we will sell $876.5 million worth of Class I shares during the following twelve months.

(3)The Base Management Fee is calculated and payable quarterly in arrears at an annual rate of 1.25% of our average monthly net assets during such period. The Adviser agreed to waive the Base Management Fee and subordinated income incentive fee through September 30, 2025.

(4)Based on our current business plan, we anticipate that we may have capital gains and interest income that could result in the payment of an Incentive Fee to the Adviser in the following twelve months. However, the Incentive Fee payable to the Adviser is based on our performance and will not be paid unless we achieve certain performance targets. As we cannot predict whether we will meet the necessary performance targets, we have assumed that no Incentive Fee will be paid for purposes of this table. We expect the Incentive Fees we pay to increase to the extent we earn greater interest income through our investments in portfolio companies, and realize capital gains upon the sale of investments in our portfolio companies.

(5)Interest payments on borrowed funds represents an estimate of our annualized interest expense based on our total borrowings as of September 30, 2025. At September 30, 2025, the weighted average effective interest rate for total outstanding debt was 6.35%. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. To the extent that we determine it is appropriate to borrow funds to make investments, the costs associated with such borrowing will be indirectly borne by our shareholders.

Our ability to incur leverage during the following twelve months depends, in large part, on the amount of money we are able to raise through the sale of Class I shares in the Private Offering and capital markets conditions.

(6)Distribution/Servicing Fees reflect an annual shareholder servicing and/or distribution fee of 0.85% per annum of the aggregate NAV. However, the Placement Agents have agreed to waive the Distribution/Servicing Fees for Class I shares in full during the term of the Rule 12b-1 Fee Waiver Agreement, and any such waived fees will not be subject to recoupment by the Placement Agents or any other person during or following the term of the Rule 12b-1 Fee Waiver Agreement. The Rule 12b-1 Fee Waiver Agreement will remain in effect until terminated by vote of the Board (including a vote of a majority of its Independent Trustees).

(7)The Adviser has agreed to advance all of our organizational and offering expenses on our behalf through a date determined by the Adviser in its discretion. We will reimburse the Adviser for any such amounts paid on our behalf pursuant to the terms of the Expense Support Agreement. See "Expenses" and "Expense Support and Conditional Reimbursement" sections above for more information.

(8)Other expenses primarily include accounting, legal and auditing fees, as well as the reimbursement of the compensation of administrative personnel and fees payable to our directors who do not also serve in an executive officer capacity for us or the Adviser. The amount presented in the table reflects estimated amounts we expect to pay during the following twelve months and does not include preferred pricing arrangements we may receive from certain parties as a newly formed entity.

***Example***

The following example demonstrates the projected dollar amount of total expenses that would be incurred over various periods with respect to a $10,000 hypothetical investment in the Class I shares assuming reinvestment of all distributions at NAV and that our direct and indirect annual operating expenses would remain at the percentage levels set forth in the table above (assuming we borrow an amount of approximately 66% of our average net assets):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Shareholders would pay the following expenses on a $10,000 investment, assuming a 5% annual return<sup>(1)</sup> | $578 | $1719 | $2843 | $5573 |
| Shareholders would pay the following expenses on a $10,000 investment, assuming a 5% annual return entirely from realized capital gains | $638 | $1887 | $3100 | $5985 |

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(1)Assumes no return from net realized capital gains or net unrealized capital appreciation.

While the example assumes, as required by SEC rules, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. As noted, the example includes the capital gains incentive fee but does not include the subordinated income incentive fee under the Advisory Agreement, which, assuming a 5% annual return, would either not be payable or have an immaterial impact on the expense amounts shown above. If we achieve sufficient returns on our investments to trigger an Incentive Fee of a material amount, our expenses, and returns to our investors, would be higher.

**This example and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses (including the cost of debt, if any, and other expenses) may be greater or less than those shown.**

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**Portfolio Investment Activity for the Three and Nine Months Ended September 30, 2025 and for the Year Ended December 31, 2024**

*Total Portfolio Activity*

The following tables present certain selected information regarding our portfolio investment activity for the three and nine months ended September 30, 2025:

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| | | |
|:---|:---|:---|
|<br>**Net Investment Activity** | **For the Three Months Ended**<br>**September 30, 2025** | **For the Nine Months Ended**<br>**September 30, 2025** |
| Purchases | $498506 | $1179295 |
| Sales and Repayments | (93845) | (244685) |
| Net Portfolio Activity | $404661 | $934610 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**New Investment Activity by Asset Class** | **Purchases** | **Percentage** | **Sales and Repayments** | **Percentage** | **Purchases** | **Percentage** | **Sales and Repayments** | **Percentage** |
| Senior Secured Loans—First Lien | $334350 | 67% | $72835 | 78% | $845647 | 72% | $178343 | 73% |
| Asset Based Finance | 164156 | 33% | 21010 | 22% | 333648 | 28% | 66342 | 27% |
| Total | $498506 | 100% | $93845 | 100% | $1179295 | 100% | $244685 | 100% |

---

The following table summarizes the composition of our investment portfolio at cost and fair value as of September 30, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025**<br>**(Unaudited)** | **September 30, 2025**<br>**(Unaudited)** | **September 30, 2025**<br>**(Unaudited)** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized<br>Cost**<sup>(1)</sup> | **Fair Value** | **Percentage<br>of Portfolio** | **Amortized<br>Cost**<sup>(1)</sup> | **Fair Value** | **Percentage<br>of Portfolio** |
| Senior Secured Loans—First Lien | $1530146 | $1542965 | 76.3% | $857958 | $865488 | 81.3% |
| Subordinated Debt | 1870 | 1945 | 0.1% | 1682 | 1667 | 0.2% |
| Asset Based Finance | 461896 | 476801 | 23.6% | 193223 | 196918 | 18.5% |
| Total | $1993912 | $2021711 | 100.0% | $1052863 | $1064073 | 100.0% |

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_____________________

(1)Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

The following table presents certain selected information regarding the composition of our investment portfolio as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Number of Portfolio Companies | 154 | 101 |
| % of Direct Originations in Investment Portfolio | 100.0% | 100.0% |
| % Variable Rate Debt Investments (based on fair value)<sup>(1)</sup> | 87.6% | 90.9% |
| % Fixed Rate Debt Investments (based on fair value)<sup>(1)</sup> | 7.4% | 6.1% |
| % Other Income Producing Investments (based on fair value)<sup>(2)</sup> | 1.8% | 1.6% |
| % Non-Income Producing Investments (based on fair value) | 3.2% | 1.4% |
| Weighted Average Annual Yield on Accruing Debt Investments<sup>(1)(3)</sup> | 9.5% | 10.1% |
| Weighted Average Annual Yield on All Debt Investments<sup>(4)</sup> | 9.5% | 10.1% |

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_____________________

(1)"Debt Investments" means investments that pay or are expected to pay a stated interest rate, stated dividend rate or other similar stated return.

(2)"Other Income Producing Investments" means investments that pay or are expected to pay interest, dividends or other income to the Company on an ongoing basis but do not have a stated interest rate, stated dividend rate or other similar stated return.

(3)The Weighted Average Annual Yield on Accruing Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each accruing Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each accruing Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the

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greater of (a) the respective base rate in effect as of September 30, 2025, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of September 30, 2025.

(4)The Weighted Average Annual Yield on All Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of September 30, 2025, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of September 30, 2025.

For the nine months ended September 30, 2025, our total return based on NAV was 9.3%. For the year ended December 31, 2024, our total return based on NAV was 13.87%. See footnote 5 to the table included in Note 11 to our unaudited consolidated financial statements included herein for information regarding the calculation of our total return based on NAV.

*Portfolio Composition by Industry Classification*

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of September 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025**<br>**(Unaudited)** | **September 30, 2025**<br>**(Unaudited)** | **December 31, 2024** | **December 31, 2024** |
|<br>**Industry Classification** | **Fair Value** | **Percentage of Portfolio** | **Fair Value** | **Percentage of Portfolio** |
| Banks | $21616 | 1.1% | $1148 | 0.1% |
| Capital Goods | 290592 | 14.4% | 160388 | 15.1% |
| Commercial & Professional Services | 247112 | 12.2% | 207960 | 19.6% |
| Consumer Discretionary Distribution & Retail | 3341 | 0.2% | 6683 | 0.6% |
| Consumer Durables & Apparel | 12220 | 0.6% | 9409 | 0.9% |
| Consumer Services | 119642 | 5.9% | 59984 | 5.6% |
| Consumer Staples Distribution & Retail | 16066 | 0.8% | 16427 | 1.6% |
| Equity Real Estate Investment Trusts (REITs) | 17253 | 0.8% | 20676 | 1.9% |
| Financial Services | 208698 | 10.3% | 96682 | 9.1% |
| Food, Beverage & Tobacco | 23514 | 1.2% |  |  |
| Health Care Equipment & Services | 227004 | 11.2% | 157954 | 14.9% |
| Insurance | 132839 | 6.6% | 92396 | 8.7% |
| Materials | 34714 | 1.7% | 21447 | 2.0% |
| Media & Entertainment | 8419 | 0.4% |  |  |
| Pharmaceuticals, Biotechnology & Life Sciences | 44524 | 2.2% | 34250 | 3.2% |
| Real Estate Management & Development | 136479 | 6.7% | 43784 | 4.1% |
| Software & Services | 391973 | 19.4% | 78631 | 7.4% |
| Technology Hardware & Equipment | 264 | 0.0% | 264 | 0.0% |
| Transportation | 84054 | 4.2% | 54412 | 5.1% |
| Utilities | 1387 | 0.1% | 1578 | 0.1% |
| Total | $2021711 | 100.0% | $1064073 | 100.0% |

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**Portfolio Asset Quality**

In addition to various risk management and monitoring tools, the Adviser uses an investment rating system to characterize and monitor the expected level of returns on each investment in our portfolio. The Adviser uses an investment rating scale of 1 to 4. The following is a description of the conditions associated with each investment rating:

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| | |
|:---|:---|
| **Investment <br>Rating** | **Summary Description** |
| &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;Performing investment—generally executing in accordance with plan and there are no concerns about the portfolio company's performance or ability to meet covenant requirements. |
| &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;Performing investment—no concern about repayment of both interest and our cost basis but company's recent performance or trends in the industry require closer monitoring. |
| &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment. |
| &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;Underperforming investment—concerns about the recoverability of principal or interest. |

---

The following table shows the distribution of our investments on the 1 to 4 investment rating scale at fair value as of September 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Investment Rating** | **Fair<br>Value** | **Percentage of<br>Portfolio** | **Fair<br>Value** | **Percentage of<br>Portfolio** |
| 1 | $1943818 | 96% | $1030177 | 97% |
| 2 | 77893 | 4% | 33896 | 3% |
| 3 |  |  |  |  |
| 4 |  |  |  |  |
| Total | $2021711 | 100% | $1064073 | 100% |

---

The amount of the portfolio in each grading category may vary substantially from period to period resulting primarily from changes in the composition of the portfolio as a result of new investment, repayment and exit activities. In addition, changes in the grade of investments may be made to reflect our expectation of performance and changes in investment values.

**Results of Operations**

**Comparison of the Three and Nine Months Ended September 30, 2025 and September 30, 2024**

*Revenues* 

Our investment income for the three and nine months ended September 30, 2025 and 2024 was as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| | **Amount** | **Percentage of Total Income** | **Amount** | **Percentage of Total Income** | **Amount** | **Percentage of Total Income** | **Amount** | **Percentage of Total Income** |
| Interest income | $40708 | 89.0% | $18899 | 84.3% | $105283 | 89.5% | $41421 | 84.4% |
| Paid-in-kind interest income | 1499 | 3.3% | 1046 | 4.7% | 4054 | 3.4% | 1574 | 3.2% |
| Fee income | 2336 | 5.1% | 2261 | 10.1% | 5328 | 4.5% | 4820 | 9.8% |
| Dividend income | 1190 | 2.6% | 201 | 0.9% | 3067 | 2.6% | 1272 | 2.6% |
| Total investment income<sup>(1)</sup> | $45733 | 100.0% | $22407 | 100.0% | $117732 | 100.0% | $49087 | 100.0% |

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___________

(1)Such revenues represent $43,681 and $20,964 of cash income earned as well as $2,052 and $1,443 in non-cash portions relating to accretion of discount and PIK interest for the three months ended September 30, 2025 and 2024, respectively. Such revenues represent $112,138 and $46,793 of cash income earned as well as $5,594 and $2,294 in non-cash portions relating to accretion of discount and PIK interest for the nine months ended September 30, 2025 and 2024, respectively. Cash flows related to such non-cash revenues may not occur for a number of reporting periods or years after such revenues are recognized.

The level of interest income we receive is generally related to the balance of income-producing investments, multiplied by the weighted average yield of our investments. We expect the dollar amount of interest and any dividend income that we earn to increase as the size of our investments portfolio increases.

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Fee income is transaction based, and typically consists of amendment and consent fees, prepayment fees, structuring fees and other non-recurring fees. As such, fee income is generally dependent on new direct origination investments and the occurrence of events at existing portfolio companies resulting in such fees.

The increase in interest, PIK, fee and dividend income for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 is primarily due to the increase in the size of our investment portfolio, partially offset by a decline in yields due to the lower interest rate environment.

*Expenses*

Our operating expenses for the three and nine months ended September 30, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Management fees | $3912 | $1596 | $10067 | $3428 |
| Subordinated income incentive fees | 4266 | 2034 | 11141 | 4250 |
| Capital gains incentive fees | 880 | 247 | 1378 | 971 |
| Interest expense | 9444 | 3804 | 23199 | 9172 |
| Administrative services expenses | 759 | 560 | 1897 | 1376 |
| Accounting and administrative fees | 164 | 72 | 422 | 186 |
| Organizational and offering costs |  | 1025 | 440 | 2290 |
| Insurance expense | 38 | 46 | 104 | 137 |
| Audit expense | 219 | 147 | 549 | 436 |
| Other expenses | 981 | 469 | 1991 | 1008 |
| Total operating expenses | 20663 | 10000 | 51188 | 23254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and incentive fee waivers | (8178) | (3630) | (21208) | (7678) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense (waiver) recoupment |  |  |  | 436 |
| Net operating expenses | $12485 | $6370 | $29980 | $16012 |

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The following table reflects selected expense ratios as a percent of average net assets for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Ratio of operating expenses to average net assets | 1.60% | 1.84% | 4.63% | 6.16% |
| &nbsp;&nbsp;Ratio of expense waivers to average net assets<sup>(1)</sup> | (0.63)% | (0.67)% | (1.92)% | (2.00)% |
| Ratio of net operating expenses to average net assets | 0.97% | 1.17% | 2.71% | 4.16% |
| &nbsp;&nbsp;Ratio of net incentive fees and interest expense to average net assets<sup>(1)</sup> | 0.80% | 0.74% | 2.22% | 2.63% |
| Ratio of net operating expenses, excluding certain expenses, to average net assets | 0.17% | 0.43% | 0.49% | 1.53% |

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__________

(1)Ratio data may be rounded in order to recompute the ending ratio of net operating expenses to average net assets or net operating expenses, excluding certain expenses, to average net assets.

We generally expect our general and administrative expenses to decrease as a percentage of our average net assets because of the anticipated growth in the size of our asset base.

The increase in expenses for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 is primarily due to the increase in the size of our investment portfolio, which increased the acceleration of our operational activity during the three and nine months ended September 30, 2025 and the incurrence of borrowings under the K-FIT CO-1 Credit Facility, the K-FIT AB-1 Credit Facility and the Senior Secured Revolving Credit Facility, which increased interest expense.

Interest expense, among other things, may increase or decrease our expense ratios relative to comparative periods depending on portfolio performance, changes in amounts outstanding under our financing arrangements and benchmark interest rates such as SOFR, among other factors.

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*Net Investment Income*

Our net investment income totaled $33,248 ($0.77 per share) and $16,037 ($0.87 per share) for the three months ended September 30, 2025 and 2024, respectively. The increase in net investment income during the three months ended September 30, 2025 compared to the three months ended September 30, 2024 can primarily be attributed to the increase in interest, PIK, fee and dividend income discussed above.

Our net investment income totaled $87,752 ($2.36 per share) and $33,075 ($2.53 per share) for the nine months ended September 30, 2025 and 2024, respectively. The increase in net investment income during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 can primarily be attributed to the increase in interest, PIK, fee and dividend income discussed above.

*Net Realized Gains or Losses*

Our net realized gains (losses) on investments and foreign currency for the three and nine months ended September 30, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net realized gain (loss) on investments<sup>(1)</sup> | $367 | $21 | $113 | $77 |
| Net realized gain (loss) on foreign currency forward contracts | (114) | 9 | (202) | 9 |
| Net realized gain (loss) on foreign currency | (602) | (192) | (688) | (141) |
| Total net realized gain (loss) | $(349) | $(162) | $(777) | $(55) |

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______________

(1)We sold investments and received principal repayments of $30,108 and $63,737, respectively, during the three months ended September 30, 2025 and $6,411 and $6,683, respectively, during the three months ended September 30, 2024. We sold investments and received principal repayments of $67,581 and $177,104, respectively, during the nine months ended September 30, 2025 and $44,326 and $15,765, respectively, during the nine months ended September 30, 2024.

*Net Change in Unrealized Appreciation (Depreciation)*

Our net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and unrealized gain (loss) on foreign currency for the three and nine months ended September 30, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net change in unrealized appreciation (depreciation) on investments | $5731 | $3211 | $16589 | $8735 |
| Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | 192 | (113) | (312) | (119) |
| Net change in unrealized gain (loss) on foreign currency | 1470 | (962) | (4472) | (793) |
| Total net change in unrealized appreciation (depreciation) | $7393 | $2136 | $11805 | $7823 |

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The net change in unrealized appreciation (depreciation) during the three and nine months ended September 30, 2025 and 2024 were driven primarily by appreciation on several specific assets in the portfolio.

*Net Increase (Decrease) in Net Assets Resulting from Operations*

For the three months ended September 30, 2025, the net increase in net assets resulting from operations was $40,292 ($0.93 per share) compared to a net increase in net assets resulting from operations of $18,011 ($0.98 per share) for the three months ended September 30, 2024.

For the nine months ended September 30, 2025, the net increase in net assets resulting from operations was $98,780 ($2.66 per share) compared to a net increase in net assets resulting from operations of $40,843 ($3.12 per share) for the nine months ended September 30, 2024.

**Financial Condition, Liquidity and Capital Resources**

*Overview* 

We intend to generate cash primarily from the net proceeds from the Private Offering and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our

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investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of the Private Offering. Our primary use of cash will be investments in portfolio companies, payments of our expenses, including management fees, incentive fees and interest expenses, payment of cash distributions to our shareholders and repurchases of our Common Shares under our discretionary share repurchase program.

As of September 30, 2025, we had $43,319 in cash and foreign currency, which we held in custodial accounts, $208,180 in borrowings available under our financing arrangements, subject to borrowing base and other limitations, and $165,500 of remaining uncalled capital commitments from investors in the Private Offering. As of September 30, 2025, we had unfunded debt investments with aggregate unfunded commitments of $455,134 and unfunded equity/other commitments of $34,487. We maintain sufficient cash on hand, available borrowings and liquid securities to fund such unfunded commitments should the need arise.

We intend to utilize leverage to finance our investments. The amount of leverage that we employ will be subject to the restrictions of the 1940 Act and the supervision of the Board. At the time of any proposed borrowing, the amount of leverage we employ will also depend on our Adviser's assessment of market and other factors. We have established credit facilities and other financing arrangements, and intend to establish one or more additional credit facilities or enter into other financing arrangements to facilitate investments and the timely payment of our expenses.

*Asset Coverage*

Under the provisions of the 1940 Act, following approval from our initial shareholders of the reduced asset coverage requirements under Section 61(a)(2) of the 1940 Act on July 25, 2022, which approval became effective on July 26, 2022, we are currently permitted to issue "senior securities" only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after each issuance of senior securities. For purposes of the 1940 Act, "asset coverage" means the ratio of (1) the total assets of a BDC, less all liabilities and indebtedness not represented by senior securities, to (2) the aggregate amount of senior securities representing indebtedness (plus, in the case of senior securities represented by preferred stock, the aggregate involuntary liquidation preference of such BDC's preferred stock). While any senior securities remain outstanding, we will be required to make provisions to prohibit any dividend distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase.

As of September 30, 2025, the aggregate amount outstanding of the senior securities issued by us was $661,820. As of September 30, 2025, our asset coverage ratio as calculated under the 1940 Act was 312%.

Prior to investing in securities of portfolio companies, we invest the cash received from fees, interest and dividends earned from our investments and principal repayments and proceeds from sales of our investments primarily in cash, cash equivalents, including money market funds, U.S. government securities, repurchase agreements and high-quality debt instruments maturing in one year or less from the time of investment, consistent with our BDC election and our election to be taxed as a RIC.

*Financing Arrangements* 

The following table presents summary information with respect to our outstanding financing arrangements as of September 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025**<br>**(Unaudited)** | **As of September 30, 2025**<br>**(Unaudited)** | **As of September 30, 2025**<br>**(Unaudited)** | **As of September 30, 2025**<br>**(Unaudited)** | **As of September 30, 2025**<br>**(Unaudited)** | **As of September 30, 2025**<br>**(Unaudited)** |
|<br>**Arrangement** | **Type of Arrangement** | **Rate** | **Amount<br>Outstanding** | | **Amount<br>Available** | **Maturity Date** |
| Senior Secured Revolving Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+2.125%<sup>(2)</sup> | $196820 | <sup>(3)</sup> | $173180 | July 19, 2028 |
| K-FIT AB-1 Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+2.25%<sup>(2)</sup> | 250000 |  |  | October 10, 2028 |
| K-FIT CO-1 Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+2.15%<sup>(2)</sup> | 215000 |  | 35000 | March 4, 2030 |
| Total |  |  | $661820 |  | $208180 |  |

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______________

(1)The carrying amount outstanding under the facility approximates its fair value.

(2)The benchmark rate is subject to a 0% floor.

(3)Amount includes borrowing in Euros and pounds sterling. Euro balance outstanding of €18,500 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.17 as of September 30, 2025. Pounds sterling balance outstanding of £70,750 has been converted to U.S. dollars at an exchange rate of £1.00 to $1.34 as of September 30, 2025 to reflect total amount outstanding in U.S. dollars.

See Note 9 to our unaudited consolidated financial statements included herein for additional information regarding our financing arrangements.

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**RIC Status and Distributions** 

We have elected and intend to qualify annually for federal income tax purposes to be treated as a RIC under Subchapter M of the Code. In order to maintain our qualification as a RIC, we must, among other things, make distributions of an amount at least equal to 90% of our investment company taxable income, determined without regard to any deduction for distributions paid, each tax year. As long as the distributions are declared by the later of the fifteenth day of the tenth month following the close of a tax year or the due date of the tax return for such tax year, including extensions, distributions paid up to twelve months after the current tax year generally can be carried back to the prior tax year for determining the distributions paid in such tax year. We intend to make sufficient distributions to our shareholders to qualify for and maintain our RIC tax status each tax year. We are also subject to a 4% nondeductible federal excise tax on certain undistributed income unless we make distributions in a timely manner to our shareholders generally of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gain net income, which is the excess of capital gains in excess of capital losses, or "capital gain net income" (adjusted for certain ordinary losses), for the one-year period ending October 31 of that calendar year and (3) any net ordinary income and capital gain net income for the preceding years that were not distributed during such years and on which we paid no U.S. federal income tax. Any distribution declared by us during October, November or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been paid by us, as well as received by our shareholders, on December 31 of the calendar year in which the distribution was declared. We can offer no assurance that we will achieve results that will permit us to pay any cash distributions.

Subject to applicable legal restrictions, and to the extent that we have taxable income available, we intend to make distributions to holders of our Common Shares. We intend to make monthly distributions to holders of our Common Shares and such distributions are recorded on the record date. All such distributions will be paid at the discretion of the Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

The IRS currently requires that a RIC has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income and capital gains) based upon the percentage of total dividends paid to each class for the tax year. Accordingly, while our Preferred Shares were outstanding, we allocated capital gain dividends, if any, between our Common Shares and Preferred Shares in proportion to the total dividends paid to each class with respect to such tax year.

Prior to the redemption of all of our issued and outstanding Series A Preferred Shares on November 27, 2024, we paid dividends and distributions to our preferred shareholders semi-annually on or before June 30 and December 31 of each year.

During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a shareholder's investment rather than a return of earnings or gains derived from our investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions will be mailed to our shareholders. No portion of the distributions paid during the nine months ended September 30, 2025 or 2024 represented a return of capital.

We intend to make our regular distributions in the form of cash, out of assets legally available for distribution, except for those shareholders who have elected to receive their distributions in the form of additional Common Shares under our distribution reinvestment plan. Any distributions reinvested under the plan will nevertheless remain taxable to a U.S. shareholder.

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The following tables reflect the cash distributions per share that we have declared on our Common Shares during the nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** |
|<br>**Date Declared** | **Distribution** | **Record Date** | **Payment Date** | **Distribution per Share** |
| January 10, 2025 | Regular | January 31, 2025 | February 26, 2025 | $0.25 |
| February 11, 2025 | Regular | February 28, 2025 | March 27, 2025 | 0.25 |
| March 10, 2025 | Regular | March 31, 2025 | April 28, 2025 | 0.25 |
| March 10, 2025 | Special | March 31, 2025 | April 28, 2025 | 0.10 |
| April 14, 2025 | Regular | April 30, 2025 | May 28, 2025 | 0.25 |
| May 9, 2025 | Regular | May 30, 2025 | June 26, 2025 | 0.25 |
| June 6, 2025 | Regular | June 30, 2025 | July 29, 2025 | 0.25 |
| July 14, 2025 | Regular | July 31, 2025 | August 27, 2025 | 0.25 |
| July 31, 2025 | Regular | August 29, 2025 | September 26, 2025 | 0.25 |
| August 28, 2025 | Regular | September 30, 2025 | October 29, 2025 | 0.25 |
| Total |  |  |  | $2.35 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** |
|<br>**Date Declared** | **Distribution** | **Record Date** | **Payment Date** | **Distribution per Share** |
| January 5, 2024 | Regular | January 31, 2024 | February 27, 2024 | $0.24 |
| February 20, 2024 | Regular | February 29, 2024 | March 26, 2024 | 0.24 |
| March 7, 2024 | Regular | March 28, 2024 | April 26, 2024 | 0.25 |
| April 3, 2024 | Regular | April 30, 2024 | May 29, 2024 | 0.25 |
| May 2, 2024 | Regular | May 31, 2024 | June 26, 2024 | 0.25 |
| June 11, 2024 | Regular | June 28, 2024 | July 29, 2024 | 0.25 |
| June 11, 2024 | Special | June 28, 2024 | July 29, 2024 | 0.10 |
| July 11, 2024 | Regular | July 31, 2024 | August 28, 2024 | 0.25 |
| July 31, 2024 | Regular | August 30, 2024 | September 26, 2024 | 0.25 |
| September 16, 2024 | Regular | September 30, 2024 | October 29, 2024 | 0.25 |
| September 16, 2024 | Special | September 30, 2024 | October 29, 2024 | 0.10 |
| Total |  |  |  | $2.43 |

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See Note 5 to our unaudited consolidated financial statements included herein for additional information regarding our distributions.

**Recent Developments**

*Distributions*

On October 8, 2025, the Board declared a distribution of $0.25 per Common Share, payable on or about November 25, 2025 to shareholders of record as of the close of business on October 31, 2025. Additionally, on October 30, 2025, the Board declared a distribution of $0.25 per Common Share, payable on or about December 29, 2025 to shareholders of record as of the close of business on November 28, 2025. Shareholders may receive the distribution payments in cash or in Common Shares in accordance with their election under the Company's distribution reinvestment plan.

*Private Offering Closings*

On October 1, 2025, we issued and sold 2,235,939 Common Shares in the Private Offering (with the final number of Common Shares issued being determined on October 21, 2025) pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of $66,765.

On November 3, 2025, we issued and sold Common Shares in the Private Offering pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of approximately $26,615. The final number of Common Shares issued as of November 3, 2025 in connection with the monthly closing will be determined at a later date in connection with the Company's determination of its net asset value per Common Share as of October 31, 2025.

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*K-FIT AB-1 Credit Facility*

On October 16, 2025, K-FIT Finance AB-1 LLC, or K-FIT AB-1, a wholly-owned, special purpose financing subsidiary of the Company entered into the Second Amendment, or Second Amendment, to the Loan and Security Agreement, dated October 10, 2023, or the Loan Agreement, by and among K-FIT AB-1, as borrower, Ally Bank, as administrative agent and arranger, each of the lenders from time to time party thereto, and Computershare Trust Company, N.A., as collateral administrator and collateral custodian. The Second Amendment provides for, among other things, (i) an increase in the maximum committed facility amount from $250,000 to $500,000, (ii) a reduction of the applicable margin over one-month daily SOFR for advances from 2.25% per annum to 1.85% per annum, (iii) an extension of the revolving period from October 10, 2026 to October 16, 2028 and (iv) an extension of the stated maturity date from October 10, 2028 to October 16, 2030.

*K-FIT CO-1 Credit Facility*

On October 24, 2025, K-FIT CO-1 entered into the Second Amendment, or Second Amendment, to the Loan, Security and Servicing Agreement, dated March 4, 2025, or the Loan Agreement, by and among K-FIT CO-1, as borrower, the Company, as servicer, Capital One, National Association, as administrative agent, hedge counterparty and swingline lender, each of the lenders from time to time party thereto, and Computershare Trust Company, N.A., as collateral administrator and collateral custodian. The Second Amendment provides for, among other things, (i) an increase in the maximum committed facility amount from $250,000 to $400,000 and (ii) a reduction of the margin for advances over the applicable benchmark (which, for advances denominated in U.S. dollars, is three-month term SOFR) from 2.13% per annum to 1.85% per annum.

**Critical Accounting Policies and Estimates**

Our financial statements are prepared in conformity with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management utilizes available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in Note 2 to our unaudited consolidated financial statements included herein.

Critical accounting policies are those that require the application of management's most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. We evaluate our critical accounting estimates and judgments required by our policies on an ongoing basis and update them as necessary based on changing conditions. We have identified one of our accounting policies, valuation of portfolio investments, specifically the valuation of Level 3 investments, as critical because it involves significant judgments and assumptions about highly complex and inherently uncertain matters, and the use of reasonably different estimates and assumptions could have a material impact on our reported results of operations or financial condition. As we execute our operating plans, we will describe additional critical accounting policies in the notes to our future financial statements in addition to those discussed below and in the notes to our unaudited consolidated financial statements included herein.

As of September 30, 2025, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 96.68% of our total assets, as compared to 96.87% of our total assets as of December 31, 2024.

*Valuation of Portfolio Investments and Determination of NAV*

*Valuation of Portfolio Investments*

The Board is responsible for overseeing the valuation of our portfolio investments at fair value as determined in good faith pursuant to the Adviser's valuation policy. As permitted by Rule 2a-5 of the 1940 Act, the Board has designated the Adviser as our valuation designee with day-to-day responsibility for implementing the portfolio valuation process set forth in the Adviser's valuation policy.

Accounting Standards Codification Topic 820, *Fair Value Measurements and Disclosure*, or ASC Topic 820, issued by the FASB clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical securities; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where

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there is little or no activity in the market; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The Adviser determines the fair value of our investment portfolio on at least a quarterly basis. Securities that are publicly-traded with readily available market prices will be valued at the reported closing price on the valuation date. Securities that are not publicly-traded with readily available market prices will be valued at fair value as determined in good faith by the Adviser, in accordance with valuation policies approved by the Board. In connection with that determination, the Adviser will prepare portfolio company valuations which are based on relevant inputs, including, but not limited to, indicative dealer quotes, values of like securities, recent portfolio company financial statements and forecasts, and valuations prepared by independent third-party pricing and valuation services.

With respect to investments for which market quotations are not readily available, we undertake a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our quarterly fair valuation process begins by the Adviser facilitating the delivery of updated quarterly financial and other information relating to each investment to an independent third-party pricing or valuation service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the independent third-party pricing or valuation service then reviews and analyzes the information, along with relevant market and economic data, and determines proposed valuations for each portfolio company or investment according to the valuation methodologies in the Adviser's valuation policy and communicates the information to the Adviser in the form of a valuation range for Level 3 assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Adviser then reviews the preliminary valuation information for each portfolio company or investment and provides feedback about the accuracy, completeness and timeliness of the valuation-related inputs considered by the independent third-party pricing or valuation service and any suggested revisions thereto prior to the independent third-party pricing or valuation service finalizing its valuation range;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Adviser then provides the Board's valuation committee with its valuation determinations and valuation-related information for each portfolio company or investment, along with any applicable supporting materials; and other information that is relevant to the fair valuation process as required by the Adviser's Board-reporting obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board's valuation committee meets with the Adviser to receive the relevant quarterly reporting from the Adviser and to discuss any questions from the valuation committee in connection with the valuation committee's role in overseeing the fair valuation process; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following the completion of its fair value oversight activities, the valuation committee (with the assistance of the Adviser) provides the Board with a report regarding the quarterly valuation process.

In circumstances where the Adviser deems appropriate, the Adviser's internal valuation team values certain investments. When performing the internal valuations, the Adviser utilizes similar valuation techniques as an independent third-party pricing service would use. Such valuations are approved by an internal valuation committee of the Adviser, with oversight from the valuation committee of the Board, as described above.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations and any change in such valuations on our consolidated financial statements. In making its determination of fair value, the Adviser may use any independent third-party pricing or valuation services for which it has performed the appropriate level of due diligence. However, the Adviser is not required to determine fair value in accordance with the valuation provided by any single source, and may use any relevant data, including information sourced by the Adviser or provided by any independent third-party valuation or pricing service that the Adviser deems to be reliable in determining fair value under the circumstances. Below is a description of factors that the Adviser and any independent third-party valuation services may consider when determining the fair value of our investments.

The valuation methods utilized for each portfolio company may vary depending on industry and company-specific considerations. Typically, the first step is to make an assessment as to the enterprise value of the portfolio company's business in order to establish whether the portfolio company's enterprise value is greater than the amount of its debt as of the valuation date. This analysis helps to determine a risk profile for the applicable portfolio company and its related investments, and the appropriate valuation methodology to utilize as part of the security valuation analysis. The enterprise valuation may be determined using a market or income approach.

Valuation of fixed income investments, such as loans and debt securities, depends upon a number of factors, including prevailing interest rates for like securities, expected volatility in future interest rates, call features, put features and other relevant terms of the debt. For investments without readily available market prices, the Adviser may incorporate these factors into discounted cash flow models to arrive at fair value. Various methods may be used to determine the appropriate discount rate in a discounted cash flow model.

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Domestic and foreign fixed-income instruments and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services using data reflecting the earlier closing of the principal markets for those securities. Bank loans, including senior secured floating rate and fixed-rate loans, are valued by using readily available market quotations or another commercially reasonable method selected by an independent, third-party pricing service that has been engaged by the Adviser, or, if such independent, third-party valuations are not available, by using broker quotations. Senior secured adjustable, variable or floating rate loans for which an active secondary market exists to a reliable degree will be valued at the bid price in the market for such loans, as provided by a loan pricing service. Directly originated loans are valued on an individual loan level. In doing so, the Adviser may engage an independent, third-party valuation agent, and fair valuation of such loans will be performed using inputs that incorporate borrower level data, including significant events affecting the issuer or collateral and market developments. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. The value of swaps, including credit default swaps, total return swaps and interest rate swaps will be determined by obtaining at least one dealer quotation (including information from counterparties) or valuations from third-party pricing services. If no quotations or valuations are available, or if such quotations or valuations are believed to be unreliable, swaps will be fair valued pursuant to procedures adopted by the Adviser and overseen by the Board.

Other factors that may be considered include the borrower's ability to adequately service its debt, the fair market value of the borrower in relation to the face amount of its outstanding debt and the quality of collateral securing the debt investments.

For convertible debt securities, fair value generally approximates the fair value of the debt plus the fair value of an option to purchase the underlying security (i.e., the security into which the debt may convert) at the conversion price. To value such an option, a standard option pricing model may be used.

Our equity interests in portfolio companies for which there is no liquid public market are valued at fair value. Generally, the value of our equity interests in public companies for which market quotations are readily available is based upon the most recent closing public market price. Portfolio securities that carry certain restrictions on sale are typically valued at a discount from the public market value of the security. The Adviser will normally use pricing data for domestic or foreign equity securities received shortly after the close of the primary securities exchange on which such securities trade and does not normally take into account trading, clearances or settlements that take place after the close of the exchange.

When we receive warrants or other equity securities at nominal or no additional cost in connection with an investment in a debt security, the cost basis in the investment will be allocated between the debt securities and any such warrants or other equity securities received at the time of origination. The Adviser subsequently values these warrants or other equity securities received at their fair value.

See Note 8 to our unaudited consolidated financial statements included herein for additional information regarding the fair value of our financial instruments.

*Determination of NAV*

We expect to determine our NAV for the Common Shares each month as of the last day of each calendar month, and in no event less frequently than quarterly. The NAV per share for our Common Shares is determined by dividing the value of total assets attributable to the Common Shares minus liabilities attributable to the Common Shares by the total number of Common Shares outstanding at the date as of which the determination is made. We will use the valuation procedures set forth above in order to determine our NAV, as applied by the Adviser as our valuation designee under Rule 2a-5 under the 1940 Act. Fair value pricing may require subjective determinations about the value of a security. If events materially affecting the price of foreign portfolio securities occur between the time when their price was last determined on such foreign securities exchange or market and the time when our NAV was last calculated (for example, movements in certain U.S. securities indices which demonstrate strong correlation to movements in certain foreign securities markets), such securities may be valued at their fair value as determined in good faith in accordance with procedures established by the Adviser and overseen by the Board.

For purposes of calculating NAV, all assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars at prevailing exchange rates as may be determined in good faith by the Adviser under the supervision of the Board. Although the Adviser's policy is intended to result in a calculation of our NAV that fairly reflects security values as of the time of pricing, we cannot ensure that fair values determined by the Adviser would accurately reflect the price that we could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Adviser when determining fair value may differ from the value that would be realized if the securities were sold.

The NAV calculation is available generally within 20 business days after the end of the applicable month. Changes in our monthly NAV will reflect factors including, but not limited to, accruals for net portfolio income, interest expense and unrealized/realized gains (losses) on assets, any applicable organizational and offering costs and any expense reimbursements. When the Adviser

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determines NAV as of a day that is not the last day of a calendar quarter in connection with a drawdown on capital commitments or, for monthly closings to investors for immediate cash investment, as of the last day of a month that is not also the last day of a calendar quarter, we intend to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Adviser's valuation team will generally value such assets at the most recent quarterly valuation unless the Adviser determines that a significant observable change has occurred since the most recent quarter-end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment using a range of values from an independent valuation firm, where applicable, in accordance with the Adviser's valuation policy, pursuant to authority designated by the Board. Additionally, the Adviser may otherwise determine to update the most recent quarter-end valuation of an investment without reliable market quotations that the Adviser considers to be material to the Company using a range of values from an independent valuation firm.

The most recently determined NAV per share for the Common Shares will be reported by the Company under cover of a Current Report on Form 8-K filed with the SEC.

**Other Contractual Obligations** 

We have entered into the Advisory Agreement and Administration Agreement with the Adviser to provide us with investment advisory and administrative services. Payments for investment advisory services under the Advisory Agreement are equal to (a) an annual Base Management Fee based on the average monthly value of the Company's net assets during the most recently completed calendar quarter, and (b) an Incentive Fee based on our performance. The Adviser is reimbursed for administrative expenses incurred on our behalf. See Note 4 to our unaudited consolidated financial statements included herein for a discussion of these agreements and for the amount of fees and expenses accrued under these agreements during the nine months ended September 30, 2025.

If any of our contractual obligations are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Advisory Agreement and our Administration Agreement.

**Off-Balance Sheet Arrangements** 

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of September 30, 2025, we had off-balance sheet arrangements with Cliffwater Corporate Lending Fund and CCLF Holdings (D13) LLC under the Cliffwater Facility Agreement, as described below.

*Warehousing Transaction*

On August 2, 2022, and as amended and restated on May 9, 2024, and further amended on March 24, 2025, the Company entered into the Cliffwater Facility Agreement, with the Financing Provider to acquire portfolio investments from time to time by purchasing all or a portion of certain investments owned and held by the Financing Provider at the Company's or the Financing Provider's request pursuant to the terms and provisions of the Cliffwater Facility Agreement. The Cliffwater Facility Agreement creates a forward obligation of the Financing Provider to sell, and a forward obligation of the Company or its designee to purchase, all or a portion of certain investments owned and held by the Financing Provider at the Company's or the Financing Provider's request pursuant to the terms and conditions of the Cliffwater Facility Agreement. Prior to the date on which (i) an insolvency proceeding is commenced by the Company or (ii) an insolvency proceeding is commenced against the Company and is not dismissed or stayed within 60 days, the Company's obligation to purchase such investments is conditional upon satisfying certain conditions, including that the Company has met the Capital Condition.

Subject to satisfaction of the Capital Condition, the Cliffwater Facility Agreement provides that, on or prior to March 29, 2026, or the Scheduled Facility End Date, the Financing Provider can require the Company to purchase from the Financing Provider such investments entered into in connection with the Cliffwater Facility Agreement (x) with respect to such investment initially acquired by the Financing Provider prior to the date that the Company has raised investor subscriptions that are callable, have been called or received in an aggregate amount of at least $2.0 billion, or the Subscription Threshold Date, in an amount up to 3.0% of the aggregate subscriptions that the Company has raised on or prior to the trade date of any purchase and (y) with respect to such investment initially acquired by the Financing Provider on or after the Subscription Threshold Date, in an amount up to 2.0% of the aggregate subscriptions that the Company has raised on or prior to the trade date of any purchase. Such purchases will be at the prices determined under the Cliffwater Facility Agreement, as discussed further below; provided that, (i) the Company may, on one occasion, extend the Scheduled Facility End Date by three months and (ii) if no notice requiring a purchase or sale, as applicable, of such investments is delivered in accordance with the Cliffwater Facility Agreement by the Scheduled Facility End Date, none of the parties

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to the Cliffwater Facility Agreement may require the other party to purchase or sell, as applicable, such investments after the Scheduled Facility End Date.

In connection with investments (other than Warehouse Asset Based Finance Investments (as defined below)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Financing Provider will receive during the period commencing on the date the Financing Provider acquires an investment and ending on the date immediately preceding the trade date of such investment, or the Holding Period, (i) all principal proceeds, all OID and Fees (as defined in the Cliffwater Facility Agreement) paid on account of any portion of an underlying purchased loan that is repaid or prepaid and not available to be reborrowed and an available unfunded commitment that has been terminated, not funded and is not available to be reborrowed by the underlying obligor and all amendment fees on such investments it holds pursuant to the Cliffwater Facility Agreement, in each case, during the Holding Period, (ii) all cash interest and payment-in-kind interest and all fees (other than one-time fees) that regularly accrue and are payable to all lenders under the underlying documents for such investments on account of such lenders' loans or commitments outstanding pursuant to such underlying documents, in each case, during the Holding Period and (iii) additional consideration for any such investments transferred to the Purchaser that have paid OID and Fees prior to the trade date during the Holding Period equal to an amount from 0.25% to 1.50% (based on the length of time such asset is held by the Financing Provider) of the par value or unfunded amount, as applicable, of any such investment as of immediately prior to any transfer of such investment by the Financing Provider to the Company, or the Additional Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Following fulfillment of the conditions precedent to the Company's obligations to purchase any loans under the Cliffwater Facility Agreement, the Company will purchase such loans owned and held by the Financing Provider under the Cliffwater Facility Agreement at a purchase price equal to (i) the par amount of such loan plus, without duplication, (ii) PIK interest accrued during the Holding Period and PIK interest accrued but not capitalized prior to the Holding Period minus (iii) the sum of (x) OID, upfront fees and other similar fees on account of such purchase loan (all of which are attributable to the Holding Period) plus (y) any termination fees or other similar fees during the Holding Period plus (iv) solely to the extent that such loan has paid OID, upfront fees or other similar fees, the Additional Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Similarly, following fulfillment of the conditions precedent to the Company's obligations to purchase any unfunded commitments under the Cliffwater Facility Agreement, the Company will purchase such assets owned and held by the Financing Provider under the Cliffwater Facility Agreement at a purchase price equal to (i) zero plus (ii) solely to the extent that such unfunded commitment has paid OID, upfront fees or other similar fees, the Additional Consideration minus (iii) OID, upfront fees and other similar fees on account of such unfunded commitment. The above purchase price calculations are subject to adjustment in certain circumstances under the Cliffwater Facility Agreement.

In connection with investments, including related unfunded commitments, underwritten primarily on investments backed by large and diversified pools of financial hard and contractual assets, or the Warehouse Asset Based Finance Investments, following fulfillment of the conditions precedent to the Company's obligations to purchase any Warehouse Asset Based Finance Investments under the Cliffwater Facility Agreement, the Company will purchase such Warehouse Asset Based Finance Investments owned and held by the Financing Provider under the Cliffwater Facility Agreement at a purchase price equal to (i) the funded cost of such Warehouse Asset Based Finance Investments, minus (ii) the amount of any PIK interest accrued during the Holding Period, minus (iii) the amount of any OID upfront fees and other similar fees on account of such Warehouse Asset Based Finance Investments during the Holding Period, minus (iv) an amount equal to 11% per annum (or, after the one year anniversary of the date the Financing Provider acquired the Warehouse Asset Based Finance Investments, 12%) on the aggregate funded investment cost during the Holding Period of such Warehouse Asset Based Finance Investments, minus, (v) the amount of interest, dividends, fees and other amounts (other than proceeds of principal and other amounts paid on account of indemnification and reimbursement expenses) received by the Financing Provider during the Holding Period on account of such Warehouse Asset Based Finance Investments. This purchase price calculation is subject to adjustment in certain circumstances under the Cliffwater Facility Agreement. Except as set forth above, the Company receives all other economics arising before, during and after the Holding Period on such Asset-Based Finance.

In the event the settlement date for any purchase by the Company occurs (i) on or before seven business days after the applicable trade date, or a Delayed Comp Trigger Date, the above amounts received by the Financing Provider will be extended to the Delayed Comp Trigger Date and (ii) after the seventh business day after the applicable trade date (in the event such purchase has not occurred by way of a participation), the amounts received by the Financing Provider will include the amounts set forth in the foregoing clause (i) through the Delayed Comp Trigger Date and will also include an amount equal to daily simple SOFR plus 11.448 basis points for each day that elapses between the Delayed Comp Trigger Date and the applicable settlement date. The Company will receive all other OID and Fees and all termination fees, prepayment premiums, make-whole or similar fees or payments with respect to such investments.

Unless otherwise agreed to by the Company, Cliffwater and CCLF Sub, each investment transaction under the Cliffwater Facility Agreement is expected to be for portfolio investments with a purchase price of at least $1.0 million or, if less, the purchase price of all remaining portfolio investments, including related unfunded commitments, held by the Financing Provider.

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The fair value of the loans under the Cliffwater Facility Agreement is not reflected in the purchase price. As such, for loans, to the extent the Company is required to buy a loan from the Financing Provider, the Company bears the risk of the fair value of such loan falling below the par value. In contrast, to the extent that the Company is not required to buy a loan, the Financing Provider bears the risk of the fair value of such loan falling below such par value. Similarly, for unfunded commitments, to the extent the Company is required to buy an unfunded commitment, it will bear the risk of being required to buy a loan that, upon funding, may be valued below the par value. In contrast, to the extent that the Company is not required to buy a loan, the Financing Provider will bear such risk.

The portfolio investments expected to be purchased by the Company from time to time pursuant to the Cliffwater Facility Agreement are expected to generally consist of directly originated loans to middle-market U.S. companies consistent with the Company's investment objective and investment strategies. There are no material differences between the underwriting standards used in the acquisition of the portfolio investments the Company expects to acquire pursuant to the Cliffwater Facility Agreement and the underwriting standards to be employed by the Adviser on the Company's behalf for any other portfolio investments to be acquired or held by the Company from time to time.

As of September 30, 2025, the conditions precedent to the Company's obligation to purchase any additional investments from the Financing Provider had not been met. The Company does not hold any beneficial interest in the warehouse.

During the nine months ended September 30, 2025, the Company purchased investments, including unfunded commitments, with a cost of $18,690 from the Financing Provider. As of September 30, 2025, none of these purchases are included in payable for investments purchased in the unaudited consolidated statement of assets and liabilities. For the period from October 1, 2025 through November 7, 2025, there were no investments purchased by the Company from the Financing Provider.

As of November 7, 2025, there were 24 loans with an aggregate commitment par value of $128,042, inclusive of $57,923 of unfunded commitments, that the Financing Provider purchased and was holding at the Company's request pursuant to the Cliffwater Facility Agreement.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures About Market Risk**

*Interest Rate Risk*

We are subject to financial market risks, including changes in interest rates. As of September 30, 2025, 87.6% of our portfolio investments (based on fair value) were debt investments paying variable interest rates, 7.4% were debt investments paying fixed interest rates, 1.8% were other income producing investments and the remaining 3.2% consisted of non-income producing investments. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to any variable rate investments we hold and to declines in the value of any fixed rate investments we hold. However, many of our variable rate investments provide for an interest rate floor, which may prevent our interest income from increasing until benchmark interest rates increase beyond a threshold amount. To the extent that a substantial portion of our investments may be in variable rate investments, an increase in interest rates beyond this threshold would make it easier for us to meet or exceed the hurdle rate applicable to the subordinated incentive fee on income, and may result in a substantial increase in our net investment income and to the amount of Incentive Fees payable to the Adviser with respect to our increased pre-incentive fee net investment income. A prolonged reduction in interest rates could reduce our gross investment income and could result in a decrease in our net investment income if such decreases in interest rates are not offset by a corresponding increase in the spread over the specified reference rate that we earn on any portfolio investments, a decrease in our operating expenses or a decrease in the interest rate of our floating interest rate liabilities.

Pursuant to the terms of the Senior Secured Revolving Credit Facility, the K-FIT AB-1 Credit Facility and the K-FIT CO-1 Credit Facility, we borrow at a floating rate based on a benchmark interest rate. To the extent that any present or future credit facilities or other financing arrangements that we enter into are based on a floating interest rate, we will be subject to risks relating to changes in market interest rates. In periods of rising interest rates when we have such debt outstanding, or financing arrangements in effect, our interest expense would increase, which could reduce our net investment income, especially to the extent we hold fixed rate investments.

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The following table shows the effect over a twelve-month period of changes in interest rates on our interest income, interest expense and net interest income assuming no changes in the composition of our investment portfolio, including the accrual status of our investments, and our financing arrangements in effect as of September 30, 2025 (dollar amounts are presented in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Basis Point Change in Interest Rates** | **Increase**<br>**(Decrease)**<br>**in Interest**<br>**Income**<sup>(1)</sup> | **Increase**<br>**(Decrease)**<br>**in Interest**<br>**Expense**<sup>(2)</sup> | **Increase**<br>**(Decrease) in**<br>**Net Interest**<br>**Income**<sup>(1)</sup> | **Percentage<br>Change in Net<br>Interest Income** |
| Down 250 basis points | $(41543) | $(16547) | $(24996) | (15.0)% |
| Down 200 basis points | (33317) | (13237) | (20080) | (12.1)% |
| Down 150 basis points | (25036) | (9928) | (15108) | (9.1)% |
| Down 100 basis points | (16696) | (6619) | (10077) | (6.1)% |
| Down 50 basis points | (8348) | (3309) | (5039) | (3.0)% |
| Up 50 basis points | 8348 | 3309 | 5039 | 3.0% |
| Up 100 basis points | 16696 | 6619 | 10077 | 6.1% |
| Up 150 basis points | 25043 | 9928 | 15115 | 9.1% |
| Up 200 basis points | 33391 | 13237 | 20154 | 12.1% |
| Up 250 basis points | 41739 | 16547 | 25192 | 15.1% |

---

_______________

(1)Assumes no defaults or prepayments by portfolio companies over the next twelve months.

(2)Assumes current debt outstanding as of September 30, 2025, and no changes over the next twelve months.

We expect that our long-term investments will be financed primarily with equity and debt. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. During the nine months ended September 30, 2025, we did not engage in interest rate hedging activities.

*Foreign Currency Risk*

From time to time, we may make investments that are denominated in a foreign currency that are subject to the effects of exchange rate movements between the foreign currency of each such investment and the U.S. dollar, which may affect future fair values and cash flows, as well as amounts translated into U.S. dollars for inclusion in our consolidated financial statements.

The table below presents the effect that a 10% immediate, unfavorable change in the foreign currency exchange rates (i.e. strengthening of the U.S. dollar) would have on the fair value of our investments denominated in foreign currencies as of September 30, 2025, by foreign currency, all other valuation assumptions remaining constant. In addition, the table below presents the par value of our investments denominated in foreign currencies and the notional amount of foreign currency forward contracts in local currency in place as of September 30, 2025 to hedge against foreign currency risks. Dollar amounts are presented in thousands.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Investments Denominated in Foreign Currencies**<br>**As of September 30, 2025** | **Investments Denominated in Foreign Currencies**<br>**As of September 30, 2025** | **Investments Denominated in Foreign Currencies**<br>**As of September 30, 2025** | **Investments Denominated in Foreign Currencies**<br>**As of September 30, 2025** | **Economic Hedging**<br>**As of September 30, 2025** | **Economic Hedging**<br>**As of September 30, 2025** |
| | **Cost in Local Currency** | **Cost in US$** | **Fair Value** | **Reduction in Fair Value as of September 30, 2025 if 10% Adverse Change in Exchange Rate**<sup>(1)</sup> | **Net Foreign Currency Hedge Amount in Local Currency** | **Net Foreign Currency Hedge Amount in US$** |
| British Pound Sterling | £71268 | $95848 | $100453 | $10045 | £3483 | $4684 |
| Euros | 19701 | 23130 | 24209 | 2421 | 2877 | 3379 |
| Norwegian Krone | 210349 | 21078 | 21062 | 2106 | 208526 | 20895 |
| Total |  | $140056 | $145724 | $14572 |  | $28958 |

---

_______________

(1)Excludes effect, if any, of any foreign currency hedges.

As illustrated in the table above, we use derivative instruments from time to time, including foreign currency forward contracts, to manage the impact of fluctuations in foreign currency exchange rates. In addition, we have the ability to borrow in foreign currencies under our Senior Secured Revolving Credit Facility, our K-FIT AB-1 Credit Facility and our K-FIT CO-1 Credit Facility, which provide a natural hedge with regard to changes in exchange rates between the foreign currencies and U.S. dollar and reduces our exposure to foreign exchange rate differences. We are typically a net receiver of these foreign currencies as related for our

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**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

international investment positions, and, as a result, our investments denominated in foreign currencies, to the extent not hedged, benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar.

As of September 30, 2025, the net contractual amount of our foreign currency forward contracts totaled $28,958, all of which related to hedging of our foreign currency denominated debt investments. As of September 30, 2025, we had outstanding borrowings denominated in foreign currencies of €18,500 and £70,750 under our Senior Secured Revolving Credit Facility.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures.** 

**Evaluation of Disclosure Controls and Procedures**

As required by Rule 13a-15(b) under the Exchange Act, we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2025.

Based on the foregoing, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that we would meet our disclosure obligations.

**Changes in Internal Control Over Financial Reporting**

There was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the three-month period ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**PART II—OTHER INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings.** 

Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending or future legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

**Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors.**

In addition to the other information set forth in this Quarterly Report on Form 10-Q, shareholders should carefully consider the risk factors that appeared under Item 1A. "Risk Factors" in our most recent Annual Report on Form 10-K. There are no material changes from the risk factors included within our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

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

***Sales of Unregistered Equity Securities***

We have entered into Subscription Agreements with investors and expect to enter into additional Subscription Agreements with additional investors in connection with the Private Offering, pursuant to which we have issued and sold, and expect to continue to issue and sell, Class I shares in reliance on the exemptions from the registration requirements of the Securities Act provided by Section 4(a)(2) of the Securities Act, Rule 506 of Regulation D thereunder and/or Regulation S under the Securities Act. We relied, in part, upon representations from each participating investor in the relevant Subscription Agreement that such investor is an "accredited investor" as defined in Regulation D under the Securities Act.

Except as previously reported in our current reports on Form 8-K, we did not sell any equity securities during the three months ended September 30, 2025 that were not registered under the Securities Act.

***Issuer Purchases of Equity Securities***

*Discretionary Share Repurchase Program*

Beginning with the quarter ended September 30, 2024, we commenced a discretionary share repurchase program in which we intend to offer to repurchase, in each quarter, up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the Valuation Date, which will be the last calendar day of the applicable quarter. Shareholders should keep in mind that if they tender Common Shares in a tender offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered Common Shares, the Company may repurchase such Common Shares subject to the 2% Early Repurchase Deduction. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining holders of Common Shares. This Early Repurchase Deduction will also generally apply to minimum account repurchases. Common Shares may be sold to certain feeder vehicles primarily created to hold the Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company may not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations.

The Company may, in its sole discretion from time to time, waive the Early Repurchase Deduction in the following circumstances (subject to the conditions described below): repurchases resulting from death, qualifying disability or divorce; in the event that a shareholder's shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; or repurchases submitted in connection with discretionary transfer programs (and similar arrangements) as approved by the Company. Shareholders should be aware that their financial intermediary's operational systems may not support participation in a Company-approved discretionary transfer program or may impose additional or different requirements in

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**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

connection with such requests. Accordingly, shareholders wishing to submit tender requests in connection with a Company-approved discretionary transfer program should contact their financial intermediary as soon as possible in order to determine their financial intermediary's system limitations or requirements.

Shareholders may tender all of the Common Shares that they own in connection with any of our discretionary quarterly tender offers. In the event the amount of shares tendered exceeds the repurchase offer amount, shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the share repurchase program, as applicable. We will have no obligation to repurchase shares, including if the repurchase would violate the restrictions on distributions under federal law or Delaware law. The limitations and restrictions described above may prevent us from accommodating all repurchase requests made in any quarter. Our share repurchase program has many limitations, including the limitations described above, and should not in any way be viewed as the equivalent of a secondary market. We will offer to repurchase shares on such terms as may be determined by the Board in its complete and absolute discretion unless, in the judgment of the Board, such repurchases would not be in the best interests of our shareholders or would violate applicable law. There is no assurance that the Board will exercise its discretion to offer to repurchase shares or that there will be sufficient funds available to accommodate all of our shareholders' requests for repurchase. As a result, we may repurchase less than the full amount of shares that a shareholder requests to have repurchased. If we do not repurchase the full amount of shares that a shareholder has requested to be repurchased, or we determine not to make repurchases of our shares, such shareholder will likely not be able to dispose of its shares, even if we under-perform. Any periodic repurchase offers will be subject in part to our available cash and compliance with the RIC qualification and diversification rules and the 1940 Act. Repurchases of shares from shareholders by the Company in connection with the discretionary quarterly tender offers will be paid in cash within 65 days of the expiration of the applicable tender offer, after the determination of the relevant NAV per share is finalized. Repurchases will be effective after receipt and acceptance by the Company of eligible written tenders of shares from shareholders by the applicable repurchase offer deadline.

On June 2, 2025, we commenced a tender offer, or the June 2025 Tender Offer, pursuant to which we offered to repurchase up to 1,662,583 Common Shares tendered prior to 11:59 p.m., E.T. on June 30, 2025, or the June 2025 Tender Offer Expiration Date. There were 39,970 Common Shares validly tendered by shareholders prior to the June 2025 Tender Offer Expiration Date.

The following table sets forth information regarding repurchases of shares of our Common Shares effectuated under our discretionary share repurchase program during the three months ended September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Repurchase Date** | **Offer Date** | **Tender Offer Expiration** | **Purchase Price per Share** | **Common Shares Repurchased**<sup>(1)</sup> | **Aggregate Dollar Amount of Common Shares Accepted for Repurchase**<sup>(1)</sup> **(in thousands)** |
| July 1, 2025 | June 2, 2025 | June 30, 2025 | $29.68 | 39970 | $1187 |

---

________________

(1)Certain of the amounts herein have been rounded for convenience of presentation.

On September 2, 2025, we commenced a tender offer, or the September 2025 Tender Offer, pursuant to which we offered to repurchase up to 1,916,292 Common Shares tendered prior to 11:59 p.m., E.T. on September 30, 2025, or the September 2025 Tender Offer Expiration Date. There were 221,003 Common Shares validly tendered by shareholders prior to the September 2025 Tender Offer Expiration Date.

See Note 3 to our unaudited consolidated financial statements included herein for more information regarding our discretionary share repurchase program.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Defaults upon Senior Securities.** 

Not applicable.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Mine Safety Disclosures.** 

Not applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Other Information.** 

*Rule 10b5-1 Trading Plans*

During the fiscal quarter ended September 30, 2025, none of our trustees or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

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**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits** 

---

| | |
|:---|:---|
| 3.1 | <u>[Certificate of Trust](https://www.sec.gov/Archives/edgar/data/1930679/000119312522287200/d418460dex31.htm)</u>*<u>[(Previously filed as an exhibit Amendment No. 1 to the Registrant's Registration Statement on Form 10 (File No. 000-56493) filed on November 17, 2022 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1930679/000119312522287200/d418460dex31.htm)</u>* |
| 3.2 | <u>[Certificate of Amendment to Certificate of Trust](https://www.sec.gov/Archives/edgar/data/1930679/000119312523155179/d463407dex32.htm)</u>*<u>[(Previously filed as an exhibit to Amendment No. 1 to the Registrant's Registration Statement on Form 10 (File No. 000-56493) filed on May 26, 2023 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1930679/000119312523155179/d463407dex32.htm)</u>* |
| 3.3 | <u>[Certificate of Amendment to Certificate of Trust](https://www.sec.gov/Archives/edgar/data/1930679/000162828025040140/exhibit33certificateofamen.htm)</u>*<u>[(Previously filed as an exhibit to the Registrant's Form 10-Q filed on August 13, 2025 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1930679/000162828025040140/exhibit33certificateofamen.htm)</u>* |
| 3.4 | <u>[Supplement to the Amended and Restated Declaration of Trust of KKR FS Income Trust Relating to 12.0% Series A Cumulative Preferred Shares](https://www.sec.gov/Archives/edgar/data/1930679/000119312523155179/d463407dex33.htm)</u>*<u>[(Previously filed as an exhibit to Amendment No. 1 to the Registrant's Registration Statement on Form 10 (File No. 000-56493) filed on May 26, 2023 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1930679/000119312523155179/d463407dex33.htm)</u>* |
| 3.5 | <u>[Second Amended and Restated Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1930679/000119312523155179/d463407dex34.htm)</u>*<u>[(Previously filed as an exhibit to Amendment No. 1 to the Registrant's Registration Statement on Form 10 (File No. 000-56493) filed on May 26, 2023 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1930679/000119312523155179/d463407dex34.htm)</u>* |
| 3.6 | <u>[Bylaws](https://www.sec.gov/Archives/edgar/data/1930679/000119312522287200/d418460dex33.htm)</u>*<u>[(Previously filed as an exhibit to the Registrant's Registration Statement on Form 10 (File No. 000-56493) filed on November 17, 2022 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1930679/000119312522287200/d418460dex33.htm)</u>* |
| 10.1\* | <u>[First Amendment to Loan, Security and Servicing Agreement, dated as of September 5, 2025, by and among KKR FS Income Trust, as servicer, K-FIT Finance CO-1 LLC, as borrower, each of the lenders party thereto, Capital One, National Association, as administrative agent, and Computershare Trust Company, N.A., as collateral custodian and collateral administrator.](exhibit101firstamendmentto.htm)</u> |
| 10.2 | <u>[Second Amendment to Loan and Security Agreement, dated as of October 16, 2025, by K-FIT](https://www.sec.gov/Archives/edgar/data/1930679/000110465925101162/tm2529133d1_ex10-1.htm)[Finance](https://www.sec.gov/Archives/edgar/data/1930679/000110465925101162/tm2529133d1_ex10-1.htm)[AB-1, Ally Bank, as administrative agent and lender, and Computershare Trust Company, N.A., as collateral administrator, collateral custodian and securities intermediary.](https://www.sec.gov/Archives/edgar/data/1930679/000110465925101162/tm2529133d1_ex10-1.htm)</u>*<u>[(Previously filed as an exhibit to the Registrant's Current Report on Form 8-K (File No. 814-01620) filed on](https://www.sec.gov/Archives/edgar/data/1930679/000110465925101162/tm2529133d1_ex10-1.htm)[October 2](https://www.sec.gov/Archives/edgar/data/1930679/000110465925101162/tm2529133d1_ex10-1.htm)[1, 2025 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1930679/000110465925101162/tm2529133d1_ex10-1.htm)</u>* |
| 10.3 | <u>[Second Amendment to Loan, Security and Servicing Agreement, dated as of October 24, 2025, by K-FIT Finance CO-1 LLC, KKR FS Income Trust, Capital One, National Association and Computershare Trust Company, N.A.](https://www.sec.gov/Archives/edgar/data/1930679/000110465925104359/tm2529627d1_ex10-1.htm)</u>*<u>[(Previously filed as an exhibit to the Registrant's Current Report on Form 8-K (File No. 814-01620) filed on October](https://www.sec.gov/Archives/edgar/data/1930679/000110465925104359/tm2529627d1_ex10-1.htm)[30](https://www.sec.gov/Archives/edgar/data/1930679/000110465925104359/tm2529627d1_ex10-1.htm)[, 2025 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1930679/000110465925104359/tm2529627d1_ex10-1.htm)</u>* |
| 31.1\* | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended](kfitq32025exhibit311.htm)</u> |
| 31.2\* | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended](kfitq32025exhibit312.htm)</u> |
| 32.1\*\* | <u>[Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended](kfitq32025exhibit321.htm)</u> |
| 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 (embedded within the Inline XBRL document) |
| \* | Filed herewith. |
| \*\* | Furnished herewith. |

---

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**<u>[**Table of Contents**](#i73f9152daa0a4955bbb3e96fb62fb4c2_7)</u>**

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this quarterly report to be signed on its behalf by the undersigned, thereunto duly authorized on November 12, 2025.

---

| | |
|:---|:---|
| KKR FS Income Trust | KKR FS Income Trust |
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Michael C. Forman |
|  | **Michael C. Forman<br>Chief Executive Officer<br>(Principal Executive Officer)** |
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Steven Lilly |
|  | **Steven Lilly<br>Chief Financial Officer<br>(Principal Financial Officer)** |
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;William Goebel |
|  | **William Goebel<br>Chief Accounting Officer** |

---

## Exhibit 10.1

AMERICASACTIVE:21729807.3

***ExecutionVersion***

**FIRSTAMENDMENTTOLOAN,SECURITYANDSERVICINGAGREEMENT**

ThisFIRSTAMENDMENTTOLOAN,SECURITYANDSERVICINGAGREEMENT,dated

as of September 5, 2025 (this "<u>Amendment</u>"), by and among KKR FS INCOME TRUST, a Delaware

statutory trust, as the Servicer (the "<u>Servicer</u>"), K-FIT FINANCE CO-1 LLC, a Delaware limited liability

company, as the borrower (the "<u>Borrower</u>"), each of the Lenders party hereto (the "<u>Lenders</u>"), CAPITAL

ONE, NATIONAL ASSOCIATION, a national banking association, as the administrative agent (together

with its successors and assigns in such capacity, the "<u>Administrative Agent</u>") and COMPUTERSHARE

TRUST COMPANY, N.A., a national banking association, as the collateral custodian (together with its

successors and assigns in such capacity, the "<u>Collateral Custodian</u>") and as the collateral administrator

(together with its successors and assigns in such capacity, the "<u>Collateral Administrator</u>").

WHEREAS, the Servicer, the Borrower, the Administrative Agent, the Collateral Custodian, the

Collateral Administrator and the Lenders from time to time party thereto are parties to the Loan,Security

andServicingAgreement,datedasofMarch4, 2025(asineffectimmediatelypriortotheeffectiveness of

this Amendment and including the Exhibits, Schedules and Annexes thereto, the "<u>Existing Loan</u>

<u>Agreement</u>", and as amended by this Amendment and as may be further amended, supplemented or

otherwise modified and in effect from time to time, the "<u>Amended Loan Agreement</u>"; except as otherwise

defined in this Amendment, terms defined in the Amended Loan Agreement are used herein as defined

therein).

WHEREAS, the Borrower, the Servicer, the Administrative Agent and the Lenders (which

collectively constitute the Required Lenders) have agreed to make certain amendments and modifications

totheExistingLoanAgreementuponandsubjecttothetermsandconditionssetforthinthisAmendment.

WHEREAS,theserecitalsshall beconstruedaspartofthis Amendment.

NOW THEREFORE, in consideration of the foregoing and for other good and valuable

consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:

SECTION1.<u>Amendments</u><u>to</u><u>the</u><u>Existing</u><u>Loan</u><u>Agreement</u>.

(a)TheExistingLoanAgreementisherebyamendedtodeletethebold,strickentext(indicated

textually in the same manner as the following example: **stricken text**) and to add the bold, double-

underlinedtext(indicatedtextuallyinthesamemannerasthefollowingexample:**<u>double-underlined</u><u>text</u>**)

as set forth in the pages of the Amended Loan Agreement attached as <u>Exhibit A</u> hereto.

SECTION2.<u>Representations and Warranties of the Borrower.</u> Each of the Borrower and the

Servicer represents and warrants to the Administrative Agent, the Lenders and the other Secured Parties

that:

(i)each of its representations and warranties set forth in the Amended Loan

Agreement and in the other Transaction Documents are true and correct in all material respects

(exceptforsuchrepresentationsandwarrantiesasarequalifiedbymateriality,aMaterialAdverse

Effectoranysimilarqualifier,whichrepresentationsandwarrantiesshallbetrueandcorrectinall

respects) as of the date hereof, except to the extent that such representations and warranties

specifically refer to an earlier date, in which case they shall be true and correct in all material

respects(except forsuch representations andwarranties asare qualified by materiality, aMaterial

Adverse Effect or any similar qualifier, which representations and warranties shall be true and

correct in all respects) as of such earlier date;

-2-<br>

AMERICASACTIVE:21729807.3

(ii)both immediately before and after giving effect to this Amendment and the

transactions contemplated hereby, no Event of Default or Servicer Termination Event shall have

occurred and be continuing, or would result therefrom;

(iii)no action, suit or proceeding (including, without limitation, any inquiry or

investigation) shall be pending or, to the actual knowledge of the Borrower or the Servicer,

threatened with respect to this Amendment, the transactions contemplated hereby or any

documentationexecutedinconnectiontherewith,andnoinjunctionorotherrestrainingordershall

havebeenissuedorahearingthereforbependingornoticedwithrespecttothisAmendmentorthe

transactions contemplated hereby; and

(iv)all necessary governmental and material third party approvals and/or consents in

connectionwiththetransactionscontemplatedbythisAmendmentandotherwisereferredtoherein

shall have been obtained and remain in effect.

SECTION3.<u>Conditions Precedent</u>.The amendment to the Existing Loan Agreement set forth

in Section1 above shall become effective upon the date (the "<u>Amendment Effective Date</u>") the

Administrative Agent shall have received an executed copy of this Amendment, duly executed and

delivered by the parties thereto.

SECTION4.<u>Reference</u><u>to and Effect Upon</u><u>the Existing Loan</u> <u>Agreement</u>.

(a)Except as specifically amended above, the Existing Loan Agreement and the other

Transaction Documents shall remain unchanged and in full force and effect and are hereby ratified and

confirmed.

(b)Theexecution,deliveryandeffectivenessofthisAmendmentshallnotoperateasawaiver

of any right, power or remedy of the Administrative Agent or any Lender under the Existing Loan

Agreement or any Transaction Document, nor constitute a waiver of any provision of the Existing Loan

Agreement or any Transaction Document.

SECTION5.<u>Reaffirmation</u>.Each of the Borrower and the Servicer hereby reaffirms its

obligations under each Transaction Document to which it is a party. The Borrower hereby reaffirms the

grant of security contained in Section 8.1(a) of the Existing Loan Agreement.

SECTION6.<u>Miscellaneous</u>.This Amendment is a Transaction Document for all purposes of

the Amended Loan Agreement. This Amendment may be executed in any number of counterparts, and by

different parties hereto on separate counterpart signature pages, and all such counterparts taken together

shall be deemed to constitute one and the same instrument.Delivery of a counterpart signature page by

facsimile transmission or by e-mail transmission of portable document format file shall be effective as

deliveryofamanuallyexecutedcounterpartsignaturepage.ThisAmendmentshallbevalid,binding,and

enforceableagainstapartywhenexecutedanddeliveredbyanauthorizedindividualonbehalfoftheparty

bymeansof(i)anoriginalmanualsignature;(ii)afaxed,scanned,orphotocopiedmanualsignature;or(iii)

any other electronic signature permitted by the federal Electronic Signatures in Global and National

Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant

electronicsignatureslaw,includinganyrelevantprovisionsoftheUCC(collectively,"SignatureLaw"),in

each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other

electronicsignature,shallforallpurposeshavethesamevalidity,legaleffect,andadmissibilityinevidence

asanoriginalmanualsignature.Eachpartyheretoshallbeentitledtoconclusivelyrelyupon,andshallhave

no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic

signature,ofanyother partyandshall havenodutyto investigate,confirmor otherwiseverifythevalidity

-3-<br>

AMERICASACTIVE:21729807.3

or authenticity thereof.Section headings used in this Amendment are for reference only and shall not

affect the construction of this Amendment.

SECTION7.<u>Governing Law</u>.This Amendment, and the rights and obligations of the parties

under this Amendment and any claim, controversy, dispute or cause of action (whether in contract or tort

or otherwise) based upon, arising out of or relating to this Amendment and the transactions contemplated

hereby shall be governed by and construed in accordance with the law of the State of New York.

[signaturepages follow]

[SignaturePagetoFirstAmendmenttoLoan,SecurityandServicingAgreement]

INWITNESSWHEREOF,thepartiesheretohavecausedthisAmendmenttobeduly

executed and delivered as of the day and year first above written.

**BORROWER:**

**K-FITFINANCECO-1LLC**

By:

Name:WilliamGoebel

Title:ChiefAccountingOfficer

[SignaturePagetoFirstAmendmenttoLoan,SecurityandServicingAgreement]

**SERVICER:**

**KKRFSINCOMETRUST**

By:

Name:WilliamGoebel

Title:ChiefAccountingOfficer

[SignaturePagetoFirstAmendmenttoLoan,SecurityandServicingAgreement]

**ADMINISTRATIVEAGENT:**

**CAPITAL ONE, NATIONAL ASSOCIATION**

By:

Name:Alex Dennis

Title:Managing Director

**LENDER:**

**CAPITAL ONE, NATIONAL ASSOCIATION**

By:

Name:Alex Dennis

Title:Managing Director

[SignaturePagetoFirstAmendmenttoLoan,SecurityandServicingAgreement]

**COLLATERAL CUSTODIAN:** 

**COMPUTERSHARETRUSTCOMPANY,N.A.**

By:

Name:ThomasJ.Gateau

Title:Vice President

**COLLATERAL ADMINISTRATOR:** 

**COMPUTERSHARETRUSTCOMPANY,N.A.**

By:

Name:ThomasJ.Gateau

Title:Vice President

**<u>Exhibit</u> <u>A</u>**

AmendedLoanAgreement

(see attached)

AMERICASACTIVE:21729807.3

**ExecutionVersion*<u>Conformed</u><u>through</u><u>First</u> <u>Amendment</u>***

**UPTOU.S. $250,000,000**

**LOAN,SECURITYANDSERVICINGAGREEMENT**

byandamong

**KKRFSINCOMETRUST**,

<u>as</u><u>the</u> <u>Servicer</u>

**K-FITFINANCECO-1LLC,**

<u>as</u><u>the</u> <u>Borrower</u>

**EACHOFTHELENDERSFROMTIMETOTIMEPARTY HERETO,**

<u>as</u><u>the</u> <u>Lenders</u>

**CAPITAL ONE, NATIONAL ASSOCIATION,**

<u>as</u><u>the</u><u>Administrative</u><u>Agent,</u><u>Hedge</u><u>Counterparty</u><u>and</u><u>Swingline</u><u>Lender</u>

**COMPUTERSHARETRUSTCOMPANY,N.A.,**

<u>as</u><u>the</u><u>Collateral</u><u>Custodian</u><u>and</u><u>the</u><u>Collateral</u> <u>Administrator</u>

**CAPITAL ONE, NATIONAL ASSOCIATION,**

<u>as</u><u>Arranger</u>

DatedasofMarch4, 2025

AmericasActive:20667640.17

TABLEOFCONTENTS

<u>Page</u>

[ARTICLE](#ia96ea843177b40658ed96adcd86cbc4a_43)[I](#ia96ea843177b40658ed96adcd86cbc4a_43) [DEFINITIONS](#ia96ea843177b40658ed96adcd86cbc4a_43)[6](#ia96ea843177b40658ed96adcd86cbc4a_43)

Section 1.1CertainDefinedTerms6

Section 1.2OtherTerms63

Section 1.3Computation of Time Periods63

Section 1.4Interpretation63

ARTICLEIITHEADVANCES65

Section 2.1TheNotes65

Section 2.2ProceduresforAdvancesbytheLenders65

Section 2.3PrincipalRepayments;ReductionoftheFacilityAmount68

Section 2.4DeterminationofInterest69

Section 2.5NotationsonNotes69

Section 2.6ReductionofBorrowingBaseDeficiency70

Section 2.7SettlementProcedures70

Section 2.8AlternateSettlementProcedures74

Section 2.9CollectionsandAllocations75

Section 2.10Payments,Computations,Etc78

Section 2.11Fees81

Section 2.12IncreasedCosts;CapitalAdequacy;Illegality81

Section 2.13Taxes82

Section 2.14Reinvestment;DiscretionarySales,SubstitutionsandRepurchasesof

Loans87

Section 2.15AssignmentofSaleAgreement91

Section 2.16DefaultingLenders91

Section 2.17MitigationObligations;ReplacementofLenders93

Section 2.18IncreaseofCommitment;FacilityAmount93

Section 2.19RefundingofSwinglineAdvances94

Section 2.20EffectofBenchmarkTransitionEvent95

ARTICLEIIICONDITIONSTOTHECLOSINGDATEANDADVANCES96

Section 3.1ConditionstoClosingDate96

Section 3.2ConditionsPrecedenttoAllAdvancesandAcquisitionsofAdditional

Loans98

Section 3.3Custodianship;TransferofLoansandPermittedInvestments100

[ARTICLE](#ia96ea843177b40658ed96adcd86cbc4a_127)[IV REPRESENTATIONS AND](#ia96ea843177b40658ed96adcd86cbc4a_127) [WARRANTIES](#ia96ea843177b40658ed96adcd86cbc4a_127)[101](#ia96ea843177b40658ed96adcd86cbc4a_127)

Section 4.1RepresentationsandWarrantiesoftheBorrower101

Section 4.2RepresentationsandWarrantiesoftheBorrowerRelatingtothe

AgreementandtheCollateral111

Section 4.3RepresentationsandWarrantiesoftheServicer111

Section 4.4RepresentationsandWarrantiesoftheCollateralAdministratorandthe

Collateral Custodian113

[ARTICLE](#ia96ea843177b40658ed96adcd86cbc4a_145)[V](#ia96ea843177b40658ed96adcd86cbc4a_145)[GENERAL](#ia96ea843177b40658ed96adcd86cbc4a_145) [COVENANTS](#ia96ea843177b40658ed96adcd86cbc4a_145)[114](#ia96ea843177b40658ed96adcd86cbc4a_145)

Section 5.1AffirmativeCovenantsoftheBorrower114

Section 5.2NegativeCovenantsoftheBorrower121

Section 5.3AffirmativeCovenantsoftheServicer124

Section 5.4NegativeCovenantsoftheServicer126

Section 5.5AffirmativeCovenantsoftheCollateralCustodian127

Section 5.6NegativeCovenantsoftheCollateralCustodian127

[ARTICLE](#ia96ea843177b40658ed96adcd86cbc4a_151) [VI COLLATERAL](#ia96ea843177b40658ed96adcd86cbc4a_151) [ADMINISTRATION](#ia96ea843177b40658ed96adcd86cbc4a_151)[128](#ia96ea843177b40658ed96adcd86cbc4a_151)

Section 6.1DesignationoftheServicer128

Section 6.2DutiesoftheServicer128

Section 6.3AuthorizationoftheServicer131

Section 6.4ServicerCompensation132

Section 6.5PaymentofCertainExpensesbyServicer132

Section 6.6Reports132

Section 6.7TheServicerNottoResign133

Section 6.8ServicerTerminationEvents133

ARTICLEVIITHECOLLATERALCUSTODIANANDCOLLATERALADMINISTRATOR134

Section 7.1DesignationofCollateralCustodianandCollateralAdministrator134

Section 7.2DutiesofCollateralCustodian;DutiesofCollateralAdministrator135

Section 7.3MergerorConsolidation139

Section 7.4Collateral Custodian Compensation; Collateral Administrator

Compensation139

Section 7.5Collateral Custodian Removal; Collateral Administrator Removal140

Section 7.6Limitationon Liability140

Section 7.7Resignation of the Collateral Custodian; Resignation of the Collateral

Administrator144

Section 7.8ReleaseofDocuments145

Section 7.8ReturnofRequiredLoanDocuments145

Section 7.9AccesstoCertainDocumentationandInformationRegardingthe

Collateral146

[ARTICLE](#ia96ea843177b40658ed96adcd86cbc4a_169)[VIII](#ia96ea843177b40658ed96adcd86cbc4a_169)[SECURITY](#ia96ea843177b40658ed96adcd86cbc4a_169) [INTEREST](#ia96ea843177b40658ed96adcd86cbc4a_169)[146](#ia96ea843177b40658ed96adcd86cbc4a_169)

Section 8.1GrantofSecurityInterest146

Section 8.2ReleaseofLienonCollateral148

Section 8.3Remedies149

Section 8.4WaiverofCertainLaws149

Section 8.5PowerofAttorney149

[ARTICLE](#ia96ea843177b40658ed96adcd86cbc4a_178)[IX EVENTS OF](#ia96ea843177b40658ed96adcd86cbc4a_178) [DEFAULT](#ia96ea843177b40658ed96adcd86cbc4a_178)[149](#ia96ea843177b40658ed96adcd86cbc4a_178)

Section 9.1EventsofDefault149

Section 9.2Remedies152

[ARTICLE](#ia96ea843177b40658ed96adcd86cbc4a_178)[X](#ia96ea843177b40658ed96adcd86cbc4a_178)[INDEMNIFICATION](#ia96ea843177b40658ed96adcd86cbc4a_178)[153](#ia96ea843177b40658ed96adcd86cbc4a_178)

Section 10.1IndemnitiesbytheBorrower153

Section 10.2IndemnitiesbytheServicer156

Section 10.3After-TaxBasis157

Section 10.4Cooperation.157

ARTICLEXI THEADMINISTRATIVEAGENT158

Section 11.1Appointment158

Section 11.2StandardofCare;ExculpatoryProvisions159

Section 11.3AdministrativeAgent'sReliance,Etc160

Section 11.4CreditDecisionwithRespecttotheAdministrativeAgent161

Section 11.5IndemnificationoftheAdministrativeAgent161

Section 11.6SuccessorAdministrativeAgent161

Section 11.7DelegationofDuties162

Section 11.8PaymentsbytheAdministrativeAgent162

Section 11.9CollateralMatters162

ARTICLEXIIMISCELLANEOUS163

Section 12.1AmendmentsandWaivers163

Section 12.2Notices,Etc165

Section 12.3RatablePayments166

Section 12.4NoWaiver;Remedies166

Section 12.5BindingEffect;BenefitofAgreement167

Section 12.6TermofthisAgreement167

Section 12.7GoverningLaw;JuryWaiver167

Section 12.8Consent to Jurisdiction; Waivers167

Section 12.9Costs and Expenses168

Section12.10NoProceedings169

Section12.11RecourseAgainstCertainParties169

Section 12.12Protection of Right, Title and Interest in the Collateral; Further Action

EvidencingAdvances170

Section 12.13Confidentiality170

Section12.14ExecutioninCounterparts;Severability;Integration173

Section12.15Waiverof Setoff173

Section12.16AssignmentsbytheLenders174

Section12.17Headingand Exhibits175

Section12.18RecognitionoftheU.S.SpecialResolutionRegimes176

ARTICLEXIIITAXCONSIDERATIONS176

Section 13.1AcknowledgementofParties176

**<u>ANNEXES</u>**

ANNEXAAddressesforNotices

ANNEXBCommitments

**<u>EXHIBITS</u>**

EXHIBIT A-1FormofFundingNotice

EXHIBIT A-2FormofRepaymentorFacilityAmountReductionNotice

EXHIBIT A-3Form of Reinvestment Notice

EXHIBIT A-4FormofBorrowingBaseCertificate

EXHIBIT A-5Form of Approval Notice

EXHIBIT A-6FormofReportingDateReport

EXHIBIT A-7[Reserved]

EXHIBIT A-8FormofStaticPoolAnalysis

EXHIBIT A-9[Reserved]

EXHIBIT B-1FormofPromissoryNote

EXHIBIT B-2Form of Swingline Note

EXHIBIT CFormofOfficer'sCertificateastoSolvency

EXHIBIT DForm of Officer's Closing Certificate

EXHIBIT EFormofReleaseofUnderlyingInstruments

EXHIBIT FFormofAssignmentofUnderlyingInstruments

EXHIBIT GForm of Transferee Letter

EXHIBITHFormofJoinderSupplement

EXHIBIT I-1FormofU.S.TaxComplianceCertificate

EXHIBIT I-2FormofU.S.TaxComplianceCertificate

EXHIBIT I-3FormofU.S.TaxComplianceCertificate

EXHIBIT I-4FormofU.S.TaxComplianceCertificate

EXHIBIT JForm of Loan Checklist

**<u>SCHEDULES</u>**

SCHEDULEILoanPartyNames

SCHEDULE IILoanList(includingClosingDateParticipationInterests)

SCHEDULE IIIServicer Standard

SCHEDULE IVAgreed-UponProcedures

SCHEDULE VIndustry Classifications

SCHEDULE VILoan Tape

-6-<br>

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

**THISLOAN,SECURITYANDSERVICINGAGREEMENT**(asamended,

modified, waived, supplemented, restated or replaced from time to time, this "<u>Agreement</u>") is made as

of March 4, 2025, by and among:

**(1)KKRFSINCOMETRUST**,aDelawarestatutorytrust,astheServicer(as

hereinafter defined);

**(2)K-FIT FINANCE CO-1 LLC**, a Delaware limited liability company, as the

borrower (the "<u>Borrower</u>");

**(3)EACHOFTHELENDERSFROMTIMETOTIMEPARTY**

**HERETO**(togetherwithitsrespectivesuccessorsandassignsinsuchcapacity,eacha"<u>Lender</u>",

collectively, the "<u>Lenders</u>");

**(4)CAPITAL ONE, NATIONAL ASSOCIATION,** a national banking association

(together with its successors and assigns, "<u>Capital One, National Association</u>"), as the administrative

agent hereunder (together with its successors and assigns in such capacity, the "<u>Administrative</u>

<u>Agent</u>"), as hedge counterparty hereunder (together with its successors and assigns in such capacity,

the "<u>Hedge Counterparty</u>") and astheswinglinelender (together withitssuccessors and assigns in

such capacity, the "<u>Swingline Lender</u>"); and

**(5)COMPUTERSHARE TRUST COMPANY, N.A.,** a national banking association,

not in its individual capacity but as the collateral custodian (together with its successors and assigns in

such capacity, the "<u>Collateral Custodian</u>"), and as the collateral administrator (together with its

successors and assigns in such capacity, the "<u>Collateral Administrator</u>").

**RECITALS**

**WHEREAS**, the Borrower has requested that the Lenders extend credit hereunder by

providing Commitments and making Advances and Swingline Advances from time to time for the

purchase of certain Eligible Loans from the Transferor pursuant to the Sale Agreement and for the

general business purposes of the Borrower;

**WHEREAS**, (i) the Borrower has appointed the Servicer to act as the servicer for the

Borrower and manage the Collateral, and (ii) the Servicer is willing to accept such appointment;

**WHEREAS**,theLendersarewillingtoextendsuchcredittotheBorrowerontheterms

and subject to the conditions set forth herein;

**NOW, THEREFORE**, based upon the foregoing Recitals, the mutual premises and

agreements contained herein, and other good andvaluable consideration,the receipt andsufficiencyof

which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as

follows:

**ARTICLE IDEFINITIONS**

-7-<br>

Section 1.1<u>Certain</u><u>Defined</u><u>Terms.</u>

Certain capitalizedtermsusedthroughoutthisAgreementaredefinedinthis <u>Section</u><u>1.1</u>.

As used in this Agreement and its schedules, exhibits and otherattachments, unless thecontext requires

a different meaning, the following terms shall have the following meanings:

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

regulations promulgated thereunder.

"<u>Account</u>":Any of the Canadian Dollar Account, the Euro Account, the GBP Account,

the Australian Dollar Account, the Collateral Account, the General Collection Account, the Principal

CollectionAccount,theInterestCollectionAccount,theUnfundedExposureAccountandany

sub-accounts thereof deemed appropriate or necessary by the Administrative Agent, the Securities

Intermediaryor the Collateral Custodian for convenience in administering such accounts.

"<u>Account Control Agreement</u>": The Account Control Agreement, dated as of the date

hereof, among the Borrower, as the pledgor, theAdministrativeAgent,ComputershareTrustCompany,

N.A., as the Collateral Custodian and Computershare Trust Company, N.A., as the Securities

Intermediary, as the same may be amended, modified, waived, supplemented or restated from time to

time.

"<u>Accreted</u><u>Interest</u>":TheinterestaccruedonaLoanthatisaddedtotheprincipalamount

ofsuch Loaninstead ofbeingpaidas itaccrues.Fortheavoidanceofdoubt,interest onanyLoanthatis

paidwiththeproceedsofapermitteddrawingonarevolvingloanshallnotconstituteAccretedInterest.

"<u>Accrual Period</u>": With respect to any Advance, (i) the period beginning on, and

including, the Advance Date with respect to such Advance and ending on, but excluding, the

Determination Dateprecedingthe firstsucceedingPayment Date, and (ii)thereafter,forsolongassuch

Advance or any portion thereof remains outstanding, each period beginning on, and including, the day

after the immediately preceding Accrual Period with respect to such Advance and ending on, but

excluding, the Determination Date preceding the next succeeding Payment Date.

"<u>Additional Loans</u>": All Loans that become part of the Collateral after the Closing Date.

"<u>Adjusted</u><u>Borrowing</u><u>Value</u>":WithrespecttoanyLoan,foranydateofdetermination,an

amountequaltotheAssignedValueofsuchLoanatsuchtimemultipliedbytheOutstandingBalanceof

such Loan; <u>provided</u>thatthepartiesherebyagreethattheAdjustedBorrowingValueofanyLoanthatis

no longer an Eligible Loan shall be zero.

"<u>Administrative Agent</u>": Capital One, National Association, in its capacity as

administrative agent for Lenders hereunder, together with its successors and assigns, including any

successor appointed pursuant to <u>Section 11.6</u>.

"<u>Administrative Expenses</u>": All amounts (excluding principal and interest payments,

Prepayment Fees, Non-Usage Fees and other similar fees) due or accrued and payable bythe Borrower

to any Person pursuant to any Transaction Document, including, but not limited to, any third party

service provider to the Borrower, any Lender, the Collateral Administrator, the Collateral Custodian or

theSecuritiesIntermediary,accountants,agentsandcounselofanyoftheforegoingforfeesand

-8-<br>

expenses or any other Person in respect of any other fees, expenses, or other payments (including

indemnification payments) or any amounts payable by any Person in respect of the termination or

breakageofanyinterestratehedgeagreementwithrespecttoanysuchLoanthatbearsinterestatafixed

rate other than the Hedging Agreement.

"<u>Administrative Questionnaire</u>": An Administrative Questionnaire in a form supplied by

the Administrative Agent.

"<u>Adult Entertainment</u>": The sale, rental or exhibition, for any form of consideration, of

books, films, video cassettes, magazines, periodicals or live performances that are characterized by

pornographyoranemphasisontheexposureordisplayofspecifiedanatomicalareasorspecifiedsexual

activity.

"<u>Advance</u>": Each funding by the Lenders (including the Swingline Lender) hereunder

(including each Loan Advance, Swingline Advance, and each advance made for thepurposeof funding

the Unfunded Exposure Account pursuant to <u>Section 2.2(g)</u>). The application of amounts on deposit in

the Unfunded Exposure AccounttofundaRevolvingLoanoraDelayedDrawLoaninaccordancewith

<u>Section 2.9(e)</u> shall not be considered an "<u>Advance</u>".

"<u>Advance</u><u>Date</u>":WithrespecttoanyAdvance,thedateonwhichsuchAdvanceismade.

"<u>Advance Rate</u>": With respect to:

(i)anyUpperMiddleMarketLoan,seventy-fivepercent(75%);

(ii)anyMiddleMarketLoan,seventypercent(70%),and

(iii)anyAssetBasedLoan,forty-fivepercent(45%).

"<u>Advances Outstanding</u>": On any day, the aggregate principal amount of all Advances

outstanding on such day, after giving effect to all repayments of Advances and the making of new

Advances on such day; provided that, in each case, other than as explicitly set forth herein, if such

Advances and repayments are denominated in an Eligible Currency other than Dollars, Advances

Outstanding shall be measured in respect of the equivalent in Dollars of such amounts, determined by

the Servicer using the Applicable Exchange Rate.

"<u>Advisor</u>":FS/KKRAdvisor,LLC,aDelawarelimitedliabilitycompany,oranyAffiliate

thereof that uses substantially the same personnel performing the duties required under the investment

advisory agreement with the Transferor immediately prior to the transfer of the investment adviser role

to such Affiliate.

"<u>Affiliate</u>": With respect to a Person, means anyother Person that, directlyor indirectly,

controls, is controlled by or is under common control with such Person, or is a director, manager,

managing member, general partner or officer of such Person; <u>provided</u> that for purposes ofdetermining

whether anyLoan is an Eligible Loan or anyObligor is an Eligible Obligor, the term Affiliate shall not

includeanyAffiliaterelationshipwhichmayexistsolelyasaresultofdirectorindirectownershipof,or

control by, a common Financial Sponsor. For purposes of this definition, "control," when used with

respect to anyspecified Person means thepossession, directlyorindirectly,ofthepower tovote50%or

-9-<br>

moreofthevotingsecuritiesofsuchPersonortodirectorcausethedirectionofthemanagementor

policies of such Person, whether through the ownership of voting securities, bycontract or otherwise.

"<u>Agented Note</u>": Any Loan originated as a part of a syndicated loan transaction that has

been closed (without regard to any contemporaneous or subsequent syndication of such Loan) prior to

such Loan becoming part of the Collateral.

"<u>Aggregate Unfunded Exposure Amount</u>": On any date of determination, the sum of the

Unfunded Exposure Amounts of all Loans included in the Collateral.

"<u>Aggregate Unfunded Exposure Equity</u><u>Amount</u>": On anydateofdetermination,thesum

of the Unfunded Exposure EquityAmounts of all Eligible Loans included in the Collateral.

"<u>Agreement</u>":ThemeaningspecifiedinthePreamble.

"<u>Anti-Corruption Laws</u>": (a) The U.S. Foreign Corrupt Practices Act of 1977, as

amended; (b) the U.K. Bribery Act 2010, as amended; and (c) any other anti-bribery or anti-corruption

laws, regulations or ordinances in any jurisdiction in which the Borrower or its Subsidiaries or their

respective Related Parties is located or doing business.

"<u>Anti-Money Laundering Laws</u>": Applicable laws or regulations in any jurisdiction in

which the Borrower or its Subsidiaries or their respective Related Parties is located or doing business

thatrelatestomoneylaunderingorterrorismfinancing,anypredicatecrimetomoneylaundering,orany

financial record keeping and reporting requirements related thereto.

"<u>Applicable Exchange Rate</u>":(a) With respect to any Eligible Currency (other than

Dollars) on any date of determination (x) the applicable currency-Dollar spot rate obtained by the

Borrower (or the Servicer on its behalf) on such date through customary banking channels or (y) if the

Borrower (or the Servicer on its behalf) fails to obtain a spot rate pursuant to clause (x), the applicable

currency-Dollarspot rateprovided (eitherbypublicationorotherwiseprovidedormadeavailabletothe

Administrative Agent) on the Bloomberg screen for such currency (i) if such date is a Determination

Date,at theend ofsuchdayor(ii)otherwise,at theend oftheimmediatelyprecedingBusinessDayand

(b)with respect to any conversion of cash from one currency to another currency, the applicable spot

ratebetweensuchtwocurrenciesthatappearedontheBloombergscreenforsuchcurrency,ineachcase

as reasonably determined by the Borrower (or the Servicer on its behalf).

"<u>Applicable Law</u>": For any Person or property of such Person, all existing and future

laws, rules, regulations, statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of

and interpretations by any Governmental Authority which are applicable to such Person or property

(including, without limitation, predatory and abusive lending laws; laws, rules and regulations relating

to licensing, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection

practices and privacy; usury laws; truth in lending laws (including the Federal Truth in Lending Act);

and Regulation Z and Regulation B of the Board of Governors of the Federal Reserve System), and

applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other

administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction.

"<u>Applicable Reference Rate</u>": (a) With respect to anyAdvances denominated in Dollars,

TermSOFR,(b)withrespecttoanyAdvancesdenominatedinCanadianDollars,TermCORRA,(c)

-10-<br>

with respect to any Advances denominated in GBP, Daily Simple SONIA, (d) with respect to any

Advances denominated in Euros, EURIBOR and (e) with respect to any Advances denominated in

Australian Dollars, the Bank Bill Rate.

"<u>Applicable</u><u>Spread</u>":ThemeaningsetforthintheFeeLetter.

"<u>Approval</u><u>Notice</u>":AnapprovalnoticeintheformsetforthonExhibitA-5.

"<u>Approved Fund</u>": Any Fund that is administered or managed by (a) a Lender, (b) an

Affiliate of a Lender or (c) an entityor an Affiliate of an entitythat administers or manages a Lender.

"<u>Approved Valuation Firm</u>": Each of Lincoln International LLC, Valuation Research

Corporation, Duff & Phelps, Alvarez & Marshal, Houlihan Lokey, Citrin Cooperman and any other

nationally recognized accounting firm or valuation firm approved by the Administrative Agent and the

Servicer.

"<u>Asset Based Loan</u>":A Senior Secured Loan that: (i) is originated from KKR's "Asset

Based Fund", "Consumer / Mortgage Finance", "Hard Assets" or "Commercial Finance" strategies, (ii)

<u>[</u>the underwriting of such Loan was based primarily on the appraised value of the assets securing such

Loan and<u>]</u>such appraisedvalueshall havebeendeterminedwithin sixty(60)dayspriorto thedatesuch

Loan is first included as part of the Collateral (unless otherwise waived bythe Administrative Agent in

itssolediscretion),(iii)isissuedbyanEligibleObligorthatisdulyorganizedandvalidlyexistingunder

the laws of the United States or any State thereof and such Obligor's business operations are primarily

located within the jurisdiction of the United States, (iv) is not a PIK Loan or an Eligible Partial PIK

Loan and (v) has an internal "KKR risk rating" of "3" or better.

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

(a)With respect to each Loan, as of the Closing Date (with respect to any Loan included

in the Collateral on such date) or any subsequent date on which a Loan is acquired by the Borrower

(withrespecttosuchLoan),thelesserof(i)thevalueofsuchLoan(expressedasapercentage of par) as

determined by the Administrative Agent in its sole discretion as of the Closing Date (with respect to

anyLoan included in the Collateral on such date) or anysubsequent date on which a Loan is acquired

bythe Borrower (with respect to such Loan), and (ii) the Purchase Price of such Loan.

(b)IfaValueAdjustmentEventofthetypedescribedinclause(a),(b),(c),(g)or(h)

(but solely with respect to a reduction or waiver described in clause (a) of the definition of Material

Modification) of the definition thereof with respect to such Loan occurs, the "Assigned Value" of such

Loan will, automaticallyand without anyaction bythe Administrative Agent, be zero.

(c)IfaValueAdjustmentEventotherthanasdescribedinclause(a),(b),(c),(g)or

(h) (but solelywith respect to a reduction or waiver described in clause (a) of the definition of Material

Modification) of the definition thereof with respect to such Loan occurs, the "Assigned Value" of such

Loan may be amended by the Administrative Agent in its sole discretion (solely on changes in credit

quality and not market yield) and the value of such Loan (expressed as a percentage of par) shall be

determined by the Administrative Agent in its sole discretion as of the date of the relevant Value

Adjustment Event, and shall applyfrom the date of such Value Adjustment Eventuntil thenext change

intheAssignedValuethereofoccurs(ifany)pursuanttothetermsofthisAgreement.Theamended

-11-<br>

Assigned Value of each Loan under this clause (c) shall be communicated bythe Administrative Agent

to the Borrower, the Servicer, and the Collateral Custodian pursuant to an Approval Notice; <u>provided</u>,

that the Borrower, or the Servicer on its behalf, may dispute such amended Assigned Value for a Loan

(other than an Asset Based Loan) by obtaining, at its own expense, a recent valuation (dated no later

than 90 days from thedatethe Borrower, or theServicer on itsbehalf,disputes suchamendedAssigned

Value) from an Approved Valuation Firm selected by the Servicer and such valuation shall constitute

the amended Assigned Value upon delivery of a copy of such valuation to Administrative Agent;

<u>provided</u>, <u>further</u>, that (i) pending the receipt of any such valuation, the Assigned Value determined by

the Administrative Agent shall remain in effect, (ii) in no event shall such new Assigned Value exceed

the Assigned Value on the date such Loan was acquired byBorrower and (iii) neither the Borrower nor

the Servicer on its behalf maydispute an amended Assigned Value with respect to a Loan if such Loan

has twice previously been subject to a Value Adjustment Event (for the avoidance of doubt, the

occurrence of one or more Value Adjustment Events for the same Relevant Test Period shall not be

deemed to be separate Value Adjustment Events solelyfor this purpose), and in the case of adispute in

respect of the second occurrence of a Value Adjustment Event with respect to such Loan, the

Administrative Agent shall select the Approved Valuation Firm.

If there is an improvement in the Senior Leverage Ratio, the Total Obligor Leverage

Ratio or the Total Obligor Interest Coverage Ratio of an Obligor whereby the results are the same or

better than the result existing on the date such Loan was acquired by Borrower or on the most recent

date on which a Value Adjustment Event occurred (and no other Value Adjustment Event has occurred

with respect to such Loan), the Borrower, or the Servicer on its behalf, may request that the

Administrative Agent amend the Assigned Value of any Loan. Upon receipt of such request, the

Administrative Agent shall, in its sole discretion, amend the Assigned Value of such Loan to equal the

value of such Loan (expressed as a percentage of par) as determined bythe Administrative Agent in its

sole discretion. The amended Assigned Value of each Loan shall be communicated by the

Administrative Agent to the Borrower, the Servicer, the Collateral Custodian and the Lenders pursuant

to an Approval Notice.

"<u>Australian</u><u>Dollar</u><u>Account</u>":Collectively,eachSecuritiesAccountandanysub-accounts

created and maintained on the books and records of the Securities Intermediary for the deposit of

Australian Dollars in the name of the Borrower and subject to the Lien of the Administrative Agent for

the benefit of the Secured Parties.

"<u>Australian Dollars</u>" or "AUD": The lawful money of Australia.

"<u>Availability</u>":AsofanyMeasurementDate,anamountequaltotheleastof:

(a)the FacilityAmount *minus* the Aggregate UnfundedExposureAmountthatisnot

then on deposit in the Unfunded Exposure Account (converted into Dollars using the Applicable

Exchange Rate, if applicable);

(b)theproduct ofthe BorrowingBaseandtheWeightedAverageAdvanceRate*plus* the

amount on deposit in the Principal Collection Account (convertedinto Dollarsusingthe Applicable

Exchange Rate, if applicable)*minus* the amount of the Aggregate Unfunded Exposure EquityAmount

thatisnotthenondepositintheUnfundedExposureAccount(convertedintoDollarsusingthe

Applicable Exchange Rate, if applicable); and

-12-<br>

(c)the aggregate Adjusted Borrowing Value of each Eligible Loan *minus* the Minimum

Credit Enhancement Amount *plus* the amount ondeposit in thePrincipalCollection Account (converted

into Dollars using the Applicable Exchange Rate, if applicable), *minus* the amount of the Aggregate

Unfunded Exposure Equity Amount that is not then on deposit in the Unfunded Exposure Account

(converted into Dollars using the Applicable Exchange Rate, if applicable).

"<u>Available Funds</u>": With respect to any Payment Date, all amounts on deposit in the

Collection Account(including, without limitation, any Collections) as of the last day of the calendar

month preceding such Payment Date, other than (x) Excluded Amounts and (y) Principal Collections

designatedfor the purchase of Eligible Loans pursuant to <u>Section</u><u>2.14(a)</u> with respect to which the

related trade date (but not settlement date) has occurred.

"<u>Available Tenor</u>": As of any date of determination and with respect to the then-current

Benchmark, as applicable, any tenor for such Benchmark for interest calculated with reference to such

Benchmark.

"<u>Bank Bill Rate</u>": For any day (a "<u>BBSY Rate Day</u>"), a rate per annum equal to the

greater of (a) BBSY for theday(such day, a "<u>BBSY</u><u>Determination Day</u>")that is five(5)Business Days

prior to (i) if such BBSY Rate Day is a Business Day, such BBSY Rate Day or (ii) if such BBSY Rate

DayisnotaBusinessDay,theBusinessDayimmediatelyprecedingsuchBBSYRateDay,ineachcase,

assuchBBSYispublishedontheapplicableThomsonReutersscreenpage(orsuchothercommercially

available source providing such quotations as may be designated by Administrative Agent from time to

time), and (b) the Floor. If by 5:00 p.m. (Melbourne time) on the second (2nd) Business Day

immediately following any BBSY Determination Day, BBSY in respect of such BBSY Determination

DayhasnotbeenpublishedontheapplicableThomsonReutersscreenpage(orsuchothercommercially

available source providing such quotations as may be designated by Administrative Agent from time to

time) and a Benchmark Replacement Date with respect to the Bank Bill Rate has not occurred, then

BBSY for such BBSY Determination Day will be BBSY as published in respect of the first preceding

Business Day for which such BBSY was published on the applicable Thomson Reuters screen page (or

such other commercially available source providing such quotations as may be designated by

Administrative Agent from time to time); <u>provided</u> that anyBBSY determined pursuant to this sentence

shall be utilized for purposes of calculation of the Bank Bill Rate for no morethan three(3) consecutive

BBSY Rate Days. Any change in the Bank Bill Rate due to a change in BBSY shall be effective from

and including the effective date of such change in BBSY without notice to the Borrower.

"<u>Bankruptcy</u><u>Code</u>":TheUnitedStatesBankruptcyReformActof1978(11U.S.C.§101,

*etseq.*),asamendedfromtimetotime.

"<u>Base Rate</u>": For anyday, the rate *per annum* (rounded upward, if necessary, to the next

1/16 of 1%) equal to the greatest of (a) the Federal Funds Rate in effect on such day *plus* ½ of 1%, (b)

the Prime Rate in effect on such day and (c) 0%.

"<u>BBSY</u>": A rate equal to the Bank Bill Swap Reference Bid Rate as published on the

applicable Thomson Reuters screen page (or such other commercially available source providing such

quotationsas may be designated by Administrative Agent from time to time) for a period of three (3)

months.

-13-<br>

"<u>BBSY</u><u>Determination</u><u>Day</u>":Themeaningspecifiedinthedefinitionof"BankBillRate."

"<u>BBSY Rate Day</u>": The meaning specified in the definition of "Bank Bill Rate."

"<u>Benchmark"</u>:WithrespecttoanEligibleCurrency,theApplicableReferenceRate;

<u>provided</u> that if a Benchmark Transition Event and the related Benchmark Replacement Date have

occurred with respect to the then-current Benchmark for the applicable Eligible Currency, then

"Benchmark" means the applicable Benchmark Replacement for such Eligible Currency to the extent

that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section</u><u>2.20</u>. If

the Benchmark is less than 0.00%, the Benchmark shall be deemed to be 0.00%.

"<u>Benchmark</u><u>Replacement</u>":means,withrespecttoanyBenchmarkTransitionEvent:

(1)where a Benchmark Transition Event has occurred with respect to the Term SOFR

Reference Rate, Daily Simple SOFR; and

(2)where a Benchmark Transition Event has occurred with respect to the Term SOFR

ReferenceRateandtheratecannotbedeterminedbytheAdministrativeAgentpursuanttoclause

(1)above,orwhereaBenchmarkTransitionEventhasoccurredwithrespectto aBenchmarkotherthan

the Term SOFR 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 Eligible 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 Eligible Currency at such time and (b) the related Benchmark

Replacement Adjustment.

If the Benchmark Replacement as determined 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</u><u>Replacement</u><u>Adjustment</u>":Withrespecttoanyreplacementofany

then-current Benchmark applicable to an Eligible Currency with an Unadjusted Benchmark

Replacement for each applicable Accrual Period, 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 such Eligible 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

UnadjustedBenchmarkReplacementbytheRelevantGovernmentalBodyontheapplicableBenchmark

Replacement Date 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 rate with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities

denominated in the applicable Eligible Currencyin the U.S. loan market at such time.

-14-<br>

"<u>Benchmark</u><u>Replacement</u><u>Conforming</u><u>Changes</u>":Withrespecttotheuse,administration

adoption or implementation of any Benchmark Replacement, any technical, administrative or

operational changes (including changes to the definition of "Base Rate," the definition of "Business

Day," the definition of "Accrual Period," the definition of "U.S. Government Securities Business Day,"

the timing and frequency of determining rates and making payments of interest, timing of borrowing

requestsorprepayment,conversionorcontinuationnotices,lengthoflookbackperiods,theapplicability

of breakage provisions, and other technical, administrative or operational matters) that the

Administrative Agent (after consultation with the Borrower)decides in itsreasonablediscretionmaybe

appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit

the administration thereof bytheAdministrativeAgent in amannersubstantiallyconsistent with market

practice (or, if the Administrative Agent decides that adoption of anyportion of suchmarketpractice is

not administratively feasible or if the Administrative Agent determines that no market practice for the

administration of such Benchmark Replacement exists, in such other manner of administration as the

Administrative Agent decides is reasonably necessary in connection with the administration of this

Agreement and the other Transaction Documents).

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

respect to the then-current Benchmark for any Eligible Currency:

(1)in the case of clause (1) or (2) of the definition of "Benchmark

Transition Event," the later of (a) the date of the public statement or publication of information

referenced therein and (b) the date on which the administrator of such Benchmark (or the published

component used in the calculation thereof) permanently or indefinitely ceases to provide all Available

Tenors of such Benchmark (or such component thereof); or

(2)inthecaseofclause(3)ofthedefinitionof"BenchmarkTransition

Event," the first date on which such Benchmark (or published component used in the calculation

thereof)hasbeendeterminedandannouncedbyoronbehalfoftheadministratorofsuchBenchmark(or

such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such

component thereof) to be nonrepresentative; provided that such non-representativeness will be

determinedbyreferencetothemostrecentstatementorpublicationreferencedthereininsuchclause(3)

andeven ifanyothertenorofsuchBenchmark(orsuchcomponentthereof)continuestobeprovidedon

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) 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>": The occurrence of one or more of the following events

with respect to any then-current Benchmark for any Eligible Currency:

-15-<br>

(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 any

component thereof), permanently or indefinitely, <u>provided</u> that, at the time of such statement or

publication, there is no successor administrator that will continue to provide anyAvailable Tenor of

such Benchmark (or such component thereof);

(2)a public statement or publication of information by the regulatory supervisor for the

administrator of such Benchmark (or the published component used in the calculation thereof), the

U.S.FederalReserveBoard,thecentralbankoftheEligibleCurrencyapplicabletosuchBenchmark,an

insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a

resolutionauthoritywithjurisdictionovertheadministratorforsuchBenchmark(orsuchcomponent)or

a court or an entity with similar insolvency or resolution authority over the administrator for such

Benchmark (or such component), which states that the administrator of such Benchmark (or such

component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such

component) permanently or indefinitely, <u>provided</u> that, at the time of such statement or publication,

thereisnosuccessoradministratorthatwillcontinuetoprovideanyAvailableTenorofsuchBenchmark

(or such component); or

(3)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) or 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 no

longer, or as of a specified future date will no longer be, representative.

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</u><u>Period</u>": With respect toanythen-currentBenchmarkforany

EligibleCurrency,theperiod(ifany)(x)beginningatthetimethataBenchmarkReplacementDatewith

respect to such Benchmark has occurred if, at such time, no Benchmark Replacement has replaced such

then-current Benchmark for all purposes hereunder and under anyTransaction Document in accordance

with<u>Section</u><u>2.20</u>and(y)endingatthetimethataBenchmarkReplacementhasreplacedsuch

then-current Benchmark for all purposes hereunder and under anyTransaction Document in accordance

with <u>Section 2.20</u>.

"<u>Beneficial Ownership Certification</u>": A certification regarding beneficial ownership

required by the Beneficial Ownership Regulation, which certification shall be substantially similar in

formandsubstancetotheformofCertificationRegardingBeneficialOwnersofLegalEntityCustomers

published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities

Industry and Financial Markets Association.

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

-16-<br>

"<u>BHC Act Affiliate</u>": The meaning assigned to the term "affiliate" in, and shall be

interpreted in accordance with, 12 U.S.C. § 1841(k).

"<u>Borrower</u>":ThemeaningspecifiedinthePreamble.

"<u>Borrower Interest</u><u>Collections</u>":With respecttotheBorrower,asofanydate,anamount

equal to the aggregate amount of interest and fees received in the Collection Accounts with respect to

the Loans for theprecedingtwelve(12)monthperiod, <u>provided</u>,that withrespect toanytimeperiodfor

which twelve (12) calendar months of such amounts are not available, Borrower Interest Collections

shall be determined based on annualizing such amounts as are available for Borrower.

"<u>Borrower Interest Expense</u>": With respect to Borrower, as of anydate, an amount equal

to the amount of the aggregate amount payable (whether or not actuallypaid) in interest, costs and fees

pursuant to <u>Section 2.7</u> during the preceding twelve (12) month period, <u>provided</u>, that with respect to

any time period for which twelve (12) calendar months of such amounts are not available, Borrower

Interest Expense shall be determined based on annualizing such amounts as are available for Borrower.

"<u>Borrower's</u><u>Notice</u>":Any(a)FundingNotice,(b)ReinvestmentNoticeor(c)Repayment

Notice.

"<u>Borrowing</u><u>Base</u>":AsofanyMeasurementDate,anamountequalto(i)theaggregate

Adjusted Borrowing Value of each Eligible Loan as of such date *minus* (ii) an amount equal to the

ExcessConcentrationAmountasofsuchdate,<u>provided</u>thatanyLoanwhichatanytimeisnolongeran

Eligible Loan shall not be included in the calculation of "Borrowing Base."

"<u>Borrowing</u><u>Base</u><u>Certificate</u>": Acertificatesettingforth thecalculation of theBorrowing

Base,theAvailability,theApplicableExchangeRateandtheLoanListasofeachMeasurementDate,in

the form of <u>Exhibit A-4</u>, prepared by the Servicer.

"<u>Borrowing Base Deficiency</u>": The amount, if any, by which, on any date of

determination,(a)theAdvancesOutstandingexceedAvailabilityor(b)iftheRevolvingPeriodEndDate

has occurred, as of the date of determination, the Aggregate Unfunded Exposure Amount exceeds the

amounts then on deposit in the Unfunded Exposure Account.

"<u>Breakage</u><u>Costs</u>":WithrespecttoanyLenderandtotheextentrequestedbysuchLender

inwritingto theBorrower(whichwritingshall setforth inreasonabledetail thebasisforrequestingany

such amounts), anyamount or amounts as shall compensatesuch Lender for anyloss (excludingloss of

anticipatedprofits),costorexpenseactually incurred by such Lender as a result of the liquidation or

re-employment of deposits or other funds required by such Lender if any payment by the Borrower of

Advances Outstanding or Interest occurs on a date other than a Payment Date, <u>provided</u>, that the

Breakage Costs in respect of anysuch payment bythe Borrower on anyPayment Date shall be deemed

to bezero. All BreakageCosts shall bedueandpayablehereunderoneachPaymentDateinaccordance

with <u>Section</u><u>2.7</u>and <u>Section</u><u>2.8</u>.Thedetermination bytheapplicable Lenderoftheamountofanysuch

loss, cost or expense shall be conclusive absent manifest error.

"<u>Business Day</u>": Any day other than a Saturday, Sunday or a day on which commercial

banksareauthorizedtocloseunderthelawsof,orareinfactclosedin,theStateofNewYorkorthecity

inwhichtheofficesoftheCollateralCustodianarelocated(initially,Columbia,Maryland);<u>provided</u>

-17-<br>

that, if any determination of a Business Day shall relate to an Advance bearing interest at (v) Term

SOFR, the term "Business Day" shall also exclude any day that is not a U.S. Government Securities

Business Day, (w) Term CORRA, the term "Business Day" shall also exclude anydayon which banks

are not open for dealings in Canadian Dollar deposits in Canada, (x) Daily Simple SONIA, the term

"Business Day"shall also exclude anydayon whichbanksarenotopenfordealings inGBP deposits in

the London interbank market, (y) EURIBOR, the term "Business Day" shall also exclude any day on

which banks are not open for dealings in Euro deposits in the euro interbank market and (z) Bank Bill

Rate, the term "Business Day" shall also exclude anydayon which the banks are not open for dealings

in Australian Dollar deposits in the Australian interbank market.

"<u>Canadian Dollar Account</u>": Collectively, each Securities Account and anysub-accounts

created and maintained on the books and records of the Securities Intermediary for the deposit of

Canadian Dollars in the name of the Borrower and subject to the Lien of the Administrative Agent for

the benefit of the Secured Parties.

"<u>Canadian</u><u>Dollars</u>"or"<u>CAD</u>":ThelawfulcurrencyforthetimebeingofCanada.

"<u>Capital One, National Association</u>": The meaning specified in the Preamble.

"<u>Capital Stock</u>": Any and all shares, interests, participations or other equivalents

(however designated) of capital stock of a corporation, any and all similar ownership interests in a

Person (other than a corporation) and any and all warrants, rights or options to purchase any of the

foregoing.

"<u>Cash</u>":Cash orlegal currencydenominated inthe applicable EligibleCurrencyasatthe

time shall be legal tender for payment of all public and private debts.

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

"<u>Change</u><u>of</u><u>Control</u>":UnlesstheAdministrativeAgenthasconsentedtheretoinitssole

discretion, the occurrence of any of the following events: (a) the Transferor ceases to own and control,

ofrecord andbeneficially,directly100%ofthemembershipinterests oftheBorrower, ineachcase,free

andclearofallLiens(otherthanPermittedLiens),(b)theAdvisorceasestobetheinvestmentadvisorto

the Transferor, or (c) KKR FS Income Trust ceases to be the Servicer to the Borrower.

"<u>Clearing</u><u>Agency</u>":Anorganizationregisteredasa"clearingagency"pursuanttoSection

17A of the Exchange Act.

"<u>Clearing</u><u>Corporation</u>":ThemeaningspecifiedinSection8-102(a)(5)oftheUCC.

"<u>Closing Date</u>": March 4, 2025.

"<u>Closing Date Participation Interest</u>": A Participation Interest granted by the Transferor

to the Borrower in and to each Loan identified on Schedule II hereto.

"<u>Code</u>":TheInternalRevenueCodeof1986,asamendedfromtimetotime.

-18-<br>

"<u>Collateral</u>":Themeaningspecifiedin<u>Section</u><u>8.1(a)</u>.

"<u>Collateral</u><u>Account</u>":Collectively,eachSecuritiesAccountandanysub-accountscreated

and maintained on thebooks andrecords oftheSecurities Intermediary(oranyotherpartyacceptableto

Administrative Agent in its sole discretion) entitled "Collateral Account" in the name of the Borrower

and subject to the Lien of the Administrative Agent for the benefit of the Secured Parties.

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

capacity, but solelyas Collateral Administrator, its successor in interest pursuant to <u>Section 7.3</u> or such

Person as shall have been appointed Collateral Administrator pursuant to <u>Section 7.5</u>.

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

"<u>Collateral</u><u>Custodian</u>":ComputershareTrustCompany,N.A.,notinitsindividual

capacity, but solely as Collateral Custodian, its successor in interest pursuant to <u>Section 7.3</u> or such

Person as shall have been appointed Collateral Custodian pursuant to <u>Section 7.5</u>.

"<u>Collateral Custodian and Collateral Administrator Fee Letter</u>": The fee schedule as

acknowledged by the Servicer (on the Borrower's behalf) as the same may be amended, restated,

replaced, supplemented or otherwise modified from time to time.

"<u>Collateral Custodian Fee</u>": The fees, expenses and indemnities of the Collateral

Custodian, the Collateral Administrator and the Securities Intermediary set forth as such in the

Collateral Custodian and Collateral Administrator Fee Letter and as provided for in this Agreement or

any other Transaction Document. Notwithstanding any other provision of this Agreement or the

Collateral Custodian and Collateral Administrator Fee Letter, the Collateral Custodian agrees that the

aggregateamountofexpensesandindemnitypaymentsincludedintheCollateralCustodianFeepayable

pursuantto<u>Sections</u><u>2.7(a)(2)</u>and<u>2.7(b)(2)</u>shallnotbegreaterthan$100,000duringanyrolling

12-month period or pursuantto <u>Section 2.8(2)</u>, shallnotbe greater than $500,000 during any rolling

12-month period.

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

"<u>Collection</u><u>Account</u>":Collectively,theGeneralCollectionAccount,theInterest

CollectionAccountandthePrincipalCollectionAccount.

"<u>Collections</u>": (a) All cash collections and other cash proceeds of any Loan, including,

without limitation or duplication, any Proceeds, any Interest Collections, Principal Collections,

amendment fees, late fees, prepayment fees, waiver fees, settlement payments, re-financing amounts,

rent, like-kind payments, recoveries, guaranty payments or other amounts received in respect thereof

(but excluding (i) any Excluded Amounts and (ii) any amounts received by the Borrower from an

Obligor following the sale of the related Loan by the Borrower pursuant to <u>Section 2.14</u> which the

Borrower is required to pay to the purchaser of such Loan), (b) interest earnings on Permitted

Investments or otherwise in anyAccount and (c) all amounts received bythe Borrower pursuant to any

Hedging Agreement or Hedge Transaction. For the avoidance of doubt, Advances shall not constitute

Collections.

-19-<br>

"<u>Commitment</u>": With respect to each Lender, the commitment of such Lender to make

LoanAdvancesinaccordanceherewithinanamountnottoexceed(a)priortotheearliertooccurofthe

Revolving Period End Date and the Termination Date, the dollar amount set forth opposite such

Lender'snameon<u>Annex</u><u>B</u>heretoortheamountsetforthassuchLender's"Commitment"on<u>Schedule</u><u>I</u>

to the Joinder Supplement relating to such Lender, as applicable, as such amounts may be reduced,

increased orassignedfrom timetotimepursuanttotheprovisionsofthisAgreement,and(b)onorafter

the earliest to occur of the RevolvingPeriod End Date, the Termination Date and the termination of the

Commitment of such Lender, zero.

"<u>Connection Income Taxes</u>": Other Connection Taxes that are imposed on or measured

bynet income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Contractual Obligation</u>": With respect to any Person, any provision of any securities

issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement,

instrument or other document to which such Person is a party or by which it or any of its property is

bound or to which either is subject.

"<u>Corporate Trust Office</u>": The applicable designated corporate trust office of the

CollateralCustodian or theCollateralAdministrator,eachasspecified on <u>Annex A</u>hereto orsuchother

address within the United States as the Collateral Custodian or the Collateral Administrator may

designate from time to time by notice to the Administrative Agent.

"<u>Cov-Lite Loan</u>": A Loan that does not (a) contain anyfinancial covenantsor (b) require

the ObligorthereoftocomplywithanyMaintenanceCovenants(regardless ofwhethercompliancewith

oneormoreincurrencecovenantsisotherwiserequired);providedthatiftheObligorofsuchLoanhasa

trailing-twelve month EBITDA of greater than or equal to $50,000,000 and the UnderlyingInstruments

for such Loan contain a cross default provision to, or such Loan is pari passu or senior with, another

loan of the Obligor that requires the Obligor to comply with Maintenance Covenants, such Loan shall

not constitute a Cov-Lite Loan.

"<u>Covenant</u><u>Compliance</u><u>Period</u>":TheperiodbeginningontheClosingDateandendingon

the date on which the Commitments have been terminated and the Obligations have been paid in full.

"<u>Covered</u><u>Party</u>":AnySecuredPartythatisoneofthefollowing:(i)a"coveredentity"as

that term is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b); (ii) a "covered bank"

as that term is defined in, and interpreted in accordance with, 12 C.F.R. §47.3(b), or any subsidiary of

such acoveredbank towhich 12C.F.R.Part 47applies inaccordancewith12C.F.R.§47.3(b);or(iii)a

"covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §382.2(b).

"<u>Credit Risk Obligation</u>": Any obligation with respect to which an event of default has

not occurred pursuant to the related Underlying Instruments but which has, in the Servicer's reasonable

business judgment applying the Servicer Standard, a significant risk of declining in credit quality and,

with lapse of time, becoming a defaulted loan, and is designated as a "Credit Risk Obligation" by the

Servicer.

"<u>Current</u><u>Pay</u><u>Obligation</u>":ALoan(otherthanaDIPLoan)withrespecttowhichan

eventofdefaulthasoccurredandiscontinuingpursuanttotherelatedUnderlyingInstruments,which

-20-<br>

arises from an Insolvency Event of the related Obligor or, as determined by the Servicer in accordance

withtheServicerStandard,willlikelyresultinadefaultastothepaymentofprincipaland/orintereston

such Loan, but as to which no interest or principal payments thereunder are due and unpaid (other than

those due as a result of any Insolvency Event).

"<u>Custody Facilities</u>": The designated document custody office of the Collateral

Custodian,whichontheClosingDateisasspecifiedon<u>Annex</u><u>A</u>heretoimmediatelybelowthenameof

the Collateral Custodian or such other address within the United States as the Collateral Custodian may

designate from time to time bynotice to the Administrative Agent, Borrower and Servicer.

"<u>Daily Simple SOFR</u>" means, for anyday(a "<u>SOFR Rate Day</u>"), a rate per annum equal

toSOFRfortheday(suchday"<u>SOFR</u><u>Determination</u><u>Date</u>")thatisfive(5)U.S.GovernmentSecurities

Business Days prior to (i) if such SOFR Rate Dayis a U.S. Government Securities Business Day, such

SOFR Rate Dayor (ii) if such SOFR Rate Dayis not an U.S. GovernmentSecurities Business Day,the

U.S.GovernmentSecuritiesBusinessDayimmediatelyprecedingsuchSOFRRateDay,ineachcase,as

suchSOFRispublishedby theSOFRAdministratorontheSOFRAdministrator'sWebsite.Ifby5:00

p.m. (New York CityTime)onthesecond (2nd) U.S. GovernmentSecurities Business Dayimmediately

following any SOFR Determination Date, the SOFR in respect of such SOFR Determination Date has

not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with

respect to the DailySimple SOFR has notoccurred, then theSOFR forsuch SOFR Determination Date

will be the SOFR as published in respect of the first preceding U.S. Government Securities Business

Day for which such SOFR was published on the SOFR Administrator's Website; <u>provided</u> that any

SOFR determined pursuant to this sentence shall be utilized for purposes of the calculation of Daily

Simple SOFR for no more than three (3) consecutive SOFR Rate Days.Any change in Daily Simple

SOFR due to a change in SOFR shall be effective from and including the effective date of such change

in SOFR without notice to the Borrower.

"<u>Daily Simple SONIA</u>": For any day (a "<u>SONIA Rate Day</u>"), a rate per annum equal to

thegreater of(a)SONIA for theday(such day, a "<u>SONIA</u><u>Determination Day</u>")that is five(5)Business

Days prior to (i) if such SONIA Rate Day is a Business Day, such SONIA Rate Day or (ii) if such

SONIA Rate Day is not a Business Day, the Business Day immediately preceding such SONIA Rate

Day, and (b) the Floor. If by 5:00 p.m. (London time) on the second (2nd) Business Day immediately

followinganySONIADeterminationDay,SONIAinrespectofsuchSONIADeterminationDayhasnot

been published on the SONIA Administrator's Website and a Benchmark Replacement Date with

respect to DailySimpleSONIAhas not occurred, then SONIA forsuch SONIADetermination Daywill

be SONIA as published in respect of the first preceding Business Dayfor which SONIA was published

on the SONIA Administrator's Website; provided that SONIA as determined pursuant to this sentence

shall be utilized for purposes of calculation of Daily Simple SONIA for no more than three (3)

consecutiveSONIA RateDays. Anychange in DailySimpleSONIAdueto achangein SONIAshall be

effectivefromandincludingtheeffectivedateofsuchchangeinSONIAwithoutnoticetotheBorrower.

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

become an Event of Default.

"<u>Defaulted Obligation</u>": Any obligation as to which the following has occurred and is

continuing on the applicable date of determination:

-21-<br>

(i)a Responsible OfficeroftheServicerorthe Borrowerhas received writtennotice or

has actual knowledge that an Obligor payment default in respect of principal, interest and/or

contractually obligated unutilized/commitment fees (as applicable) occurs under such obligation that

continues and has not been cured (without regard to any graceor cure period thereunder) after five

Business Days after the applicable due date under the Underlying Instruments;

(ii)a Responsible OfficeroftheServicerorthe Borrowerhas received writtennotice or

has actual knowledge that an Obligor payment default in respect of principal, interest and/or

contractuallyobligatedunutilized/commitmentfees(asapplicable)occursunderanyotherseniororpari

passu obligation for borrowed money of the related Obligor that continues and has not been cured

(without regard to any graceor cure period thereunder) after five Business Days, after the applicable

due date under the Underlying Instruments);

(iii)anInsolvencyEventwithrespecttotherelatedObligor;

(iv) a Responsible OfficeroftheServicerorthe Borrowerhas received writtennotice or

has actual knowledge that a default (other than with respect to a breach of any financial covenants

unless such financial covenants are required to meet the definition of "Eligible Loan") has occurred

under the Underlying Instruments and any applicable grace period has expired (but only until such

default is cured or waived) in the manner provided in the Underlying Instruments and for which the

agent or required lenders pursuant to such Underlying Instruments (including, without limitation, the

Borrower) has elected to accelerate the obligation; <u>provided</u> that such Loan will ceaseto betreated as a

Defaulted Obligation if such acceleration is subsequently rescinded;

(v)the Servicer, determined in accordance with the Servicer Standard, hasotherwise

declared such debt obligation to be a "Defaulted Obligation" and has not rescinded such declaration;

(vi) the relevant Obligor, as determined by the Servicer in accordance with the Servicer

Standard, commences formal restructuring or workout negotiations with its creditors; or

(vii)the Servicer determines that all or a material portion of such obligation is

uncollectibleorotherwiseplacesitonnon-accrualstatusinaccordancewiththepoliciesandprocedures

of the Servicer and the Servicer Standard.

"<u>Defaulting Lender</u>": Any Lender that (i) has failed to fund any portion of the Advances

on the applicable Funding Date required to be funded by it hereunder, unless such Lender notifies the

Administrative Agent and the Borrower in writing that such failure is the result of such Lender's good

faith determination that one or more conditions precedent to funding (each of which conditions

precedent, together with any applicable default, shall be specifically identified in such writing) has not

been satisfied and the Borrower has failed to cure such failure prior to such Funding Date, (ii) has

otherwise failed to payover to the Administrative Agent oranyother Lenderanyotheramount required

to be paid by it hereunder on the date when due, unless such amount is the subject of a good faith

dispute, (iii) has notified the Borrower, the Administrative Agent or any other Lender in writing that it

doesnotintendtocomplywithanyofitsfundingobligationsunderthisAgreementorhasmadeapublic

statement to the effect that it does not intend to comply or has failed to comply with its funding

obligations under this Agreement or generally under other agreements in which it commits or is

obligated to extend credit, or (iv) has, or has a direct or indirect parent company that has, become or is

-22-<br>

insolvent or has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver,

conservator,trusteeorcustodianappointedforit,orhastakenanyactioninfurtheranceof,orindicating

its consent to, approval of or acquiescence in anysuch proceeding or appointment.

"<u>Delayed Draw Loan</u>": A Loan that requires one or more future advances to be made to

the related Obligor and which does not permit the re-borrowing of anyamount previouslyrepaidbythe

related Obligor; <u>provided</u> that such Loan shall only be considered a Delayed Draw Loan for so long as

any future funding obligations of the Borrower remain in effect and only with respect to any portion

which constitutes a future funding obligation.

"<u>Deposit</u><u>Account</u>":ThemeaningspecifiedinSection9-102oftheUCC.

"<u>Determination Date</u>":The last day of each calendar month.

"<u>DIP</u><u>Loan</u>":AnyLoan(i)withrespecttowhichtherelatedObligorisa

debtor-in-possessionasdefinedundertheBankruptcyCode,(ii)whichhasthepriorityallowedbyeither

Section 364(c)(1) and (2) or pursuant to Section 364(d) (only to the extent that the loan is secured by a

senior,andnotequal,lienonpropertyoftheestate)oftheBankruptcyCodeand(iii)thetermsofwhich

have been approved by a court of competent jurisdiction (the enforceability of which is not subject to

any pending contested matter or proceeding).

"<u>Discretionary</u><u>Sale</u>":Themeaningspecifiedin<u>Section</u><u>2.14(c)</u>.

"<u>Disruption Event</u>": The occurrence of any of the following with respect to an Eligible

Currency:(a)anyLendershallhavenotifiedtheAdministrativeAgent,theCollateralAdministrator,the

Collateral Custodian, the Servicer and the Borrower of a determination bysuch Lender that it would be

contrary to law or to the directive of anycentral bank or other Governmental Authority(whether or not

havingthe force oflaw) toobtainsuchEligibleCurrencyin theapplicableinterbankmarket tofundany

Advance, (b) [reserved], (c) any Lender shall have notified the Administrative Agent, the Collateral

Administrator, the Collateral Custodian, the Servicer and the Borrower of the determination by such

Lender that the rate at which deposits of such Eligible Currencyarebeingoffered to such Lender in the

applicable interbank market does not accurately reflect the cost to such Lender of making, funding or

maintaining any Advance, (d) any Lender shall have notified the Administrative Agent, the Collateral

Administrator,theCollateralCustodian,theServicerandtheBorroweroftheinabilityofsuchLenderto

obtainsuchEligibleCurrencytomake,fund ormaintainanyAdvance,(e)withrespecttoDollars,Term

SOFRceases toexist orbereported onReuters(unlessthisAgreementhasbeenamendedassetforthin

<u>Section 2.20</u>) or (f) the applicable Benchmark shall cease to exist (and no Benchmark Replacementhas

replaced the applicable then-current Benchmark).

"<u>Division Transaction</u>": (a) The division of a limited liabilitycompanyinto two or more

limited liability companies pursuant to a "plan of division" or similar method or (b) the creation, or

reorganization into, or allocation of its assets to, one or moreseries, in each case within themeaningof

the Delaware Limited Liability Company Act or similar statute in anyother state.

"<u>Dollar</u><u>Advance</u>":AnAdvancedenominatedinDollars.

"<u>Dollar Equivalent</u>": On any date of determination, (i)with respect to an amount

denominatedinDollars,suchamount,and(ii)withrespecttoanamountdenominatedinany Foreign

-23-<br>

Currency, the amount of Dollars that would be required to purchase such amount of such Foreign

Currency based upon the Applicable Exchange Rate on such date. The Administrative Agent, the

Collateral Custodian, and the Collateral Administrator shall not have any responsibility for any

calculation of a Dollar Equivalent amount made by the Servicer or the Borrower. For avoidance of

doubt, the Administrative Agent, the Collateral Custodian and the Collateral Administrator shall not

have anyresponsibilityto calculate anyDollar Equivalent amount pursuant to this Agreement.

"<u>Dollars</u>":Means,andtheconventional"$"signifies,thelawfulcurrencyoftheUnited

States.

"<u>EBITDA</u>":Withrespecttothelasttwelve(12)calendarmonthswithrespecttothe

related Loan, the meaning of "EBITDA", "Adjusted EBITDA" or any comparable definition in the

Underlying Instruments for each such Loan, and in any case that "EBITDA", "Adjusted EBITDA" or

suchcomparabledefinitionisnotdefinedinsuchUnderlyingInstruments,anamount,fortheObligoron

such Loan and any parent, subsidiary and/or affiliate that is obligated pursuant to the Underlying

Instruments for such Loan (determined on a consolidated basis without duplication in accordance with

GAAP) equal to earnings from continuing operations for such period *plus* (a) interest expense, (b)

income taxes, (c) depreciation and amortization for such twelve month period (to the extent deducted in

determining earnings from continuing operations for such period), (d) amortization of intangibles

(including, but not limited to, goodwill, financing fees and other capitalized costs), other non-cash

chargesandorganizationcosts,(e)extraordinarylossesinaccordancewithGAAP,(f)one-time,

non-recurring non-cash charges consistent with the compliance statements and financial reporting

packages provided bytheObligors,and(g)anyotheritem theServicerdeems appropriateinaccordance

with the Servicer Standard; <u>provided</u> that with respect to any Obligor for which twelve months of

economic data are not available, EBITDA shall be determined in accordance with the Underlying

Instruments and if such Underlying Instruments do notprovide amethod forsuch calculation, EBITDA

shall bedetermined forsuchObligorbasedon annualizingtheeconomicdatafrom thereportingperiods

actually available.

"<u>Effective Spread</u>": As of any date of determination, with respect to any (i) floating rate

Eligible Loan, the per annum rate at which the related Obligor is required to payinterest in cash (which

shall include any credit spread adjustment and shall exclude any interest which is permitted to bepaid

in kind or deferred (whether or not currently being paid in kind or deferred)) minus the Benchmark for

the Eligible Currency applicable during the Remittance Period in which such date of determination

occursand(ii)fixedrateEligibleLoan,theinterestrateforsuchEligibleLoanminustheBenchmarkfor

the Eligible Currency applicable during the Remittance Period in which such date of determination

occurs; provided, that, ineachcase, (a) withrespect to anyunfunded commitment ofanyDelayed Draw

Loan or Revolving Loan, as applicable, the Effective Spread means the commitment fee, ticking fee or

similar fee payable with respect to such unfunded commitment and (b) with respect to the funded

portion of any commitment under any Delayed Draw Loan or Revolving Loan, as applicable, the

Effective Spread means the per annum rate at which the related Obligor is required to pay interest in

cash (which shall includeanycredit spread adjustment and shall excludeanyinterest which is permitted

to be paid in kind or deferred (whether or not currently being paid in kind or deferred)) minus the

Benchmark for the Eligible Currency applicable during the Remittance Period in which such date of

determination occurs.

-24-<br>

"<u>Elevation</u>":The elevation of the Closing Date Participation Interests via assignment to

the Borrower in accordance with the Sale Agreement.

"<u>Elevation Date</u>":ThedateonwhichanElevationoccurswithrespectto aClosingDate

Participation Interest pursuant to the Sale Agreement.

"<u>Eligible Cov-Lite Loan</u>": A Cov-Lite Loan in respect of which the applicable Obligor

has a trailing twelve-month EBITDA greater than or equal to $50,000,000 at the time such Cov-Lite

Loan is acquired by the Borrower.

"<u>Eligible Currency</u>":Dollars, Australian Dollars, Canadian Dollars, Euros and GBP.

"<u>Eligible</u><u>Jurisdiction</u>":TheUnitedStates(oranyStatethereofandtheDistrictof

Columbia), Canada, the United Kingdom, Australia, Norway, New Zealand, Sweden, Ireland and the

Netherlands and any other country added with the prior written consent of the Administrative Agent in

its sole discretion.

"<u>Eligible</u><u>Loan</u>":EachLoan:

(i)for which the Collateral Custodian has received the related Required Loan

Documents(orsuchRequired LoanDocumentswillbedeliveredtotheCollateralCustodianonorprior

to the related date of acquisition or within five (5) Business Daysthereafter;providedthat copies ofthe

acquisition or assignment documentation pursuant to which the Borrower acquires such Loan must be

delivered on or prior to the date of acquisition);

(ii)thathasbeenapprovedbytheAdministrativeAgentinitssoleandabsolute

discretion;

(iii)thatsatisfieseachofthefollowingeligibilityrequirements(unlessthe

AdministrativeAgentagreestowaiveanysucheligibilityrequirementwithrespecttosuchLoan):

(a)suchLoanisaSeniorSecuredLoan(includinganAssetBasedLoan);

(b)such Loan is denominated and payable onlyin an Eligible Currencyanddoesnot

permit the currency in which such Loan is payable to be changed to a currency which is not an

Eligible Currency;

(c)the acquisition ofsuch Loan willnotcausetheBorrowerorthepoolofCollateral to

be required to register as an investment companyunder the 1940 Act;

(d)such Loan (A) provides for a fixed amount of principal payable on scheduled

payment dates and/or at maturity and does not by its terms provide for earlier amortization or

prepayment, in each case, at a price less than par and (B) provides for the full principal balance

to be payable at or prior to its maturity;

(e)the primary Underlying Asset for such Loan is not real property (other than an Asset

Based Loan);

-25-<br>

(f)such Loan is in the form of and is treated as indebtedness of the related Obligor for

U.S. federal income tax purposes and is not a United States real propertyinterest as defined

under Section 897 of the Code;

(g)as of the date the Borrower acquired such Loan, such Loan is not delinquent in

payment or defaulted in anyother manner that would give rise to the right of anyholderofsuch

Loan to accelerate such Loan and no portion of such Loan has been converted into equity;

(h)such Loan and any Underlying Assets comply in all material respects with all

Applicable Laws, and the acquisition thereof will not cause any Secured Party (in its

commercially reasonable judgment) to fail to comply with any request or directive from any

Governmental Authority having jurisdiction over such Secured Party;

(i)such Loan is eligible under its Underlying Instruments (giving effect to the

provisions of Sections 9-406 and 9-408 of the UCC) to be sold to the Borrower and to have a

security interest therein granted to the Administrative Agent, as agent for the Secured Parties,

and neither such sale, transfer or assignment of such Loan to the Borrower, nor thegrantingof a

security interest hereunder to the Administrative Agent, materially violates, conflicts with or

contravenesanyApplicableLawor(givingeffecttotheprovisionofSection9-406and9-408of

the UCC) any contractual or other restriction, limitation or encumbrance;

(j)such Loan, together with the Underlying Instruments related thereto, (i) is in full

force and effect and constitutes thelegal,validandbindingobligationoftherelatedObligorand

each guarantor of such Obligor's obligation thereunder, enforceable against such Obligor and

each such guarantor in accordance with its terms, subject to customary bankruptcy, insolvency

and equitylimitations, (ii) is notsubject to any(a)litigation ordisputethat would reasonablybe

expected to have a Material Adverse Effect on the ability of the Obligor to perform its

obligations in connection with such Loan or the Underlying Instruments or (b) offset, right of

rescission, counterclaim or defense to payment and (iii) contains provisions substantially to the

effect that the Obligor's and each guarantor's payment obligations thereunder are absolute and

unconditional without any right of rescission, setoff, counterclaim or defense for any reason

against the Transferor, the Borrower or any assignee;

(k)after giving effect to the Borrower's acquisition thereof, the Borrower has good and

marketable title to, and is the soleowner of, such Loan, and theBorrowerhas granted to the

Administrative Agent a valid and perfected first priority security interest in the Loan and

Underlying Instruments (subject to Permitted Liens), for the benefit of the Secured Parties;

(l)suchLoan,andanypaymentmadewithrespecttosuchLoan,isnotsubjecttoany

withholding tax (other than withholding tax that may be payable with respect to FATCA or

withholding or other similar tax on commitment fees or similar fees or fees that by their nature

are commitment fees or similar fees) unless the Obligor thereon is required under the terms of

the related Underlying Instrument to make "gross-up" payments that cover the full amount of

such withholding tax on an after-tax basis or otherwise compensate the Borrower for, the full

amount of such withholding tax for anyreason (including in the event of a change of law);

-26-<br>

(m) all consents, licenses, approvals or authorizations of, or registrations or declarations

with, any Governmental Authority or any other Person required to be obtained, effected or given

in connection with the making, acquisition, transfer or performance of such Loanbythe

Borrowerhavebeendulyobtained,effectedorgivenandareinfullforceandeffect, except

where such failure wouldnothave aMaterial Adverse Effect or amaterial adverse effect on any

Lender or affect the enforceability of such Loan;

(n)theObligorwithrespecttosuchLoanisanEligibleObligor,

(o)the Obligor with respect to such Loan (other than an Asset Based Loan) has a trailing

twelve-month EBITDA not less than $10,000,000 at the time of acquisition by the Borrower;

(p)suchLoanpaysinterestinCashnolessfrequentlythansemi-annually;

(q)asofthedatetheBorroweracquiredsuchLoan,suchLoanhasanoriginaltermto

stated maturity that does not exceed eight (8) years;

(r)the Underlying Instruments for such Loan do not contain a confidentiality provision

that would prohibit the Administrative Agent or anySecured Partyfrom obtaining all material

informationwithregardtosuch LoanrequiredtobedeliveredunderthisAgreement(so long as

the Administrative Agent or each Secured Party, as applicable, agrees to maintain the

confidentiality of such information in accordance with the terms of such Underlying

Instruments);

(s)(i)provides the Borrower (or an agent on behalf of the applicable lenders with respect

to such Loan) with a valid, perfected (to the extent lien perfection is applicable in the jurisdiction

in which such underlyingcollateral resides) securityinterest in the collateral granted under the

applicable Underlying Instruments at the level of priorityindicated therein; constitutes the legal

and enforceable obligation of the applicable Obligor (except as enforceability may be limitedby

applicableinsolvency,bankruptcyorotherlawsaffectingcreditors'rightsgenerally,or general

principles of equity, whether such enforceability is considered in a proceeding in equity or at

law); (ii)is owned by the Borrower free and clear of adverse claims (other than Permitted

Liens); (iii)may (after giving effect to the provisions of Section 9-406 and 9-408 of the UCC),

under the applicable Underlying Instruments and Applicable Law, be pledged and assigned by

the Borrower to the Administrative Agent; (iv) in which the AdministrativeAgent holds (or will

hold, once the necessary steps are taken) a first-priority perfected security interest (subject to

Permitted Liens) for the benefit of the Secured Parties; and (v)at the time such Loan was

acquired, was not subject to set-off or defense (other than a discharge in the event of a

subsequent bankruptcy) by the related Obligor;

(t)suchLoanisRegistered;

(u)such Loan is not a Participation Interest (other than a Closing Date Participation

Interest); provided that, up to 75% of the principal balance of the Closing Date Participation

InterestsshallceasetobeEligibleLoansifanElevationhasnotoccurredwithinninety(90)days

oftheClosingDateforsuchClosingDateParticipationInterests,andanyClosingDate

-27-<br>

Participation Interest shall cease to be an Eligible Loan for which an Elevation has not occurred

withinonehundredtwenty(120)daysoftheClosingDate,ineachcaseofthisclause(u),orsuch

later date as agreed by the Administrative Agent in its reasonable discretion;

(v)neither Borrower nor Servicer has actual knowledge that any information provided

by the Borrower or the Servicer with respect to such Loan was not true, correct and complete in

all material respects after giving effect to any updates thereof as of the date such information is

provided to the Administrative Agent;

(w)such Loan (A) is not an Equity Security, (B) does not provide for the conversion or

exchange into an Equity Security at any time on or after the date it is included as part of the

Collateral or (C) upon acquisition by the Borrower and while owned by the Borrower, does not

have any Equity Security attached to it as part of a unit;

(x)suchLoandoesnotconstituteMarginStock;

(y)as of the date the Borrower acquired such Loan, such Loan is not subject to an offer

of exchange, redemption, conversion or tender by its Obligor, or by any other Person, for cash,

equity securities or any other type of consideration;

(z)such Loan does not constitute a Second Lien Loan, a First Lien Last Out Loan, a

Recurring Revenue Loan, a PIK Loan (other than an Eligible Partial PIK Loan), a DIP Loan, a

Structured Finance Obligation (other than an Asset Based Loan), a Zero Coupon Obligation, a

Finance Lease, a repurchase obligation, a bond, an unsecured loan, a bridge loan, a real estate

loan(otherthananAssetBasedLoan),asyntheticsecurity,aStep-DownLoan,aStep-UpLoan,

a commodityforward contract, a subordinated loan, a mezzanine loan, a letter of credit, a lease,

chattel paper or any other debt security not constituting a loan;

(aa)as of the date the Borrower acquired such Loan, such Loan does not constitute a

Defaulted Obligation, a Credit Risk Obligation or a Current Pay Obligation;

(bb)such Loan or any related Underlying Instrument has not been found (nor, to the

Borrower's knowledge, has any Person alleged in writing such Loan or related Underlying

Instrument) to be illegal or unenforceable by the final non-appealable decision of a competent

court of law or a Governmental Authority in a proceeding brought by the related Obligor, any

other partyobligated with respect to such Loan, or anyGovernmental Authority;

(cc)asofthedatetheBorroweracquiredsuchLoan,therepaymentofsuchLoanisnot

subject to any material non-credit related risk, as determined by the Servicer in accordance with

the Servicer Standard, other than non-credit related risks that have previously been disclosed to

and approved by the Administrative Agent;

(dd)unless approved in writing by the Administrative Agent in its sole discretion, the

acquisitionprice(exclusiveoftheportionthereofattributabletoaccruedinterest orfees)ofsuch

Loan paid bythe Borrower is not less than 90% of the principal balance thereof;

(ee)if such Loan is one of a number of loans made to the same Obligor, then such

Loanandallsuchotherloansare(i)cross-collateralizedanddefaultuponthedefaultofany

-28-<br>

cross-collateralizedloan,(ii)ownedbytheBorrowerandpledgedasCollateralhereunderor(iii)

subjecttoanintercreditoragreementorsimilaragreementsettingforththerightsofthecreditors

having interests in such Loans in form and substance satisfactory to Servicer in its reasonable

discretion;

(ff)theall-in yieldwithrespecttosuch Loanisequaltoorgreaterthantheapplicable

Interest Rate payable bythe Borrower underthis Agreement (determined,in each case, asofthe

date the Borrower acquired such Loan);

(gg)except in the case of a Fixed Rate Loan, such Loan accrues interest at a floating

ratedetermined byreference to the U.S. Dollarprimerate,FederalFundsRate,TermSOFR, the

Bank Bill Rate, EURIBOR, SONIA, Term CORRA or, with the consent of the Administrative

Agent, anyother generallyaccepted floating rate index or, in each case, asuccessorinterest rate

as determined under the Underlying Instruments;

(hh)ifsuchLoanisaCov-LiteLoan,suchLoanisanEligibleCov-LiteLoan;and

(ii)the funding obligations for each such Loan and the Underlying Instrument under

which such Loan was created have been fully satisfied and all sums available thereunder have

been fullyadvanced, or if such Loan is a Revolving Loan or Delayed Draw Loan, the Borrower

shall have or have caused to be, at the time of the sale of such Loan to the Borrower, deposited

into the Unfunded Exposure Account an amount equal to the Required Funding Amount.

Any Loan that, as of any date of determination following its acquisition by the

Borrower, no longer satisfies each of the criteria set forth in clause (iii) above (other than any such

criteria waived bythe Administrative Agent) shall not constitute an Eligible Loan; it being agreed that

anycriteriathatexpresslyappliesonlyasofthedatetheBorroweracquiredsuchLoanshallberequired

to satisfy such criteria only as of such date.

For purposes of determining compliance with clause (ii) of the definition of "Eligible Loan,"

each Loan included in the Loan List set forth on <u>Schedule II</u> hereto as of the Closing Date shall be

deemed approved by the Administrative Agent.

"<u>Eligible</u><u>Obligor</u>":Onanydateofdetermination,anyObligorthat:

(a)is a business organization (and not a natural person) duly organized and validly

existing under the laws of its jurisdiction of organization;

(b)is not a Governmental Authority (including, for the avoidance of doubt, any

municipality, governmental authority or not-for profit entity);

(c)isnot an Affiliateof anyLoanParty,excepttotheextentwarrantsorotherequity

interests in such Obligor are granted to a Loan Partyor an Affiliatein connection withthe restructuring

of the related Loan;

(d)isorganizedandincorporatedanddomiciledinanEligibleJurisdiction;

-29-<br>

(e)isnotanot-for-profitentity;

(f)is not the subject of and, to the best of the Borrower's knowledge, is not threatened

in writing with any proceeding which would result in, an Insolvency Event with respect to such Obligor

and, as of the date on which the Borrower acquired such Loan, to the Borrower's knowledge, such

Obligor has not experienced a material adverse change in its financial condition;

(g)is not engaged in the business of payday lending, pawn shops, Adult Entertainment,

offshore or internet gambling companies, marijuana related businesses, automobile title loans,tax

refundanticipationloans,creditrepairservices,drugparaphernalia,fireworksdistributors,tax evasion,

businesses engaged in predatory lending practices or strip mining;

(h)isnotaSanctionedPerson;and

(i)isalegaloperatingentityorholdingcompany.

"<u>Eligible</u><u>Partial</u><u>PIK</u><u>Loan</u>":APIKLoanthatbyitstermsrequiresatalltimespaymentof

a cash pay interest rate at a rate at least equal to the sum of the current applicable floating benchmark

rate plus 2.00% *per annum* (or, in the case of a PIK Loan bearing interest at a fixed rate, 4.50% *per*

*annum*).

"<u>Eligible Repurchase Obligations</u>": Repurchase obligations with respect to any security

that is a direct obligation of, or fully guaranteed by, the United States or any agency or instrumentality

thereoftheobligationsofwhicharebackedbythefullfaithandcreditoftheUnitedStates,ineithercase

enteredintowithadepositoryinstitutionortrustcompany(actingasprincipal)describedinclause(b)of

the definition of Permitted Investments.

"<u>Equity Distribution</u>": Any dividend or distribution, direct or indirect, on account or any

Capital Stock of the Borrower now or hereafter outstanding.

"<u>Equity Security</u>": (i) Any equity security or any other security that is not eligible for

purchase bythe Borrower as a Loan, and (ii) anysecuritypurchased as part of a "unit" with a Loan and

that itself is not eligible for purchase bythe Borrower as a Loan.

"<u>ERISA</u>": The United States Employee Retirement Income Security Act of 1974, as

amended from time to time, and the regulations promulgated or issued thereunder.

"<u>ERISA Affiliate</u>": (a)Anycorporationthat is amemberofthesame controlled group of

corporations(withinthemeaningofSection414(b)oftheCode)astheBorrowerortheTransferor,(b)a

tradeorbusiness(whetherornotincorporated)undercommoncontrol(withinthemeaningof

Section414(c) of the Code) with the Borrower or the Transferor, or (c)amember of thesame affiliated

service group (within the meaning of Section414(m) or 414(o) of the Code) as the Borrower or the

Transferor.

"<u>Erroneous</u><u>Payment</u>":Asdefinedin<u>Section</u><u>2.10(f)(iii)(A)</u>.

"<u>EURIBOR</u>":ForanydayduringtheapplicableAccrualPeriodwithrespecttoeach

AdvancedenominatedinEuros,thegreaterof(I)theFloorand(II)(a)therateper annumappearingon

-30-<br>

Reuters Screen EURIBOR01 Page (or any successor or substitute page) as the euro interbank offered

rate administered by the European Money Market Institute (or any other person which takes over the

administration of that rate) for deposits in Euros at approximately 11:00 a.m., London time, for such

day; provided that, if such day is not a Business Day, the immediately preceding Business Day, for a

three-monthmaturity;and(b)ifnoratespecifiedinclause(II)(a)ofthisdefinitionsoappearsonReuters

Screen EURIBOR01 Page (or any successor or substitute page), the interest rate per annum at which

dollar deposits of €5,000,000 and for a three-month maturityare offered bythe principal London office

of Capital One in immediately available funds in such interbank market at approximately 11:00 a.m.,

London time, for such day.

"<u>Euro</u>" and "€": The lawful currency of the members states of the European Union that

have adopted and retain the single currency in accordance with the treaty establishing the European

Community, as amended from time to time.

"<u>Euro Account</u>":Collectively,eachSecuritiesAccountandanysub-accountscreatedand

maintained on thebooks and records of theSecurities Intermediaryfor thedeposit ofEuros in thename

of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured

Parties.

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

"<u>Excepted</u><u>Persons</u>":Themeaningspecifiedin<u>Section</u><u>12.13(a)</u>.

"<u>Excess</u><u>Concentration</u><u>Amount</u>":Asofanydateofdetermination(andaftergivingeffect

to all Eligible Loans to be purchased or sold by the Borrower on such date), the sum of the following

amounts (without duplication):

(a)theexcess,ifany,of(i)theaggregateAdjustedBorrowingValueofthoseEligible

Loans that are obligations of anysingleObligorand its Affiliates over (ii)(A) with respect to each of the

threelargestObligorsandtheirrespectiveAffiliates(determinedbyreferencetotheAdjustedBorrowing

Value of the Eligible Loans of each Obligor included in the Collateral), 7.5% of the aggregate Adjusted

Borrowing Value of all Eligible Loans in the Collateral and (B) with respect to each Obligor not

otherwisecovered byclause (A) above, 5.0% of theaggregate Adjusted BorrowingValue of all Eligible

Loans in the Collateral; *provided* that no Obligor shall be considered an Affiliate of another Obligor

solely because they are controlled by the same Financial Sponsor;

(b)theexcess,ifany,of(i)theaggregateAdjustedBorrowingValueofthoseEligible

Loans with Obligors in any single Industry Classification over (ii):

(A)with respect to the Industry Classification representing the highest

concentration of the Eligible Loans (determined by reference to Adjusted Borrowing Value), 20.0% of

the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

(B)with respect to the IndustryClassification representingthesecondhighest

concentration of the Eligible Loans (determined by reference to Adjusted Borrowing Value), 17.5% of

the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

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(C)with respect to the Industry Classification representing the third highest

concentration of the Eligible Loans (determined by reference to Adjusted Borrowing Value), 15.0% of

the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral; and

(D)with respect to each other IndustryClassification, 12.5% of the aggregate

Adjusted Borrowing Value of all Eligible Loans in the Collateral;

(c)theexcess,ifany,of(i)theaggregateAdjustedBorrowingValueofthoseEligible

Loans that are Fixed Rate Loans over (ii) 5.0% of the aggregate Adjusted Borrowing Value of all

Eligible Loans in the Collateral;

(d)theexcess,ifany,of(i)theaggregateAdjustedBorrowingValueofthoseEligible

Loans for which the related Obligor pays less frequently than quarterly over (ii) 5.0% of the aggregate

Adjusted Borrowing Value of all Eligible Loans in the Collateral;

(e)theexcess,ifany,of(i)theaggregateAdjustedBorrowingValueofthoseEligible

Loans that are payable in an Eligible Currency other than Dollars over (ii) 10.0% of the aggregate

Adjusted Borrowing Value of all Eligible Loans in the Collateral;

(f)theexcess,ifany,of(i)theaggregateAdjustedBorrowingValueofthoseEligible

Loans that are obligations of Obligors domiciled in an Eligible Jurisdiction of than the United States

over (ii) 10.0% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral;

(g)theexcess,ifany,of(i)theaggregateAdjustedBorrowingValueofthoseEligible

Loans that are Cov-Lite Loans (other than Cov-Lite Loans for which the related Obligor has a trailing

twelve-month EBITDA of greater than $85,000,000) over (ii) 15.0% of the aggregate Adjusted

Borrowing Value of all Eligible Loans in the Collateral;

(h)theexcess,ifany,of(i)theaggregateAdjustedBorrowingValueofthoseEligible

LoanswhichareRevolvingLoansandDelayedDrawLoans(basedonthetotalunfundedcommitments)

over (ii) 10.0% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral; and

(i)theexcess,ifany,of(i)theaggregateAdjustedBorrowingValueofthoseEligible

Loans that are Asset Based Loans over (ii) the applicable percentage of the Adjusted Borrowing Value

of all Eligible Loans in the Collateral set forth below:

(i)(A)10.0%if (x) atleast 50%of Obligorsincluded as Eligible Loanshave a

trailing twelve-month EBITDA equal to at least $100,000,000 and (y) following the first nine (9)

months following the Closing Date, there are Eligible Loans in the Collateral owing by at least twenty

(20)Obligors;

(ii)(B) 5.0% if (x) at least 25% of all Obligors included as Eligible Loanshave

atrailingtwelve-monthEBITDAequaltoatleast$100,000,000and(y)followingthefirstnine(9)

months following the Closing Date, there are Eligible Loans in the Collateral owing byatleastten (10)

Obligors; and

(iii)otherwise,0.0%;

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<u>provided</u>, <u>further</u>, that notwithstanding the foregoing, no Asset Based Loan that is an obligation of any

singleObligoranditsAffiliatesmaybegreaterthan3.0%oftheaggregateAdjustedBorrowingValueof

all Eligible Loans in the Collateral.

"<u>Exchange Act</u>": The United States Securities Exchange Act of 1934, as amended, and

the rules and regulations promulgated thereunder.

"<u>Excluded Amounts</u>": Any amount, received in the Collection Account with respect to

anyLoanincludedaspart oftheCollateral,whichamount isattributableto(i)thereimbursementbythe

related Obligor of payment by the Borrower or Transferor of any Tax, fee or other charge imposed by

any Governmental Authority on such Loan or on any Underlying Assets, (ii) the reimbursement by the

related Obligor of payment by the Borrower or Transferor of other out-of-pocket expenses, (iii) any

reimbursementsrelatedtoindemnificationobligations,(iv)anyescrowsrelatingtoTaxes,insuranceand

other amounts in connection with Loans which are held in an escrow account for the benefit of the

Obligor and the secured party pursuant to escrow arrangements under Underlying Instruments, in the

caseofeachoftheforegoingclauses(i)-(iv)solelytotheextentnotpaidoutofCollections,(v)amounts

received in the Collection Account with respect to any Loan retransferred or substituted for upon the

occurrenceofaWarrantyEventorthatisotherwisereplacedinconnectionwithaSubstitution,orthatis

otherwise sold or transferred by the Borrower, in each case under this clause (v), pursuant to and in

accordance with <u>Section 2.14</u>, to the extent such amount is attributable to atime after the effectivedate

of such replacement or sale, (vi) any interest or fees (including origination, agency, structuring,

management, underwriting or otherup-front fees)that are forthe account ofthe Transferoror anyother

Person from whom the Borrower purchased such Loan (including, without limitation, interest accruing

prior to the date such Loan is purchased by the Borrower) or (vii) any amount deposited into the

Collection Account in error.

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

"<u>Exposure</u><u>Amount</u><u>Shortfall</u>":Themeaningspecifiedin<u>Section</u><u>2.2(g)</u>.

"<u>Facility</u><u>Amount</u>":Asofanydate,anamountequaltothelesserof(a)$250,000,000and

(b) the aggregate principal amount of the Commitments provided by the Administrative Agent and the

Lenders as of such date. Such amount may be increased from time to time in accordance with any

increase pursuant to <u>Section 2.18</u> of this Agreement, <u>provided</u> that, (i) the Facility Amount may not be

increasedwithoutthewrittenconsentoftheBorrowerandtheAdministrativeAgentand(ii)theFacility

Amount may be reduced upon notification by the Borrower in accordance with <u>Section 2.3</u>; and

<u>provided</u>, <u>further</u>, that on or after the earlier to occur of the Revolving Period End Date and the

Termination Date, the Facility Amount shall mean the Advances Outstanding.

"<u>Facility</u><u>Maturity</u><u>Date</u>":March 4, 2030.

"<u>FATCA</u>": Sections 1471 through 1474 of the Code, as in effect on the Closing Date (or

any amended or successor version that is substantively comparable), and any regulations or official

interpretations thereof (including anyRevenue Rulings, Revenue Procedure, Noticeorsimilar guidance

issued by the IRS thereunder as a precondition to relief or exemption from Taxes under such

provisions), any agreements entered into pursuant to Section 1471(b)(1) of the Code and any

intergovernmentalagreementbetweentheUnitedStatesandanotherjurisdictionfacilitatingthe

-33-<br>

implementationthereof(andanylaw,regulationorofficialinterpretationimplementingsuchan

intergovernmental agreement).

"<u>FDIC</u>":TheFederalDepositInsuranceCorporation,andanysuccessorthereto.

"<u>Federal Funds Rate</u>": For any period, a fluctuating interest *per annum* rate equal, for

each day during such period, to the weighted average of the overnight federal funds rates as in Federal

Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the

AdministrativeAgent(or,ifsuchdayisnot aBusinessDay,forthenextprecedingBusinessDay),or,if

for any reason such rate is not available on any day, the rate determined, in the sole discretion of the

Administrative Agent, to be the rate at which overnight federal funds are being offered in the national

federal funds market at 9:00 a.m. (New York CityTime) on such day.

"<u>Fee Letter</u>": means, individuallyand collectively, (i) that certain Fee Letter, dated as of

the Closing Date, between the Administrative Agent and the Borrower and (ii) each additional Fee

Letter executed between any Lender and Borrower, in each case, as amended, modified, waived,

supplemented, restated or replaced from time to time.

"<u>Finance</u><u>Lease</u>":Anytransactioninwhichtheobligationsofalesseetopayrentorother

amounts under a lease are on a triple net basis and are required to be classified and accounted for as a

capital lease on the balance sheet of such lessee under GAAP. A Finance Lease shall not include

obligations structured to complywith foreign law or religious restrictions, including, but not limited to,

Islamic Shari'ah.

"<u>Financial</u><u>Asset</u>":ThemeaningspecifiedinSection8-102(a)(9)oftheUCC.

"<u>Financial Sponsor</u>": Any Person, including any Subsidiary of such Person, whose

principalbusinessactivityisacquiring,holding,andsellinginvestments(includingcontrollinginterests)

in otherwise unrelated companies that each are distinct legal entities with separate management, books

and records and bank accounts, whose operations are not integrated with one another and whose

financial condition and creditworthiness are independent of the other companies so owned by such

Person.

"<u>First Lien Last Out Loan</u>": A Loan (A) that does not satisfy all of the requirements set

forth in the definition of Senior Secured Loan and (B) that is not (and cannot by its terms become)

subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization,

arrangement, insolvency, moratorium or liquidation proceedings with the exception of (1) a working

capital loan or (2) a first out tranche.

"<u>Fitch</u>":Fitch,Inc.oranysuccessorthereto.

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

"<u>Floating</u><u>Rate</u><u>Loan</u>":AnyLoanthatbearsafloatingrateofinterest.

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

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"<u>Foreign</u><u>Currency</u>":Atanytime,anyEligibleCurrencyotherthanDollars.

"<u>Foreign</u><u>Currency</u><u>Equivalent</u>":WithrespecttoanyamountinDollars,theamountofany

Foreign Currency that could be purchased with such amount of Dollars using the reciprocal of the

foreignexchangerate(s)specifiedinthedefinitionoftheterm"DollarEquivalent",asdeterminedbythe

Servicer and reported to the Administrative Agent, the Collateral Administrator and the Collateral

Custodian.

"<u>Fund</u>": AnyPerson (other than a natural Person) that is (or will be) engaged in making,

purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the

ordinary course of its activities.

"<u>Funding Date</u>": In the case of any Loan Advance or Swingline Advance, the Business

Day on which a Loan Advance or Swingline Advance is to be made.

"<u>Funding Notice</u>": Anoticeinthe form of <u>Exhibit A-1</u> requesting an Advance,including

the items required by <u>Section 2.2</u>.

"<u>GAAP</u>":Generallyacceptedaccountingprinciplesasineffectfromtimetotimeinthe

United States.

"<u>GBP</u>"and"<u>£</u>":ThelawfulcurrencyoftheUnitedKingdom.

"<u>GBP</u><u>Account</u>":Collectively,eachSecuritiesAccountandanysub-accountscreatedand

maintained on the books and records of the Securities Intermediaryfor the deposit of GBP in the name

of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured

Parties.

"<u>General Collection Account</u>": A Securities Account maintained on the books and

records of the Securities Intermediary(or anyother partyacceptable to Administrative Agent in its sole

discretion)entitled"GeneralCollectionAccount"inthenameoftheBorrowerandsubjecttotheLienof

the Administrative Agent for the benefit of the Secured Parties.

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

"<u>Governing</u><u>Documents</u>":(a)Withrespecttoanycorporation,thecertificateorarticles of

incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any

non-U.S. jurisdiction), (b) with respect to any limited liability company, the certificate or articles of

formationororganizationandoperatingagreementand(c)withrespecttoanypartnership,jointventure,

trust or other form of business entity, the partnership, joint venture or other applicable agreement of

formation or organization and, if applicable, any agreement, instrument, filing or notice with respect

thereto filed in connection with its formation or organization with the applicable Governmental

Authorityin the jurisdiction of its formation or organization and, if applicable, anycertificate or articles

of formation or organization of such entity.

"<u>Governmental Authority</u>": With respect to any Person, any nation or government, any

stateorotherpoliticalsubdivisionthereof,anycentralbank(orsimilarmonetaryorregulatoryauthority)

thereof,anybodyorentityexercisingexecutive,legislative,judicial,taxing,regulatoryoradministrative

-35-<br>

functions of or pertaining to government and any court or arbitrator having jurisdiction over such

Person, including any supranational bodies (such as the European Union and the European Central

Bank).

"<u>Guarantee</u><u>Obligation</u>":AstoanyPerson(the"<u>guaranteeing</u><u>person</u>"),anyobligationof

(a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any

letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement,

counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any

Indebtedness,leases,dividendsorotherobligations(the"<u>primary</u><u>obligations</u>")ofanyotherthirdPerson

(the "<u>primary obligor</u>") in any manner, whether directly or indirectly, including, without limitation, any

obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary

obligationoranyPropertyconstitutingdirectorindirectsecuritytherefor,(ii)toadvanceorsupplyfunds

(1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or

equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary

obligor, (iii) to purchase Property, securities or services primarilyfor thepurpose of assuringtheowner

of any such primary obligation of the ability of the primary obligor to make payment of such primary

obligation or (iv) otherwise to assure or hold harmless the owner of anysuch primaryobligation against

loss in respect thereof; <u>provided</u>, <u>however</u>, that the term "Guarantee Obligation" shall not include

endorsements of instruments for deposit or collection in the ordinary course of business. The terms

"Guarantee" and "Guaranteed" used as a verb shall have a correlative meaning. The amount of any

GuaranteeObligationofanyguaranteeingpersonshallbedeemedtobethelowerof(a)anamountequal

to the stated or determinable amount of the primary obligation in respect of which such Guarantee

Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable

pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary

obligation and the maximum amount for which such guaranteeingperson maybe liable are not stated or

determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing

person's maximum reasonably anticipated liability in respect thereof as determined by the Borrower in

good faith.

"<u>Hedge Breakage Costs</u>": For any Hedge Transaction, any amount payable by the

Borrower for the early termination of that Hedge Transaction or any portion thereof. All Hedge

Breakage Costs shall be due and payable hereunder on each Payment Date in accordance with <u>Section</u>

<u>2.7</u> and <u>Section 2.8</u>. The determination bythe Hedge Counterpartyof the amount of anysuch loss, cost

or expense shall be conclusive absent manifest error.

"<u>Hedge</u><u>Collateral</u>":Themeaningspecified<u>Section</u><u>5.1(x)</u>hereto.

"<u>Hedge Counterparty</u>": Capital One, National Association and its successors and assigns

or anyother counterpartyapproved in writing bythe Administrative Agent (in its sole discretion).

"<u>Hedge Transaction</u>": Each currencyswap,interest rateswap,index rateswaporinterest

rate cap transaction or comparable derivative arrangement between the Borrower and the Hedge

Counterpartythat is entered into pursuant to <u>Section 5.1(x)</u> and is governed bythe HedgingAgreement.

"<u>Hedging Agreement</u>": That certain Master Agreement between the Borrower and the

Hedge Counterparty that governs one or more Hedge Transactions entered into on or after the date

hereof,informandsubstancesatisfactorytotheBorrowerandtheHedgeCounterparty,togetherwithall

-36-<br>

Schedulestheretoandeach"Confirmation"thereunderconfirmingthespecifictermsofeachsuchHedge

Transaction.

"<u>Highest Required Investment Category</u>": (i) With respect to ratings assigned by

Moody's, "Aa2" or "P-1" for one month instruments, "Aa2" and "P-1" for three month instruments,

"Aa3"and"P-1"forsixmonthinstrumentsand"Aa2"and"P-1"forinstrumentswithaterminexcessof

six months, (ii) with respect to ratings assigned by S&P, "A-1" for short-term instruments and "A" for

long-term instruments, and (iii) with respect to ratings assigned byFitch (if such investment is rated by

Fitch), "F-1+" for short-term instruments and "AAA" for long-term instruments.

"<u>Increased Costs</u>": Any amounts required to be paid by the Borrower to an Indemnified

Party pursuant to <u>Section 2.12</u>.

"<u>Indebtedness</u>": With respect to any Person at any date without duplication, (a) all

indebtedness of such Person for borrowed money (whether by loan or the issuance and sale of debt

securities) or for the deferred purchase price of Property or services (other than current trade liabilities

incurredintheordinarycourseofbusinessandpayableinaccordancewithcustomarypractices),(b)any

other indebtedness of such Person which is evidenced bya note, bond, debenture or similar instrument,

(c) all obligations of such Person in respect of letters of credit, acceptances or similar instruments issued

or created for the account of such Person, (d) all liabilities secured by (or for which the holder of such

obligations has an existing right, contingent or otherwise, to be secured by) any Lien on any Property

owned by such Person even though such Person has not assumed or otherwise become liable for the

payment thereof, and (e) all Guarantee Obligations of such Person in respect of obligations of the kind

referred to in clauses (a) through (d) above. The amount of any Indebtedness under clause (d) shall be

equal to the lesser of (A) the stated amount of the relevant obligations and (B) the fair market value of

the Property subject to the relevant Lien. The amount of any Indebtedness of any Person shall include

the Indebtedness of any other entity (including any partnership in which such Person is a general

partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or

otherrelationshipwithsuchentity,excepttotheextentthetermsofsuchIndebtednessexpresslyprovide

thatsuchPersonisnotliabletherefor.Fortheavoidanceofdoubt,anyobligationtofundundertheterms

of the Underlying Instruments of a Delayed Draw Loan or Revolving Loan owed bythe Borrower shall

not constitute Indebtedness of the Borrower.

"<u>Indemnified</u><u>Amounts</u>":Themeaningspecifiedin<u>Section</u><u>10.1(a)</u>.

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

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

"Indorsed" has a corresponding meaning.

"<u>Industry Classification</u>": The Moody's industry classification group list set forth in

<u>Schedule V</u> hereto, as such industry classifications shall be updated with the consent of the Borrower

and Administrative Agent.

"<u>Insolvency</u><u>Event</u>": With respect to aspecifiedPerson, (a)the filingof adecreeororder

for relief by a court having jurisdiction over such Person or any substantial part of its property in an

involuntarycaseunderanyapplicableInsolvencyLawnoworhereafterineffect,orappointinga

-37-<br>

receiver,liquidator, restructuringofficer, assignee, custodian,trustee,sequestrator orsimilarofficialfor

such Person or for anysubstantial part of itsproperty, ororderingthe winding-up orliquidation ofsuch

Person's affairs, and such decree, order or appointment shall remain undismissed and unstayed and in

effect for a period of sixty(60) consecutive days, (b) the commencement bysuch Person of a voluntary

case under any applicable Insolvency Law now or hereafter in effect, or the consent by such Person to

theentryofanorderforreliefinaninvoluntarycaseunderanysuchlaw,(c)theconsentbysuchPerson

to the appointment of or taking possession by a receiver, liquidator, restructuring officer, assignee,

custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its

property, or the making bysuchPerson of anygeneral assignment forthebenefit of creditors, or (d)the

failure by such Person generally to pay its debts as such debts become due, or the taking of action by

such Person in furtherance of any of the foregoing.

"<u>Insolvency Laws</u>": The Bankruptcy Code and all other applicable liquidation,

conservatorship, bankruptcy, moratorium, rearrangement, winding up, receivership, insolvency,

reorganization, suspension of payments, or similar debtor relief laws from time to time in effect

affecting the rights of creditors generally.

"<u>Insolvency Proceeding</u>": Any case, action or proceeding before any court or other

Governmental Authority relating to any Insolvency Event.

"<u>Instrument</u>":ThemeaningspecifiedinSection9-102(a)(47)oftheUCC.

"<u>Insurance Policy</u>": With respect to any Loan, an insurance certificate evidencing

insurance covering liabilityand physical damages to, or loss of, the related Underlying Assets.

"<u>Interest</u>": For each Accrual Period, the sum of the amounts determined (with respect to

each day during such Accrual Period) in accordance with the following formula:

---

| | |
|:---|:---|
| | <u>IR</u><u>x P</u><u>x</u> <u>1/D</u> |
| where: |  |
| IR | theInterestRateapplicableonsuchday; |
| P | theAdvancesOutstandingonsuchday;and |
| D | 360days(or,totheextenttheInterestRateisbased <br>on the Base Rate or relates to Multicurrency <br>Advances denominated inCanadian Dollars or <br>GBP, 365 or 366 days, as applicable).<br>|

---

<u>provided</u> that (i) no provision of this Agreement shall require the payment or permit the

collection of Interest in excess of the maximum permitted by Applicable Law and (ii) Interest shall not

be considered paid byanydistribution if at anytime such distribution is rescinded or must otherwise be

returned for any reason.

-38-<br>

"<u>Interest</u><u>Collection</u><u>Account</u>":Collectively,eachSecuritiesAccountandany

sub-accounts created and maintained on the books and records of theCollateral Custodian (oranyother

partyacceptable to Administrative Agent in its solediscretion) entitled "InterestCollection Account"in

the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the

Secured Parties.

"<u>Interest Collections</u>": All payments of interest and fees on or received in respect of

LoansandPermitted Investments,including(a)anypaymentsofaccruedinterestreceivedonthesaleof

Loans or Permitted Investments, (b) all payments of principal (including principal prepayments) on

Permitted Investments purchased with the proceeds described in this definition, (c) all payments

received by the Borrower pursuant to any Hedging Agreement entered into by the Borrower, in each

case, received in cash by or on behalf of the Borrower or Collateral Custodian and (d) origination,

agency, structuring, management or other up-front fees, unused line, termination, make whole,

prepaymentandother fees in respect of the Loans; <u>provided</u> that Interest Collections shall not include

(x) Sale Proceeds representing accrued interest that are applied toward payment for accrued interest on

the purchase of an Additional Loan (including in connection with a Substitution) and (y) interest

received in respect of a Loan (including in connection with any sale thereof), which interest was

purchased with Principal Collections.

"<u>Interest Expense</u>": With respect to any Obligor for any period, the amount which, in

conformity with GAAP, would be set forth opposite the caption "interest expense" or any like caption

reflected on the most recent financial statements delivered by such Obligor to the Borrower for such

period.

"<u>Interest Rate</u>": With respect to Advances at (a) the applicable Benchmark (i) the

applicable Benchmark *plus* (ii) the Applicable Spread and (b) the Base Rate (i) the Base Rate *plus* (ii)

the Applicable Spread.

"<u>Investment</u>": With respect to any Person, any direct or indirect loan, advance or

investment by such Person in any other Person, whether by means of share purchase, capital

contribution, loan or otherwise, excluding the acquisition of Loans and the acquisition of Equity

Securities otherwise permitted bythe terms hereof which are related to such Loans.

"<u>Investment</u><u>Property</u>":ThemeaningspecifiedinSection9-102(a)(49)oftheUCC.

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

"<u>Joinder Supplement</u>": An agreement among the Borrower, a Lender and the

AdministrativeAgentintheformof<u>Exhibit</u><u>H</u>tothisAgreement(appropriatelycompleted)deliveredin

connection with a Person becoming a Lender hereunder after the Closing Date.

"<u>Lender</u>": The meaning specified in the Preamble, including Capital One, National

Association, and each financial institution which mayfrom time totimebecome a Lenderhereunderby

executing and delivering a Joinder Supplement to the Administrative Agent and the Borrower (and for

purposesof<u>Section</u><u>2.12</u>and<u>Section</u><u>2.13</u>ofthisAgreementanysuccessor,assigneeorparticipant).For

the avoidance of doubt, the Swingline Lender shall constitute a "Lender" with respect to the repayment

of Swingline Advances for all purposes hereunder.

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"<u>Lien</u>":Anymortgage,lien,pledge,charge,right,claim,securityinterestorencumbrance

of anykind of or on anyPerson's assets or properties in favor of anyother Person.

"<u>Loan</u>": Anycommercial loan (includinganyClosingDateParticipationInteresttherein)

or note acquired by the Borrower which is originated or acquired by the Transferor or any of its

Affiliates or which the Borrower acquires from a third partyin the ordinarycourse of its business.

"<u>Loan</u><u>Advance</u>":Themeaningspecifiedin<u>Section</u><u>2.2(a)</u>.

"<u>Loan Checklist</u>": An electronic or hard copy, as applicable, of a checklist, substantially

in the form of <u>Exhibit J</u>, delivered by or on behalf of the Borrower to the Collateral Custodian and the

Collateral Administrator, for each Loan, of all Required Loan Documents to be included within the

respective Loan File, which shall specifywhether such document is an original or an electronic copy.

"<u>Loan</u><u>File</u>":WithrespecttoeachLoan,(a)copiesofeachofthedocumentsanditemsas

set forth on the Loan Checklist with respect to such Loan and (b) duly executed originals or copies of

anyother relevant records relating to such Loans and the Underlying Assets pertaining thereto.

"<u>Loan List</u>": That certain list of Loans attached hereto as <u>Schedule II</u>, as such Schedule

shall be deemed to be updated from time to time by reference to the list of Loans set forth on the most

recently delivered Borrowing Base Certificate.

"<u>Loan</u><u>Parties</u>":TheBorrower,theTransferorandtheServicer.

"<u>Loan Register</u>": The meaning specified in <u>Section 6.6(c)</u>.

"<u>Loan Tape</u>":A loan tape, which tape shall include (but notbelimitedto)the aggregate

Outstanding Balance of all Loans and, with respect to each Loan, the information set forth on <u>Schedule</u>

<u>VI</u>.

"<u>Loan to Value Ratio</u>": With respect to any Obligor, the ratio of (i) the amount of

indebtedness outstanding with respect to the debt tranche of which the related Loan is a part to (ii) the

fairmarketvalueofsuchObligor,ascalculatedbytheServiceringoodfaithusinginformationfromand

calculations consistent with the relevant compliance statements and financial reporting packages

provided bythe relevant Obligor pursuant to the requirements of the related Underlying Instrument.

"<u>Maintenance Covenant</u>": A covenant by any Obligor to comply with one or more

financial covenants that test for either a cash coverage component or minimum amount (such as an

interest coverage ratio, fixed charge coverage ratioorminimum EBITDA)or aleverage covenant (such

as a senior debt to EBITDA ratio or total debt to EBITDA ratio) during each reporting period, whether

or not any action by, or event relating to, the Obligor occurs; <u>provided</u> that a covenant that otherwise

satisfies the definition hereof and only applies when amounts are outstanding under the related Loan

shall be a Maintenance Covenant.

"<u>Margin</u><u>Stock</u>":"MarginStock"asdefinedunderRegulationU.

"<u>Material Adverse Effect</u>":Withrespecttoanyeventorcircumstance,amaterialadverse

effecton(a)thebusiness,assets,financialcondition,operations,performanceorpropertiesofthe

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BorrowerortheServicer,bothindividuallyortakenas awhole;providedthatadeclineinthevalueofa

Loan or general market values shall not, in and ofitself, constitute aMaterial Adverse Effect under this

clause (a),(b) the validity, enforceability or collectability of this Agreement or any other Transaction

Document or the validity, enforceabilityor collectabilityof the Loans generallyor anymaterial portion

of the Loans, (c) the rights and remedies of the Administrative Agent, the Lenders and the Secured

Parties with respect tomatters arisingunderthisAgreement oranyotherTransactionDocument,(d)the

ability of each of the Borrower or the Servicer, as applicable, to perform its obligations under any

Transaction Document to which it is a party, or (e) the status, existence, perfection, priority or

enforceabilityof the Administrative Agent's or the other Secured Parties' lien on the Collateral.

"<u>Material</u><u>Modification</u>":Anyamendmentorwaiverof,ormodificationorsupplementto,

an Underlying Instrument governingan Eligible Loan executed oreffected on orafter thedate on which

the Borrower acquired such Loan that:

(a)reduces,waivesordefersanyoralloftheprincipalamountofsuchLoan;

(b)delays or extends the stated final maturitydate or anyother duedate forpayment of

principal,interestorotheramountsofsuchLoan,unlesssuchdelay orextensionisnotdueto

credit-related concerns, as certificated in writing bythe Servicer to the Administrative Agent;

(c)waives one or more interest payments, or permits any interest due in cash to be

deferred or capitalized and added to the principal amount of such Loan (other than any deferral or

capitalization alreadyallowed bythe terms of its Underlying Instruments at the time of approval);

(d)reduces the amount of interest due with respect to such Loan (other than (x) in

connectionwithacustomarybenchmarkreplacement,(y)anyreductionininterestratemarginspursuant

to a pricing grid based on achievement of certain thresholds (including financial ratios or ratings, or (z)

anydeferral or capitalization, in each case alreadyexpresslypermitted under the applicable Underlying

Instruments due to automatic changes in gridpricing existing as of thedatethe Borrower acquired such

Loan or a reduction of the interest rate pursuant to an amendment that the Servicer certifies to the

Administrative Agent that such reduction is solely due to the improved credit quality of the related

Obligor);

(e)contractually or structurally subordinates such Loan by operation of a priority of

payments,turnoverprovisions, thetransferofassets inordertolimitrecourseto therelatedObligor,the

granting of Liens (other than Permitted Liens) on any of the Underlying Assets securing such Loan or

increasing the commitment amount of any Eligible Loan senior to such Loan (in each case, other than

already expressly permitted under the applicable Underlying Instruments as of the date the Borrower

acquired such Loan);

(f)substitutes, alters or releases (other than as permitted by such Underlying

Instruments)anyportionoftheUnderlyingAssets,collateralorguaranteessecuringsuchLoanandeach

such substitution, alteration or release, as determined in the sole reasonable discretion of the

Administrative Agent, materially and adversely affects the value of such Loan; <u>provided</u>, that the

foregoingshallnotapplytoanysuchreleaseinconjunctionwitharelativelycontemporaneous

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disposition by the related Obligor accompanied by a mandatory reinvestment of the applicable net

proceeds or mandatoryrepayment of such Loan with all of such net proceeds; or

(g)amends, waives, forbears, supplements or otherwise modifies (i) the meaning of

"Senior Leverage Ratio" or "Total Obligor Leverage Ratio", "Total Obligor Interest Coverage Ratio" or

"PermittedLiens"(otherthantopermitpurchasemoneyliensonanimmaterialportionoftheunderlying

collateral incurred in the ordinary course of the related Obligor's business) or any related covenant

(including, for the avoidance of doubt, related thresholds) or respective comparable definitions in such

Underlying Instrument (to the extent such financial covenants are included thereunder), (ii) anyterm or

provision of such Underlying Instrument (including, for the avoidance of doubt, related thresholds)

referencing or utilizing the calculation of the "Senior Leverage Ratio", "Total Obligor Leverage Ratio"

or "Total Obligor InterestCoverageRatio"or anyrespective comparabledefinitions in such Underlying

Instrument, or (iii) with respect to an Asset Based Loan, any additional "Material Modification"

indicated by the Administrative Agent in its Approval Notice.

"<u>Measurement Date</u>": Each of (i) the Closing Date, (ii) each Funding Date, (iii) the date

of each Reinvestment, Discretionary Sale or Substitution pursuant to <u>Section 2.14</u> and <u>Section 3.2</u>, as

applicable,(iv)eachReportingDate(providedthatineachcasethattheReportingDateistheapplicable

Measurement Date, the calculations reported as of such date shall be made as of the last day of the

immediatelyprecedingcalendarmonth),(v)eachDeterminationDate,and(vi)eachotherdaterequested

bythe Administrative Agent with at least three (3) Business Days' advance notice.

"<u>Middle Market Loan</u>": A Senior Secured Loan that is not (i) an Upper Middle Market

Loan, or (ii) an Asset Based Loan.

"<u>Minimum Credit Enhancement Amount</u>": Starting nine (9) months after the Closing

Date, an amount equal to the Obligor Exposure of the five (5) Obligors whichhavethegreatestObligor

Exposure; provided that (x) for the first six (6) months immediately following the Closing Date, such

amountshall beequal to theObligorExposureofthethree(3)ObligorswhichhavethegreatestObligor

Exposure and (y) for the three (3) months immediately following the end of the period set forth in the

immediately preceding clause (x), such amount shall be equal to the Obligor Exposure of the four (4)

Obligors which have the greatest Obligor Exposure; <u>provided</u>, <u>further</u>,that Asset Based Loansshall not

be included for purposes of calculating the Minimum Credit Enhancement Amount.

"<u>Multicurrency Advance</u>": An Advance denominated in a Foreign Currency.

"<u>Multiemployer</u><u>Plan</u>":A"multiemployerplan"asdefinedinSection4001(a)(3)of

ERISAthatisorwasatanytimeduringthecurrentyearortheprecedingfive(5)yearscontributedtoor

to which there is or was an obligation to contribute by the Borrower, the Transferor or any ERISA

Affiliate on behalf of its employees under Title IV of ERISA.

"<u>Non-Excluded</u><u>Taxes</u>":Themeaningspecifiedin<u>Section</u><u>2.13(a)</u>.

"<u>Non-Usage Fee</u>": A fee calculated for each day during the Revolving Period in each

Accrual Period (and payable in arrears on each Payment Date) in an amount equal to:

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(i)for any portion of an Accrual Period occurring during the first three (3)

calendar months following the Closing Date:

(1)if the Advances Outstanding on such dayare less than the product of

seventy-five percent (75%) *multiplied* by the Facility Amount on such day, the sum of the products for

eachsuchdayduringsuchAccrualPeriod of(A)onedivided by360,(B)0.50%and(C)theUnused

Facility Amount as of each such day; *plus*

(2)if the Advances Outstanding on such day are greater than or equal to

the product of seventy-five percent (75%) *multiplied* by the Facility Amount on such day, the sum of the

productsforeachsuchdayduringsuchAccrualPeriodof(A)onedividedby360,(B)0.25%and(C) the

Unused Facility Amount as of each such day; and

(ii)thereafter:

(1)if the Advances Outstanding on such dayare less than the product of

fifty percent (50%) *multiplied* by the Facility Amount on such day, the sum of the products for each

such dayduring such Accrual Period of (A)onedivided by360, (B)0.75% and (C)the Unused Facility

Amount as of each such day; *plus*

(2)if the Advances Outstanding on such day are greater than or equal to

the product of fifty percent (50%) *multiplied* by the Facility Amount on such day, but less than the

product of seventy-five percent (75%) *multiplied* by the Facility Amount on such day, the sum of the

productsforeachsuchdayduringsuchAccrualPeriodof(A)onedividedby360,(B)0.50%and(C)the

Unused Facility Amount as of each such day; *plus*

(3)if the Advances Outstanding on such day are greater than or equal to

the product of seventy-five percent (75%) *multiplied* by the Facility Amount on such day, the sum of the

productsforeachsuchdayduringsuchAccrualPeriodof(A)onedividedby360,(B)0.25%and(C) the

Unused Facility Amount as of each such day.

"<u>Note</u>":Themeaningspecifiedin<u>Section</u><u>2.1</u>.

"<u>Noteless</u><u>Loan</u>":ALoanwithrespecttowhichtheUnderlyingInstrumentsdonotrequire

theObligortoexecuteanddeliverorrequireexecutionanddeliveryofsuchapromissorynoteonlyupon

the request of anyholder of the indebtedness created under such Loan, and the Obligor has not executed

and delivered, a promissorynote evidencing anyindebtedness created under such Loan.

"<u>Notice</u><u>of</u><u>Exclusive</u><u>Control</u>":ThemeaningspecifiedintheAccountControl

Agreement.

"<u>Obligations</u>":Theunpaidprincipalamountof,andaccruedinterest(including,without

limitation, interest accruing after the maturity of the Advances and interest accruing after the filing of

anypetition in bankruptcy, or the commencement of anyinsolvency, reorganization or like proceeding,

relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in

such proceeding) on the Advances Outstanding and all other payment obligations and liabilities of the

Borrower to the Secured Parties, whether direct or indirect, absolute or contingent, due or to become

due,ornowexistingorhereafterincurred,whichmay arise under,or outof or inconnectionwithany

-43-<br>

Transaction Document, whether on account of principal, interest, reimbursement obligations, fees,

indemnities, costs, expenses (including, without limitation, all fees and disbursements of counsel to the

Administrative Agent, the Collateral Custodian, the Securities Intermediary, the Hedge Counterpartyor

to the Lenders that are required to be paid by the Borrower pursuant to the terms of the Transaction

Documents) or otherwise.

"<u>Obligor</u>": With respect to anyLoan, anyPerson or Persons obligated to make payments

pursuant to or with respect to such Loan, including any guarantor thereof, but excluding in each case,

any such Person or Persons that is an obligor or guarantor that is in addition to the primary obligors or

guarantors with respect to the assets, cash flows or credit on which the related Eligible Loan is

principallyunderwritten. Forpurposes ofdetermining whether anyLoanismadetoanEligibleObligor,

all Loans included as part of theCollateral or to betransferred to theCollateral, the Obligor ofwhich is

an Affiliate of another Obligor, shall be aggregated with all Loans of such Affiliate Obligor; for

example, if Corporation A is an Affiliate of Corporation B, and the sum of the Adjusted Borrowing

Values of all of Corporation A's Loans included as part of the Collateral constitutes 10% of the

aggregate Adjusted Borrowing Value for all Loans and thesum ofthe Adjusted Borrowing Valueof all

of Corporation B's Loans included as part of the Collateral constitutes 10% of the aggregate Adjusted

Borrowing Value of all Loans, the Obligor concentration for Corporation A and Corporation B would

each be 20%.

"<u>Obligor Exposure</u>": With respect to any Obligor, the aggregate Adjusted Borrowing

Value of all Loans in respect of which such Obligor is the related Obligor.

"<u>Officer's Certificate</u>": A certificate signed by a Responsible Officer of the Person

providing the applicable certification, as the case may be.

"<u>Opinion of Counsel</u>": A written opinion of counsel, which opinion and counsel are

acceptable to the Administrative Agent in its reasonable discretion.

"<u>Original Senior Leverage Ratio</u>": With respect to any Loan, the Senior Leverage Ratio

for such Loan on the date such Loan (i) was first approved as an Eligible Loan by the Administrative

Agent,assetforthintheapplicableApprovalNoticewithrespecttosuchLoan,or(ii)ifapplicable,was

most recentlyassigned a new Assigned Value bythe Administrative Agentpursuant to clause (c) of the

definition of Assigned Value after theoccurrence of aValueAdjustmentEventpursuant toclause(f)of

thedefinition of Value Adjustment Event, as set forth in the applicable Approval Noticewithrespect to

such Loan.

"<u>Original Total Obligor Interest Coverage Ratio</u>": With respect to any Loan, the Total

Obligor Interest Coverage Ratio for such Loan on the date such Loan (i) was first approved as an

EligibleLoanbytheAdministrativeAgent,assetforthintheapplicableApprovalNoticewithrespectto

such Loan, or (ii) if applicable, was most recentlyassigned a new Assigned Value bythe Administrative

Agent pursuant to clause (c) of the definition of Assigned Value after the occurrence of a Value

Adjustment Event pursuant to clause (e) of the definition of Value Adjustment Event, as set forth in the

applicable Approval Notice with respect to such Loan.

"<u>Other</u><u>Connection Taxes</u>": Withrespect to anyRecipient, Taxes imposed as aresult of a

presentorformerconnectionbetweensuchRecipientandthejurisdictionimposingsuchTax(otherthan

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connections arising from such Recipient having executed, delivered, become a party to, performed its

obligations under, received payments under, received or perfected a securityinterest under, engaged in

anyother transaction pursuant to or enforced anyTransaction Document,orsoldor assigned aninterest

in any Loan or Transaction Document).

"<u>Other</u><u>Taxes</u>":Themeaningspecifiedin<u>Section</u><u>2.13(b)</u>.

"<u>Outstanding Balance</u>": With respect to any Loan as of any date of determination, (a) if

such Loan is denominated and payable in Dollars, the outstanding principal balance of anyadvances or

loans made bythe Borrower to the related Obligor pursuant to the related Underlying Instruments as of

such date of determination. and (b) if such Loan is denominated and payable in an Eligible Currency

other than Dollars, the equivalent in Dollars of the outstanding principal balance of any advances or

loans, determined bytheServicer usingthe Applicable ExchangeRate, owing to the Borrower from the

related Obligor pursuant tothe related Underlying Instruments as ofsuchdateofdetermination, in each

case exclusive of any interest.

"<u>Participant</u><u>Register</u>":Themeaningspecifiedin<u>Section</u><u>12.16(b)</u>.

"<u>Participation Interest</u>": A participation interest in a loan that, at the time of acquisition,

or the Borrower's commitment to acquire the same, satisfies each of the following criteria: (i) such

participation interest would constitute a Loan were it acquired directly, (ii) the selling institution is a

lender in respect of such loan, (iii) the aggregate participation interest in such loan granted by such

selling institution to anyone or more participants does not exceed the principal amount or commitment

with respect to which the selling institution is a lender under such loan, (iv) such participation interest

doesnotgrant,intheaggregate,totheparticipantinsuchparticipationinterestagreaterinterestthanthe

sellinginstitutionholdsintheloanorcommitmentthatisthesubjectoftheparticipationinterest,(v)the

entire purchase price for such participation interest is paid in full at the time of the Borrower's

acquisition thereof (or, in the case of a participation interest in a Revolving Loan or a Delayed Draw

Loan, at thetimeofthe fundingofsuchRevolving Loan or Delayed Draw Loan, as applicable), (vi)the

participationinterestprovides theparticipantall oftheeconomicbenefitandrisk ofthewholeorpartof

the loan or commitment that is the subject of the participation interest and (vii) such participation

interestisdocumentedunderaLoanSyndicationsandTradingAssociation,LoanMarketAssociationor

similar agreement standard for loan participation transactions among institutional market participants.

For the avoidance of doubt, a Participation Interest shall not include a sub-participation interest in any

loan.

"<u>Payment</u><u>Date</u>":The22nddayofeachMarch,June,SeptemberandDecember,orifsuch

dayis not a Business Day, the next succeeding Business Day, commencing in June 2025.

"<u>Payment</u><u>Duties</u>":Themeaningspecifiedin<u>Section</u><u>7.2(b)(iv)</u>.

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

"<u>Permitted</u><u>Investments</u>":Negotiableinstrumentsorsecuritiesorotherinvestmentsthat

(i)except in the case of demand or time deposits, investments in money market funds and Eligible

Repurchase Obligations, are represented by instruments in registered form or ownership of which is

represented by book entries by a Clearing Agency or by a Federal Reserve Bank in favor of depository

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institutions eligible to have an account with such Federal Reserve Bank who hold such investments on

behalf of their customers, (ii) as of any date of determination, mature by their terms on or prior to the

Business Day preceding the next Payment Date unless such Permitted Investments are issued by the

Collateral Custodian or any Affiliate in its capacity as a banking institution, in which event such

Permitted Investments may mature on such Payment Date, (iii) are in the form of and are treated as

indebtedness of the related Obligor for U.S. federal income tax purposes, (iv) are not subject to any

withholding tax unless the Obligor thereon is required under the terms of the related Underlying

Instrument to make "gross-up" payments that cover the full amount of such withholding tax on an

after-tax basis (other than withholding tax imposed by FATCA or withholding tax on amendment,

waiver, consent, extension, commitment or other similar fees), and (v) evidence:

(a)direct obligations of, and obligations fully guaranteed as to full and timely payment

by,theUnitedStates(orbyanyagencythereoftotheextentsuchobligationsarebackedbythe full faith

and credit of the United States);

(b)demanddeposits,bankdepositproductsof,timedepositsorcertificatesofdeposit of

depository institutions or trust companies incorporated under the laws of the United States or any state

thereof and subject to supervision and examination by federal or state banking or depository institution

authorities;<u>provided</u>thatatthetimeoftheBorrower'sinvestmentorcontractualcommitment to invest

therein, the commercial paper, if any, and short-term unsecured debt obligations (other than such

obligation whose rating is based on the credit of a Person other than such institution or trust company)

of such depository institution or trust company shall have a credit rating from each Rating Agencyin

the Highest Required Investment Categorygranted bysuch Rating Agency;

(c)commercial paper, or other short term obligations, having, at the time of the

Borrower's investment or contractual commitment to invest therein, a rating in the Highest Required

Investment Category granted by each Rating Agency;

(d)demanddeposits,bankdepositproductsof,timedepositsorcertificatesofdeposit

that are fully insured by the FDIC and either have a rating on their certificates of deposit or short-term

deposits from Moody's and S&P of "P-1" and "A-1", respectively, and if rated by Fitch, from Fitch of

"F-1+";

(e)notes that are payable on demand or bankers' acceptances issued by any depository

institution or trust company referred to in clause (b) above;

(f)investments in taxable money market funds or other regulated investment companies

having,atthetimeoftheBorrower'sinvestmentorcontractualcommitmenttoinvesttherein, a rating of

the Highest Required Investment Category from at least two Rating Agencies and (without duplication)

from each Rating Agency that rates such investments;

(g)time deposits (having maturities of not more than 90 days) by an entity the

commercial paper of which has, at the time of the Borrower's investment or contractual commitment to

investtherein,aratingoftheHighestRequiredInvestmentCategorygrantedbyeachRatingAgency; or

(h)Eligible Repurchase Obligations with a rating acceptable to the Rating Agencies,

which in the case of S&P and Moody's, shall be "A-1" and in the case of Fitch shall be "F-1+".

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The Collateral Custodian or the Administrative Agent may, pursuant to the direction of

the Servicer or the Administrative Agent, as applicable, purchase or sell to itself or an Affiliate, as

principaloragent,thePermittedInvestmentsdescribedabove.PermittedInvestmentsmayincludethose

investmentsinwhichtheCollateralCustodianoranyofitsAffiliatesactsasofferororprovidesservices

and receives reasonable compensation.The Collateral Custodian shall have no obligation to determine

whether an investment is a "Permitted Investment" and shall have no liability for any loss on

investments in Permitted Investments as specified above.

"<u>Permitted Liens</u>": Any of the following as to which no enforcement, collection,

execution,levyorforeclosureproceedingshallhavebeencommenced:(a)LiensforTaxesifsuchTaxes

shallnotatthetimebedueandpayableorifaPersonshallcurrentlybecontestingthevaliditythereofin

good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP

have been provided on the books of such Person, (b) Liens imposed by law, such as materialmen's,

warehousemen's,mechanics',carriers',workmen'sandrepairmen'sLiensandothersimilarLiens,arising

by operation of law in the ordinary course of business for sums that are not overdue or are being

contested in good faith, (c) with respect to any Underlying Assets, Liens permitted under the related

Underlying Instruments to the extent disclosed to the Administrative Agent in writing as part of the

information submitted to the Administrative Agent in connection with its approvalprocess with respect

to the related Loan, (d) as to agented Loans, Liens in favor of the agent on behalf of all of the lenders

with respect to such Loan, (e) Liens granted pursuant to or bythe Transaction Documents and (f) Liens

in favor of the Collateral Custodian and permitted under the Account Control Agreement.

"<u>Permitted RIC Distribution</u>": Distributions to the extent required to allow theTransferor

to make sufficient distributions to allow the Transferor to qualify as a regulated investment company,

and to otherwise eliminate federal or state income or excise taxes payable by the Transferor in or with

respecttoanytaxableyearoftheTransferor(oranycalendaryear,asrelevant);providedthattheamount

of anysuch payments made in or with respect to anysuch taxable year (or calendar year, as relevant) of

theTransferorshallnotexceed115%oftheamountsthattheBorrowerwouldhavebeenrequiredto

distribute to the Transferor to: (i) allow the Transferor to satisfythe minimum distribution requirements

thatwouldbeimposedbySection852(a)oftheCode(oranysuccessorthereto)tomaintainitseligibility

to be taxed as a regulated investment companyfor anysuch taxable year, (ii) reduce to zero for anysuch

taxableyeartheTransferor'sliabilityforfederalincometaxesinrelationtotheBorrowerimposedon(x)

its investment company taxable income in relation to the Borrower pursuant to Section 852(b)(1) of the

Code (or anysuccessor thereto) and (y) its net capital gain pursuant to Section 852(b)(3) of the Code(or

any successor thereto), and (iii) reduce to zero the Borrower's liability for federal excise taxes for any

such calendar year imposed pursuant to Section 4982 of the Code (or anysuccessor thereto), in the case

of each of (i), (ii) or (iii), calculated assuming that the Borrower had qualified to be taxed as a regulated

investment companyunder the Code.For the avoidance of doubt, Permitted RIC Distributions are only

permitted while the Transferor maintains its status as business development company under the 1940

Act.TheCollateralCustodianshallhavenoobligationtodetermineorverifythattheconditions

specified above have been satisfied.

"<u>Person</u>": An individual, partnership, corporation, limited liability company, joint stock

company, trust (including a statutoryor business trust), unincorporated association, sole proprietorship,

joint venture, government (or anyagencyor political subdivision thereof) or other entity.

-47-<br>

"<u>PIK Loan</u>": A Loan that provides for all or a portion of the interest that accrues thereon

to be added to the principal amount of such Loan, or otherwise deferred, for some period of the time

prior to such Loan requiring the current cash payment of such previouslycapitalized interest.

"<u>Platform</u>": Any electronic system, including Intralinks®, ClearPar® and any other

internet or extranet-based site, whether such electronic system is owned, operated or hosted by the

AdministrativeAgentoranyoftheirrespectiveRelatedPartiesoranyotherPerson,providingforaccess

to data protected by passcodes or other security system.

"<u>Prepayment</u><u>Fee</u>":

(A)ForanyprepaymentoccurringonorpriortothefirsttwelvemonthsaftertheClosing

Date, the product of 1.00% and either (x) the FacilityAmount, in the case of a termination or reduction

in full of the Facility Amount, or (y) the amount of such reduction, in the case of a partial reduction of

the Facility Amount;

(B)foranyprepaymentoccurringafterthefirsttwelvemonthsaftertheClosingandonor

prior to the first eighteen months after the ClosingDate, the product of 0.75% and either (x) the Facility

Amount, in the case of a termination or reduction in full of the Facility Amount, or (y) the amount of

such reduction, in the case of a partial reduction of the FacilityAmount; and

(C)anytimethereafter,zero;

provided, however, notwithstanding anything to the contrarycontainedherein,noPrepayment Feeshall

be payable (1) if the Borrower elects to terminate this Agreement within thirty(30) days of the date on

which(measuredonarollingbasis)theAdministrativeAgentfailstoapprovefive(5)ormoreproposed

Additional Loans (out of the last ten (10) consecutive proposed Additional Loans) submitted by the

Borrower (or the Servicer on behalf of the Borrower) for approval that otherwise satisfy the

requirements of an Eligible Loan or (2) in connection with a transfer of any Loan to a securitization or

any loan warehousing or similar transaction, in each case, (i) pursuant to which Capital One, National

AssociationoranyaffiliateofCapitalOne,NationalAssociationisthesolelenderthereunderand/orthe

Administrative Agent or an affiliate thereof acts as the administrative agent or lead placement agent, as

applicable, and (ii) which generates enough cash proceeds to repaythe outstanding principal amount of

the Advances (and all other Obligations (other than contingent indemnification and reimbursement

obligations for which no claim giving rise thereto has been asserted)) in full on the closingdate ofsuch

transaction.

"<u>Prime Rate</u>": The rate announced by Capital One, National Association from time to

time as its prime rate in the United States, such rate to change as and when such designated rate

changes. The Prime Rate is not intended to be the lowest rate of interest charged by Capital One,

National Association or anyother specified financial institution in connection with extensions of credit

to debtors.

"<u>Principal</u><u>Collection</u><u>Account</u>":Collectively,eachSecuritiesAccountandany

sub-accounts created and maintained on the books and records of the Securities Intermediary (or any

otherpartyacceptabletoAdministrativeAgentinitssolediscretion)entitled"PrincipalCollection

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Account"inthenameoftheBorrowerandsubjecttotheLienoftheAdministrativeAgentforthe

benefit of the Secured Parties.

"<u>Principal Collections</u>": All amounts received by the Borrower or the Collateral

Custodian that arenot InterestCollections or Excluded Amounts to the extent received in cash byor on

behalf of the Borrower or the Collateral Custodian.

"<u>Pro Rata Share</u>": With respect to a Lender, the percentage obtained by dividing (i) the

CommitmentofsuchLender(asdeterminedpursuanttothedefinitionofCommitment)bytheaggregate

CommitmentsofalltheLenders(asdeterminedpursuanttothedefinitionofCommitment)or(ii)onand

after the earlier to occur of the Revolving Period End Date and the Termination Date, the Advances

Outstanding made by such Lender by the aggregate Advances Outstanding.

"<u>Proceeds</u>": With respect to any Collateral, all property that is receivable or received

when such Collateral is collected, sold, liquidated, foreclosed, exchanged, or otherwise disposed of,

whether such disposition is voluntary or involuntary, and includes all rights to payment with respect to

any insurance relating to such Collateral.

"<u>Property</u>": Any right or interest in or to property of any kind whatsoever, whether real,

personal or mixed and whether tangible or intangible, including, without limitation, Capital Stock.

"<u>Public</u><u>Lenders</u>":Hasthemeaningassignedtosuchtermin<u>Section</u><u>12.2(d)</u>.

"<u>Purchase</u><u>Price</u>":WithrespecttoanyLoan,anamount(expressedasapercentageofpar)

equal to (i) the purchase price (or, if different principal amounts of such Loan were purchased at

different purchase prices, the weighted average of such purchase prices) paid by the Borrower for such

Loan (exclusive of any interest) (which, in the case of a Loan contributed to the Borrower by the

Transferor,shallbethefairvaluethereofatthetimeofcontribution)dividedby(ii)theprincipalbalance

of the portion of such Loan purchased by the Borrower outstanding as of the date of such purchase

(exclusive of any interest); <u>provided</u> that if such Loan is newly-issued or originated and has an original

issue discount of 5% of par or less or is otherwiseacquired bytheBorrowerfor apurchasepriceof 95%

or greater, the Purchase Price shall be deemed to be par.

"<u>Qualified Institution</u>": A depository institution or trust company organized under the

laws of theUnited States ofAmericaoranyoneoftheStates thereofortheDistrict ofColumbia(orany

domestic branch of a foreign bank), (i)(a) that has either (1) along-term unsecured debt ratingof "A" or

better by S&P and "A2" or better by Moody's or (2) a short-term unsecured debt rating or certificate of

deposit rating of "A-1" or better by S&P or "P-1" or better by Moody's, (b) the parent corporation of

which has either (1) a long-term unsecured debt rating of "A" or better by S&P and "A2" or better by

Moody's or (2) a short-term unsecured debt rating or certificate of deposit rating of "A-1" or better by

S&P and "P-1" or better by Moody's or (c) is otherwise acceptable to the Administrative Agent and (ii)

thedepositsofwhichareinsuredbytheFDIC;<u>provided</u>,thatfortheavoidanceofdoubt,Computershare

Trust Company, N.A. in its capacity as Collateral Custodian, Securities Intermediary and Collateral

Administrator need not satisfy the preceding requirements so long as all funds credited to the Accounts

are deposited with and held by an institution meeting such requirements.

"<u>Rating</u><u>Agencies</u>":EachofS&P,FitchandMoody's.

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"<u>Recipient</u>":TheAdministrativeAgentandanyLender,asapplicable.

"<u>Recurring</u><u>Revenue</u><u>Loan</u>":ALoanissuedbyanObligorthatisunderwrittenonthebasis

of the Obligor's debt to "Recurring Revenue" or any comparable definition in the Underlying

Instruments for such Loan.

"<u>Register</u>":Themeaningspecifiedin<u>Section</u><u>12.16(b)</u>.

"<u>Registered</u>": With respect to anyregistration-required obligation within the meaning of

Section 163(f)(2) of the Code, a debt obligation that was issued after July 18, 1984 and that is in

registered form within the meaning of Section 5f.103-1(c) of the Treasury Regulations and Section

1.163-5 of the proposed Treasury Regulations.

"<u>Regulation U</u>":Regulation Uofthe BoardofGovernorsoftheFederalReserveSystem,

12 C.F.R. §221, or any successor regulation.

"<u>Reinvestment</u>":Themeaningspecifiedin<u>Section</u><u>2.14(a)(i)</u>.

"<u>Reinvestment Notice</u>": Each notice required to be delivered by the Borrower in respect

of anyReinvestment of Principal Collections pursuant to <u>Section 3.2(b)</u> in the form of <u>Exhibit A-3</u>.

"<u>Related Parties</u>": With respect to any Person, such Person's Affiliates and the partners,

directors, officers, employees, agents and advisors of such Person and of such Person's Affiliates.

"<u>Release</u><u>Date</u>":Themeaningspecifiedin<u>Section</u><u>2.14(d)</u>.

"<u>Relevant</u><u>Governmental</u><u>Body</u>":(a)WithrespecttoaBenchmarkReplacementinrespect

of Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect

to, Dollars, the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee

officiallyendorsed or convened bythe Federal Reserve Board and/or the FederalReserve Bank of New

York or any successor thereto and (b) with respect to a Benchmark Replacement in respect of

Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to,

any Foreign Currency, (1) the central bank for the Eligible Currency in which such amounts are

denominated, or calculated with respect to, or anycentral bank orothersupervisor which is responsible

for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark

Replacement or (2) anyworking group or committee officiallyendorsed or convened by(A) the central

bankfortheEligibleCurrency inwhichsuchamountsaredenominated,orcalculated with respectto,

(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 StabilityBoard or anypart thereof.

"<u>Relevant Test Period</u>": With respect to any Loan, the relevant test period for the

calculation of Senior Leverage Ratio or Total Obligor Interest Coverage Ratio, as applicable, for such

LoaninaccordancewiththerelatedUnderlyingInstrumentsor,ifnosuchperiodisprovidedfortherein,

(i)forObligorsdeliveringmonthlyfinancingstatements,eachperiod ofthelast 12consecutivereported

calendar months and (ii) for Obligors delivering quarterly financing statements, each period of the last

four consecutive reported fiscal quarters of the principal Obligor on such Loan; <u>provided</u> that with

respecttoanyLoanforwhichtherelevanttestperiodisnotprovidedforintherelatedUnderlying

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Instruments,ifanObligorisanewly-formedentityastowhich12consecutivecalendarmonthshavenot

yet elapsed, "Relevant Test Period" shall initially include the period from the date of formation of such

Obligortothemostrecentlyendedmonthorfiscalquarter(asthecasemaybe),withapplicableamounts

in such period annualized for purposes of such calculations, and shall subsequently include each period

of the last 12 consecutive reported calendar months or four consecutive reported fiscal quarters (as the

case may be) of such Obligor.

"<u>Repayment Notice</u>": Each notice required to be delivered bythe Borrower in respect of

any repayment of Advances Outstanding, in the form of <u>Exhibit A-2</u>.

"<u>Replacement Servicer</u>": AnyPerson appointedtobethe"Servicer"followingaServicer

Termination Event as provided in <u>Section 6.8</u>.

"<u>Reportable Event</u>": A reportable event within the meaning of Section 4043 of ERISA,

otherthanthoseeventsastowhichthe30-daynoticeperiodreferredtoinSection4043(a)ofERISAhas

been waived.

"<u>Reporting Date</u>": The 20th day of each March, June, September and December, if such

dayis not a Business Day, the next succeeding Business Day, commencing in June 2025.

"<u>Reporting Date Report</u>": A certificate setting forth, among other things, the application

of payments to be made onthenext Payment Datepursuant to <u>Section</u><u>2.7</u>or <u>2.8</u>hereof (as applicable),

a calculation of the financial covenant set forth in <u>Section 5.2(n)</u> hereof, and a reasonably detailed

summaryof the Obligors and their respective financial results in connection with the applicable Loans,

together with the back-up financial and covenant compliance statements of the applicable Obligors

receivedbytheBorrowerortheServicerwithrespecttheretoandtheitemsrequiredin<u>Section</u><u>2.9(a)</u>,in

the form of <u>Exhibit A-6</u>, prepared by the Servicer.

"<u>Required Funding Amount</u>": If (i) (A) no Event of Default has occurred and is

continuing, <u>and</u> (B) the Revolving Period End Date has not occurred, in each case as of the date of

determination and after giving effect to any withdrawal from the Unfunded Exposure Account on such

date of determination, if (x) Availability is greater than or equal to $0, then $0 and (y) otherwise, the

Aggregate Unfunded Exposure Equity Amount, and (ii) (A) an Event of Default has occurred and

continuing, <u>or</u> (B) the Revolving Period End Date has occurred, in either case as of the date of

determination and after giving effect to any withdrawal from the Unfunded Exposure Account on such

date of determination, the Aggregate Unfunded Exposure Amount.

"<u>Required Lenders</u>": (a) The Administrative Agent and (b) the Lenders representing an

aggregate of more than 50% of (i) prior to the earlier to occur of the Revolving Period End Date or the

Termination Date, the aggregate Commitments of the Lenders then in effect and (ii) thereafter, the

Advances Outstanding; <u>provided</u>; that (i) if there is more than one (1) Lender then "Required Lenders"

shall alsoinclude at least two (2) Lenders and (ii) theCommitment of, and theportion ofanyAdvances

Outstanding, as applicable, held or deemed held by, any Defaulting Lender shall be excluded for

purposes of making a determination of Required Lenders. For purposes of determining the number of

Lenders pursuant to this definition, groups of Lenders that are Affiliates shall be treated as one (1)

Lender.

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"<u>Required Loan Documents</u>": For each Eligible Loan, originals (as indicated below) or

copies (including electronic copies) of the following documents or instruments, all as specified on the

related Loan Checklist:

(a)(i)otherthaninthecaseofaNotelessLoan,(x)theoriginalor,ifaccompaniedby an

original "lost note" affidavit and indemnity, a copy of, the underlying promissory note, endorsed by the

Borrower (that maybe in the form of an allonge or note power attached thereto) either in blank or to the

Administrative Agent (and evidencing an unbroken chain of endorsements from each prior holder

thereofevidencedinthechainofendorsementseitherinblankortotheAdministrativeAgent),withany

endorsement to the Administrative Agent to be in the following form: "Capital One, National

Association, as AdministrativeAgent for the Secured Parties", and (y) a copyof each transfer document

or instrument relating to such Loan evidencing the assignment of such Loan to the Borrower (to the

extent such Loan is acquired by the Borrower) or otherwise a copy of the executed credit or loan

agreement to which the Borrower was an original signatory (which includes the Borrower's

commitment), or (ii) in the case of a Noteless Loan, a copy of each transfer document or instrument

relating to such Loan evidencing the assignment of such Loan to the Borrower (to the extent such Loan

is acquired by the Borrower) or otherwise a copy of the executed credit or loan agreement to which the

Borrowerwasanoriginalsignatory(whichincludestheBorrower'scommitment)andacopyoftheLoan

Register of the Servicer with respect to such Noteless Loan, as described in <u>Section 6.6(c)</u>; and

(b)originals or electronic copies of each of the following, to the extent applicable to the

related Loan: any related loan agreement, credit agreement, note purchase agreement and, to the extent

delivered to the Borrower or the Servicer, any related security agreement, subordination agreement,

intercreditoragreementorguarantee(oranyassumptionorsubstitutionagreementrelatingto a guarantor

or Obligor), in each case together with any amendment or modification thereto, as set forth on the Loan

Checklist.

"<u>Required Reports</u>": Collectively, (a) the Borrowing Base Certificate, (b) the Reporting

Date Report, (c) the Loan Tape, (d) financial statements of each Obligor required to be delivered

pursuant to the first sentence of <u>Section</u><u>6.6(a)</u>hereof, whichshall onlybedeemed a "RequiredReport"

upon the Agent's written request thereof, (e) financial statements of the Transferor required to be

delivered pursuant to <u>Section 5.1(s)</u> hereof and<u>),</u>(f) the annual independent public accountant's

report<u>statements as to compliance</u>required to be delivered pursuant to <u>Section 5.1(t)(iv)</u> hereof <u>and (g)</u>

<u>the annual independent public accountant's report</u>.

"<u>Responsible Officer</u>": With respect to any Person other than the Collateral Custodian

and the Collateral Administrator, any duly authorized officer or manager of such Person or of the

general partner, managing member or sole member of such Person with direct responsibility for the

administration of this Agreement and also, with respect to a particular matter, anyother dulyauthorized

officerormanagerofsuchPersontowhomsuchmatterisreferredbecauseofsuchofficer'sormanager's

knowledge of and familiarity with the particular subject. With respect to the Collateral Custodian and

the Collateral Administrator, a Trust Officer.

"<u>Restricted Payment</u>": (i) Any dividend or other distribution, direct or indirect, on

account of anyclass of equityinterests of the Borrowernow orhereafteroutstanding, except adividend

paid solely in interests of that class of equity interests or in any junior class of equity interests of the

Borrower;(ii)anyredemption,retirement,sinkingfundorsimilarpayment,purchaseorother

-52-<br>

acquisition for value, direct or indirect, of anyclass of equityinterests of theBorrower now or hereafter

outstanding; and (iii) any payment made to redeem, purchase, repurchase or retire, or to obtain the

surrenderof,anyoutstandingwarrants,optionsorotherrightstoacquireequityinterestsoftheBorrower

now orhereafteroutstanding. For the avoidance of doubt, (x) anypayment of thepurchasepriceforany

Loans transferred by the Transferor or any Affiliate thereof to the Borrower and (y) any distribution by

the Borrower to holders of its membership interests (including for the avoidance of doubt, Equity

Distributions) of (1) proceeds of Advances, subject to satisfaction of the conditions set forth in <u>Section</u>

<u>3.2</u>, or (2) Loans (or cash or other proceeds relating thereto) which have been substituted by the

Borrower in accordance with the terms of this Agreement shall not constitute Restricted Payments.

"<u>Review</u><u>Criteria</u>":Themeaningsetforthin<u>Section</u><u>7.2(b)</u>.

"<u>Review Period</u>":The meaning set forth in <u>Section 7.2(b)</u>.

"<u>Revolving Loan</u>": AnyLoan (other than a Delayed Draw Loan) that is a senior secured

obligation (including funded and unfunded portions of revolving credit lines, unfunded commitments

under specific facilities and other similar loans and investments) that under the Underlying Instruments

relatingtheretomayrequireoneormorefutureadvancestobemadetotheObligorbytheBorrowerand

which provides that such borrowed money may be repaid and reborrowed from time to time; <u>provided</u>

that any such Loan will be a Revolving Loan only until all commitments by the Borrower to make

advances to the Obligor thereof expire, or are terminated, or are irrevocablyreduced to zero.

"<u>Revolving Period</u>": The period commencing on the Closing Date and endingontheday

preceding the earlier to occur of the Revolving Period End Date and the Termination Date.

"<u>Revolving Period End Date</u>": The earliest to occur of (a) the Scheduled Revolving

Period End Date, (b) the date of the declaration of the Revolving Period End Date pursuant to <u>Section</u>

<u>9.2(a)</u> and (c) the date of the termination of the entire Facility Amount by the Borrower pursuant to

<u>Section 2.3(c)</u>.

"<u>S&P</u>":S&PGlobalRatings,adivisionofS&PGlobal,andanysuccessorthereto.

"<u>Sale Agreement</u>": The Sale Agreement, dated as of the Closing Date, between the

Transferor and the Borrower, as amended, modified, waived, supplemented, restated or replaced from

time to time.

"<u>Sale</u><u>Proceeds</u>":WithrespecttoanyLoan,allproceedsreceivedasaresultofthesaleof

such Loan, net of all out-of-pocket expenses of the Borrower,theServicer andtheCollateralCustodian

incurred in connection with any such sale.

"<u>Sanction</u>" or "<u>Sanctions</u>": Individually and collectively, respectively, any and all

economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-

terrorism laws, including but not limited to those imposed, administered or enforced from time to time

by: (a) the United States, including those administered by the U.S. Treasury Department Office of

Foreign Assets Control (OFAC), the U.S. State Department, the U.S. Department of Commerce, or

throughanyexistingorfutureExecutiveOrder,(b)theUnitedNationsSecurityCouncil,(c)the

-53-<br>

European Union, (d) the United Kingdom, or (e) any other governmental authorities with jurisdiction

over the Borrower, its Subsidiaries or their respective Related Parties.

"<u>Sanctioned Person</u>": Any Person that is the subject of Sanctions, including without

limitation, a Person that is: (a) listed on OFAC's Specially Designated Nationals (SDN) and Blocked

Persons List; (b) listed on OFAC's Consolidated Non-SDN List; (c) a legal entity that is deemed by

OFAC to be a Sanctions target based on the ownership of such legal entitybySanctioned Person(s); or

(d) a Person that is the subject of Sanctions pursuant to any territorial or country-based Sanctions

program.

"<u>Scheduled</u><u>Payment</u>":Eachscheduledpaymentofprincipaland/orinterestrequiredtobe

made by an Obligor on the related Loan, as adjusted pursuant to the terms of the related Underlying

Instruments, if applicable.

"<u>Scheduled</u><u>Revolving</u><u>Period</u><u>End</u><u>Date</u>":March 4, 2028.

"<u>Second Lien Loan</u>": A Loan that (i) does not satisfy all of the requirements set forth in

the definition of Senior Secured Loan or First Lien Last Out Loan, (ii) is secured by a valid and

perfected second priority Lien on the Obligor's assets constituting related property for the Obligor

(whether or not there is also a lien of a higher or lower priority in additional collateral) and (iii) with

respect to priorityof payment obligations is pari passu with theindebtedness of theholder with thefirst

or second prioritylien (other than priorityof payment from the application of proceeds of collateral).

"<u>Secured Party</u>": Each of (i) each Lender, (ii) the Administrative Agent, (iii) the

Collateral Custodian, (iv) the Securities Intermediary, (v) the Replacement Servicer, if applicable, (vi)

the Collateral Administrator, (vii) the Hedge Counterparty and (viii) solely with respect to the right to

receive fees, expenses and indemnities owing to it hereunder, the Servicer.

"<u>Securities</u><u>Account</u>":ThemeaningspecifiedinSection8-501(a)oftheUCC.

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

regulations promulgated thereunder.

"<u>Securities Intermediary</u>": Computershare Trust Company, N.A., or any subsequent (i)

Clearing Corporation; or (ii) a Person, including a bank or broker, selected by the Borrower that in the

ordinary course of its business maintains Securities Accounts for others and is acting in that capacity.

The initial Securities Intermediary under the Account Control Agreement shall be the Collateral

Custodian.

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

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

"<u>Senior</u><u>Leverage</u><u>Ratio</u>":WithrespecttoanyLoanforanyRelevantTestPeriod,either

the meaning of "Senior Net Leverage Ratio" or comparable definition set forth in the Underlying

Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying

Instruments do not include a definition of "Senior Net Leverage Ratio" or comparable definition, the

ratioof (i)the "seniorindebtedness" (asdefinedintheUnderlyingInstrumentsorcomparabledefinition

-54-<br>

thereof, including, without limitation, any funded outstanding amounts of such Loan) of the applicable

Obligor as of the date of determination, excluding any junior indebtedness and any unsecured

indebtedness of such Obligor or non-recourse indebtedness of such Obligor secured solely by the real

propertyand related improvements and fixtures of such Obligor as of such date, *minus* the Unrestricted

Cash of such Obligor as of such date to (ii) EBITDA of such Obligor with respect to the applicable

RelevantTestPeriod,asmostrecentlycalculatedbytheObligorpursuanttotheUnderlyingInstruments

or, if not so calculated, the Borrower and Servicer in good faith on a pro forma basis.

"<u>Senior Secured Loan</u>": A Loan (i) that is secured by a first priority perfected security

interest on all or substantially all of the assets of the Obligor (except as otherwise provided in this

definitionandsubjecttolienspermittedundertheapplicableUnderlyingInstrumentsthatarereasonable

and customaryfor similar loans, liens accorded prioritybylaw in favor of theUnited States oranyState

or agency or any other Governmental Authority and any other Loan specified in the related Approval

Notice and approved by the Administrative Agent), (ii) for which the Servicer determines in good faith

that the value of the collateral securing the Loan or the enterprise value of the underlying business of

such Obligor on or about the time of origination equals or exceeds the outstanding principal balance of

the Loan *plus* the aggregate outstanding balances of all other loans of equal or higher seniority secured

by the same collateral, (iii) that is not (and cannot byits terms become)subordinate in right of payment

toanyobligationoftheObligorinanybankruptcy,reorganization,arrangement,insolvency,moratorium

or liquidation proceedings (other than with respect to trade claims, capitalized leases or similar

obligations), provided, that a Senior Secured Loan may include a Loan to an Obligor that also has a

separateworkingcapitalloansolongas(A)suchworkingcapitalloanisnotsecuredbyanyassetsother

than current assets (as determined in accordance with GAAP), and (B) themaximum aggregate amount

of such working capital loan is no more than twenty-five percent (25%) of the sum of (x) maximum

aggregate amount of the related Senior Secured Loan and (y) the maximum aggregate amount of such

working capital loan and any other first lien obligations.

"<u>Servicer</u>": KKR FS Income Trust, a Delaware statutory trust, as servicer, acting solely

pursuant to the terms of this Agreement.

"<u>Servicer Fee</u>": The fee payable to the Servicer on each Payment Date in arrears in

respect of each Accrual Period, which fee shall be an amount equal to (A) (i) the sum of the Adjusted

BorrowingValueofallLoansownedbytheBorroweroneachdayofsuchAccrualPeriod*divided*by(ii)

thenumberofdaysinsuchAccrualPeriod*multiplied by* (B)arateequalto0.50%*perannum*; provided,

that, in the sole discretion of the Servicer, the Servicer may, from time to time, waive all or anyportion

of the Servicer Fee payable on any Payment Date.

"<u>Servicer</u><u>Standard</u>":Theservicerstandardofcaresetforthon<u>Schedule</u><u>III</u>.

"<u>Servicer</u><u>Termination</u><u>Event</u>":Theoccurrenceofanyoneofthefollowing:

(a)any failure on the part of the Servicer (in each case, solely in its capacity as Servicer)

dulytoobserveorperforminanymaterialrespectanycovenantsoragreements(exceptfor(x) such

covenants or agreements as are qualified by materiality, a Material Adverse Effect or any similar

qualifier, which covenants or agreements would be rendered to be failed in all respects or (y) those

specifically addressed by a separate Servicer Termination Event) of the Servicer set forth in any

Transaction Document to which the Servicer is a party(including, without limitation, anydelegation of

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theServicer'sduties)and thesamecontinuesunremediedfor aperiod ofthirty(30)daysaftertheearlier

to occur of (i) the date on which written notice of such failure shall have been given to the Servicer by

the Administrative Agent and (ii) the date on which a Responsible Officer of the Servicer acquires

actual knowledge thereof;

(b)the failure of the Servicer to make any payment when due (after giving effect to any

related graceperiod) with respect to anyrecoursedebt, whichdebt is inexcess of$5,000,000 in the

aggregate, or the occurrence of any event or condition that has resulted in the acceleration of such

recourse debt;

(c)anInsolvencyEventoraChangeofControlshalloccurwithrespecttothe

Servicer;

(d)theoccurrenceofanEventofDefault;

(e)anyfailurebytheServicertodeliveranyRequiredReportshereunderonorbefore

thedateoccurringten(10)BusinessDays(orsuchlaterdateasagreedtobytheAdministrativeAgentin

its sole discretion) after the date such report is required to be made or given, as the case may be, under

the terms of this Agreement;

(f)any representation, warranty or certification made by the Servicer (in each case,

solely in its capacity as Servicer) in any Transaction Document or in any certificate delivered by it

pursuant to anyTransaction Document shall prove to have been incorrect when made or deemed made,

which has a Material Adverse Effect on the Lenders and continues to be unremedied for a period of

thirty (30) days after the earlier to occur of (i) the date on which written notice of such incorrectness

shall have been given to the Servicer by the Administrative Agent and (ii) the date on which a

Responsible Officer of the Servicer acquires actual knowledge thereof;

(g)the rendering by a court or arbitrator of competent jurisdiction against the Servicer

ofoneormorefinaljudgements,decreesorordersforthepaymentofmoneyinexcessof

$7,500,000 in the aggregate, net of any amounts covered by insurance, and the Servicer shall not have

either (i) discharged or provided for the discharge of anysuch judgment, decree or order in accordance

with its terms (and, in any event within sixty (60) days) or (ii) perfected a timely (and, in any event

within sixty(60)days)appeal ofsuchjudgment,decreeororderandcausedtheexecution ofsameto be

stayed during the pendency of the appeal;

(h)any failure by the Servicer to deposit (or caused to be deposited) into the Collection

AccountanyCollectionsreceived byit withinthree(3)BusinessDays ofthedaterequiredin

accordance with <u>Section 2.9(a)</u> (or in the event of a failure due to an administrative error of the

Collateral Custodian, which continues unremedied for a period of five (5) Business Days after the date

on which a Responsible Officer of the Servicer acquires actual knowledge thereof); or

(i)(i) the entry of a final non-appealable administrative order or similar proceeding by a

Governmental Authority against the Servicer or the Advisor which finds that the Servicer or the

Advisor committed fraud in providing asset management services or (ii) the Servicer or the Advisor

being indicted for a criminal offense materially related to the primary business of the Servicer or the

Advisor;<u>provided</u>thattheServicerwillbedeemedtohavecuredanyeventofcausepursuanttothis

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clause (i) if the Servicer terminates or causes the termination of employment of all individuals who

engaged in the conduct constituting cause pursuant to this clause (i) and makes the Borrower whole for

any actual financial loss that such conduct caused the Borrower.

"<u>Servicer</u><u>Termination</u><u>Notice</u>":Themeaningspecifiedin<u>Section</u><u>6.8</u>.

"<u>Similar</u><u>Law</u>":Anyfederal,state,localornon-U.S.laworregulationthatissubstantially

similar to the provisions of Title I of ERISA or Section 4975 of the Code.

"<u>SOFR</u>": A rate per annum equal to the secured overnight financingrateas administered

by the SOFR Administrator.

"<u>SOFR Administrator</u>": The Federal Reserve Bank of New York (or a successor

administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>": The website of the Federal Reserve Bank of New

York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight

financing rate identified as such by the SOFR Administrator from time to time.

"<u>SONIA</u>": A rate equal to the sterling overnight index average as administered by the

SONIA Administrator.

"<u>SONIA Administrator</u>": The Bank of England (or any successor administrator of the

sterling overnight index average).

"<u>SONIA Administrator's Website</u>": 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>SONIA</u><u>Determination</u><u>Day</u>":Themeaningspecifiedinthedefinitionof"DailySimple

SONIA."

"<u>SONIA Rate Day</u>": The meaning specified in the definition of "DailySimple SONIA."

"<u>Solvent</u>":AstoanyPersonatanytime,havingastateofaffairssuchthatallofthe

followingconditions aremet: (a) thefairvalue of thepropertyofsuchPerson isgreaterthan theamount

of such Person's liabilities (including disputed, contingent and unliquidated liabilities) as such value is

established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (b) the

present fair saleable value of the propertyof such Person in an orderlyliquidation ofsuchPerson is not

less than the amount that will be required to pay the probable liability of such Person on its debts and

otherliabilitiesastheybecomeabsoluteandmatured;(c)suchPersonisabletorealizeuponitsproperty

andpayitsdebtsandotherliabilities(includingdisputed,contingentandunliquidatedliabilities)asthey

mature in the normal course of business; (d) such Person does not intend to, and does not believe that it

will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature;

and (e) such Person is not engaged in a business or a transaction, and does not propose to engage in a

business or a transaction, for which such Person's property assets would constitute unreasonably small

capital.

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"<u>Special</u><u>Member</u>":Themeaningspecifiedin<u>Section</u><u>4.1(t)(xxvi)</u>.

"<u>Step-Down Loan</u>": A loan which by the terms of the related Underlying Instruments

provides for a decrease in the *per annum* interest rate on such loan (other than by reason of any change

in the applicable index or benchmark rate used to determine such interest rate) or in the spread over the

applicable index or benchmark rate, solelyas a function of the passage of time (and for the avoidance of

doubt,notbaseduponachangeinanyleverageorfinancialperformancemeasurement);providedthat,a

loanprovidingforpaymentofaconstantrateofinterestoraconstantspreadovertheapplicableindexor

benchmarkrateatalltimesafterthedateofacquisitionbytheBorrowershallnotconstitutea

Step-Down Loan.

"<u>Step-Up Loan</u>": A loan which by the terms of the related Underlying Instruments

provides for anincrease in the *per annum* interest rateonsuchloan, orin thespreadovertheapplicable

index orbenchmarkrate,solelyas afunction ofthepassageoftime(andfortheavoidanceofdoubt,not

based upon a change in any leverage or financial performance measurement); <u>provided</u> that, a loan

providing for payment of a constant rate of interest or a constant spread over the applicable index or

benchmark rate at all times after the date of acquisition by the Borrower shall not constitute a Step-Up

Loan.

"<u>Structured Finance Obligation</u>": Any obligation secured directly by, referenced to, or

representing ownership of, a pool of receivables or other financial assets of any Obligor that is a single

purposebankruptcyremotespecialpurpose entityestablished to financesuch financialassets,including

collateralized debt obligations and mortgage-backed securities, including (but not limited to) collateral

debt obligations, collateral loan obligations, asset backed securities and commercial mortgage backed

securities or any re-securitization thereof; <u>provided</u> that any Asset Based Loan and loans directly to

financial service companies, factoring businesses, health care providers and other genuine operating

businesses do not constitute Structured Finance Obligations.

"<u>Subsidiary</u>": As to anyPerson, a corporation, partnership or other entityof which shares

of stock or other ownership interests having ordinary voting power (other than stock or such other

ownership interests having such power only by reason of the happening of a contingency) to elect a

majority of the board of directors or other managers of such corporation, partnership or other entity are

at the time owned, or the management of which is otherwise controlled, directly or indirectly, through

oneormoreintermediaries,orboth,bysuchPerson;<u>provided</u>that,notwithstandinganyprovisionherein

tothecontrary,theterm"Subsidiary"shallnotincludeanyPersonthatconstitutesaninvestmentheldby

such Person in the ordinary course of business and that is not, under GAAP, consolidated on the

financial statements of such Person.

"<u>Substitution</u>":Themeaningspecifiedin<u>Section</u><u>2.14(b).</u>

"<u>Swingline Advance</u>": Any swingline loan made by the Swingline Lender to the

Borrower pursuant to <u>Section 2.2</u> and all such swingline loans collectively as the context requires. For

the avoidance of doubt, unless otherwise specified, a Swingline Advance shall constitute an Advance

hereunder.

"<u>Swingline Commitment</u>": The commitment of the Swingline Lender to fund Swingline

Advances,subjecttothetermsandconditionsherein,inanamountnotgreaterthan$0.00(without

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regard to any future reimbursement of Swingline Advances by the Lenders), as such amount may be

reduced, increased or assigned from time to time pursuant to the provisions of this Agreement. The

Swingline Commitment is a sub-limit of the Commitment of the Swingline Lender, in its capacity as a

Lender hereunder, and is not in addition thereto.

"<u>Swingline Lender</u>": Capital One, National Association, in its capacity as swingline

lender hereunder or any successor thereto.

"<u>Swingline Note</u>": A promissory note made by the Borrower in favor of the Swingline

Lender evidencing the Swingline Advances made by the Swingline Lender, substantially in the form

attached hereto as Exhibit B-2 and any amendments, supplements and modifications thereto, any

substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole or in

part.

"<u>Swingline</u><u>Refund</u><u>Date</u>":Themeaningspecifiedin<u>Section</u><u>2.19(a)</u>.

"<u>Syndicate Communications</u>": Collectively, any notice, demand, communication,

information, document or other material provided by or on behalf of the Borrower pursuant to any

Transaction Document or the transactions contemplated therein which is distributed to the

Administrative Agent or any Lender by means of electronic communications pursuant to <u>Article XII</u>,

including through the Platform.

"<u>Taxes</u>":Allpresentorfuturetaxes,levies,imposts,deductions,chargesorwithholdings,

and all penalties, interest and additions to tax with respect thereto, imposed, levied, collected, withheld

or assessed by any Governmental Authority.

"<u>Term CORRA</u>": For any calculation with respect to any Advances denominated in

Canadian Dollars for any Accrual Period, the Term CORRA Reference Rate for a tenor comparable to

the applicable Accrual Period on the day (such day, the "<u>Periodic Term CORRA Determination Day</u>")

that is two (2) Business Days prior to the first day of such Accrual Period, as such rate is published by

the Term CORRA Administrator; <u>provided</u>, <u>however</u>, 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 Term CORRA will be the Term

CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first

preceding Business Dayfor which such Term CORRA Reference Rate for such tenor waspublished by

theTerm CORRAAdministratorsolongassuchfirstprecedingBusinessDayisnotmorethanthree(3)

Business Days prior to such Periodic Term CORRA Determination Day; <u>provided</u>, <u>further</u>,that if Term

CORRAdetermined as provided above(includingpursuant to theproviso above)shall ever beless than

the Floor, then Term CORRA shall be deemed to be the Floor.

"<u>Term</u><u>CORRA</u><u>Adjustment</u>"meansapercentageequalto0.32138%perannum.

"<u>Term</u><u>CORRA</u><u>Administrator</u>"meansCanDealBenchmarkAdministrationServicesInc.,

TSX Inc., or any successor administrator of the Term CORRA Reference Rate selected by the

Administrative Agent in its reasonable discretion.

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"<u>Term</u><u>CORRA</u><u>Reference</u><u>Rate</u>"meanstheforward-lookingtermratebasedonCORRA.

"<u>Term Securitization</u>": Any private or public term securitization transaction undertaken

bytheTransferor,theBorroweroranAffiliateoftheTransferorortheBorrowerthatissecured,directly

or indirectly, byanyLoan currentlyor formerlyincluded in the Collateral or anyportion thereof or any

interest therein, including, without limitation, any collateralized loan or collateralized debt offering or

other asset securitization.

"<u>Term SOFR</u>": For anycalculation with respect to Advances denominated in Dollars for

any Accrual Period, the Term SOFR Reference Rate for a tenor of three (3) months 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 the applicable Accrual Period, as such rate is published by the

Term SOFR Administrator; provided, however, 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 Term SOFR will be the Term SOFR

ReferenceRateforsuchtenoraspublishedbytheTermSOFRAdministratoronthefirstprecedingU.S.

Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was

publishedbytheTermSOFRAdministrator,solongassuchfirstprecedingU.S.GovernmentSecurities

Business Day is not more than three (3) Business Days prior to such Periodic Term SOFR

Determination Day.

"<u>Term SOFR Administrator</u>": CME Group Benchmark Administration Limited (CBA)

(orasuccessoradministratoroftheTermSOFRReferenceRateselectedbytheAdministrativeAgentin

its reasonable discretion).

"<u>Term SOFR Reference Rate</u>": The forward-looking term rate based on SOFR.

"<u>Termination</u><u>Date</u>":Theearliestof(a)thedateoftheterminationinwholeoftheFacility

Amount pursuant to <u>Section 2.3(c)</u>, (b) the Facility Maturity Date and (c) the date of the declaration of

the Termination Date or the date of the automatic occurrence of the Termination Date pursuant to

<u>Section 9.2(a)</u>.

"<u>Total Interest Coverage Ratio</u>": With respect to Borrower, at any time, the ratio of (i)

Borrower Interest Collections to (ii) Borrower Interest Expense.

"<u>Total Obligor Interest</u><u>Coverage</u><u>Ratio</u>":With respectto anyLoan for anyRelevant Test

Period, either (a) the meaning of "Interest Coverage Ratio" or comparable definition set forth in the

Underlying Instruments for such Loan or (b) in the case of any Loan with respect to which the related

Underlying Instruments do not include a definition of "Interest Coverage Ratio" or comparable

definition, the ratio of (i) EBITDA to (ii) Interest Expense of such Obligor as of the Relevant Test

Period, as most recentlycalculated bysuch Obligorpursuant tothe Underlying Instruments or, ifnot so

calculated, by the Borrower and Servicer in good faith on a pro forma basis; provided, that the

calculation of the "Total Obligor Interest Coverage Ratio" in accordance with the foregoing clause (b)

with respect to any Loan shall include any interest deferred or capitalized as principal in the

denominator of such calculation.

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"<u>Total Obligor Leverage Ratio</u>": With respect to anyLoan for anyRelevant Test Period,

either (a) the meaning of "Total Net Leverage Ratio" or comparable definition set forth in the

Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related

Underlying Instruments do not include a definition of "Total Net Leverage Ratio" or comparable

definition, the ratio of (i) the "total indebtedness" (as defined in the Underlying Instruments or

comparable definition thereof, including, without limitation, any funded outstanding amounts of such

Loan) of the applicable Obligor as of the date of determination, *minus* the Unrestricted Cash of such

Obligor as of such date to (ii) EBITDA of such Obligor with respect to the applicable Relevant Test

Period, as most recentlycalculated bysuch Obligorpursuant tothe Underlying Instruments or, ifnot so

calculated, bythe Borrower and Servicer in good faith on a pro forma basis.

"<u>Transaction</u>":ThemeaningspecifiedinSection3.2.

"<u>Transaction Documents</u>": This Agreement, the Sale Agreement, the Account Control

Agreement, the Fee Letter, the Collateral Custodian and Collateral Administrator Fee Letter, each Note

and any Hedging Agreement.

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

"<u>Transferor</u>":KKRFSIncomeTrust,aDelawarestatutorytrust.

"<u>Transferor Loan</u>": Each Loan sold and/or contributed bythe Transferor to the Borrower

pursuant to the Sale Agreement.

"<u>Transferor Purchased Principal Balance</u>": As of any date of determination, an amount

equal to (a) the aggregate principal balance of all Transferor Loans acquired by the Borrower prior to

suchdateminus(b)theaggregateprincipalbalanceofallTransferorLoansdistributedtoorrepurchased

by the Transferor prior to such date.

"<u>Trust Officer</u>": When used with respect to Computershare Trust Company, N.A., any

officer in the Corporate Trust Office (or any successor group of Computershare Trust Company, N.A.)

including any director, vice president, assistant vice president, associate, or any other officer of the

Collateral Custodian or Collateral Administrator, as applicable, customarily performing functions

similar to those performed by such officers, or to whom any corporate trust matter is referred at the

Corporate Trust Office because of his or her knowledge of and familiarity with the particular subject

and, in each case, having direct responsibility for the administration of this Agreement or the other

Transaction Documents to which Computershare Trust Company, N.A. is a party, as applicable.

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

jurisdiction or jurisdictions.

"<u>Unadjusted</u><u>Benchmark</u><u>Replacement</u>":TheBenchmarkReplacementexcludingthe

related Benchmark Replacement Adjustment.

"<u>Uncertificated Security</u>": The meaning specified in Section 8-102(a)(18) of the UCC.

"<u>Underlying</u><u>Assets</u>":Withrespectto a Loan,anypropertyorotherassetsdesignatedand

pledgedascollateraltosecurerepaymentofsuchLoan,including,withoutlimitation,totheextent

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provided for in the relevant Underlying Instruments, a pledge of the stock, membership or other

ownership interests in the related Obligor and all Proceeds from any sale or other disposition of such

property or other assets.

"<u>Underlying Instruments</u>": The loan agreement, credit agreement, indenture or other

agreement pursuant to which a Loan has been issued or created and each other agreement that governs

the terms of or secures the obligations represented by such Loan or of which the holders of such Loan

are the beneficiaries.

"<u>Unfunded Exposure Account</u>": A Securities Account maintained on the books and

records of the Securities Intermediary(or anyother partyacceptable to Administrative Agent in its sole

discretion) entitled "Unfunded Exposure Account" in the name of the Borrower and subject to the Lien

of the Administrative Agent for the benefit of the Secured Parties.

"<u>Unfunded Exposure Amount</u>": On any date of determination, with respect to any Loan,

the aggregate amount (without duplication) of all (i) unfunded commitments (which shall include all

unfundedrevolvercommitmentsandunfundedportionsofdelayeddrawtermloans)withrespecttosuch

Loan and (ii) all standby or contingent commitments under such Loan (if any) pursuant to which the

Borrower has contractual funding obligations.

"<u>Unfunded Exposure Equity</u><u>Amount</u>": On anydateofdetermination, withrespecttoany

Eligible Loan, an amount equal to the product of (i) the Unfunded Exposure Amount with respect to

such Eligible Loan and (ii) 100% *minus* (the Advance Rate applicable to such Eligible Loan multiplied

bythe Assigned Value, expressed as a percentage);provided that, after theRevolvingPeriod End Date,

the Unfunded Exposure Equity Amount shall equal the Unfunded Exposure Amount.

"<u>United</u><u>States</u>":TheUnitedStatesofAmerica.

"<u>Unrestricted Cash</u>": With respect to any Loan, meaning of "Unrestricted Cash" or any

comparable definition in the Underlying Instruments for such Loan, and in any case that "Unrestricted

Cash" or such comparable definition is not defined in such Underlying Instruments, all cash available

for use for general corporate purposes and not held in any reserve account or legally or contractually

restricted for any particular purposes or subject to any lien (other than blanket liens permitted under or

granted in accordance with such Underlying Instruments), as reflected on the most recent financial

statements of the relevant Obligor that have been delivered to the Borrower.

"<u>Unused Facility</u><u>Amount</u>": At anytime, (a)the FacilityAmount *minus*(b)theAdvances

Outstanding at such time.

"<u>Upper Middle Market Loan</u>": A Senior Secured Loan to an Obligor with trailing

twelve-month EBITDA equal to at least $50,000,000 as of the date of acquisition.

"<u>U.S. Government Securities Business Day</u>": 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 dayforpurposes oftrading in

United States government securities.

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"<u>U.S. Person</u>": Any Person that is a "United States person" as defined in Section

7701(a)(30) of the Code.

"<u>U.S.</u><u>Special</u><u>Resolution</u><u>Regime</u>":Eachof(i)theFederalDeposit InsuranceActandthe

regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and

Consumer Protection Act and the regulations promulgated thereunder.

"<u>U.S.</u><u>Tax</u><u>Compliance</u><u>Certificate</u>":ThemeaningspecifiedinSection2.13(e).

"<u>USA Patriot Act</u>":The Uniting and Strengthening America by Providing Appropriate

Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.

"<u>Value Adjustment Event</u>":With respectto anyEligible Loan,theoccurrenceofanyone

or more of the following events after the related date such Loan was acquired bythe Borrower:

(a)adefault in respect of anypayment ofprincipal orinterestundersuch Loan(after

giving effect to all applicable cure periods, but in no event longer than three (3) Business Days);

(b)a default in respect of any payment of principal or interest under any other obligation

for borrowed money (other than the Loan) of the related Obligor which obligation is pari passu to such

Loan (after giving effect to all applicable cure periods, but in no event longer than three

(3)BusinessDays);

(c)theoccurrenceofanInsolvencyEventwithrespecttotherelatedObligor;

(d)thefailuretodeliver(i)withrespecttomonthlyorquarterlyreportsrequiredtobe

deliveredbytheObligorbythetermsoftheUnderlyingInstruments,anyfinancialstatements(including

unauditedfinancialstatements)totheAdministrativeAgentby thedatethatisnolater than forty-five

(45) days after the end of any calendar month with respect to monthly reports and sixty (60) days after

the end of each fiscal quarter with respect to quarterly reports (in each case, or such greater number of

days as permitted in the Underlying Instruments for such Loan and approved by the Administrative

Agent in connection with the Approval Notice for such Loan) and (ii) with respect to annual reports

requiredtobedeliveredbytheObligorbythetermsoftheUnderlyingInstruments,anyauditedfinancial

statements to the Administrative Agent by the date that is no later than one hundred twenty (120) days

after the end of any fiscal year (or if such annual reports are not required to be delivered by the related

Obligor on or before such date, such later date on which it is required to be delivered by the related

Obligor, but in anyevent not later than one hundred fifty(150)days after the end of anyfiscal year) (or

such greater number of days aspermitted inthe Underlying Instruments forsuch Loan and approved by

the Administrative Agent in connection with the Approval Notice for such Loan), in each case, unless

waivedorotherwiseagreedtobytheAdministrativeAgentinitssolediscretion,and,solelywithrespect

to monthly reports, which failure has an adverse effect on the ability of the Administrative Agent (as

determined by the Administrative Agent in its reasonable discretion) or the Servicer to make any

determinations or calculations required hereunder;

(e)the Total Obligor Interest Coverage Ratio for any Relevant Test Period of the related

Obligor with respect to such Loan is (i) less than 85% of the Original Total Obligor Interest Coverage

Ratioand(ii)lessthan1.50to1.00(fortheavoidanceofdoubt,aValueAdjustmentEvent

-63-<br>

under this clause (e) shall occur following each occurrence of a 15% deterioration of the Total Obligor

Interest Coverage Ratio);

(f) (i)to the extent the Obligor has notpreviouslytriggered a Value Adjustment

Event, the Senior Leverage Ratio for any Relevant Test Period of the related Obligor with respect to

such Loan is (i) greater than 1.00 times higher than the Original Senior Leverage Ratio and (ii) greater

than 4.00 to 1.00; and

(ii)to the extent the Obligor has previously triggered a Value Adjustment Event,

the Senior Leverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan

is (i) greater than 0.5 times higher than the Senior Leverage Ratio as of the previous applicable Value

Adjustment Event and (ii) greater than 4.00 to 1.00 (for the avoidance of doubt, a Value Adjustment

Event under this clause (f)(ii) shall occur following each occurrence of a 0.50 increase in the Senior

Leverage Ratio);

(g)any determination by the Servicer or the Administrative Agent that such Loan is on

non-accrual, is written off or is charged off;

(h)theoccurrenceofaMaterialModification;

(i)a default under such Loan, together with the election by any agent or requisite

number of lenders (including, without limitation, the Borrower) required to take any such action to

accelerate the Loan or commence to enforce any of their rights or remedies pursuant to the applicable

Underlying Instruments;

(j)uponwrittenrequestoftheBorrowerortheServicer;

(k)withrespecttoanyEligiblePartialPIKLoan,morethan50basispointsofinterest is

beingdeferredorcapitalizedsincethelaterofthedatesuchLoanwasacquiredandtheprevious

Value Adjustment Event for such Loan pursuant to this clause (k), if any (for the avoidance of doubt, a

Value Adjustment Event under this clause (k) shall occur following each occurrence of a 50 basis points

deferral or capitalization); or

(l)with respect to any Asset Based Loan, any additional "Value Adjustment Event"

indicated by the Administrative Agent in its Approval Notice.

Fortheavoidanceofdoubt,anEligibleLoanshallnotceasetobeanEligibleLoansolely

as a result of a change in Assigned Value pursuant to a Value Adjustment Event but will remain an

Eligible Loan with the new Assigned Value.

"<u>Volcker Rule</u>": Section 619 of Dodd-Frank, together with the interpretations,

regulations, rules and pronouncements of any Governmental Authoritywith respect thereto.

"<u>Warranty Event</u>": As to anyLoan, the breach of anyrepresentation or warrantyrelating

tosuch Loanunder<u>Sections</u><u>4.1(m)</u>, <u>4.1(r)</u>and <u>4.2</u>ofthisAgreement(otherthananyrepresentationand

warrantythattheLoansatisfiesthecriteriaofthedefinitionof"EligibleLoan")andthefailureof

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Borrower to cure such breach, or cause the same to be cured, within thirty(30) days after the earlier to

occur of the Borrower's receipt of notice thereof from the Administrative Agent or the Borrower

becoming aware thereof.

"<u>Warranty</u><u>Loan</u>": AnyLoan (a) that fails to satisfyanycriteria set forth in clause (iii) of

the definition of "Eligible Loan" as of the date of acquisition of such Loan bythe Borrower or (b) with

respect to which a Warranty Event has occurred.

"<u>Weighted</u><u>Average</u><u>Advance</u><u>Rate</u>":AsofanyMeasurementDate,apercentageequalto

(a) the sum of (i) the Adjusted Borrowing Value of each Eligible Loan *multiplied* by the (ii) applicable

AdvanceRateofeachEligibleLoan*divided*by(b)theaggregateAdjustedBorrowingValueofallofthe

Eligible Loans.

"<u>Weighted Average Spread</u>": As of any date of determination, a fraction (expressed as a

percentage) obtainedby(a)multiplyingthe OutstandingBalance (and,inthe caseof anyDelayed Draw

Loan or Revolving Loan, the unfunded portion of the commitment thereunder) of each Eligible Loan

included in the Collateral as of such date byits Effective Spread, (b) summing the amounts determined

pursuant to clause (a) for all Eligible Loans included in the Collateral and (c) dividing the sum

determined pursuant to clause (b) above by the aggregate Outstanding Balance (and, in the case of any

Delayed Draw Loan and Revolving Loan, the unfunded portion of the commitment thereunder) of all

Eligible Loans included in the Collateral as of such date.

"<u>Weighted Average Spread Test</u>":A test that will be satisfied on any date of

determination if the Weighted Average Spread is greater than or equal to 3.75%.

"<u>Withdrawal</u><u>Conditions</u>":Themeaningspecifiedin<u>Section</u><u>2.9(e)(i)</u>.

"<u>Withholding</u><u>Agent</u>":AnyLoanPartyandtheAdministrativeAgent.

"<u>Zero Coupon Obligation</u>": A debt obligation that does not bear interest for allorpartof

the period that it is outstanding or that provides for periodic payments in cash less frequently than

semi-annually or that pays interest only at its stated maturity.

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

All accounting terms used but not specifically defined herein shall be construed in

accordance with GAAP. All terms used in Article 9 of the UCC in theState of New York, andusedbut

not specifically defined herein, are used herein as defined therein.

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

Unlessotherwisestated in this Agreement, in the computation of aperiod oftimefrom a

specified date to a later specified date, the word "from" means "from andincluding" andthe words "to"

and "until" each mean "to but excluding."

Section 1.4<u>Interpretation.</u>

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IneachTransactionDocument,unlessacontraryintentionappears:

(a)thesingularnumberincludesthepluralnumberandviceversa;

(b)reference to any Person includes such Person's successors and assigns but, if

applicable, onlyif such successors and assigns are permitted bythe Transaction Documents;

(c)referencetoanygenderincludeseachothergender;

(d)referencetodayordayswithoutfurtherqualificationmeanscalendardays;

(e)referencetoanytimemeansNewYork,NewYorktime;

(f)reference to any agreement (including any Transaction Document), document or

instrument means such agreement, document or instrument as amended, modified, waived,

supplemented, restated or replaced and in effect from time to time in accordance with the terms thereof

and, if applicable, the terms of the other Transaction Documents, and reference to anypromissorynote

includes any promissory note that is an extension or renewal thereof or a substitute or replacement

therefor;

(g)reference to any Applicable Law means such Applicable Law as amended, modified,

codified, replaced or reenacted, in whole or inpart, and in effect from time to time,including rules and

regulations promulgated thereunder and reference to any section or other provision of any Applicable

Law means that provision of such Applicable Law from time to time in effect and constitutingthe

substantive amendment,modification, codification, replacement or reenactmentofsuch Section or other

provision;

(h)referencetoanydeliveryortransfertotheCollateralCustodianwithrespecttothe

Collateral in this Agreement means deliveryor transfer to the Collateral Custodian for the benefit of the

Administrative Agent on behalf of the Secured Parties;

(i)for the purposes of calculating the Borrowing Base and Availability (including

whether any Borrowing Base Deficiency exists), the Excess Concentration Amount, and for the

purposesofanyothercalculationordeterminingcompliancewithanytestrequiredhereunder,theeffect

of the acquisition or disposition of Loans and Permitted Investments shall be calculated on asettlement

datebasisassuming(andaftergivingproformaeffect to)(x)allpurchases orsales tobeenteredintoon

the related settlement date and (y) all Advances requested to be made on such related settlement date

plus the balance of all unfunded Advances to be made in connection with the Borrower's purchase of

previously requested (and approved) Eligible Loans;

(j)for purposes of determining the Weighted Average Spread Test (and related

computationsofEffectiveSpread),capitalizedordeferredinterest(andanyotherinterestthatisnotpaid

in cash) will be excluded;

(k)if any date for any required payment or the performance of any other terms or

conditions of anyTransaction Document falls due on a daywhich is not a Business Day, then such due

date shall be deemed to be the immediately following Business Day;

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(l)all calculations performed by the Administrative Agent hereunder or under any

Transaction Document shall be binding on the parties hereto and shall be deemed to beaccurate, absent

manifest error;

(m)if any date for compliance with the terms or conditions of any Transaction Document

falls due on a daywhich is not a Business Day, then such due dateshall bedeemed to be the

immediately following Business Day;

(n)forpurposesofthisAgreement,anEventofDefaultthathasoccurred(after

givingeffecttoallapplicablegraceandcureperiods)shallbedeemedtobecontinuinguntilit is

waivedinaccordancewith<u>Section</u><u>12.1</u>,ortheAdministrativeAgentotherwiseagreesthatsuchEvent of

Default is no longer continuing;

(o)anyuseof"material"or"materially"orwordsofsimilarmeaninginthis

Agreementshallmeanmaterial,asdeterminedbytheAdministrativeAgentor,tothe extent

otherwise specified, anyother applicable Person, in its reasonable discretion;

(p)any reference in the definition of "Foreign Currency" or in any otherprovision of this

Agreement to thecurrencyofanyparticular nation means thelawful currencyof such nation at such

time whether or not the name of such Currencyis the sameas it was on thedatehereof. The outstanding

principalthatisdenominatedinanyForeignCurrencyshallbedeemedtobetheDollarEquivalentofthe

amount of theForeign Currencyof such Advancedetermined as of thelater of theFundingDateof such

Advance or the most recent date of determination of the Dollar Equivalent of such Advance. Wherever

in this Agreement in connection with an Advance such as a required minimum or multiple amount, is

expressed in Dollars, but such Advance is denominated in a Foreign Currency, such amount shall be the

relevant Foreign CurrencyEquivalent of such Dollar amount (rounded to the nearest 1,000 units of such

Foreign Currency); and

(q)forpurposesofcalculatingAvailability,AdjustedBorrowingValueandUnfunded

Exposure Required Amount on any date of determination, Availability, Adjusted Borrowing Value and

Unfunded Exposure Amount of the applicable Loans (or Advances) shall be converted to Dollars, if

necessary, by the Servicer using the Applicable Exchange Rate.

**ARTICLE II**

**THEADVANCES**

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

On the terms and conditions hereinafter set forth, the Borrower shall deliver (i) on the

ClosingDate, toeach Lenderrequestingthesame,at theapplicableaddresssetforthon<u>Annex A</u>tothis

Agreement, and (ii) on the effective date of any Joinder Supplement, to each additional Lender

requesting the same, at the address set forth in the applicable Joinder Supplement, a duly executed

promissorynoteinsubstantiallytheform of <u>Exhibit</u><u>B-1</u>(each a "<u>Note</u>"),each in afaceamountequalto

the applicable Lender's Commitment as of the Closing Date or the effective date of such Joinder

Supplement,asapplicable,andotherwiseduly completed.EachNoteshallevidenceobligationsinan

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amount equal, at any time, to the Advances Outstanding by such Lender under the applicable Note on

such day.

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

(a)Subject to the limitations set forth in this <u>Section 2.2 and Section 3.2</u>, the Borrower

may,duringtheRevolvingPeriod,requesttheLendersmakeadvancesoffunds(each,a"<u>Loan</u>

<u>Advance</u>") by delivering to the Administrative Agent the information and documents set forth in this

<u>Section 2.2</u> at the applicable times provided herein. Upon receipt of such information and documents,

the Administrative Agent will provide notification to the Lenders with respect thereto.

(b)Subject to the limitations set forth in this <u>Section 2.2</u> and <u>Section 3.2</u>, the Borrower

may, from time to time during the Revolving Period, request the Swingline Lender make Swingline

Advances in Dollars under theSwingline Note bydelivering to the Administrative Agent the

information and documents set forth in this <u>Section 2.2</u> at the applicable times provided herein. Upon

receipt of such information and documents, the Administrative Agent will provide notification to the

Lenders with respect thereto.

(c)With respect to (i) Advances (other than Swingline Advances or Advances to be

made during any period in which Capital One, National Association is the sole Lender hereunder), no

later than 1:00 p.m. (New York City Time) one (1) Business Day prior to the proposed Funding Date

(or, in the case of a Multicurrency Advance, three (3) Business Days prior to the proposed Funding

Date), or (ii)Swingline Advances or anyAdvances to bemadeduringanyperiod inwhichCapitalOne,

NationalAssociationisthesoleLenderhereunder,nolaterthan1:00p.m.(NewYorkCityTime)onthe

proposedFundingDate(or,inthecaseofaMulticurrencyAdvance,three(3)BusinessDayspriortothe

proposed Funding Date), the Borrower shall deliver:

(i)to the Administrative Agent a wire disbursement and authorization form, to

the extent not previously delivered; and

(ii)to the Administrative Agent, the Collateral Administrator and the Collateral

Custodian a duly completed Funding Notice (including a duly completed Borrowing Base Certificate

updated to the date such Advance is requested and giving pro forma effect to the Advance requested and

the use of the proceeds thereof) which shall (a) specify the desired amount of such Advance, which

amount shall not cause the Advances Outstanding to exceed the Availability and must be at least equal

to $500,000 (or, in the case of any Advance to be applied to fund any draw under a Revolving Loan or a

Delayed Draw Loan, such lesseramount as mayberequired to fund such draw), to be allocated to each

Lender in accordance with its Pro Rata Share, (b) specify with respect to a Multicurrency Advance, the

Foreign Currency such Advance is be made in, (c) specify the proposed Funding Date of such Advance,

(d) specify the Loan(s), if any, to be financed on such Funding Date (including the appropriate Obligor,

Outstanding Balance, Assigned Value and Purchase Price for each Loan) and, with respect to any

Revolving Loan or Delayed Draw Loan, the amount to be deposited in the Unfunded Exposure Account

in connection with the acquisition of such Loan(s) pursuant to <u>Section</u><u>2.9(e)</u>, and (e) include a

representation that all conditions precedent for an Advancedescribed in <u>Article</u><u>III</u> hereof have been

satisfied (unless expressly waived in accordance with this Agreement). Each FundingNoticeshallbe

irrevocable.IfanyFundingNoticeisreceivedbytheAdministrativeAgentafter 1:00p.m.(NewYork

City Time) or ona day thatisnota BusinessDay,suchFunding Notice shallbe

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deemedtobereceivedbytheAdministrativeAgentat9:00a.m.(NewYorkCityTime)onthenext

Business Day.

For the avoidance of doubt, if Borrower delivers a Funding Notice when Capital One,

National Association is not the sole Lender hereunder, specifying a proposed Funding Date that would

occurlessthanone(1)BusinessDayafterthedatesuchFundingNoticeisreceived(ordeemedreceived

in accordance with <u>Section 2.2(c)(ii)),</u> such request for an Advance shall be treated as a request for a

Swingline Advance.

(d)On each Funding Date and on the date of each Reinvestment of Principal Collections

pursuant to <u>Section 2.14(a)(i)</u> or acquisition by the Borrower of Additional Loans in connection with a

Substitution pursuant to <u>Section 2.14(b)</u>, the Borrower will provide the applicable Borrower'sNotice

andaBorrowingBaseCertificate,eachupdatedasofsuchdate,totheAdministrative Agent (with a

copy to the Collateral Custodian and the Collateral Administrator) and Administrative Agent shall

forward copies of the same to the Lenders promptlyupon receipt thereof.

(e)OntheproposedFundingDate,subjecttothelimitationssetforthinthis<u>Section</u>

<u>2.2</u>anduponthewaiverby theAdministrativeAgentorsatisfactionoftheapplicableconditionsset

forth in <u>Article III</u>:

(i)with respect to each Advance (other than a Swingline Advance), each Lender

shallmakeavailabletotheAdministrativeAgentinsamedayfunds,bynolaterthan12:00noon (New

YorkCityTime),anamountequaltosuchLender'sProRataShare(inDollarswithrespecttoany

Dollar Advance and in the applicable Foreign Currencywith respect to anyMulticurrencyAdvance) of

the least of (A) the amount requested by the Borrower for such Advance, (B) the aggregate unused

Commitments then in effect and (C) the maximum amount that, after taking into account the proposed

use of theproceeds ofsuch Advance, could beadvanced to theBorrowerhereunderwithoutcausingthe

Advances Outstanding to exceed the Availability; and

(ii)withrespecttoeachSwinglineAdvance,theSwinglineLendershallmake

availabletotheBorrowerinsamedayfunds,anamountequaltotheleastof(i)theamountrequestedby

the Borrower for such Swingline Advance, (ii) the positive difference between (A) the Swingline

Commitment then in effect and (B) the aggregate outstanding Swingline Advances as of such date and

(iii)themaximumamountthat,aftertakingintoaccounttheproposeduseofproceedsofsuchSwingline

Advance, could be advanced to the Borrower hereunder without causing the Advances Outstanding to

exceed the Availability; provided that, no Swingline Advance will be permitted if the amount requested

by the Borrower in respect of such Swingline Advance will cause the sum of (x) the outstanding

Swingline Advances as of such date, and (y) aggregate outstanding amount of Advances made by the

Swingline Lender in its capacity as a Lender (excluding the portion of such Swingline Advance

attributable to the Swingline Lender's subsequent Advance in connection with the repayment of such

Swingline Advance) to exceed the Commitment of the Swingline Lender in its capacityas a Lender.

(iii)upon receipt of the amounts described in clause (i) or (ii), as applicable, the

Administrative Agent shall promptly fund such amounts by wire transfer to the account designated by

Borrower in the applicable Funding Notice given pursuant to this <u>Section 2.2</u>.

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(f)On each Funding Date (which is not associated with a Swingline Advance), the

obligation of each Lender to remit its Pro RataShare of anyLoan Advanceshall beseveralfromthat of

eachother Lenderand thefailureofanyLenderto somakesuchamountavailableto theBorrowershall

not relieve any other Lender of its obligation hereunder. Notwithstanding anything to the contrary

herein, no Lender shall be obligated to make any Loan Advance on or after the date that is two (2)

Business Days prior to the earlier to occur of the Revolving Period End Date or the Termination Date.

Fortheavoidanceofdoubt,inrelationwitharefundingofaSwinglineAdvance,suchLender'spayment

obligation will be fulfilled in accordance with <u>Section 2.19</u>.

(g)Notwithstanding anything to the contrary herein, upon the occurrence of the earlier

of(i)anEvent ofDefaultand(ii)theRevolvingPeriodEndDate, iftheamountondepositinthe

Unfunded Exposure Account is less than the Aggregate Unfunded Exposure Amount, the

Administrative Agent (x) may, in the case of the occurrence of an Event of Default or (y) shall in the

case of the occurrence of the Revolving Period End Date, on behalf of the Borrower, request an

Advance in the amount of such shortfall (the "<u>Exposure Amount Shortfall</u>"). Following receipt of such

request, the Lenders shall fund such Exposure Amount Shortfall in accordance with <u>Section 2.2(f)</u>,

notwithstanding anything to the contraryherein (including, without limitation, the Borrower's failure to

satisfy any of the conditions precedent set forth in <u>Section 3.2</u>), except that no Lender shall make any

Advance to the extent that, after giving effect to such Advance, a Borrowing Base Deficiency would

result.

(h)Advances to be made for the purpose of refunding Swingline Advances shall be

made by the Lenders as provided in <u>Section 2.19</u>.

(i)Each Advance shall be denominated in a single Currency as the Borrower may

request inaccordanceherewithandsupported byEligible Loans in thesameCurrencyassuchAdvance.

Advances of more than one Currency may be outstanding at the same time.

(j)With respect to Advances denominated in a Foreign Currency, (i) no more than two

(2) Advances per week shall be permitted hereunder and (ii) no more than twelve (12) Advances shall

be outstanding hereunder at any one time.

Section 2.3<u>Principal</u><u>Repayments;</u><u>Reduction</u><u>of</u><u>the</u><u>Facility</u><u>Amount.</u>

(a)The Borrower shall be entitled at its option, at any time, to repay the Advances

Outstanding;<u>provided</u>that(i)theBorrowershallgivepriorwrittennoticeofsuchrepaymentintheform

of <u>Exhibit A-2</u> to the Administrative Agent by at least (A) 3:00 p.m. (New York City Time) one (1)

Business Day in advance (provided that same day notice may be given with respect to reducing any

Borrowing Base Deficiency to zero) and (ii) any repayment of Advances Outstanding (other than with

respect to repayments of Advances Outstanding made by the Borrower to reduce a Borrowing Base

Deficiency to zero) shall be in a minimum amount of $500,000 (or the equivalent amount in the

applicable Eligible Currency), unless the Advances Outstanding are less than $500,000 in which case

the minimum reduction shall be equal to the Advances Outstanding at such time, and in integral

multiples of $100,000 (or the equivalent amount in the applicable Eligible Currency) in excess thereof

(other than any such partial repayment of Advances Outstanding which is funded (A) solely with

proceeds from the repayment of a Revolving Loan or (B) with amounts otherwise distributable to the

Borrower under <u>Section 2.7(a)(13)</u>, <u>Section 2.7(b)(13)</u> or <u>Section 2.8(12)</u>). In connection with anysuch

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repayment of Advances Outstanding, the Borrower shall deliver to the Administrative Agent (with a

copy totheCollateralCustodianandtheCollateralAdministrator)by1:00p.m.(NewYorkCityTime)

(1) instructions to repay such Advances Outstanding and (2) funds sufficient to repay such Advances

Outstanding together with all accrued Interest, any Breakage Costs and any Hedge Breakage Costs, but

only to the extent such accrued Interest, Breakage Costs and/or Hedge Breakage Costs are requested

with such repayment by the applicable Lender or Hedge Counterparty; <u>provided</u> that, the Advances

Outstanding will not be repaid unless sufficient funds have been remitted to payall such amounts in the

succeeding sentence in full. The Administrative Agent shall applyamounts received from the Borrower

pursuanttothis<u>Section</u><u>2.3(a)</u>tothe*prorata*repaymentoftheAdvancesOutstanding,tothepaymentof

accrued Interest on the amount of the Advances Outstanding to be repaid and to the payment of any

Breakage Costs and Hedge Breakage Costs, <u>provided</u>, that no such repayment shall be given effect

unless the Borrower had complied with the terms of anyHedgingAgreement requiring that one or more

HedgeTransactions be terminated in whole or in part as a result ofanysuch repayment of theAdvances

Outstanding and Borrower has paid all Hedge Breakage Costs and any other payments owing to the

Hedge Counterparty. Any amount so repaid may, subject to the terms and conditions hereof, be

reborrowed during the Revolving Period. Any Repayment Notice relating to anyrepayment pursuant to

this <u>Section 2.3(a)</u> shall be irrevocable; provided, however, that any such notice may be conditioned on

theoccurrenceofaneventorcircumstanceand,ifthateventorcircumstancedoesnotoccur,suchnotice

of repayment maybe revoked. Upon receipt of anynotice or instructions from theBorrower pursuant to

this <u>Section 2.3(a)</u>, the Administrative Agent will provide notification to the Lenders with respect

thereto.

(b)Unless sooner prepaid pursuant to the terms hereof, the Advances Outstanding shall

be repaid in full on the Termination Date or on such later date as is agreed to in writing by the

Borrower, the Servicer, the Administrative Agent and each of the Lenders.

(c)The Borrower shall be entitled at its option, at any time prior to the occurrence and

during the continuance of an Event of Default, to terminate the FacilityAmount in whole or reduce in

part the portion of the Facility Amount; <u>provided</u> that (i) the Borrower shall give at least five (5)

Business Day's prior written notice to the Administrative Agent (which will provide notification to the

Lenders with respect thereto) of such termination or reduction in the form of <u>Exhibit A-2</u>; and (ii) any

partial reduction of the Facility Amount shall be in an amount equal to $5,000,000 (or the equivalent

amount in the applicable Eligible Currency) and in integral multiples of $1,000,000 (or the equivalent

amount in the applicable Eligible Currency) in excess thereof and the Facility Amount shall not be

reduced below $50,000,000 (or the equivalent amount in the applicable EligibleCurrency). Anyrequest

for a reduction or termination pursuant to this <u>Section 2.3(c)</u> shall be irrevocable; provided, however,

that any such request may be conditioned on the occurrence of an event or circumstance and, if that

event or circumstance does not occur, such request for a reduction or termination may be revoked. The

Commitment of each Lender shall be reduced byan amount equal to its Pro Rata Share (prior to giving

effect to anyreduction of Commitments hereunder) of theaggregate amount of anyreduction under this

<u>Section</u><u>2.3(c)</u>.Fortheavoidanceofdoubt,followingtheRevolvingPeriod,theFacilityAmountshallbe

deemed to equal the sum of Advances Outstanding.

(d)Anyterminationorreduction(whetherinwholeorinpart)oftheFacilityAmount

pursuant to clause (c) above,shall be accompanied by(i) repayment of all of the AdvancesOutstanding

in excess of the Facility Amount after giving effect to such termination or reduction, plus (ii) accrued

and unpaid interest on all such Advances to be prepaid on the applicable prepayment date, plus (iii) the

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Prepayment Fee (if applicable), plus, (iv) anyunpaid fees or expenses required to be paid byBorrower,

in each case, under this Agreement and all other unpaid Obligations (other than contingent

indemnificationandreimbursementobligationsforwhichnoclaimgivingrisetheretohasbeenasserted)

in relation to such Obligations to be prepaid on the prepayment date. For the avoidance of doubt, the

Prepayment Feeshall be applicable to any termination or reduction of the Facility Amount that occurs

prior to the end of the first eighteen months after the Closing Date but shall not be applicable to any

termination or reduction of the FacilityAmount as a result of a Lendersubmitting a claim for Increased

Costs pursuant to <u>Section 2.12</u>.

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

The Administrative Agent shall determine the Interest (including unpaid Interest related

thereto, if any, due and payable on a prior Payment Date) to be paid bythe Borrower on each Payment

Date for the related Accrual Period andshall advisetheServicerthereofnolaterthan thethirdBusiness

Day prior to such Payment Date.

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

EachLenderisherebyauthorizedtoenteronascheduleattachedtotheNotewithrespect

to such Lender, as applicable, a notation (which may be computer generated) or to otherwise record in

itsinternal books and records or computer system with respect to each Advancemade bythe applicable

Lender of (a) the date and principal amount thereof and (b) each payment and repayment of principal

thereof. Any such recordation shall, absent manifest error, constitute prima facie evidence of the

Advances Outstanding, as applicable, relating to each Note; provided that in the case of any

inconsistency between such recordation and the records maintained in the Register, the records

maintained in the Register shall control. The failure of any Lender to make any such notation on the

schedule attached to the applicable Note shall not limit or otherwise affect the obligation of the

Borrower to repaythe Advances in accordance with the terms set forth herein.

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

Any Borrowing Base Deficiency may be reduced to zero by the Borrower taking one or

more of the following actions:

(i)repayingAdvancesOutstandinginaccordancewith<u>Section</u><u>2.3(a)</u>;

(ii)postingcashcollateralinDollarstothePrincipalCollectionAccount;

(iii) postingadditional Eligible Loans and Permitted Investments as Collateral or

effecting a Substitution of a new Eligible Loan for an existing Loan; <u>provided</u> that the amount by which

the Borrowing Base Deficiency shall be reduced pursuant to any such additional Eligible Loans shall be

the Adjusted Borrowing Value of such Eligible Loans; or

(iv) any transaction whereby Borrower agrees (in consultation with the

Administrative Agent and otherwise in accordance with <u>Section 2.14</u>) to sell, transfer or contribute

LoanspledgedasCollateralhereunderinanaggregateamountsufficienttoreducesuchBorrowingBase

Deficiency (after giving effect to clauses (i), (ii) and (iii) above) to zero; <u>provided</u>, that, with respect to

this clause (iv),unlessotherwise agreed bythe Administrative Agent, (a)[reserved]; (b) Borrowershall

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deposit 100% of the cash proceeds thereof (net of reasonable transaction costs and expenses and Taxes,

if any) to the Principal Collection Account; (c) Borrower shall deliver to Administrative Agent with

respect to such sale, a copyof the purchase agreement, anyadditional information reasonablyrequested

by Administrative Agent, and a certificate from an officer of Borrower representing that (i) each of the

representations and warranties made by Borrower in or pursuant to the Transaction Documents shall be

accurate in all material respects before and after giving effect to such sale (except for those

representations and warranties (x) made as of a specific date, which representations and warranties

described in this clause (x) shall be true as of such date, or (y) as are qualified bymateriality, a Material

AdverseEffectoranysimilarqualifier,whichrepresentationsandwarrantiesdescribedinthisclause(y)

shall be true in all respects), (ii) [reserved], and (iii) no Default (except any Default arising solely as a

resultoftheBorrowingBaseDeficiencybeingcuredbysuchtransactionandthatwillceasetoexistafter

giving effect thereto) or Event of Default shall have occurred or be continuing or would exist after

giving effect to the requested sale on such date, and (d) all Loans selected to be sold by Borrower from

all other similar Loans originated or owned by the Borrower shall, at all times, be selected with no

intention to select Loans, the sale of which would be more adverse to Administrative Agent or Lenders

than the sale of those similar Loans.

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

(a)On each Payment Date, so long as no Event of Default has occurred and is

continuing, the Servicer shall direct the Collateral Custodian (which direction shall be deemed given

upon receipt by the Collateral Custodian of the related Reporting Date Report) to pay pursuant to the

latest Reporting Date Report (and the Collateral Custodian shall make payment from the Interest

Collection Account and Interest Collections in the Canadian Dollar Account, the Euro Account, the

GBP Account and the Australian Dollar Account to the extent of Available Funds, in reliance on the

informationsetforth insuchReportingDateReport)to thefollowingPersons,thefollowingamountsin

the following order of priority:

(1)totheBorrower(or,attheBorrower'selectionandwithpriorwrittennoticetothe

AdministrativeAgent, to itsdirect orindirectequityholders), inrespect ofTaxes,registrationandfiling

fees then due and owing by the Borrower that are attributable solely to the operations of the Borrower

not to exceed $50,000 in the aggregate during any calendar year;

(2)to the Collateral Custodian, the Collateral Administrator and the Securities

Intermediary, pro rata, in an amount equal to anyaccrued and unpaid Collateral Custodian Fees;

(3)to the Hedge Counterparty, the aggregate net amount then due and payabletothe

Hedge Counterpartyunder each applicable Hedging Agreement (excluding Hedge Breakage Costs);

(4)to the Servicer (including, for avoidance of doubt, the Replacement Servicer, if

applicable), first, to pay any accrued and unpaid Servicer Fees and, second, to payall documented fees

and expenses of the Servicer (including, without limitation, reasonable attorney's fees, costs and

expenses) in an aggregate amount with respect to such documented fees and expenses in any rolling

12-month period not greater $200,000;

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(5)to the Administrative Agent, in an amount equal to anyaccrued and unpaid fees,

expenses and indemnities set forth in the Transaction Documents payable to it;

(6)to the Administrative Agent to be distributed (i) first, pro rata (on the basis of each

Lender'sProRataShare)toeachLender,inanamountequalto(a)anyaccruedandunpaidInterest with

respect to Advances made bysuch Lender and (b) anyaccrued andunpaid Non-Usage Fee and (ii)

second, pro rata (based on amounts owing to such Lender) to each applicable Lender, any accrued and

unpaid Breakage Costs owing to such Lender;

(7)to the Hedge Counterparty, any other amounts (including any Hedge Breakage

Costs) incurred by the Hedge Counterparty under the applicable Hedging Agreement then due and

payable, net of any amounts then due and payable to the Borrower under such applicable Hedging

Agreement;

(8)to the Administrative Agent to be distributed pro rata to each Lender, in an amount

equal to, if the Facility Amount has been terminated in whole pursuant to <u>Section 2.3(c)</u>, the Advances

Outstanding;

(9)to the Administrative Agent and each applicable Lender, to pay all other

Administrative Expenses and Increased Costs owing to such Person;

(10)to the Administrative Agent to be distributed pro rata to each Lender, if a

Borrowing Base Deficiency exists, an amount necessary to reduce the Borrowing Base Deficiency to

zero, pro rata in accordance with the amount of Advances Outstanding owing to each such Lender

hereunder;

(11)to fund the Unfunded Exposure Account in an amount necessary to cause all

amounts in the Unfunded Exposure Account to equal the Required Funding Amount;

(12)(i) *first*, to the Collateral Administrator, the Collateral Custodian and the

Securities Intermediary, and (ii) *second*, to the Administrative Agent to be distributed to the

AdministrativeAgent,anyapplicableLender,theotherIndemnifiedParties,ortheotherSecuredParties,

as applicable, all other amounts then due and owing, including, without limitation, any unpaid

AdministrativeExpenses,anyamountsaccruedandunpaidundertheFeeLetter,IncreasedCosts,Taxes,

indemnities, but other than the principal of Advances Outstanding, then due under this Agreement;

(13)any remaining amounts shall (x) if any Default has occurred and is

continuing, remain in the Interest Collection Account and (y) otherwise, at the direction of the

Borrower (or the Servicer on its behalf), be distributed to the Borrower or any nominee thereof, which

amounts may be used by the Borrower to make Restricted Payments.

(b)On each Payment Date, so long as no Event of Default has occurred and is

continuing, the Servicer shall direct (which direction shall be deemed given upon receipt by the

Collateral Custodian of the related Reporting Date Report) the Collateral Custodian to pay pursuant to

the latest Reporting Date Report (and the Collateral Custodian shall make payment from the Principal

Collection Account and Principal Collections in the Canadian Dollar Account, the Euro Account, the

GBPAccountandtheAustralianDollarAccounttotheextentofAvailableFunds,inrelianceonthe

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informationsetforth insuchReportingDateReport)to thefollowingPersons,thefollowingamountsin

the following order of priority:

(1)to the extent not paid pursuant to <u>Section 2.7(a)</u>, to the Borrower (or, at the

Borrower's election and with prior written notice to the Administrative Agent, to its direct or indirect

equityholders),inrespectofTaxes,registrationandfilingfeesthendueandowingbytheBorrowerthat

are attributable solely to the operations of the Borrower not to exceed $50,000 in the aggregate during

any calendar year;

(2)to the extent not paid pursuant to <u>Section 2.7(a)</u>, to the Collateral Custodian, the

Collateral Administrator and the Securities Intermediary, pro rata, in an amount equal to any accrued

and unpaid Collateral Custodian Fees;

(3)to the extent not paid pursuant to <u>Section 2.7(a)</u>, to the Hedge Counterparty, the

aggregate net unpaid amount then due and payable to the Hedge Counterparty under each applicable

Hedging Agreement (excluding Hedge Breakage Costs);

(4)to the extent not paid pursuant to <u>Section 2.7(a)</u>, to the Servicer, in an amount equal

to any accrued and unpaid Servicer Fees owing to the Servicer;

(5)to the extent not paid pursuant to <u>Section 2.7(a)</u>, to the Administrative Agent, in an

amount equal to any accrued and unpaid fees, expenses and indemnities set forth in the Transaction

Documents owing to it;

(6)totheextentnotpaidpursuantto<u>Section</u><u>2.7(a)</u>,totheAdministrativeAgenttobe

distributed (i) first, pro rata (on the basis of each Lender's Pro Rata Share) to each Lender, in an amount

equal to (a) anyaccrued and unpaid Interest with respect to Advances made bysuch Lender and (b) any

accrued and unpaid Non-Usage Fee and (ii) second, pro rata (based on amounts owing to such Lender)

to each applicable Lender, anyaccrued and unpaid Breakage Costs owing to such Lender;

(7)to the extent not paid pursuant to <u>Section 2.7(a)</u>, to the Hedge Counterparty, any

other unpaid amounts (including anyHedge Breakage Costs) incurred bytheHedgeCounterpartyunder

theapplicableHedgingAgreementthendueandpayable,netofanyamountsthendueandpayabletothe

Borrower under such applicable Hedging Agreement;

(8)totheextentnotpaidpursuantto<u>Section</u><u>2.7(a)</u>,totheAdministrativeAgenttobe

distributedprorata(onthebasisofeachLender'sshare of the Advances Outstanding) to each Lender, in

an amount equal to if the Facility Amount has been terminated in whole pursuant to <u>Section 2.3(c)</u>, the

Advances Outstanding;

(9)to the extent not paid pursuant to <u>Section 2.7(a)</u>, to the Administrative Agent, to the

Administrative Agent and each applicable Lender, to pay all other Administrative Expenses and

Increased Costs owing to such Person;

(10)tofundtheUnfundedExposureAccountinanamountnecessarytocauseall

amounts in the Unfunded Exposure Account to equal the Required Funding Amount;

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(11)(a) during the Revolving Period, to the extent not paid pursuant to <u>Section 2.7(a)</u>, to

the Administrative Agent to be distributed to each Lender, if a Borrowing Base Deficiencyexists, an

amount necessary to reduce the Borrowing Base Deficiency to zero, pro rata in accordance with the

amountofAdvancesOutstandingowingtosuchLenderhereunderand(b)aftertheendoftheRevolving

Period, to the Lenders to pay the Advances Outstanding, pro rata in accordance with the amount of

Advances Outstanding owing to such Lender hereunder;

(12)to the extent not paid pursuant to <u>Section 2.7(a)</u>, (i) *first* to the Collateral

Administrator, the Collateral Custodian and the Securities Intermediary, and (ii) *second*, to the

Administrative Agent to be distributed to the Administrative Agent, any applicable Lender, the other

Indemnified Parties, or the other Secured Parties, all other amounts, including, without limitation, any

unpaid Administrative Expenses, any amounts accrued and unpaid under the Fee Letter, any Increased

Costs, Taxes, indemnities and fees or expenses of counsel, but other than the principal of Advances

Outstanding, then due under this Agreement; and

(13)any remaining amounts shall (x) if any Default has occurred and is continuing,

remain in the Principal Collection Account and (y) otherwise, at the direction of the Borrower (or the

Servicer on its behalf), be distributed to the Borrower or any nominee thereof, which amounts may be

used by the Borrower to make Restricted Payments.

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

On each Business Day, (a) followingtheoccurrenceof andduringthe continuationofan

Event of Default or (b) following the declaration of the occurrence, or the deemed occurrence, as

applicable, of the Termination Date pursuant to <u>Section 9.2(a)</u>, the Servicer (or, after delivery of a

Notice of Exclusive Control, the Administrative Agent) shall direct (which direction shall be deemed

given upon receipt by the Collateral Custodian of the related Reporting Date Report) the Collateral

Custodian to pay pursuant to the latest Reporting Date Report or such other direction as may be timely

given by Administrative Agent (and the Collateral Custodian shall make payment from the Collection

Account, the Canadian Dollar Account, the Euro Account, the GBP Account or the Australian Dollar

Account, as applicable, to theextent ofAvailableFunds, inrelianceontheinformationsetforth insuch

Reporting Date Report or such other direction) to the following Persons, the following amounts in the

following order of priority:

(1)totheBorrower(or,attheBorrower'selectionandwithpriorwrittennoticetothe

AdministrativeAgent, to itsdirect orindirectequityholders), inrespect ofTaxes,registrationandfiling

fees then due and owing by the Borrower that are attributable solely to the operations of the Borrower

not to exceed $10,000 in the aggregate during any calendar year;

(2)to the Collateral Custodian, the Collateral Administrator and the Securities

Intermediary, pro rata, in an amount equal to any accrued and unpaid Collateral Custodian Fees;

<u>provided further</u> that the limits set forth in the definition of Collateral Custodian Fees shall not applyto

anyCollateralCustodianFeesrelatedtoanyactionthatwasdirectedorauthorizedbytheAdministrative

Agent or the Required Lenders;

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(3)to the Hedge Counterparty, the aggregate net amount then due and payabletothe

Hedge Counterpartyunder each applicable Hedging Agreement (excluding Hedge Breakage Costs);

(4)to the Servicer, first, to pay any accrued and unpaid Servicer Fees owing to the

Servicer and, second, to pay all documented fees and expenses of the Servicer (including, without

limitation, reasonable attorney's fees, costs and expenses) in an aggregate amount with respect to any

rolling 12-month period not to exceed $200,000;

(5)to the Administrative Agent, in an amount equal to anyaccrued and unpaid fees,

expenses and indemnities set forth in the Transaction Documents;

(6)to the Administrative Agent to be distributed (i) first, pro rata (on the basis of each

Lender'sProRataShare)toeachLender,inanamountequalto(a)anyaccruedandunpaidInterest with

respect to Advances made bysuch Lender and (b) anyaccrued andunpaid Non-Usage Fee and (ii)

second, pro rata (based on amounts owing to such Lender) to each applicable Lender, any accrued and

unpaid Breakage Costs owing to such Lender;

(7)to the Hedge Counterparty, any other amounts (including any Hedge Breakage

Costs) incurred by the Hedge Counterparty under the applicable Hedging Agreement then due and

payable, net of any amounts then due and payable to the Borrower under such applicable Hedging

Agreement;

(8)to the Administrative Agent, to be distributed to the Administrative Agent and each

applicable Lender, to pay all other Administrative Expenses of the Administrative Agent and the

Lenders;

(9)to fund the Unfunded Exposure Account in an amount necessary to cause the

amounts in the Unfunded Exposure Account to equal the Aggregate Unfunded Exposure Amount;

(10)to the Administrative Agent to be distributed pro rata (on the basis of each

Lender's share of the Advances Outstanding) to the Lenders to pay Advances Outstanding;

(11)(i) *first*, to the Collateral Administrator, the Collateral Custodian and the

Securities Intermediary, and (ii) *second*, to the Administrative Agent to be distributed pro rata to the

AdministrativeAgent,anyapplicableLender,theotherIndemnifiedParties,ortheotherSecuredParties,

as applicable, all other fees and amounts, including, without limitation, any unpaid Administrative

Expenses, any amounts accrued and unpaid under the Fee Letter, any Increased Costs, Taxes,

indemnities and fees or expenses of counsel then due under this Agreement and any amounts not paid

under Section 2.8(2) as a result of the limitation set forth therein;

(12)any remaining amounts shall be distributed to the Borrower or any nominee

thereof, which amounts may be used by the Borrower at the direction of the Borrower (or the Servicer

on its behalf), to make Restricted Payments.

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

(a)<u>Collections</u>. The Servicer shall promptly identify any Collections received as being

onaccountofInterestCollectionsorPrincipalCollectionsandshalltransfer,orcausetobe

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transferred, all Collections received directly by it to the appropriate currency-specific Account within

two (2) Business Days after such Collections are received in accordance with <u>Section 5.1(f)</u>. Upon the

transfer of Collections to the relevant Account, the Collateral Custodian shall segregate Principal

Collections and Interest Collections and transfer the same in accordance with <u>Section 5.1(f)</u>. On each

Reporting Date, the Servicer shall further include a statement in the Reporting Date Report delivered

pursuant to <u>Section 5.1(q)</u> as to the amount and type(whether Principal Collections, Interest Collections

or other Collections) of all Collections received since the prior Reporting Date, all Principal Collections

and Interest Collections on deposit as of such Reporting Date and a detailed aging of each Loan. All

Collections in (i) Canadian Dollars shall be deposited into the Canadian Dollar Account, (ii) Euros shall

be deposited into the Euro Account, (iii) GBP shall be deposited into the GBP Account and (iv)

Australian Dollars shall be deposited into the Australian Dollar Account. For purposes of Section 2.7,

anyPrincipalCollectionsandInterestCollectionsshallbeappliedonanyPaymentDate(i)first,tomake

payments in the applicable Eligible Currency and (ii) second, to make payments in any other Eligible

Currency (pro rata based on available amounts from each other Eligible Currency), as converted by the

Collateral Administrator at the direction of the Servicer using the Applicable Exchange Rate; provided,

that such payments shall be subject to availability of such funds pursuant to Section 2.7. The Servicer

shall instruct the Collateral Administrator on the Determination Date immediately preceding each

PaymentDate,toconvertamountsondepositinanyEligibleCurrencyotherthanDollarsintoDollarsto

the extent necessary to make payments pursuant to Section 2.7 (as determined bythe Servicer using the

ApplicableExchangeRate).AnyPrincipalCollectionsmaybeconvertedbytheCollateralAdministrator

at the direction of the Servicer into another Eligible Currency on any Business Day (other than a

Payment Date) using the Applicable Exchange Rate so long as no Borrowing Base Deficiency exists

eitherpriortooraftergivingeffecttosuchconversion.TheServicershallprovidepriorwrittennoticeto

the Administrative Agent and the Collateral Administrator of anysuch conversion.

(b)<u>Excluded</u><u>Amounts</u>.SolongasnoDefaultorEventofDefaultshallhaveoccurred

and be continuing, the Servicer may direct the Collateral Custodian to withdraw from the Collection

Account any deposits thereto constituting Excluded Amounts if the Servicer has, prior to such

withdrawalandconsent,deliveredtotheAdministrativeAgentandeachLenderareportsettingforththe

calculation of such Excluded Amounts in form and substance reasonably satisfactory to the

Administrative Agent. Any such Excluded Amounts may be paid to the Transferor as Restricted

Payments.

(c)<u>Initial Deposits</u>. On the Funding Date with respect to any Loan or Additional Loan,

the Servicer shall deposit into the applicable Collection Account all Collections in the related currency,

if any, received on or before such Funding Date in respect of Loans being transferred to and included as

part of the Collateral on such date.

(d)<u>Investment of Funds</u>. Until the delivery of a Notice of Exclusive Control, to the

extent there are uninvested amounts deposited in the Collection Account, all such amounts shall be

invested in Permitted Investments selected by the Servicer on each Payment Date (or pursuant to

standinginstructions provided bytheServicer); <u>provided</u> that, from and after thedeliveryof aNotice of

ExclusiveControl,totheextentthereareuninvestedamountsinsuchAccount,allsuchamountsmaybe

invested in Permitted Investments selected by the Administrative Agent (which may be standing

instructions). If no instructions are received,then the amounts shall remainuninvested. Anyamounts in

the Collateral Account, the Canadian Dollar Account, the Euro Account, the GBP Account, the

Australian Dollar Account and the Unfunded Exposure Account shall remain uninvested. All earnings

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(net of losses and investment expenses) thereon shall be retained or deposited into the applicable

CollectionAccountandshallbeappliedoneachPaymentDatepursuanttotheprovisionsof<u>Section</u><u>2.7</u>

and <u>Section 2.8</u> (as applicable).The Collateral Custodian shall not be liable for any loss incurred as a

result of investments made at the direction of theServicer (except to the extent resulting from the gross

negligence or willful misconduct on the part of the Collateral Custodian).

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

(i)The Borrower shall not acquire any Revolving Loan or Delayed Draw Loan,

unless, in each case, immediatelyafter givingeffect to such acquisition or issuance, the Borrower shall

deposit an amount equal to the Required Funding Amount with respect to such Revolving Loan or

Delayed Draw Loan into the Unfunded Exposure Account and the Borrower shall notify the Collateral

Custodian in writing of any amounts to be designated as Unfunded Exposure Collections in the

Canadian Dollar Account, the Euro Account, the GBP Account and the Australian Dollar Account.

SubjecttothesatisfactionoftheapplicableWithdrawalConditions,amountsondepositintheUnfunded

Exposure Account may be withdrawn by the Borrower (x) to fund any draw requests of the relevant

Obligors under any Revolving Loan or Delayed Draw Loan or (y) to make a deposit into the Principal

Collections Account. Anysuch withdrawal will be subject to the followingconditions (the "<u>Withdrawal</u>

<u>Conditions</u>"):

(1)withrespecttoanysuchwithdrawalmadeforthepurposesetforth in

clause (x) that are required to be funded by the Borrower, immediately after giving effect to such

withdrawal, no Borrowing Base Deficiency exists; and

(2)withrespecttoanysuchwithdrawalmadeforthepurposesetforth in

clause(x)or(y),immediatelyaftergivingeffecttosuchwithdrawal,theaggregateamountondeposit in

the Unfunded Exposure Account is equal to or greater than the aggregate Required Funding Amount

with respect to all Loans included in the Collateral.

(ii)Any draw request made by an Obligor under a Revolving Loan or a Delayed

DrawLoan,alongwithwiringinstructionsfortheapplicableObligor,shallbeforwardedbythe

Borrower to the Collateral Custodian (with a copy to the Administrative Agent) along with an

instruction to the Collateral Custodian to withdraw the applicable amount from the Unfunded Exposure

Account and a certification (which certification shall be deemed given upon delivery to the Collateral

Custodian of such instruction to withdraw funds from the Unfunded Exposure Account) that the

conditions to fund such draw are satisfied, and theCollateral Custodian shall fund such draw request in

accordance with such instructions from the Borrower.

(f)<u>Application of Collections</u>. Any payment by an Obligor in respect of any

Indebtedness owed by it to the Borrower shall, except as otherwise specified by such Obligor or

otherwise required by contract (including by the Underlying Instrument) or law and unless otherwise

instructedbytheAdministrativeAgent,beappliedasacollectionofapaymentbysuchObligor(starting

with the oldest such outstanding payment due) to the extent of any amounts then due and payable

thereunder before being applied to anyother receivable or other obligation of such Obligor.

(g)<u>Currencies</u>. (i) All Canadian Dollars will be deposited into the Canadian Dollar

Account and will remain in such accountunlessotherwiseprovidedforherein; theCollateralCustodian

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shallmaintainrecordsdesignatingtheamountsintheCanadianDollarAccountasPrincipalCollections,

Interest Collections or Unfunded Exposure Collections; and the Collateral Custodian's reports shall

indicatethesame,(ii)allEuroswillbedepositedintotheEuroAccountandwillremaininsuchaccount

unless otherwise provided for herein; the Collateral Custodian shall maintain records designating the

amounts in the Euro Account as Principal Collections, Interest Collections or Unfunded Exposure

Collections; and the Collateral Custodian's reports shall indicate the same, (iii) all GBP will be

deposited into the GBP Account and will remain in such account unless otherwise provided for herein;

the Collateral Custodian shall maintain records designating the amounts in the GBP Account as

Principal Collections, Interest Collections or Unfunded Exposure Collections; and the Collateral

Custodian's reports shall indicate the same and (iv) all Australian Dollars will be deposited into the

Australian Dollar Account and will remain in such account unless otherwise provided for herein; the

CollateralCustodianshallmaintainrecordsdesignatingtheamountsintheAustralianDollarAccountas

Principal Collections, Interest Collections or Unfunded Exposure Collections; and the Collateral

Custodian's reports shall indicate the same.

Section2.10<u>Payments,</u><u>Computations,</u><u>Etc.</u>

(a)Unless otherwise expressly provided herein, all amounts to be paid or deposited by

theBorrowerortheServicertotheAdministrativeAgentortheotherSecuredPartieshereundershall be

paid ordeposited in accordance with theterms hereof no later than 3:00 p.m. (New York CityTime) on

thedaywhenduein theapplicableEligibleCurrencyinimmediatelyavailablefundsandanyamount

not received before such time shall be deemed received on the next Business Day. The Borrowerorthe

Servicer, as applicable, shall, to the extent permitted by law, pay to the Secured Parties interest on all

amounts not paid or deposited when due hereunder, at the request of the Required Lenders, at the

Interest Rate applicableduring an Event of Default,payableondemand; <u>provided</u>thatsuchinterestrate

shall not at any time exceed the maximum rate permitted by Applicable Law. Such interest shall be for

the account of the applicable Secured Party. All computations of interest and other fees hereunder shall

be made on the basis of a year consisting of 360 days (other than calculations with respect to the Base

Rate or Multicurrency Advances denominated in Canadian Dollars or GBP, which shall be based on a

year consisting of 365 or 366 days, as applicable) for the actual number of days elapsed.

(b)Whenever any payment hereunder shall be stated to be due on a dayother than a

Business Day, such payment shall bemadeonthenextsucceedingBusinessDay,andsuchextension of

time shall in such case be included in the computation of the payment of Interest or any fee payable

hereunder, as the case maybe. Tothe extentthat Available Funds areinsufficient on anyPayment Date

to satisfy the full amount of any Increased Costs pursuant to <u>Section 2.12</u>, such unpaid amounts shall

remain due and owing and shall accrue interest as provided in <u>Section 2.10(a)</u> until repaid in full.

(c)If any Advance requested by the Borrower is not effectuated as a result of the

Borrower's actions or the Borrower's failure to fulfill any condition under <u>Section 3.2</u> (other than any

conditionthatiswaivedbytheAdministrativeAgent),asthecasemaybe,onthedatespecifiedtherefor,

theBorrowershallindemnifytheapplicableLenderagainstanyreasonableanddocumentedloss,costor

expense incurred by the applicable Lender, (other than lost profits or any such loss, cost or expenses

arising as a result of the gross negligence, bad faith, fraud, or willful misconduct of such Lender (as

determinedbyacourtofcompetentjurisdictioninafinal,non-appealablejudgment)),including,without

limitation,anyloss,costorexpenseincurredbyreasonoftheliquidationorreemploymentofdepositsor

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otherfundsacquiredby theapplicable LendertofundormaintainsuchAdvance uponreceiptby the

Borrower of documentation setting forth such costs or a certification thereof.

(d)IfatanytimeaftertheClosingDate,theAdvancesOutstandinghereunderarenot

allocated among the Lenders in accordance with their respective Pro Rata Shares, the Lenders agree to

make such purchases and sales of interests in the Advances Outstanding between themselves so that

each Lender is then holding its relevant Pro Rata Share of Advances Outstanding based on their

Commitments at such time (such purchases and sales shall be arranged through the Administrative

Agent and each Lender herebyagrees to execute such further instruments and documents, if any, as the

Administrative Agent may reasonably request in connection therewith), with all subsequent extensions

of credit under this Agreement to be made in accordance with the respective Pro Rata Shares of the

Lenders from time to time party to this Agreement as provided herein.

(e)If the Administrative Agent disagrees with the computation of anyamounts to be

paidordepositedbytheBorrowerortheServicerunder<u>Section</u><u>2.7</u>or<u>Section</u><u>2.8</u>orotherwisepursuant

to this Agreement, or upon its respective instructions, it shall so notify the Borrower, the Servicer and

the Collateral Custodian in writingand in reasonabledetail to identifythespecificdisagreement. If such

disagreement cannot be resolved within two (2) Business Days, the determination of the Administrative

Agent as to such amounts shall be conclusive and binding on the parties hereto absent manifest error. In

theeventtheCollateralCustodianreceivesinstructionsfromtheServicerortheBorrowerwhichconflict

with any instructions received by the Administrative Agent, the Collateral Custodian shall rely on and

follow the instructions given by the Administrative Agent.

(f)<u>Return</u><u>of</u><u>Payments</u>.

(i)If the Administrative Agent pays an amount to a Lender under this Agreement

in the belief or expectation that a related payment has been or will be received by the Administrative

AgentfromtheBorrowerandsuchrelatedpaymentisnotreceivedbytheAdministrative Agent, then the

Administrative Agent will be entitled to recover such amount from such Lender on demand without

setoff, counterclaim, defense, or deduction of any kind.

(ii)If the Administrative Agent determines at any time that any amount received

bytheAdministrativeAgentunderthisAgreementoranyotherTransactionDocumentmustbe returned

to the Borrower, the Servicer or the Transferor or paid to any other Person pursuant to any insolvency

laworotherwise,then,notwithstandinganyothertermorconditionofthisAgreementorany other

Transaction Document, the Administrative Agent will not be required to distribute any portion thereof

to any Lender. In addition, each Lender will repay to the Administrative Agent on demand any portion

of such amount that the Administrative Agent has distributed to such Lender, together with interestat

suchrate,ifany,astheAdministrativeAgentisrequiredtopaytoanyBorrowerorsuchother Person,

without setoff, counterclaim or deduction of any kind, and the Administrative Agent will be entitled to

set-off against future distributions to such Lender any such amounts (with interest) that are not repaid

on demand.

(iii)(A)If the Administrative Agent notifies a Lender or other SecuredParty, or

any Person who has received funds on behalf of a Lender or other Secured Party (any such Lender,

other Secured Party or other recipient, a "<u>Payment Recipient</u>"), that the Administrative Agent has

determinedinitssolediscretionthatanyfundsreceivedbysuchPaymentRecipientfromthe

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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, other

SecuredPartyorotherPaymentRecipientonitsbehalf)(anysuchfunds,whetherreceivedasapayment,

prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and

collectively, an "<u>Erroneous Payment</u>") anddemands the return ofsuch ErroneousPayment (or aportion

thereof),suchErroneous Paymentshall atalltimesremainthepropertyoftheAdministrativeAgentand

held in trust for the benefit of the Administrative Agent, and such Lender, or other Secured Party shall

(or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such

Payment Recipient to) promptly, but in no event later than two (2) Business Days thereafter, return to

the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which

suchademandwasmade,insamedayfunds(inthecurrencysoreceived),togetherwithinterestthereon

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 bankingindustryrules on interbank compensation from time to time in effect.

A notice of the Administrative Agent to any Payment Recipient under this <u>Section 2.10(f)(iii)</u> shall be

conclusive,absentmanifesterror.(B)Withoutlimitingtheimmediatelypreceding<u>Section</u>

<u>2.10(f)(iii)(A)</u>, each Payment Recipient 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,

prepaymentorrepayment(a"<u>Payment</u><u>Notice</u>"),(y)thatwasnotprecededoraccompaniedbyaPayment

Notice, or (z) that such Payment Recipient otherwise becomes aware was transmitted, or received, in

error or by mistake (in whole or in part) in each case, then (1) 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 (2) 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.

(C)Each Lender and Secured Party hereby authorizes the Administrative Agent

to set off, net and apply any and all amounts at anytime owing to such Lender or Secured Party under

any Transaction Document, or otherwise payable or distributable bythe Administrative Agent to such

Lender or Secured Party from any source, against any amount due to the Administrative Agent under

<u>Section 2.10(f)(iii)(A)</u> above or under the indemnification provisions of this Agreement.

(D)The Borrower,theServicer andtheTransferorherebyagreethat(x)inthe

event an Erroneous Payment (or portion thereof) is not recovered from anyPayment Recipient that has

receivedsuch ErroneousPayment (orportionthereof) for anyreason,the Administrative Agentshall be

contractually subrogated (irrespective of whether the Administrative Agent may be equitably

subrogated) to all the rights of such Lender, or other Secured Party under the Transaction Documents

with respect to such amount, (y) an Erroneous Payment shall not pay, prepay, repay, discharge or

otherwise satisfyanyObligations owed bythe Borrower, the Servicer or the Transferor, except,in each

case, to the extent such Erroneous Payment is, and solelywith respect to the amount of such Erroneous

Payment that is, comprised of funds received by the Administrative Agent from the Borrower, the

Servicer or the Transferor for the purpose of making payment in respect of the Obligations; provided

that this <u>Section 2.10(f)</u> shall not be interpreted to increase (or accelerate the due date for), or have the

effectofincreasing(oracceleratingtheduedatefor),theObligationsoftheBorrowerrelativetothe

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amount (and/or timing for payment) of the Obligations that would have been payable had such

Erroneous Payment not beenmadebythe Administrative Agent, and (z)tothe extentthat an Erroneous

Payment was in any way or at any time credited as a payment or satisfaction of any of the Obligations,

the Obligations or part thereof that were so credited, and all rights of the applicable Lender, other

SecuredPartyorAdministrativeAgent,as thecasemaybe,shall bereinstatedandcontinueinfullforce

and effect as if such payment or satisfaction had never been received.

(E)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 anyErroneous Payment received, including

without limitation waiver of anydefense based on "discharge for value" or anysimilar doctrine.

(F)Each party's obligations, agreements and waivers under this <u>Section</u>

<u>2.10(f)(iii)</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of

rights or obligations by, or the replacement of, a Lender, or other Secured Party, the termination of any

Commitmentortherepayment,satisfactionordischargeofallObligations(oranyportionthereof)under

any Transaction Document.

(G)The parties hereto agree that this Section 2.10(f) shall not apply to

ComputershareTrustCompany,N.A.inanyofitscapacities,excepttotheextentitreceivesfundsforits

own account.

Section 2.11<u>Fees.</u>

(a)The Securities Intermediary, the Collateral Administrator and the Collateral

CustodianshallbeentitledtoreceivetheCollateralCustodianFeeinaccordancewith<u>Sections</u><u>2.7(a)(2)</u>,

<u>2.7(b)(2)</u> and 2.8(2), as applicable.

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

(a)If either (i) the introduction of or any change (including, without limitation, any

change by way of imposition or increase of reserve requirements) in or in the interpretation of any

Applicable Law after the date hereof or (ii) the compliance by an Indemnified Party with any guideline

or request issued after the date hereof from anycentral bank or other Governmental Authority(whether

or not having the force of law), shall (a) subject an Indemnified Party to any Tax (other than Taxes

described in clauses (B) through (D) of the definition of Excluded Taxes, Non-Excluded Taxes and

Connection Income Taxes) on its loans, loan principal, letters of credit, commitments or other

obligations,oritsdeposits,reserves,otherliabilitiesorcapitalattributablethereto,(b)impose,modifyor

deem applicable any reserve requirement (including, without limitation, any reserve requirement

imposed by the Board of Governors of the Federal Reserve System, but excluding any reserve

requirement, if any, included in the determination of Interest), special deposit or similar requirement

against assets of, deposits with or for the amount of, or credit extended by, anyIndemnified Partyor (c)

impose any other condition (other than with respect to Taxes) affecting the security interest in the

Collateral conveyed to the Secured Parties hereunder or any Indemnified Party's rights hereunder or

under any other Transaction Document, the result of which is to increase the cost to any Indemnified

PartyortoreducetheamountofanysumreceivedorreceivablebyanIndemnifiedPartyunderthis

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Agreement or under any other Transaction Document, then on the Payment Date following demand by

such Indemnified Party (which demand shall be accompanied by a statement setting forth the basis for

such demand), the Borrower shall pay (in accordance with <u>Section 2.7</u> or <u>2.8</u>, as applicable) directlyto

such Indemnified Party such additional amount or amounts as will compensate such Indemnified Party

forsuchadditionalorincreasedcostincurredorsuchreductionsuffered;<u>provided</u>,thatdemandforsuch

payment is made within the time frame set forth in clause (f).

(b)Ifeither(i)theintroductionoforanychangeinorintheinterpretationofanylaw,

guideline,rule,regulation,directiveorrequestor(ii)compliancebyanyIndemnifiedPartywithanylaw,

guideline, rule, regulation, directive or request from any central bank or other Governmental Authority

or agency (whether or not having the force of law), including, without limitation, compliance by an

Indemnified Party with anyrequest or directive regarding capital adequacyhas or would have the effect

of reducing the rate of return on the capital of anyIndemnified Partyas aconsequence of its obligations

hereunder or arising in connection herewith to a level below that which any such Indemnified Party

could have achieved but for such introduction, change or compliance (taking into consideration the

policies of such Indemnified Party with respect to capital adequacy) by an amount deemed by such

Indemnified Party to be material, then from time to time, on the Payment Date following demand by

such Indemnified Party (which demand shall be accompanied by a statement setting forth the basis for

such demand), the Borrower shall pay (in accordance with <u>Section 2.7</u> or <u>2.8</u>, as applicable) directly to

such Indemnified Party such additional amount or amounts as will compensate such Indemnified Party

for such reduction; <u>provided</u>, that demand for such payment is made within the time frame set forth in

clause(f);<u>provided</u>thatnotwithstandinganythinginthis<u>Section</u><u>2.12(b)</u>tothecontrary,(x)the

Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or

directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or

directives promulgated by the Bank for International Settlements, the Basel Committee on Banking

Supervision (or anysuccessor or similar authority) or theUnited States orforeign regulatoryauthorities,

in each case pursuant to Basel III, shall in each case be deemed to be a"change in law"for the purposes

ofclause(i)above,regardlessofthedateenacted,adoptedorissued.Notwithstandingtheforegoing,but

subject to Section 10.3, this clause (b) shall not applywith respect to Taxes.

(c)[Reserved].

(d)In determining any amount provided for in this <u>Section 2.12</u>, the Indemnified Party

will act reasonably and in good faith and may use any reasonable averaging and attribution methods.

Any Indemnified Party making a claim under this <u>Section 2.12</u> shall submit to the Servicer a written

descriptionastosuchadditionalorincreasedcostorreductionandthecalculationthereof,which written

description shall be conclusive absent manifest error.

(e)[Reserved].

(f)Subject to the next sentence ofthis <u>Section</u><u>2.12(f)</u>, failure ordelayon thepart of any

Indemnified Party to demand compensation pursuant to this <u>Section 2.12</u> shall not constitute a waiver of

such Indemnified Party's right to demand or receive such compensation. Notwithstanding anything to

the contrary in this <u>Section 2.12</u>, the Borrower shall not be required to compensate an IndemnifiedParty

pursuanttothis<u>Section</u><u>2.12</u>foranyamountsincurredmorethansix (6)monthsprior to the date that

such Indemnified Party notifies the Borrower of such Indemnified Party's intention to claim

compensationtherefor;<u>provided</u>that,ifthecircumstancesgivingrisetosuchclaimhavea

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retroactiveeffect,thensuchsix(6)monthperiodshallbeextendedtoincludetheperiodofsuch

retroactive effect.

(g)Each Lender agrees that it will take such commercially reasonable actions as the

Borrowermayreasonablyrequestthatwillavoidtheneedtopay,orreducetheamountof,anyincreased

amounts referred to in this <u>Section 2.12</u> or <u>Section 2.13</u>; <u>provided</u> that no Lender shall be obligated to

take any actions that would, in the reasonable opinion of such Lender, be disadvantageous to such

Lender in any material respect. In no event will the Borrower be responsible for increased amounts

referred to in this <u>Section 2.12</u> which relates to any other entities to which any Lender provides

financing.

Section2.13<u>Taxes.</u>

(a)Any and all payments by or on behalf of the Borrower under or in respect of this

Agreement or anyother Transaction Documents to which theBorrower is a partyshall be made without

deduction or withholding for any Taxes, unless required by Applicable Law. If any Withholding Agent

shall be required under any Applicable Law to deduct or withhold any Taxes from or in respect of any

sum payable under or in respect of this Agreement or anyother Transaction Document to anyRecipient

(including for purposes of this <u>Section 2.13</u>, any assignee, successor, or participant), (i) then the

applicable Withholding Agent shall make all such deductions and withholdings in respect of Taxes, (ii)

such Withholding Agent shall pay the full amount deducted or withheld in respect of Taxes to the

relevantGovernmentalAuthorityinaccordancewithApplicableLaw,and(iii)ifsuchTaxesare

Non-Excluded Taxes, the sum payable by the Borrower shall be increased as may be necessary so that

after such Withholding Agent has made all required deductions and withholdings (includingdeductions

and withholdings applicable to additional amounts payable under this Section 2.13(a)) such Recipient

receives on the date on which the related payment is due an amount equal to the sum it would have

receivedhadnosuchdeductionsorwithholdingsbeenmade.ForpurposesofthisAgreement,

"Non-Excluded Taxes" are Taxes, other than Excluded Taxes, imposed on or with respect to any

paymentmadebyoronaccountofanyobligationoftheBorrowerunderanyTransactionDocument.For

purposes of this Agreement, "Excluded Taxes" are any of the following Taxes imposed on or with

respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (A) Taxes

measured bynet income(however denominated), franchise taxes, and branch profits taxes, in each case,

(i) that are imposed by the jurisdiction under the laws of which such Recipient is organized or, in the

case of a Lender, of its applicable lending office, or any political subdivision thereof or (ii) that are

Other Connection Taxes, (B) Taxes imposed under FATCA, (C) in the case of a Lender, any U.S.

federal withholding tax that is imposed on amounts payable to or for the account of such Lender at the

time such Lender becomes a partyhereto (or designates a new lending office), except to the extent that

such person (or its assignor, if any) was entitled, at the time of designation of a new lending office (or

assignment), to receive additional amounts from the Borrower with respect to such withholding tax

pursuant to <u>Section</u><u>2.13(a)</u> or (D) Taxes attributable to suchperson's failure orinabilityto complywith

<u>Sections 2.13(e)</u> or <u>(h)</u>.

(b)Inaddition,theBorrowershalltimelypaytotherelevantGovernmentalAuthority in

accordance with Applicable Law, or at theoption of theAdministrativeAgent timelyreimburse it for

the payment, of any present or future stamp, recording, documentary or similar taxes, charges or levies

that arise from any payment made under or in respect of this Agreement or any other Transaction

Document or from the execution, delivery or registration of, any performance under, or otherwise with

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respect to, this Agreement or any other Transaction Document, except any such Taxes that are Other

Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to

Section 2.17(b))(collectively, "<u>Other Taxes</u>").

(c)TheBorrowerherebyagreestoindemnifyeachRecipientfor,andtoholdit

harmlessagainst,thefullamountofNon-ExcludedTaxesandOtherTaxes,andthefullamountofTaxes

imposed or asserted on or attributable to amounts payable under this <u>Section 2.13(c)</u> payable or paid by

such Recipient or required to be withheld or deducted from a payment to such Recipient (including any

reasonableexpensesarisingtherefromorwithrespectthereto).TheindemnitybytheBorrowerprovided

forinthis<u>Section</u><u>2.13(c)</u>shallapply andbemadewhetherornottheNon-ExcludedTaxesorOther

Taxesforwhichindemnificationhereunderissoughthavebeencorrectlyorlegallyassertedbythe

relevant Governmental Authority.Amounts payable by the Borrower under the indemnity set forth in

this<u>Section</u><u>2.13(c)</u>shallbepaid(a)onthenextPaymentDatefollowingthedateonwhichthe

applicable Recipient makes written demand therefor or if such Payment Date is less than 10 Business

Daysfollowingsuchwrittendemandtherefore,within10BusinessDaysfollowingthedateonwhichthe

applicable Recipient makes written demand therefor; <u>provided</u>, that the Borrower shall not be obligated

to make a payment pursuant to this <u>Section 2.13(c)</u> in respect of penalties,additionstoTax,interestand

expensesattributabletoanyNon-ExcludedTaxesorOther Taxes, if (i) such penalties, additions to Tax,

interestandreasonableexpensesareattributabletothefailureoftheLendertopaytotherelevant

Governmental Authority amounts received by it from the Borrower in respect of Non-Excluded Taxes

and Other Taxes within thirty (30) calendar days after receipt of such amount from the Borrower or (ii)

suchpenalties,additionstoTax,interest and reasonable expenses are attributable to the gross negligence

or willful misconduct of the Lender.

(d)Within thirty (30) days after the date of any payment of Taxes by the Borrower under

this Section, the Borrower (or any Person making such payment on behalf of Borrower) shall furnish to

the Administrative Agent for its own account a certified copy of the original official receipt evidencing

payment thereof or other evidence of such payment reasonably satisfactory to the Administrative Agent.

(e) (i)AnyLenderthatisentitledtoanexemptionfromorreductionof

withholding Tax with respect to payments made under any Transaction Document shall deliver to the

Borrower,theCollateralCustodianandtheAdministrativeAgent,atthetimeortimesreasonably

requestedbytheBorrower,theCollateralCustodianortheAdministrativeAgent,suchproperly

completed and executed documentation reasonablyrequested bythe Borrower, the Collateral Custodian

ortheAdministrativeAgentaswillpermitsuchpaymentstobemadewithoutwithholdingorata

reducedrateofwithholding.Inaddition,anyLender,ifreasonablyrequestedbytheBorrower,the

Collateral Custodian or the Administrative Agent, shall deliver such other documentation prescribed by

ApplicableLaworreasonablyrequestedbytheBorrower,theCollateralCustodianortheAdministrative

Agent as will enable the Borrower, the Collateral Custodian or the Administrative Agent to determine

whetherornotsuchLenderissubjecttobackup withholding or information reporting requirements.

Notwithstanding anything to the contraryin the preceding two sentences, the completion, execution and

submission of such documentation (other than such documentation set forth in paragraphs (e)(ii)(A),

(ii)(B)and(ii)(D)ofthisSection)shallnotberequiredifintheLender'sreasonablejudgmentsuch

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completion, execution or submission would subject such Lender to any material unreimbursed cost or

expense or would materiallyprejudice the legal or commercial position of such Lender.

(ii)Withoutlimitingthegeneralityoftheforegoing,

(1)anyLender that is a U.S. Person shall deliver to the Borrower, the

Collateral Custodian and the Administrative Agent on orabout the date on which such Lenderbecomes

a Lender under this Agreement (and from time to time thereafter upon the reasonablerequestofthe

Borrower,theCollateralCustodianortheAdministrativeAgent),copiesofexecutedIRSFormW-9

certifying that such Lender is exempt from U.S. federal backup withholding tax;

(2)anyLenderthatisnot aU.S.Personshall,totheextentitislegally

entitled to do so, deliver to the Borrower, the Collateral Custodian and the Administrative Agent (in

suchnumberofcopies asshall berequested bytherecipient)on oraboutthedateonwhichsuchLender

becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request

of the Borrower, the Collateral Custodian or the Administrative Agent), whichever of the following is

applicable:

(A)in the case of a Lender that is not a U.S. Person claiming the

benefitsofanincometaxtreatytowhichtheUnitedStatesisaparty

(x) with respect to payments of interest under any Transaction

Document, copies of executed IRS Form W-8BEN or IRS Form

W-8BEN-E establishing an exemption from, or reduction of, U.S.

federalwithholdingTaxpursuanttothe"interest"articleofsuchtax

treaty and (y) with respect to any other applicable payments under

anyTransactionDocument,IRSFormW-8BENorIRSForm

W-8BEN-E establishing an exemption from, or reduction of, U.S.

federal withholding Tax pursuant to the "businessprofits"or "other

income" article of such tax treaty;

(B)copiesofexecutedIRSFormW-8ECI;

(C)inthecaseofaLenderthatisnotaU.S.Personclaimingthe

benefitsoftheexemptionforportfoliointerestunderSection881(c)

of theCode, (x) a certificatesubstantiallyin the form of Exhibit I-1

to the effect that suchLenderisnota"bank"withinthemeaningof

Section881(c)(3)(A) of the Code,a"10percent shareholder"ofthe

Borrower within the meaning of Section 871(h)(3)(B) of the Code,

or a "controlled foreign corporation" related to the Borrower as

described in Section 881(c)(3)(C) of the Code (a "U.S. Tax

ComplianceCertificate")and(y)copiesofexecutedIRSForm

W-8BEN or IRS Form W 8BEN-E; or

(D)to the extent a Lender that is not a U.S. Person is not the

beneficial owner, copies of executed IRS Form W-8IMY,

accompaniedbyIRSFormW-8ECI,IRSFormW-8BEN,IRSForm

W 8BEN-E, a U.S. Tax Compliance Certificate substantiallyin the

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form of Exhibit I-2 or Exhibit I-3, IRS Form W-9, and/or other

certification documents from each beneficial owner, as applicable;

providedthatiftheLenderisapartnershipandoneormoredirector

indirect partners of such Lender are claiming the portfolio interest

exemption, such Lender may provide a U.S. Tax Compliance

Certificatesubstantiallyin the form ofExhibit I-4 onbehalfofeach

such direct and indirect partner;

(3)anyLenderthat is not aU.S.Personshall,totheextentitislegally

entitled to do so, deliver to the Borrower, the Collateral Custodian and the Administrative Agent (in

such number of copies as shall be requested bythe recipient) on or about thedateon which such Lender

becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request

of the Borrower, the Collateral Custodian or the Administrative Agent), copies of any other executed

formprescribedbyApplicableLawasabasisforclaimingexemptionfromorareductioninU.S.federal

withholdingTax,dulycompleted,togetherwithsuchsupplementarydocumentationasmaybeprescribed

by Applicable Law to permit the Borrower, the Collateral Custodian or the Administrative Agent to

determine the withholding or deduction required to be made; and

(4)if the Administrative Agent is a U.S. Person, it shall provide the

Borrower and the Collateral Custodian on or prior to the date on which it becomes the Administrative

Agent under this Agreement with a dulycompleted copyof IRS Form W-9. If the AdministrativeAgent

is not a U.S. Person, it shall provide to theBorrower and the Collateral Custodian on or prior to thedate

on which it becomes the Administrative Agent under this Agreement (and from time to time thereafter

upon the reasonable request of the Borrower or the Collateral Custodian): (A) an executed copy of IRS

FormW-8ECIwithrespecttoanyamountspayabletotheAdministrativeAgentforitsownaccount;and

(B) a copy of IRS Form W-8IMY with respect to any amounts payable to the Administrative Agent for

the account of others, certifying that it is a "U.S. branch" and that the payments it receives for the

account of others are not effectively connected with the conduct of its trade or business within the

United States and that it is usingsuch form as evidence of its agreement with theBorrower to betreated

asaU.S.Personwithrespecttosuchpayments(andtheBorrowerandtheAdministrativeAgentagreeto

so treat the Administrative Agent as a U.S. Person with respect to such payments as contemplated by

Section 1.1441-1(b)(2)(iv) of the United States Treasury Regulations).

Each Recipient agrees that if any form or certification it previously delivered expires or

becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly

notify the Borrower in writing of its legal inability to do so.If, on the date a Person becomes an

assignee,successororparticipanttothisAgreement,theLendertransferorwasentitledto indemnification

oradditionalamountsunderthis<u>Section</u><u>2.13</u>,thentheLenderassignee,successororparticipantshallbe

entitled to indemnification or additional amounts to the extent (and only to the extent), that the Lender

transferor was entitled to such indemnification or additional amounts for Non-Excluded Taxes, and the

Lender assignee, successor or participant shall be entitled to additional indemnification or additional

amounts for any other or additional Non-Excluded Taxes imposed due to a change in Applicable Law

after such date.

(f)EachLendershallseverallyindemnifytheAdministrativeAgent,within 10 days

after demand therefor, for (i) anyNon-Excluded Taxes attributable to such Lender (but onlytothe

extent that the Borrower has not alreadyindemnified the Administrative Agent for such Non-Excluded

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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 12.16(b)</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 Transaction Document, and any

reasonableexpensesarisingtherefromorwithrespectthereto, whether or not such Taxes were correctly

orlegallyimposedorassertedbytherelevantGovernmentalAuthority.Acertificateastotheamountof

suchpaymentorliabilitydeliveredtoanyLenderbytheAdministrativeAgentshallbeconclusiveabsent

manifest error.Each Lender herebyauthorizes the AdministrativeAgent to set offand applyanyand all

amountsatanytimeowingtosuchLenderunderanyTransactionDocumentorotherwisepayablebythe

AdministrativeAgenttotheLenderfromanyothersourceagainstanyamount due to the Administrative

Agent under this paragraph (f).

(g)Without prejudice to the survival of any other agreement of the Borrower hereunder,

the agreements and obligations of the Borrower contained in this <u>Section 2.13</u> shall survive the

resignation or replacement of the Administrative Agent or any assignment of rights by, or the

replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or

dischargeofallobligationsunderanyTransactionDocument.Nothingcontained in <u>Section</u><u>2.12</u> orthis

<u>Section</u><u>2.13</u>shallrequireanyRecipienttomakeavailableanyofitstaxreturnsoranyotherinformation

relating to Taxes that it deems to be confidential or proprietary.

(h)If a payment made to a Lender under or in respect of this Agreement or any other

TransactionDocumentswouldbesubjecttoU.S.FederalwithholdingtaximposedpursuanttoFATCAif

suchLenderwereto fail to comply with the applicable reporting requirements of FATCA (including

those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), suchLendershallprovide

totheAdministrativeAgentandtheBorrower,atthetimeortimesprescribedbylawandas

reasonably requested by the Administrative Agent or the Borrower, such documentation prescribed by

Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional

documentationreasonablyrequestedbytheAdministrativeAgentortheBorrowerasmaybenecessaryfor

theAdministrativeAgentortheBorrowertocomplywiththeirobligationsunderFATCAandto

determinewhethersuchLenderhascompliedwithsuchLender'sobligationsunderFATCAandthe

amount, if any, to deduct and withhold from such payment. Thereafter, each such Lender shall provide

additional documentation (i) to the extent documentation previouslyprovided has become inaccurate or

invalidorhasotherwiseceasedtobeeffectiveor(ii)asreasonablyrequestedbytheAdministrative

AgentortheBorrower.Solelyforpurposesofthisparagraph(h),"FATCA"shallincludeany

amendmentsmadetoFATCAafter the date of this Agreement.

(i)If any Lender determines, in its good faith judgment, that it has received a refund of

anyNon-ExcludedTaxesorOtherTaxesastowhichithasbeenindemnifiedbytheBorrowerorwith

respect to which the Borrower has paid additional amounts pursuant to this <u>Section 2.13</u>, it shall pay to

the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or

additional amounts paid, by the Borrower under this <u>Section 2.13</u> with respect to the Non-Excluded

Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of such

Lender, as the case may be, and without interest (other than any interest paid by the relevant

Governmental Authority with respect to such refund), provided that the Borrower, upon the request of

such Lender, agrees to repaythe amount paid over to the Borrower (plus any penalties, interest or other

charges imposed by the relevant Governmental Authority) to such Lender in the event such Lender is

requiredtorepaysuchrefundtosuchGovernmentalAuthority.Notwithstandinganythingtothecontrary

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in this paragraph (i), in no event will any Lender be required to pay any amount to the Borrower

pursuant to this paragraph (i) the payment of which would place the Lender in a less favorable net

after-Tax position than the Lender would have been in if the Tax subject to indemnification and giving

rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification

payments or additional amounts with respect tosuch Tax hadneverbeenpaid.Thisparagraphshallnot

be construed to require such Lender to make available its tax returns (or anyother information relating

to its taxes that it deems confidential) to the Borrower or anyother Person.

(j)For purposes of this Section, the term "Applicable Law" includes FATCA.

Section2.14<u>Reinvestment; Discretionary Sales, Substitutions and Repurchases</u><u>of</u><u>Loans.</u>

(a)<u>Reinvestment</u>.On the terms and conditions hereinafter set forth as certified in

writingtotheAdministrativeAgentandtheCollateralCustodian,priortotheFacilityMaturityDate,the

Borrower may withdraw funds on deposit in the Principal Collection Account for the following

purposes:

(i)to reinvest such funds in Additional Loans to be pledged hereunder (a

"<u>Reinvestment</u>"), so long as (1) all applicable conditions precedent set forth in <u>Section 3.2</u> have been

satisfied and (2) each Additional Loan acquired by the Borrower in connection with such reinvestment

shall be an Eligible Loan;

(ii)to make payments in respect of the Advances Outstanding at such timein

accordance with and subject to the terms of <u>Section 2.3</u>;

(iii) in accordance with the related Reporting Date Report, from amounts

available from <u>Sections 2.7(b)(13)(y)</u> and <u>2.8(12)</u>; or

(iv)tomakePermittedRICDistributionssubjecttoandinaccordancewith

<u>Section</u><u>5.2(e).</u>

Uponthesatisfactionoftheapplicableconditionssetforthin<u>Section</u><u>2.14(a)</u>,the

Collateral Custodian will release funds from the Principal Collection Account to the Borrower in an

amount not to exceed the lesser of (A) the amount requested by the Borrower and (B) the amount on

deposit in the Principal Collection Account on such day.

(b)<u>Substitutions</u>. The Borrowermay, uponprior writtennotice to the Administrative

Agent and subject to clauses (e) and (f) below, replace any Loan with an Additional Loan (each such

saleand reinvestment, a "<u>Substitution</u>") so longas (i) theAdministrativeAgent has not commenced any

remedies under <u>Section 9.2</u>hereof as a result of an Event of Default that has occurred and is continuing

and, immediately after giving effect to such Substitution, no Default or Event of Default shall have

occurredandbecontinuing,(ii)eachsubstituteAdditionalLoanacquiredbytheBorrowerinconnection

withaSubstitutionshallbeanEligibleLoan,(iii)allapplicableconditionsprecedentsetforthin<u>Section</u>

<u>3.2</u> have been satisfied with respect to each Additional Loan to be acquired by the Borrower in

connection with such Substitution and (iv) immediately after giving effect to such Substitution, there

shallnot exist aBorrowingBaseDeficiency;<u>provided</u>that,notwithstandinganythingtothecontraryset

forth in <u>Section 3.2</u>, in the event a Borrowing Base Deficiency shall have existed immediately prior to

giving effect to such Substitution, the Borrower mayeffect a Substitution so long as, immediatelyafter

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givingeffecttosuchSubstitutionandanyothertransactiondescribedin<u>Section</u><u>2.6</u>substantially

contemporaneous therewith, the Borrowing Base Deficiency is reduced or cured.

(c)<u>Discretionary</u><u>Sales</u>. Upon not less than one (1)BusinessDaypriorwrittennotice to

the Administrative Agent (with a copyto the Collateral Custodian and the Collateral Administrator), the

Borrowershall bepermitted,subject to clauses (e) and (f)below, to sell Loans(orportionsthereof),

including any sale contemplated by <u>Section 2.6(iv)</u> hereof, (each, a "<u>Discretionary Sale</u>") so long as (i)

the Administrative Agent has not commenced any remedies under <u>Section 9.2</u> hereof as a result of an

Event of Default that has occurred and is continuing and, immediately after giving effect to such

Discretionary Sale, no Default or Event of Default shall have occurred and be continuing; (ii)

notwithstanding anything set forth below in <u>Section 2.14</u>, immediately after giving effect to such

Discretionary Sale, (a) there shall not exist a Borrowing Base Deficiency (provided that (1) in

connection with a Term Securitization, such requirement shall be calculated giving pro forma effect to

the contemplated Discretionary Sale immediately prior to the pricing of such Term Securitization, and

(2) such requirement shall not apply with respect to a Discretionary Sale contemplated by <u>Section</u>

<u>2.6(iv)</u>hereof),and(3)intheeventaBorrowingBaseDeficiencyshallhaveexistedimmediatelypriorto

giving effect to such Discretionary Sale, the Borrower may effect a Discretionary Sale so long as,

immediatelyaftergivingeffecttosuchDiscretionarySaleandanyothertransactiondescribedin<u>Section</u>

<u>2.6</u>substantiallycontemporaneoustherewith,theBorrowingBaseDeficiencyisreducedorcured)and

(b)immediatelyaftergivingeffecttoanysuchsale, theWeightedAverageSpreadTestissatisfied;and

(iii) in the case of any Discretionary Sale in connection with a Term Securitization (other than a Term

SecuritizationthatresultsintheterminationofthisAgreementandrepaymentinfulloftheObligations),

theAdministrativeAgentshallhaveconsentedinwritingtosuchDiscretionarySaleinitssolediscretion

prior to the pricing date of such Term Securitization (which consent shall be irrevocable following such

pricing date).

(d)<u>Sale or Substitution of Warranty Loans</u>. Not later than ten (10) Business Days

following the earlier of (i) knowledge by the Borrower or the Servicer that any Loan constitutes a

Warranty Loan or (ii) receipt bythe Borrower from the Administrative Agent of written notice thereof,

the Borrower shall either:

(i)sell such Loan and make a deposit to the Collection Account in immediately

availablefundsinanamountequaltothesumof(A)theOutstandingBalanceoftherelated Loan as of

the date of the repurchase *multiplied by* the Purchase Price (without giving effect to the proviso in the

definition thereof) plus all accrued and unpaid interest thereon *plus* (B) any expenses or fees with

respect to such Loan (including, but not limited to, any Hedge Breakage Costs owed to the Hedge

Counterpartyforanytermination ofoneormoreHedgeTransactions)and(C)costs anddamages

incurredbytheAdministrativeAgentorbyanyLenderinconnectionwithanyviolationbysuchLoanof

anyApplicable Law (a notification regarding the amount of such expenses or fees to be provided bythe

Administrative Agent to the Borrower); <u>provided</u> that the Administrative Agent shall have the right to

determine whether the amount so deposited is sufficient to satisfythe foregoing requirements; or

(ii)substituteforsuchWarrantyLoanasubstituteEligibleLoan,<u>provided</u>that all

requirements with respect to Substitutions set forth in this <u>Section 2.14</u> are satisfied.

Upon receipt of written certification from the Borrower certifying to the confirmation of

thedepositoftheamountssetforthin<u>Section</u><u>2.14(d)(i)</u>intotheCollectionAccountorthedeliveryby

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the Borrower of a substitute Eligible Loan for each Warranty Loan (the date of such confirmation or

delivery,the"<u>Release</u><u>Date</u>"),suchWarrantyLoanandrelatedUnderlyingAssetsshallberemovedfrom

the Collateral and, as applicable, the substitute Eligible Loan and related Underlying Assets shall be

included in theCollateral. On theReleaseDateofeachWarrantyLoan,theCollateralCustodian,forthe

benefit oftheSecuredParties,shallautomaticallyandwithoutfurtheractionbedeemedtoreleasetothe

Borrower, without recourse, representation or warranty, all the right, title and interest and any Lien of

the Administrative Agent, for the benefit of the SecuredParties in, to andunder theWarrantyLoan and

anyrelated Underlying Assets and all future monies due or to become due with respect thereto.

(e)<u>Conditions to Sales and Substitutions</u>. AnyDiscretionarySaleorsalepursuant to a

Substitution effected pursuant to <u>Section 2.14</u> shall be subject to the satisfaction of the following

conditions:

(i)the Borrower shall deliver a Borrowing Base Certificate to the Administrative

Agent (with a copy to Collateral Custodian);

(ii)the Borrower shall deliver a list of all Loans (or portions thereof) to be sold

or substituted to the Administrative Agent (with a copy to Collateral Custodian);

(iii)the Borrower shall notify the Administrative Agent and Collateral Custodian

of any amount to be deposited into the Collection Account in connection with any sale or substitution;

(iv)as certified in writing to the Administrative Agent (with a copy to Collateral

Custodian) by the Borrower, the representations and warranties contained in <u>Section 4.1</u> and

<u>4.2</u> hereof shall continue to be true and correct in all material respects (except for such representations

and warranties as are qualified bymateriality, a Material Adverse Effect or anysimilar qualifier, which

representations and warranties shall be true in all respects, and except for those representations and

warranties made as of a specific date which are true, correct, and complete as of such date) following

any sale or Substitution, except to the extent any such representation or warranty relates to an earlier

date;

(v)any repayment of Advances Outstanding in connection with any sale or

substitution of Loans hereunder shall complywith the requirements set forth in <u>Section 2.3</u>;

(vi)as certified in writing to the Administrative Agent by the Borrower, any

Discretionary Sale or sale in connection with a Substitution shall be made by the Servicer, on behalf of

the Borrower, in a transaction (1) reflecting arms-length market terms and (2) in which the Borrower

makes no representations, warranties or covenants and provides no indemnification for the benefit of

any other party to such sale (other than that the Borrower has good title thereto, free and clear of all

Liens(otherthananyPermittedLiendescribedinclause(c),(d),(e)or(f)ofsuchdefinition)andhasthe

right to sell the related Loan);

(vii)(a) with respect to any Discretionary Sale of an Eligible Loan (other

than anyDiscretionarySale of an Eligible Loan in connection with a Term Securitization or to another

fund or entity managed by the Servicer or an Affiliate of the Servicer) at a cash value that is less than

the amountprovidedinclause(d)(i)above,thewrittenconsentoftheAdministrativeAgentshallhave

been

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obtained, <u>provided</u>, that prior to the occurrence and continuance of a Default or an Event of Default, no

such consent shall be required with respect to the DiscretionarySale of anyEligible Loan for which (A)

the entire principal amount thereof is excluded from theBorrowingBaseas aresult of theapplication of

the Excess Concentration Amount or (B) the Assigned Value is 0% and (b) with respect to any

Discretionary Sale of an Eligible Loan in connection with a Term Securitization or to another fund or

entitymanagedbytheServiceroranAffiliateoftheServicerthepurchasepricereceivedincashshallbe

nolessthantheproductof(1)theAdjustedBorrowingValueofsuchEligibleLoan*multipliedby*(2)the

Advance Rate applicable to such Eligible Loan (and the difference between the cash purchase price for

such Eligible Loan and the fair market value of such Eligible Loan shall be treated as a distribution to

the Transferor);

(viii)the Borrower and Servicer (on behalf of the Borrower) shall pay an

amount equal to all Breakage Costs and Hedge Breakage Costs and other accrued and unpaid costs and

expenses(including,withoutlimitation,reasonablelegalfees)oftheAdministrativeAgent,theLenders,

the Hedge Counterparty and the Collateral Custodian in connection with any such sale, substitution or

repurchase(including,butnotlimitedto,expensesincurredinconnectionwiththereleaseoftheLienof

the Administrative Agent on behalf of the Secured Parties and any other party having an interest in the

Loan in connection with such sale, substitution or repurchase);

(ix)the proceeds of any such sale shall be deposited into the Collection Account

to be disbursed in accordance with Section 2.9 hereof or reinvested in Additional Loans in accordance

with this Agreement; and

(x)except in the case of a Discretionary Sale, as certified in writingto the

Administrative Agent by the Borrower, no selection procedures adverse to the interests of the

Administrative Agent or the Lenders wereutilized bytheBorrowerortheServicer,asapplicable, in the

selection of the Loans (or portions thereof) to be sold or substituted.

(f)<u>Limitations on Sales, Substitutions and Repurchases</u>. Other than with respect to

Warranty Loans, after giving pro forma effect to any transaction pursuant to this <u>Section 2.14</u>, (i) the

value of Transferor Loanssubstituted orsold bythe Borrower to the Transferormaynot exceed 20% of

theTransferorPurchasedPrincipalBalancemeasuredasofthedateofsuchsaleordividend,and(ii)the

value of Transferor Loans that are Defaulted Obligations substituted or sold by the Borrower to the

Transferor maynot exceed 10% of the Transferor Purchased Principal Balance measured as of the date

of such sale or dividend.

(g)The aggregate Outstanding Balance of all Loans (other than Warranty Loans (x) that

fail tosatisfyanycriteriasetforthinclause(iii)ofthedefinitionof"EligibleLoan"asofthedateof

acquisition of such Loan, (y) that fail to satisfythe criteria set forth in clause (iii)(j)(ii) of the definition

of"EligibleLoan"asofthedateofdeterminationor(z)withrespecttowhichtheBorrowerhadfailedto

deliver the Required Loan Documents described in <u>Section 3.2(i)</u> within the time periods set forth

therein)that were acquired bythe Borrower from the TransferororanAffiliatewhicharetransferred by

the Borrower to the Transferor or an Affiliate thereof in connection with aSubstitution, a Discretionary

Sale (other than a Discretionary Sale in connection with a Term Securitization) or the transfer to the

Transferor pursuant to a dividend shall not exceed in the aggregate, twenty-five percent (25%) of the

highestaggregateOutstandingBalanceofallLoansandownedby theBorrower during the preceding

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periodoftwelve(12)calendarmonths(orforthefirsttwelve(12)calendarmonthsaftertheClosing

Date, during the period commencing on the Closing Date).

(h)<u>Certification</u>. The consummation of such sale or substitution pursuant to the

foregoing provisions shall be deemed to constitute a certification by the Borrower that all conditions

precedent thereto have been satisfied (unless expresslywaived bythe Administrative Agent).

Section2.15<u>Assignment</u><u>of</u><u>Sale</u> <u>Agreement</u>.

The Borrower hereby collaterally assigns to the Administrative Agent, for the ratable

benefit of theSecuredPartieshereunder,all oftheBorrower'sright,titleandinterest inand to,but none

of its obligations under, the Sale Agreement and any UCC financing statements filed under or in

connection therewith to secure the prompt and complete payment and performance in full when due,

whether by lapse of time, acceleration or otherwise, of the Obligations of the Borrower arising in

connection with this Agreement and each other Transaction Document, whether now or hereafter

existing, due or to become due, direct or indirect, absolute or contingent. In furtherance and not in

limitation ofthe foregoing,the BorrowerherebycollaterallyassignstotheAdministrativeAgentforthe

benefit of the Secured Parties its right to indemnification under the Sale Agreement. The Borrower

confirms that, following the occurrence and during the continuance of an Event of Default, the

Administrative Agent, on behalf of the Secured Parties, shall have the right to enforce the Borrower's

rights and remedies under the Sale Agreement and any UCC financing statements filed under or in

connection therewith for the benefit of the Secured Parties.

Section2.16<u>Defaulting</u><u>Lenders.</u>

(a)Notwithstanding anything to the contrary contained in this Agreement, if any Lender

becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to

the extent permitted by Applicable Law:

(i)That Defaulting Lender's right to approve or disapprove any amendment,

waiverorconsentwithrespecttothisAgreementshallberestrictedassetforth in <u>Section 12.1</u>.

(ii)Any payment of principal, interest, fees or other amounts received by the

Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at

maturity, or otherwise), shall be applied at such time or times as may be determined by the

Administrative Agent as follows: *first*, to the payment of any amounts owing bythat Defaulting Lender

to the Administrative Agent hereunder; *second*, as the Borrower may request (so long as no Default or

Event of Default has occurred and is continuing (other than a Default or Event of Default caused solely

by such Defaulting Lender, as determined by the Borrower in its reasonable discretion)), to the funding

of any Advance in respect of which that Defaulting Lender has failed to fund its portion thereof as

required by this Agreement, as determined by the Administrative Agent; *third*, if so determined by the

Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and

released in order to satisfy obligations of that Defaulting Lender to fund Advances under this

Agreement;*fourth*,tothepaymentofanyamountsowingtotheLenders,asaresultofanyjudgmentofa

court of competent jurisdiction obtained byanyLender against that DefaultingLender as a result ofthat

DefaultingLender'sbreachofitsobligationsunderthisAgreement; *fifth*, so long as no Default or Event

ofDefaulthasoccurredandiscontinuing(otherthanaDefaultorEventofDefaultcausedsolelyby

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such Defaulting Lender, as determined by the Borrower in its reasonable discretion), to the payment of

any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction

obtainedbytheBorroweragainstthatDefaultingLenderasaresultofthatDefaultingLender'sbreachof

its obligations under this Agreement; and *sixth*, to that Defaulting Lender or as otherwise directed by a

court of competent jurisdiction; <u>provided</u> that if such payment is a payment of the principal amount of

any Advances in respect of whichthatDefaultingLenderhasnotfullyfundeditsappropriateshare,such

payment shall be applied solely to pay the Advances of all non-Defaulting Lenders on a *pro rata* basis

prior to being applied to the payment of any Advances of that Defaulting Lender. Any payments,

prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay

amounts owed by a Defaulting Lender or to post cash collateral pursuant to this <u>Section 2.16</u> shall be

deemed paid to and redirected bythat Defaulting Lender, and each Lender irrevocablyconsents hereto.

(iii)No Defaulting Lender shall be entitled to receive any fees payable by the

BorrowerpursuanttoanyTransactionDocumentforanyperiodduringwhichthatLenderisaDefaulting

Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been

requiredtohavebeenpaidtothatDefaultingLenderduring such period).

(b)If the Administrative Agent and the Borrower agree in writing that a Defaulting

Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify

the parties hereto, whereupon as of the effective date specified in such notice and subject to any

conditions set forth therein (which may include arrangements with respect to any cash collateral), that

Lender will, to the extent applicable, purchase that portion of Advances Outstanding of the other

Lenders or take such other actions as the Administrative Agent maydetermine to be necessaryto cause

the Advances to be held on a *pro rata* basis by the Lenders in accordance with their Pro Rata Shares,

whereuponthat Lender will ceasetobeaDefaultingLender; <u>provided</u>thatnoadjustmentswillbemade

retroactivelywith respect to fees accrued or payments made byor on behalf of the Borrower while that

Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly

agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a

waiver or release of any claim of any party hereunder arising from that Lender's having been a

Defaulting Lender.

Section2.17<u>Mitigation</u><u>Obligations;</u><u>Replacement</u><u>of</u><u>Lenders.</u>

(a)<u>Designation of a Different Lending Office</u>.If anyLender requests compensation

under<u>Section</u><u>2.12</u>,orrequirestheBorrowertopayanyadditionalamounttoanyLenderorany

GovernmentalAuthorityfortheaccountofanyLenderpursuantto<u>Section</u><u>2.13</u>,theBorrowermay

requestsuchLenderprovideanestimateofthecostsandexpensesthatwouldbeincurredbysuch

Lender in connection with designating a different lending office for funding or booking its Advances

hereunderorassigningitsrightsandobligationshereundertoanotherofitsoffices,branchesoraffiliates,

ineachcase,whichdesignationorassignment(i)wouldeliminate orreduceamounts payablepursuant to

<u>Section</u><u>2.12</u>or<u>Section</u><u>2.13</u>,asthecasemaybe,inthefutureand(ii)wouldnototherwisebe

disadvantageoustosuchLenderinanymaterialrespect(asreasonably determined by such Lender).

Upon receipt of such estimate, the Borrower may approve the proposed designation or assignment, in

whichcasetheLendershallusereasonableeffortstoeffectthesame.TheBorrowerherebyagreestopay

allreasonablecostsandexpensesincurredbyanyLenderinconnectionwithanysuchapproved

designation or assignment.

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(b)<u>Replacement of Lenders</u>.If any Lender requests compensation under <u>Section</u><u>2.12</u>, or

if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority

fortheaccountofanyLenderpursuantto<u>Section</u><u>2.13</u>,orifanyLenderisaDefaultingLender

hereunder, or if any Lender does not consent to any amendment or modification (including in the form

of a consent or waiver) to any Transaction Document which is approved by the Borrower, the

Administrative Agent and the Required Lenders, then the Borrower may, at its sole expense and effort,

upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate,

without recourse (in accordance with and subject to the restrictions contained in, and consents required

by, <u>Section 12.16</u>), all of its interests, rights and obligations under this Agreement and the Transaction

Documents to an assignee that shall assume such obligations (which assignee maybe another Lender, if

a Lender accepts such assignment); <u>provided</u> that:

(i)such Lender shall have received payment of an amount equal to the

outstanding principal of its Advances, accrued interest thereon, accrued fees and all other amounts

payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued

interest and fees) or the Borrower (in the case of all other amounts);

(ii)in the case of any such assignment resulting from a claim for compensation

under <u>Section 2.12</u> or payments required to be made pursuant to <u>Section</u><u>2.13,</u> such assignment will

result in a reduction in such compensation or payments thereafter; and

(iii)suchassignmentdoesnotconflictwithApplicableLaw.

A Lender shall not be required to make any such assignment or delegation if, prior

thereto, as a result of a waiver bysuch Lender orotherwise, the circumstances entitlingtheBorrowerto

require such assignment and delegation cease to apply.

Section2.18<u>Increase</u><u>of</u><u>Commitment;</u><u>Facility</u><u>Amount.</u>

(a)At any time during the Revolving Period, provided that no Event of Default has

occurred and is continuing, the Commitment for any Lender may be increased in connection with a

corresponding increase in the Facility Amount with the prior written consent of the Borrower, the

Administrative Agent and such Lender; <u>provided</u> that, immediately following such Commitment

increase, the Facility Amount shall not exceed $350,000,000. Prior to the effectiveness of any such

increase, the Borrower shall, upon the written request of such Lender, execute and deliver to the

applicable Lender a revised Note in an aggregate face amount equal to the revised Commitment. The

Borrower confirms that each Lender, in its sole and absolute discretion, without regard to the value or

performance of the Loans or any other factor, may elect not to increase its Commitment. Upon such

increase, Annex A hereto shall be deemed to be revised to reflect such increase in such Lender's

Commitment.

(b)The Borrower may, with the written consent of the Administrative Agent, add

additional Persons as Lenders.Each additional Lender shall become a party hereto by executing and

deliveringtotheAdministrative Agent andtheBorroweraJoinderSupplement and a Transferee Letter.

Section2.19<u>Refunding</u><u>of</u><u>Swingline</u><u>Advances.</u>

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(a)Each Swingline Advance shall be refunded by the Lenders on the first Business Day

following the date of such Swingline Advance (each such date, a "<u>Swingline Refund Date</u>").Such

refundings shall be made by the Lenders in accordance with their respective Pro Rata Shares and shall

thereafterbereflectedasAdvancesoftheLendersonthebooksandrecordsoftheAdministrativeAgent.

Each Lender shall fund its respective Pro Rata Share of Advances as required to repay Swingline

Advances outstanding to the Swingline Lender no later than 12:00 p.m. on the applicable Swingline

Refund Date.

(b)TheBorrowershallpaytotheSwinglineLender,withinfive(5)BusinessDaysof

demand, the amount of such Swingline Advances to the extent amounts received from the Lenders are

not sufficient to repayin full the outstandingSwingline Advances requested or required to be refunded.

Ifanyportion ofanysuch amountpaid to theSwinglineLendershallberecoveredbyoronbehalfofthe

Borrower from the Swingline Lender in bankruptcy or otherwise, the loss of the amount so recovered

shall be ratablyshared among all the Lenders in accordance with their respective Pro Rata Shares.

(c)Each Lender acknowledges and agrees that its obligation to refund Swingline

Advances in accordance with the terms of this <u>Section 2.19</u> is absolute and unconditional and shall not

be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the

conditions set forth in <u>Section 3.2</u>. Further, each Lender agrees and acknowledges that if prior to the

refunding of any outstanding Swingline Advances pursuant to this <u>Section 2.19</u>. a bankruptcy or

insolvencyproceeding relating to the Borrower, the Servicer ortheTransferorshall haveoccurred,each

Lender will, on the date the applicable Advance would have been made, purchase an undivided

participating interest in the Swingline Advance to be refunded in an amount equal to its Pro Rata Share

of the aggregate amount of such Swingline Advance.Each Lender will immediately transfer to the

Swingline Lender, in immediately available funds, the amount of its participation and upon receipt

thereoftheSwinglineLenderwilldelivertosuchLenderacertificateevidencingsuchparticipationdated

thedateofreceipt ofsuchfunds andforsuch amount.Whenever,at anytimeaftertheSwinglineLender

hasreceivedfromanyLendersuchLender'sparticipatinginterestinaSwinglineAdvance,theSwingline

Lenderreceives anypayment onaccountthereof, theSwinglineLenderwill distributetosuch Lenderits

participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect

the period of time during which such Lender's participating interest was outstanding and funded).

Section2.20<u>Effect</u><u>of</u><u>Benchmark</u><u>Transition</u><u>Event.</u>

(a)Notwithstanding anything to the contrary herein or in any other Transaction

Document, upon the occurrence of a Benchmark Transition Event with respect to any then-current

Benchmark, the Administrative Agent and the Borrower may amend this Agreement to replace such

Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark

Transition Event will become effective at 5:00 p.m. (New York City Time) on the fifth (5th) Business

Day after the Administrative Agent has posted such proposed amendment to all Lenders and the

BorrowersolongastheAdministrativeAgenthasnotreceived,bysuchtime,writtennoticeofobjection

to such amendment from Lenders comprising the Required Lenders.

(b)In connection with the implementation and administration of a Benchmark

Replacement, the Administrative Agent will have the right to make Benchmark Replacement

Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any

otherTransactionDocument,anyamendmentsimplementingsuchBenchmarkReplacement

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Conforming Changes will become effective without any further action or consent of any other party to

this Agreement.

(c)TheAdministrativeAgentwillpromptlynotifytheBorrowerandtheLendersof

(i) any occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (ii)

the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark

Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark

Unavailability Period. Any determination, decision or election that maybe made bythe Administrative

Agent or Lenders pursuant to this <u>Section 2.20</u> including anydetermination with respectto atenor, rate

oradjustmentoroftheoccurrenceornon-occurrenceofanevent,circumstanceordateandanydecision

to take or refrain from taking anyaction, 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 hereto, except, in each

case, as expressly required pursuant to this <u>Section 2.20</u>.

(d)The Administrative Agent does not warrant or accept responsibilityfor, and shall not

have any liability with respect to (a) the continuation of, administration of, submission of, calculation of

or any other matter related to the Benchmark, any component definition thereof or rates referred to 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 anyBenchmark Replacement) will be similar to, or produce the

same value or economic equivalence of, or have the same volume or liquidity as, the Benchmark or any

other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or

composition of any Benchmark Replacement Conforming Changes. The AdministrativeAgentandits

Affiliatesorotherrelatedentitiesmayengageintransactionsthataffectthe calculation of the

Benchmark, anyalternative, successor or replacement rate (including anyBenchmark Replacement)or

anyrelevantadjustmentsthereto,ineachcase,inamanneradversetotheLoanParties. The

Administrative Agent may select information sources or services in its reasonable discretion to ascertain

the Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liabilityto the

Loan Parties, anyLender or anyother person or entityfordamages ofanykind, 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 anysuch rate

(or component thereof) provided byanysuch information source or service.

**ARTICLE III**

**CONDITIONSTOTHECLOSINGDATEAND ADVANCES**

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

No Lender, the Administrative Agent or the Collateral Custodian shall be obligated to

take, fulfill orperform anyother actionhereunder, until the following conditions havebeensatisfied, in

the sole discretion of, or waived in writing, bythe Administrative Agent:

(a)This Agreement and the other Transaction Documents shall have been duly executed

by, and,otherthan theCollateralCustodianandCollateralAdministratorFee Letter,delivered to,the

partiesheretoandthereto,andtheAdministrativeAgentshallhavereceivedsuchother

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documents, instruments, agreements and legal opinions as the Administrative Agent shall reasonably

request in connection with the transactions contemplated by this Agreement;

(b)TheAdministrativeAgentshallhavereceivedreasonablysatisfactoryevidencethat the

Borrower, the Transferor and the Servicer have obtained all required consents and approvals of all

Persons to the execution, delivery and performance of this Agreement and the consummation of the

transactions contemplated hereby or thereby;

(c)The Borrower, the Transferor and the Servicer shall each have delivered to the

Administrative Agent a certification in the form of <u>Exhibit D</u>;

(d)The Borrower, the Transferor and the Servicer shall each have delivered to the

Administrative Agent a certificate as to whether such entityis Solvent in the form of <u>Exhibit C</u>;

(e)TheServicershallhavedeliveredtotheAdministrativeAgentcertificationthatno

Default, Event of Default, Change of Control or Servicer Termination Event has occurred and is

continuing;

(f)TheAdministrativeAgentand,withrespecttotheopinionsdescribedinclauses

(A) and (C) below, the Collateral Custodian and the Collateral Administrator, shall have received the

executed legal opinion or opinions of Dechert LLP, counsel to the Loan Parties, covering (A)

enforceabilityofthisAgreementandtheotherTransactionDocuments,(B)truesaleand

non-consolidation matters, and (C) UCC and perfection matters; in each case, in form and substance

acceptable to the Administrative Agent in its reasonable discretion;

(g)The Administrative Agent shall have received the executed legal opinion or opinions

of Troutman Pepper Locke LLP, counsel to the Collateral Administrator and the Collateral Custodian,

in form and substance acceptable to the Administrative Agent in its reasonable discretion;

(h)The Borrower and the Administrative Agent shall have executed the Fee Letter, and

the Borrower shall have paid all fees due on the Closing Date and unpaid under the Fee Letter and all

costs and expenses (including, for avoidance of doubt, all reasonable and documented out-of-pocket

costs and expenses includinglegal fees, duediligence fees and expensesincurred bytheAdministrative

Agent) owing on the Closing Date under the Transaction Documents;

(i)The Borrower and the Collateral Custodian shall have executed the Collateral

Custodian andCollateral Administrator Fee Letter, and the Borrowershall havepaid all fees due on the

Closing Date and unpaid under the Collateral Custodian and Collateral Administrator Fee Letter;

(j)If requested by such Lender, each applicable Lender shall have received a duly

executed copyof its Note, in a principal amount equal to the Commitment of such Lender;

(k)The Administrative Agent shall have received a secretary's certificate of each Loan

Party, the Securities Intermediary, the Collateral Administrator and the Collateral Custodian (i) that

includes a copy of the resolutions, in form and substance reasonably satisfactory to the Administrative

Agent, of the applicable governing body or authorized person of such Loan Party authorizing (A) the

execution, delivery and performance of this Agreement and the other Transaction Documentstowhich

it is a party, and (B) the borrowings contemplated thereunder, and a certification

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thatsuchresolutionshavenotbeenamended,modified,revokedorrescinded,(ii)thatincludesacopyof

the Governing Documents of such Loan Partyand a certification that, except as disclosed therein, there

has not been any amendment, modification or supplement to such Governing Documents, (iii) that

includes a certification as to the incumbency and signature of the officers of such Loan Party, the

Securities Intermediary, the Collateral Administrator and the Collateral Custodian, respectively,

executinganyTransactionDocumentand(iv)thatincludescertificatesdatedasofarecentdatefromthe

Secretary of State or other appropriate authority, evidencing the good standing of such Loan Party, the

Securities Intermediary, the Collateral Administrator and the Collateral Custodian, respectively, in the

jurisdictionofitsorganization,whichsecretary'scertificateshallbeinformandsubstancesatisfactoryto

the Administrative Agent and shall be executed by a Responsible Officer of such Loan Party, the

Securities Intermediarythe Collateral Administrator and the Collateral Custodian, respectively;

(l)The Administrative Agent shall have received the results of a recent search by a

Person satisfactory to the Administrative Agent, of the UCC, judgment and tax lien filings which may

have been filed with respect to personal property of the Borrower and Transferor, and bankruptcy and

pending lawsuits with respect to the Borrower and Transferor and the results of such search shall be

satisfactory to the Administrative Agent;

(m)[Reserved];

(n)The Administrative Agentshallhave received confirmation (whichmaybeinthe

form of an email) from its counsel that: (i) the facility as described herein does not represent an

ownership interest in the Borrower pursuant to the Volcker Rule; (ii) the Administrative Agent's rolein

the facility is not prohibited by the Volcker Rule; (iii) the structure of the facility is compliant with the

promulgations of the Volcker Rule and (iv) other regulations as applicable;

(o)The results of the due diligence procedures, as carried out by the Administrative

Agent, are satisfactory to the Administrative Agent, in its reasonable discretion;

(p)The Administrative Agent shall have received (x) all documentation and other

information requested by such Administrative Agent required by regulatory authorities with respect to

the Borrower, the Transferor and the Servicer under applicable "know your customer" and anti-money

laundering rules and regulations, including, without limitation, the USA PATRIOT Act and (y) if the

Borrowerqualifiesas a"legalentitycustomer"undertheBeneficialOwnershipRegulation,aBeneficial

Ownership Certification in relation to the Borrower, in each case in form and substance reasonably

satisfactory to the Administrative Agent; and

(q)All corporate and other proceedings, and all documents, instruments and other legal

matters in connection with the transactions contemplated by this Agreement and the other Transaction

Documents shall be reasonably satisfactory in form and substance to the Administrative Agent, and the

Administrative Agent shall have received such other documents and legal opinions in respect of any

aspect or consequence of the transactions contemplated hereby or thereby as it shall reasonably request.

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

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Each Loan Advance under this Agreement, each Reinvestment of Principal Collections

pursuant to <u>Section 2.14(a)(i)</u> and each acquisition of Additional Loans in connection with a

Substitution pursuant to <u>Section 2.14(b)</u> (each, a "<u>Transaction</u>") shall be subject to the satisfaction (or

waiver by Administrative Agent) of the following conditions precedent that:

(a)With respect to any Loan Advance, the Servicer shall have delivered to the

AdministrativeAgent(withacopytotheCollateralCustodianandtheCollateralAdministrator)nolater

than the deadline set forth in <u>Section 2.2(c)</u> (or such shorter period as may be agreed to by the

Administrative Agent and each Lender), a Funding Notice in the form of <u>Exhibit A-1</u> and a Borrowing

Base Certificate giving effect to (i) any Loan proposed to be acquired by the Borrower in connection

with such Transaction and (ii) any other intended use of the proceeds of such Loan Advance, including

any proposed Equity Distribution.

(b)With respect to any Reinvestment of Principal Collections permitted by <u>Section</u>

<u>2.14(a)(i)</u>andeachacquisitionofAdditionalLoansinconnectionwithaSubstitutionpursuantto<u>Section</u>

<u>2.14(b)</u>, the Servicer on behalf of the Borrower shall have delivered to the Administrative Agent (with a

copy to the Collateral Custodian and the Collateral Administrator), no later than 3:00 p.m. (New York

CityTime) on the dayof such reinvestment, a Reinvestment Notice in the form of <u>Exhibit A-3</u>.

(c)On the date of such Transaction the following shall be true and correct, and the

Borrower and the Servicer shall have certified in the related Borrower's Notice that all conditions

precedenttotherequestedTransactionhavebeensatisfiedandshalltherebybedeemedtohavecertified

that:

(i)Therepresentationsandwarrantiescontainedin<u>Section</u><u>4.1</u>and<u>Section</u>

<u>4.2</u> are true and correct in all material respects (except for such representations and warranties as are

qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations and

warranties shall be true in all respects) on and as of such dayas though made on and as ofsuch dayand

shall be deemed to have been made on such day (other than any representation and warranty that is

expressly made as of another specific date);

(ii)No event has occurred and is continuing, or would result from such

Transaction or from the application of proceeds thereof, that constitutes an Event of Default, Default,

Change of Control or Servicer Termination Event;

(iii)On and as of such day, immediately after giving effect to such Transaction,

the Advances OutstandingdonotexceedtheAvailability(or, to theextentpermittedunder <u>Section</u>

<u>2.14</u>, that any existing Borrowing Base Deficiency is reduced);

(iv)No Applicable Law shall prohibit or enjoin the making of such Advance or

Swingline Advance by any Lender or the proposed Reinvestment of Principal Collections or acquisition

of Additional Loans or other use of proceeds of such Advance or Swingline Advance; and

(v)ImmediatelyaftergivingeffecttosuchTransaction,theWeightedAverage

Spread Test is satisfied.

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(d)(i) With respectto anyLoan Advanceunderthis Agreementor anyReinvestment of

Principal Collections pursuant to <u>Section 2.14(a)(i)</u>, the Revolving Period End Date shall not have

occurred and (ii) with respect to anyTransaction, the Termination Date shall not have occurred;

(e)[reserved];

(f)TheBorrowerandServicershallhavedeliveredtotheAdministrativeAgent(and, if

applicable, to Collateral Custodian) all reports required to be delivered as of the date of such

Transaction including, without limitation, all deliveries required by <u>Section 2.2</u>;

(g)InconnectionwiththeinitialLoanAdvance,theBorrowershallhavepaidallfees

then required to be paid and, without duplication of <u>Section 2.11</u>, shall have reimbursed the Lenders

(other than any Defaulting Lender), the Collateral Custodian and the Administrative Agent for all

reasonable and documented fees, costs and expenses then required to be paid in connection with the

closing of the transactions contemplated hereunder and under the other Transaction Documents,

including the reasonable attorney fees and any other legal and document preparation costs incurred by

the Lenders, the Collateral Custodian, the Collateral Administrator, the Securities Intermediaryand the

Administrative Agent (in each case, to the extent any invoice therefor has been submitted to the

Borrower prior to such initial Loan Advance);

(h)With respect to an acquisition of any Additional Loan, the Borrower shall have

received a copy of a notice substantially in the form of <u>Exhibit A-5</u> attached hereto, executed by the

Administrative Agent, evidencing the approval of the Administrative Agent, in its sole discretion in

accordance with clause (ii) of the definition of "Eligible Loan", of the Loans to be added to the

Collateral; and

(i)In connection with each Loan Advance (to the extent that anyAdditional Loan is

being acquired in connection therewith), unless otherwise waived by Administrative Agent in its sole

discretion, (i) the Borrower (or the Servicer on its behalf) shall have delivered to the Collateral

Custodian (with a copyto the Administrative Agent), no later than1:00p.m. (New YorkCityTime)on

the Advance Date, (A) a LoanChecklist with respect to each Loanproposed to bepledgedasCollateral

by the Borrower in connection with such Transaction, (B) an Assignment of Underlying Instruments in

the form of <u>Exhibit F</u> (including<u>Exhibit A</u>thereto)or,withrespect toanyAgentedNotewithrespect to

which the Borrower is not partyto anyUnderlying Instrument other than the relevant credit agreement,

an assignment agreement in accordance with the requirements set forth in clause (a)ofthedefinition of

"Required Loan Documents" and (C) a faxed or emailed copyof the dulyexecuted original promissory

notes for each Loan in respect of which a promissory note is issued or, to the extent not previously

provided under clause (B) above, a faxed or emailed copy of a fully executed assignment agreement

naming the Borrower as assignee or, if the Borrower is a direct partythereto, of the fullyexecuted loan

or credit agreement related to such Loan and if any Loans are closed in escrow, a written certification

from the closing attorneys of such Loan that all documentary conditions to such Loan have been

satisfied, <u>provided</u> that, notwithstanding the foregoing, the Borrower shall cause the Required Loan

Documents to be in the possession of the Collateral Custodian within five (5) Business Days of any

related Advance Date with respect to anyLoan and (ii) the Collateral Custodian shall have delivered to

theAdministrativeAgentacertificationthateachLoanproposedtobepledgedasCollateralbythe

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BorrowerinconnectionwithsuchTransaction has complied with the Review Criteria, as set forth in

<u>Section 7.2</u>.

To the extent not waived, the failure of any of the foregoing conditions precedent to be

satisfied in respect of any Loan Advance shall give rise to a right of the Administrative Agent and the

applicable Lender, which rightmaybe exercisedatanytimeonthedemandoftheapplicableLender,to

rescind thepro rataportion ofsuchAdvanceorSwinglineAdvancerelatingto the Loan or Loanswhere

the foregoing conditions precedent were not waived or satisfied and direct the Borrower to pay to the

Administrative Agent for the benefit of the applicable Lender an amount equal to such pro rata portion

of the relevant Advance or Swingline Advance.

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

(a)The Collateral Custodian shall hold all Certificated Securities and Instruments

delivered to it as Collateral in accordance with the terms hereof in physical form at the Custody

Facilities or at such other location identified to the Administrative Agent and the Borrower. Any

successor Collateral Custodian shall be a state or national bank or trust company which is not an

Affiliate of the Borrower and which is a Qualified Institution.

(b)Each time that the Borrower (or the Servicer on behalf of the Borrower) shall direct

or cause the acquisition of any Loan or Permitted Investment, the Borrower (or the Servicer on behalf

of the Borrower) shall, if such Permitted Investment or, in the case of a Loan, the related promissory

note or (with respect to a Noteless Loan) assignment documentation has not already been delivered to

the Collateral Custodian in accordance with the requirements set forth in clause (a) of the definition of

"Required Loan Documents", cause the delivery of such Permitted Investment or, in the case of a Loan,

the related promissory note or (with respect to a Noteless Loan) assignment documentationin

accordance withtherequirementssetforthinclause (a) of the definition of "Required Loan Documents"

to the Collateral Custodian at the Custody Facilities.

(c)The Borrower (or the Servicer on behalf of the Borrower) shall direct that the

Collateral Custodian cause all Collateral acquired by the Borrower that constitutes Financial Assets to

be credited to the Collateral Account, and shall cause all Loans and Permitted Investments acquired by

the Borrower to be delivered to the Collateral Custodian by one of the following means (and shall take

any and all other actions necessary to create and perfect in favor of the Administrative Agent a valid

securityinterestineach LoanandPermittedInvestment,whichsecurityinterestshallbeseniortothatof

any other creditor of the Borrower (whether now existing or hereafter acquired) (subject to Permitted

Liens):

(i)in the case of an Instrument or a Certificated Security represented by a

SecurityCertificateinregisteredformbyhavingitIndorsedtotheCollateralCustodianorinblankbyan

effective Indorsement or registered in the name of the AdministrativeAgentandby(A) deliveringsuch

InstrumenttotheCollateralCustodianor deliveringsuch SecurityCertificate to theCollateral Custodian

at the Custody Facilities (or at such other location identified to the Administrative Agent and the

Borrower) and(B)causingtheCollateral Custodian to maintain(onbehalfoftheAdministrativeAgent)

continuous possession of such Instrument or Security Certificate at the Custody Facilities (or at such

other location identified to the Administrative Agent and the Borrower);

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(ii)inthecaseofanUncertificatedSecurity,otherthanaSecurityEntitlement

credited to a Securities Account, by (A) causing the Administrative Agent to become the registered

owner of such Uncertificated Securityand (B) causing such registration to remain effective;

(iii)in the case of any Security Entitlement, by causing each such Security

Entitlement to be credited to a Securities Account in thename of the Borrowerpursuant to the Account

Control Agreement; and

(iv)in the case of General Intangibles (including any Loan or Permitted

InvestmentnotevidencedbyanInstrument)byfiling,maintainingandcontinuingtheeffectivenessof,a

financing statement naming the Borrower as debtor and the Administrative Agent as secured party and

describing the Loan or Permitted Investment (asthecasemaybe)asthecollateralatthefilingoffice

of the Secretary of State of the State of Delaware (it being understood that a UCC financing statement

describingthecollateralas"allassetsoftheBorrower"orwordsofsimilareffectwillbedeemedtosatisfy

the requirements of this <u>clause (iv)</u> in the case of any General Intangibles to be delivered by the

Borrower).

(d)ThesecurityinterestoftheAdministrativeAgentinanyCollateraldisposedofina

transactionpermitted bythis Agreement shall,immediatelyand without further action on thepart ofthe

Administrative Agent, be released and the Collateral Custodian shall immediately release such

Collateral to, or as directed by, the Borrower.

**ARTICLE IV** 

**REPRESENTATIONSANDWARRANTIES**

Section 4.1<u>Representations</u><u>and</u><u>Warranties</u><u>of</u><u>the</u><u>Borrower.</u>

The Borrower represents and warrants as toitself asfollowsasoftheClosingDate,each

Funding Date, each Measurement Date and as of each other date provided under this Agreement or the

other Transaction Documents on which such representations and warranties are required to be (or

deemed to be) made (it being understood that any representation made only as of a specified date shall

only be required to be true and correct as of such specific date):

(a)<u>Organization and Good Standing</u>. The Borrower has been duly organized, and is

validlyexistingasalimitedliabilitycompanyingoodstanding,underthelawsoftheStateofDelaware,

with all requisite limited liability company power and authority to own or lease its properties and

conduct its business as such business is presentlyconducted, and had at all relevant times, and nowhas

all necessarypower, authorityand legal right to acquire, own and sell the Collateral.

(b)<u>Due Qualification</u>. The Borrower is (i) duly qualified to do business and is in good

standing as a limited liability company in its jurisdiction of formation, and (ii) has obtained all

necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of

property or the conduct of its business requires such qualifications, licenses or approvals, except where

the failure to be so qualified, licensed or approved would not reasonablybe expected to have aMaterial

Adverse Effect.

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(c)<u>Power and</u><u>Authority;</u><u>Due</u><u>Authorization;</u><u>Execution</u><u>and</u><u>Delivery</u>. The Borrower

(i) has all necessary power, authority and legal right to (a) execute and deliver each Transaction

Document to which it is aparty,and(b)carryout theterms oftheTransactionDocuments towhich it is

a party, and (ii) has duly authorized by all necessary limited liability company action, the execution,

delivery and performance of each Transaction Document to which it is a party and the granting of a

securityinterestintheCollateralonthetermsandconditionshereinprovided.ThisAgreementandeach

otherTransactionDocumenttowhichtheBorroweris apartyhavebeendulyexecutedanddeliveredby

the Borrower.

(d)<u>Binding</u><u>Obligation</u>.EachTransactionDocumenttowhichtheBorrowerisaparty

constitutes a legal, valid and binding obligation of the Borrower enforceable against such party in

accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws

and by general principles of equity.

(e)<u>No Violation</u>. The consummation of the transactions contemplated by each

Transaction Document to which it is a partyand the fulfillment of the terms thereof will not (i) conflict

with, result in any breach of anyof the terms and provisions of, or constitute (with or without notice or

lapse of time or both) a default under, the Governing Documents of the Borrower or any material

Contractual Obligation of the Borrower, (ii) result in the creation or imposition of anyLien (other than

Permitted Liens) upon any of the Borrower's properties pursuant to the terms of any such Contractual

Obligation, or (iii) violate any Applicable Law in any material respect.

(f)<u>Agreements</u>. The Borrowerisnotpartyorsubjecttoanyagreementorinstrument

that has resulted or would reasonablybe expected to result in a Material Adverse Effect.

(g)<u>No Proceedings</u>. (i) As of the Closing Date, there is no litigation or proceeding

pending or, to the knowledge of a Responsible Officer of the Borrower, threatened in writing or

investigation pending against the Borrower, before any Governmental Authority and (ii) as of any date

thereafter on which these representations and warranties are brought down, there is no litigation or

proceedingpendingor,totheknowledgeofaResponsibleOfficeroftheBorrower,threatenedinwriting

or investigation pending, against the Borrower before any Governmental Authority (A) asserting the

invalidity of any Transaction Document to which the Borrower is a party, (B) seeking to prevent the

consummation of any of the transactions contemplated by any Transaction Document to which the

Borrower is a partyor (C) that would reasonablybe expected to have a Material Adverse Effect.

(h)<u>All Consents Required</u>. All approvals, authorizations, consents, orders, licenses,

filings or other actions of any Person or of any Governmental Authority (if any) required for the due

execution, delivery and performance by the Borrower of each Transaction Document to which the

Borrower is a party have been obtained except (i) for all the UCC financing statements to be made or

otherwise delivered to the Administrative Agent for filing as of (or promptly following) the Closing

Date, or (ii) where the failure to obtain such approvals, authorizations, consents, orders, licenses or

filings would not reasonably be expected to have a Material Adverse Effect.

(i)<u>Reserved.</u>

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(j)<u>Solvency</u>. The Borrower is not the subject of any Insolvency Proceedings or

Insolvency Event. The transactions under the Transaction Documents to which the Borrower is a party

do not and will not render the Borrower not Solvent.

(k)<u>Taxes</u>.

(i)TheBorrowerisandhasalwaysbeentreatedasadisregardedentityofthe

Transferor for U.S. federal income tax purposes.

(ii)The Borrower has timely filed or caused to be timely filed (taking into

account valid extensions of the time for filing) all U.S. federal income and other material Tax returns

required to be filed by it and has timely paid all U.S. federal income and other material Taxes required

to be paid by it, except Taxes that are being contested in good faith by appropriate proceedings and for

which it has set aside on its books adequate reserves in accordance with GAAP.

(l)<u>Exchange Act Compliance; Regulations T, U and X</u>. None of the transactions

contemplatedhereinorintheotherTransactionDocuments(including,withoutlimitation,theuseofthe

proceeds from the transfer of the Collateral) will violate or result in a violation of Section 7 of the

Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T,

UandXoftheBoardofGovernorsoftheFederalReserveSystem,12C.F.R.,ChapterII.TheBorrower

doesnotownorintendtocarryorpurchase,andnoproceedsfromtheAdvanceswillbeusedtocarryor

purchase, any "margin stock" within the meaning of Regulation U or to extend "purpose credit" within

the meaning of Regulation U.

(m)<u>Security</u><u>Interest</u>.

(i)this Agreement creates a valid and continuingsecurityinterest (as defined in

the UCC as in effect from time to time in the State of New York) in the Collateral in favor of the

AdministrativeAgent,onbehalfoftheSecuredParties,whichsecurityinterestisvalidlyperfectedunder

Article 9 of the UCC and is prior to all other Liens (other than Permitted Liens), and is enforceable as

such against creditors of and purchasers from the Borrower, except as may be limited by Insolvency

Laws or by equitable principles relating to enforceability;

(ii)this Agreement constitutes a security agreement within the meaning of

Section 9-102(a)(73) of the UCC as in effect from time to time in the State of New York;

(iii)the Collateral is comprised of "instruments", "general intangibles",

"certificated securities", "security entitlements", "uncertificated securities", "deposit accounts",

"securitiesaccounts","investmentproperty"and"proceeds"(eachasdefinedintheapplicableUCC)and

such other categories of collateral under the applicable UCC as to which the Borrower has complied

with its obligations under <u>Section 4.1(m)(i)</u>;

(iv)withrespecttoCollateralthatconstitutesDepositAccounts:

(1)the Borrower has taken all steps necessary to enable the

AdministrativeAgenttoobtain"control"(withinthemeaningoftheUCCasineffectfromtime-to-time

in the State of New York) with respect to each such Account; and

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(2)such Accounts are not in the name of any Person other than the

Borrower, subject to the Lien of the Administrative Agent. The Borrower has not instructed the

depository bank of any Account to comply with the instructions of any Person other than the

Administrative Agent; provided that, until the Administrative Agent delivers a Notice of Exclusive

Control, the Borrower and the Servicer may cause cash in such Accounts to be invested in Permitted

Investments, and the proceeds thereof to be distributed in accordance with this Agreement;

(v)withrespecttoCollateralthatconstitutesSecurityEntitlements:

(1)allofsuchSecurityEntitlementshavebeencreditedtoanAccount

that is aSecurities Account and thesecuritiesintermediaryfor each suchSecurities Account has agreed

to treat all assets credited to such Account as Financial Assets within the meaning of the UCC as in

effect from time-to-time in the State of New York;

(2)the Borrower has taken all steps necessary to enable the

AdministrativeAgenttoobtain"control"(withinthemeaningoftheUCCasineffectfromtime-to-time

in the State of New York) with respect to each Account that is a Securities Account; and

(3)the Accounts that are Securities Accounts are not in the name of any

Person other than the Borrower, subject to the Lienofthe Administrative Agent. The Borrowerhas not

instructedthesecuritiesintermediaryofanyAccountthatisaSecuritiesAccounttocomplywiththe

entitlement order of any Person other than the Administrative Agent; provided that, until the

Administrative Agent delivers a Notice of Exclusive Control, the Borrower and the Servicer maycause

cash in the Accounts that are Securities Accounts to be invested in Permitted Investments, and the

proceeds thereof to be distributed in accordance with this Agreement;

(vi)each Account constitutes a "securities account" as defined in the Section

8-501(a) of the UCC as in effect from time-to-time in the State of New York;

(vii)theBorrowerownsandhasgoodandmarketabletitletotheCollateral

free and clear of any Lien of any Person (other than Permitted Liens);

(viii)the Borrower has received all consents and approvals required by the

terms of any Loan to the granting of a security interest in the Loans hereunder to the Administrative

Agent, on behalf of the Secured Parties;

(ix)theBorrowerhastakenallnecessarystepstoauthorizetheAdministrative

Agent to file all appropriate financing statements in the proper filing office in the appropriate

jurisdictions under Applicable Law in order to perfect the security interest in that portion of the

Collateral in which a securityinterest maybe perfected byfiling pursuant to Article 9 of the UCC as in

effect in the Borrower's jurisdiction of organization;

(x)upon the deliverytotheCollateralCustodian of allCollateral constituting

"instruments" and "certificated securities" (as defined in the UCC as in effect from time to time in the

jurisdiction where the Collateral Custodian's Corporate Trust Office is located), the crediting of all

Collateral that constitutes Financial Assets (as defined in the UCC as in effect from time to time in the

State of New York) to an Account and the filing of the financing statements described in this <u>Section</u>

<u>4.1(m)</u>inthejurisdictioninwhichtheBorrowerislocated,suchsecurityinterestshallbeavalidand

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first priority (subject to Permitted Liens) perfected security interest in that portion of the Collateral in

which asecurityinterest maybecreatedunderArticle 9 oftheUCC asineffectfromtimetotimeinthe

State of New York;

(xi)other than Permitted Liens and the security interest granted to the

Administrative Agent, on behalf of the Secured Parties, pursuant to this Agreement, the Borrower has

not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral.

The Borrower has not authorized the filing of and is not aware of any financing statements against the

Borrower that include a description of anycollateral included in the Collateral other than anyfinancing

statement(A)relatingtothesecurityinterest,ifany,grantedtotheBorrowerundertheSaleAgreement,

(B)thathasbeenterminatedand/orfullyandvalidlyassignedtotheAdministrativeAgentonorpriorto

the date hereof or (C) reflecting the Liens granted hereunder. Other than Permitted Liens, there are no

judgments or tax lien filings against the Borrower;

(xii)all original executed copies of each underlying promissory note, if

any, that constitute or evidence each Loan that is evidencing a promissory note has been or, subject to

the delivery requirements contained herein, will be delivered to the Collateral Custodian;

(xiii)other than any assignment to the Borrower in connection with the

Borrower's acquisition of the related Loan, if applicable, none of the underlying promissory notes that

constitute or evidence the Loans has any marks or notations indicating that they have been pledged,

assigned or otherwise conveyed to any Person other than the Administrative Agent on behalf of the

Secured Parties;

(xiv)with respect to Collateral that constitutes a "certificated security,"

such certificated security has been delivered to the Collateral Custodian on behalf of the Administrative

Agent and, if in registered form, has been specially Indorsed to the Collateral Custodian or in blank by

an effective Indorsement or has been registered in the name of the Administrative Agent upon original

issue or registration of transfer bythe Borrower of such certificated security; and

(xv)with respect to Collateral that constitutes an Uncertificated Security,

the Borrower has caused the Administrative Agent to gain "control" of such Collateral pursuant to

Section 8-106(c) of the UCC and such control remains effective.

(n)<u>Reports</u><u>Accurate</u>.Allinformation,reports,notices,exhibits,financialstatements,

documents,books,records orreportsrelatingto theBorrowerfurnished inwritingto theAdministrative

Agent, the Collateral Custodian or any Lender by any Loan Party in connection with this Agreement

(otherthananyfinancialprojections,proformafinancialinformation,otherforward-lookingstatements,

information of a general economic or general industry nature and information relating to third parties)

are, as of the date furnished, true, complete and correct in all material respects when taken as a whole

and after giving effect to any updates thereof (or, (A) in the case of general economic data, industry

informationorinformation,ifnotpreparedbyorunderthedirectionoftheBorrower,trueandcorrectin

all material respects as of the date furnished and to the knowledge of the Borrower, when taken as a

whole, or (B) in thecaseofanyprojections andforward-lookinginformation,suchhasbeenprepared in

good faith and is reasonable in light of information available to the Borrower at such time; it being

recognized that projections and forward-looking information are subject to significant uncertainty and

contingencies(manyofwhicharebeyondthecontroloftheBorrower)andarethereforenottobe

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viewed as fact and actual results during such future period or periods covered by such projections and

forward-looking information may materially differ from the results set forth therein); *provided* that, in

each case, solely with respect to information furnished by the Borrower or the Servicer which was

provided to the Borrower or the Servicer from an Obligor or other third partywith respect to a Loan or

information that was not prepared by or under the direction of the Borrower or the Servicer or any of

their respective Affiliates, such information need only be accurate, true and correct in all material

respects to the actual knowledge of a Responsible Officer of the Borrower or the Servicer, as the case

may be; *provided further* that, the Borrower makes no representation with respect to (i) any statements

of opinion in anyinternal credit memo or (ii) anystatements of fact in anyinternal creditmemothat do

not relate to the Loans.

(o)<u>Location of Offices</u>. The Borrower's location (within the meaning of Article 9 of the

UCC) is, and at all times has been, the State of Delaware. The Borrower has not changed its name

(whetherbyamendmentofitscertificateofformation,byreorganizationorotherwise)oritsjurisdiction

of organization and has not changed itslocation within the four (4)monthsprecedingtheClosing Date,

in each case other than any change of name or other corporate change for which notice has been duly

provided pursuant to <u>Section 5.1(o)(vii)</u>.

(p)<u>Legal Name</u>. Each Loan Party's exact legal name is, and at all times has been the

name as set forth on <u>Schedule I</u> hereto.

(q)<u>Sale Agreement</u>. The Sale Agreement (including without limitation, each assignment

and assumption agreement, transfer document or instrument (including any Loan Assignment

Agreement) relating to each Loan to be pledged evidencing the assignment of such Loan from any prior

third party owner thereof directly to the Borrower) is the only agreement pursuant to which the

Borrower purchases Collateral from the Transferor.

(r)<u>Value Given</u>. The Borrower has given reasonably equivalent value to the Transferor

or the applicable third party seller of each Loan in consideration for the transfer to the Borrower of each

Loan, and no such transfer has been made for or on account of an antecedent debt owed by the

Borrower to the Transferor, and no such transfer is or may be voidable or subject to avoidance under

any section of the Bankruptcy Code.

(s)<u>Accounting</u>.TheBorroweraccountsforthetransferstoitofinterestsinCollateral as

sales of such Collateral for financial accounting purposes and for legal purposes (but not for tax

purposes) on its books, records and financial statements, in each case consistent with GAAP and with

the requirements set forth herein.

(t)<u>Special</u><u>Purpose</u><u>Entity</u>.TheBorrowerhasnotandshallnot:

(i)engage in any business or activity other than the origination, purchase,

receipt,managementandsaleofCollateral,thetransferandpledgeofCollateralpursuanttothetermsof

the Transaction Documents, the entry into and the performance under the Transaction Documents,

Underlying Instruments and Hedge Transactions, and such other activities as are incidental thereto;

(ii)acquireorownanyassetsotherthan(a)theCollateralandrelatedassets,

(b)PermittedInvestmentsand/or(c)incidentalpropertyasmaybenecessaryfortheoperationofthe

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BorrowerandtheperformanceofitsobligationsundertheTransactionDocumentsandUnderlying

Instruments;

(iii)merge into or consolidate with any Person or dissolve, terminate or liquidate

in whole or in part, transfer or otherwise dispose of all or substantially all of its assets (other than in

accordance with the provisions hereof), without in each case first obtaining the prior written consent of

the Administrative Agent, or except as permitted by this Agreement, change its legal structure, or

jurisdiction of formation;

(iv)except as otherwise permitted under clause (iii) above, fail to preserve its

existence as an entity duly organized, validly existing and in good standing under the laws of the

jurisdiction of its organization or formation, or without the prior written consent of the Administrative

Agent, amend, modify, terminate or fail to comply with the special purpose entity provisions of its

operating agreement, or fail to observe limited liability company formalities;

(v)form, acquire or own anySubsidiary, own anyequityinterestin anyother

entity (other than any Subsidiary formed to hold Equity Securities (so long as the equity of such

Subsidiary becomes part of the Collateral hereunder and such Subsidiary is subject to special purpose

provisions substantially similar to those applying to the Borrower) for tax purposes or any Equity

Securityreceived in exchange for a defaulted Loan orportionthereof in connection with aninsolvency,

bankruptcy, reorganization, debt restructuring or workout of the Obligor thereof), or make any

InvestmentinanyPerson(otherthanPermittedInvestmentsoranyEquitySecurityreceivedinexchange

for a defaulted Loan or portion thereof in connection with an insolvency, bankruptcy, reorganization,

debt restructuring or workout of the Obligor thereof) without the prior written consent of the

Administrative Agent;

(vi)commingleitsassetswiththeassetsofanyofitsAffiliates,orofanyother

Person, except as expressly permitted by the Transaction Documents;

(vii)incuranyIndebtedness,securedorunsecured,directorcontingent

(includingguaranteeinganyobligation),otherthan(i)Indebtednessincurredunderthetermsofthe

Transaction Documents, (ii) with respect to any Revolving Loan or Delayed Draw Loan owned by the

Borrower,obligationstofundunderthetermsoftheUnderlyingInstruments,(iii)Indebtednessin

conjunction with a repayment of all Obligations and atermination of all theCommitments, (iv)accrued

expenses and payables in the ordinary course of business which are paid when due and (v) obligations

pursuant to any Hedge Transaction;

(viii)failtopayitsdebtsandliabilitiesfromitsassetsasthesameshall

become due; provided, however, in its capacityasServicer, KKR FS Income Trust (or anysuccessor)

mayfrom time to time advance expenses of the Borrower for which KKR FS Income Trust (or any

successor) is later reimbursed pursuant to <u>Section 2.7</u>;

(ix)fail to maintain its records, books of account and bank accounts separate and

apart from those of any other Person;

(x)enter into any contract or agreement with any Person, except (a) as permitted

bytheTransactionDocumentsanditsorganizationaldocuments,(b)contractsandagreements

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on customary terms relating to the acquisition, origination and disposition of the Collateral, (c) the

Underlying Instruments, and (d)other contracts or agreements that are upon terms and conditions that

are commercially reasonable and that would be available on an arms-length basis with third parties;

provided that, for the avoidance of doubt with regard to this clause (x), (i) acquisitions of Collateral

from the Transferor or its Affiliates, and sales of Collateral to the Transferor and its Affiliates, each in

accordance with other provisions of this Agreement and the other Transaction Documents shall be

permitted, (ii) the Borrower may make Restricted Payments permitted by <u>Section 5.2(e)</u> and (iii) the

Transferor maycontribute cash or other propertyas a capital contribution to the Borrower, such capital

contribution to be deposited, at the Borrower's election, into any Account;

(xi)[reserved];

(xii)fail to correct any known misunderstandings regarding the separate

identity of the Borrower and the Transferor or any other Person;

(xiii)except asprovidedinthisAgreement,guarantee,becomeobligated

for,or hold itself out to be responsible for the debt of another Person;

(xiv)fail either to hold itself out to the public as a legal entity separate and

distinct from any other Person or to conduct its business solely in its own name in order not (a) to

misleadothers as to theidentityofthePersonwithwhichsuchotherpartyistransactingbusiness,or(b)

to suggest that it is responsible for the debts of any third party (including any of its principals or

Affiliates);

(xv)fail to maintain adequate capital for the normal obligations reasonably

foreseeable in a business of its size and character and in light of its contemplated business operations;

provided that the foregoing shall not require the Borrower's equityholders to make additional capital

contributions;

(xvi)[reserved];

(xvii)except as may be required or permitted by the Code and regulations or

other applicable state or local tax law, hold itself out as or be considered as a department or division of

(a)anyofitsprincipalsorAffiliates,(b)anyAffiliateofaprincipalor(c)anyotherPerson;

(xviii)fail to maintain separate financial statements, showing its assets and

liabilities separate and apart from those of any other Person and not have its assets listed on any

financial statement of anyother Person; <u>provided</u>, <u>however</u>, that the Borrower's assets maybe included

in a consolidated financialstatement ofitsAffiliate <u>provided</u>that(a)appropriatenotationshall bemade

on such consolidated financial statements to indicate the separateness of the Borrower from such

Affiliate and to indicate that the Borrower's assets and credit are not available to satisfy the debts and

other obligations of such Affiliate or any other Person and (b) such assets shall also be listed on the

Borrower's own separate balance sheet (if any is prepared);

(xix)failtopayitsownliabilities andexpenses onlyoutof itsown funds;

(xx)failtopaythesalariesofitsownemployees,if any;

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(xxi)[reserved];

(xxii)[reserved];

(xxiii)failtoallocatefairlyandreasonablyanyoverheadexpensesthatare

shared with an Affiliate, including paying for office space and services performed by any employee of

an Affiliate;

name;

(xxiv)totheextentused,failtouseseparateinvoicesandchecksbearingitsown

(xxv)pledgeitsassetsforthebenefitofanyotherPerson,otherthanwith

respect to payment of the indebtedness to theSecuredPartieshereunderor anyPermitted Liens relating

to any Equity Security;

(xxvi)(A) fail to have at least one (1) independent member (the "<u>Special</u>

<u>Member</u>")which shall be anatural Person, which member must, ineach such instance, beaPersonwho

has prior experience as a Special Member, independent manager or independent member with at least

three years of employment experience and who is provided by Citadel SPV, CT Corporation,

Corporation Service Company, Global Securitization Services, National Registered Agents, Inc.,

WilmingtonTrustCompany,StewartManagementCompany, LordSecuritiesCorporationor,ifnoneof

those companies is then providing professional Special Members, another nationally recognized

company reasonably approved by the Administrative Agent, in each case that is not an Affiliate of the

Borrower and that provides professional Special Members and other corporate services in the ordinary

course of its business, and which individual is duly appointed as a Special Member and is not, and for

the five-year period prior to his or her appointment as Special Member, has not, and will not while

serving as Special Member be, any of the following: (w) a member, partner, equityholder, manager,

director,officeroremployeeoftheBorroweroranyoftheirrespectiveequityholdersorAffiliates(other

than as a Special Member of the Borrower or an Affiliate of the Borrower that are structured to be

bankruptcy remote); (x) a creditor, supplier or service provider (including provider of professional

services) to the Borrower or any of its equityholders or Affiliates (other than a nationally recognized

company that routinely provides professional Special Members and other corporate services to the

Borrower or any of its equityholders or Affiliates in the ordinary course of business); or (y) an

immediate family member of any such member, partner, equityholder, manager, director, officer,

employee, creditor, supplier or service provider; or (B) fail to ensure that all limited liability company

action relatingto theselection, maintenanceorreplacement of theSpecial MemberduringtheCovenant

Compliance Period shall require the written consent of the Administrative Agent. Anatural person who

otherwisesatisfies theforegoingdefinition and satisfies clause (w) above byreason of beingtheSpecial

Memberofa"specialpurposeentity"affiliatedwiththeBorrowershallbequalifiedtoserveasaSpecial

Member of the Borrower <u>provided</u> that Borrower shall have ten (10) Business Days to replace any

Special Member with a person approved by Administrative Agent in its reasonable discretion upon the

death, resignation or incapacitation of the current Special Member;

(xxvii)fail to provide that the unanimous consent of all members (including

the consent of the Borrower's Special Member) is required for the Borrower to (a) institute proceedings

to be adjudicated bankrupt or insolvent, (b) institute or consent to the institution of bankruptcy or

insolvency proceedings against it, (c) file a petition seeking or consent to reorganization or relief under

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any applicable federal or state law relating to bankruptcy or insolvency, (d) seek or consent to the

appointment of areceiver, liquidator, assignee, trustee, sequestrator, custodian oranysimilar official for

theBorrower,(e)makeanyassignmentforthebenefitoftheBorrower'screditors,(f)admitinwritingits

inabilityto payits debts generallyas theybecome due, or (g) take anyaction in furtherance of anyof the

foregoing; or

(xxviii)fail to file its own tax returns separate from those of any other Person,

except to the extent that the Borrower is treated as a disregarded entityfor U.S. federal income tax

purposesandisnotrequiredtofiletaxreturnsunderapplicablelaw,andpayanytaxesrequiredtobe

paid by it under applicable law.

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

(v)<u>Investment Company Act</u>. The Borrower is not a "registered investment company"

within the meaning of, and is not subject to registration under, the 1940 Act.

(w)<u>ERISA</u>. None of Borrower, Transferor or, except as would not reasonably be

expected to result in a Material Adverse Effect, any ERISA Affiliate maintains or sponsors an

"employeepensionbenefitplan,"assuchtermisdefinedinSection3ofERISAwhichissubjecttoTitle

IV of ERISA or Section 412 of the Code (a "<u>Pension Plan</u>") and none of Borrower or, except as would

not reasonably be expected to result in a Material Adverse Effect, any ERISA Affiliate has any

obligation to contribute to or liability(contingent or otherwise) with respect to anyMultiemployer Plan

under Title IV of ERISA. Neither the underlying assets of Borrower or the Transferor constitute "plan

assets" within the meaning of the U.S. Department of Labor regulation located at 29 C.F.R. Section

2510.3101,asmodifiedinapplicationbySection3(42)ofERISAor"planassets"ofanyplansubjectto

Similar Law, that in the case of the application of any such Similar Law would result in the

consummation of the transactions contemplated hereby violative of such Similar Law.

(x)<u>Compliance with Law</u>. The Borrower has complied in all respects with all Applicable

Lawtowhichitmaybesubject,exceptforinstancesofnon-complianceorcontraventionthat would not

reasonably be expected to have a Material Adverse Effect.

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

(z)<u>Full Payment</u>. As of the date of the Borrower's acquisition thereof, the Borrower has

no knowledge of any fact which should lead it to expect that any Loan will not be repaid by the relevant

Obligor in full.

(aa)<u>Accuracy of Representations and Warranties</u>. Each representation or warrantyby

the Borrower in any report, financial statement, exhibit, schedule, certificate or other document

furnished by the Borrower pursuant hereto or in connection herewith is true and correct in all material

respects when made (it being understood that any representation made only as of a specified date shall

only be required to be true and correct as of such specific date).

(bb)<u>Sanctions</u>. The Borrower is not (a) a Sanctioned Person, (b) controlled by or

acting on behalf of a Sanctioned Person, or (c) to its knowledge, under investigation for an alleged

breach of Sanction(s) by a governmental authority that enforces Sanctions.

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(cc)<u>Beneficial Ownership Certification</u>. The information included in the Beneficial

Ownership Certification is true and correct in all respects.

Therepresentationsandwarrantiesin<u>Section</u><u>4.1(m)</u>shallsurvivetheterminationofthis

Agreement and such representations and warranties maynot be waived byanypartyhereto without the

consent of the Administrative Agent and the Required Lenders.

Section 4.2<u>Representations and Warranties of the Borrower Relating to the Agreement and</u>

<u>the Collateral.</u>

The Borrower represents and warrants as follows as of the Closing Date, each

Measurement Date, and as of each other date provided under this Agreement or the other Transaction

Documents on which such representations and warranties are required to be (or deemed to be) made:

(a)<u>Eligibility of Collateral</u>. The Borrower has conducted such due diligence and other

review as it considered necessary with respect to the Loans set forth on the Loan List. As of the Closing

Date and each Funding Date, (i) the Loan List and the information contained in each Funding Notice

deliveredpursuantto <u>Section</u><u>2.2</u>,isanaccurateandcompletelistingofallLoansincludedinthe

Collateral as of the related Funding Date and the information contained therein with respect to the

identity of such Loans and the amounts owing thereunder is true, correct and complete in all material

respects as of the related Funding Date, (ii) each such Loan included in the Borrowing Base is an

Eligible Loan, and (iii) each Loan included in the Collateral is free and clear of anyLien of anyPerson

(other than Permitted Liens).

(b)<u>No Fraud</u>. To the Borrower's knowledge, each Loan was originated without any

fraud or material misrepresentation.

Section 4.3<u>Representations</u><u>and</u><u>Warranties</u><u>of</u><u>the</u><u>Servicer.</u>

The Servicer represents and warrants as follows as of the Closing Date, each

Measurement Date, and as of each other date provided under this Agreement or the other Transaction

Documents on which such representations and warranties are required to be (or deemed to be) made:

(a)<u>Organization and Good Standing</u>. The Servicer has been duly organized, and is

validly existing as a statutory trust in good standing, under the laws of the State of Delaware, with all

requisite power and authority to execute, deliver and perform its obligations as Servicer under this

Agreement.

(b)<u>Due</u><u>Qualification</u>.TheServicerisdulyqualifiedtodobusiness,andhasobtained all

necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of

property or the conduct of its business requires such qualifications, licenses or approvals, except where

the failure to be so qualified, licensed or approved would not reasonably be expected to have a Material

Adverse Effect.

(c)<u>Power</u><u>and</u><u>Authority;</u><u>Due</u><u>Authorization;</u><u>Execution</u><u>and</u><u>Delivery</u>.TheServicer

(i) has all necessary trust power, authority and legal right to (a) execute and deliver each Transaction

Document to which it is aparty,and(b)carryout theterms oftheTransactionDocuments towhich it is

aparty,and(ii)hasdulyauthorizedbyallnecessarytrustaction,theexecution,deliveryand

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performance of each Transaction Document to which it is a party. This Agreement and each other

Transaction Document to which the Servicer is a party have been duly executed and delivered by the

Servicer.

(d)<u>Binding Obligation</u>. Each Transaction Document to which the Servicer is a party

constitutes a legal, valid and binding obligation of the Servicer enforceable against the Servicer in

accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws

and general principles of equity(whether considered in a suit at law or in equity).

(e)<u>No Violation</u>. The consummation of the transactions contemplated by each

Transaction Document to which it is a partyand the fulfillment of the terms thereof will not (i) conflict

with, result in any breach of anyof the terms and provisions of, or constitute (with or without notice or

lapse of time or both) a default under, the Servicer's certificate of trust, trust agreement or any material

Contractual Obligation of the Servicer which, in the case of any Contractual Obligation, would

reasonablybeexpectedtohaveaMaterialAdverseEffect,(ii)resultinthecreationorimpositionofany

Lien(otherthanPermittedLiens)uponanyoftheServicer'spropertiespursuanttothetermsofanysuch

material Contractual Obligation, or (iii) violate anyApplicable Law that would reasonablybe expected

to have a Material Adverse Effect.

(f)<u>No Proceedings</u>. There is no litigation or proceeding or, to the knowledge of the

Servicer, investigation pending or threatened in writing against the Servicer, before any Governmental

Authority (i) asserting the invalidity of any Transaction Document to which the Servicer is a party, (ii)

seeking to prevent the consummation of any of the transactions contemplated by any Transaction

Document to which the Servicer is a partyor (iii) that would reasonablybe expected tohave aMaterial

Adverse Effect.

(g)<u>All Consents Required</u>. All approvals, authorizations, consents, orders, licenses,

filings or other actions of any Person or of any Governmental Authority (if any) required for the due

execution, delivery and performance by the Servicer of each Transaction Document to which the

Servicer is a party have been obtained, except where the failure to obtain such approval, authorization,

consent, order, license, filing or other action would not reasonably be expected to have a Material

Adverse Effect.

(h)<u>Reports</u><u>Accurate</u>.Allinformation,reports,notices,exhibits,financialstatements,

documents, books, records or reports relating to the Borrower or theServicerfurnished in writingto the

Administrative Agent, the Collateral Custodian or any Lender by or on behalf of the Servicer in

connection with this Agreement (other than any financial projections, pro forma financial information,

other forward- looking statements, information of a general economic or generalindustrynature and all

third party memos or reports) are, as of the date furnished, true, complete and correct in all material

respects when taken as a whole (or, (A) in the case of general economic data, industry information or

information, if not prepared by or under the direction of the Servicer, true and correct in all material

respects as of the date furnished and to theknowledge of theServicer, when taken as a whole, or (B) in

thecaseofanyprojectionsandforward-lookinginformation,suchhasbeenpreparedingoodfaithandis

reasonable in light of information available to the Servicer at such time; it being recognized that

projections and forward-looking information are subject to significant uncertainty and contingencies

(many of which are beyond the control of the Servicer) and are therefore not to be viewed as fact and

actualresultsduringsuchfutureperiodorperiodscoveredbysuchprojectionsandforward-looking

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information may materially differ from the results set forth therein); *provided* that, in each case, solely

with respect to information furnished by the Borrower or the Servicer which was provided to the

Borrower or theServicer from an Obligor orotherthirdpartywith respect to a Loan orinformationthat

was not prepared by or under the direction of the Borrower or the Servicer or any of their respective

Affiliates, such information need onlybe accurate, true and correct in all material respects to the actual

knowledge of the Borrower or the Servicer, as the case may be; *provided further* that, the Servicer

makes no representation with respect to (i) anystatements ofopinion in anyinternalcredit memo or(ii)

anystatements of fact in anyinternal credit memo that do not relate to the Loans.

(i)<u>Solvency</u>. The Servicer is not the subject of any Insolvency Proceedings or

Insolvency Event.

(j)<u>Compliance with Law</u>. The Servicer has complied with all Applicable Law to which

it may be subject, except for instances of non-compliance or contravention that would not reasonably be

expected to have a Material Adverse Effect.

(k)<u>Sanctions</u>. The Servicer is not (a) a Sanctioned Person, (b) to its knowledge

controlledbyoractingonbehalfofaSanctionedPerson,or(c)awarethatitisunderinvestigationforan

alleged breach of Sanction(s) by a governmental authority that enforces Sanctions.

(l)<u>Fraud</u>. To the knowledge of the Servicer, each Loan was acquired by the Borrower

without anyfraud or material misrepresentation on the part of the Obligor.

Section 4.4<u>Representations</u><u>and</u><u>Warranties</u><u>of</u><u>the</u><u>Collateral</u><u>Administrator</u><u>and</u><u>the</u><u>Collateral</u>

<u>Custodian.</u>

EachoftheCollateralAdministratorandtheCollateralCustodianrepresentsand

warrants as to itself as follows:

(a)<u>Organization; Power and Authority</u>. It is a duly organized and validlyexisting in

good standing under the laws of its jurisdiction of organization. It has full corporate power, authority

and legal right to execute, deliver and perform its obligations as Collateral Custodian or Collateral

Administrator, as applicable, under this Agreement.

(b)<u>Due Authorization</u>. The execution and delivery of this Agreement and the

consummation of the transactions provided for herein have been duly authorized by all necessary

association action on its part, either in its individual capacity or as Collateral Custodian or Collateral

Administrator, as applicable.

(c)<u>No Conflict</u>. The execution and delivery of this Agreement, the performance of the

transactionscontemplatedherebyandthefulfillmentofthetermshereofwillnotconflictwith,result in

any breach of its constitutional documents or, to the best of its knowledge, any of the material terms and

provisions of, or constitute (with or without notice or lapse of time or both) a default under any

indenture, contract, agreement, mortgage, deed of trust, or other instrument to which the Collateral

CustodianortheCollateralAdministrator,asapplicable,isapartyorbywhichitoranyofitspropertyis

bound.

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(d)<u>No Violation</u>. The execution and delivery of this Agreement, the performance of the

Transactions contemplated hereby to be performed by it and the fulfillment of the terms hereof

applicable to it will not conflict with or violate, in any material respect, any Applicable Law as to the

Collateral Custodian or the Collateral Administrator, as applicable.

(e)<u>All Consents Required</u>. All approvals, authorizations, consents, orders or other

actionsofanyPersonorGovernmentalAuthorityapplicabletotheCollateralCustodianortheCollateral

Administrator required in connection with the execution and delivery of this Agreement, the

performance by the Collateral Custodian or the Collateral Administrator of the transactions

contemplated hereby and the fulfillment by the Collateral Custodian or the Collateral Administrator of

the terms hereof have been obtained.

(f)<u>Validity,</u><u>Etc.</u>TheAgreementconstitutesthelegal,validandbindingobligationof the

Collateral Custodian, enforceable against the Collateral Custodian in accordance with its terms, except

as such enforceability may be limited by applicable Insolvency Laws and general principles of equity

(whether considered in a suit at law or in equity). The Agreement constitutes thelegal, valid and binding

obligation of the Collateral Administrator, enforceable against the Collateral Administrator in

accordance with its terms, except as such enforceability may be limited by applicable Insolvency Laws

and general principles of equity(whether considered in a suit at law or in equity).

**ARTICLE V** 

**GENERALCOVENANTS**

Section 5.1<u>Affirmative</u><u>Covenants</u><u>of</u><u>the</u><u>Borrower.</u>

DuringtheCovenantCompliancePeriod:

(a)<u>Compliance with Laws</u>. The Borrower will comply in all material respects with all

Applicable Laws applicable to Borrower or any of its assets, including those with respect to the

Collateral or any part thereof, except for instances of non-compliance that would not reasonably be

expected to have a Material Adverse Effect.

(b)<u>Preservation of Borrower Existence</u>. The Borrower will (i)preserve and maintain its

limited liability company existence, rights, franchises and privileges in the jurisdiction of its formation,

(ii) qualify and remain qualified in good standing as a limited liability company in each jurisdiction

where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification

would reasonably be expected to have a Material Adverse Effect and (iii) maintain the Governing

DocumentsoftheBorrowerinfullforceandeffectandshallnotamendthesamewithoutthe prior

writtenconsentoftheAdministrativeAgent;<u>provided</u>thattheBorrowershallbepermittedtoenter into

any amendment where such amendment is not a Material Amendment (where "<u>Material</u><u>Amendment</u>"

means that the amendment would not reasonably be expected to materially and adversely affectthe

interestsofanySecuredPartyorwouldnotreasonablybeexpectedtohaveaMaterialAdverse Effect;

<u>provided</u> that, for the avoidance of doubt, anyamendment or modification to the special purpose

provisions contained in the Governing Documents of the Borrower shall be deemed to be a Material

Amendment), without the consent of (but with ten (10) Business Days' prior notice to) the

AdministrativeAgent,providedthatiftheAdministrativeAgentconsidersthattheproposedamendment

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so notified to it is a Material Amendment (the "<u>Proposed Amendment</u>") it may, bygivingwritten notice

to the Borrower, as applicable, on or before the date falling ten (10) Business Days after the date (the

"<u>Amendment Notification Date</u>") on which the Administrative Agent is notified of the amendment,

notify the Borrower in writing that it considers the Proposed Amendment to be a Material Amendment

and that the Administrative Agent's consent to the Proposed Amendment is therefore required and the

Administrative Agent shall, on or before the date falling ten (10) Business Days after the Amendment

NotificationDate,notifytheBorrowerinwritingwhetherit(actingreasonably)consentstotheProposed

Amendment (such consent not to be unreasonably withheld).

(c)<u>Performance and Compliance with Collateral</u>. The Borrower will, at its expense,

timely and fully perform and comply with all provisions, covenants and other promises required to be

observed byit under theCollateral, the Transaction Documents and allotheragreementsrelated tosuch

Collateral.

(d)<u>Keeping</u><u>of</u><u>Records</u><u>and</u><u>Books</u><u>of</u><u>Account</u>.TheBorrowerwillkeepproperbooks of

record and account in which full, true and correct entries in conformity with GAAP and all

requirements of law are made of all dealings and transactions in relation to its business and activities.

The Borrower will permit any representatives designated by the Administrative Agent to visit and

inspect the financial records and the properties of such person at reasonable times and as often as

reasonably requested, without unreasonably interfering with such party's business and affairs and to

make copies of such financial records, and permit anyrepresentatives designated bythe Administrative

Agent to discuss the affairs, finances and condition of such person with the officers thereof and

independent accountants therefor, in each case, other than (x) material and affairs protected by the

attorney-client privilege, (y) materials which such party may not disclose without violation of

confidentiality obligations binding upon it and (z) materials which such party may not disclose without

violation of anyApplicable Law. Unless an Event of Default shall haveoccurredand becontinuing, the

right of the Administrative Agent to visit and inspect financial records and properties shall belimited to

not more than one (1) such visit and inspection in any fiscal year; <u>provided</u> that after the occurrence of

an Event of Default and during its continuance, there shall be no limit to the number of such visits and

inspections, and after the resolution of such Event of Default, thenumber of visits occurring in the then

current fiscal year shall be deemed to be zero.

(e)<u>Protection of Interest in Collateral</u>. With respect to the Collateral acquired by the

Borrower, the Borrower will at the Borrower's expense, take all action necessaryto perfect, protect and

morefullyevidencetheBorrower'sownershipofsuchCollateralandtheAdministrativeAgent'ssecurity

interest in the Collateral, in each case free and clear of anyLien (other than Permitted Liens)including,

without limitation, (a) with respect to the Loans and that portion of the Collateral in which a security

interest may be perfected by filing, maintaining (at the Borrower's expense) effective financing

statements against the Transferor in all necessary or appropriate filing offices (including any

amendments thereto or assignments thereof) and filing continuation statements, amendments or

assignments with respect to the Collateral in appropriate filing offices (including any amendments

thereto or assignments thereof) and (b) executing or causing to be executed such other instruments or

notices that are reasonably requested by the Administrative Agent.

(f)<u>Deposit of</u> <u>Collections</u>.

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(i)TheBorrowershall,orshallcausetheServicerto,instructeachObligoror

relevant administrative agent, as applicable (or with respect to any Closing Date Participation Interest

forwhichtheElevationDatehasnotyetoccurred,theTransferor),todeliverallCollectionsinrespectof

the Collateral to the General Collection Account, the Canadian Dollar Account, the Euro Account, the

GBP Account or the Australian Dollar Account, as applicable.

(ii)TheBorrowershall,orshallcausetheServicerto,withintwo(2)Business

Days after receipt and identification thereof, direct the Collateral Custodian to transfer from theGeneral

Collection Account (A) all Collections received by it in respect of the Collateral attributable to Interest

Collections to the Interest Collection Account, or, if applicable, the Canadian Dollar Account, the Euro

Account, the GBP Account or the Australian Dollar Account, (B) other than as provided in clause (C),

all Collections received by it in respect of the Collateral attributable to Principal Collections to the

PrincipalCollectionAccountor,ifapplicable,theCanadianDollarAccount,theEuroAccount,theGBP

Account or the Australian Dollar Account and (C) to the extent provided in <u>Section 2.9(e)</u>, Collections

to the Unfunded Exposure Account.

(g)<u>Special Purpose Entity</u>. The Borrower shall be in compliance with the special

purpose entity requirements set forth in <u>Section 4.1(t)</u>.

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

(i)<u>Events of Default</u>. Promptly following the actual knowledge or receipt of notice by a

Responsible Officer of the Borrower of the occurrence of any Event of Default or Default, the Borrower

willprovidetheAdministrativeAgent,CollateralAdministrator,andtheCollateralCustodian with

written notice of the occurrence of such Event of Default or Default of which the Borrower has actual

knowledge or has received notice; <u>provided</u> that if such Default is subsequentlycured within the time

periodforsuchDefaultsetforthherein, thefailuretoprovidenoticeofsuchDefaultshallnotitself

result in an Event of Default hereunder.In addition, such notice will include a written statement of a

Responsible Officer of the Borrower setting forth the details of such event (to the extent known by the

Borrower) and the action, if any, that the Borrower proposes to take with respect thereto. The

Administrative Agent will provide each Lender with a copy of any such notice promptly upon receipt

thereof.

(j)<u>Obligations</u>. The Borrower shall pay its respective Indebtedness and other

obligations promptly and in accordance with their terms and pay and discharge promptly when due all

lawful claims for labor, materials and supplies or otherwise that, if unpaid, might give rise to a Lien

upon the Collateral or any part thereof, except, in each case, where the amount or validity thereof is

currently being contested in good faith by appropriate proceedings and reserves with respect thereto

havebeen provided on the books of theBorrower to theextent thefailure to payordischargewould not

reasonably be expected to have a Material Adverse Effect.

(k)<u>Taxes</u>.

(i)The Borrower will at all times continue to be treated as a disregarded entity

of the Transferor for U.S. federal income tax purposes and owned by a "U.S. Person" for U.S. federal

income tax purposes.

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(ii)The Borrower will timely file or cause to be timely filed (taking into account

valid extensions of the time for filing) all U.S. federal income and other material Tax returns required to

be filed by it and will timely pay or cause to be paid all U.S. federal income and other material Taxes

due, except Taxes that are being contested in good faith byappropriate proceedings and for which it has

set aside on its books adequate reserves in accordance with GAAP.

(l)<u>Use of Proceeds</u>. The Borrower will use the proceeds of the Advances onlyto (i)

acquire Loans or fund unfunded commitments with respect to Loans, (ii) fund the Unfunded Exposure

Account in accordance with the terms hereof, (iii) make Equity Distributions in accordance with the

terms hereof, or (iv) payrelated fees and expenses (including expenses payable hereunder).

(m)<u>Obligor</u><u>Notification</u><u>Forms</u>.TheAdministrativeAgentmay,initsdiscretionafter the

occurrenceandduringthecontinuanceof aServicerTerminationEvent oranEventofDefault,send

notification forms giving each relevant administrative agent or Obligor, as applicable, notice of the

Secured Parties' interest in the Collateral and the obligation to make payments as directed by the

Administrative Agent.

(n)<u>Adverse</u><u>Claims</u>.TheBorrowerwillnotcreate,orparticipateinthecreationof,or

other Permitted Liens.

(o)<u>Notices</u>. The Borrower will, or will cause the Servicer to, furnish each of the

following documents to the Administrative Agent, which shall forward copies of the same to the

Lenders:

(i)<u>Income Tax Liability</u>. Within ten (10) Business Days after the receipt of

revenue agent reports or other written proposals, determinations or assessments of the IRS or anyother

taxingauthoritywhichpropose,determineorotherwisesetforthpositiveadjustmentstotheTaxliability

of, or assess or propose the collection of Taxes required to have been withheld by, the Borrower which

equal or exceed $100,000 in the aggregate, telephonic or facsimile notice (confirmed in writing within

five (5) Business Days) specifying the nature of the items giving rise to such adjustments and the

amounts thereof;

(ii)<u>Auditors' Management Letters</u>. Promptly after the receipt thereof, any

auditors' management letters are received by the Borrower or by its accountants;

(iii)<u>Representations and Warranties</u>. Promptly after the actual knowledge or

receipt of notice of a Responsible Officer of the Borrower of the same, the Borrower shall notify the

Administrative Agent if any representation or warranty set forth in <u>Section 4.1</u> or <u>Section 4.2</u> was

incorrect in any material respect (except for such representations and warranties as are qualified by

materiality, a Material Adverse Effect or any similar qualifier, which representations and warranties

shall have been incorrect in any respect) at the time it was given or deemed to have been given and at

the same time deliver to the Administrative Agent a written notice setting forth in reasonable detail the

nature of such facts and circumstances. In particular, but without limiting the foregoing, the Borrower

shall notify the Administrative Agent in the manner set forth in the preceding sentence before any

Funding Date of any facts or circumstances within the knowledge of a Responsible Officer of the

Borrowerwhichwouldrenderanyofthesaidrepresentationsandwarrantiesuntrueinanymaterial

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respect (except for such representations and warranties as are qualified by materiality, a Material

Adverse Effect or anysimilar qualifier, which representations and warranties would be rendered untrue

in any respect) as of such Funding Date;

(iv)<u>ERISA</u>. Promptly after receiving notice of any Reportable Event with respect

to the Borrower (or any ERISA Affiliate thereof), a copy of such notice. In the event that the Borrower's

or the Transferor's underlying assets constitute "plan assets" within the meaning of the U.S. Department

of Labor regulation located at 29 C.F.R. Section 2510.3 101, as modified in application by Section

3(42) of ERISA or "plan assets"of anyplansubject to Similar Law, as to which the application ofsuch

Similar Lawwouldresult in theconsummation orperformanceofthetransactionscontemplated hereby

violative of such Similar Law, notice of such event within five (5) Business Days of the occurrence of

such event;

(v)<u>Proceedings</u>.Within five(5)BusinessDaysafteraResponsibleOfficerof the

Borrower receives notice or obtains knowledge thereof or the request of the Administrative Agent,

notice of any settlement of, material judgment (including a material judgment with respect to the

liability phase of a bifurcated trial) in or commencement of any material labor controversy, material

litigation, material action, material suit or material proceeding before any court or governmental

department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the

Collateral, the Transaction Documents, the Secured Parties' interest in the Collateral, or the Borrower;

<u>provided</u> that notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation,

action, suit or proceeding affecting the Collateral, the Transaction Documents, the Secured Parties'

interest in the Collateral, or the Borrower, in excess of $1,000,000 or more shall be deemed to be

material for purposes of this <u>Section 5.1(o)</u>;

(vi)<u>Notice</u><u>of</u><u>Certain</u><u>Events</u>.Withinthree(3)BusinessDaysofaResponsible

Officer of the Servicer becoming aware thereof, notice of (1) any Servicer Termination Event, (2) any

ValueAdjustmentEvent,(3)anyothereventorcircumstancethatwouldreasonablybeexpectedtohave

a Material Adverse Effect, or (4) any event or circumstance whereby any Loan which was included in

the latest calculation of the Borrowing Base as an Eligible Loan shall fail to meet one or more of the

criteria (other than criteria waived by the Administrative Agent on or prior to the related Funding Date

in respect of such Loan) listed in the definition of "Eligible Loan";

(vii)<u>Corporate</u><u>Changes</u>.Withinten(10)BusinessDaysaftertheeffective

date thereof, notice of any change in the name, jurisdiction of organization, corporate structure, tax

characterization or location of physical records of the Borrower; <u>provided</u> that the Borrower agrees not

to effect or permit any change referred to in the preceding sentence unless all filings have been made

under the UCC or otherwise that are required in order for the Administrative Agent to continue at all

times following such change to have a valid, legal and perfected security interest in all the Collateral;

and

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

Any obligation to deliver any notice or certificate pursuant to this <u>Section 5.1(o)</u>

shall be deemed to automatically be satisfied to the extent that a corresponding notice is

delivered by the Servicer pursuant to <u>Section 5.3(h)</u>.

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(p)<u>Contest Recharacterization</u>. The Borrower shall in good faith contest anyattempt to

recharacterize the treatment of the Loans as propertyof the bankruptcyestate of the Transferor.

(q)<u>Reporting Date Reporting</u>. The Borrower shall deliver (or shall cause to be

delivered) a Reporting Date Report, determined as of the Determination Date, and delivered to the

Administrative Agent and Collateral Custodian not later than 3:00 p.m. (New York City Time) on the

Reporting Date. Each such Reporting Date Report shall contain instructions totheCollateralCustodian

to withdraw funds on the related Payment Date from the applicable Collection Account and pay or

transfer amounts set forth in such report in the manner specified, and in accordance with the priorities

established, in <u>Section 2.7</u> or <u>Section 2.8</u>, as applicable.

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

(s)<u>Financial Statements</u>. The Borrower shall cause to be furnished to the Administrative

Agent for distribution to each Lender:

(i)commencing with the fiscal year ended December 31, 2024, as soon as

available, but in anyevent within 120 days after the end of each fiscal year of the Transferor, a copyof

the audited financialstatements of the Transferoras at theend ofsuch year,settingforth ineachcasein

comparative form the figures for the previous year, and, in each case, prepared on a consolidated basis

(including consolidatedschedulesshowing financial resultsoftheBorrower)and,reportedonwithout a

"going concern" or like qualification or exception, or qualification arising out of the scope of the audit,

byanindependentcertifiedpublicaccountantsfirmofnationallyrecognizedstanding;provided,thatthe

financial statements required to be delivered pursuant to this clause (i) which are made available via

EDGAR, or any successor system of the Securities Exchange Commission, in the Transferor's annual

report on Form 10-K, shall be deemed delivered to the Administrative Agent on the date such

documents are made so available;

(ii)commencing with the fiscal quarter ending March 31, 2025, as soon as

available, but in any event not later than sixty(60) days after the end of each of the first three quarterly

periods of each fiscal year of Transferor, the unaudited financial statements of the Transferor as at the

end of such quarter and the portion of the fiscal year through the end of such quarter, setting forth in

each case in comparative form the figures for the previous year and, in each case, prepared on a

consolidatedbasis(includingconsolidatedschedulesshowingfinancialresultsoftheBorrower),eachof

whichshallbecertifiedbyaResponsibleOfficerasbeingfairlystatedinallmaterialrespects(subjectto

normal year-end audit adjustments); provided, that the financial statements required to be delivered

pursuant to this clause (ii) which are made available via EDGAR, or any successor system of the

Securities Exchange Commission, in the Transferor's quarterly report on Form 10-Q, shall be deemed

delivered to the Administrative Agent on the date such documents are made so available; and

(iii)all such financial statements shall be complete and correct in all material

respects and shall be prepared in reasonable detail and in accordance with GAAP applied consistently

throughouttheperiods reflectedtherein and withpriorperiods (except as approved bysuchaccountants

or officer, as the case may be, and disclosed therein).

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(t)<u>Certificates;</u><u>Other</u><u>Information</u>.TheBorrowershallfurnishtothe Administrative

Agent for distribution to each Lender:

(i)on each Measurement Date, a Borrowing Base Certificate and Loan Tape

showingtheBorrowingBaseandtheAvailabilityasofsuchdateandevidencingthatBorrowerisinfull

compliance with the financial covenant set forth in <u>Section 5.2(n)</u> as of such date, certified as complete

and correct in allmaterial respects byaResponsibleOfficeroftheBorrower; <u>provided</u>that withrespect

totheMeasurementDatereferenced inclause(v)ofthedefinitionofMeasurementDate,theBorrowing

BaseCertificateandLoanTaperequiredunderthisclause(i)shallbeasofmonthendbutbedeliverable

on the twentieth (20th) day of the next calendar month (or if such day is not a Business Day, the next

succeeding Business Day);

(ii)within five (5) Business Days following its effective date, a copy of any

material amendment, restatement, supplement, waiver or other modification to any Underlying

Instrument of any Eligible Loan;

(iii)[reserved];

(iv)within 120 days after the end of each fiscal year of the Transferor

(commencing with the fiscal year ending December 31, 2025), a report covering such fiscal year of a

firm of independent certified public accountants of nationally recognized standing (or any other party

identified by the Administrative Agent) to the effect that such accountants (or such other party) have

appliedcertainagreed-uponprocedures(acopyofwhichproceduresareattachedheretoas<u>Schedule</u><u>IV</u>,

it being understood that the Borrower and the Administrative Agent may provide an updated <u>Schedule</u>

<u>IV</u> reflecting any further amendments to such <u>Schedule IV</u> on or prior to the last day of the first fiscal

year of theTransferor to end followingthe ClosingDate, a copyof which shall replace thethen existing

<u>Schedule IV</u>) to certain documents andrecords relatingto theCollateral and theLoanParties,compared

theinformationcontainedintheBorrowingBaseCertificates(includingtheBorrowingBaseCertificates

delivered pursuant to <u>Section 5.1(q)</u>) delivered during the period covered by such report with such

documents and records and that no matters came to the attention of such accountants (or such other

party) that caused them to believe that the information and the calculations included in such Borrowing

Base Certificates were not determined or performed in accordance with the material provisions of this

Agreement, except for such exceptions as such accountants (or such other party) shall believe to be

immaterial and such other exceptions as shall be set forth in such statement, or a Servicer Termination

Event occurred during the applicable reporting period;

(v)within ninety (90) days after the end of each fiscal year of the Borrower

(commencingwiththefiscalyearendingDecember31, 2025),astaticpoolreportintheformof<u>Exhibit</u>

<u>A-8</u> shall be provided to Administrative Agent; and

(vi)promptly, such additional financial and other information as the

Administrative Agent may from time to time reasonably request.

(u)<u>Further Assurances</u>. The Borrower will execute any and all further documents,

financingstatements, agreements andinstruments, andtake all further action (including filing UCCand

other financing statements, agreements or instruments) that may be required under Applicable Law, or

thattheAdministrativeAgentmayreasonablyrequest,inordertoeffectuatethetransactions

-123-<br>

contemplated by the Transaction Documents and in order to grant, preserve, protect, perfect or more

fully evidence the validity and first priority (subject to Permitted Liens) of the security interests and

Liens created or intended to be created hereby. Such security interests and Liens will be created

hereunder and the Borrower shall deliver or cause to be delivered to the Administrative Agent all such

instruments and documents (including legal opinions andliensearches) as itshall reasonablyrequest to

evidence compliance with this <u>Section 5.1(u)</u>. The Borrower agrees to provide such evidence as the

Administrative Agent shall reasonably request as to the perfection and priority status of each such

security interest and Lien.

(v)<u>Non-Consolidation</u>.TheBorrowershallatalltimesactinamannersuchthateach of

theassumptions madebyDechertLLPintheiropinionregardingnon-consolidationmattersdelivered

pursuant to <u>Section 3.1(f)</u> is true and accurate in all material respects. The Borrower shall at all times

observe and be in compliance in all material respects with all covenants and requirements in the

Governing Documents of the Borrower.

(w)<u>Other</u>. The Borrower will furnish to the Administrative Agent promptly, from time to

time, such otherinformation, documents, records or reports reasonablyavailable to it respecting the

Collateral or the condition or operations, financial or otherwise, of the Servicer or the Borrower as the

AdministrativeAgentoranyLendermayfromtimetotimereasonablyrequestinordertoprotectthe

interests of the Administrative Agent or the other Secured Parties under or as contemplated by this

Agreement.

(x)<u>Hedging</u>.

(i)Each Hedge Transaction enteredintobyBorrower fromtimetotimeshall be

entered into with the Hedge Counterparty and governed by the Hedging Agreement and the net amount

ofthepaymentstoandfromtheBorrowerundersuchHedgingAgreementshallbepaidintothe

Collection Account (if payable by such Hedge Counterparty) or from the Collection Account to the

extent funds are available under <u>Sections 2.7(a)(3)</u> and <u>2.7(a)(7)</u>, <u>Sections 2.7(b)(3)</u> and <u>2.7(b)(7)</u> or

<u>Sections 2.8(3)</u> and <u>2.8(7)</u> of this Agreement (if payable by the Borrower).

(ii)As additional security hereunder, Borrower hereby assigns to the

Administrative Agent, as agent for the Secured Parties, all right, title and interest but none of the

obligations of the Borrower in the Hedging Agreement, each Hedge Transaction, and all present and

future amounts payable by the Hedge Counterparty to Borrower under or in connection with the

respective Hedging Agreement and Hedge Transaction(s) with that Hedge Counterparty ("<u>Hedge</u>

<u>Collateral</u>"), and grants a securityinterest to the Administrative Agent, as agent for theSecured Parties,

in the Hedge Collateral to secure the prompt, complete and indefeasible payment and performance in

full when due, whether by lapse of time, acceleration or otherwise, of the Obligations of the Borrower

arising in connection with this Agreement and each other Transaction Document, whether now or

hereafter existing, due or to become due, direct or indirect, or absolute or contingent. Nothing herein

shallhavetheeffectofreleasingtheBorrowerfromanyofitsobligationsunderanyHedgingAgreement

or anyHedge Transaction, nor be construed as requiringtheconsent of theAdministrativeAgent orany

Secured Party for the performance by Borrower of any such obligations.

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(iii)SolongasthenotionalamountofanyHedgeTransactionissatisfactoryto the

Administrative Agent, the entire principal balance of the related Loan shall be treated as a Floating Rate

Loan for all purposes of this Agreement.

(y)<u>Beneficial Ownership Regulation</u>. Promptly following any request therefor, the

BorrowershalldelivertotheAdministrativeAgentinformationanddocumentationreasonablyrequested

by the Administrative Agent or any Lender for purposes of compliance with the Beneficial Ownership

Regulation.

(z)<u>Compliance with Anti-Money Laundering Laws and Anti-Corruption</u><u>Laws</u>. The

Borrowershall:(a)complywithallapplicableAnti-MoneyLaunderingLawsandAnti-CorruptionLaws,

andshallmaintainpoliciesandproceduresreasonablydesignedtoensurecompliancewiththe

Anti-Money Laundering Laws and Anti-Corruption Laws, (b) conduct the requisite due diligence in

connection with the transactions contemplated herein for purposes of complying with the Anti-Money

Laundering Laws, including with respect to the legitimacy of the applicable investor and the origin of

the assets used by such investor to purchase the property in question, and will maintain sufficient

information to identify the applicable investor for purposes of the Anti-Money Laundering Laws, (c)

ensure it does not use any of the credit in violation of any Anti-Corruption Laws or Anti-Money

LaunderingLaw,(d)ensureitdoesnotfundanyrepaymentofthecreditinviolationofany

Anti-Corruption Laws or Anti-Money Laundering Laws. The Borrower shall, upon the request of the

Administrative Agent from time to time, provide certification and other evidence of the Borrower's and

each Person controlling the Borrower's compliance with this <u>Section 5.1(z)</u>.

Section 5.2<u>Negative</u><u>Covenants</u><u>of</u><u>the</u><u>Borrower.</u>

DuringtheCovenantCompliancePeriod:

(a)<u>Other Business</u>. The Borrower will not (i) engage in any business other than (A)

entering into and performing its obligations under the Transaction Documents and other activities

contemplated by the Transaction Documents, (B) the origination, acquisition, ownership and

management of the Collateral, (C) the sale of Loans as permitted hereunder and (D) the distribution of

Restricted Payments to the extent permitted by the Transaction Documents, (ii) incur anyIndebtedness

otherthan (A) Indebtednessincurredunder theterms of the Transaction Documents,(B)withrespect to

anyRevolvingLoanorDelayedDrawLoanownedbytheBorrower,obligationstofundundertheterms

of theUnderlyingInstruments, and (C) Indebtednessin conjunction with arepaymentof all Obligations

and a termination of all the Commitments, or (iii) form any Subsidiary or make any Investment in any

other Person except as expressly permitted hereunder.

(b)<u>Collateral Not to be Evidenced by</u><u>Instruments</u>. The Borrower will take no action to

cause any Loan that is not, as of the Closing Date or the related Funding Date, as the case may be,

evidenced byan Instrument, to be soevidencedexcept inconnectionwith theenforcement orcollection

of such Loan or unless such Instrument is promptlydelivered to the CollateralCustodian,together with

an Indorsement in blank, as collateral security for such Loan.

(c)<u>Security Interests</u>. Except as otherwise permitted herein and in respect of any

DiscretionarySale,SubstitutionorsaleofaWarrantyLoan,theBorrowerwillnotsell,pledge,assignor

transfertoanyotherPerson,orgrant,create,incur,assumeorsuffertoexistanyLien(otherthan

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Permitted Liens) on any Collateral, whether now existing or hereafter transferred hereunder, or any

interest therein. The Borrower will promptly notify the Administrative Agent of the existence of any

Lien (other than Permitted Liens) on any Collateral and the Borrower shall defend the right, title and

interest of the Administrative Agent, as agent for the Secured Parties in, to and under the Collateral

against all claims of third parties (other than Permitted Liens).

(d)<u>Mergers, Acquisitions, Sales, etc.</u> TheBorrower will not be a partyto anymerger or

consolidation,DivisionTransaction,orpurchaseorotherwiseacquireanyoftheassetsoranystockof

any class of, or any partnership or joint venture interest in, any other Person, or sell, transfer, conveyor

lease any of its assets, or sell or assign with or without recourse any Collateral or any interest therein

(other than as permitted pursuant to this Agreement or the Sale Agreement); provided that the Borrower

may (x) acquire any Equity Security received in exchange for a Loan or portion thereof in connection

with an insolvency, bankruptcy, reorganization, debt restructuring or workout of the Obligor thereof or

(y)receivewarrantsinconnectionwiththeacquisitionofanyLoanfromtimetotime.

(e)<u>Restricted</u><u>Payments</u>.TheBorrowershallnotmakeanyRestrictedPaymentsother

than (i) distributions of amounts paid to it in accordance with Sections 2.7, 2.8, 2.9 and any other

provision of any Transaction Document which expresslyrequires or permits payments to be made to or

amounts to be reimbursed to the Borrower or the Transferor, (ii) Permitted RIC Distributions and (iii)

with the proceeds of Advances; <u>provided</u> that, in connection with any Restricted Payment under <u>clause</u>

<u>(ii)</u> or <u>(iii)</u> above (including a Permitted RIC Distribution made with the proceeds of Advances),

immediately after giving effect to such Restricted Payment, there shall not exist a Borrowing Base

Deficiency and the Borrower shall have delivered to the Administrative Agent a Borrowing Base

Certificatetosucheffect;<u>provided</u>,further,thatinconnectionwithanyRestrictedPaymentunder<u>clause</u>

<u>(ii)</u> above, (A) immediately after giving effect to such Restricted Payment,the Weighted Average

Spread Test is satisfied (or, if not satisfied immediately after giving effect to such Restricted Payment,

the degree of compliance with such Weighted Average Spread Test is maintained or improved after

giving effect to such Restricted Payment) (B) no event has occurred and is continuing, or would result

from such Restricted Paymentor from the application of proceeds thereof, that constitutes an Event of

Defaultand(C)theconditionstothemakingofaLoanAdvancesetforthin<u>Sections</u><u>3.2(c)(i)</u>,<u>3.2(c)(iii)</u>

and <u>3.2(c)(iv)</u> hereof are satisfied in connection therewith (as if such Permitted RIC Distribution is<u>as</u>a

Loan Advance for such purpose).

(f)<u>Change of Location of Underlying Instruments</u>. The Borrower shall not, without the

prior consent of the Administrative Agent, consent to the Collateral Custodian moving any Certificated

Securities or Instruments from the Custody Facilities on the Closing Date, unless the Borrowerhas

givenatleastthirty(30)days'writtennoticetotheAdministrativeAgentandhastakenall actions

required under the UCC of each relevant jurisdiction in order to ensurethat theSecuredParties' first

priority (subject to Permitted Liens) perfected security interest continues in effect.

(g)<u>ERISA</u><u>Matters</u>.TheBorrowerwillnot(i)allowitsortheTransferor'sunderlying

assets to constitute"planassets"within themeaningof theU.S.Department of Laborregulationlocated

at 29 C.F.R. Section 2510.3 101, asmodified in application bySection3(42) of ERISA or "plan assets"

of anyplan subject to Similar Law that would cause the enteringinto orperformance of this Agreement

or the transactions contemplated hereby to be a violation of such Similar Law, (ii)permit to exist any

accumulatedfundingdeficiency,asdefinedinSection302(a)ofERISAandSection412(a)oftheCode,

orfundingdeficiencywithrespecttoanyPensionPlanoranERISAAffiliate,ifany,otherthana

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MultiemployerPlan,exceptaswouldnotreasonablybeexpectedtoresultinaMaterialAdverse Effect,

(iv)fail to make or permit any ERISA Affiliate to fail to make, any payments to a Multiemployer Plan

that the Borroweror anyERISAAffiliatemayberequiredtomakeundertheagreementrelatingtosuch

Multiemployer Plan or anylaw pertaining thereto, except as wouldnot reasonablybe expected to result

in a Material Adverse Effect, (v)terminate any Pension Plan of an ERISA Affiliate, if any, so as to

resultinanyliability,exceptaswouldnotreasonablybeexpectedtoresultinaMaterialAdverseEffect,

(vi)permit to exist anyoccurrence of anyReportable Event with respect to aPensionPlan ofan ERISA

Affiliate,ifany,exceptascouldnotreasonably beexpectedtoresultinaMaterialAdverseEffect,or

(vii) make or permit any ERISA Affiliate to make a complete or partial withdrawal from a

MultiemployerPlanorbenotifiedbythesponsorofaMultiemployerPlanoranyERISAAffiliatethatit

or any ERISA Affiliate has incurred withdrawal liability to such Multiemployer Plan, except as would

not reasonably be expected to result in a Material Adverse Effect.

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

(i)<u>Changes in Payment Instructions to Obligors</u>. The Borrower will not make any

change, or permit the Servicer to make any change, in its instructions to any relevant administrative

agent or Obligor or the Transferor, as applicable, regarding payments to be made with respect to the

CollateraltotheCollectionAccount,theCanadianDollarAccount,theEuroAccount,theGBPAccount

or the Australian Dollar Account, as applicable, unless the Administrative Agent has consented to such

change.

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

(k)<u>Fiscal Year</u>. The Borrower shall not change its fiscal year or method of accounting

without providing the Administrative Agent with prior written notice providing a detailed explanation

ofsuch changes. For the avoidanceofdoubt,thisclause(k)does notpertain toanychanges in

accounting policy required by GAAP.

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

(m)<u>Compliance with Sanctions</u>. The Borrower will not and will not permit any Person

controlling the Borrower to, directly or to its knowledge indirectly, use the proceeds of any Advance

hereunder, or lend, contribute, or otherwise make available such proceeds to any subsidiary, joint

venture partner, or other Person (i) to fund any activities or business of or with a Sanctioned Person, or

(ii) in any manner that would be prohibited by Sanctions or would otherwise cause any SecuredPartyto

beinbreach ofanySanctions.TheBorrowerandeachPersoncontrollingtheBorrower shall comply in

all material respects with applicable Sanctions, and shall maintain policies and procedures reasonably

designed to ensure compliance with the Sanctions. Neither the Borrower nor person controlling the

Borrower will fund any repayment with proceeds derived from any transaction that would be prohibited

by Sanctions.

(n)<u>Minimum Total Interest Coverage Ratio</u>. Upon the earlier of (i) six (6) months from

the Closing Date and (ii) the first month end following the Closing Date on which such test is passed,

Borrower shall not permit its Total Interest Coverage Ratio to be less than 1.50 to 1.00.

Section 5.3<u>Affirmative</u><u>Covenants</u><u>of</u><u>the</u><u>Servicer</u>.

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DuringtheCovenantCompliancePeriod:

(a)<u>Compliance with Law</u>. The Servicer will comply in all material respects with all

Applicable Law, including those with respect to the Collateral or any part thereof, except for instances

of non-compliance that would not reasonablybe expected to have a Material Adverse Effect.

(b)<u>Preservation of Company Existence</u>. The Servicer will (i) preserve and maintain its

trustexistence,rights,franchisesandprivilegesinthejurisdictionofitsformationand(ii)qualifyand

remain qualified in good standing as a statutory trust in each jurisdiction where the failure to preserve

andmaintainsuchexistence,rights,franchises,privilegesandqualificationhashad,orwouldreasonably

be expected to have, a Material Adverse Effect.

(c)<u>Performance and Compliance with Collateral</u>. The Servicer will take all

commerciallyreasonable actions within its control consistent with the Servicer Standard so as to permit

theBorrower to dulyfulfill and complywith all obligations on thepart of theBorrower to be fulfilled or

complied with under or in connection with the administration of each item of Collateral, except where

such failure would not reasonablybe expected to have a Material Adverse Effect, and will not take any

actionthattheServicerwouldreasonablyexpecttoimpairtherightsoftheAdministrativeAgent,forthe

benefit of the Secured Parties, or of the Secured Parties in, to and under the Collateral (other than

Permitted Liens). It is understood and agreed that the Servicer does not hereby assume any obligations

of the Borrower in respect of any Advances or assume any responsibility for the performance by the

Borrower of any of its obligations hereunder or under any other agreement executed in connection

herewith that would be inconsistent with its undertaking as the Servicer or in its capacity as the

Transferor under the Sale Agreement.

(d)<u>Keeping</u><u>of</u><u>Records</u><u>and</u><u>Books</u><u>of</u><u>Account</u>.

(i)The Servicer will maintain and implement administrative and operating

procedures (including, without limitation, an ability to recreate records evidencing Collateral in the

event of the destruction of the originals thereof), and keep and maintain all documents, books, records

and other information reasonably necessary or advisable for the collection of all Collateral and the

identification of the Collateral.

(ii)The Servicer will permit any representatives designated by the Administrative

Agent (and the Lenders shall have the opportunity to attend) to visit and inspect the financial records

and the properties of such person at reasonable times and as often as reasonably requested, without

unreasonablyinterfering with such party's business andaffairs and to makecopies of suchfinancial

records,andpermitanyrepresentativesdesignatedbytheAdministrativeAgenttodiscuss the affairs,

finances and condition of theServicer with theofficers thereof and independent accountants therefor, in

each case, other than (x) material and affairs protected by the attorney-client privilege, (y) materials

which such party may not disclose without violation of confidentiality obligations binding upon it and

(z) materials which such party may not disclose without violation of any Applicable Law. Unless an

Event ofDefaultshallhaveoccurredand becontinuing,therightoftheAdministrativeAgent to visit

and inspect financial records and properties shall be limited to not more than one (1) such visit and

inspectioninanyfiscalyear;<u>provided</u>thataftertheoccurrenceofanEventofDefaultandduringits

continuance, thereshall be no limit to thenumber ofsuch visits andinspections,andaftertheresolution

of such Event of Default, the number of visits occurring in the then current fiscal year shall be deemed

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to be zero; <u>provided</u>, further, that the Borrower shall not be liable for the costs and expenses of more

than one such visit in any calendar year unless an Event of Default has occurred hereunder, in which

event the number of visits for which the Servicer shall be liable for the costs and expenses shall not be

limited.

(iii)The Servicer will on or prior to the date hereof, mark its internalrecords to

reflect the ownership of the Collateral by the Borrower.

(e)<u>Events of Default</u>.Promptly following a Responsible Officer of the Servicer's

knowledge or notice of the occurrence of anyEvent of Default or Default, the Servicer will provide the

AdministrativeAgentandtheCollateralCustodianwithwrittennoticeoftheoccurrenceofsuchEventof

Default or Default of which the Servicer has knowledge or has received notice; <u>provided</u> that if such

Default is subsequently cured within the applicable time period for such Default set forth herein, the

failure to provide notice of such Default shall not itself result in an Event of Default hereunder.In

addition, such notice will include a written statement of a Responsible Officer of the Servicer setting

forth the details (to the extent known to the Servicer) of such event and the action that the Servicer

proposes to take with respect thereto.The Administrative Agent will provide each Lender with a copy

of any such notice promptly upon receipt thereof.

(f)<u>Other</u>.TheServicerwillpromptlyfurnishtotheAdministrativeAgentsuch other

information, documents, records or reports reasonably available to it respecting the Collateral or the

conditionoroperations,financialorotherwise,oftheServicerthat(x)areintheServicer'spossessionor

(y)withrespecttotheCollateral,canbeobtainedbytheServicerthroughreasonableinquiryand without

undue expense, as the Administrative Agent or anyLender mayfrom time to timereasonablyrequest in

ordertoprotecttheinterestsoftheAdministrativeAgentorSecuredPartiesunderorascontemplatedby

this Agreement.

(g)<u>Proceedings</u>. The Servicer will furnish to the Administrative Agent, as soon as

possible and in any event within five (5) Business Days after any Responsible Officer of the Servicer

receivesnoticeorobtainsactualknowledgethereoforattherequestoftheAdministrativeAgent,notice

of any settlement of, a material judgment (including a material judgment with respect to the liability

phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation,

material action, material suit or material proceeding before any court or governmental department,

commission, board, bureau, agency or instrumentality, domestic or foreign, in each case that would

reasonablybeexpectedtohaveaMaterialAdverseEffectontheCollateral,theTransactionDocuments,

the Secured Parties' interest in the Collateral, or the Borrower or the Servicer; <u>provided</u> that

notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or

proceeding affecting the Collateral, the Transaction Documents, the Secured Parties' interest in the

Collateral, or the Borrower in excess of $500,000 or the Servicer in excess of $5,000,000 shall be

deemed to be expected to have such Material Adverse Effect for the purposes of this <u>Section 5.3(g)</u>.

(h)<u>Required Notices</u>. The Servicer will furnish to the Administrative Agent and the

CollateralCustodian,promptly(and in anyevent withinthree(3)BusinessDays)uponbecomingaware

thereof, notice of (1) anyServicer Termination Event, (2) anyValue Adjustment Event, (3) anyChange

of Control, (4) any other event or circumstance that would reasonably be expected to have a Material

Adverse Effect, (5) any event or circumstance whereby any Loan which was included in the latest

calculationoftheBorrowingBaseasanEligibleLoanshallfailtomeetoneormoreofthecriteria

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(other than criteria waived by the Administrative Agent on or prior to the related Funding Date in

respect of such Loan) listed in the definition of "Eligible Loan", (6) the occurrence of any payment

defaultbyan Obligoron anyLoanor(7)anyviolationofanySanctions,Anti-MoneyLaunderingLaws,

Anti-Corruption Laws or <u>Sections 4.1(bb)</u>, <u>4.3(k)</u>, <u>5.1(z)</u>, <u>5.2(m)</u> and <u>5.3(i)</u>.

(i)<u>Compliance with Anti-Money Laundering Laws and Anti-Corruption</u><u>Laws</u>. The

Servicershall:(a)complywithallapplicableAnti-MoneyLaunderingLawsandAnti-CorruptionLaws,

and shall maintain policies and procedures reasonably designed to ensure compliance in all material

respectswiththeAnti-MoneyLaunderingLawsandAnti-CorruptionLaws,(b)conducttherequisitedue

diligence in connection with the transactions contemplated herein for purposes of complying with the

Anti-MoneyLaunderingLaws,(c)ensureitdoesnotuseanyofthecreditinviolationofany

Anti-Corruption LawsorAnti-MoneyLaunderingLawand(d)ensureitdoesnotfundanyrepaymentof

the credit in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws.

Section5.4<u>Negative</u><u>Covenants</u><u>of</u><u>the</u><u>Servicer</u>.

During the Covenant Compliance Period:

(a)<u>Mergers, Acquisition, Sales, etc.</u> Unless the Servicer is the survivingcompanyin a

merger, the Servicer will not consolidate with or merge into any other Person, perform a Division

Transaction or convey or transfer its properties and assets substantially as an entirety to any Person

unless:

(i)the Servicer has delivered to the Borrower and the Administrative Agent an

Officer'sCertificate and an Opinion ofCounsel eachstatingthatanyconsolidation,merger,Division

Transaction, conveyanceortransferandsuchsupplementalagreementexecutedinconnectiontherewith

comply with this Section and that all conditions precedent herein provided for relating to such

transaction havebeen complied with and, in the case of theOpinion ofCounsel, that such supplemental

agreementislegal,validandbindingwithrespecttotheServicerandsuchothermattersasthe Borrower

or the Administrative Agent may reasonably request;

(ii)the Servicer shall have delivered notice of such consolidation, merger,

DivisionTransaction,conveyanceortransfertotheBorrowerandtheAdministrativeAgent(whichshall

forward copies of the same to the Lenders promptlyupon receipt thereof); and

(iii)aftergivingeffectthereto,noDefaultorEventofDefaultshallhave

occurred.

(b)<u>Change</u><u>of</u><u>Location</u><u>of</u><u>Underlying</u><u>Instruments</u>.Subjectto<u>Section</u><u>7.8</u>,the

Servicer shall not, without the prior consent of the Administrative Agent, consent to the Collateral

Custodian moving anyCertificated Securities or Instruments from the CustodyFacilities, as applicable,

on the Closing Date, unless the Servicer has given at least thirty (30) days' written notice to the

AdministrativeAgentandhasauthorizedtheAdministrativeAgentto take all actions required under the

UCC of each relevant jurisdiction in order to continue thefirstpriorityperfectedsecurityinterestofthe

AdministrativeAgentasagentfortheSecuredParties in the Collateral.

(c)<u>Change</u><u>in</u><u>Payment</u><u>Instructions</u><u>to</u><u>Obligors</u>.TheServicerwillnotconsent to the

CollateralCustodianmakingany changeinitsinstructionstoObligorsorany relevantadministrative

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agent, as applicable, regarding payments to be made with respect to the Collateral in accordance with

<u>Section 2.9</u> hereof, unless the Administrative Agent has consented to such change.

Section 5.5<u>Affirmative</u><u>Covenants</u><u>of</u><u>the</u><u>Collateral</u><u>Custodian</u>.

DuringtheCovenantCompliancePeriod:

(a)<u>Compliance with Law</u>. The Collateral Custodian will comply in all material respects

with all Applicable Law.

(b)<u>Preservation of Existence</u>.The Collateral Custodian will preserve and maintain its

existence, rights, franchises andprivileges in thejurisdiction of its formation andqualifyand remain

qualified in good standing in each jurisdiction where failure to preserve and maintain such existence,

rights, franchises, privileges and qualification has had, or would reasonably be expected to have, a

Material Adverse Effect.

(c)<u>Location of Underlying Instruments</u>. Subject to <u>Section 7.8</u>, the Underlying

InstrumentsinphysicalformshallremainatalltimesinthepossessionoftheCollateralCustodian atthe

Custody Facilities unless notice of a different address is given in accordance with the terms hereof or

unless the Administrative Agent agrees to allow certain Underlying Instruments to be released to the

Servicer on a temporary basis in accordance with the terms hereof, except as such Underlying

Instruments may be released pursuant to this Agreement.

Section 5.6<u>Negative</u><u>Covenants</u><u>of</u><u>the</u><u>Collateral</u><u>Custodian</u>.

DuringtheCovenantCompliancePeriod:

(a)<u>Underlying Instruments</u>. The Collateral Custodian will not dispose of any documents

constituting the Underlying Instruments in any manner that is inconsistent with the performance of its

obligations as the Collateral Custodian pursuant to this Agreement and will not dispose of any

Collateral except as contemplated by this Agreement.

(b)<u>No</u><u>Changes</u><u>to</u><u>Collateral</u><u>Custodian</u><u>Fee</u>.NeithertheCollateralCustodiannorthe

Collateral Administrator will make any changes to the Collateral Custodian Fee set forth in the

Collateral Custodian and Collateral Administrator Fee Letter without the prior written approval of the

Administrative Agent and the Borrower.

**ARTICLE VI** 

**COLLATERALADMINISTRATION**

Section 6.1<u>Designation</u><u>of</u><u>the</u><u>Servicer.</u>

Subject to <u>Section 6.8</u>, the servicing, administering and management of the Collateral

shall be conducted by the Servicer. The Servicer may, with the prior written consent of the

AdministrativeAgent(whichconsentmaybewithheldinitssolediscretion)(providedthatconsentfrom

the Administrative Agent shall not be required for any delegation to or subcontracting with an Affiliate

oftheServicer),subcontractwithanyotherPersonforservicing,administeringorcollectingthe

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Collateral; <u>provided</u> that (i) the Servicer shall select any such Person with reasonable care and shall be

solely responsible for the fees and expenses payable to such Person, (ii) the Servicer shall not be

relieved of, and shall remain liable for, the performance of the duties and obligations of the Servicer

pursuant to the terms hereof without regard to any subcontracting arrangement and (iii) any such

subcontract shall be subject to the provisions hereof.

Section 6.2<u>Duties</u><u>of</u><u>the</u><u>Servicer.</u>

(a)<u>Appointment</u>.The Borrower hereby appoints the Servicer as its agent to service the

Collateral and enforce its rights and remedies in, to and under such Collateral.The Servicer hereby

accepts such appointment and agrees to perform the duties and obligations with respect thereto as set

forthherein.TheServicer andthe Borrowerherebyacknowledgethat the AdministrativeAgentandthe

other Secured Parties are third party beneficiaries of the obligations undertaken by the Servicer

hereunder.

(i)<u>Duties</u>.TheServicershalltakeorcausetobetakenallsuchactionsasmay be

necessary or advisable to service the Collateral from time to time, all in accordance with Applicable

Law and the Servicer Standard.Without limiting the foregoing, the duties of the Servicer (on behalf of

the Borrower) shall include the following:

(1)selecting, supervising, managing, monitoring and directing on behalf

oftheBorrowertheinvestment,reinvestmentanddispositionofLoans(including(A)identifying,

evaluating and negotiating the structure of potential Loans, (B) performing due diligence on potential

Loans, (C) directing the activities of the credit and investment committees established to evaluate

potential Loans, (D) making decisions (with the consent of the Administrative Agent to the extent

specified herein) relating to the price, size and timing of the Borrower's investments in Loans, (E)

providing on-going monitoring of the Borrower's existing and potential Loans, (F) making investment

decisionsregardingcreditimproved,credit risk, defaulted and relative value trades of the Borrower and

(G)providingtradesettlementandportfoliocomplianceservicestotheBorrower);

(2)assisting the Borrower in exercising the rights and obtaining the

benefits to which it is entitled hereunder and under and in connection with Loans;

(3)preparing and submitting claims to, and acting aspost-billing liaison

with, Obligors on each Loan (for which no administrative or similar agent exists);

(4)maintaining all necessary records and reports with respect to the

Collateral and providing such reports to the Administrative Agent in respect of the management and

administrationoftheCollateral(includinginformationrelatingtoitsperformanceunderthisAgreement)

as maybe required hereunder or as the Administrative Agent mayreasonablyrequest;

(5)maintaining and implementing administrative and operating

procedures (including, without limitation, an abilityto recreate management and administration records

evidencing the Collateral in the event of the destruction of the originals thereof) and keeping and

maintaining all documents, books, records and other information reasonably necessary or advisable for

the collection of the Collateral;

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(6)promptly delivering to the Administrative Agent, the Collateral

Administrator and the Collateral Custodian, from time to time, such information and management and

administration records (including information relating to its performance under this Agreement) (x) are

in the Servicer's possession or (y) can be obtained by the Servicer through reasonable inquiry, as the

Administrative Agent, the Collateral Administrator or the Collateral Custodian may from time to time

reasonably request;

(7)identifying each Loan clearly and unambiguously in its records to

reflect that such Loan is owned by the Borrower and that the Borrower is granting a security interest

therein to the Administrative Agent for the benefit of the Secured Parties pursuant to this Agreement;

(8)notifying the Administrative Agent of any material action, suit,

proceeding, dispute, offset, deduction, defense or counterclaim (1) that is or is threatened in writing to

be asserted by an Obligor against the Borrower or with respect to any Loan (or portion thereof) or (2)

that would reasonably be expected to have a Material Adverse Effect, in each case of which it has

knowledge or has received written notice;

(9)maintaining the first priority, perfected security interest of the

Administrative Agent, as agent for the Secured Parties, in the Collateral subject to Permitted Liens;

provided that the Servicer shall have no responsibility for filing or maintaining effective financing

statements (including any amendments thereto or assignments thereof) in any filing offices, or filing

continuation statements, amendments or assignments with respect thereto in anyfiling offices;

(10)so long as KKR FS Income Trust or one of its Affiliates is the

Servicer and to the extent that such Loan Files are not held by the Collateral Custodian, whether at the

Custody Facilities or otherwise, maintaining the Loan File(s) with respect to Loans included as part of

theCollateral; <u>provided</u>thatupontheoccurrenceandduringthecontinuanceofanEventofDefaultora

Servicer Termination Event, the Administrative Agent may request the Loan File(s) to be sent to the

Administrative Agent or its designee; provided that the Administrative Agent adheres to the

confidentiality provisions under this Agreement with respect to such Loan File(s);

(11)so long as KKR FS Income Trust or one of its Affiliates is the

Servicer, to the extent that such Loan Files are not held by the Collateral Custodian, whether at the

CustodyFacilities orotherwise, withrespect toeach Loan included as part of theCollateral, makingthe

Loan Files available forinspection bythe Administrative Agent, upon reasonable advancenotice,at the

offices of the Servicer during normal business hours; provided that the Person conducting such

inspection adheres to the confidentiality provisions under this Agreement with respect to such Loan

File(s); and

(12)directing the Collateral Custodian to make payments pursuant

to theinstructions set forth in thelatest Reporting DateReport in accordance with <u>Section 2.7</u>and

<u>Section</u><u>2.8</u>.

(b)Each of the Borrower, the Administrative Agent, each Lender and the Hedge

Counterparty hereby authorizes the Servicer to take any and all reasonable steps consistent with the

Servicer Standard in its name and on its behalf necessary or desirable in the determination of the

ServicerandnotinconsistentwithBorrower'sownershipoftheCollateralandtheGrantbytheBorrower

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totheAdministrativeAgentonbehalfoftheSecuredPartieshereunder,tocollectallamountsdueunder

any and all Collateral, including, endorsing any of their names on checks and other instruments

representing Interest Collections and Principal Collections, executing and delivering any and all

instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other

comparableinstruments,withrespecttotheCollateraland,afterthedelinquencyofanyCollateralandto

the extent permitted under and in compliance with Applicable Law, to commence proceedings with

respect to enforcing payment thereof. The Borrower, and the Administrative Agent, on behalf of the

Secured Parties shall furnish the Servicer with anypowers of attorneyand other documents necessaryor

appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder, and

shall cooperate with the Servicer to the fullest extent in order to ensure the collectability of the

Collateral. In no event shall the Servicer be entitled to make any Secured Party a party to any litigation

without such party's express prior written consent, or to make the Borrower a party to any litigation

(other than anyforeclosure or similar collection procedure) without the Administrative Agent's consent.

(c)In performing its duties, the Servicer shall perform its obligations in compliance with

the Servicer Standard.

(d)Notwithstanding anything to the contrary contained herein, the exercise by the

Administrative Agent or the Secured Parties of their rights hereunder (including, but not limited to, the

delivery of a Servicer Termination Notice), shall not release the Servicer (unless replaced by a

Replacement Servicer), the Transferor or the Borrower from any of their duties or responsibilities with

respect to the Collateral except to the extent provided in <u>Section 6.8</u> hereof. The Secured Parties, the

Administrative Agent, the Hedge Counterparty and the Collateral Custodian shall not have any

obligation or liabilitywith respect to anyCollateral, other than to use reasonablecare in the custodyand

preservationofcollateralinsuchparty'spossession,norshallanyofthembeobligatedtoperformanyof

the obligations of the Servicer hereunder unless one of them becomes a Replacement Servicer

hereunder; <u>provided</u> that the Collateral Custodian shall be deemed to have exercised reasonable care in,

and satisfied its obligations with respect to, the custody and preservation of any of the Collateral in its

possession if it takes such action for that purpose in accordance with the terms of this Agreement. The

Collateral Custodian and the Collateral Administrator shall not have any obligation or liability with

respect to any Collateral, other than as provided for herein or in any other Transaction Documents to

which the Collateral Custodian or the Collateral Administrator is a party, nor shall any of them be

obligated to perform any of the obligations of the Servicer hereunder, unless one of them becomes the

Replacement Servicer hereunder.

(e)It is herebyacknowledged and agreed that, in addition to acting in its capacityas

Servicer pursuant to the terms of this Agreement, KKR FS Income Trust will engage in other business

andrenderotherservicesoutsidethescopeofitscapacityasServicer(includingactingasadministrative

agent or as a lender with respect to Underlying Instruments). It is hereby further acknowledged and

agreed that suchotheractivities shall in nowaywhatsoeveralter,amend ormodifyanyoftheServicer's

rights, duties or obligations under the Transaction Documents.

(f)It is acknowledged and agreedthat in circumstances in which aPersonotherthan the

Borrower, the Transferor or the Servicer acts as lead agent with respect to any Loan, the Servicer shall

perform its administrative and management duties hereunder only to the extent that, as a lender under

the related loan syndication Underlying Instruments, it has the right to do so.

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(g)TheServicer will collectoruseitscommerciallyreasonableeffortstocausetobe

collected, all payments called forunder theterms andprovisions of the Loansincluded in theCollateral

as and when the same become due, all in accordance with the Servicer Standard. Neither the Borrower

nor theServicer maywaive, modifyorotherwisevaryanyprovision of an item ofCollateral (including,

but not limited to, any Loan) in any manner contrary to the Servicer Standard.

(h)The Servicer will use efforts consistent with the Servicer Standard to collect all

payments with respect to amounts due for Taxes, assessments and insurance premiums relating to each

Loan to the extent required to be paid to the Borrower for such application under the Underlying

Instrument and remit such amounts in accordance with Section 2.7 and Section 2.8 to the appropriate

Governmental Authority or insurer as required by the Underlying Instruments.

(i)On or before the applicable Funding Date for a Loan, the Servicer shall have

instructed all Obligors and/or any relevant administrative agents to make all payments owing to the

Borrower in respect of the Collateral in accordance with <u>Section 2.9</u> hereof; provided, that the Servicer

isnotrequiredtosoinstructanyObligorwhichissolelyaguarantororothersurety(oranObligorthatis

notdesignatedasthe"leadborrower"oranothersuchsimilarterm)unlessanduntiltheServicercallson

the related guaranty or secondary obligation.

(j)The Servicer will use reasonable efforts consistent with the Underlying Instruments

to exercise available remedies relating to a Loan that is delinquent in the payment of any amounts due

thereunder or with respect to which the related Obligor defaults in theperformance of any of its

obligations thereunder in order to maximize recoveries thereunder. The Servicer will complywith the

Servicer Standard and Applicable Law in exercising remedies, including acceleration and foreclosure,

and will employ practices and procedures consistent with its standard of care including reasonable

effortstoenforceallobligationsofObligorsbyforeclosinguponandcausingthesaleofsuch

UnderlyingAssetsatpublicorprivatesaleifnosatisfactoryarrangementscanbemadeforthecollection

of delinquent payments. Notwithstanding any of the foregoing, the Servicer shall not be obligated to

breachanyofitsdutiesorresponsibilitiesunderanyUnderlyingInstrumentstocomplywiththis<u>Section</u>

<u>6.2</u>or<u>Section</u><u>6.3(b)</u>.

Section 6.3<u>Authorization</u><u>of</u><u>the</u><u>Servicer.</u>

(a)The Borrower hereby makes, constitutes and appoints the Servicer to act on its

behalf, with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power

andauthorityinitsname,placeandstead,inaccordancewiththetermsofthisAgreement(i)toprepare,

sign and deliver tax documentation, transfer documentation and all other documentation in connection

with the acquisition and sale by the Borrower of Loans and (ii) to (A) vote in its discretion any

securities, instruments or obligations included in the Loans, (B) execute proxies, waivers, consents and

other instruments with respect to such Loans, (C) endorse, transfer or deliver such securities,

instruments and obligations, (D) participate in or consent (or decline to consent) to any modification,

work-out, restructuring, bankruptcy proceeding, class action, plan of reorganization, merger,

combination, consolidation, liquidation or similar plan ortransaction with regard tosuch Loans and (E)

take any other action specified in this Article VI. This grant of power of attorney will expire

simultaneously with the expiration of the Servicer's appointment hereunder.

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(b)After the declaration of the Termination Date, at the direction of the Administrative

Agent, the Servicer shall take such action as the Administrative Agent may deem necessary or advisable

to enforce collection of the Collateral, subject to the terms of the Underlying Instruments;<u>provided</u>that

theAdministrativeAgentmay,inaccordancewith<u>Section</u><u>5.1(m)</u>,notifyany relevant administrative

agent or Obligor, as applicable, with respect to anyCollateral ofthe assignment of such Collateral to the

Administrative Agent, on behalf of the Secured Parties, and direct that payments of all amounts due or

to become due be made directly to the Administrative Agent or any collection agent, sub-agent or

account designated by the Administrative Agent and, upon such notificationandattheexpenseofthe

Borrower,theAdministrativeAgentmayenforcecollectionofany such Collateral, and adjust, settle or

compromise the amount or payment thereof.

Section 6.4<u>Servicer</u><u>Compensation.</u>

As compensation for its administrative and management activities hereunder and

reimbursement for its expenses, the Servicer or its designee shall be entitled to receive the Servicer Fee

andreimbursementofitsexpensespursuanttothe provisionsof<u>Section</u><u>2.7(a)(4)</u>,<u>Section</u><u>2.7(b)(4)</u>,

and <u>Section 2.8(4)</u> as applicable.

Section 6.5<u>Payment</u><u>of</u><u>Certain</u><u>Expenses</u><u>by</u><u>Servicer.</u>

The initial Servicer will be required to payall expenses incurred byit in connection with

its activities under this Agreement, including fees and disbursements of its independentaccountants,

Taxes imposed on the Servicer, expenses incurred by the Servicer in connection with payments and

reports pursuant to this Agreement, and all other fees and expenses not expressly stated under this

Agreement for the account of the Borrower, except to the extent reimbursement thereof is permitted

under <u>Sections 2.7</u> and <u>2.8</u>.The Borrower will be required to pay all reasonable fees and expenses

owing to anybank or trust companyin connection with the maintenance of the Accounts.

Section 6.6<u>Reports.</u>

(a)<u>Obligor Financial Statements; Other Reports</u>.The Servicer will deliver to the

Administrative Agent (with a copy to the Collateral Custodian and the Collateral Administrator), to the

extent received by the Borrower or the Servicer pursuant to the Underlying Instruments, the complete

financial reporting package with respect to each Obligor and with respecttoeachLoanforsuchObligor

(including any financial statements, management discussion and analysis (if applicable), executed

covenant compliance certificates and related covenant calculations with respect to such Obligor (if

applicable)andwithrespecttoeachLoanforsuchObligor)providedtotheBorrowerortheServicerfor

the periods required by the Underlying Instruments, which delivery shall be made within ten (10)

Business Days after receipt bythe Borrower or theServicer as specified in the Underlying Instruments.

Upon demand by the Administrative Agent, the Servicer will provide such other information that (x) is

in the Servicer's possession or (y) can be obtained by the Servicer through reasonable inquiry, in each

case, as the Administrative Agent may reasonably request with respect to any Obligor.Administrative

Agent shall forward copies of the same to the Lenders promptlyupon receipt thereof.Notwithstanding

anything in this Agreement to the contrary, the Servicer shall be deemed to have satisfied the

requirementsofthis<u>Section</u><u>6.6(a)</u>ifthereports,documentsandotherinformationofthetypeotherwise

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sorequiredherebyarepubliclyavailablewhenfiledonEDGARatthewww.sec.govwebsiteorany

successor service provided by the SEC.

(b)<u>Amendments to Loans</u>. The Servicer will furnish via electronic communication

pursuant to procedures approved by the Administrative Agent, to the Administrative Agent, a copy of

any material amendment, restatement, supplement, waiver or other modification to the Underlying

Instruments of any Loan within ten (10) Business Days of the effectiveness of such amendment,

restatement, supplement, waiver or other modification (or five (5) Business Days in the case of a

Material Modification).

(c)<u>Loan</u><u>Register</u>.TheServicershallmaintain,orcausetobemaintained,withrespect to

each Noteless Loan a register (which maybe in physical or electronicform and readilyidentifiableas

the loan asset register) (each, a "<u>Loan Register</u>") in which it will record, or cause to be recorded, (v) the

principalamountofsuchNotelessLoan,(w)theamountofanyprincipalorinterestdueandpayableorto

become due and payable from the Obligor thereunder, (x) the amount of any sum in respect of such

Noteless Loan received from the related Obligor, (y) the date of origination of such Noteless Loan and

(z) the maturity date of such Noteless Loan.At any time a Noteless Loan is included in the Collateral,

theServicershalldelivertotheAdministrative Agent a copyofthe relatedLoanRegister,togetherwith

a certificateof aResponsible OfficeroftheServicer certifyingtothe accuracyofsuch LoanRegister as

of the date of acquisition of such Noteless Loan by the Borrower.

Section 6.7<u>The</u><u>Servicer</u><u>Not</u><u>to</u><u>Resign.</u>

The Servicer shall not assign its obligations and duties hereunder without the consent of

the Borrower and the Administrative Agent and shall not resign from the obligations and duties hereby

imposedonitexceptupontheServicer'sdeterminationthat(i)theperformanceofitsdutieshereunderis

or becomes impermissible under Applicable Law and (ii) there is no reasonable action that theServicer

couldtaketomaketheperformanceofitsdutieshereunderpermissibleunderApplicableLaw.Anysuch

determination permitting the resignation of the Servicer shall be based on the advice of counsel, a

written summary of which will be provided to the Administrative Agent.

Section 6.8<u>Servicer</u><u>Termination</u><u>Events.</u>

Upon the occurrence and during the continuance of a Servicer Termination Event,

notwithstanding anything herein to the contrary, the Administrative Agent, by written notice (which

noticeshallstatethereasonorreasonsfortakingsuchaction)totheServicerandacopytotheCollateral

Custodian(suchnotice,a"<u>Servicer</u><u>Termination</u><u>Notice</u>"),may,initssolediscretion,terminateallofthe

rights and obligations of the Servicer as Servicer under this Agreement; provided that if the

Administrative Agent delivers a Servicer Termination Notice, the Borrower (or a designee selected by

the Servicer) shall be given the opportunity to prepay the Obligations in full pursuant to <u>Section 2.3</u>

(includingbypurchaseoftheCollateralinwholepursuantto<u>Section</u><u>9.2(c)(i))</u>,ineachcaseby4:00

p.m. (New York City Time) on the second Business Day after the receipt of such Servicer Termination

Notice (or such later date as agreed by the Administrative Agent). If the Servicer fails to prepay the

Obligations by such time, such right of the Servicer shall be irrevocably forfeited. Following any such

termination, the Administrative Agent may, in its sole discretion, assume or delegate the servicing,

administering and collection of theCollateral; <u>provided</u> that, atleastfive(5)BusinessDayspriortoany

appointmentofareplacementServicerhereunder,theAdministrativeAgentshallnotifytheBorrowerof

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such proposed replacement and shall consult with the Borrower regarding such replacement; and

<u>provided</u>, <u>further</u>, that until any such assumption or delegation, the Servicer shall (i) unless otherwise

notified bythe Administrative Agent, continue to act in such capacitypursuant to <u>Section 6.1</u> and (ii) as

requestedbytheAdministrativeAgent(A)terminatesomeorallofitsactivitiesasServicerhereunderin

the manner requested by the Administrative Agent in its sole discretion as necessary or desirable, (B)

provide such information that (x) is in the Servicer's possession or (y) can be obtained by the Servicer

through reasonable inquiryas maybe reasonablyrequested bythe Administrative Agent to facilitate the

transition of theperformance of such activities to the AdministrativeAgent oranyagent thereofand (C)

take all other actions reasonably requested by the Administrative Agent, in each case to facilitate the

transition of the performance of such activities to the Administrative Agent or any agent thereof. Upon

theappointmentofaReplacementServicer,theinitialServicershallhavenoliabilitywithrespecttoany

action performed by the Replacement Servicer on or after the date that the Replacement Servicer

becomes the successor to the Servicer.

**ARTICLE VII**

**THE COLLATERAL CUSTODIAN AND COLLATERAL ADMINISTRATOR**

Section 7.1<u>Designation</u><u>of</u><u>Collateral</u><u>Custodian</u><u>and</u><u>Collateral</u><u>Administrator.</u>

(a)<u>Initial Collateral Custodian and Collateral Administrator</u>. The role of Collateral

Custodian with respect to the Underlying Instruments shall be conducted by the Person designated as

Collateral Custodian hereunder from time to time in accordance with this <u>Section 7.1</u>. Until the

Administrative Agent shall give to Computershare Trust Company, N.A. a Collateral Custodian

Termination Notice, Computershare Trust Company, N.A. is hereby appointed as, and hereby accepts

such appointment and agrees to perform the duties and obligations of, Collateral Custodian pursuant to

the terms hereof. The role of Collateral Administrator with respect to the Underlying Instruments shall

be conducted by the Person designated as Collateral Administrator hereunder from time to time in

accordance with this <u>Section 7.1</u>. Until the Administrative Agent shall give to Computershare Trust

Company,N.A.aCollateralAdministratorTerminationNotice,ComputershareTrustCompany,N.A.is

hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and

obligations of, Collateral Administrator pursuant to the terms hereof.The role of Collateral Custodian

andCollateralAdministrationwilleachbeconductedthroughtheCCTdivisionofComputershareTrust

Company, N.A. (including, as applicable, anyagents or affiliates utilized thereby).

(b)<u>Successor Collateral Custodian; Successor Collateral Administrator</u>. Upon the

Collateral Custodian's receipt of a Collateral Custodian Termination Notice from the Administrative

Agent of the designation of a successor Collateral Custodian pursuant to the provisions of <u>Section 7.5</u>,

the Collateral Custodian agrees that it will terminate its activities as Collateral Custodian hereunder.

Upon the Collateral Administrator's receipt of a Collateral Administrator Termination Notice from the

Administrative Agent of the designation of a successor Collateral Administrator pursuant to the

provisions of <u>Section 7.5</u>, the Collateral Administrator agrees that it will terminate its activities as

Collateral Administrator hereunder.

Section 7.2<u>Duties</u><u>of</u><u>Collateral</u><u>Custodian;</u><u>Duties</u><u>of</u><u>Collateral</u><u>Administrator.</u>

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(a)<u>Appointment</u>. Each of the Borrower and the Administrative Agent hereby designate

and appoint the Collateral Custodian to act as its agent and hereby authorizes the Collateral Custodian to

take such actions on its behalf and to exercise such powers and perform such duties as are expressly

grantedtotheCollateralCustodianbythisAgreement,including,withoutlimitationanyduties

attributable to Collateral Custodian under clause (b) below. The Collateral Custodian hereby accepts

suchagencyappointmenttoactasCollateralCustodianpursuanttothetermsofthisAgreement,untilits

resignation or removal as Collateral Custodian pursuant to the terms hereof. Each of the Borrower and

the Administrative Agent hereby designate and appoint the Collateral Administrator to act as its agent

andherebyauthorizestheCollateralAdministratortotakesuchactionsonitsbehalfandtoexercisesuch

powers and perform such duties as are expressly granted to the Collateral Administrator by this

Agreement,including,withoutlimitationanydutiesattributabletoCollateralAdministratorunderclause

(b)below. The Collateral Administrator hereby accepts such agency appointment to act as Collateral

Administrator pursuant to the terms of this Agreement, until its resignation or removal as Collateral

Administrator pursuant to the terms hereof.

(b)<u>Duties</u>. On orbeforetheinitial Funding Date, anduntil itsremoval orresignation

pursuant to <u>Section 7.5</u> or <u>7.7</u>, as applicable, the Collateral Administrator and the Collateral Custodian

shall perform, on behalf of the Administrative Agent and the Secured Parties, the following duties and

obligations:

(i)The Collateral Custodian shall take and retain custody of the Required Loan

Documents delivered bythe Borrower pursuant to the definition of "Eligible Loan" in accordance with

theterms and conditions of this Agreement, all for thebenefit of theSecured Parties and subject to the

Lien thereon in favor of the Administrative Agent, as agent for the Secured Parties. Within five (5)

Business Days of its receipt of any Required Loan Documents and the Loan Checklist (the "<u>Review</u>

<u>Period</u>"), theCollateralCustodianshall review theRequired Loan Documentsdelivered to it to confirm

that (A) if the files delivered per the following sentence indicate that any document must contain an

original signature, each such document appears to bear theoriginal signature, or if thefileindicates that

such document may contain a copy of a signature, that such copies appear to bear an original or a

reproduction of such signature and (B)based on a review of the applicablenote, the relatedinitial Loan

balance when entered into or obtained by the Borrower, Loan identification number and Obligor name

with respect to such Loan is referenced on the related LoanChecklist and is not aduplicate Loan(such

items (A) through (B) collectively, the "<u>Review Criteria</u>"). In order to facilitatetheforegoingreviewby

the Collateral Custodian, in connection with each delivery of Required Loan Documents hereunder to

the Collateral Custodian, the Servicer shall provide to the Collateral Custodian an electronic file (in

EXCEL or a comparable format acceptable to the Collateral Custodian) listing Loan Identification

Number, name of Obligor, andinitial Loanbalance and the related LoanChecklist per filethatcontains

a list of all Required Loan Documents and whether they require original signatures, the Loan

identification number and the name of the Obligor and the initial Loan balance when entered into or

obtained by the Borrower with respect to each related Loan. If, at the conclusion of such review, the

Collateral Custodian shall determine that anyReview Criteria are not satisfied, the Collateral Custodian

shall within two (2) Business Days notify the Borrower, the Administrative Agent and the Servicer of

such determination and provide the Servicer and the Borrower with a list of the non-complying Loans

and the applicable Review Criteria that they fail to satisfy. The Servicer shall have ten (10) Business

Days to correct anynon-compliance with anyReviewCriteria asstated in theprecedingsentence. Ifthe

ServicerhasnotnotifiedtheCollateralCustodian,theBorrowerandtheAdministrativeAgentofacure,

suchLoanshallceasetobeanEligibleLoanuntilsuchnon-complianceiscured.AftertheReview

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Period,theCollateralCustodianshallexecuteanddelivertotheServicerandtheAdministrativeAgenta

certification substantially in the form attached hereto as <u>Exhibit J</u>, including an attached exception

report. In addition, if requested in writing in the form of <u>Exhibit E</u> bythe Servicer and approved bythe

Administrative Agent within ten (10) Business Days of the Collateral Custodian's delivery of such

report, the Collateral Custodian shall return the Required Loan Documents for any Loan which fails to

satisfy a Review Criteria to the Borrower. Other than the foregoing, the Collateral Custodian shall not

have any responsibility for reviewing any Underlying Instruments. Notwithstanding anything herein to

the contrary, the Collateral Custodian's obligation to review the Required Loan Documents shall be

limited to reviewing such Required Loan Documents based on the information provided on the Loan

Checklist.

(ii)In taking and retaining custody of the Required Loan Documents, the

Collateral Custodian shall be deemed to be acting as the agent of the Secured Parties; <u>provided</u> that the

Collateral Custodian makes no representations as to the existence, perfection or priority of any Lien on

the Underlying Instruments or the instruments therein; and <u>provided</u> further that the Collateral

Custodian's duties as agent shall be limited to those expresslycontemplated herein.

(iii)All Required Loan Documents that are (i) originals or physical copies shall be

kept in fire resistant vaults, rooms or cabinets at the address of the Collateral Custodian located at1505

EnergyParkDrive,St.Paul,Minnesota55108,oratsuchotherofficeasshallbespecifiedtothe

Administrative Agent, the Borrower, and the Servicer by the Collateral Custodian in a written notice

delivered at least thirty (30) days prior to such change and (ii) in electronic form shall be held

electronicallyin PDF form. All Required Loan Documents that are originals or physical copies shall be

placed together with an appropriate identifying label and maintained in such a manner so as to permit

retrieval and access. The Collateral Custodian shall segregate the Required Loan Documents on its

inventorysystemandwillnotcomminglethephysicalRequiredLoanDocumentswithanyotherfilesof

the Collateral Custodian.

(iv)On each monthly date referred to in clause (iii) of the definition of

"Measurement Date" following the commencement of the Revolving Period, the Collateral Custodian

shall provide a written report to the Administrative Agent, the Borrower, and the Servicer (in a form

acceptabletothe Administrative Agent)identifying each Loan for whichtheCollateralCustodianholds

Required Loan Documents and including an exception report.

(v)TheCollateralCustodianshallmakepaymentsinaccordancewith<u>Section</u>

<u>2.7</u>and<u>Section</u><u>2.8</u>(the"<u>Payment</u> <u>Duties</u>").

(vi)Following the commencement of the Revolving Period, the Collateral

Administratorshall renderto theAdministrativeAgentandServicer adailyreport(determinedas ofthe

end of the prior Business Day) of (x) all deposits to and withdrawals from the Accounts for such

BusinessDayandtheoutstandingbalanceasoftheendofsuchBusinessDay,and(y)areportofsettled

trades for such Business Day.

(vii)<u>No later than the Business Day prior to each Reporting Date, the</u>

<u>Collateral Administrator shall prepare and make available to the Servicer for review and approval, a</u>

<u>draft statement setting forth the payments to be made on the</u><u>next Payment Date</u><u>pursuant to</u><u>Section 2.7</u>

<u>or 2.8 hereof (a "Payment Date Statement") for inclusion in the Reporting Date Report, on the basis of</u>

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<u>the information contained in the records of the Collateral Administrator or provided to the Collateral</u>

<u>Administrator by the Servicer, the Borrower or the Administrative Agent.</u><u>The Borrower, the</u><u>Servicer</u>

<u>and</u><u>the</u><u>Administrative</u><u>Agent</u><u>shall</u><u>reasonably</u><u>cooperate</u><u>with</u><u>the</u><u>Collateral</u><u>Administrator</u><u>in</u><u>connection</u>

<u>with the preparation of the Payment Date Statement. Without limiting the generality of the foregoing,</u>

<u>the</u><u>Servicer</u><u>shall</u><u>use</u><u>its</u><u>reasonable</u><u>efforts</u><u>to</u><u>supply,</u><u>in</u><u>a</u><u>timely</u><u>fashion,</u><u>any</u><u>information</u><u>maintained</u><u>by</u>

<u>it that the Collateral Administrator may from time to time reasonably request and reasonably needs in</u>

<u>order to complete the Payment Date Statement.</u><u>The Servicer shall review and, to the best of its</u>

<u>knowledge, verify</u><u>the contents of each Payment Date Statement. To the extent any</u><u>of the information in</u>

<u>such reports or statements conflicts with data or calculations in the records of the Servicer, the Servicer</u>

<u>shall notify the Collateral Administrator of such discrepancy and use reasonable efforts to assist the</u>

<u>Collateral Administrator in reconciling such discrepancy.</u><u>Upon approval from the Servicer, each</u>

<u>Payment Date Statement shall be considered final and part of the Reporting Date Report, and shall</u>

<u>constitute instructions to the Collateral Custodian to apply payments pursuant to Section 2.7 or 2.8</u>

<u>hereof in the amounts set forth in such Payment Date Statement.</u>

(c)Notwithstanding any provision to the contrary elsewhere in the Transaction

Documents, the Collateral Custodian shall not have any fiduciary relationship with any party hereto or

any Secured Party in its capacity as such, and no implied covenants, functions, obligations or

responsibilities shall be read into this Agreement, the other Transaction Documents or otherwise exist

against the Collateral Custodian. Without limiting the generalityof the foregoing, it isherebyexpressly

agreed and stipulated by the other parties hereto that the Collateral Custodian shall not be required to

exercise any discretion hereunder and shall have no investment or management responsibility. The

Collateral Custodian shall not be deemed to assume any obligations or liabilities of the Borrower or

Servicer hereunder or under any other Transaction Document.

(d)The Administrative Agent maydirect the Collateral Custodian to take anyaction

incidental to its duties hereunder. With respect to other actions which are incidental to the actions

specifically delegated to the Collateral Custodian hereunder, the Collateral Custodian shall not be

required to take any such incidental action hereunder, but shall be required to act or to refrain from

acting (and shall be fully protected in acting or refraining from acting) upon the direction of the

Administrative Agent; provided that, the Collateral Custodian shall not be required to take any action

hereunder at the request of the Administrative Agent or otherwise if the taking of such action, in the

reasonabledetermination of theCollateral Custodian, (x) shall be in violation ofanyApplicable Law or

contrary to any provisions of this Agreement or (y) shall expose the Collateral Custodian to liability

hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory

with respect thereto). In the event the Collateral Custodian requests the consent of the Administrative

Agent and the Collateral Custodian does not receive a consent (either positive or negative) from the

Administrative Agent within ten (10) Business Days of its receipt of such request, then the

Administrative Agent shall be deemed to have declined to consent to the relevant action.

(e)The Collateral Custodian shall not be liable for any action taken, suffered or omitted

by it in accordance with the request or direction of any Secured Party, to the extent that this Agreement

provides such Secured Party the right to so direct the Collateral Custodian. The Collateral Custodian

shall not bedeemed tohavenoticeorknowledgeofanymatterhereunder, includinganEvent of

Default, unless a Responsible Officer of the Collateral Custodian has knowledge of such matter or

written notice thereof is received by the Collateral Custodian.Deliveryof reports orinformation, other

thansuchreportsordocumentsdirectlyaddressedtotheCollateralCustodianorexpresslyrequiredtobe

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delivered by the Collateral Custodian (if prepared by the Collateral Custodian acting in such capacity),

shall not constitute constructive knowledge or notice of any condition without formal notice. In taking

and retaining custody of the Underlying Instruments with respect to the Permitted Investments, the

Collateral Custodian shall be deemed to be acting as the agent of the Secured Parties; <u>provided</u> that the

Collateral Custodian makes no representations as to the existence, perfection or priority of any Lien of

the Underlying Instruments or the instruments therein; and provided further that the Collateral

Custodian's duties as agent shall be limited to those expressly contemplated herein.

(f)Each of the parties hereto herebyagrees that each Account shall bedeemed to be a

Securities Account, together with any additional sub-accounts as the Collateral Custodian may

determine from time to time are necessary for administrative convenience. Each of the parties hereto

hereby agrees to cause the Collateral Custodian to agree with the parties hereto that with respect to the

Collateral Account, (A) the cash and other property(subject to Section 7.2(h) below with respect to any

propertyother than investment property, as defined in Section 9 102(a)(49) of the UCC) is to betreated

as a Financial Asset and (B) the jurisdiction governingthe Account, all Cash and other Financial Assets

creditedtotheAccountandthesecuritiesintermediary'sjurisdiction(withinthemeaningofSection

9-304(b)oftheUCC)shall,ineachcase,betheStateofNewYork.InnoeventmayanyFinancialAsset

heldintheCollateralAccountberegisteredinthenameof,payabletotheorderof,orspeciallyIndorsed

to, the Borrower, unless such Financial Asset has also been Indorsed in blank or to the Collateral

Custodian.

(g)Neither the Collateral Administrator nor any of its directors, officers, agents or

employees shall be liable for any action taken or omitted to be taken by it or them as Collateral

Administrator under or in connection with this Agreement or any of the other Transaction Documents,

exceptforitsortheirowngrossnegligenceorwillfulmisconduct.TheCollateralAdministratorshallnot

be liable to the Borrower, any Lender, any other Secured Party or any other Person with respect to any

determination made in good faith unless it shall be determined that the Collateral Administrator was

grossly negligent in ascertaining the pertinent facts. Notwithstanding any provision to the contrary

elsewhere in the Transaction Documents, the Collateral Custodian shall not have any fiduciary

relationshipwithanypartyheretooranySecuredPartyinitscapacityassuch,andnoimpliedcovenants,

functions, obligations or responsibilities shall be read into this Agreement, the other Transaction

Documents or otherwise exist against the Collateral Administrator. Without limiting the generality of

the foregoing, it is hereby expressly agreed and stipulated by the other parties hereto that the Collateral

Custodian shall not be required to exercise any discretion hereunder and shall have no investment or

management responsibility.

(h)Notwithstandinganytermhereof(oranytermoftheUCCthatmightotherwisebe

construed to be applicable to a "securities intermediary" as defined in the UCC) to the contrary, the

Collateral Custodian shall not be under any duty or obligation in connection with the acquisition by the

Borrower,orthegrantbytheBorrowertotheAdministrativeAgent,ofanyLoantoexamineorevaluate

thesufficiencyofthedocumentsorinstrumentsdeliveredtoitbyoronbehalfoftheBorrowerunderthe

related Underlying Instruments, or otherwise to examine the Underlying Instruments, in order to

determine or compel compliance with any applicable requirements of or restrictions on transfer

(including without limitation any necessary consents). The Collateral Custodian shall hold any

Instrument delivered to it evidencing any Loan transferred to the Administrative Agent hereunder as

custodial agent for the Administrative Agent in accordance with the terms of this Agreement.

Notwithstanding any term hereof or elsewhere to the contrary, it is hereby expressly acknowledged that

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interests in Loansmaybeacquiredanddelivered bytheBorrowerto theCollateralCustodianhereunder

from time to time which are not evidenced by, or accompanied bydeliveryof, a "security" (asthatterm

is defined in UCC Section 8-102) or an "instrument" (as that term is defined in Section 9-102(a)(4a) of

the UCC), and maybe evidenced solelybydeliveryto the Collateral Custodian of a facsimile copyof a

transfer document described in clause (a)(ii)(x) of the definition of "Required Loan Documents" (such

document, a "<u>Loan Assignment Agreement</u>") in favor of the Borrower as assignee.

(i)If (i) the Collateral Custodian makes a deposit into the Collection Account on behalf

of the Borrower in respect of a Collection of a Loan and such Collection was received by the Collateral

Custodian in the form of a check that is not honored for any reason or (ii) the Collateral Custodian

makes a mistake with respect to the amount of anyCollection and deposits an amount that is lessthan

ormorethantheactualamountofsuchCollection,theCollateralCustodianshallappropriately adjust

the amount subsequently deposited into the Collection Account to reflect such dishonored check or

mistake.AnyScheduledPaymentinrespectofwhichadishonoredcheckisreceivedshallbedeemed

not to have been paid.

(j)If, in performing its duties under this Agreement, the Collateral Custodian is required

to decide between alternative courses of action, the Collateral Custodian may request written

instructionsfromtheAdministrativeAgentastothecourseofactiondesired.IftheCollateralCustodian

does not receive such instructions within two (2) Business Days after its request therefor, theCollateral

Custodianmay,butshallbeundernodutyto,takeorrefrainfromtakinganysuchcoursesofaction.The

Collateral Custodian shall act in accordance with instructions received after such two (2) Business Day

periodexcepttotheextentithasalreadytaken,orcommitteditselftotake,actioninconsistentwithsuch

instructions. The Collateral Custodian shall be entitled to rely on advice of legal counsel and

independent accountants obtained in good faith in performing its duties hereunder and shall be deemed

to have acted in good faith if it acts in accordance with such advice.

(k)Notwithstandinganytermhereof(oranytermoftheUCCthatmightotherwisebe

construed to be applicable to a "securities intermediary" as defined in the UCC) to the contrary, the

Collateral Custodian shall not be under any duty or obligation in connection with the acquisition by the

Borrower,orthegrantbytheBorrowertotheAdministrativeAgent,ofanyLoantoexamineorevaluate

thesufficiencyofthedocumentsorinstrumentsdeliveredtoitbyoronbehalfoftheBorrowerunderthe

related Underlying Instruments, or otherwise to examine the Underlying Instruments, in order to

determine or compel compliance with any applicable requirements of or restrictions on transfer

(including without limitation any necessary consents).

Section 7.3<u>Merger</u><u>or</u><u>Consolidation.</u>

Any Person (i) into which the Collateral Custodian may be merged or consolidated, (ii)

that mayresult from anymerger, conversion or consolidation to which the Collateral Custodian shall be

a party, or (iii) that maysucceed to the corporate trust business of the Collateral Custodian substantially

asawholeshallbethesuccessortotheCollateralCustodianunderthisAgreementwithoutfurtheractof

anyofthepartiestothisAgreement,exceptwhereaninstrumentoftransferorassignmentisrequiredby

law to effect such succession. Any Person (i) into which the Collateral Administrator may be merged,

convertedorconsolidated,(ii)thatmayresultfromanymerger,conversionorconsolidationtowhichthe

Collateral Administrator shall be a party, or (iii) that may succeed to the business of the Collateral

Administrator substantially as a whole shall be the successor to the Collateral Administrator under this

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Agreement without further act of any of the parties to this Agreement, except where an instrument of

transfer or assignment is required by law to effect such succession.

Section 7.4<u>Collateral Custodian Compensation; Collateral Administrator</u> <u>Compensation.</u>

As compensation for its collateral custodian or collateral administrator activities

hereunder,eachoftheCollateralCustodianandCollateralAdministratorshallbeentitledtoaCollateral

Custodian Fee as set forth in the Collateral Custodian and Collateral Administrator Fee Letter pursuant

to the provision of <u>Section 2.7(a)(1)</u>, <u>Section 2.7(b)(1)</u> or <u>Section 2.8(1)</u>, as applicable. The Collateral

Custodian's entitlement to receive theCollateral Custodian Feeshall cease on the earlier to occur of: (i)

its removal as Collateral Custodian pursuant to <u>Section 7.5</u> or its resignation pursuant to <u>Section 7.7</u> or

(ii)the termination of this Agreement. The Collateral Administrator's entitlement to receive the

CollateralCustodianFeeshallceaseontheearliertooccurof:(i)itsremovalasCollateralAdministrator

pursuant to <u>Section 7.5</u> or its resignation pursuant to <u>Section 7.7</u> or (ii) the termination of this

Agreement.

Section 7.5<u>Collateral Custodian Removal; Collateral Administrator</u> <u>Removal.</u>

(a)The Collateral Custodian may be removed, with or without cause, by the

Administrative Agent (or the Borrower with the Administrative Agent's consent in its sole discretion)

upon at least 60 days' notice given in writing to the Collateral Custodian (the "<u>Collateral Custodian</u>

<u>Termination Notice</u>"); <u>provided</u> that notwithstanding its receipt of a Collateral Custodian Termination

Notice, the Collateral Custodian shall continue to act in such capacity until a successor Collateral

Custodian has been appointed by the Administrative Agent (so long as no Event of Default or Servicer

TerminationEventhasoccurredoriscontinuing,withtheconsentoftheBorrower),suchsuccessor,has

agreed to act asCollateralCustodianhereunder. Inthecaseof aresignation orremoval oftheCollateral

Custodian, if no successor shall have been appointed and an instrument of acceptance by a successor

shall not have been delivered to the Collateral Custodian within sixty(60) days after the giving of such

notice of resignation or removal, the Collateral Custodian may petition any court of competent

jurisdiction for the appointment of a successor.

(b)The Collateral Administrator may be removed, with or without cause, by the

Administrative Agent (or the Borrower with the Administrative Agent's consent in its sole discretion)

upon at least 60 days' notice given in writing to the Collateral Administrator (the "<u>Collateral</u>

<u>Administrator</u><u>Termination Notice</u>"); <u>provided</u> that notwithstanding its receipt of a Collateral

Administrator Termination Notice, the Collateral Administrator shall continue to act in such capacity

until a successor Collateral Administrator has been appointed by the Administrative Agent (so long as

noEventofDefaultorServicerTerminationEventhasoccurredoriscontinuing,withtheconsentofthe

Borrower), such successor, hasagreed to act as Collateral Administratorhereunder, and has received all

Underlying Instruments held by the previous Collateral Administrator. In the case of a resignation or

removal of the Collateral Administrator, if no successor shall have been appointed and an instrument of

acceptancebyasuccessorshallnothavebeendeliveredtotheCollateralAdministratorwithinsixty(60)

days after the giving of such notice of resignation or removal, theCollateral Administrator maypetition

any court of competent jurisdiction for the appointment of a successor.

Section 7.6<u>Limitation</u><u>on</u> <u>Liability.</u>

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(a)Each of the Collateral Administrator and the Collateral Custodian may conclusively

rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter,

telegram or other document delivered to it and that in good faith it reasonablybelieves to be genuine

and that has been signed bytheproperpartyorparties. Each of theCollateral Administrator and the

Collateral Custodian mayrelyconclusivelyon and shall befullyprotected inactingupon(a)the written

instructions of any designated officer of the Administrative Agent or, in the absence of a continuing

Event ofDefault orServicerTerminationEvent, theServiceror(b)theverbalinstructionsof the

Administrative Agent or, in the absence of a continuing Event of Default or Servicer Termination

Event, the Servicer.

(b)Each of the Collateral Administrator and the Collateral Custodian may consult

counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete

authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good

faith and in accordance with the advice or opinion of such counsel.

(c)Neither the Collateral Administrator nor the Collateral Custodian shall be liable for

any error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any

mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith

except, notwithstanding anything to the contrary contained herein, in the case of its willful misconduct

or grossly negligent performance or omission of its duties and in the case of its grossly negligent

performance of its Payment Duties and in the case of its grossly negligent performance of its duties in

taking and retaining custodyof the Underlying Instruments. Under no circumstances will the Collateral

Custodian or the Collateral Administrator be liable for indirect, punitive, special, consequential or

incidental damages, such as loss of use, revenue or profit even if the Collateral Custodian has been

advised of the likelihood of such loss or damage and regardless of the form of action.

(d)Neither the Collateral Administrator nor the Collateral Custodian makes any

warranty or representation nor shall have any responsibility (except as expressly set forth in this

Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness,

ownership or transferability of the Collateral, and will not be required to and will not make any

representations as to thevalidityor value (except as expresslyset forth in this Agreement) of anyof the

Collateral. Neither the Collateral Administrator nor the Collateral Custodian shall be obligated to take

any legal action hereunder that might in its judgment be contrary to Applicable Law or involve any

expense or liabilityunless it has been furnished with an indemnityreasonablysatisfactoryto it.

(e)Neither the Collateral Administrator nor the Collateral Custodian shall have any

duties or responsibilities except such duties and responsibilities as are specifically set forth in this

Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral

Custodian or the Collateral Administrator.

(f)Neither the Collateral Administrator nor the Collateral Custodian shall be required to

expend or risk its own funds in the performance of its duties hereunder.

(g)It is expressly agreed and acknowledged that the neither the Collateral Administrator

nor the Collateral Custodian is guaranteeing or overseeing the performance of or assuming anyliability

for the obligations of the other parties hereto or anyparties to the Collateral.

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(h)It is expressly acknowledged by the parties hereto that application and performance

by the Collateral Custodian of its various duties hereunder (including, without limitation, recalculations

to be performed in respect of the matters contemplated hereby) shall be based upon, and in reliance

upon, data, information and notice provided to it bythe Servicer, the Administrative Agent, the

Borrower and/or anyrelated bank agent, obligor or similar party, and the Collateral Custodian shall

have no responsibility for the accuracy of any such information or data provided to it by such persons

and shall be entitled to update its records (as it may deem necessary or appropriate). The Collateral

Custodian shall not be liable for failingtoperform ordelayinperformingitsspecifieddutieshereunder

whichresultfromoriscausedbyafailureordelayonthepartoftheAdministrativeAgent,theServicer

or anyPerson in furnishing necessary, timelyand accurate information to the Collateral Custodian.

(i)EachoftheCollateralAdministratorandtheCollateralCustodianmayassumethe

genuinenessofanysuchRequiredLoanDocumentitmayreceiveandthegenuinenessanddueauthority

of anysignatures appearingthereon, and shall be entitled to assume that each Required Loan Document

itmay receiveiswhatitpurportstobe.Ifanoriginal"security"or"instrument"asdefinedinSection

8-102andSection9-102(a)(47)oftheUCC,respectively,isorshallbeorbecomeavailablewithrespect

to any Collateral to be held by the Collateral Custodian under this Agreement, it shall be the sole

responsibility of the Borrower to make or cause delivery thereof to the Collateral Custodian, and the

Collateral Custodian shall not be under any obligation at any time to determine whether any such

original security or instrument has been or is required to be issued or made available in respect of any

Collateral or to compel or cause delivery thereof to the Collateral Custodian. Without prejudice to the

generalityof the foregoing, the Collateral Custodian shall be without liabilityto the Borrower, Servicer,

the Administrative Agent or anyother Person for anydamage or loss resulting from or caused byevents

or circumstances beyond the Collateral Custodian's reasonable control, including nationalization,

expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures

and practices of any securities market, power, mechanical, communications or other technological

failures or interruptions, computer viruses or the like, fires, floods, earthquakes or other natural

disasters, civil and military disturbance, acts of war or terrorism, riots, revolution, acts of God, work

stoppages, strikes, national disasters of any kind, lockouts, loss or malfunctions of utilities, computer

(hardware or software or communications services) terrorism, labor disputes, disease, epidemic,

pandemic, quarantine, national emergency or the unavailability of the Federal Reserve Bank wire or

telex orotherwire orcommunicationfacility, orothersimilarevents oracts;errors bytheBorrower, the

Servicer or the Administrative Agent (including any Responsible Officer of any thereof) in its

instructions to the Collateral Custodian; or changes in applicable law, regulation or orders.

(j)The Collateral Custodian shall not be liable for the acts or omissions of the

AdministrativeAgent,theServicer,theBorrower,theLendersoranyotherPersonunderthisAgreement

and shall not be required to monitor the performance of the Administrative Agent, the Servicer, the

Borrower, or the Lenders.

(k)In the event that (i) the Borrower, Servicer, the Administrative Agent, Lenders, the

Collateral Administrator or Collateral Custodian shall be served by a third party with any type of levy,

attachment, writ orcourt order withrespect to anyLoan orRequiredLoanDocument or(ii)athird party

shall instituteanycourt proceedingbywhich anyRequiredLoanDocument shall berequired to be

delivered otherwise than in accordance with the provisions of this Agreement, the party receiving such

serviceshallpromptlydeliverorcausetobedeliveredtotheotherpartiestothisAgreementcopiesofall

courtpapers,orders,documentsandothermaterialsconcerningsuchproceedings.TheCollateral

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Custodian shall, to the extent permitted by law, continue to hold and maintain all the Required Loan

Documents that are the subject of such proceedings pending a final, nonappealable order of a court of

competent jurisdiction permitting or directing disposition thereof. Upon final determination of such

court, the Collateral Custodian shall dispose of such Required Loan Documents as directed by the

Administrative Agent, which shall give a direction consistent with such determination. Expenses of the

Collateral Custodian incurred as a result of such proceedings shall be borne bythe Borrower.

(l)In case any reasonable question arises as to its duties hereunder, the each of the

CollateralAdministratorandtheCollateralCustodianmay,intheabsenceofacontinuingofanEventof

Default or theoccurrenceof theTermination Date, request instructions from theServicerandduringthe

existence and continuance of an Event of Default or following the occurrence of the Termination Date,

request instructions from the Administrative Agent, and shall be entitled at all times to refrain from

taking any action unless it has received instructions from the Servicer or the Administrative Agent, as

applicable. Neither the Collateral Administrator nor the Collateral Custodian shall have any liability,

risk orcost foranyactiontakenpursuant toand incompliancewith theinstruction oftheServicerorthe

Administrative Agent, as applicable.

(m)Without limiting the generality of anyterms of this section, neither the Collateral

Administrator nor the Collateral Custodian shall have any duty to perform any of the duties of the

Servicer, the Administrative Agent, the Lenders or the Borrowers or any liability for any failure,

inability or unwillingness on the part of the Servicer, the Administrative Agent, any agent or the

BorrowertoprovideaccurateandcompleteinformationonatimelybasistotheCollateralAdministrator

or the Collateral Custodian, as applicable, or otherwise on the part of anysuch partyto complywith the

terms of this Agreement, and shall have no liability for any inaccuracy or error in the performance or

observance on the Collateral Administrator's or the Collateral Custodian's, as applicable, part of any of

its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely

information received by it, or other failure on the part of anysuch other partyto complywith the terms

hereof.

(n)TheCollateralCustodianshall not bedeemed tohaveknowledgeornoticeofany

matter unless actually known to a Responsible Officer of the Collateral Custodian. The Collateral

Administratorshallnotbedeemedtohaveknowledgeornoticeofanymatterunlessactuallyknowntoa

Responsible Officer of the Collateral Administrator.

(o)Each of the Collateral Administrator and the Collateral Custodian may exercise any

of its rights or powers hereunder or perform any of its duties hereunder, either directly or, by or through

its respective Affiliates, agents or attorneys, and neither the Collateral Administrator nor the Collateral

Custodian shall be responsible for any misconduct or negligence on the part of any of its respective non-

Affiliated agent or attorney appointed hereunder with due care by it. Neither the Collateral

Administrator, the Collateral Custodian nor anyof its respective affiliates, directors, officers,

shareholders,agentsoremployeeswillbeliabletotheServicer,BorroweroranyotherPerson,exceptby

reason of acts or omissions by the Collateral Administrator or the Collateral Custodian, as applicable,

constituting willful misfeasance, gross negligence or reckless disregard of the Collateral Administrator

or the Collateral Custodian's duties hereunder, as applicable. Neither the Collateral Administrator nor

the Collateral Custodian shall in any event have any liability for the actions or omissions of the

Borrower,theServicer,theAdministrativeAgent,oranyotherPerson,andshallhavenoliabilityforany

inaccuracy or error in any duty performed by it that results from or is caused by inaccurate, untimely or

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incomplete information or data received by it from the Borrower, the Servicer, the Administrative

Agent, or another Person except to the extent that such inaccuracies or errors are caused by the

Collateral Administrator's or the Collateral Custodian's, as applicable, own willful misfeasance, gross

negligence or reckless disregard of its duties hereunder.

(p)The parties acknowledge that in accordance with the Customer Identification

Program (CIP) requirements under theUSAPatriotActand itsimplementingregulations,theCollateral

Custodian in order to help fight the funding of terrorism and money laundering, is required to obtain,

verify,andrecordinformationthatidentifieseachpersonorlegalentitythatestablishesarelationshipor

opens an account with the Collateral Custodian. The Borrower hereby agrees that it shall provide the

Collateral Custodian with such information as it may request including, but not limited to, its name,

physicaladdress,taxidentificationnumberandotherinformationthatwillhelptheCollateralCustodian

to identifyand verifyits identitysuch asorganizationaldocuments, certificateof goodstanding,license

to do business, or other pertinent identifying information.

(q)It is understood and agreed that any foreign exchange transaction effected bythe

Collateral Custodian acting at the direction of the Administrative Agent, the Borrower or the Servicer

may be entered with Computershare Trust Company, N.A. or its affiliates acting as principal or

otherwisethroughcustomarybankingchannels.TheCollateralCustodianshallbeentitledatalltimesto

comply with any legal or regulatory requirements applicable to currency or foreign exchange

transactions. Each ofthepartyheretoacknowledges that theCollateralCustodian oranyaffiliates ofthe

CollateralCustodianinvolvedinanysuchforeignexchangetransactionsmaymakeamarginorbanking

income fromforeignexchangetransactionsenteredintopursuant tothissectionforwhichtheyshall not

be required to account to the Borrower, the Administrative Agent or the Servicer. All risk and expense

incident to such conversion is the responsibility of the Borrower, the Administrative Agent or the

Servicer and the Collateral Custodian shall have (x) no responsibilityfor fluctuations in exchange rates

affecting any collections or conversion thereof and (y) to the extent it complies with the instructions

provided bythe respective party, no liabilityfor anylosses incurred or resulting from the ratesobtained

in such foreign exchange transactions.

(r)TheCollateralCustodianshall have noobligation tosupervise,verify,monitoror

administer the performance of the Servicer or the Borrower and shall have no liability for any action

taken or omitted by the Servicer (including any successor to the Servicer) or the Borrower. The

Collateral Custodian may act through its subsidiaries, agents, attorneys-in-fact and custodians in

performing any of its duties and obligations under this Agreement, it being understood by the parties

hereto that the Collateral Custodian will be liable for any acts or omissions of any such subsidiaries,

agents, attorneys-in-fact or custodians acting for and on behalf of the Collateral Custodian. Neither the

Collateral Custodian nor any of its officers, directors, employees or agents shall be liable, directly or

indirectly, for any damages or expenses arising out of the services performed under this Agreement

other than damages or expenses that result from bad faith, willful misconduct or gross negligence.

Section 7.7<u>Resignation</u><u>of</u><u>the</u><u>Collateral</u><u>Custodian;</u><u>Resignation</u><u>of</u><u>the</u><u>Collateral</u>

<u>Administrator.</u>

(a)The Collateral Custodian shall not resign from the obligations and duties hereby

imposed on it except upon (a) sixty (60) days written notice to the Borrower, Servicer, Administrative

AgentandeachLender,or(b)theCollateralCustodian'sdeterminationthat(i)theperformanceofits

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duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable

action that the Collateral Custodian could take to make the performance of its duties hereunder

permissible under Applicable Law. Any such determination permitting the resignation of the Collateral

Custodian shall beevidenced as to clause(i)above byan Opinion ofCounsel tosucheffect delivered to

the Administrative Agent. No such resignation shall become effective until a successor Collateral

CustodianshallhaveassumedtheresponsibilitiesandobligationsoftheCollateralCustodianhereunder.

(b)The Collateral Administrator shall not resign from the obligations and duties hereby

imposed on it except upon (a) sixty (60) days written notice to the Borrower, Servicer, Administrative

Agent and each Lender, or (b) the Collateral Administrator's determination that (i) the performance of

its duties hereunder is orbecomes impermissibleunder Applicable Law and (ii) there is no reasonable

action that the Collateral Administrator could take to make the performance of its duties hereunder

permissible under Applicable Law. Anysuch determination permitting the resignation of the Collateral

Administrator shall be evidenced as to clause (i) above by an Opinion of Counsel to such effect

delivered to the Administrative Agent. No such resignation shall become effective until a successor

Collateral Administrator shall have been appointed by the Administrative Agent (so long as no Event of

Default or Servicer Termination Event has occurred and is continuing, with the consent of the

Borrower) and shall have assumed the responsibilities and obligations of the Collateral Administrator

hereunder.

<u>Section</u> <u>7.8</u><u>Release</u><u>of</u><u>Documents.</u>

(a)<u>Release for Servicing</u>. From time to time and as appropriate for the enforcement or

servicingofanyoftheCollateral,theCollateralCustodianisherebyauthorized(unlessanduntilsuch

authorization is revoked by the Administrative Agent) to, and shall, upon written receipt from the

Servicer of a request for release of documents and receipt in the form annexed hereto as <u>Exhibit E</u>,

release to the Servicer within two (2) Business Days of receipt of such request, the related Required

Loan Documents or the documents set forth in such request and receipt to the Servicer. All documents

so released to the Servicer shall be held by the Servicer in trust for the benefit of the Administrative

Agent on behalf of the Secured Parties, in accordance with the terms of this Agreement. The Servicer

shall return to the Collateral Custodian the Required Loan Documents or other such documents (i)

promptly upon the request of the Administrative Agent, or (ii) when the Servicer's need therefor in

connection with such enforcement or servicing no longer exists, unless the Loan shall be liquidated or

sold,inwhichcase,uponreceiptofanadditionalrequestforreleaseofdocumentsandreceiptcertifying

such liquidation or sale from the Servicer to the Collateral Custodian in the form annexed hereto as

<u>Exhibit</u><u>E</u>, the Servicer's request and receipt submitted pursuant to the first sentence of this subsection

shall be released by the Collateral Custodian to the Servicer.

(b)<u>Release for Payment</u>. Upon receipt by the Collateral Custodian of the Servicer's

requestforreleaseofdocumentsandreceiptintheformannexedheretoas<u>Exhibit</u><u>E</u>(whichcertification

shall include a statement to the effect that all amounts received in connection with such payment or

repurchase have been credited to the Collection Account as provided in this Agreement), the Collateral

Custodian shall promptly release the related Required Loan Documents to the Servicer.

(c)<u>Limitation on Release</u>. During the occurrence and continuance of an Event of

Default, the foregoing provision with respect to the release to the Servicer of the Required Loan

Documents and documents by the Collateral Custodian upon request by the Servicer shall be operative

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onlyto the extent that the Administrative Agent have consented to such release.Promptlyafterdelivery

to the Collateral Custodian of anyrequest for release of documents, the Servicershallprovidenoticeof

the same to the Administrative Agent.

(d)<u>Shipment of Required Loan Documents</u>. Written instructions as to the method of

shipment and shipper(s) the Collateral Custodian is directed to utilize in connection with the

transmission of Required Loan Documents in the performance of the Collateral Custodian's duties

hereundershall bedelivered bytheBorrower,theServicerortheAdministrativeAgent to theCollateral

Custodian prior to any shipment of any Underlying Instruments hereunder. The Servicer shall arrange

for the provision of such services at the cost and expense of the Borrower (or, at the Collateral

Custodian's option, the Borrower shall reimburse the Collateral Custodian for all reasonable and

documented out-of-pocket costs and expenses of the Collateral Custodian consistent with such

instructions) and shallmaintain suchinsurance against loss ordamage to the Underlying Instruments as

the Servicer deems appropriate.

Section 7.8<u>Return</u><u>of</u><u>Required</u><u>Loan</u><u>Documents.</u>

The Borrower may, with the prior written consent of the Administrative Agent (such

consent not to be unreasonably withheld), require that the Collateral Custodian return each Required

Loan Document (as applicable), respectively(a) delivered to the Collateral Custodian in error, (b) as to

which the lien on the Underlying Asset has been so released pursuant to <u>Section</u><u>8.2</u>, (c) that has been

the subject of a Discretionary Sale or Substitution pursuant to <u>Section</u><u>2.14</u> or (d) that is required to be

redelivered to the Borrower in connection with the termination of this Agreement, in each case by

submitting to the Collateral Custodian and the Administrative Agent a written request in the form of

<u>Exhibit E</u>hereto(signed byboth theServicerand theAdministrativeAgent)specifyingtheCollateralto

besoreturnedandrecitingthat theconditions tosuchreleasehavebeenmet(andspecifyingtheSection

or Sections of this Agreement being relied upon for such release). The Collateral Custodian shall upon

its receipt of each such request for return executed by the Borrower and the Administrative Agent

promptly,but in anyevent withintwoBusinessDays,returntheUnderlyingInstrumentssorequestedto

the Borrower.

Section 7.9<u>Access</u><u>to</u><u>Certain</u><u>Documentation</u><u>and</u><u>Information</u><u>Regarding</u><u>the</u><u>Collateral.</u>

(a)The Servicer, the Borrower and the Collateral Custodian shall, at the Borrower's

expense, provide to the Administrative Agent access to the Underlying Instruments and all other

documentation regarding the Collateral including in such cases where the Administrative Agent is

required in connection with the enforcement of the rights or interests of the Secured Parties, or by

applicable statutes or regulations, to review such documentation, such access being afforded without

charge but only(i) upon two (2) Business Days' prior written request, (ii) during normal business hours

and (iii) subject to the Servicer's and Collateral Custodian's normal security and confidentiality

procedures; <u>provided</u> that the Administrative Agent may, and shall upon request of any Lender, permit

each Lender to be included on any such review, and shall use commercially reasonable efforts to

schedule any review on a day when Lenders desiring to participate in such review may be included.

From time to time at the discretion of the Administrative Agent, the Administrative Agent may review

theServicer'scollectionandadministrationoftheCollateralinordertoassesscompliancebythe

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Servicerwith<u>Article</u><u>VI</u>andmayconductanauditoftheCollateral,andUnderlyingInstrumentsin

conjunction with such a review.

(b)Withoutlimitingtheforegoingprovisionsof<u>Section</u><u>7.10(a)</u>,fromtimetotimeon

request of the Administrative Agent, the Collateral Custodian shall permit certified public accountants

orotherindependentauditorsacceptabletotheAdministrativeAgenttoconductareviewofthe

Underlying Instruments and all other documentation regarding the Collateral.

**ARTICLE VIII**

**SECURITYINTEREST**

Section 8.1<u>Grant</u><u>of</u><u>Security</u><u>Interest.</u>

(a)This Agreement constitutes a security agreement and the Advances effected hereby

constitute secured loans by the applicable Lenders to the Borrower under Applicable Law. For such

purpose, the Borrower hereby transfers, conveys, assigns and grants as of the Closing Date to the

Administrative Agent, as agent for the Secured Parties, a lien and continuing security interest in all of

the Borrower's right, title andinterest in, to andunder (in each case, whethernowowned or existing, or

hereafter acquired or arising) all Accounts, Cash, General Intangibles, Instruments and Investment

Property and any and all other property of any type or nature owned by it (the "<u>Collateral</u>"), including

but not limited to (and in each case excluding the Excluded Amounts):

(i)all Loans, Permitted Investments and Equity Securities, all payments thereon

orwithrespecttheretoandallcontracts topurchase,commitmentletters,confirmations anddue bills

relating to any Loans, Permitted Investments or Equity Securities;

(ii)the Accounts and all Cash and Financial Assets credited thereto and all

income from the investment of funds therein;

(iii)anyHedgingAgreementandanypaymentfromtimetotimedue

thereunder;

bailee);

(iv)allTransactionDocumentstowhichtheBorrowerisaparty;

(v)allfundsdeliveredtotheCollateralCustodian(directlyorthrougha

(vi)allCollections,rightsinUnderlyingAssets,andUnderlyingInstruments,

InsurancePolicies,allRequiredLoanDocumentsandrelatedrecordsandassets;and

(vii)all accounts, accessions, profits, income benefits, proceeds,

substitutions and replacements, whether voluntary or involuntary, of and to any of the property of the

Borrower described in the preceding clauses;

in each case, whether now existing or hereafter arising or acquired by the Borrower, and wherever the

same maybe located, to secure the prompt, complete and indefeasible payment andperformancein full

whendue,whether bylapse oftime,acceleration orotherwise, of theObligations (otherthan contingent

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indemnificationandreimbursementobligationsforwhichnoclaimgivingrisetheretohasbeenasserted)

oftheBorrowerarisinginconnectionwiththisAgreementandeachotherTransactionDocument,

whether now or hereafter existing, due or to become due, direct or indirect, or absolute or contingent,

including, without limitation, all Obligations. Notwithstanding any of the other provisions set forth in

this Agreement, this Agreement shall not constitute a grant of a security interest in (A) any Excluded

Amountsand(B)any property totheextentthatsuchgrantofasecurity interestisprohibitedby any

ApplicableLawineffectasofthedatehereof,requiresaconsentnotobtainedofany Governmental

Authority pursuanttosuchApplicableLaworwouldrendertheBorrower'srightsorinterestinsuch

property void, revoked or terminated or would result in a breach, violation or default by the Borrower

withrespectthereto(butonlytotheextentsuchrestriction,prohibition,requirement,consentrevocation,

termination,breach,violationordefaultiseffectiveandenforceableunderapplicablelawandisnot

rendered ineffective byapplicable law (including, without limitation, pursuant to Sections 9-406, 9-407,

9-408or9-409oftheUCC));<u>provided</u>,that(x)immediately atsuchtimeastheprohibitionshallno

longer be applicable, such securityinterest shall attach immediatelyto such assets and (y) the Collateral

includes anyProceeds of anyof such assets. The powers conferred on the Administrative Agent and the

other Secured Parties hereunder are solely to protect the Administrative Agent's and the other Secured

Parties' interests in the Collateral and shall not impose any duty upon the Administrative Agent or any

Secured Party to exercise any such powers. Each of the Administrative Agent and each Secured Party

shall be accountable onlyfor amounts that it actuallyreceives as a result of the exercise of such powers,

andneithertheynoranyoftheirofficers,directors,employeesoragentsshallberesponsibletothe

Borrowerforanyactorfailuretoacthereunder,exceptforitsowngrossnegligenceorwillful

misconduct. If the Borrower fails to perform or complywith anyof its agreements contained herein, the

AdministrativeAgent,atitsoption,butwithoutanyobligationtodoso,mayitselfperformorcomply,or

otherwisecauseperformanceorcompliance,withsuchagreement.Thereasonableanddocumented

out-of-pocket expenses of the Administrative Agent incurred in connection with such performance or

compliance, shall be payable by the Borrower to the Administrative Agent to the extent reimbursable

underSection12.9onthenextdateofdistributionoffundsunderSection2.8followingdemandtherefor

and shall constitute Obligations secured hereby.

(b)The grant of a security interest under this <u>Section 8.1</u> does not constitute and is not

intended to result in a creation or an assumption by the Administrative Agent or any of the other

Secured Parties of any obligation of the Borrower or any other Person in connection with any or all of

the Collateral or under any agreement or instrument relating thereto. Anything herein to the contrary

notwithstanding, (a) the Borrower shall remain liable under any applicable Collateral to the extent set

forth therein to perform all of its duties and obligations thereunder to the same extent as if this

Agreement had not been executed and the Borrower shall retain all of its rights under the Transaction

Documents, (b) the exercise bythe Administrative Agent, as agent for the Secured Parties, of anyof its

rights in the Collateral shall not release the Borrower from any of its duties or obligations under any

applicable Collateral, and (c) none of the Administrative Agent or any other Secured Party shall have

any obligations or liability under the Collateral by reason of this Agreement, nor shall the

AdministrativeAgentoranyotherSecuredPartybeobligatedtoperformanyoftheobligationsorduties

of the Borrower thereunder or to take any action to collect or enforce any claim for payment assigned

hereunder.

(c)Notwithstanding anything to the contrary, the Borrower, the Servicer, the

Administrative Agent, the Hedge Counterparty, the Collateral Custodian, the Collateral Administrator

andeach Lenderherebyagreetotreat,and tocauseeach oftheirrespectiveAffiliatestotreat,eachNote

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as indebtedness for purposes of U.S. federal and state income tax or state franchise tax to the extent

permitted by Applicable Law and shall file its tax returns or reports, or cause its Affiliates to file such

tax returns or reports, in a manner consistent with such treatment.

Section 8.2<u>Release</u><u>of</u><u>Lien</u><u>on</u><u>Collateral.</u>

At the same time as (i) any Collateral expires by its terms and all amounts in respect

thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such

Collateral has been the subject of a Discretionary Sale, Substitution or a sale of a Warranty Loan

pursuant to <u>Section 2.14</u> or other Collateral sold in accordance with this Agreement or (iii) this

Agreement terminates in accordance with <u>Section 12.6</u>, the interest of the Administrative Agent in such

Collateral shall be automatically released, and the Administrative Agent, as agent for the Secured

Parties, to the extent requested by the Servicer, shall, at the sole expense of the Borrower, provide

evidence of the release of its interest in such Collateral. In connection with any sale of such Collateral,

the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Servicer of the

Proceeds of such sale into the Collection Account, at the sole expense of the Borrower, (i) execute and

deliver to the Servicer any assignments, bills of sale, termination statements and any other releases and

instruments as the Servicer may reasonably request in order to effect the release and transfer of such

Collateral, (ii) deliver any portion of the Collateral to be released from the Lien granted under this

AgreementinitspossessiontooratthedirectionoftheBorrowerand(iii)otherwisetakesuchactionsas

are necessary and appropriate to release the Lien of the Administrative Agent for the benefit of the

Secured Parties on the applicable portion of the Collateral to be released and delivered to or at the

direction of the Borrower such portion of the Collateral to be so released; <u>provided</u> that, the

AdministrativeAgent,asagentfortheSecuredParties,willmakenorepresentationorwarranty,express

or implied, with respect to any such Collateral in connection with such sale or transfer and assignment.

NothinginthissectionshalldiminishtheServicer'sobligationspursuantto<u>Section</u><u>6.2(j)</u>withrespectto

the Proceeds of any such sale.

Section 8.3<u>Remedies.</u>

Upon the occurrence and during the continuance of an Event of Default, the

Administrative Agent and Secured Parties shall have, with respect to the Collateral granted pursuant to

<u>Section 8.1</u>, and in addition to all other rights and remedies available to the Administrative Agent and

Secured Parties under this Agreement or other Applicable Law, all rights and remedies set forth in

<u>Section 9.2</u>.

Section 8.4<u>Waiver</u><u>of</u><u>Certain</u><u>Laws.</u>

Each of the Borrower and the Servicer agrees, to the full extent that it may lawfully so

agree,thatneitheritnoranyoneclaimingthroughorunderitwillsetup,claimorseektotakeadvantage

of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any

locality where any Collateral may be situated in order to prevent, hinder or delay the enforcement or

foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the

finalandabsoluteputtingintopossessionthereof,immediatelyaftersuchsale,ofthepurchasersthereof,

andeachoftheBorrowerandtheServicer,foritselfandallwhomayatanytimeclaimthroughorunder

it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any

and all right to have any of the properties or assets constituting the Collateral marshaled upon anysuch

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sale, and agrees that the Administrative Agent or anycourt having jurisdiction to foreclose the security

interests granted in this Agreement may sell the Collateral as an entirety or in such parcels as the

Administrative Agent or such court may determine.

Section 8.5<u>Power</u><u>of</u><u>Attorney.</u>

Each of the Borrower and the Servicer hereby irrevocably appoints the Administrative

Agentitstrueandlawfulattorney(withfullpowerofsubstitution)initsname,placeandsteadandatthe

Borrower's expense, in connection with the enforcement of the rights and remedies provided for (and

subject to the terms and conditions set forth) in this Agreement during the continuance of an Event of

Default, including without limitation the following powers: (a) to give any necessary receipts or

acquittance for amounts collected or received hereunder, (b) to make all necessary transfers of the

Collateral in connection with anysuch sale or other disposition made pursuant hereto, (c) to execute and

deliver for value all necessary or appropriate bills of sale, assignments and other instruments in

connection with any such sale or other disposition, and (d) to sign any agreements, orders or other

documents in connection with or pursuant to anyTransaction Document, the Borrower and the Servicer

herebyratifyingand confirmingall that suchattorney(oranysubstitute)shall lawfullydohereunderand

pursuanthereto.Nevertheless,ifsorequestedbytheAdministrativeAgent,theBorrowershallratifyand

confirm any such sale or other disposition by executing and delivering to the Administrative Agent or

such purchaser all proper bills of sale, assignments, releases and other instruments as maybedesignated

in any such request.

**ARTICLE IX** 

**EVENTSOFDEFAULT**

Section 9.1<u>Events</u><u>of</u><u>Default.</u>

ThefollowingeventsshallbeEventsofDefault("<u>Events</u><u>of</u><u>Default</u>")hereunder:

(a)(i)anyfailurebytheBorrowertopayallaccruedandunpaidInterestand Non-

Usage Fees when due and payable on any Payment Date and such failure is not remedied within three

(3) Business Days of such Payment Date, (ii) any failure by the Borrower to pay any principal when

due (including on the Termination Date) or (iii) any failure by the Borrower or the Servicer to observe

or perform any agreement or obligation with respect to the management and distribution of funds

received with respect to the Loans and such failure is not remedied within three (3) Business Days;

<u>provided</u> that in the case of a failure to pay(otherthan anysuchfailurewithrespect to apayment due

on the Termination Date) due to an administrative error or omission by the Collateral Custodian, such

failure continues for three (3) or more Business Days after the Collateral Custodian receives written

notice orhas actualknowledgeofsuchadministrativeerrororomissionandhasprovidednotice of such

failure to the Borrower; or

(b)the failure on the part of the Borrower to observe or perform the covenants set forth

in (i) <u>Sections 5.1(a)</u>, <u>5.1(b)</u>, <u>5.1(e)</u>, <u>5.1(n)</u> or <u>5.1(z)</u> and the same continues unremedied for a period of

fifteen (15) days (if such failure can be remedied) after the earlier to occur of (x) the date on which

written notice of such failure requiring the same to be remedied shall have been given to the Borrower

and(y)thedateonwhichtheBorroweracquiresactualknowledgethereof,(ii)<u>Sections</u><u>5.1(f)</u>,

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<u>5.1(g)</u>,<u>5.1(k)(i)</u>,<u>5.1(o)</u>,<u>5.1(q)</u>,<u>5.1(s)</u>or<u>5.1(v)</u>andthesame continuesunremediedforaperiod of three

(3) Business Days (if such failure can be remedied) after the earlier to occur of (x) the date on which

written notice of such failure requiring the same to be remedied shall have been given to the Borrower

and (y) thedateon whichthe Borrower acquires actualknowledgethereof, or (iii) <u>Sections</u><u>5.1(i)</u>or <u>5.2</u>

(other than <u>Section 5.2(n)</u>); or

(c)thefailureonthepartoftheServicertoobserveorperformthecovenantssetforth in

(i) <u>Sections 5.3(a),</u> <u>5.3(b)(i)</u> or <u>5.3(i)</u> and the same continues unremedied for a period of fifteen (15)

days (if such failure can be remedied) after the earlier to occur of (x) thedateon which written notice of

suchfailurerequiringthesametoberemediedshallhavebeengiventotheBorrowerand(y)thedateon

which the Borrower acquires actual knowledge thereof, (ii) <u>Sections 5.3(g)</u> or <u>5.3(h)</u> and the same

continues unremedied for a period of three (3) Business Days (if such failure can be remedied) after the

earlier to occur of (x) the date on which written notice of such failure requiring the same to be remedied

shall have been given to the Borrower and (y) the date on which the Borrower acquires actual

knowledge thereof, or (iii) <u>Sections 5.3(e)</u> or <u>5.4</u>; or

(d)any failure on the part of the Borrower or the Transferor duly to observe or perform

in any material respect any other covenants or agreements (except for such covenants or agreements as

are qualified by materiality, a Material Adverse Effect or any similar qualifier, which covenants or

agreements would be rendered to be failed in all respects) of the Borrower or the Transferor (other than

those specifically addressed by a separate Event of Default, it being understood, without limiting the

generalityof the foregoing, that anyfailure to meet anyConcentration Limit or the failure of any Loan

to be an Eligible Loan hereunder or under the Sale Agreement (except with respect to anyspecific

covenants oragreements madebytheBorrowerortheTransferorwithrespect to <u>Section</u><u>2.14(d)</u>

hereunder or the repurchase of a Loan that is not anEligible LoanundertheSaleAgreement,as the case

may be) is not an Event of Default under this <u>clause (d)</u>), as applicable, set forth in this Agreementor

theotherTransactionDocumentstowhichtheBorrowerisapartyandthesamecontinues unremedied

foraperiodofthirty(30)days(ifsuchfailurecanberemedied)aftertheearliertooccurof

(i) the date on which written notice of such failure requiring the same to be remedied shall have been

given to the Borrower and (ii) the date on which the Borrower acquires actual knowledge thereof; or

(e)theoccurrenceofanInsolvencyEventrelatingtothe BorrowerortheTransferor;

or

(f)theoccurrenceofaChangeofControl;or

(g)theoccurrenceandcontinuanceofaServicerTerminationEvent;or

(h)therenderingofoneormorefinaljudgments,decreesorordersbyacourtor

arbitrator of competent jurisdiction against the Borrower or the Transferor for the payment of moneyin

excess individually or in the aggregate of $500,000 (in the case of the Borrower) or $7,500,000 (in the

case of the Transferor), in each case, net of anyamounts covered byinsurance, andthe Borrowerorthe

Transferor, as applicable, shall not have either (i) discharged or provided for the discharge of anysuch

judgment, decree or order in accordance with its terms (and, in any event within sixty (60) days) or (ii)

perfected a timely (and, in any event within sixty (60) days) appeal of such judgment, decree or order

and caused the execution of same to be stayed during the pendencyof the appeal; or

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(i)the Borrower shall assign or attempt to assign any of its rights, obligations or duties

under this Agreement without the prior written consent of the Administrative Agent and the Lenders

(such consents to be provided in the sole and absolute discretion of the Administrative Agent and the

Lenders); or

(j)the Borrower shall have made payments (other than payments made on behalf of the

Borrower from insurance proceeds of the Borrower) to settle anylitigation claim or dispute totaling

more than $500,000 in the aggregate (exclusive of amounts awarded byinsurance); or

(k)[reserved]; or

(l)anyLiengrantedthereunder,shall(exceptinaccordancewithitsterms),inwhole or

in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable

obligation or any security interest securing any obligation under any Transaction Document shall, in

whole or in part, cease to be a first priorityperfected securityinterest (subject onlyto Permitted Liens)

except as otherwise expressly permitted to be released in accordance with the applicable Transaction

Document,

(m)any Loan Party shall contest in any manner the effectiveness, validity, binding nature

or enforceabilityof anyTransaction Document or anylien or securityinterest thereunder, or

(n)the existence of (i) a Borrowing Base Deficiency or (ii) the Total Interest Coverage

Ratio failing to satisfy the minimum level specified in <u>Section 5.2(n)</u>, in each case, which continues

unremedied for two (2) Business Days; or

(o)the Borrower shall become required to register as an "investment company" within

the meaning of the 1940 Act; or

(p)any representation, warranty or certification made by any Loan Party in any

Transaction Document or in anycertificatedelivered pursuant to anyTransaction Document shall prove

to have been incorrect in any material respect when made or deemed made (except for such

representations and warranties as are qualified by materiality, a Material Adverse Effect or any similar

qualifier, which representations and warranties shall be true in all respects, it beingunderstood, without

limitingthegeneralityoftheforegoing,thatanyfailuretomeetanyConcentrationLimitorthefailureof

any Loan to be an Eligible Loan hereunder or under the Sale Agreement (except with respect to any

specific representation, warranty or certification as to the eligibility of such Loan made hereunder or

under the Sale Agreement) is not an Event of Default under this <u>clause (p)</u>) and the same continues

unremedied for a period of thirty(30) days (if such failure can be remedied) after the earlier tooccur of

(i) the date on which written notice of such failure requiring the same to be remedied shall have been

given to such Loan Partyand (ii) the date on which a Loan Partyacquires knowledge thereof; or

(q)(A)anymaterialprovisionofanyTransactionDocumentshallatanytimeforany

reason cease to be valid and binding or in full force and effect; or (B) any Loan Party shall deny that it

has any or further liability or obligation under any material provision of any Transaction Document to

which it is a party.

Section 9.2<u>Remedies.</u>

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(a)Upon the occurrence and during the continuance of an Event of Default, the

Administrative Agent may, or, at the direction of the Required Lenders shall, bynotice to the Borrower

(withacopytotheCollateralCustodianandtheCollateralAdministrator,itbeingagreedthatthefailure

to give such notice shall not impair the rights of the Administrative Agent or the Lenders hereunder),

declare (i) the Termination Date to have occurred and the Notes and all other Obligations to be

immediately due and payable in full (without presentment, demand, protest or notice of any kind all of

which are hereby waived by the Borrower) or (ii) the Revolving Period End Date to have occurred;

<u>provided</u> that, (x) in the case of anyevent involvingtheBorrower described in <u>Section 9.1(e)</u>, the Notes

and all other Obligations shall be immediately due and payable in full (without presentment, demand,

noticeofanykind,allofwhichareherebyexpressly,waivedbytheBorrower)andtheTerminationDate

shallbedeemedtohaveoccurredautomaticallyupontheoccurrenceofanysucheventand(y)ifthesole

continuing Event of Default is an event described in <u>Section 9.1(n)</u> resultingfrom achange in Assigned

Value of a single Eligible Loan (that is, such change in Assigned Value caused such Event of Default),

andtheBorrowerhasnotifiedtheAdministrativeAgentwithintwo(2)BusinessDaysoftheBorrower's

receipt of the Approval Notice for such Eligible Loan that (A) it is exercising its right to dispute the

Assigned Value of the affected Eligible Loan pursuant to the definition of "Assigned Value" and (B) it

is electing to have this clause (y) apply(a "<u>Standstill Election</u>"), no such notice maybe delivered bythe

Administrative Agent until the earlier of (i) the date such dispute has been resolved and (ii) twenty(20)

calendardaysfromthedateonwhichsuchEventofDefaultoccurred(the"<u>Standstill</u><u>Period</u>");<u>provided</u>

<u>further</u> that (i) no Standstill Election may delivered unless at least thirty (30) Business Days have

elapsed since the expiration of a previous Standstill Period and (ii) the provisions of clause (y) of the

immediatelyprecedingproviso shall be of no force or effect (and the Borrower maynot deliver a notice

of a Standstill Election) more than two (2) times. The AdministrativeAgent shall forward a copyof any

notice delivered to the Borrower pursuant to this <u>Section 9.2(a)</u> to the Lenders.

(b)On and after the declaration or occurrence of the Termination Date, the

Administrative Agent, for the benefit of the Secured Parties, shall have, in addition to all other rights

and remedies underthis Agreement orotherwise, all other rights and remediesprovidedunder theUCC

of each applicable jurisdiction and other Applicable Laws, which rights shall be cumulative. On and

after thedeclaration oroccurrence of the Termination Date, the Borrower and theServicerherebyagree

that theywill, at the Borrower's expense and at the direction of the Administrative Agent, forthwith, (i)

assemble all or any part of the Loans as directed by the Administrative Agent and make the same

available to the Administrative Agent at a place to be designated by the Administrative Agent and (ii)

without notice except as specified below and to the extent not prohibited by Applicable Law, sell the

Loans or any part thereof upon such terms, in such lots, to such buyers, and according to such other

instructions as the Administrative Agent may deem commercially reasonable; <u>provided</u> that

notwithstanding anything to the contrary set forth herein, the Administrative Agent will not cause or

direct the sale of any Loans or other Collateral on and after the declaration or occurrence of the

Termination Date unless either (i) the Administrative Agent determinesthat the anticipatedproceeds of

a sale or liquidation of all or any portion of the Collateral (after deducting the reasonable expenses of

such sale or liquidation) would be sufficient to discharge in full the Obligations (or in the case of asale

of less than all of the Collateral, an amount sufficient to discharge the amount of the Obligations

attributable to such portion of the Collateral); or (ii) the Required Lenders direct such sale and

liquidation.TheBorroweragreesthat,totheextentnoticeofsaleshallberequiredbylaw,ten(10)days'

notice to the Borrower of anysale hereunder shall constitute reasonable notification. All cash Proceeds

receivedbytheAdministrativeAgentinrespectofanysaleof,collectionfrom,orotherrealization

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upon, all or anypart of the Loans (after payment of anyamountsincurred in connection withsuchsale)

shall be deposited into the Collection Account, the Canadian Dollar Account, the Euro Account, the

GBP Account ortheAustralianDollarAccount,asapplicableand to beappliedpursuant to <u>Section</u><u>2.8</u>.

The occurrence of a Termination Date as defined in clauses (a) through (c), inclusive, of the definition

of "Termination Date" shall constitute a Termination Date for the purposes of this <u>Section 9.2</u>.

(c)If the Administrative Agent elects to sell the Collateral in whole or in part, at a public

or private sale, in one or more transactions, the Servicer and/or any Affiliate thereof may purchase the

Collateral, in whole but not in part, prior to such sale at a purchase price that is not less than the amount

of the Obligations as of the date of such proposed sale. The Servicer's right to purchase the Collateral

and any related limitation on the Administrative Agent's right to sell any or all of the Collateral then or

in the future shall terminate at 4:00 p.m. (New York City Time) on the fifth (5th) Business Day

following the Business Day on which the Servicer has received notice of the Administrative Agent's

election to sell all or any portion of such Collateral unless the Administrative Agenthasreceivedfrom

theServicerawrittennoticeindicatingthattheServicerhaselectedtopurchase the Collateral for at least

the price described above (a "PurchaseNotice") (which right, for avoidance of doubt,shallbe

irrevocablyforfeitedifnotexercisedwithinthetimeframespecifiedinthissentence).Ifa Purchase

Notice is delivered to the Administrative Agent, the Servicer shall have three (3) Business Days to

completesuch purchaseand fullyfund theamount payabletorepayall Obligations in full (or, if the

Servicer has provided evidence to the Administrative Agent that the Transferor has made a capital call

on its investors sufficient to complete such purchase within such three (3) Business Dayperiod, the

Servicershallhaveten(10)BusinessDaystocompletesuchpurchaseandfullyfundtheamountpayable

to repay all Obligations in full). Notwithstanding anything herein to the contrary, the Administrative

Agent shall not have any right to sell the Collateral during the time that the Servicer is entitled to

exercise its right to purchase the Collateral pursuant to this <u>Section 9.2(c)</u>.

**ARTICLE X** 

**INDEMNIFICATION**

Section10.1<u>Indemnities</u><u>by</u><u>the</u><u>Borrower.</u>

(a)Without limiting any other rights that any such Person may have hereunder or under

Applicable Law, the Borrower hereby agrees (subject to Section 10.4) to indemnify the Administrative

Agent, the Collateral Custodian, the Collateral Administrator, the Securities Intermediary, the Secured

Parties, the Lenders and each of their respective assigns and directors, officers, employees, agents and

advisors (collectively, the "<u>Indemnified Parties</u>"), on the next Payment Datefollowingdemandtherefor

withtheaccompanyingdescriptionthereof(providedthatsuchPayment Date is at least ten (10)

Business Days following the date that the Borrower receives written demand therefor with the

accompanying description thereof, and otherwise on the second Payment Date followingdemand

therefor), from and against anyand all damages, losses, claims, liabilities and related costs and

expenses, including reasonable and documented out-of- pocket attorneys' fees and disbursementsof

counselretainedbysuchIndemnifiedPartiesoranyofthem(alloftheforegoingbeing collectively

referred toas the "<u>Indemnified</u><u>Amounts</u>")awardedagainst orincurred bysuch Indemnified Party or

any of them in connection with the investigation of, preparation for, or defense of anypending or

threatened claim or any action or proceeding (whether or not such Indemnified Party is a party thereto)

orotherwisearisingoutoforasaresultofthisAgreement(includingenforcementofthe

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indemnification obligations hereunder) or having an interest in the Collateral, excluding, however, any

IndemnifiedAmountstotheextentresultingfromthegrossnegligenceorwillfulmisconductonthepart

of any Indemnified Party as determined by a court of competent jurisdiction in a final non-appealable

judgment.IftheBorrowerhasmadeanyindemnitypaymentpursuanttothis<u>Section</u><u>10.1</u>and<u>Section</u>

<u>10.3</u> and such payment fully indemnified the recipient thereof and the recipient thereafter collects any

payments from others in respect of such Indemnified Amounts then, the recipient shall repay to the

Borrower an amount equal to the amount it has collected from others in respect of such indemnified

amounts. Without limiting the foregoing, the Borrower shall indemnify each Indemnified Party for

IndemnifiedAmounts(excepttotheextentresultingfromthegrossnegligenceorwillfulmisconducton

thepartofsuchIndemnifiedPartyasdeterminedbyacourtofcompetentjurisdictioninafinal

non-appealable judgment) relating to or resulting from:

(i)reliance on any representation or warranty made or deemed made by the

Borrower, theServicer or anyoftheir respectiveofficers under or in connection with this Agreement or

anyother Transaction Document, which shall have been false or incorrect in anymaterial respect when

made or deemed made or delivered;

(ii)the failure of any Loan acquired on the Closing Date to be an Eligible Loan

asoftheClosingDateandthefailureofanyLoanacquiredaftertheClosingDatetobeanEligible Loan

on the related Funding Date;

(iii)the failure by the Borrower or the Servicer to comply with any term,

provision or covenant contained in this Agreement or any agreement executed in connection with this

Agreement, or with any Applicable Law, with respect to any Collateral or the nonconformity of any

Collateral with any such Applicable Law;

(iv)the failure to vest and maintain vested in the Administrative Agent, as agent

for the Secured Parties, an undivided interest in the Collateral, together with all Collections, free and

clearofanyLien(otherthanPermitted Liens)whetherexistingatthetimeofanyAdvanceoratany

time thereafter except any such failure that results solely and directly from any act or omission of the

Administrative Agent, any Lender, any Replacement Servicer or the Collateral Custodian;

(v)[reserved];

(vi)thefailuretofile,oranydelayinfiling,financingstatements,continuation

statements or other similar instruments or documents under the UCC of any applicable jurisdiction or

other Applicable Law with respect to any Loan included in the Collateral, whether at the time of any

Advance or at any subsequent time;

(vii)any dispute, claim, offset or defense (other than the discharge in

bankruptcy of the Obligor) of the Obligor to the payment of any Loan included in the Collateral

(including, without limitation, a defense based on the Loan not being a legal, valid and binding

obligation of such Obligor enforceable against it in accordance with its terms), or any other claim

resulting from the sale of the merchandise or services related to such Collateral or the furnishing or

failure to furnish such merchandise or services;

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(viii)any failure of any Loan Party to perform its duties or obligations in

accordancewiththeprovisionsofthisAgreementoranyoftheotherTransactionDocumentstowhichit

is apartyor anyfailure byanyLoan Partyor anyAffiliatethereof to perform its respectiveduties under

any Collateral;

(ix)any inability to obtain any judgment in, or utilize the court or other

adjudication system of, any state in which an Obligor may be located as a result of the failure of the

Borrower or the Transferor to qualifyto do business or file anynotice or business activityreport or any

similar report;

(x)any action taken by the Borrower or the Servicer in the enforcement or

collection of any Collateral which results in any claim, loss, damage, suit or action of any kind

pertaining to the Collateral or which reduces or impairs the rights of the Administrative Agent with

respect to any Loan or the value of any such Loan;

(xi)any products liability claim or personal injury or property damage suit or

other similar or related claim or action of whatever sort arising out of or in connection with the

Underlying Assets or services that are the subject of any Collateral;

(xii)the failurebytheBorrowertopaywhendueanymaterialTaxesfor

which the Borrower is liable, including without limitation, sales, excise or personal property taxes

payable in connection with the Collateral;

(xiii)any repayment by the Administrative Agent or another Secured Party

of anyamount previouslydistributed in repayment of Advances Outstandingor payment ofInterestor

any other amount due hereunder or under any Hedging Agreement, in each case, which amount the

Administrative Agent or another Secured Party is required to repay;

(xiv)except with respect to funds held in the Collection Account, the

commingling of Collections on the Collateral at any time with other funds;

(xv)anyinvestigation,litigationorproceedingrelatedtothisAgreementor

the use of proceeds of Advances or the security interest in the Collateral;

(xvi)any failure by the Borrower to give reasonably equivalent value to the

Transferor or to the applicable third party transferor, in consideration for the transfer by the Transferor

or such third party to the Borrower of any item of Collateral or any attempt by any Person to void or

otherwise avoid any such transfer under any statutory provision or common law or equitable action,

including, without limitation, any provision of the Bankruptcy Code;

(xvii)theuseoftheproceedsofanyAdvanceinamannerotherthanas

provided in this Agreement or the Sale Agreement;

(xviii)the failure of the Borrower or anyof its agents or representatives to

remit to the Servicer or the Administrative Agent, Collections on the Collateral remitted to the

Borrower, the Servicer or any such agent or representative as provided in this Agreement;

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(xix)thefailurebytheBorrowertocomplywithanyofthecovenants

relatingto any Hedging Agreement; or

(xx)thefailureoftheServicertosatisfyitsobligationsunder<u>Section</u><u>10.2</u>.

(b)[Reserved].

(c)If for any reason the indemnification provided above in this <u>Section 10.1</u> is

unavailable to the Indemnified Party or is insufficient to hold an Indemnified Party harmless, then the

Borrower shall contribute to the amount paid or payable by such Indemnified Party as a result of such

loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative

benefits received by such Indemnified Party on the one hand and the Borrower on the other hand but

also the relative fault of such Indemnified Party as well as any other relevant equitable considerations;

provided that neither the Borrower nor the Servicer shall be required to contribute in respect of any

Indemnified Amounts expressly excluded in the first sentence of <u>Section 10.1(a)</u>.

(d)The obligations of the Borrower under this <u>Section 10.1</u> shall survive the resignation

or removal of the Administrative Agent, the Servicer, the Collateral Custodian or the Securities

Intermediary and the termination of this Agreement.

(e)Notwithstanding anything to the contrary contained herein, in no event shall the

Borrowerbeliableforspecial,indirect,punitive,exemplaryorconsequentiallossordamageofanykind

whatsoever (including lost profits), even if the Borrower has been advised of the likelihood of such loss

ordamageandregardlessoftheformofaction;provided,however,thattheBorrowershallremainliable

for anysuch losses and damages incurred byan Indemnified Partywith respect to third-partyclaims.

Section10.2<u>Indemnities</u><u>by</u><u>the</u><u>Servicer.</u>

(a)Without limiting any other rights that any such Person may have hereunder or under

Applicable Law, the Servicer hereby agrees (subject to Section 10.4) to indemnify each Indemnified

Party, from and against any and all Indemnified Amounts (except to the extent resulting from (x) the

gross negligence, fraud or willful misconduct on the part of such Indemnified Party, as determined by a

court of competent jurisdiction in a final non-appealable judgment or (y) the performance of the

Eligible Loans) awarded against or actuallyincurred byanysuch Indemnified Party inconnectionwith

theinvestigationof,preparationfor,ordefenseofanypendingorthreatenedclaimor any action or

proceeding (whether or not such Indemnified Party is a party thereto) or otherwise by reason of the

Servicer's gross negligence or willful misconduct as determined by a court of competent jurisdiction in

a final non-appealable judgment in the performance or failure to perform any of its obligations under

this Agreement. The provisions of this indemnity shall run directly to and be enforceable byaninjured

partysubject to thelimitationshereof. IftheServicerhasmadeanyindemnity payment pursuant to this

<u>Section 10.2</u> and such payment fullyindemnified the recipient thereof and the recipient thereafter

collects any payments from others in respect of such Indemnified Amounts, the recipient shall repay to

the Servicer an amount equal to the amount it has collected from others in respect of such indemnified

amounts.

(b)Any amounts subject to the indemnification provisions of this <u>Section 10.2</u> shall be

paid by the Servicer to the Indemnified Party within ten (10) Business Days following the date that

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theServicerreceiveswrittendemandthereforandanaccompanyingdescriptionoftherelateddamageor

loss.

(c)The Servicer shall have no liability for making indemnification hereunder to the

extent anysuch indemnification constitutes recourse for uncollectible or uncollected Loans.

(d)The obligations of the Servicer under this <u>Section 10.2</u> shall survive the resignation

or removal of the Administrative Agent or the Collateral Custodian and the termination of this

Agreement.

(e)Anyindemnificationpursuanttothis<u>Section</u><u>10.2</u>shallnotbepayablefromthe

Collateral.

(f)Notwithstandinganythingtothecontrarycontainedherein,innoevent

shall the Servicer be liable for special, indirect, punitive, exemplary or consequential loss or

damage of any kind whatsoever (including lost profits), even if the Servicer has been advised of

the likelihood of such loss or damage and regardless of the form of action; provided, however,

that the Servicer shall remain liable for anysuch losses and damages incurred byan Indemnified

Party with respect to third-party claims.

Section 10.3<u>After-Tax</u><u>Basis.</u>

Indemnificationunder<u>Section</u><u>10.1</u>,<u>Section</u><u>10.2</u>,and<u>Section</u><u>12.9</u>shallbeonan

after-Taxbasis.<u>Section</u><u>10.1</u>and<u>Section</u><u>10.2</u>shallnotapplywithrespecttoTaxesotherthananyTaxes

that represent losses, claims, damages, etc. arising from any non-Tax claim, and Taxes referenced <u>in</u>

<u>Section 10.1(a)(xii)</u>.

Section 10.4<u>Cooperation.</u>

(a)IntheeventanIndemnifiedPartybecomesinvolvedinanyaction,claim,orlegal,

governmental or administrative proceeding (an "<u>Action</u>") for which it seeks indemnification from the

Borrower under <u>Section 10.1</u> or the Servicer under <u>Section 10.2</u> (the "<u>Indemnifying</u><u>Party</u>"), the

Indemnified Party shall (to the extent it is not prohibited by law, rule or order from doing so) promptly

notify the Indemnifying Parties in writing of the nature and particulars of the Action and shall keep the

Indemnifying Parties informed regarding the status of and developments relating to such Action;

<u>provided</u> that its failure to do so shall not relieve the Indemnifying Party of its obligations hereunder

except to the extent such failure has a material adverse effect on the Indemnifying Party.

Notwithstanding the foregoing, each reference to Indemnified Party in this <u>Section 10.4</u> shall exclude

the Collateral Custodian and the Securities Intermediary.

(b)Upon written notice to the Indemnified Party acknowledging in writing that the

indemnification provided hereunder applies to the Indemnified Party in connection with the Action

(subject to the exclusions in <u>Section 10.1</u> or <u>Section 10.2</u>, as applicable), the Indemnifying Party may

assume the defense of the Action at its expense with counsel reasonably acceptable to the Indemnified

Party. The Indemnified Party shall have the right to retain separate counsel in connection with the

Action,andtheIndemnifyingPartyshallnotbeliableforthelegalfeesandexpensesoftheIndemnified

Party after the Indemnifying Party has done so; <u>provided</u> that if the Indemnified Party determines in

good faith that there is a conflict between the positions of the Indemnified Party and the Indemnifying

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Partyin connection with the Action, or that the Indemnifying Partyis not conducting the defense ofthe

Action in a manner reasonably protective of the interests of the Indemnified Party, the reasonable and

documented out-of-pocket outside legal fees and expenses of the IndemnifiedPartyshall bepaid bythe

IndemnifyingParty; <u>provided</u>, <u>further</u>,thatthe IndemnifyingPartyshallnot,in connection with anyone

Action or separate but substantiallysimilar or related Actions in the same jurisdiction arisingout of the

same general allegations or circumstances, be liable for the fees or expenses of more than one separate

firm of attorneys (and a single local counsel for each other relevant material jurisdiction and, solely in

the case of an actual or perceived conflict of interest, one additional counsel in each applicable

jurisdiction to the affected Persons) for such Indemnified Parties collectively, which firm (and local

counsel, but excluding conflict counsel, if any) shall be designated in writing to the Indemnifying Party

bythe IndemnifiedParties. If the IndemnifyingPartyelects to assumethedefense of the Action, itshall

have full controloverthe conduct ofsuchdefense; <u>provided</u>thattheIndemnifyingPartyanditscounsel

shall, as reasonably requested by the Indemnified Party or its counsel, consult with and keep them

informed with respect to the conduct ofsuchdefense. The IndemnifyingPartyshall not settle an Action

without theprior written approval of the IndemnifiedPartyunless suchsettlement(i)does notinclude a

statement as to or admission of, fault, culpability or a failure to act by or on behalf of any such

IndemnifiedParty, and (ii)provides forthe full andunconditionalreleaseoftheIndemnifiedPartyfrom

all liability in connection with the Action. The Indemnified Party shall reasonably cooperate with the

Indemnifying Party in connection with the defense of the Action, at the Indemnifying Party's sole

expense.

(c)To the extent disclosure thereof is not restricted and to the extent available, each

applicable Indemnified Party shall deliver to the Borrower and the Servicer copies of all notices and

documents (including court papers) received bysuch Indemnified Partyrelating tothe claim givingrise

to the Indemnified Amounts under <u>Section 10.1</u> and/or <u>Section</u><u>10.2</u> within a reasonabletime aftersuch

Indemnified Party's receipt thereof.

(d)No Loan Party shall have any liability under this Article X to any Indemnified Party

totheextentan IndemnifiedPartyeffectsanysettlementofamatterthatis(orcouldbe)subjectto

indemnification hereunder without the prior written consent of the Borrower and the Servicer (which

consent shall not be unreasonably withheld or delayed) but if settled with such consent or if there be a

final judgment for the plaintiff, the Indemnifying Partyagrees to indemnifythe Indemnified Partyfrom

and against any loss or liability by reason of such settlement or judgment to the extent set forth in

<u>Section 10.1</u> and/or <u>Section 10.2</u>, as the case may be.

**ARTICLE XI**

**THEADMINISTRATIVEAGENT**

Section 11.1<u>Appointment.</u>

EachSecuredPartyherebyappoints andauthorizestheAdministrativeAgentasits agent

and bailee for purposes of perfection pursuant to the applicable UCC and hereby further authorizes the

Administrative Agent to appoint additional agents and bailees (including, without limitation, the

Collateral Custodian) to act on its behalf and for the benefit of each of the Secured Parties.Each

SecuredPartyfurther authorizes the Administrative Agent to takesuch action as agent on itsbehalfand

to exercise such powers under this Agreement and the other Transaction Documentsasaredelegatedto

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the Administrative Agent bythe terms hereof and thereof, together with such powers as are reasonably

incidental thereto.In furtherance, and without limiting the generality, of the foregoing, each Secured

PartyherebyappointstheAdministrativeAgentasitsagenttoexecuteanddeliverallfurtherinstruments

and documents, and take all further action that the Administrative Agent may deem necessary or

appropriate or that a Secured Party may reasonably request in order to perfect, protect or more fully

evidencethesecurityinterestsgrantedbytheBorrowerhereunder,ortoenableanyofthemtoexerciseor

enforce any of their respective rights hereunder, including, without limitation, the execution by the

Administrative Agent as secured party/assignee of such financing or continuation statements, or

amendments thereto or assignments thereof, relative to all or any of the Collateral now existing or

hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the

purposes stated hereinabove.The Lenders may direct the Administrative Agent to take any such

incidentalactionhereunder.Withrespecttootheractionswhichareincidentaltotheactionsspecifically

delegated to the Administrative Agent hereunder, the Administrative Agent shall notberequiredtotake

any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be

fully protected in acting or refraining from acting) upon the direction of the Lenders; <u>provided</u> that the

Administrative Agent shall not be required to take any action hereunder if the taking of such action, in

thereasonabledeterminationoftheAdministrativeAgent,shallbeinviolationofanyApplicableLawor

contrary to any provision of this Agreement or shall expose the Administrative Agent to liability

hereunderorotherwise.IntheeventtheAdministrativeAgentrequeststheconsentofaLenderpursuant

to the foregoing provisions and the Administrative Agent does not receive a consent (either positive or

negative) from such Person within ten (10) Business Days of such Person's receipt ofsuch request, then

such Lender shall be deemed to have declined to consent to the relevant action.

Section11.2<u>Standard</u><u>of</u><u>Care;</u><u>Exculpatory</u><u>Provisions.</u>

(a)TheAdministrativeAgentshallexercisesuchrightsandpowersvestedinitbythis

Agreement and the other Transaction Documents, and use the same degree of care and skill in their

exercise as a prudent person would exercise or use under the circumstances in the conduct of such

person's own affairs.

(b)The Administrative Agent shall not have any duties or obligations except those

expresslysetforthhereinandintheotherTransactionDocuments.Withoutlimitingthegeneralityofthe

foregoing, the Administrative Agent:

(i)shall not be subject to anyfiduciaryor other implied duties, regardless of

whether a Default has occurred and is continuing;

(ii)shall not have any duty to take any discretionary action or exercise any

discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the

otherTransactionDocumentsthattheAdministrativeAgentisrequiredto exerciseasdirectedinwriting

by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly

provided for herein or in the other Transaction Documents), provided that the Administrative Agent

shall not be required to take any action that, in its opinion or theopinion of its counsel, mayexpose the

Administrative Agent to liability or that is contrary to any Transaction Document or Applicable Law;

and

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(iii)shall not, except as expresslyset forth herein and in theother Transaction

Documents, haveanydutytodisclose,andshallnotbeliableforthefailureto disclose, anyinformation

relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person

serving as the Administrative Agent or anyof its Affiliates in anycapacity.

(c)The Administrative Agent shall not be liable for anyaction taken or not taken by it

(i) with the consent or at the request of the Required Lenders (or such other number or percentage of the

Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be

necessary) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a

court of competent jurisdiction by final nonappealable judgment. The Administrative Agent shall be

deemednottohaveknowledgeofanyDefaultunlessanduntilnoticedescribingsuchDefaultisgivento

the Administrative Agent bythe Servicer, the Borrower or a Lender.

(d)The Administrative Agent shall not be responsible for or have any duty to ascertain

or inquire into (i) any statement, warrantyor representation made in or in connection withthis

Agreement or any other Transaction Document, (ii) the contents of any certificate, report or other

document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the

performance or observance of any of the covenants, agreements or other terms or conditions set forth

herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or

genuineness of this Agreement, any other Transaction Document or anyother agreement, instrument or

documentor(v)thesatisfactionofanyconditionsetforthin<u>Article</u><u>III</u>orelsewhereherein,otherthanto

confirm receipt of items expresslyrequired to be delivered to the Administrative Agent.

Section11.3<u>Administrative</u><u>Agent's</u><u>Reliance,</u><u>Etc.</u>

Neither the Administrative Agent nor any of its Related Parties shall be liable for any

action taken or omitted to be taken by it or them as Administrative Agent under or in connection with

this Agreement or anyof the other Transaction Documents, except for its or their own gross negligence

or willful misconduct. Without limiting the foregoing, the Administrative Agent:(i) may consult with

legalcounsel(includingcounselfortheBorrowerortheTransferor),independentpublicaccountantsand

otherexpertsselectedbyitandshallnotbeliableforanyactiontakenoromittedtobetakeningoodfaith

by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or

representationandshallnotberesponsibleforanystatements,warrantiesorrepresentationsmadebyany

other Person in or in connection with this Agreement; (iii) shall not have any duty to ascertain or to

inquire as to the performance or observance of any of the terms, covenants or conditions of this

Agreement or any of the other Transaction Documents on the part of any Loan Party or to inspect the

property (including the books and records) of any Loan Party; (iv) shall not be responsible for the due

execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any of

the other Transaction Documents or any other instrument or document furnished pursuant hereto or

thereto; (v) mayrelyupon and shall incur no liabilityunder or in respect of this Agreement oranyof the

other Transaction Documents by acting upon any notice (including notice by telephone), consent,

certificateorotherinstrumentorwriting(whichmaybebyemail)believedbyittobegenuineandsigned

or sent by the proper party or parties, or upon any statement made to it orally or by telephone and

believed by it to have been made by the proper Person.In determining compliance with any condition

hereunder to the making of an Advance, that by its terms must be fulfilled to the satisfaction of a

Lender, the Administrative Agent maypresume that such condition is satisfactoryto such Lender unless

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theAdministrativeAgentshallhavereceivednoticetothecontraryfromsuchLenderpriortothe

making of such Advance.

Section11.4<u>Credit</u><u>Decision</u><u>with</u><u>Respect</u><u>to</u><u>the</u><u>Administrative</u><u>Agent.</u>

Each Lender acknowledges that it has, independently and without reliance upon the

Administrative Agent, or anyof the Administrative Agent's Affiliates, and based upon such documents

and information as it has deemed appropriate, made its own evaluation and decision to enter into this

AgreementandtheotherTransactionDocumentstowhichitisaparty.EachLender alsoacknowledges

that it will, independently and without reliance upon the Administrative Agent, or any of the

Administrative Agent's Affiliates, and based on such documents and information as it shall deem

appropriate at the time, continue to make its own decisions in taking or not taking action under this

Agreement and the other Transaction Documents to which it is a party.

Section11.5<u>Indemnification</u><u>of</u><u>the</u><u>Administrative</u><u>Agent.</u>

Each Lender agrees to indemnifythe Administrative Agent (to the extent not reimbursed

bytheBorrower or theServicer), ratablyinaccordancewith its Pro RataSharefrom andagainstanyand

all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or

disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted

against the Administrative Agent in any way relating to or arising out of this Agreement or any of the

other Transaction Documents, or anyaction taken or omitted bythe Administrative Agent hereunder or

thereunder; <u>provided</u> that, the Lenders shall not be liable for anyportion of such liabilities, obligations,

losses,damages,penalties,actions,judgments,suits,costs,expensesordisbursementsresultingfromthe

Administrative Agent's gross negligence or willful misconduct.The payment of amounts under this

<u>Section 11.5</u> shall be on an after-Tax basis.Without limitation of the foregoing, each Lender agrees to

reimburse the Administrative Agent, ratably in accordance with its Pro Rata Share promptly upon

demandforanyout-of-pocketexpenses(includingcounselfees)incurredbytheAdministrativeAgentin

connection with the administration, modification, amendment or enforcement (whether through

negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities

under, this Agreement and the other Transaction Documents, to the extent that such expenses are

incurred in theinterestsoforotherwise inrespect oftheLendershereunderand/orthereunderandtothe

extent thattheAdministrativeAgentisnotreimbursedforsuchexpensesbytheBorrowerortheServicer.

Section11.6<u>Successor</u><u>Administrative</u><u>Agent.</u>

The Administrative Agent may resign at any time, effective upon the appointment and

acceptance of a successor Administrative Agent as provided below, by giving at least thirty (30) days'

written notice thereof to each Lender and the Borrower and maybe removed at anytime with cause by

theRequiredLendersactingjointly.Uponanysuchresignationorremoval,theRequiredLendersacting

jointly shall appoint a successor Administrative Agent with the consent of the Borrower, such consent

not to be unreasonably withheld; <u>provided</u> that the consent of the Borrower shall not be required if an

EventofDefaultpursuantto <u>Section</u><u>9.1(a)</u>or<u>9.1(e)</u>shallhaveoccurredandbecontinuing.Eachofthe

Borrower and each Lender agree that it shall not unreasonably withhold or delay its approval of the

appointmentofasuccessorAdministrativeAgent. IfnosuchsuccessorAdministrativeAgentshallhave

been so appointed, and shall have accepted such appointment, within thirty (30) days after the retiring

AdministrativeAgent'sgivingofnoticeofresignationortheremovaloftheretiringAdministrative

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Agent,thentheretiringAdministrativeAgentmay,onbehalfoftheSecuredParties,appointasuccessor

Administrative Agent which successor Administrative Agent shall be either (i) a commercial bank

organized under the laws of the United States or of any state thereof and have a combined capital and

surplus of at least $50,000,000 or (ii) an Affiliate of such a bank. Upon the acceptance of any

appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor

Administrative Agent shall thereupon succeed to and become vested with all the rights, powers,

privilegesanddutiesoftheretiringAdministrativeAgent,andtheretiringAdministrativeAgentshallbe

discharged from its duties and obligations under this Agreement. After any retiring Administrative

Agent'sresignationorremovalhereunderasAdministrativeAgent,theprovisionsofthis<u>Article</u><u>XI</u>shall

continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was

Administrative Agent under this Agreement.

Section11.7<u>Delegation</u><u>of</u> <u>Duties.</u>

The Administrative Agent may perform any and all of its duties and exercise its rights

andpowershereunderorunderanyotherTransactionDocumentbyorthroughanyoneormore

sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent

may perform any and all of its duties and exercise its rights and powers by or through their respective

Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the

Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective

activities in connection with the syndication of the credit facility as well as activities as Administrative

Agent.

Section11.8<u>Payments</u><u>by</u><u>the</u><u>Administrative</u><u>Agent.</u>

UnlessspecificallyallocatedtoaspecificLenderpursuanttothetermsofthisAgreement,

all amounts received by the Administrative Agent on behalf of the Lenders shall be paid by the

Administrative Agent to the Lenders in accordance with their respective Pro Rata Shares in the

applicable Advances Outstanding, or if there are no Advances Outstanding in accordance with their

most recent Commitments, on the Business Day received by the Administrative Agent, unless such

amounts are received after 12:00 noon (New York City Time) on such Business Day, in which case the

Administrative Agent shall use its reasonable efforts to pay such amounts to each Lender on such

Business Day, but, in any event, shall pay such amounts to such Lender not later than the following

Business Day. The Administrative Agent shall pay amounts owing to each Lender in accordance with

the written instructions delivered by each such Lender to the Administrative Agent.

Section11.9<u>Collateral</u> <u>Matters.</u>

Each of the Lenders irrevocably authorize the Administrative Agent, at its option and in

its discretion, to release any Lien on any Collateral granted to or held by the Administrative Agent, for

the ratable benefit of the Secured Parties, under any Transaction Document (i) upon the termination of

the Commitment and payment in full of all Obligations (other than contingent indemnification and

reimbursement obligations for which no claim giving rise thereto has been asserted), (ii) that is sold or

to be sold as part of or in connection with any sale permitted hereunder or under any other Transaction

Document, or (iii) if approved, authorized or ratified in writing in accordance with <u>Section 12.1</u>.

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Upon request by the Administrative Agent at any time, the Required Lenders will

confirminwritingtheAdministrativeAgent'sauthoritytoreleaseorsubordinateitsinterestinparticular

types or items of property pursuant to this <u>Section 11.9</u>. In each case as specified in this <u>Section 11.9</u>,

the Administrative Agent will, at the Borrower's expense, execute and deliver to the applicable Loan

PartysuchdocumentsassuchLoanPartymayreasonablyrequesttoevidencethereleaseofsuchitemof

Collateral from the assignment and security interest granted under the Transaction Documents or to

subordinate its interest in such item, in each case in accordance with the terms of the Transaction

Documents and this <u>Section 11.9</u>.

**ARTICLE XII**

**MISCELLANEOUS**

Section12.1<u>Amendments</u><u>and</u> <u>Waivers.</u>

Except as provided in this <u>Section 12.1</u>, no amendment, waiver or other modification of

any provision of this Agreement shall be effective without the written agreement of the Borrower, the

Servicer, the Administrative Agent and the Required Lenders; <u>provided</u>, that no amendment, waiver or

consent shall:

(a)increase the Commitment of any Lender or the amount of Advances of any Lender,

in any case, without the written consent of such Lender;

(b)waive, extend or postpone any date fixed by this Agreement or any other Transaction

Document for any payment or mandatory prepayment of principal, interest, fees or other amounts due to

the Lenders (or any of them) or any scheduled or mandatory reduction of the Commitments hereunder

or under any other Transaction Document without the written consent of each Lender directly and

adversely affected thereby; <u>provided</u> that if any Lender declines or is deemed to havedenied arequest to

extend theScheduled RevolvingPeriodEndDateand/orFacilityMaturityDate thatotherLendersagree

to,itagrees,attherequestoftheBorrower,to(x)sellitsCommitmenttooneor more extending Lender

upon request of each such extending Lender (and, ifmultiple Lenders makeany such request, the

declining Lender's Commitment will be allocated pro rata (based on their existing Commitments) to

each such extending Lender), (y) sell its Commitment pursuant to the assignment provisions set forth in

Section 12.16 or(z)haveits Commitment terminatedas follows: to theextent the Commitment of any

non-extending Lender is not sold as described in clause (x) or (y) as of the last day of the Revolving

Period (without giving effect to any extension thereof), the Facility Amount shall be permanently

reducedinpartwithrespecttotheCommitmentofsuchnon-extendingLenderonsuchday, and the

Borrower shall repayin full all Advances Outstanding made bysuch non-extending Lender and other

Obligations owing to such Lender under this Agreement on such last dayof theRevolvingPeriod

(without giving effect to any extension thereof). For the avoidance of doubt nothing in the immediately

preceding sentence shall obligate the Borrower to extend the Scheduled Revolving Period End Date

and/or Facility Maturity Date;

(c)reducetheprincipal of, or the rate ofinterestspecifiedhereinon,anyAdvanceor

Obligation, or any fees or other amounts payable hereunder or under any other Transaction Document

without the written consent of each Lender directlyand adverselyaffected thereby;

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(d)change <u>Section 2.7</u>, <u>2.8</u>, <u>11.8</u>, <u>12.3</u> or any related definitions or provisions in a

manner that would alter the order of application of proceeds or would alter the pro rata sharing of

payments required thereby, in each case, without the written consent of each Lender directly and

adversely affected thereby;

(e)change any provision of this Section or reduce the percentages specified in the

definition of "Required Lenders" or any other provision hereof specifying the number or percentage of

Lenders required to amend, waive or otherwise modifyanyrights hereunderormake anydetermination

or grant any consent hereunder, without the written consent of each Lender directly and adversely

affected thereby;

(f)except as expresslypermitted hereunder, (i) consent to the assignment ortransfer by

anyLoanPartyofsuchLoanParty'srightsandobligationsunderanyTransactionDocumenttowhich it

is apartyor(ii)releaseanyLoanPartyfromanyobligations,ineachcase,withoutthewrittenconsent

of each Lender;

(g)make any modification to the definition of (i) "Borrowing Base", "Availability",

"Advance Rate", "Adjusted Borrowing Value" or "Excess Concentration Amount", in each case, which

wouldhaveamaterialadverseeffect(fromtheLenders'perspective)onthecalculationoftheBorrowing

BaseortheAvailabilityor(ii)"EligibleLoan"inamannerthatwouldreduceormakelessrestrictivethe

requirements for a Loan to be an Eligible Loan, in either case without the written consent of each

Lender;

(h)release all or substantially all of the Collateral or release any Transaction Document

(other than as specifically permitted or contemplated in this Agreement or the applicable Transaction

Document) without the written consent of each Lender;

(i)provide for anyadditional duties or obligations to be performed bythe Collateral

Custodian or modify the rights of the Collateral Custodian hereunder in anymanner materiallyadverse

to Collateral Custodian without the written consent of the Collateral Custodian;

(j)contractually subordinate the Lien of the Secured Parties, without the written consent

of each Lender;

(k)provideforanyadditionaldutiesorobligationstobeperformedbytheServiceror

modify the rights of the Servicer hereunder in any manner materially adverse to Servicer without the

written consent of the Servicer; or

(l)provide for any additional duties or obligations to be performed by the Hedge

Counterparty or modify the rights of the Hedge Counterparty hereunder in any manner materially

adverse to the Hedge Counterpartywithout the written consent of the Hedge Counterparty;

<u>provided further</u>, that (i) anyamendment of this Agreement that issolelyforthepurpose

of(x)addingaLenderorincreasingthecommitmentofanyexistingLendermaybeeffectedwithoutthe

written consent of any other Lender or (y) waiving, extending or postponing any fee to the

Administrative Agent may be effected without the written consent of the Borrower, the Servicer or any

Lender, (ii) no such amendment, waiver or modification materially adversely affecting the rights or

obligations of the Collateral Custodian shall be effective without the written agreement of such Person,

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(iii)no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent,

affect the rights or duties of the Administrative Agent under this Agreement or any other Transaction

Document,(iv)theAdministrativeAgentandtheBorrowershallbepermittedtoamendanyprovisionof

the Transaction Documents (and such amendment shall become effective without any further action or

consent of any other partyto any Transaction Document) if the Administrative Agent and the Borrower

shall havejointlyidentified an obvious errororanyerrororomission ofatechnical orimmaterialnature

in any such provision and (v) if a Disruption Event of the type described in clause (d) of such term has

occurred or is reasonablyexpected to occur within thesucceedingtwo (2) months, theBorrowerand the

Administrative Agent may (and such parties will reasonably cooperate with each other in good faith in

order to) amend this Agreement to replace references herein to Term SOFR and related terms with any

alternative floating reference rate that is then being generally used in the applicable credit markets and,

upon such amendment, the "Disruption Event"shall no longer be continuing. Notwithstanding anything

to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any

amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be

increased or extended without the consent of such Lender.

Section12.2<u>Notices,</u><u>Etc.</u>

(a)Except in thecaseofnoticesandothercommunications expresslypermitted tobe

givenbytelephone(andsubjecttoparagraph(b)below),allnoticesandothercommunicationsprovided

for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by

certified or registered mail, email or sent by telecopy, as follows:

(i)iftotheBorrower,theAdministrativeAgent,CapitalOne,National

Association, the Servicer or the Collateral Custodian, as set forth on <u>Annex A</u>; and

(ii)if to anyother Lender, to it at its address (ortelecopynumber)set forth in its

Administrative Questionnaire.

(b)Notices and other communications to the Lenders hereunder may be delivered or

furnished by electronic communication (including e-mail and internet or intranet websites) pursuant to

proceduresapprovedbytheAdministrativeAgent;<u>provided</u>that,theforegoingshallnotapplytonotices

to any Lender pursuant to <u>Article II</u> if such Lender has notified the Administrative Agent that it is

incapable of receiving notices under such Article by electronic communication. The Administrative

Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it

hereunder by electronic communications pursuant to procedures approved byit; <u>provided</u> that, approval

of such procedures may be limited to particular notices or communications. Unless the Administrative

Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be

deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as

by the "return receipt requested" function, as available, return e-mail or other written

acknowledgement); <u>provided</u> that, if such notice or other communication is not sent during the normal

business hours of the recipient, such notice or communication shall be deemed to have been sent at the

opening of business on the next Business Day for the recipient, and (ii) notices or communications

posted to an internet or intranet website shall be deemed received upon the deemed receipt by the

intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such

notice or communication is available and identifying the website address therefor.

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(c)The Borrower agrees that the Administrative Agent may, but shall not be obligated

to, make Syndicate Communications available to the Lenders by posting such Syndicate

Communications on thePlatform. ThePlatform is provided bytheAdministrativeAgent "as is"and"as

available". The Agent Parties (defined below) do not warrant the accuracy or completeness of the

SyndicateCommunications ortheadequacyofthePlatformandexpresslydisclaimliabilityforerrorsor

omissions in the Syndicate Communications. No warranty of any kind, express, implied or statutory,

including,withoutlimitation,anywarrantyofmerchantability,fitnessforaparticularpurpose,

non-infringement of third-party rights or freedom from viruses or other code defects, is made by any

Agent Party in connection with the Syndicate Communications or the Platform. In no event shall the

Administrative Agent or anyof its Affiliates (collectively, the "Agent Parties") have anyliabilityto the

Borrower, any Lenders or any other Person for losses, claims, damages, liabilities or expenses of any

kind (whether in tort, contract or otherwise) arising out of the Borrower's or any Agent Party's

transmissionorpostingofObligormaterialsthroughthePlatformorviaemail,excepttotheextentsuch

losses, claims, damages, liabilities or expenses aredetermined bya court of competentjurisdiction bya

final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of

such Agent Party; provided, however, that in no event shall any Agent Party have any liability to

Borrower,anyLenderoranyotherPersonforindirect,incidental,consequentialorpunitivedamages(as

opposed to direct or actual damages).

(d)Notwithstandingtheforegoing,theBorrowerherebyacknowledgesthatcertainof the

Lenders(each,a"<u>Public</u><u>Lender</u>")mayhavepersonnelwhodonotwishtoreceivematerial non-

public information with respect to the Borrower or its Affiliates, or the respective securities of any of

theforegoing,andwhomaybeengagedininvestmentandothermarket-relatedactivitieswithrespect to

such Person's securities. The Borrower hereby agrees that (i) all Syndicate Communications that are to

bemadeavailabletoPublicLendersshallbeclearlyandconspicuouslymarked"PUBLIC"which,ata

minimum,shallmeanthattheword"PUBLIC"shallappearprominentlyonthefirstpagethereof;(ii)by

marking Syndicate Communications "PUBLIC", the Borrower shall be deemed to authorize the

Administrative Agent and the Lenders to treat such Syndicate Communications as not containing any

material non-public information with respect to the Borrower or anyAffiliate thereof or their respective

securities for purposes of United States Federal and state securities laws; (iii) all Syndicate

Communications marked "PUBLIC" are permitted to be made available through the Platform; and (iv)

the Administrative Agent shall be entitled to treat any Syndicate Communications that are not marked

"PUBLIC" as being suitable only for posting on a portion of the Platform designated as "Non-Public

Information".

Section12.3<u>Ratable</u> <u>Payments.</u>

IfanySecuredParty,whetherbysetofforotherwise,haspaymentmadetoitwithrespect

toanyportionoftheObligationsowingtosuchSecuredParty(otherthanpaymentsreceivedpursuantto

<u>Section 10.1</u>) in a greater proportion than that received by any other Secured Party, such Secured Party

agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of the

ObligationsheldbytheotherSecuredPartiessothataftersuchpurchaseeachSecuredPartywillholdits

ratable proportion of the Obligations; <u>provided</u> that if all or any portion of such excess amount is

thereafter recovered from such Secured Party, such purchase shall be rescinded and the purchase price

restored to the extent of such recovery, but without interest.

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Section12.4<u>No</u><u>Waiver;</u><u>Remedies.</u>

Nofailureonthepart oftheAdministrativeAgent,theCollateralCustodian or aSecured

Party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver

thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or

further exercise thereof or the exercise of any other right. The rights and remedies herein provided are

cumulative and not exclusive of any rights and remedies provided by law.

Section12.5<u>Binding</u><u>Effect;</u><u>Benefit</u><u>of</u><u>Agreement.</u>

This Agreement shall be binding upon and inure to the benefit of the Loan Parties, the

Administrative Agent, the Collateral Custodian, the Secured Parties and their respective successors and

permitted assigns. Each Indemnified Party and each Indemnified Party shall be an express third party

beneficiary of this Agreement.

Section12.6<u>Term</u><u>of</u><u>this</u><u>Agreement.</u>

This Agreement, including, without limitation, the Borrower's representations and

covenants set forth in <u>Articles IV</u> and <u>V</u>, and the Servicer's representations, covenants and duties set

forth in <u>Articles IV</u> and <u>V</u>, create and constitute the continuing obligation of the parties hereto in

accordance with its terms, and shall remain in full force and effect during the Covenant Compliance

Period; <u>provided</u> that the rights and remedies with respect to any breach of any representation and

warranty made or deemed made by the Borrower or the Servicer pursuant to <u>Articles IV</u> and <u>V</u>, the

provisions, including, without limitation the indemnification and payment provisions, of <u>Article X</u>,

<u>Section 2.13</u>, <u>Section 12.9</u>, <u>Section 12.10</u> and <u>Section 12.11</u>, shall be continuing and shall survive any

termination of this Agreement.

Section12.7<u>Governing</u><u>Law;</u><u>Jury</u><u>Waiver.</u>

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES

UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND

INTERPRETEDINACCORDANCEWITH,THELAWOFTHESTATEOFNEWYORK.EACHOF

THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY

RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING

DIRECTLYORINDIRECTLYOUTOF,UNDERORINCONNECTIONWITHTHISAGREEMENT

OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER.

Section 12.8<u>Consent to Jurisdiction;</u> <u>Waivers.</u>

Each of the Borrower, Servicer, the Lenders, Collateral Custodian, and the

Administrative Agent hereby irrevocably and unconditionally:

(a)submits for itself and its propertyin anylegal action or proceedingrelatingto this

Agreement and the other Transaction Documents to which it is a party, or for recognition and

enforcementofanyjudgmentinrespectthereof,tothenon-exclusivegeneraljurisdictionofthecourtsof

the State of New York sitting in New York City, the courts of the United States of America for the

Southern District of New York, and appellate courts from any thereof;

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(b)consents that any such action or proceeding may be brought in such courts and

waives anyobjection that it maynow orhereafter have to thevenue of anysuch action orproceedingin

anysuchcourtorthatsuchactionorproceedingwasbroughtinaninconvenientforumandagreesnotto

plead or claim the same;

(c)agrees that service of process on the Borrower in any such action or proceeding may

be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form

of mail), postage prepaid, to the Borrower at its address set forth in <u>Section 12.2</u>;

(d)agrees that nothing herein shall affect the right to effect service of process in any

other manner permitted bylaw or shall limit the right to sue in anyother jurisdiction; and

(e)waives, to the maximum extent not prohibited by law, any right it may have to claim

or recover in any legal action or proceeding referred to in this <u>Section 12.8</u> any special, indirect,

exemplary, punitive or consequential damages; provided that the foregoing shall not diminish the

indemnificationobligationsoftheBorrowerortheServicerintheeventofanythirdpartyclaimforsuch

damages.

Section12.9<u>Costs and</u> <u>Expenses.</u>

(a)In addition to the rights of indemnification granted to the Indemnified Parties under

<u>Article X</u> hereof, the Borrower agrees to pay, on the Payment Date in accordance with <u>Sections</u>

<u>2.7</u> and <u>2.8</u> pertaining to the Accrual Period in which such cost is incurred, all reasonable and

documentedout-of-pocketcostsandexpensesoftheAdministrativeAgent,theCollateralCustodian,the

SecuritiesIntermediary,theCollateralAdministrator,andtheSecuredParties(butlimited,inthecaseof

counsel fees and expenses, to the reasonable and documented out-of-pocket fees and disbursements of

(w) one outside counsel to the Administrative Agent and the Lenders, collectively (unless one counsel

shall not be able to represent such parties due to an actual or perceived conflict of interest), (x) one

outsidecounseltotheCollateralCustodian,theCollateralAdministratorandtheSecuritiesIntermediary

(unless one counsel shall not be able to represent such parties due to an actual or perceived conflict of

interest), (y) one outside counsel to the Administrative Agent and the Lenders, collectively, for each

applicableforeignorlocaljurisdiction(unlessonecounselshallnotbeabletorepresentsuchpartiesdue

to an actual or perceived conflict of interest) (<u>provided</u> that, such costs and expenses payable by the

Borrower to the Administrative Agent on the ClosingDate pursuant to the foregoingclause (w) and this

clause (y) shall not exceed $250,000) and (z) one outside counsel to the to the Collateral Custodian,

Collateral Administrator and the Securities Intermediaryfor each applicableforeign or local jurisdiction

(unless one counsel shall not be able to represent such parties due to an actual or perceived conflict of

interest)) incurred in connection with the preparation, execution, delivery, administration (including

periodic auditing) (subject to the limitations herein), renewal, amendment or modification of, or any

waiver or consent issued in connection with, this Agreement and the other documents to be delivered

hereunder or in connection herewith, including, without limitation, the reasonable and documented fees

and out-of-pocket expenses of counsel for the Administrative Agent, the Collateral Custodian, the

Securities Intermediary and the Secured Parties with respect thereto and with respect to advising the

AdministrativeAgent,theCollateralCustodian,theSecuritiesIntermediaryandtheSecuredPartiesasto

their respective rights and remedies under this Agreement and the other documents to be delivered

hereunder or in connection herewith, and all reasonable and documented out-of-pocket costs and

expenses,ifany(includingreasonableanddocumentedcounselfeesandexpenses),incurredbythe

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Administrative Agent, the Collateral Custodian, the Securities Intermediary or the Secured Parties in

connection with the enforcement of this Agreement or anyother Transaction Document bysuchPerson

and the other documents to be delivered hereunder or in connection herewith.

(b)The Borrower shall pay on the Payment Date following receipt of a request therefor

inaccordancewith <u>Sections 2.7</u>and <u>2.8</u>,allothercostsandexpensesthathavebeeninvoicedat least ten

(10) Business Days prior to such Payment Date and incurred bythe Administrative Agent and the

Secured Parties, in each case in connection with periodic audits of the Loan Parties' books and records

(subject to the limitations contained herein).

Section12.10<u>No</u><u>Proceedings.</u>

(a)Each of the parties hereto hereby agrees that it will not institute against, or join any

other Person in instituting against, the Borrower any Insolvency Proceeding so long as there shall not

have elapsed one yearandoneday(orsuchlongerpreferenceperiodasshallthen beineffect)since the

end of the Covenant Compliance Period.

(b)Theprovisionsofthis<u>Section</u><u>12.10</u>shallsurvivetheterminationhereof.

Section 12.11<u>Recourse Against Certain Parties.</u>

(a)No recourse under or with respect to any obligation, covenant or agreement

(including, without limitation, the payment of any fees or any other obligations) of the Administrative

Agent, any Secured Party, or any Loan Party as contained in this Agreement or any other agreement,

instrument or document entered into byit pursuant hereto or in connection herewith shall be had against

any incorporator, affiliate, stockholder, member, officer, partner, employee, administrator, partner,

organizer or director of the Administrative Agent, any Secured Party, or any Loan Party by the

enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or

otherwise; it being expressly agreed and understood that the agreements of the Administrative Agent,

any Secured Party, or any Loan Party contained in this Agreement and all of the other agreements,

instrumentsanddocumentsenteredintobyitpursuantheretoorinconnectionherewithare,ineachcase,

solely the corporate obligations of the Administrative Agent, any Secured Party, or anyLoan Party, and

that no personal liability whatsoever shall attach to or be incurred by any incorporator, stockholder,

affiliate, officer, partner, employee or director of the Administrative Agent, any Secured Party, or any

Loan Partyunder or by reason of any of the obligations, covenants or agreements of the Administrative

Agent, any Secured Party, or any Loan Party contained in this Agreement or in any other such

instruments, documents or agreements, or that are implied therefrom, and that any and all personal

liability of each incorporator, stockholder, affiliate, officer, partner, employee administrator, partner,

organizer or director of the Administrative Agent, anySecured Partyor anyLoan Party, or anyof them,

for breaches bythe AdministrativeAgent, anySecured Party, oranyLoan Partyofanysuch obligations,

covenants or agreements, which liability may arise either at common law or at equity, by statute or

constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the

execution of this Agreement.

(b)Notwithstandinganycontraryprovisionsetforthherein,noclaimmaybemadeby any

of the parties hereto or any other Person against the Administrative Agent, the Secured Parties and the

Loan Parties or their respective Affiliates, directors, officers, employees, attorneys or agents for any

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special,indirect,consequentialorpunitivedamagesinrespecttoanyclaimforbreachofcontractorany

other theory of liability arising out of or related to the transactions contemplated by this Agreement, or

any act, omission or event occurring in connection therewith; and each Loan Party hereby waives,

releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and

whether or not known or suspected.

(c)No obligation or liabilityto anyObligor under anyof the Loans is intended to be

assumedbytheAdministrativeAgentandtheSecuredPartiesunderorasaresultofthisAgreementand

the transactions contemplated hereby.

(d)Theprovisionsofthis<u>Section</u><u>12.11</u>shallsurvivetheterminationofthis

Agreement.

Section12.12<u>Protection</u><u>of</u><u>Right,</u><u>Title</u><u>and</u><u>Interest</u><u>in</u><u>the</u><u>Collateral;</u><u>Further</u><u>Action</u><u>Evidencing</u>

<u>Advances.</u>

(a)[Reserved].

(b)The Borrower agrees that from time to time, at its expense, it will promptly authorize,

execute and deliver all instruments and documents, and take all actions, that the Administrative Agent

may reasonably request in order to perfect, protect or more fully evidence the securityinterestgrantedin

theCollateral,ortoenabletheAdministrativeAgentortheSecuredPartiesto exercise and enforce their

rights and remedies hereunder or under anyother Transaction Document.

(c)If the Borrower fails to perform any of its obligations hereunder, the Administrative

Agent or any Secured Party may (but shall not be required to) perform, or cause performance of, such

obligation; and the Administrative Agent's or such Secured Party's costs and expenses incurred in

connection therewith shall be payable by the Borrower as provided in <u>Article X</u>. The Borrower

irrevocably authorizes the Administrative Agent and appoints the Administrative Agent as itsattorney-

in-fact toact onbehalfoftheBorrower(i)toexecuteonbehalfoftheBorrowerasdebtor and to file

financing statements necessary or desirable in the Administrative Agent's sole discretion to perfectand

tomaintain theperfectionandpriorityoftheinterestoftheSecuredPartiesintheCollateral, including

those that describe the Collateral as "all assets," or words of similar effect, and (ii) to file a carbon,

photographicorotherreproductionofthisAgreementoranyfinancingstatementwithrespectto the

Collateral as a financing statement in such offices as the Administrative Agent in its sole discretion

deems necessaryordesirable toperfect and to maintain theperfection and priorityof theinterests of the

Secured Parties in the Collateral. This appointment is coupled with an interest and is irrevocable.

(d)Without limiting the generality of the foregoing, the Borrower will, not earlier than

six (6) months and not later than three (3) months prior to the fifth anniversaryof the date offiling of

the financing statements filed in connection with the Closing Date or any other financing statement

filed pursuant to this Agreement or in connection with any Advance hereunder, unless the Covenant

Compliance Period shall have ended, authorize, execute and deliver and file or cause to be filed an

appropriate continuation statement with respect to such financing statement.

Section 12.13<u>Confidentiality.</u>

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(a)Each of the Administrative Agent, the Secured Parties, the Collateral Custodian and

each Loan Party shall maintain and shall cause each of its employees and officers to maintain the

confidentiality of the Agreement and all information with respect to the other parties, including all

information regarding the business and beneficial ownership of the Borrower and the Servicer hereto

andtheirrespectivebusinessesobtainedbyitortheminconnectionwiththestructuring,negotiatingand

execution of the transactions contemplated herein, and all information with respect to the Obligors

(including all information prepared internally by or on behalf of the Servicer with respect to any Loan,

including any credit memos, analyses or similar materials), except that each such party and its officers

and employees may (i) disclose such information to its external accountants, investigators, auditors,

attorneys, investors, potential investors or other agents, engaged by such party in connection with any

due diligence or comparable activities with respect to the transactions and Loans contemplated herein

and the agents of such Persons ("<u>Excepted Persons</u>"); <u>provided</u> that each Excepted Person shall, as a

condition to any such disclosure, agree for thebenefit of the Administrative Agent, theSecured Parties,

the Collateral Custodian and the Loan Parties that such information shall be used solely in connection

with such Excepted Person's evaluation of, or relationship with, the Borrower and its affiliates, (ii)

disclose the existence of the Agreement, but not the financial terms thereof, (iii) disclose such

information as is required by Applicable Law, (iv) disclose the Agreement and such information in any

suit,action,proceedingorinvestigation(whetherinlaworinequityorpursuanttoarbitration)involving

anyoftheTransactionDocumentsforthepurposeofdefendingitself,reducingitsliability,orprotecting

or exercising any of its claims, rights, remedies, or interests under or in connection with any of the

TransactionDocumentsand(v)anyactualorprospectivecounterpartytoanyswap,derivativeorsimilar

transaction, under which payments are to be made by reference to this Agreement or payments

hereunder. It is understood that the financial terms that maynot bedisclosed except in compliance with

this <u>Section 12.13(a)</u> include, without limitation, all fees and other pricing terms, and all Events of

Default, Servicer Termination Events, and priority of payment provisions.

(b)Anythinghereintothecontrarynotwithstanding,eachLoanPartyherebyconsents to

the disclosure of any nonpublic information with respect to it (i) to the Administrative Agent, the

Collateral Custodian or the Secured Parties by each other, (ii) by the Administrative Agent, the

Collateral Custodian and the Secured Parties to any prospective or actual assignee or participant of any

ofthem provided such Personagrees to hold such informationconfidential inaccordancewith theterms

hereof or (iii) by the Administrative Agent, and the Secured Parties to any Rating Agency, any

commercialpaperdealerorotherproviderofasurety,guarantyorcreditorliquidityenhancementtoany

Lender, and to any officers, directors, employees, outside accountants and attorneys of any of the

foregoing, provided each such Person is informed of the confidential nature of such information and

agrees to maintain the confidentiality thereof. In addition, the Secured Parties and the Administrative

Agent, may disclose any such nonpublic information as required pursuant to any law, rule, regulation,

direction,requestororderofanyjudicial,administrativeorregulatoryauthorityorproceedings(whether

or not having the force or effect of law).

(c)Each of the Administrative Agent, the Secured Parties and the Collateral Custodian

agreesif(a)theBorrowerortheTransferordeliversinformationinconnectionwithaLoanor a

prospective Loan that was prepared bya third party(other than the Obligor or anyagent thereof), and

(b) such third party has entered into an agreement with the Borrower or the Transferor restricting the

abilityoftheBorrowerortheTransferortorelyon suchreport,itwillnot haveanydirectrightsagainst

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suchthirdparty(orthepartywhichhasengagedsuchthirdparty)unlessotherwiseexpressly

acknowledged and agreed to by such third party or engaging party.

(d)Notwithstanding anything herein to the contrary, the foregoing shall not be construed

to prohibit (i) disclosure of any and all information that is or becomes publiclyknown (other than

throughabreachoftheseconfidentialityprovisions);(ii)disclosureofanyandallinformation(a)if

required to do so by any applicable statute, law, rule or regulation, (b) to any government agency or

regulatory body having or claiming authority to regulate or oversee any respects of the Administrative

Agents', the Secured Parties', the Collateral Custodian's or a Loan Party's business or that of their

affiliates, (c) pursuant to any subpoena, civil investigative demand or similar demand or request of any

court, regulatory authority, arbitrator or arbitration to which the Administrative Agent, the Secured

Parties, the Collateral Custodian or a Loan Party or an officer, director, employer, shareholder or

affiliate of any of the foregoing is a party, (d) in any preliminary or final offering circular, registration

statement or contract or other document approved in advance by the Borrower or the Servicer or (e) to

any affiliate, independent or internal auditor, agent (including any potential sub-or-successor servicer),

employee or attorney of the Collateral Custodian having a need to know the same, <u>provided</u> that the

CollateralCustodianadvisessuchrecipientoftheconfidentialnatureoftheinformationbeingdisclosed;

or (iii) anyother disclosure authorized bythe Borrower or the Servicer, as applicable.

(e)Notwithstanding any other provision of this Agreement, each Loan Party shall each

have the right tokeep confidential from the Administrative Agent, theCollateralCustodian and/or the

Secured Parties, for such period of time as such Loan Party determines is reasonable (i) any information

thatanyLoanPartyreasonablybelievestobeinthenatureoftradesecretsand(ii)anyother information

that anyLoan Partyor anyof their Affiliates, or the officers, employees or directors of any of the

foregoing, is required bylaw as evidenced byan Opinion of Counsel.

(f)The parties hereto agree that, notwithstanding anything to the contrary contained

herein or in anyother Transaction Document, theinternal credit memos (i) do not constituteinvestment

adviceor arecommendation to theAdministrativeAgent,anyLenderoranyotherSecuredPartytotake

any action in connection with the Transaction Documents or the Loans, (ii) were prepared based on

information provided bythe related Obligor and/or its Affiliates and prepared solelyfor internal use by

the Servicer in accordance with its own investment considerations and reflect the priorities of and

matters of interest to the Servicer that may not include all procedures deemed necessary for the

Administrative Agent, anyLender or anyother Secured Party, (iii) do notnecessarilytakeinto account,

address,orreflecttheprioritiesandmattersofinterestofanyotherpartythantheServicer,includingthe

Administrative Agent, any Lender or any other Secured Party and, accordingly, each of the

Administrative Agent, each Lender and eachotherSecured Partyhas the responsibilitytodeterminethe

adequacyof thescope of theServicer's work for its respectivepurposes and toperform its own analysis

of the Transaction Documents and the Loans to determine whether it is suitable for its purpose, (iv) do

not constitute an offer, recommendation or solicitation to sell, purchase, or otherwise participate or

manage the Loans and (v) may not be complete or correct and may not reflect all information and

findingsobtainedbytheServicer,theBorrowerandtheirrespectiveAffiliatesregardingtheObligorand

its Affiliates, including the related sponsor, if any, and guarantors of, and collateral for, the proposed

Loan. Each ofthe Administrative Agent, each Lender and eachotherSecuredPartyagreesthat(x)none

of theServicer, the Borrower or anyoftheir respective Affiliates makes anyrepresentation with respect

to (A) the accuracyor completeness of theinformation in anysuch memo, (B)thescopeoradequacyof

theduediligenceconducted,orthepresenceorabsenceofanyerrorsoromissionscontainedinsuch

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memo, (C) any work performed by the Servicer, the Borrower or any of their respective Affiliates in

connection with or using any such memo, (D) any statements of opinion in any memo or (E) any

statementsoffactinanymemoand(y)itshallusetheinternalcreditmemosonandsubjecttotheterms,

limitations and conditions herein, including, without limitation, the confidentiality obligations set forth

in <u>Section 12.13</u>. Further, to the extent any industry, market or regulatory specialist of the Servicer, the

Borrower or any of their respective Affiliates provides industry or market-specific or regulatory

information orintelligence,each of theAdministrativeAgent,Lenders andotherSecuredParties further

acknowledges and agrees that any such information or intelligence is being provided solely as a

courtesy, without consideration, and based on the understandingthat none of the Servicer, theBorrower

or anyof their respective Affiliates shall have anyduties or obligations in connection with or as a result

of the receipt by the Administrative Agent, Lenders or other Secured Parties of anysuch information or

intelligence.Without limiting the foregoing, none of the Servicer, the Borrower or any of their

respective Affiliates shall have any responsibility for the accuracy or completeness of any such report,

information or intelligence or the appropriateness of any such report, information or intelligence or any

duty to correct or update any such report, information or intelligence.None of the Servicer, the

Borrower or any of their respective Affiliates shall have any liability to the Administrative Agent,

Lenders,otherSecuredPartiesoranyotherPersonforfurnishinganyinternalcreditmemoorindustryor

market-specific or regulatoryinformation or intelligence or for anyaction taken or decision madebythe

Administrative Agent, Lenders and other Secured Parties in purported reliance on such information,

including its decision to participate in or abstain from approving anyLoan.

Section12.14<u>Execution</u><u>in</u><u>Counterparts;</u><u>Severability;</u><u>Integration.</u>

This Agreement may be executed in any number of counterparts and by different parties

heretoinseparatecounterparts(includingbyemail),eachofwhichwhensoexecutedshallbedeemedto

be an original and all of which when taken together shall constitute one and the same agreement. This

Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an

authorized individual on behalf of the partybymeans of (i) an original manual signature; (ii) a scanned,

or photocopied manual signature, or (iii) any other electronic signature permitted by the federal

Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform

Electronic Transactions Act, and/or any other relevant electronic signatures law, including anyrelevant

provisions of the UCC (collectively, "<u>Signature Law</u>"), in each case to the extent applicable. Each

scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the

same validity, legal effect, and admissibility in evidence as an original manual signature. Each party

hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any

scanned, or photocopied manual signature, or other electronic signature, of any other party and shall

have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the

avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings

when required under the UCC or other Signature Law due to the character or intended character of the

writings. In case any provision in or obligation under this Agreement shall be invalid, illegal or

unenforceable in anyjurisdiction, thevalidity, legalityand enforceabilityof the remainingprovisions or

obligations, or of such provision orobligation in anyotherjurisdiction, shall not in anywaybe affected

or impaired thereby. This Agreement, the other Transaction Documents and any agreements or letters

(including fee letters) executed in connection herewith contain the final and complete integration of all

prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the

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entireagreementamongthepartiesheretowithrespecttothesubjectmatterhereof,supersedingallprior

oral or written understandings.

Section12.15<u>Waiver</u><u>of</u> <u>Setoff.</u>

Eachofthepartiesheretohereby waivesany rightofsetoffitmay have or towhichit

maybe entitled under this Agreement from time to time against anyLender or its assets.

Section12.16<u>Assignments</u><u>by</u><u>the</u><u>Lenders.</u>

(a)Each Lender may at any time assign, or grant a security interest or sell a participation

interest in or sell any Advance or Commitment (or portion thereof) or any Note (or any portion thereof)

to any Person; <u>provided</u> that, as applicable, (i) no transfer of any Advance or Commitment(orany

portionthereof)orofanyNote(oranyportionthereof)shallbemadeotherthanto a "qualified

purchaser" as defined in the 1940 Act, (ii) in the case of an assignment of any Advance or Commitment

(or any portion thereof) or of any Note (or of any portion thereof) the assignee executes and delivers to

the Servicer, the Borrower and the Administrative Agent a fully executed Joinder Supplement

substantiallyin theform of <u>Exhibit H</u>heretoandatransfereelettersubstantiallyintheform of <u>Exhibit</u>

<u>G</u> hereto (a "<u>Transferee Letter</u>"), (iii) the consent of the Administrative Agent shall be required for any

assignment, and (iv) so long as noEvent ofDefaultpursuant to <u>Section</u><u>9.1(a)</u>or <u>9.1(e)</u> has occurred or

is continuing, the consent of the Borrower (such consent not to be unreasonably withheld or delayed)

shall be required for any assignment or participation, other than an assignment or participation to a

Lender, an Affiliate of a Lender or an Approved Fund. The parties to any such assignment, grant or sale

of a participation interest shall execute and deliver to such Lender for its acceptance and recording in its

books and records, such agreement or document as may be satisfactory to such parties. The Borrower

shall not assign or delegate, or grant any interest in, or permit any Lien (other than Permitted Liens) to

exist upon, anyof the Borrower's rights, obligations or duties under the Transaction Documents without

the prior written consent of the Administrative Agent and the Lenders. Notwithstanding anything

contained in this Agreement to the contrary, (i) Capital One, National Associationshallnotneedprior

consentoftheBorroweroranyotherpartyheretotoconsolidatewithor merge into any Person or

convey or transfer substantially all of its properties and assets, including, without limitation, any

Advance, any Commitment or any Note (or any portion thereof), to any Person, or (ii) if any Lender

becomes a Defaulting Lender, unless such Lender shall have been deemed to no longer be a Defaulting

Lenderpursuant to <u>Section</u><u>2.16(b)</u>,then, in each case, the Administrative Agent shall have the right to

cause such Person to assign its entire interest in the Advances andCommitments and this Agreement to

a transferee selected by the Administrative Agent, in an assignment which satisfies the conditions set

forth in the first sentence of this <u>Section 12.16(a)</u>. Assignments shall be subject to the following

additional conditions:

(1)no assignments shall be made to (x) the Borrower or any of the Borrower's Affiliates

or Subsidiaries or (y) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon

becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause

(y);

(2)noassignmentsshallbemadetoanaturalperson;

-179-<br>

(3)except in the case of an assignment to a Lender or an Affiliate of a Lender or an

ApprovedFundoranassignmentoftheentireremainingamountoftheassigningLender'sCommitment

or Loans of anyclass, the amount of the Commitment or Loans of the assigning Lender subject to each

such assignment (determined as of the date the assignment and assumption agreement with respect to

such assignment is delivered to the Administrative Agent) shall not be less than $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;

(4)each partial assignment shall be made as an assignment of a proportionate part of all

theassigningLender'srightsandobligationsunderthisAgreement,providedthatthisclauseshallnot be

construed to prohibit the assignment of a proportionate part of all the assigning Lender's rights and

obligations in respect of one class of Commitments or Loans;

(5)the parties to each assignment shall execute and deliver to the Administrative Agent

anassignmentandassumptionagreement,togetherwithaprocessingandrecordationfeeof

$3,500,suchfeetobepaidbyeithertheassigningLenderortheassigneeLenderorsharedbetweensuch

Lenders; and

(6)the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an

Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all

syndicate-levelinformation (whichmaycontainmaterialnon-publicinformation abouttheBorrower

and its affiliates and their Related Parties or their respective securities) will be made available and who

may receive such information in accordance with the assignee's compliance procedures and applicable

laws, including Federal and state securities laws.

(b)The Administrative Agent, acting solelyfor this purpose as anon-fiduciaryagent of

Borrower, shall maintain at one of its lending offices, a copy of each transfer pursuant to <u>Section</u>

<u>12.16(a)</u>deliveredtoitand aregisterfortherecordationofthenamesandaddressesoftheLenders,and

the Commitments of, and principal amounts of (and stated interest on) the Advances owing to, each

Lenderpursuanttothetermshereoffromtimetotime(the"<u>Register</u>").TransferbyaLenderofitsrights

hereunder or under anyNote maybe effected onlybythe recording bythe Administrative Agent of the

identityof the transferee in the Register. The entries in theRegistershall be conclusive absentmanifest

error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name

is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this

Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by

Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

Each Lenderthat sells aparticipation shall, actingsolelyforthispurposeas anon-fiduciaryagent ofthe

Borrower, maintain a register on which it enters the name and address of each participant and the

principal amounts of (and stated interest on) each participant's interest in the Advances or other

obligationsundertheTransactionDocuments(the"<u>Participant</u><u>Register</u>");providedthatnoLendershall

have any obligation to disclose all or any portion of the Participant Register (including the identity of

any participant or any information relating to a participant's interest in any commitments, loans, letters

of credit or its other obligations under any Transaction Document) to any Person except to the extent

that such disclosure is necessary to establish that such commitment, loan, letter of credit or other

obligationisinregisteredformunderSection5f.103-1(c)oftheUnitedStatesTreasuryRegulationsand

Section 1.163-5 of proposed United States TreasuryRegulations. The entries intheParticipantRegister

shallbeconclusiveabsentmanifesterror,andsuchLendershalltreateachPersonwhosenameis

-180-<br>

recordedintheParticipantRegisterastheownerofsuchparticipationforallpurposesofthisAgreement

notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its

capacityas Administrative Agent) shall have no responsibilityfor maintaining a Participant Register.

Section12.17<u>Heading</u><u>and</u> <u>Exhibits.</u>

Theheadingshereinareforpurposesofreferencesonlyandshallnototherwiseaffectthe

meaning or interpretation of any provision hereof. The schedules and exhibits attached hereto and

referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement for

all purposes.

Section12.18<u>Recognition</u><u>of</u><u>the</u><u>U.S.</u><u>Special</u><u>Resolution</u><u>Regimes</u>.

(a)In the event a Covered Party becomes subject to a proceeding under a U.S. Special

ResolutionRegime, thetransfer ofthis Agreement and/or anyotherTransactionDocument,and any

interest and obligation in or under this Agreement and/or any other Transaction Document from such

CoveredPartywill beeffectiveto thesameextentasthetransferwouldbeeffectiveundertheU.S.

SpecialResolutionRegime ifthis Agreement and/or anyother the TransactionDocument,andanysuch

interest and obligation, were governed bythe laws of the United States or a state of the United States.

(b)In the event that a Covered Party or a BHC Act Affiliate of such Covered Party

becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this

Agreement and/or any other Transaction Document that may be exercised against such Covered Party

arepermitted to be exercised to no greater extent than such Default Rights could beexercised under the

U.S. Special Resolution Regime if this Agreement and/or any other Transaction Document were

governed bythe laws of the United States or a state of the United States.

**ARTICLE XIII**

**TAXCONSIDERATIONS**

Section13.1<u>Acknowledgement</u><u>of</u><u>Parties.</u>

The parties hereto acknowledge and agree that, for alltaxpurposes, financial accounting

and other purposes the Advances and any Notes will constitute indebtedness and not an ownership

interest in the Borrower.

*[RemainderofPageIntentionallyLeftBlank;SignaturePagesFollow]*

[SignaturepagetoLoan,SecurityandServicingAgreement]

<u>317892300v.2</u>

INWITNESSWHEREOF,thepartieshavecausedthisAgreementtobeexecutedby

their respective officers thereunto dulyauthorized, as of the date first above written.

**BORROWER:**

**K-FITFINANCECO-1LLC**,astheBorrower

By:

Name:

Title:AuthorizedSignatory

[SignaturesContinuedontheFollowingPage]

[SignaturepagetoLoan,SecurityandServicingAgreement]

<u>317892300v.2</u>

INWITNESSWHEREOF,thepartieshavecausedthisAgreementtobeexecuted

bytheir respective officers thereunto dulyauthorized, as of the date first above written.

**SERVICER:**

**KKR FS INCOME TRUST**, as Servicer

By:

Name:

Title:AuthorizedSignatory

[Signatures Continued on the Following Page]

<u>317892300v.2</u>

INWITNESSWHEREOF,thepartieshavecausedthisAgreementtobeexecutedby

their respective officers thereunto dulyauthorized, as of the date first above written.

**ADMINISTRATIVEAGENT:** 

**CAPITAL ONE, NATIONAL**

**ASSOCIATION**,asAdministrativeAgent

By:

Name:

Title:

**LENDER:**

**CAPITALONE,NATIONAL**

**ASSOCIATION**,asa Lender

By:

Name:

Title:

**HEDGE COUNTERPARTY:** 

**CAPITALONE,NATIONAL**

**ASSOCIATION,**asHedge Counterparty

By:

Name:

Title:

**SWINGLINE LENDER:** 

**CAPITALONE,NATIONAL**

**ASSOCIATION**,asSwinglineLender

By:

Name:

Title:

[SignaturesContinuedontheFollowingPage]

[Signature page to Loan, Security and Servicing Agreement]

<u>317892300v.2</u>

INWITNESSWHEREOF,thepartieshavecausedthisAgreementtobeexecutedby

their respective officers thereunto dulyauthorized, as of the date first above written.

**THE COLLATERAL CUSTODIAN:** 

**COMPUTERSHARETRUSTCOMPANY, N.A.**,notinitsindividualcapacitybutsolely

as Collateral Custodian

By:

Name:

Title:

[SignaturesContinuedontheFollowingPage]

[Signature page to Loan, Security and Servicing Agreement]

<u>317892300v.2</u>

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by

their respective officers thereunto dulyauthorized, as of the date first above written.

**THECOLLATERALADMINISTRATOR:** 

**COMPUTERSHARETRUSTCOMPANY, N.A.**,notinitsindividualcapacitybutsolelyas

Collateral Administrator

By:

Name:

Title:

[SignaturesContinuedontheFollowingPage]

[Signature page to Loan, Security and Servicing Agreement]

<u>317892300v.2</u>

Annex A<br>

<u>317892300v.2</u>

**<u>ANNEX A</u>**

ADDRESSES FOR NOTICES

IftotheBorrower:

**K-FITFINANCECO-1 LLC**

201RouseBoulevard

Philadelphia, PA 19112 Attention: William Goebel FacsimileNo.:215-222-4649

Email: "Credit Notices" Credit.Notices@fsinvestments.com; "FSIC Team"

FSIC_Team@fsinvestments.com;"PortfolioFinance"portfolio_finance@fsinvestments.com

Iftothe Servicer:

**KKRFSINCOMETRUST**

201RouseBoulevard

Philadelphia, PA 19112

Attention: William Goebel

FacsimileNo.:215-222-4649

Email: "Credit Notices" Credit.Notices@fsinvestments.com; "FSIC Team"

FSIC_Team@fsinvestments.com;"PortfolioFinance"portfolio_finance@fsinvestments.com

IftotheAdministrativeAgentorCapitalOne,NationalAssociation:

**CAPITAL ONE, NATIONAL ASSOCIATION**

77WestWackerDrive,11thFloor

Chicago, Illinois 60601

Email:jamie.tharrington@capitalone.com

If to the Collateral Custodian

**COMPUTERSHARETRUSTCOMPANY,N.A.**

9062OldAnnapolisRoad

Columbia, MD 21045

Email: CCTFSInvestments@computershare.com

**CustodyFacilityforRequiredLoanDocuments,CustodyFacilityforCertificatedSecuritiesand** 

**Underlying Instruments delivered to the Collateral Custodian in physical form:**

1505EnergyParkDrive

St. Paul, MN 55108

Email:CCTFSInvestments@computershare.com

[Signature page to Loan, Security and Servicing Agreement]

<u>317892300v.2</u>

IftotheCollateralAdministrator

**COMPUTERSHARETRUSTCOMPANY,N.A.**

9062OldAnnapolisRoad

Columbia, MD 21045

Email: CCTFSInvestments@computershare.com

IftotheSecuritiesIntermediary

**COMPUTERSHARETRUSTCOMPANY,N.A.**

9062OldAnnapolisRoad

Columbia, MD 21045

Email: CCTFSInvestments@computershare.com

Annex B<br>

<u>317892300v.2</u>

**<u>ANNEX B</u>**

**<u>COMMITMENTS</u>**

---

| | |
|:---|:---|
| <u>Lender</u> | <u>Commitment</u> |
| CapitalOne,NationalAssociation | $250000000 |
| **Total:** | **$250000000** |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Michael C. Forman, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of KKR FS Income Trust;

2.&nbsp;&nbsp;&nbsp;&nbsp;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;

3.&nbsp;&nbsp;&nbsp;&nbsp;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;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer 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;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;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

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer 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 trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;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: November 12, 2025

---

| |
|:---|
| /s/ Michael C. Forman |
| Michael C. Forman<br>Chief Executive Officer<br>(Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Steven Lilly, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of KKR FS Income Trust;

2.&nbsp;&nbsp;&nbsp;&nbsp;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;

3.&nbsp;&nbsp;&nbsp;&nbsp;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;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer 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;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;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

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer 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 trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;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: November 12, 2025

---

| |
|:---|
| /s/ Steven Lilly |
| Steven Lilly<br>Chief Financial Officer<br>(Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION of CEO and CFO PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of KKR FS Income Trust (the "Company") for the three months ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-Q"), Michael C. Forman, as Chief Executive Officer (Principal Executive Officer) of the Company, and Steven Lilly, as Chief Financial Officer (Principal Financial Officer) of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Form 10-Q of the Company fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: November 12, 2025 |
| /s/ Michael C. Forman |
| Michael C. Forman<br>Chief Executive Officer<br>(Principal Executive Officer) |
| /s/ Steven Lilly |
| Steven Lilly<br>Chief Financial Officer<br>(Principal Financial Officer) |

---

<br>