# EDGAR Filing Document

**Accession Number:** 0002083477
**File Stem:** 0001193125-26-001054
**Filing Date:** 2026-1
**Character Count:** 1676299
**Document Hash:** 439374dd6a8cdf91c580d21495e64a15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-001054.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001193125-26-001054

**CONFORMED SUBMISSION TYPE**: 10-12G

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APS BDC, LLC
- **CENTRAL INDEX KEY:** 0002083477

**ORGANIZATION NAME:**
- **EIN:** 393786942
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-12G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56809
- **FILM NUMBER:** 26503110

**BUSINESS ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** 7TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
- **BUSINESS PHONE:** (917) 284-7573

**MAIL ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** 7TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on January 2, 2026** 

**File No. [**●**]** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 10** 

**GENERAL FORM FOR REGISTRATION OF SECURITIES** 

**Pursuant to Section 12(b) or (g) of The Securities Exchange Act of 1934** 

## APS BDC, LLC
**(Exact name of registrant as specified in its charter)** 

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| | |
|:---|:---|
| **Delaware** | **39-3786942** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| **550 Madison Avenue, 34th Floor, New York, New York** | **10022** |
| **(Address of principal executive office)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (929) 581-2783** 

***with copies to:***

---

| | | |
|:---|:---|:---|
| **Steven B. Boehm, Esq.**<br> **Payam Siadatpour, Esq.<br>Eversheds Sutherland (US) LLP<br>700 6th Street NW, Suite 700<br>Washington, DC 20001** | **Rajib Chanda, Esq.<br>Simpson Thacher & Bartlett LLP<br>900 G Street, N.W.<br>Washington, DC 20001** | **Jonathan Gaines, Esq.<br>Simpson Thacher & Bartlett LLP<br>425 Lexington Avenue<br>New York, New York 10017** |

---

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

**None** 

**Securities to be registered pursuant to Section 12(g) of the Act:** 

**Units of Limited Liability Company Interests** 

**(Title of class)** 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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. ☐

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##### [**Table of Contents**](#toc)
**<u>**TABLE OF CONTENTS**</u>** 

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| | |
|:---|:---|
|  | **Page** |
|  [Explanatory Note](#tx26414_1) | 1 |
|  [Forward-Looking Statements](#tx26414_2) | 3 |
|  [Item 1. *Business*](#tx26414_3) | 4 |
|  [Item 1A. *Risk Factors*](#tx26414_4) | 54 |
|  [Item 2. *Financial Information*](#tx26414_5) | 84 |
|  [Item 3. *Properties*](#tx26414_6) | 88 |
|  [Item 4. *Security Ownership of Certain Beneficial Owners and Management*](#tx26414_7) | 89 |
|  [Item 5. *Directors and Executive Officers*](#tx26414_8) | 89 |
|  [Item 6. *Executive Compensation*](#tx26414_9) | 96 |
|  [Item 7. *Certain Relationships and Related Transactions, and Director Independence*](#tx26414_10) | 97 |
|  [Item 8. *Legal Proceedings*](#tx26414_11) | 105 |
|  [Item 9. *Market Quotation of and Dividends on the Registrant' s Common Equity and Related Stockholder Matters*](#tx26414_12) | 106 |
|  [Item 10. *Recent Sales of Unregistered Securities*](#tx26414_13) | 106 |
|  [Item 11. *Description of Registrant's Securities to be Registered*](#tx26414_14) | 107 |
|  [Item 12. *Indemnification of Directors and Officers*](#tx26414_15) | 112 |
|  [Item 13. *Financial Statements and Supplementary Data*](#tx26414_16) | 112 |
|  [Item 14. *Changes in and Disagreements with Accountants on Accounting and Financial Disclosure*](#tx26414_17) | 112 |
|  [Item 15. *Financial Statements and Exhibits*](#tx26414_18) | 112 |

---

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**EXPLANATORY NOTE** 

APS BDC, LLC is filing this registration statement on Form 10 (the "Registration Statement") with the Securities and Exchange Commission (the "SEC") under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on a voluntary basis to permit it to file an election to be regulated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940 Act").

Unless indicated otherwise in this Registration Statement or the context requires otherwise, the terms "we," "us," "our," and the "Company" refer to APS BDC, LLC, "OHA Adviser" refers to OHA Private Credit Advisors II, L.P., "Aranda Adviser" refers to CHS (US) Management LLC, "Advisers" refers to the OHA Adviser and Aranda Adviser, collectively, and "OHA" refers to Oak Hill Advisors, L.P., the parent company of the OHA Adviser.

We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As a result, we are eligible to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act"), as well as certain reduced disclosure and other requirements that are otherwise applicable to public companies, including, but not limited to, not being subject to the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002. See "Item 1. *Business* – Certain BDC Regulatory Considerations – *JOBS Act.*"

Upon the effective date of this Registration Statement, we will be subject to the requirements of Section 13(a) of the Exchange Act, including the rules and regulations promulgated thereunder, which will require us, among other things, to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. We will also be required to comply with all other obligations of the Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act. The SEC maintains a website (*http://www.sec.gov*) that contains the reports mentioned in this section.

In connection with the foregoing, we will file an election to be regulated as a BDC under the 1940 Act. Upon filing of such election, we will become subject to the 1940 Act requirements applicable to BDCs.

**Investing in our Units of Limited Liability Company Interests (the "Units") may be considered speculative and involves a high degree of risk, including the following:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Units may not be sold or transferred without the written consent of the Aranda Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Units are not currently listed on an exchange, and we have no current intention of pursuing any such listing.
As such, it is unlikely that a secondary trading market will develop for the Units. Therefore, the Units constitute illiquid investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an investment in the Units is not suitable for investors who might need access to the money they invest in the
foreseeable future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repurchases of Units by the Company, if any, are expected to be limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if you are unable to sell your Units, you will be unable to reduce your exposure in any market downturn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a
return of capital and reduce the amount of capital available to us for investment. Any capital returned to you through distributions will be distributed after payment of fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will invest in securities that are rated below investment grade by rating agencies or that would be rated
below investment grade if they were rated. Below investment grade securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay
principal. They may also be difficult to value and are illiquid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we intend to borrow money, which magnifies the potential for gain or loss and increases the risk of investing in
us. Our indebtedness could adversely affect our business, financial condition or results of

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operations. Holders of our indebtedness would have fixed-dollar claims on our assets that have priority over the claims of our Unitholder (as defined below). If the value of our assets decreases or our total income decreases, leverage will cause our net asset value or net income, respectively, to decline more sharply than it otherwise would have without leverage; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an investment in us is suitable only for sophisticated investors and requires the financial ability and
willingness to accept the high risks and lack of liquidity inherent in an investment in us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investors should not expect to be able to sell their Units regardless of how we perform; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we intend to invest primarily in privately held companies for which little public information exists and which
are more vulnerable to economic downturns and substantial variations in operating results. As such, if you are unable to sell your Units, you will be unable to reduce your exposure upon any such downturn or variation.

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**FORWARD-LOOKING STATEMENTS** 

This Registration Statement contains forward-looking statements regarding the plans and objectives of management for future operations. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "target," "goal," "plan," "forecast," "project," other variations on these words or comparable terminology, or the negative of these words. These forward-looking statements are based on assumptions that may be incorrect, and we cannot assure you that the projections included in these forward-looking statements will come to pass. Any such forward-looking statements may involve known and unknown risks and uncertainties, including statements as to:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the prospects of our portfolio companies;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to raise sufficient capital to execute our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and political trends and other external factors, including pandemics, changes in import/export
policies, including the imposition of tariffs, and recent supply chain disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and expected financing arrangements and investments;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest involving the Advisers and their affiliated persons;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to qualify and maintain our qualification as a BDC and our tax treatment as a regulated investment
company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of changes to tax legislation and our tax position;

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

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

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

These statements 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 actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws and regulations, changes in political, economic or industry conditions, and changes in the
interest rate environment or other conditions, including changes in trade policies, such as the imposition of tariffs, affecting the financial and capital markets;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an economic downturn and the time period required for robust economic recovery therefrom, which could have a
material impact on our portfolio companies' results of operations and financial condition for the duration thereof and for an indeterminate period of time thereafter, which could lead to the loss of some or all of our investments in such
portfolio companies and have a material adverse effect on our results of operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest rate volatility, which could adversely affect our results, particularly given that we intend to use
leverage as part of our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currency fluctuations, which could adversely affect the results of our investments in foreign companies,
particularly to the extent that we receive payments denominated in foreign currencies, rather than U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with possible disruption in our or our portfolio companies' operations due to wars and
other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risks, uncertainties and other factors we identify in "Risk Factors" and elsewhere in this
Registration Statement and in our filings with the SEC.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Registration Statement should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in "Risk Factors" and elsewhere in this Registration Statement. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Registration Statement. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Exchange Act, which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Registration Statement because we are an investment company.

**Item 1. *Business.*** 

**The Company** 

We are a Delaware limited liability company formed on August 13, 2025 to generate income by targeting direct lending and related investment opportunities with favorable risk-adjusted returns. We are structured as an externally managed, non-diversified, private, non-traded, closed-end management investment company. We intend to elect to be treated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, we intend to elect to be treated, and qualify annually thereafter, as a regulated investment company (a "RIC") for U.S. federal income tax purposes under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

We are externally managed by OHA Private Credit Advisors II, L.P., a Delaware limited partnership (the "OHA Adviser"), and CHS (US) Management LLC, a Delaware limited liability company (the "Aranda Adviser" and together with the OHA Adviser, the "Advisers"), the latter of which, like us and our sole Unitholder (as defined below), is an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited ("Temasek"), a global investment company headquartered in Singapore. Each of the Advisers provides investment advisory and management services to us in accordance with the provisions of their respective investment advisory agreements with us, and each Adviser is responsible for managing a portion of our assets as described in "– Our Portfolio." The OHA Adviser also serves as our administrator (in such capacity, the

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"Administrator") pursuant to an administration agreement (the "Administration Agreement"). Pursuant to the Administration Agreement, we may retain a sub-administrator. We expect to retain or cause to be retained Harmonic Fund Services to perform some of the Administrator's obligations under the Administration Agreement.

Subject to the supervision of our Board of Directors (the "Board"), a majority of which is comprised of individuals who are not "interested persons," as defined in Section 2(a)(19) of the 1940 Act, of us ("Independent Directors"), the Advisers manage our day-to-day operations and provide us with investment advisory and management services. Any director who is an "interested person" of us is referred to herein as an "Interested Director."

Subject to any restrictions imposed under the 1940 Act, any RIC-related asset diversification requirements and any guidelines and limitations set forth herein, our investments are expected to primarily consist of senior secured loans, but may include investments in non-senior and/or unsecured loans and equity investments. As a BDC, generally at least 70% of our assets must be the type of "qualifying" assets listed in Section 55(a) of the 1940 Act, as described herein, which are generally privately offered securities issued by U.S. private or thinly traded companies. We may also invest up to 30% of our portfolio in "non-qualifying" portfolio investments, such as investments in non-U.S. companies.

**The Private Offering** 

On September 30, 2025, we conducted a private offering (the "Private Offering") of our units of limited liability company interests (the "Units") to a sole investor, CHS US Investments LLC (the "Unitholder"), in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The Unitholder is a Cayman Islands limited liability company that, like us and the Aranda Adviser, is an indirect wholly owned subsidiary of Temasek. In connection with this Private Offering, the Unitholder contributed $75,000.00 in seed capital to purchase 75,000,000 Units at a per Unit price of $0.001. Upon payment of the purchase price, the Unitholder became the sole Unitholder of the Company.

**Dual Phase Period** 

It is anticipated that we will operate in two phases. During the initial phase ("Phase 1"), the OHA Adviser will serve as an investment adviser to us and as our Administrator. To that end, the OHA Adviser will (i) manage certain of our assets pursuant to an investment advisory agreement with us (the "OHA Advisory Agreement") and (ii) provide certain administrative support and resources to us, including certain of its employees to serve as our officers, pursuant to the Administration Agreement. The Aranda Adviser will similarly serve as an investment adviser to us during Phase 1 and perform all of the services enumerated under its investment advisory agreement with us (the "Aranda Advisory Agreement" and together with the OHA Advisory Agreement, the "Advisory Agreements"). Upon the commencement of the second phase ("Phase 2"), the timing of which will be approved by the Board, the OHA Adviser will resign from its role as our Administrator, cease providing administrative support to us, its resources dedicated to us will be removed, and we anticipate that the Aranda Adviser, subject to approval of the Board, will be appointed by the Board to serve as our Administrator and provide officers to us and administrative and other resources necessary to support our operations. During Phase 2, the OHA Adviser will continue to act as an investment adviser to us pursuant to the OHA Advisory Agreement until such time that all of the assets managed by the OHA Adviser mature or are sold or otherwise disposed of. The Aranda Adviser will continue to serve as an investment adviser to us pursuant to the Aranda Advisory Agreement in Phase 2 and beyond.

**Capital Commitments and Drawdowns** 

In connection with the Private Offering and OHA Formation Transaction (as defined below), the Unitholder has committed $500.0 million to be managed by the OHA Adviser (the "OHA Commitment"), with

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the initial purchase price of the OHA Seed Portfolio (as defined below) counting against the OHA Commitment. We expect the OHA Commitment to be fully called and deployed within three years from the date we commence operations (the "OHA Commitment Deployment Period"). The OHA Commitment is subject to recycling during the OHA Commitment Deployment Period.

We have the right to call capital from the OHA Commitment on one or more dates to be determined after the initial capital drawdown from the Unitholder (the "Initial Drawdown"). [The Unitholder will be required to make capital contributions to us each time we deliver a drawdown notice, [which will be delivered at least [●] [days/Business Days (as defined below)] prior to the required funding date.]] During the OHA Commitment Deployment Period, the amount of any OHA Commitment drawn down (including the Initial Drawdown) but returned to the Unitholder as a result of portfolio investments failing to materialize or being disposed of will be added back to the amount of any unfunded OHA Commitment and may be redrawn by us (or such amount may be retained by the OHA Adviser for reinvestment) during the OHA Commitment Deployment Period.

**Our Portfolio** 

*Portfolio Allocation for Each Adviser* 

We intend to divide our portfolio into two portions that the OHA Adviser and Aranda Adviser will be responsible for managing separately.

The OHA Adviser will be responsible for managing the "OHA Assets," which means any loans or other portfolio investments derived from investment of the OHA Commitment, including Additional Co-Investments (as defined below) but excluding cash and cash equivalents, and includes a portion of the portfolio of private credit assets (the "Seed Portfolio") currently owned by CHS BDC 2 LLC, a wholly owned subsidiary of the Unitholder (the "Affiliated Fund"), that an affiliate of the OHA Adviser currently manages as a separately managed account for the Affiliated Fund that we will acquire in the OHA Formation Transaction (the "OHA Seed Portfolio"). The OHA Assets include assets purchased with borrowed amounts and shall reflect any allowances for loan losses or similar impairments that may be recognized under generally accepted accounting principles in the United States ("GAAP").

The Aranda Adviser will be responsible for managing the "Aranda Assets," which means the loans or other portfolio investments in the Seed Portfolio (other than the OHA Seed Portfolio) that we will acquire in the Aranda Formation Transaction (as defined below) (the "Aranda Seed Portfolio"), as well as any loans or other portfolio investments originated by the Aranda Adviser exclusive of the Aranda Seed Portfolio (the "Aranda Non-Seed Portfolio") for us, excluding cash and cash equivalents. The Aranda Assets include assets purchased with borrowed amounts and shall reflect any allowances for loan losses or similar impairments that may be recognized under GAAP. See "Item 1. *Business* – *Our Portfolio – Formation Transactions*" for more information about both the OHA Seed Portfolio and Aranda Seed Portfolio.

The OHA Adviser may, from time to time and in accordance with the OHA Adviser's allocation policies, offer opportunities to us to co-invest alongside certain funds managed by the OHA Adviser or its affiliates in a particular investment to the extent that the investment opportunity exceeds available OHA account capital (each, an "Additional Co-Investment"). Additional Co-Investment opportunities may be provided to us and/or our affiliates, subject to compliance with Sections 17 and 57 of the 1940 Act and the rules thereunder or in reliance on a no-action letter or the Order (as defined below), as applicable.

*Formation Transactions* 

<u>Aranda Formation Transaction</u> 

Prior to our election to be regulated as a BDC, we intend to complete a transaction with the Unitholder to acquire 100% of the equity of the Affiliated Fund, which holds the Seed Portfolio, including the Aranda Seed

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Portfolio. Pursuant to an agreement with the Unitholder (the "Contribution Agreement"), we will acquire the Aranda Seed Portfolio through the Unitholder's contribution of 100% of the equity of the Affiliated Fund to the Company or a wholly owned subsidiary of the Company (the "Aranda Formation Transaction") as an in-kind contribution to the capital of the Company equal to the fair value of such assets, plus accrued but unpaid interest as of the closing date, less any principal payments received between signing of the Contribution Agreement and the closing of the transactions contemplated thereby.

<u>OHA Formation Transaction</u> 

Also pursuant to the Contribution Agreement, we will acquire the OHA Seed Portfolio through the contribution of 100% of the equity of the Affiliated Fund, which holds the Seed Portfolio, including the OHA Seed Portfolio. Pursuant to the Contribution Agreement, we will acquire the OHA Seed Portfolio through the Unitholder's contribution of 100% of the equity of the Affiliated Fund to the Company or a wholly owned subsidiary of the Company (the "OHA Formation Transaction") as an in-kind contribution to the capital of the Company equal to the fair value of such assets, plus accrued but unpaid interest as of the closing date, less any principal payments received between signing of the Agreement and the closing of the transactions contemplated thereby. The initial purchase price of the OHA Seed Portfolio by the Affiliated Fund will reduce in equal amount the outstanding amount of the OHA Commitment immediately following the closing of the OHA Formation Transaction.

<u>Matterhorn Formation Transaction</u> 

On October 17, 2025, we completed a purchase transaction with Everest Investments LLC (the "Matterhorn Formation Transaction" and, together with the Aranda Formation Transaction and OHA Formation Transaction, the "Formation Transactions") to acquire all of the membership interests of Matterhorn Investments LLC ("Matterhorn"), a Delaware limited liability company which did not hold any assets or liabilities other than a license to conduct lending business in the State of California and a de minimis amount of cash. Pursuant to an agreement with Everest Investments LLC (the "Matterhorn Purchase Agreement"), we acquired Matterhorn, its lending license and $55,170.00 in cash for a purchase price of $55,170.00, paid entirely in cash, and intend for Matterhorn to operate as our wholly owned subsidiary.

**OHA – Market Opportunity** 

OHA believes that dramatic changes in financing markets, combined with the compelling attributes of private credit for both borrowers and investors, are creating a highly attractive and growing investment opportunity. The dynamics described below have culminated in a growing opportunity to provide private debt financing to well-established, larger companies generally with earnings before interest, taxes, depreciation and amortization ("EBITDA") of $75 million or greater ("Larger Borrowers"), who historically had relied on the liquid, or broadly syndicated, loan market but are now increasingly accessing the benefits of private financing solutions. We believe that the OHA Adviser is well-positioned to capitalize on this growth given its consistent historical focus on Larger Borrowers, experience investing through numerous market cycles over more than 30 years and other competitive advantages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Changes in Financing Markets are Driving Growth in Private Lending*. Secular changes largely set in motion
by regulatory response to the global financial crisis of 2008-2009 have led to market supply / demand dynamics that have resulted in borrowers and private equity sponsors increasingly accessing the benefits of private financings. Increased
regulation, industry consolidation, and general risk aversion have caused traditional banks to retreat from lending markets. While bank retrenchment created a financing void, demand for capital continues to grow, evidenced by elevated private equity
deal activity and "dry powder" (i.e., uncalled capital commitments), as well as M&A financing needs more broadly. The supply / demand imbalance has created an opportunity for providers of private lending solutions, like OHA, to step
in and directly originate financing solutions with attractive terms

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for investors. Capital available for private lending has grown accordingly, causing the private lending market to develop in a large and viable alternative source of financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Changes in Corporate Borrower Behavior*. With this backdrop, corporate borrowers also increasingly seek the
advantages of private lending solutions, compared to traditional lending markets. These benefits include greater structuring flexibility, transaction privacy, certainty of pricing and terms, speed of execution and smaller, more manageable lender
groups. In recent years, this growth has been particularly pronounced among larger companies and their sponsors seeking customized financing solutions unavailable in traditional financing markets. These borrowers often favor engagement with select
trusted lending partners, like OHA, to address their ongoing and often complex financing needs with streamlined private solutions irrespective of market environment. OHA believes that as companies and private equity sponsors become more aware of the

engagement with borrowers as a "one-stop" shop across public and private market financing needs position it to capitalize on these evolving borrower behaviors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Strength of Private Credit During Volatile Market Environments*. Periods of market volatility, such as the
dislocation caused by the COVID-19 pandemic and the increased market turbulence and uncertain economic backdrop in 2022, appear to accentuate the advantages of private credit and reinforce the secular trends
that drive the growth of the asset class. The availability of capital in the liquid credit market is highly sensitive to market conditions and often becomes constrained during more volatile market environments. This is a consequence of liquid or
syndicated loan new issuance relying to a large extent on the creation of collateralized loan opportunities ("CLOs"), retail fund flows and other technical forces as banks retrenched from traditional lending markets. Private lending, in
contrast, has proven to be a stable and reliable source of capital through periods of volatility, which often expands the opportunity set for private financing. These dynamics are expected to position the Company to secure favorable pricing and
rigorous structural protection to drive value for investors. Moreover, OHA believes that both normally functioning and challenged market environments have the potential to offer attractive private lending opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Privately Originated, Senior Secured Loans Offer Attractive Investment Characteristics*. As the market
landscape has evolved over the past several years, investors continue to search for asset classes with defensive characteristics that also produce high, current income. While there is inherent risk in investing in any security, senior secured debt
is at the top of the capital structure and thus has priority claims in payment among an issuer's security holders (i.e., senior secured debt holders are due to receive payment before junior creditors and equity holders). These investments are
secured by the issuer's assets and often include restrictive covenants for the purpose of investor protection. Additionally, private credit investments will generally offer higher coupons and total return potential than what is available in
the liquid credit markets, primarily due to illiquidity and complexity premia. Senior secured loans also generally consist of floating rate cash interest coupons, which OHA believes can be another attractive return attribute in a rising interest
rate environment.

OHA views these changes as long-lasting and the continued market evolution as highly complementary with its differentiated investment capabilities and historical investment process. OHA therefore believes that it is well-positioned to continue to capitalize on the growing opportunity to generate attractive risk-adjusted returns from private lending to Larger Borrowers.

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*The OHA Adviser's Differentiated Positioning to Capitalize on Opportunity* 

The OHA Adviser believes that its investment strategy for the Company represents a differentiated approach to private credit investing. More specifically, the OHA Adviser believes that the following characteristics distinguish the Company as a compelling investment opportunity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Deep Credit Investment Experience*: OHA has been a credit specialist for more than 30 years. Over that
time, it has invested in thousands of companies, accumulating an extensive "library of knowledge" that it believes offers differentiated views on issuers, industries and markets. OHA has also developed deep strategic relationships and
robust networks with management teams and private equity sponsors, with a focus on larger companies that are increasingly seeking private credit solutions. OHA believes these historical relationships will remain significant drivers of its private
credit investment deal flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Significant Private Credit Investment Expertise*: OHA has a long history of private credit investing
starting in 2002 that has been tested through several credit cycles. OHA believes that this experience demonstrates its ability to generate attractive risk-adjusted returns with an emphasis on downside protection from private lending. OHA manages
numerous investment programs that focus on senior secured corporate private credit investments primarily in North America and Europe. These investment programs seek to capitalize on OHA's significant and successful history investing in private
first lien and unitranche financings, as well as second lien loans and other corporate secured debt. These client solutions include other pooled investment vehicles and single investor mandates structured to solve the various objectives and
requirements of OHA's global investor base. Further, these investment programs and OHA's broader investment platform provide significant capacity to drive and commit to private financing solutions in scale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Highly Experienced Team*: The Company benefits from the full capabilities of OHA's more than 100
investment professionals globally, who have worked at OHA for over 20 years on average and have navigated and capitalized on numerous market cycles. Further, the deep continuity of OHA's senior team has helped institutionalize a highly
disciplined investment process. OHA believes that the consistency of this process has contributed to the consistency of its investment results across its corporate credit strategies. This robust process harnesses the complementary skillsets of
industry, asset-class, transaction, documentation and workout specialists to enhance sourcing, due diligence, structuring and ongoing monitoring of investments. OHA further believes that the continuity of its team and execution of its time-tested
investment process should position it to source and execute on highly attractive opportunities, often on a proprietary basis, on behalf of investors. See "Item 5. *Directors and Executive Officers* – Portfolio Management – OHA
Adviser" for a more detailed discussion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Industry-Specialist Investment Team Model*: A central component of the OHA Adviser's and OHA's
investment process is deep and experienced industry-focused investment teams. These teams are typically comprised of three to six professionals and are charged with having a deep understanding of all relevant companies in their sectors. OHA believes
that the depth of their expertise meaningfully enhances all aspects of its investment process, contributing to attractive returns with minimal credit losses over time. OHA believes that sponsors and management teams view its industry teams as
possessing differentiated perspectives on industry and company-specific matters, deal structures, pricing and other important transaction dynamics. OHA believes this facilitates early discussions with such sponsors and companies, which OHA believes
enables OHA to drive key deal terms, access greater size in transactions and, in certain cases, achieve more favorable economics. A deep understanding of industries and companies also positions OHA to suggest proactively creative financing solutions
that can drive significant potential value for borrowers, private equity sponsors and, in turn, investors. Finally, OHA believes that its sector knowledge also meaningfully enhances the quality of its due diligence. OHA often has a prior
relationship with a corporate borrower or its management team, deep knowledge of its competitors and/or ongoing dialogue with key customers, suppliers, industry consultants and other contacts that can offer differentiated perspectives.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Scaled, "One-stop Shop"*: OHA believes that the size
and breadth of its platform solving diverse, often complex financing needs of corporate borrowers across both private and liquid markets is a distinct sourcing advantage. The resulting frequent dialogue and active engagement contribute to
proprietary deal flow with significant repeat lender roles for OHA. These capabilities help maximize the number of opportunities that OHA sources, which it considers critical given the highly selective nature of its investment process. OHA's
industry teams are responsible for investments in the private and liquid credit markets, which includes working closely with OHA's private credit specialists. This framework allows the relevant investment professional to serve as a single
point of contact for a borrower that can deliver OHA's scale and flexible solutions across the range of the corporate borrower's financing needs over time. In many cases, OHA believes that management teams and sponsors do not know which
financing solution will ultimately prove optimal and/or actionable as they assess their options. OHA can seamlessly partner across a full range of private, liquid or hybrid liquid/private solutions, positioning it to be a true partner of choice that
can customize the best credit solution, regardless of the structure or complexity. In turn, OHA believes that it is viewed as a trusted, creative and thoughtful long-term lending partner, strongly positioning it when sponsors and management teams
seek partners for proprietary financings or when assembling a small lending group. OHA's flexibility on structure, combined with size to drive transactions, enable it to be a "one-stop shop,"
which is particularly relevant for Larger Borrowers who access both private and syndicated markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transaction Leadership*: OHA has demonstrated experience leading private credit transactions which it
attributes to the competitive advantages described above. OHA's scale, company- and sector-specific insights, underwriting strength, and structuring expertise position it to engage in complex situations and deliver customized financing
solutions that address the unique financing needs of corporate borrowers. Since 2018, OHA has held a leadership position in the vast majority of its private lending investments. Being a sole or primary lender in size fosters and enhances a
partnership mentality with the corporate borrower that is differentiated from traditional lending relationships. OHA believes that its ability to lead transactions is a potential source of incremental return as it allows OHA to influence deal terms
and structures to the benefit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Larger Borrower Focus*: OHA typically focuses on investments in companies with EBITDA of $75 million
or greater, which has been a consistent aspect of OHA's investment process throughout its history. OHA believes this focus and positioning to work with Larger Borrowers benefits the Company in several ways. OHA believes that credit profiles of
Larger Borrowers generally benefit from greater business diversification, stronger market positions, experienced management teams and a greater ability to navigate challenging markets. At the same time, many larger companies have complex financing
needs to which OHA's capabilities and solutions are well-suited. In addition, OHA believes that fewer capital providers possess the required scale to effectively operate in this segment of the private credit market. In turn, scaled private
lending platforms, like OHA, focused on Larger Borrowers currently face less competition than in the market for smaller companies. In particular, OHA observes that demand for private unitranche financings from Larger Borrowers continues to grow
significantly, presenting OHA with many attractive investment opportunities in these well-structured facilities. OHA believes that this expanding universe of borrowers offers opportunities to secure more favorable pricing and rigorous structural
protections on behalf of investors relative to the public markets where Larger Borrowers historically addressed their financing needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Downside Protection*: OHA believes that a key driver of success in private credit investing is the ability
to limit credit mistakes and preserve capital. Accordingly, a focus on downside protection has been a core tenet of OHA's investment process since inception. This time-tested approach employs a highly disciplined bottom-up, "private equity-style" due diligence process, combined with rigorous transaction structuring to mitigate risk. OHA's extensive structuring expertise and flexibility combined with
its trusted financing partner relationships position it to negotiate highly structured financing solutions that address the unique risks presented by a borrower. OHA believes that this focus on downside protection is evidenced by the low losses
across its corporate credit strategies, historically including its private lending strategies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Significant Workout and Restructuring Expertise*: OHA believes that the expertise gained as a leading
distressed investor since 1990 offers a competitive advantage in the execution of its private credit strategy. OHA seeks to capitalize on this capability when evaluating and structuring private credit investments to ensure that the transaction
documentation offers protection across a broad range of outcomes. OHA believes its expertise as a distressed investor also enhances its ability to move with conviction to seize on opportunities resulting from market volatility in its performing
investment activities, including private credit. OHA believes that its distressed investment expertise also provides it with a distinct advantage monitoring and managing investments. Should one of OHA's performing credit investments encounter
difficulty, the relevant industry team will leverage OHA's extensive workout capabilities. The distressed team will work with the industry team to re-evaluate the company and capital structure from a
distressed investing perspective and implement a strategy to optimize results.

**Aranda Adviser – Market Opportunity** 

The Aranda Adviser believes that several key features of its platform will allow it to capitalize on the current market opportunity for the Company:

*Leading platform and access to proprietary deal flow*. The Aranda Adviser expects that a substantial number of its investments will not be intermediated, and instead will be originated without the assistance of investment banks or other traditional Wall Street sources. The Aranda Adviser has a team of investment professionals (the "Aranda Investment Team") responsible for originating, underwriting, executing and managing direct lending transactions. The Aranda Investment Team is responsible for sourcing and executing investment opportunities that will comprise the Aranda Assets.

In addition to executing direct calling campaigns to potential portfolio companies based on the Aranda Adviser's industry sector knowledge and macroeconomic views, the Aranda Investment Team also maintains direct contact with financial sponsors, banks, corporate advisory firms, industry consultants, attorneys, investment banks, "club" investors, credit partners, and other potential sources of lending opportunities. By sourcing potential investments through multiple channels, the Aranda Adviser believes it is able to generate investment opportunities that have more attractive risk-adjusted return characteristics than those opportunities that are available when relying solely on origination flow from investment banks or other intermediaries.

*Disciplined investment and underwriting process*. Through the Aranda Adviser, we will seek to achieve the highest risk-adjusted returns available, as opposed to the highest absolute return available. The Aranda Adviser's investment approach will seek to combine a rigorous analysis of macroeconomic and market factors with a deep understanding of individual companies and their assets, management, and prospects. The Aranda Adviser believes several factors distinguish its investment approach:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Flexibility*. The Aranda Adviser's broad middle-market to upper middle-market private company focus
will allow it to focus its determination of current market opportunities and identify relative value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Risk pricing*. The risk profile of the Aranda Adviser's portfolio will evolve across credit cycles as
credit tightens and loosens. During periods when risk premiums are tight and pricing alone may not reflect the possibility for volatility, the Aranda Adviser typically focuses on investing at a senior position in deals that permit the Aranda Adviser
to control their duration (that is, price sensitivity serving as a function of time and changes in interest rates, expressed as a number of years). Conversely, during periods when risk premiums are wide, the Aranda Adviser will seek to capture an
incremental risk premium by focusing more on junior instruments that have higher rates and longer durations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Emphasis on capital preservation.* Capital preservation is a core component of the Aranda Adviser's
investment philosophy. In addition to its focus on stable, established middle-market to upper middle-market private companies, when evaluating directly originated investments, the Aranda Adviser

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employs a highly selective and rigorous "private equity-like" diligence and investment evaluation process focused on the identification of potential risks. The Aranda Adviser believes tight credit structuring is a fundamental part of the risk and recovery calculus, as the illiquidity inherent to private credit means that secondary market liquidity is not a reliable risk mitigant. <br>

*Carefully constructed and diversified portfolio.* The Aranda Adviser believes that it is well-suited to construct a portfolio consisting predominantly of senior floating rate loans across a broad range of industries and borrowers. The Aranda Adviser believes that such a portfolio will allow it to generate meaningful investment income for us.

*Experienced management team*. The Aranda Adviser has a highly experienced management team with deep experience identifying and executing transactions across a broad range of industries and types of financings. Over their careers, the Aranda Investment Team has developed unique relationships and access to proprietary sourcing and servicing channels. Most senior team members have many years of experience on the buy-side and in credit. The more junior members of the Aranda Investment Team come from highly reputable banks and other advisory firms. The Aranda Adviser believes that the broad knowledge of this group from investing across asset classes through numerous credit cycles provides it with sound decision-making and invaluable insights into the investment process.

*Aligned investment professionals*. The Aranda Adviser believes its investment professionals are aligned with our investment objective.

**Our Business Strategy** 

*Investment Objective and Strategy* 

Our investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. We will invest in a diversified portfolio of primarily senior secured, privately originated floating rate loans to well-established companies in North America. We will seek to offer investors an all-weather investment solution positioned to generate premium yields and capture investment opportunities through different market environments, including periods of market volatility and fluctuating interest rates.

We will seek to capitalize on the deep expertise and extensive relationships with management teams and key market participants that OHA has developed over more than 30 years as a credit specialist, and that Aranda has also developed, to generate attractive risk-adjusted returns by providing private financing solutions. The Advisers believe that transformative change in financing markets is driving dramatic growth in private credit, particularly for Larger Borrowers, and both Advisers believe they are well-positioned to continue capitalizing on this evolution.

Since its inception, OHA has developed deep knowledge across the credit markets at the industry and company level, as well as deep relationships with management teams, private equity sponsors and other key industry participants, all of which it seeks to harness for the benefit of the Unitholder. OHA believes it is one of the few investment managers with the scale, depth of expertise, flexible capital and experience driving transactions and structuring complex solutions to be a financing partner of choice for Larger Borrowers seeking private solutions. Due to OHA's deep expertise and extensive relationships developed throughout the industry, it is often the lead lender or part of a small group of lenders in a transaction. OHA is also well-positioned to mitigate downside risk by leveraging its world-class workout and restructuring expertise, developed as a leading distressed investor since the early 1990s, to optimize outcomes should an investment become challenged.

Similarly, the Aranda Adviser's highly experienced management team retains a wealth of experience utilizing proprietary sourcing and servicing channels to identify and execute a wide variety of financing

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transactions across a broad range of market sectors, and it expects to continue to deploy this group's broad knowledge in its advisory relationship with us to the benefit of the Company and, ultimately, the Unitholder. As part of this process, the Aranda Adviser combines a rigorous analysis of macroeconomic and market factors with a deep understanding of individual companies and their assets, management, and prospects, with a continued emphasis on capital preservation.

As mentioned, our investment strategy will focus primarily on directly originated and customized private financing solutions for middle-market to upper middle-market companies. By "middle-market companies," we mean companies that have annual EBITDA (which we believe is a useful proxy for cash flow) of greater than $25 million, although we may invest in smaller companies on occasion. We refer to companies with annual EBITDA equal to or greater than approximately $125 million as "upper middle-market companies." The Advisers believe their flexible, highly opportunistic approaches will position us to capitalize on a broad range of deal types including, but not limited to, acquisition-related financings, refinancings, recapitalizations, and other opportunistic solutions across a range of market environments. Both Advisers believe that this approach will best position them to identify attractive investments while remaining highly selective and retaining a central focus on loss avoidance.

While most of our investments will be in U.S. companies, we may also invest in non-U.S. companies to the extent permissible under the 1940 Act. Our portfolio may also include equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of our providing a broader financing solution. Under normal circumstances, we will not, however, invest in public equity except in connection with a restructuring, recapitalization, refinancing or similar transaction, and/or if the public equity is attached to a debt investment. Most of the debt instruments we intend to invest in will be unrated or rated below investment grade, which is often an indication of size, creditworthiness and speculative nature relative to the capacity of the borrower to pay interest and principal. Generally, if our unrated investments were rated, they would be rated below investment grade. These securities, which are often referred to as "junk" or "high yield," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be difficult to value and are typically not readily traded.

Given our focus on senior secured private lending and the expected illiquidity of the assets, the Advisers anticipate the majority of our investments will either be held to maturity or until refinancing of the debt. As a result, the average holding period will vary, but based on the OHA Adviser's historical private lending investments, the average holding period has been approximately three (3) years. However, the OHA Adviser's private lending investments are typically issued with contractual maturities of six (6) to eight (8) years. We expect the vast majority of our portfolio to be comprised of floating rate loans.

We will seek to create a portfolio that includes primarily senior secured loans by primarily investing approximately $100 million of capital, on average, in the securities of middle-market and upper middle-market companies.

We may, but are not required to, enter into interest rate, foreign exchange or other derivative agreements to hedge interest rate, currency, credit or other risks, but we do not generally intend to enter into any such derivative agreements for speculative purposes. Any derivative agreements we enter into for speculative purposes are not expected to be material to our business or results of operations. These hedging activities, if any, will be in compliance with applicable legal and regulatory requirements, and may include the use of futures, options and forward contracts. There can be no assurance any hedging strategy we employ will be successful. We will bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. We intend to qualify as a "limited derivatives user" under Rule 18f-4 under the 1940 Act, which generally will require us to limit our derivatives exposure to 10% of our net assets at any time, excluding certain currency and interest rate hedging transactions. In addition, the Advisers have claimed an exception from commodity pool operator ("CPO") registration pursuant to Commodity Futures Trading Commission ("CFTC") Rule 4.5; as such, the Advisers will not be regulated as CPOs and our derivatives trading will fall below *de minimis* derivatives trading thresholds imposed thereby.

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We intend to employ leverage as market conditions permit and at the ultimate discretion of the Aranda Adviser, but in no event will the leverage we employ exceed the limitations set forth in the 1940 Act. Pursuant to the 1940 Act, we are required to have asset coverage of at least 150% (i.e., the amount of debt may not exceed two-thirds of the value of our assets). We intend to use leverage in the form of borrowings, including loans from certain financial institutions and the issuance of debt securities. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by us.

*Structure of Investments* 

<u>Debt Investments</u> 

The terms of our debt investments are tailored to the facts and circumstances of each transaction and prospective portfolio company. The Advisers negotiate the structure of each investment to protect our rights and manage our risk while providing funding to help the portfolio company achieve its business plan. We will invest in the following types of debt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *First-lien debt.* First-lien debt is typically senior on a lien basis to other liabilities in the
issuer's capital structure and has the benefit of a first-priority security interest in assets of the issuer. The security interest ranks above the security interest of any second-lien lenders in those assets. Our first-lien debt may include
stand-alone first-lien loans, "last out" first-lien loans, "unitranche" loans, and secured corporate bonds with similar features to these categories of first-lien loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Stand-alone first-lien loans*. Stand-alone first-lien loans are traditional first-lien loans. All lenders
in the facility have equal rights to the collateral that is subject to the first-priority security interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Last out" first-lien loans.* "Last out" first-lien loans have a secondary priority
behind super-senior "first out" first-lien loans in the collateral securing the loans in certain circumstances. The arrangements for a "last out" first-lien loan are set forth in an "agreement among lenders,"
which provides lenders with "first out" and "last out" payment streams based on a single lien on the collateral. Since the "first out" lenders generally have priority over the "last out" lenders for
receiving payment under certain specified events of default, or upon the occurrence of other triggering events under intercreditor agreements or agreements among lenders, the "last out" lenders bear a greater risk and, in exchange,
receive a higher effective interest rate, through arrangements among the lenders, than the "first out" lenders or lenders in stand-alone first-lien loans. Agreements among lenders also typically provide greater voting rights to the
"last out" lenders than the intercreditor agreements to which second-lien lenders often are subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Unitranche" loans.* Unitranche loans combine features of first-lien, second-lien, and
mezzanine debt, generally in a first-lien position. In many cases, we may provide the borrower most, if not all, of the capital structure above the equity. The primary advantages to the borrower are the ability to negotiate the entire debt financing
with one lender and the elimination of intercreditor issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Second-lien debt.* Our second-lien debt may include secured loans, and, to a lesser extent, secured
corporate bonds, with a secondary priority behind first-lien debt. Second-lien debt typically is senior on a lien basis to other liabilities in the issuer's capital structure and has the benefit of a security interest over assets of the
issuer, though such interest ranks junior to first-lien debt secured by those assets. First-lien lenders and second-lien lenders typically have separate liens on the collateral, and an intercreditor agreement provides the first-lien lenders with
priority over the second-lien lenders' liens on the collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Mezzanine" and "unsecured" debt.* Structurally, mezzanine debt usually
ranks subordinate in priority of payment to first-lien and second-lien debt, and may not have the benefit of financial covenants common in first-lien and second-lien debt. Unsecured debt may rank junior as it relates to proceeds in

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certain liquidations where it does not have the benefit of a lien in specific collateral held by creditors (typically first-lien and/or second-lien lenders) who have a perfected security interest in such collateral. However, both mezzanine and unsecured debt ranks senior to common and preferred equity in an issuer's capital structure. Mezzanine and unsecured debt investments generally offer lenders fixed returns in the form of interest payments, and mezzanine debt will often provide lenders an opportunity to participate in the capital appreciation, if any, of an issuer through an equity interest, which typically takes the form of an equity co-investment or warrants. Due to its higher risk profile and often less restrictive covenants compared to senior secured loans, mezzanine and unsecured debt generally bears a higher stated interest rate than first-lien and second-lien debt. <br>

Our debt investments are typically structured with the maximum seniority and collateral that we can reasonably obtain while seeking to achieve our total return target. We seek to limit the downside potential of our investments by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring a total return on our investments (including both interest and potential equity appreciation) that
compensates us for credit risk; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negotiating covenants in connection with our investments that afford our portfolio companies as much flexibility
in managing their businesses as possible, consistent with preservation of our capital.

We believe that these parameters may serve to limit "downside potential" (i.e., the risk that our portfolio companies may be unable to repay some or all of their obligations to us) in the long run. Covenants that we negotiate may include affirmative covenants (including reporting requirements), negative covenants (including financial covenants), lien protection, change of control provisions, and board rights, including either observation rights or rights to a seat on the board of the portfolio company.

Within our portfolio, we will aim to maintain an appropriate proportion among the various types of first-lien debt, unitranche loans, second-lien debt, and mezzanine and unsecured debt to allow us to achieve our target returns while maintaining our targeted amount of credit risk.

<u>Equity and Other Investments</u> 

Our loan agreements with our portfolio companies may also provide for an equity interest in the issuer, such as a warrant or profit participation right. In certain instances, we also will make equity investments, although those situations are generally limited to those cases where we are also making an investment in mezzanine debt or a more senior part of the capital structure of the issuer. In addition, there may be instances where we invest in liquid securities of a portfolio company.

**Management** 

*The Board* 

Overall responsibility for our oversight rests with the Board. We have entered into the OHA Advisory Agreement with the OHA Adviser and the Aranda Advisory Agreement with the Aranda Adviser, pursuant to which each Adviser (individually and collectively) is responsible for our day-to-day management functions.

The Board is responsible for overseeing the Advisers and other service providers for our operations in accordance with the provisions of the 1940 Act, our limited liability company agreement (the "LLC Agreement"), and applicable provisions of state and other laws. The Advisers will keep the Board informed as to their activities on our behalf and our investment operations and provide the Board with additional information as the Board may request from time to time. The Board is currently composed of 4 members, 3 of whom are Independent Directors.

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*Executive Officers* 

We do not have any employees and we do not expect to have any employees. Our day-to-day investment and administrative operations are managed by the Advisers pursuant to their respective Advisory Agreements and the Administrator pursuant to the Administration Agreement, respectively. In the future, each of the Advisers may hire additional investment professionals, and the Administrator may hire additional administrative professionals, to provide services to us based upon our needs. See "— Management Agreements —*Advisory Agreements*" and "— Management Agreements — *Administration Agreement*." Each of our executive officers described under "Item 5. *Directors and Executive Officers*" is an employee of either the OHA Adviser or the Aranda Adviser.

**The Advisers** 

As discussed above, our investment activities are managed by the Advisers. Our Advisers, within their respective mandates as provided in their respective Advisory Agreements, are responsible for sourcing and conducting due diligence on prospective portfolio companies and investments, analyzing investment opportunities, structuring investments, and monitoring their respective portions of our portfolio on an ongoing basis.

During Phase 1 and Phase 2, the OHA Adviser will act as an investment adviser to us pursuant to the OHA Advisory Agreement until such time that all of the OHA Assets mature, are sold or otherwise disposed of. The OHA Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Aranda Adviser will as act as an investment adviser to us pursuant to the Aranda Advisory Agreement in Phase 1, Phase 2 and beyond. The Aranda Adviser is not registered with the SEC under the Advisers Act.

*OHA Adviser - Investment Process Overview* 

<u>Origination and Sourcing</u> 

OHA believes that it has developed a strong sourcing network over its more than 30 years as a credit market specialist in the U.S. and Europe, which enhances its ability to generate a wide range of differentiated investment ideas. OHA has developed deep strategic relationships partnering with private equity sponsors, company management teams, bankers, attorneys, consultants, restructuring advisors and other key industry participants. OHA believes that having a broad sourcing strategy that focuses on direct origination from sponsors and management teams, as well as working with banks, advisors and other market participants, positions OHA to source the greatest number of potentially attractive investments for us. This robust and diversified deal flow is particularly important given OHA's highly selective investment process and focus on risk-adjusted returns. Moreover, OHA believes that it has proven, and is viewed, to be a creative and thoughtful partner that can work quickly and constructively to meet the needs of its counterparties.

OHA believes that the integration of its liquid and private credit investment strategies into its credit specialist platform solving diverse, often complex financing needs across these markets is a distinct sourcing advantage. Notably, the scale of OHA's firm-wide investment activities creates a high volume and frequency of engagement with sponsors, borrowers and other partners and counterparties. This framework continuously enriches knowledge of issuers, sponsors and their strategic and financing objectives across the OHA platform which drives private lending deal flow. For example, at any given time, OHA may be in dialogue with a sponsor on a private new issue transaction, a syndicated new issue transaction and a stressed or distressed investment that OHA acquired in the secondary market. That dialogue may be focused on existing portfolio companies, potential new buy-out or M&A opportunities. OHA believes that this frequency of dialogue not only enhances its relationships, but also positions it to engage early when the next financing opportunity arises.

OHA further believes that its industry-specialist investment model facilitates the working relationship and optimizes connectivity between market participants and OHA, further enhancing deal flow and proprietary

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sourcing. A private equity sponsor does not need to contact a separate team at OHA or be concerned that OHA may not have the appropriate capital to participate. OHA's integrated model fosters a highly efficient and consistent process for counterparties. For example, as the financing strategy evolves for a company, a transaction can shift from the liquid to private markets or from a second lien loan to a streamlined unitranche solution, and OHA believes that it can drive and transition nimbly with the opportunity toward the ultimate outcome. Given these dynamics, OHA believes that it has developed particularly strong relationships with the more active sponsors and transaction partners who work on larger transactions, which will be the focus of the Company. Overall, OHA believes it is positioned to see both a large number of opportunities and a broad range of investment types across the capital structure.

<u>Screening and Due Diligence Process</u> 

A critical component of the investment process is screening to determine which opportunities will advance to the full due diligence process. Given the large number of potential opportunities that OHA expects to source for us and the highly rigorous nature of its credit process, initial investment screening is highly selective. The screening process, which typically will include one or more members of the OHA Adviser's portfolio management team and the relevant industry team, will seek to ensure appropriate prioritization of opportunities and resources for us. At this initial phase, the relevant team members will assess the likelihood that the opportunity may meet our return objectives while offering appropriate downside protection. OHA believes its industry expertise and deep "library of knowledge" across companies and capital structures is particularly helpful in assessing opportunities.

OHA emphasizes sectors it believes to be recession-resistant and in which it has significant experience by virtue of its industry specialization. OHA seeks to concentrate its investments in market leading businesses or unique assets and typically focuses on significant asset collateralization, protection through seniority in the capital structure, the quality of transaction documentation, attractive creation multiples and/or a current yield component. OHA believes its expertise across the capital structure also enhances its ability to assess relative value, price risk and, in turn, prioritize opportunities that meet OHA's standards for full underwriting.

Opportunities that screen positively for OHA's investment criteria proceed to the rigorous due diligence process by which OHA "surrounds" the credit with its full capabilities and resources. As noted, OHA's relevant industry team typically leads the analysis, leveraging its extensive knowledge and other teams as relevant.

Each industry team focuses on understanding the full competitive landscape of their sector, regulatory considerations, key performance drivers and other industry-specific risks and opportunities. They maintain relationships with management teams, sponsors and other relevant constituents, including customers, suppliers, industry consultants, bankers and rating agencies. Active dialogue with companies and industry participants allows OHA to better understand the drivers of a company's success, risks, strategy, culture and management team dynamics, which OHA believes leads to a better assessment of a company's long-term business prospects and value. OHA seeks to engage with management teams prior to making an investment and on a regular basis thereafter as part of its investment process. Sustainability matters are discussed and, if relevant, pursued with the company with the purpose of contributing to positive change.

Investment decisions in respect of the OHA Commitment will generally be made by the OHA Adviser, subject to review by the Aranda Adviser. In reaching its decisions, the OHA Adviser will seek to draw upon all relevant expertise developed throughout their careers and across OHA for any given investment, with primary input coming from industry team members, asset class specialists and other OHA portfolio managers.

<u>Structuring/Execution</u> 

OHA believes its scale, integrated approach, structuring expertise and flexibility across capital structures position it to move quickly and drive transaction processes and optimal outcomes for all parties. In

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many cases, OHA has accumulated information on a specific company or investment opportunity over multiple years prior to making an investment, positioning it to execute more quickly than other potential financing providers. OHA typically works with lender groups that are small and seeks true partnerships between the lenders and sponsors and management teams, reinforcing its ability to drive transaction processes. OHA believes that its demonstrated ability to lead transactions is a potential source of incremental return as it allows OHA to influence deal terms and structures to the benefit of the Company. OHA further believes that benefits of its private solutions to borrowers, including process and customization advantages, better position it to structure legal documentation with covenants and other forms of downside protection in addition to negotiating attractive pricing. OHA's breadth and expertise also often enable it to offer multiple financing solutions increasing the opportunity to develop a structure that satisfies borrower objectives and OHA's return and downside protection priorities.

OHA is actively involved in structuring and negotiates pricing, covenants and other terms directly with the sponsor and/or company. Industry teams work alongside our highly experienced and dedicated in-house documentation experts to ensure we are securing the protections we require for completed investments. Every investment memorandum contains a detailed covenant analysis which is discussed in depth with the OHA Adviser's portfolio management team. If the team is unable to negotiate changes to weaker documentation relative to OHA's high standard, OHA often declines the investment opportunity on that basis.

<u>Portfolio Monitoring</u> 

Once an investment is made, OHA continuously monitors the activities and the financial condition of each portfolio company with the consistent analytical rigor of its credit underwriting process to proactively manage risk and optimize investment results. The monitoring process benefits from OHA's industry-specialist model as the same team that underwrote the investment monitors it until exited, which OHA believes leads to greater connectivity with the borrowers, advantaged access to company information, increased accountability and enhanced ability to anticipate and manage borrower challenges. Maintaining team consistency between the underwriting and post-investment phases ensures seamless monitoring of a portfolio company. The industry-specialist team is responsible for staying abreast of all news flow and keeping the portfolio managers informed of all relevant and material developments on the names they cover. In many cases, monitoring also involves significant dialogue with management and may involve more direct involvement with management and decision making, potentially including participation in management meetings and/or Board-level discussion. Typically, research analysts will attempt to meet with issuer management teams several times during the year. In addition, analysts will seek to leverage the breadth of their knowledge and their industry contacts to stay abreast of trends and anticipate how changes at suppliers and customers might impact the portfolio. OHA continues to leverage its role as a trusted financing partner to enhance this dialogue with management teams.

OHA believes that its distressed investment expertise, which it has developed and honed in the North American and European markets since its inception, provides it with a distinct advantage monitoring investments. When one of OHA's performing credit investments encounters difficulty, OHA's distressed team will work directly with the relevant industry team to re-evaluate the company and capital structure from a distressed investing perspective and implement a strategy to optimize results. The industry team continues to maintain responsibility for their investment, sharing their accumulated knowledge and monitoring the investment through its entire life. OHA believes this collaborative approach is critical to forming a comprehensive understanding of a company's options in a stressed or distressed scenario, with the goals of preserving capital and capitalizing on opportunities to enhance returns if possible. OHA believes this is a key differentiating factor that has historically benefited performance across its strategies.

<u>OHA Portfolio Management Team</u> 

The OHA Adviser manages the OHA Assets. The OHA Adviser's portfolio management team will meet regularly to vet new investment opportunities on our behalf. The day-to-day management of investments will be overseen by the portfolio managers.

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All of the OHA Adviser's portfolio management team members have ownership and financial interests in, and may receive compensation and/or profit distributions from, the OHA Adviser. None of the portfolio management team members receive any direct compensation from the Company.

*Aranda Adviser – Investment Process Overview* 

<u>Origination and Sourcing</u> 

We expect a substantial number of our investments will not be intermediated, and instead will be originated without the assistance of investment banks or other traditional Wall Street sources. In addition to executing direct calling campaigns to potential portfolio companies based on the Aranda Adviser's industry sector knowledge and macroeconomic views, the Aranda Investment Team also maintains direct contact with financial sponsors, banks, corporate advisory firms, industry consultants, attorneys, investment banks, "club" investors, credit partners, and other potential sources of lending opportunities. Over their careers, the Aranda Investment Team has developed unique relationships and access to proprietary sourcing and servicing channels. Most senior members of the Aranda Investment Team have many years of experience on the buy-side and in credit, and the more junior members of the Aranda Investment Team come from highly reputable banks and other advisory firms. The Aranda Adviser expects this experience to benefit the Aranda Investment Team as it seeks to originate and source investment opportunities for the Company.

<u>Due Diligence Process</u> 

The process through which an investment decision is made involves extensive research into the prospective portfolio company, its industry, its growth prospects, and its ability to withstand adverse conditions. If the Aranda Investment Team responsible for the potential transaction determines that an investment opportunity should be pursued, we will engage in an intensive due diligence process. Though each transaction will involve a somewhat distinct approach, diligence of each opportunity may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• understanding the purpose of the prospective portfolio company's capital requirement, the key personnel and
variables, and the expected sources and uses of the proceeds of the investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting the company's management, including top and middle-level executives, to get an insider's view
of the business, and to probe for potential weaknesses in business prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• checking management's backgrounds and references;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performing a detailed review of the prospective portfolio company's historical financial performance,
including performance through various economic cycles, and the quality of earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contacting customers and vendors to assess both business prospects and standard practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducting a competitive analysis, and comparing the prospective portfolio company to its main competitors on an
operating, financial, market share, and valuation basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• researching the industry for historic growth trends and future prospects as well as to identify future exit
alternatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assessing asset value and the ability of physical infrastructure and information systems to handle anticipated
growth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investigating legal and regulatory risks and financial and accounting systems and practices.

<u>Selective Investment Process</u> 

After an investment has been identified and preliminary diligence has been completed, a credit research and analysis report is prepared. This report is reviewed by senior investment professionals of the Aranda Investment Team. If these senior and other investment professionals support the pursuit of the potential

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investment, then a more extensive due diligence process is employed. Additional due diligence with respect to any investment may be conducted on the Aranda Adviser's behalf by attorneys, independent accountants, and other third-party consultants and research firms prior to the closing of the investment, as appropriate, on a case-by-case basis.

Once the Aranda Investment Team determines that a prospective portfolio company is suitable for investment, they work with the management or sponsor of that company and its other capital providers, including senior, junior, and equity capital providers, if any, to finalize the structure and terms of the investment.

***Issuance of Formal Commitment***

Approval of an investment requires the approval of the Aranda Adviser's investment committee (the "Aranda Investment Committee"). The Aranda Investment Committee approves both the suitability of the investment, as well as the structure and terms of the investment as presented by the Aranda Investment Team.

***Portfolio Monitoring***

The Aranda Adviser monitors the Aranda Assets on an ongoing basis. The Aranda Adviser monitors the financial trends of each such portfolio company to determine if it is meeting its business plan and to assess the appropriate course of action for each company.

The Aranda Adviser has a number of methods of evaluating and monitoring the performance of these investments, which may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic
sponsor, to discuss financial position, requirements and accomplishments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comparisons to other companies in the industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attendance at, and participation in, board meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review of monthly and/or quarterly financial statements and financial projections for our portfolio companies.

<u>Aranda Investment Committee</u> 

The Aranda Adviser manages the Aranda Assets under the general oversight of the Aranda Investment Committee. The Aranda Investment Committee includes certain individuals who are senior personnel of the Aranda Adviser, as well as certain other persons to the extent appointed by the Aranda Adviser from time to time.

**Payment of our Expenses** 

All investment professionals of the Advisers, when and to the extent engaged in providing investment advisory and management services to us, and the compensation and routine compensation-related overhead expenses of personnel allocable to these services to us, are provided and paid for by the Advisers as they incur such expenses, and not by us. We bear all other out-of-pocket costs and expenses of our operations and transactions, including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment advisory fees, including management fees and incentive or performance fees, as applicable, to the OHA
Adviser and Aranda Adviser pursuant to the OHA Advisory Agreement and Aranda Advisory Agreement, respectively;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses associated with the establishment of the separately managed account arrangement and the
acquisition of the Seed Portfolio by the Affiliated Fund and any related maintenance of or amendments to such agreement, including any fees, costs, and expenses, retainers and/or other payments of legal counsel and other advisors (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses associated with the Matterhorn Formation Transaction, including any fees, costs, and
expenses, retainers and/or other payments of legal counsel and other advisors (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• administration fees payable under the Administration Agreement and any future administration agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• organizational and offering expenses associated with this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• calculating our net asset value ("NAV") (including the cost and expenses of any third-party valuation
services);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses, including travel expenses, incurred by the Advisers, members of their respective investment
teams, or payable to third parties in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if
necessary, enforcing our rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all fees, costs and expenses (including the allocable portions of salaries/compensation, overhead and out-of-pocket expenses such as travel expenses) or an appropriate portion thereof, of employees of the Advisers, to the extent such expenses relate to attendance at meetings
of the Board or any committees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all fees, costs and expenses, including travel, meals, accommodations, entertainment and other similar expenses,
incurred by the Advisers or their affiliates for meetings with existing investors and any intermediaries, registered investment advisors, financial and other advisors representing such existing investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• due diligence and research expenses (including an allocable portion of any research or other service that may
deemed to be bundled for our benefit), as well as the information technology systems used to obtain such research and other information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs of any private or public offerings of our Units and other securities, including registration and
listing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs incurred in connection with the creation and maintenance of legal entities to hold our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• debt service and other costs of borrowings or other financing or derivative transactions (including, for the
avoidance of doubt, interest, fees, and related legal expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Administrator's allocable share of costs incurred in providing significant managerial assistance to
those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amounts payable to third parties relating to, or associated with, making or holding investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer agent, dividend agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all federal and state registration fees, franchise fees, any stock exchange listing fees and fees payable to
rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commissions and other compensation payable to brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taxes and governmental fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent Director fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of preparing financial statements and maintaining books and records, costs of compliance and attestation
under the Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act") and costs of

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preparing and submitting periodic filings, reports or other documents with the CFTC, SEC, European Securities and Markets Authority ("ESMA"), or other regulatory bodies, and other reporting and compliance costs, but excluding, for the avoidance of doubt, any expenses incurred for general compliance and regulatory matters that are not related to us or our activities; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all fees, costs and expenses associated with the preparation and issuance of our periodic reports and related
statements and other internal and third-party printing, publishing and reporting-related expenses in respect of us and our activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or
allocated by us, the Advisers, or their affiliates in connection with such provision of services thereby);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs of any reports, proxy statements or other notices to unitholders (including printing and mailing costs)
and the costs of any Board meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all proxy voting fees, costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all insurance fees, costs and expenses (including fidelity bond, directors' and officers' / errors
and omissions liability insurance and other insurance premiums incurred for the benefit of the OHA Adviser or Aranda Adviser);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all fees, costs and expenses associated with our information, obtaining and maintaining technology, third party
or proprietary hardware/software, data-related communication, market data and research, and expenses and fees charged or specifically attributed or allocated by the OHA Adviser, Aranda Adviser and/or their respective affiliates for data-related
services provided to us and/or our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all fees, costs and expenses of specialty and custom software for monitoring risk, compliance and the overall
portfolio, including any development costs incurred prior to the filing of our election to be treated as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders,
investment banks and other financing sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or
dispute in connection with our business or that of our portfolio companies and the amount of any judgment or settlement paid in connection therewith, including directors' and officers' / errors and omissions liability or other insurance
and indemnification or extraordinary expense or liability relating to our affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all fees, costs and expenses, if any, incurred by us or on our behalf in developing, negotiating and structuring
prospective or potential investments that are not ultimately made, including, without limitation, any legal, tax, administrative, accounting, travel, meals, accommodations and entertainment, advisory, consulting and printing expenses, reverse
termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments, investment costs, including all fees, costs and expenses
incurred in sourcing, evaluating, developing, negotiating, structuring, trading, settling, monitoring and holding prospective or actual investments or investment strategies including, without limitation, any financing, legal (including any
retainers), filing, auditing, tax, accounting, compliance, loan administration, travel, meals, accommodations and entertainment, advisory, consulting, engineering, data-related and other professional fees, costs and expenses in connection therewith
(to the extent the OHA Adviser or Aranda Adviser are not reimbursed by a prospective or actual issuer of the applicable investment or other third parties or capitalized as part of the acquisition price of the transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with winding up and liquidating our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all fees, costs and expenses associated with individual or group investors in us;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all fees, costs and expenses (including travel) in connection with the diligence and oversight of our service
providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct costs and expenses of administration, including audit, accounting (including ratable share of the cost of
valuation personnel), compliance, consulting and legal costs (including expenses of in-house audit, accounting, compliance, consulting, legal and other professionals of the Administrator or its affiliates,
inclusive of their allocated overhead, engaged to provide services either directly or indirectly in respect of us and/or our portfolio companies); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all other expenses reasonably incurred by us in connection with making investments and administering our
business.

Pursuant to the Administration Agreement, we will also reimburse the Administrator for the allocable portion of compensation, overhead (including rent, IT assistance, office equipment and utilities), and other expenses incurred by the Administrator in performing management and administrative services for us, including compensation paid by the Administrator or its affiliates to our Chief Financial Officer, Chief Compliance Officer and their respective teams (including any third-party staff leveraged by such personnel to perform services for us), investor relations personnel, operations personnel and other non-investment professionals who spend time on services for us (based on the percentage of time those individuals devote, on an reasonable estimated basis, to our business and affairs).

Pursuant to the Administration Agreement, the costs of the OHA personnel, overhead, or other expenses incurred by OHA or the OHA Adviser that are not attributable to third parties are subject to a cap of (i) $375,000 for our organizational expenses on an upfront basis and (ii) $375,000 per quarter for our operating expenses following the commencement of our operations. No expenses other than the OHA personnel, overhead, or other expenses incurred by OHA or the OHA Adviser that are not attributable to third parties will be subject to a cap. From time to time, the OHA Adviser, in its capacity as an investment adviser to us or in its capacity as the Administrator, or its affiliates may pay third-party providers of goods or services. We will reimburse the OHA Adviser or such affiliates thereof for any such amounts paid on our behalf. From time to time, the OHA Adviser, in its capacity as an investment adviser or in its capacity as the Administrator, may defer or waive fees and/or rights to be reimbursed for expenses.

**Distributions** 

Distributions will be made to the Unitholder at such times and in such amounts as determined by the Board. We generally intend to actually or deem to distribute substantially all of our available earnings annually by periodically paying distributions to our Unitholder, as determined by the Board in its discretion.

**Allocation of Co-Investment Opportunities** 

*General* 

The OHA Adviser and its affiliates provide investment management services to other BDCs, registered investment companies, investment funds, client accounts and proprietary accounts that the OHA Adviser or its affiliates may establish.

The OHA Adviser and its affiliates will share any investment and sale opportunities with their other clients and us in accordance with the Advisers Act and OHA's firm-wide allocation policies, which generally provide for sharing pro rata based on targeted acquisition size or targeted sale size. Subject to the Advisers Act and as further set forth in this Registration Statement, certain other clients may receive certain priority or other allocation rights with respect to certain investments, subject to various conditions set forth in such other clients' respective governing agreements.

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In addition, as a BDC regulated under the 1940 Act, we are subject to certain limitations relating to co-investments and joint transactions with affiliates, which may in certain circumstances limit our ability to make investments or enter into other transactions alongside other clients.

*Co-Investment Relief* 

The OHA Adviser and its affiliates have received an exemptive order from the SEC (the "Order") that permits us, among other things, to co-invest with certain other persons, including certain affiliates of the OHA Adviser and certain funds advised by the OHA Adviser and its affiliates, subject to certain terms and conditions. Pursuant to the terms of the Order, and in accordance with other provisions of the 1940 Act, we expect to co-invest with such funds unless doing so is impermissible under existing regulatory guidance, applicable regulations, the terms of the Order, or applicable policies and procedures, including the OHA Adviser's allocation policies and procedures.

Our Independent Directors will approve and will regularly review these policies and procedures in accordance with the Order, the 1940 Act, and applicable regulations.

**Management Agreements** 

The Advisers will serve as investment advisers to us pursuant to their respective Advisory Agreements with us governing each such role, and the Administrator will serve as our administrator in Phase 1 pursuant to the Administration Agreement.

*Investment Advisory Agreements* 

Subject to the overall supervision of the Board and in accordance with the 1940 Act, the Advisers manage our day-to-day operations and provide investment advisory services to us. Each Adviser's services are provided pursuant to their respective Advisory Agreement.

<u>Aranda Advisory Agreement</u> 

The Aranda Adviser is located at 550 Madison Avenue, 34th Floor, New York, NY 10022. Under the terms of the Aranda Advisory Agreement, the Aranda Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• formulates and implements our investment program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determines the composition of our portfolio, the nature and timing of the changes to our portfolio, and the
manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifies, evaluates and negotiates the structure of the investments we make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executes, closes, services, and monitors the investments we make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determines the securities and other assets that we purchase, retain or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performs due diligence on prospective portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercises voting rights in respect of portfolio securities and other investments for us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provides us with such other investment advisory, research and related services as we may, from time to time,
reasonably require for the investment of our funds.

The Aranda Adviser's services under the Aranda Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities, so long as its services to us are not impaired.

Under the Aranda Advisory Agreement, we will pay the Aranda Adviser fees for investment management services consisting of a base management fee (the "Aranda Base Management Fee") and a

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performance fee (the "Aranda Performance Fee"). The Aranda Base Management Fee and Aranda Performance Fees that are payable under the Aranda Advisory Agreement for any partial period will be appropriately prorated. The cost of both the Aranda Base Management Fee and Aranda Performance Fees will ultimately be borne by our Unitholder.

*Aranda Base Management Fee* 

The Aranda Base Management Fee in respect of the Aranda Assets will be payable quarterly in advance at an annual rate of (1) 1.50% of the gross asset value of the Aranda Non-Seed Portfolio and the Aranda Seed Portfolio assets acquired after April 1, 2024, subject to certain exceptions (the Aranda Non-Seed Portfolio assets and such Aranda Seed Portfolio assets collectively, the "New Aranda Portfolio") and excluding cash and cash equivalents, and (2) 1.25% of the gross asset value of the Aranda Seed Portfolio assets acquired prior to April 1, 2024, subject to certain exceptions (such assets, the "Legacy Aranda Portfolio") and excluding cash and cash equivalents, both as of the first day of each fiscal quarter and payable at the beginning of such fiscal quarter. In addition, the Aranda Base Management Fee will include an amount equal to an annual rate of 1.0% of net invested capital in the OHA Assets, subject to certain step-downs.

*Aranda Performance Fee* 

The Aranda Performance Fee in respect of the Aranda Assets will consist of two components: an investment income-based allocation (the "Aranda Investment Income Allocation") and a capital gains-based allocation (the "Aranda Capital Gains Allocation") that are independent of each other, with the result that one component may be payable even if the other is not. In addition, the Aranda Performance Fee shall also include an amount equal to 10.0% multiplied by the OHA Incentive Fee Base (as defined below), calculated annually. The "OHA Incentive Fee Base" is the difference between (x) the incentive fee payable to the OHA Adviser (as described below, the "Applicable OHA Incentive Fee") divided by 10%, less (y) the Applicable OHA Incentive Fee.

**Aranda Investment Income Allocation**. The Aranda Investment Income Allocation shall be calculated and payable annually in arrears based on the Investment Income (as defined below) attributable to the Aranda Assets for the immediately preceding fiscal year, and shall be equal to zero unless the Investment Income for the fiscal year exceeds the product of 6% per annum times the average of the NAV of the Company (including cash and cash equivalents), in ease case attributable to the Aranda Assets, as of the last day of each quarter of the applicable fiscal year (the "Aranda Hurdle Amount"). Thereafter, if the Investment Income attributable to the Aranda Assets for the fiscal year exceeds the Aranda Hurdle Amount, the Aranda Investment Income Allocation shall equal the sum of the Investment Income Catch-Up and the Investment Income Remainder (each as defined below).

Although the Aranda Hurdle Amount is calculated on an aggregate basis across the New Aranda Portfolio and Legacy Aranda Portfolio, for purposes of the remainder of this section, the Aranda Hurdle Amount for any fiscal year will be apportioned between the New Aranda Portfolio and Legacy Aranda Portfolio assets pro rata based on their respective NAVs as of the commencement of such fiscal year.

For purposes of this discussion:

"Investment Income," which is calculated with respect to a given period and is calculated separately for the New Aranda Portfolio and Legacy Aranda Portfolio, means all interest (including the relevant portion of any amounts which constitute payment of both interest and principal), dividends, cash yield and other income (including accrued income with respect to original issue discount ("OID"), payment-in-kind ("PIK") interest or other accrued income and zero-coupon securities (collectively, "Constructive Income")) received or realized (or, solely with respect to Constructive Income, accrued) by the Company and by any of its subsidiaries with respect to the Aranda Assets, but excludes any realized capital gains/losses and any capital appreciation or depreciation,

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and is calculated net of Aranda Base Management Fees actually used by the Aranda Adviser to satisfy expenses (but excluding amounts of any excess Aranda Base Management Fees) and all other expenses of the Company (other than those attributable to the OHA Assets, including amounts payable to the OHA Adviser pursuant to the OHA Advisory Agreement). Any such expenses which are not directly attributable to a given portfolio investment shall be apportioned between the New Aranda Portfolio and Legacy Aranda Portfolio pro rata based on their relative NAV as of the commencement of the applicable period.

"Investment Income Catch-Up" means an amount, calculated separately for the New Aranda Portfolio and Legacy Aranda Portfolio, equal to the lesser of (x) the Investment Income of the New Aranda Portfolio or Legacy Aranda Portfolio (as applicable), less the Aranda Hurdle Amount applicable thereto, and (y) the remainder of (I) the applicable Aranda Hurdle Amount divided by the remainder of (A) one hundred percent (100%), less (B) the applicable Performance Fee Percentage (as defined below), less (II) the applicable Aranda Hurdle Amount.

"Investment Income Remainder" means an amount, calculated separately for the New Aranda Portfolio and Legacy Aranda Portfolio, equal to the product of (1) the remainder of (A) the Investment Income of the New Aranda Portfolio or Legacy Aranda Portfolio (as applicable) during the applicable fiscal year, less (B) the sum of the Aranda Hurdle Amount in respect of such assets plus the Investment Income Catch-Up in respect of such assets, multiplied by (2) the applicable Performance Fee Percentage in respect of such assets.

"Performance Fee Percentage" means (i) 15% with respect to the Legacy Aranda Portfolio and (ii) 17.5% with respect to the New Aranda Portfolio.

Legacy Aranda Portfolio

![LOGO](g26414g20a01.jpg)

New Aranda Portfolio

![LOGO](g26414g20a02.jpg)

**Aranda Capital Gains Allocation**. The second component of the Aranda Performance Fee, the Aranda Capital Gains Allocation, is determined and payable in arrears as of the end of each fiscal year. The

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amount payable shall be calculated separately for the New Aranda Portfolio and Legacy Aranda Portfolio and shall equal the product of the applicable Performance Fee Percentage multiplied by the Company's Capital Gains (as defined below), if any, for such assets for such fiscal year.

If, at the end of any fiscal year, the sum of our Capital Gains in respect of the New Aranda Portfolio plus our Capital Gains in respect of the Legacy Aranda Portfolio is a negative number (i.e., we have Capital Losses (as defined below) when combined across the two sets of assets), then (i) the aggregate amount of such Net Loss (as defined below) will be apportioned between the assets contained in the New Aranda Portfolio and the Legacy Aranda Portfolio pro rata based on their respective NAVs as of the commencement of such fiscal year; (ii) the Aranda Investment Income Allocation in respect of each such portfolio will be reduced by the allocable portion of such Net Loss, multiplied by the applicable Performance Fee Percentage (provided, however, that such reduction will not exceed 15% of the Aranda Investment Income Allocation which would have resulted in the absence of this clause (ii)); and (iii) the cost basis for the assets contained in the New Aranda Portfolio and Legacy Aranda Portfolio will be deemed adjusted downwards to reflect the operation of clause (ii) so that Capital Gains will be calculated using the lower deemed cost basis for all future fiscal years. For the avoidance of doubt, (x) any such Capital Loss in a fiscal year will not reduce the Aranda Performance Fee in any subsequent fiscal year and (y) any Capital Loss realized in any fiscal year shall first be taken into account in reducing the Aranda Capital Gains Allocation before reducing the Aranda Investment Income Allocation.

For purposes of this discussion:

"Capital Gains" shall be calculated with respect to a given period and calculated separately for the assets contained in the New Aranda Portfolio and Legacy Aranda Portfolio and means realized gains in respect of such assets during the period, less all realized losses in respect of such assets and unrealized losses in respect of such assets based on reductions in the value of such assets during such period, in each case by us and/or any subsidiary; provided that, without duplication, any repayment of principal or return of capital with respect to a portfolio investment shall not be considered as Capital Gains until the cumulative amount of any such repayment of principal or return of capital in respect of such portfolio investment exceeds the original principal amount actually invested in such portfolio investment. For the avoidance of doubt, Capital Gains will not be calculated net of our expenses (including, for the avoidance of doubt, any Aranda Base Management Fees), as all of our expenses will be deducted from Investment Income. In the event of any unrealized loss in respect of a portfolio investment, or that any amounts above constitute a repayment of principal or return of capital of a portion of the capital invested into the applicable portfolio investment, the cost basis for such portfolio investment will be deemed adjusted downwards to reflect such unrealized loss, repayment of principal or return of capital, as applicable, so that Capital Gains will be calculated using the lower deemed cost basis for all future periods. The cost basis for a portfolio investment will be deemed adjusted upwards to reflect any previously accrued Constructive Income that actually gave rise to an Aranda Investment Income Allocation; provided that, for the avoidance of doubt, such upward adjustment shall not be deemed to have been made in the event such Constructive Income did not actually give rise to an Investment Income Reallocation (as defined in the Aranda Advisory Agreement), in which case the amount of such Constructive Income shall be treated instead as realized gain (based on the original principal amount actually invested in such portfolio investment) upon a repayment of the portfolio investment, and provided that, for the further avoidance of doubt, any item of repayment of principal, return of capital or gain will not be subject to both an Investment Income Reallocation and an Aranda Capital Gains Allocation. If Capital Gains is a negative number, it will be referred to as a negative Capital Gain, or as a "Capital Loss."

*Duration and Termination* 

Unless earlier terminated, the Aranda Advisory Agreement will continue in effect for a period of two years from its effective date. It will remain in effect from year to year thereafter if approved annually by the Board or by the affirmative vote of the holders of a majority of our outstanding voting securities, and, in either case, if also approved by a majority of the Independent Directors. The Aranda Advisory Agreement shall automatically terminate in the event of its assignment, as defined in the 1940 Act, by the Aranda Adviser, and may be terminated by the Board or the Aranda Adviser without penalty upon 60 days' written notice to the other. The Unitholder may also terminate the Aranda Advisory Agreement without penalty upon 60 days' written notice.

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*Indemnification* 

The Aranda Advisory Agreement provides that the Aranda Adviser and its officers, managers, partners, agents, employees, controlling persons, and members, and any other person or entity affiliated with it, are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Aranda Adviser's services under the Aranda Advisory Agreement or otherwise as our investment adviser, except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty.

*Example Fee Calculations* 

**Example 1: Income Related Portion of Incentive Fee<sup>(1)</sup>:** 

Alternative 1 – Assumptions

Investment income (including interest, dividends, fees, etc.) = 1.50%

Hurdle rate<sup>(2)</sup> = 1.50%

Aranda Base Management Fee<sup>(3)</sup> = 0.35%

Other expenses (legal, accounting, custodian, transfer agent, etc.)<sup>(4)</sup> = 0.10%

Pre-incentive fee net investment income =

(investment income - (Aranda Base Management Fee + other expenses)) = 1.05%

Pre-incentive net investment income does not exceed the hurdle rate; therefore, there is no Aranda Investment Income Allocation.

Alternative 2 – Assumptions

Investment income (including interest, dividends, fees, etc.) = 2.15%

Hurdle rate<sup>(2)</sup> = 1.50%

Aranda Base Management Fee<sup>(3)</sup> = 0.35%

Other expenses (legal, accounting, custodian, transfer agent, etc.)<sup>(4)</sup> = 0.10%

Pre-incentive fee net investment income =

(investment income - (Aranda Base Management Fee + other expenses)) = 1.70%

Incentive Fee = 16.0% × Pre-Incentive Fee Net Investment Income, subject to "catch-up"<sup>(5)</sup>

= 100% × (1.70% – 1.50%)

= 0.20%

<sup>(1)</sup> The hypothetical amount of pre-incentive fee net investment income shown is based on a percentage of total net assets. 

<sup>(2)</sup> Represents 6% annualized hurdle rate. 

<sup>(3)</sup> Represents a 1.50% annualized base management fee on the gross asset value of the New Aranda Portfolio and 1.25% annualized base management fee on the Legacy Aranda Portfolio. For illustration purposes, we assumed a blended annualized Aranda Base Management Fee rate of 1.40%. In addition, the Aranda Adviser receives a 1.00% annualized management fee on net invested capital in the OHA Assets, subject to certain step-downs. 

<sup>(4)</sup> Excludes organizational and offering expenses.

<sup>(5)</sup> The "catch-up" provision is intended to provide Aranda Adviser with an incentive fee of 15.0% on all of pre-incentive fee net investment income from Aranda Legacy Assets and 17.5% on all of pre-incentive fee net investment income from New Aranda Assets as if a hurdle rate did not apply when our net investment income exceeds 1.786% in any calendar quarter. For illustration purposes, we assumed a blended incentive fee rate of 16.0%. In addition, the Aranda Adviser also receives an incentive fee an amount equal to 10.0% multiplied by the OHA Incentive Fee Base. The "OHA Incentive Fee Base" is the difference between (x) the incentive fee payable to the OHA Adviser divided by 10% less (y) the Applicable OHA Incentive Fee. 

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Alternative 3 – Assumptions

Investment income (including interest, dividends, fees, etc.) = 2.50%

Hurdle rate<sup>(2)</sup> = 1.50%

Base management fee<sup>(3)</sup> = 0.35%

Other expenses (legal, accounting, custodian, transfer agent, etc.)<sup>(4)</sup> = 0.10%

Pre-incentive fee net investment income =

(investment income - (base management fee + other expenses)) = 2.05%

Incentive fee = 16.0% × pre-incentive fee net investment income, subject to "catch-up"<sup>(5)</sup>

= 100% × "catch-up" + (16.0% × (pre-incentive fee net investment income - 1.786%))

Catch-up = 1.786% – 1.50% = 0.286%

Incentive fee = (100% × 0.286%) + (16.0% × (2.05% – 1.786%))

= 0.286% + (16.0% × 0.2643%)

= 0.286% + 0.0423%

= 0.328%

**Example 2: Capital Gains Portion of Incentive Fee:**

Alternative 1 – Assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 1: $20 million investment made in Company A ("Investment A"), and $30 million
investment made in Company B ("Investment B")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 2: Investment A sold for $50 million and fair market value ("FMV") of Investment B
determined to be $25 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 3: Investment B sold for $32 million

The capital gains portion of the incentive fee, if any, would be:

Year 1: None

Year 2: $4 million capital gains incentive fee, calculated as follows: 4 million ($30 million realized capital gains on Investment A less $5 million unrealized depreciation on Investment B) multiplied by 16.0%

Year 3: $1.12 million capital gains incentive fee; calculated as follows: $1.12 million fee ($7 million realized capital gains multiplied by 16.0%). $5 million unrealized capital depreciation on Investment B was used to offset in Year 2, reducing cost basis of Investment B from $30 million to $25 million for incentive fee purposes.

Alternative 2 – Assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 1: $20 million investment made in Company A ("Investment A"), $30 million
investment made in Company B ("Investment B") and $25 million investment made in Company C ("Investment C")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 2: Investment A sold for $45 million, FMV of Investment B determined to be $25 million and
FMV of Investment C determined to be $25 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 3: FMV of Investment B determined to be $20 million and Investment C sold for $30 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 4: Investment B sold for $25 million

The capital gains portion of the incentive fee, if any, would be:

Year 1: None

Year 2: $3.2 million capital gains incentive fee, calculated as follows: 16.0% multiplied by $20 million ($25 million realized capital gains on sale of Investment A less $5 million unrealized capital depreciation on Investment B)

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Year 3: $0.0 million capital gains incentive fee, calculated as follows: $0.0 million cumulative fee (16.0% multiplied by $0 million ($5 million realized capital gains on Investment C less $5 million unrealized capital depreciation on Investment B))

Year 4: $0.8 million capital gains incentive fee, calculated as follows: $0.8 million cumulative fee (16.0% multiplied by $5 million realized capital gains on Investment B)

<u>OHA Advisory Agreement</u> 

The OHA Adviser is located at 1 Vanderbilt Avenue, 16th Floor, New York, NY 10017. The OHA Adviser is registered as an investment adviser under the Advisers Act. Under the terms of the OHA Advisory Agreement, the OHA Adviser is responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the composition of the OHA Assets, the nature and timing of the changes to the OHA Assets, and the
manner of implementing such changes in accordance with our investment objective, policies and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying investment opportunities and making investment decisions for us with respect to the OHA Assets,
including negotiating the terms of investments in, and dispositions of, portfolio securities and other instruments on our behalf in respect of the same, subject to the oversight of the Aranda Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring the OHA Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performing due diligence on prospective portfolio companies with respect to the OHA Commitment and potential
Additional Co-Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising voting rights in respect of the OHA Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• serving on, and exercising observer rights for, boards of managers and similar committees of our portfolio
companies that are OHA Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from time to time and in accordance with the OHA Adviser's allocation policies, offering, subject to our
approval in our sole discretion, Additional Co-Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• calling capital from investors from time to time in accordance with the terms of the OHA Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining, as valuation designee (to the extent applicable) of the Company pursuant to Rule 2a-5 under the 1940
Act, the fair market value of the Company's assets for which market quotations are not readily available, using its fair valuation procedures and fair valuation methodologies, as approved by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing us with such other investment advisory and related services as we may, from time to time, reasonably
require for the investment of capital.

The OHA Adviser's services under the OHA Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities, and it intends to do so, so long as its services to us are not impaired.

Under the terms of the OHA Advisory Agreement, we will pay the OHA Adviser a base management fee (the "OHA Base Management Fee") for the OHA Assets, and incentive fees (the "OHA Incentive Fees") for the OHA Assets (but excluding from the asset base for calculating both the OHA Base Management Fee and the OHA Incentive Fees any Additional Co-Investments allocated to us). The OHA Base Management Fee and OHA Incentive Fees that are payable under the OHA Advisory Agreement for any partial period will be appropriately prorated.

For the avoidance of doubt, the OHA Assets shall include assets purchased with borrowed amounts and shall reflect any allowances for loan losses or similar impairments that may be recognized under GAAP. Under the terms of the OHA Advisory Agreement, the OHA Adviser will not receive any management fee or incentive fees (or other fees) for the Aranda Assets.

The cost of both the OHA Base Management Fee and OHA Incentive Fees will ultimately be borne by our Unitholder.

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*OHA Base Management Fee* 

Under the terms of the OHA Advisory Agreement, we will pay the OHA Adviser an OHA Base Management Fee for the OHA Assets quarterly in arrears at an annual rate of 1.25% (during Phase 1) and 1% (during Phase 2) of the fair market value attributable to the OHA Assets (but excluding Additional Co-Investments allocated to us, cash and cash equivalents) as of the beginning of the first business day of the quarter, as determined in accordance with GAAP, less the Deemed Leverage Assumption (as defined below).

*OHA Incentive Fees* 

Under the terms of the OHA Advisory Agreement, we will pay the OHA Incentive Fees for the OHA Assets (but excluding Additional Co-Investments allocated to us) as described below. During Phase 1 and Phase 2, the OHA Incentive Fee will be in an amount equal to (x) 10.0% of our Investment Income Returns (as defined below) in respect of the OHA Assets over a 6.0% annualized hurdle rate on the NAV of the OHA Assets, inclusive of deemed borrowing at a 1:1 debt-to-equity ratio in respect of the OHA Assets (as discussed below, the "Deemed Leverage Assumption"), payable quarterly in arrears, and (y) 10.0% of realized capital gains in respect of the OHA Assets, if any, net of realized capital losses and unrealized capital depreciation from inception, payable annually in arrears. During Phase 2, we will continue to pay the OHA Adviser the OHA Incentive Fees for deploying any remaining OHA Commitments and/or managing any existing OHA Assets until such time as all OHA Assets are disposed of.

For the avoidance of doubt, the OHA Assets may include assets purchased with borrowed amounts, which shall be deemed to be in a 1:1 debt-to-equity ratio with each OHA Originated Loan and shall reflect any allowances for loan losses or similar impairments that may be recognized under GAAP.

**Incentive Fee Based on Income – OHA Adviser.** The first part of the OHA Incentive Fee is based on income, whereby we will pay the OHA Adviser quarterly in arrears 10.0% of our Investment Income Returns for the relevant calendar year subject to a 6.0% annualized hurdle rate on the average NAV of the OHA Assets, inclusive of deemed borrowing at a 1:1 debt-to-equity ratio (the "Hurdle Rate"). "Investment Income Returns" means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayment premiums) accrued during the quarter with respect to OHA Assets, less the Deemed Cost of Leverage (as defined below), attributable to the OHA Assets during the quarter. The "Deemed Cost of Leverage" shall be the product of (i) an amount equal to the deemed borrowing resulting from the Deemed Leverage Assumption (ii) times (a) our weighted average cost of outstanding indebtedness during the applicable quarter or (b) if no indebtedness is outstanding during the quarter, the Secured Overnight Financing Rate ("SOFR") + 2.00%. Investment Income Returns includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash. Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

We will pay the OHA Adviser an incentive fee with respect to our Investment Income Returns as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no incentive fee based on Investment Income Returns in any calendar quarter in which our Investment Income
Returns does not exceed the Hurdle Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of Investment Income Returns with respect to that portion of such Investment Income Returns, if any, that
exceeds the Hurdle Rate but is less than 1.667% in any calendar quarter. This portion of the Investment Income Returns (which exceeds the Hurdle Rate but is less than 1.667% per quarter) is referred to as the "catch-up." The "catch-up" is meant to provide the OHA Adviser with approximately 10.0% of our Investment Income Returns as if a Hurdle Rate did
not apply if Investment Income Returns exceeds 1.667% in any calendar quarter; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 10.0% of the Investment Income Returns, if any, that exceeds 1.667% in any calendar quarter, which reflects that
once the Hurdle Rate is reached and the catch-up is achieved, 10.0% per quarter (of all Investment Income Returns for such quarter) are paid to the OHA Adviser.

![LOGO](g26414g20a03.jpg)

**Incentive Fee Based on Capital Gains – OHA Adviser.** The second component of the OHA Incentive Fee, the capital gains incentive fee, is payable annually in cash at the end of each calendar year in arrears. The amount payable is equal to 10.0% of cumulative realized capital gains with respect to the OHA Assets from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

Each year, the fee paid to the OHA Adviser in respect of the capital gains incentive fee is computed net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. We will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation, because a capital gains incentive fee would be owed to the OHA Adviser if we were to sell the relevant investment and realize a capital gain. In no event will the capital gains incentive fee payable pursuant to the OHA Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

*Duration and Termination* 

Unless earlier terminated, the OHA Advisory Agreement will continue in effect for a period of two years from its effective date. It will remain in effect from year to year thereafter if approved annually by the Board or by the affirmative vote of the holders of a majority of our outstanding voting securities, and, in either case, if also approved by a majority of the Independent Directors. The OHA Advisory Agreement shall automatically terminate in the event of its assignment, as defined in the 1940 Act, by the OHA Adviser, and may be terminated by the Board or the OHA Adviser without penalty upon 60 days' written notice to the other. The Unitholder may also terminate the OHA Advisory Agreement without penalty upon 60 days' written notice.

*Indemnification* 

The OHA Advisory Agreement provides that the OHA Adviser and its officers, managers, partners, agents, employees, controlling persons, and members, and any other person or entity affiliated with it, are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the OHA Adviser's services under the OHA Advisory Agreement or otherwise as our investment adviser, except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty.

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*Example Fee Calculations* 

**Example 1: Income Related Portion of Incentive Fee<sup>(1)</sup>:** 

Income Related Portion of Incentive Fee<sup>(1)</sup>:

Alternative 1 – Assumptions

Investment income (including interest, dividends, fees, etc.) = 1.50%

Hurdle rate<sup>(2)</sup> = 1.50%

Base management fee<sup>(3)</sup> = 0.25%

Other expenses (legal, accounting, custodian, transfer agent, etc.)<sup>(4)</sup> = 0.10%

Pre-incentive fee net investment income =

(investment income - (base management fee + other expenses)) = 1.15%

Pre-incentive net investment income does not exceed hurdle rate, therefore there is no incentive fee.

Alternative 2 – Assumptions

Investment income (including interest, dividends, fees, etc.) = 2.00%

Hurdle rate<sup>(2)</sup> = 1.50%

Base management fee<sup>(3)</sup> = 0. 25%

Other expenses (legal, accounting, custodian, transfer agent, etc.)<sup>(4)</sup> = 0.10%

Pre-incentive fee net investment income =

(investment income - (base management fee + other expenses)) = 1.65%, which exceeds the hurdle rate

Incentive fee = 10.0% × pre-incentive fee net investment income, subject to the "catch-up"<sup>(5)</sup>

= 100% × (1.65% – 1.50%)

= 0.15%

Alternative 3 – Assumptions

Investment income (including interest, dividends, fees, etc.) = 2.50%

Hurdle rate<sup>(2)</sup> = 1.50%

Base management fee<sup>(3)</sup> = 0.25%

Other expenses (legal, accounting, custodian, transfer agent, etc.)<sup>(4)</sup> = 0.10%

Pre-incentive fee net investment income =

(investment income - (base management fee + other expenses)) = 2.15%

Incentive fee = 10.0% × pre-incentive fee net investment income, subject to "catch-up"<sup>(5)</sup>

= 100% × "catch-up" + (10.0% × (pre-incentive fee net investment income - 1.667%))

Catch-up = 1.667% – 1.50% = 0.167%

Incentive fee = (100% × 0.167%) + (10.0% × (2.15% – 1.667%))

= 0.167% + (10.0% × 0.4833%)

= 0.167% + 0.0483%

= 0.215%

<sup>(1)</sup> The hypothetical amount of pre-incentive fee net investment income shown is based on a percentage of total net assets. 

<sup>(2)</sup> Represents 6% annualized hurdle rate. 

<sup>(3)</sup> Represents 1.00% annualized base management fee. 

<sup>(4)</sup> Excludes organizational and offering expenses.

<sup>(5)</sup> The "catch-up" provision is intended to provide OHA Adviser with an incentive fee of 10.0% on all of pre-incentive fee net investment income from OHA Assets as if a hurdle rate did not apply when our net investment income exceeds 1.667% in any calendar quarter. 

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**Example 2: Capital Gains Portion of Incentive Fee:** 

Alternative 1 – Assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 1: $20 million investment made in Company A ("Investment A"), and $30 million
investment made in Company B ("Investment B")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 2: Investment A sold for $50 million and fair market value ("FMV") of Investment B
determined to be $32 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 3: FMV of Investment B determined to be $25 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 4: Investment B sold for $31 million

The capital gains portion of the incentive fee, if any, would be:

Year 1: None

Year 2: $3.00 million capital gains incentive fee, calculated as follows: $30 million realized capital gains on sale of Investment A multiplied by 10.0%

Year 3: None, calculated as follows: $2.5 million cumulative fee (10.0% multiplied by $25 million ($30 million Cumulative Capital Gains less $5 million cumulative capital depreciation)) less $3.00 million (previous capital gains fee paid in Year 2)

Year 4: $0.10 million capital gains incentive fee, calculated as follows: $3.10 million cumulative fee ($31 million cumulative realized capital gains multiplied by 10.0%) less $3.00 million (previous capital gains fee paid in Year 2)

Alternative 2 – Assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 1: $20 million investment made in Company A ("Investment A"), $30 million
investment made in Company B ("Investment B") and $25 million investment made in Company C ("Investment C")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 2: Investment A sold for $50 million, FMV of Investment B determined to be $25 million and
FMV of Investment C determined to be $25 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 3: FMV of Investment B determined to be $27 million and Investment C sold for $30 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 4: FMV of Investment B determined to be $35 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 5: Investment B sold for $20 million

The capital gains portion of the incentive fee, if any, would be:

Year 1: None

Year 2: $2.5 million capital gains incentive fee, calculated as follows: 10.0% multiplied by $25 million ($30 million realized capital gains on sale of Investment A less $5 million unrealized capital depreciation on Investment B)

Year 3: $0.700 million capital gains incentive fee, calculated as follows: $3.2 million cumulative fee (10.0% multiplied by $32 million ($35 million cumulative realized capital gains less $3 million unrealized capital depreciation)) less $2.5 million (previous capital gains fee paid in Year 2)

Year 4: $0.300 million capital gains incentive fee, calculated as follows: $3.5 million cumulative fee (10.0% multiplied by $35 million cumulative realized capital gains) less $3.2 million (previous cumulative capital gains fees paid in Year 2 and Year 3)

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Year 5: None, calculated as follows: $2.5 million cumulative fee (10.0% multiplied by $25 million ($35 million cumulative realized capital gains less $10 million realized capital losses)) less $3.5 million (previous Cumulative Capital Gains fee paid in Year 2, 3 and Year 4)

<u>Administration Agreement</u> 

Pursuant to the Administration Agreement, the OHA Adviser will serve as our Administrator in Phase 1. The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for our operation. Without limiting the generality of the foregoing, the Administrator shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide us with office facilities, equipment, and clerical, bookkeeping, and recordkeeping services at such
facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify and/or select, subject to the Board's approval, a Chief Compliance Officer for us within the
meaning of Rule 38a-1 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assist with and/or oversee the establishment of our compliance program under Rule 38a-1 of the 1940 Act and the Chief Compliance Officer's administration and enforcement of the compliance program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conduct relations with sub-administrators, custodians, depositories, transfer agents, dividend disbursing agents,
other unitholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks, and other such persons in any such other capacity deemed necessary or desirable, on our behalf and subject to
oversight by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide transaction legal and tax services, administrative and accounting services (including, to the extent
applicable, the provision of valuation, shadow accounting, investor reporting, meeting preparation, corporate and tax structuring and related services, and support with respect to our credit facility, including the management thereof and the payment
of interest expenses thereunder), treasury, leveraged purchasing, information technology system support, system implementation, anti-money laundering and know-your-customer services and monitoring and compliance, local and state filing services,
asset management and operations, hedging and currency management and compliance, and services related to transfers of Units, for us or for our portfolio companies (that could otherwise be performed by third parties) as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make reports to the Board of its performance of its obligations to us under the Administration Agreement and
furnish advice and recommendations with respect to such other aspects of our business and affairs as it determines to be desirable; provided that the Administrator will not provide any advice or recommendation relating to the securities and other
assets that we should purchase, retain, or sell, or any other investment advisory services to us pursuant to its role under the Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be responsible for the financial and other records that we are required to maintain, and prepare, print, and
disseminate reports to our unitholders and reports and other materials to be filed with the SEC or any other regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide on our behalf significant managerial assistance to those portfolio companies that request such
assistance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assist us in overseeing the preparation and filing of our tax returns and generally overseeing and managing the
payment of our expenses and the performance of administrative and professional services rendered to us by others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oversee the calculation of NAV, compliance monitoring (including pre-trade and post-trade compliance, diligence and oversight of our other service providers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepare materials and coordinate meetings of the Board.

Under the Administration Agreement, the Company and the Administrator are each authorized to appoint and retain a third-party sub-administrator to assist with the provision of administrative services,

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including the performance of some or all of the duties required of the Administrator thereunder. The sub-administrator, if any, will receive compensation for its sub-administrative services under a sub-administration agreement. The Company expects to retain, or cause to be retained, Harmonic Fund Services to perform some of the Administrator's obligations under the Administration Agreement. In addition, the Aranda Adviser may separately facilitate our entry into agreements with service providers that it determines, in its sole discretion, are necessary to carry out the services enumerated above, subject to the prior approval of the Board.

Subject to final documentation under the Administration Agreement, we will reimburse the Administrator for services performed for it, including any fees paid to a third-party sub-administrator which the Administrator retains directly, subject to the overall cap in expenses described in "—*Payment of our Expenses*." We will reimburse the Administrator for the allocable portion of compensation, overhead (including rent, IT assistance, office equipment and utilities), and other expenses incurred by the Administrator in performing its obligations to us under the Administration Agreement, including the compensation of our Chief Financial Officer and Chief Compliance Officer and their respective teams (including any third-party staff leveraged by such personnel to perform services for us), investor relations personnel, operations personnel and other non-investment professionals who spend time on services to us (based on the percentage of time those individuals devote, on an reasonable estimated basis, to our business and affairs).

*Duration and Termination* 

The term of the Administration Agreement shall continue in effect for six (6) months from the date of execution, with the Aranda Adviser to propose upon necessity, and the Board to confirm, the option to extend the term by an additional eighteen (18) months (structured as three separate six-month extension options). The termination provisions of the Administration Agreement are the same as that of the Advisory Agreements described above; provided, however, that the Administration Agreement may be terminated, without the payment of any penalty, on 30 days written notice, by us upon our decision to enter into a new administration agreement with the Aranda Adviser in connection with our commencing Phase 2 of our operations.

*Indemnification* 

The Administration Agreement provides that the Administrator, its affiliates, and their respective, officers, managers, partners, agents, employees, controlling persons, and members, and any other person or entity affiliated with it, are entitled to indemnification from us for any damages, liabilities, costs, and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Administrator's services under the Administration Agreement or otherwise as our administrator.

**Determination of NAV** 

The NAV of our Units will initially be equal to our cash on hand and the aggregated NAV of the Seed Portfolio that we will receive in the Aranda Formation Transaction and the OHA Formation Transaction, less any liabilities. Thereafter, NAV will be determined based on the value of our assets less liabilities, including accrued fees and expenses, as of the last calendar day of the applicable quarter or as otherwise needed. The NAV per share of our outstanding Units is determined quarterly by dividing the value of total assets minus liabilities by the total number of Units outstanding.

Pursuant to Rule 2a-5 under the 1940 Act, the OHA Adviser, in its capacity as our valuation designee, is responsible for determining the fair market value of our assets for which market quotations are not readily available using its fair valuation procedures and fair valuation methodologies, as approved by the Board, with the input of Lincoln International Valuation Research Corporation or other third-party independent valuation firms approved by the Board. The Aranda Adviser will monitor for significant events and otherwise provide inputs to assist the OHA Adviser in determining the fair value of our portfolio investments.

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In calculating the value of our total assets, investment transactions will be recorded on the trade date. Realized gains or losses will be computed using the specific identification method. Investments for which market quotations are readily available may be valued at such market quotations. Debt and equity securities that are not publicly traded or whose market quotation is not readily available are valued at fair value as determined in good faith by the valuation designee, pursuant to the delegation of such functions under Rule 2a-5 by our Board. In addition, the valuation designee may retain one or more independent valuation firms to review the valuation of our portfolio investments for which a market quotation is not readily available.

We have adopted the Financial Accounting Standards Board's ("FASB's") Accounting Standards Codification Topic 820, *Fair Value Measurements and Disclosures* ("ASC 820"). ASC 820 requires us to assume that the portfolio investment is assumed to be sold in the principal market to market participants, or in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the market in which we can exit portfolio investments with the greatest volume and level of activity is considered the investment's principal market.

A readily available market quotation is not expected to exist for most of the investments in our portfolio, and we value these investments at fair value as determined in good faith by the valuation designee under our valuation policy and process. The types of factors that the valuation designee may take into account in determining the fair value of our investments generally include, as appropriate, comparisons of financial ratios portfolio company to peer companies that are public, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, and other relevant factors.

When an external event such as a purchase transaction, public offering, or subsequent equity sale occurs, the valuation designee will consider the pricing indicated by the external event to corroborate its valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of the investments may differ materially from the values that would have been used had a readily available market quotation existed for such investments, and such differences may be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations assigned at any particular time.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our quarterly valuation process begins with each portfolio company or investment being initially valued by the
investment professionals of the valuation designee responsible for the portfolio investment, with the Aranda Adviser providing inputs to the OHA Adviser with respect to the Aranda Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preliminary valuation conclusions are then documented and discussed with the senior investment professionals of
the valuation designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least twice annually, the valuation for each portfolio investment is reviewed by an independent valuation
firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation designee then discusses the valuations and determines the fair value of each investment in our
portfolio in good faith, based on the input of the valuation designee's investment professionals, the Aranda Adviser, and the independent valuation firm.

In following these approaches, the types of factors that are taken into account in determining the fair value of our investments include, as relevant, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• available current market data, including relevant and applicable market trading and transaction comparables;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• applicable market yields and multiples;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• security covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• call protection provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature and realizable value of any collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the portfolio company's ability to make payments, its earnings and discounted cash flows, and the markets
in which it does business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comparisons of financial ratios of peer companies that are public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comparable merger and acquisition transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the principal market and enterprise values.

**Certain BDC Regulatory Considerations** 

A BDC must be organized in the United States for the purpose of investing in or lending to primarily private companies and making significant managerial assistance available to them. As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements.

*SEC Reporting* 

We are subject to the reporting requirements of the Exchange Act, which includes, among other things, the mandatory filing of quarterly, annual, and current reports, proxy statements, and other required items.

*Governance* 

We are a limited liability company governed under the supervision of the Board. The 1940 Act requires that a majority of our directors be persons that qualify as Independent Directors. In addition, the 1940 Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election as, a BDC, unless approved by the holders of a majority of our outstanding voting securities.

*Ownership Restrictions* 

We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, a BDC generally cannot acquire more than 3% of the voting stock of any investment company, invest more than 5% of the value of its total assets in the securities of one investment company, or invest more than 10% of the value of its total assets in the securities of investment companies in the aggregate.

*Qualifying Assets* 

Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which we refer to as "qualifying assets," unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC's total assets. The principal categories of qualifying assets relevant to our business are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities purchased in transactions not involving any public offering from the issuer of such securities or from
any other person, as long as the issuer is an "eligible portfolio company" (as defined in the 1940 Act), subject to certain limited exceptions. An "eligible portfolio company" is defined in the 1940 Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is organized under the laws of, and has its principal place of business in, the United States;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not an investment company (other than a small business investment company wholly owned by us) or a company
that would be an investment company but for certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• satisfies any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has an equity capitalization of less than $250 million or does not have any class of securities listed on a
national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is controlled by a BDC or a group of companies including a BDC, the BDC actually exercises a controlling
influence over the management or policies of the eligible portfolio company, and, as a result thereof, the BDC has an affiliated person who is a director of the eligible portfolio company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is a small and solvent company having total assets of not more than $4 million and capital and surplus of
not less than $2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities of any eligible portfolio company that we control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an
affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came
due without material assistance other than conventional lending or financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities of an eligible portfolio company purchased from any person in a private transaction if there is no
ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities received in exchange for or distributed on or with respect to securities described above, or pursuant
to the exercise of options, warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash, cash equivalents, "U.S. Government securities" (as defined in the 1940 Act) or high-quality
debt securities maturing in one year or less from the time of investment.

We are permitted to invest up to 30% of our total assets opportunistically in securities or other instruments of issuers not deemed qualifying assets.

*Limitations on Leverage* 

As a BDC, we generally must have at least 150% asset coverage for our debt after incurring any new indebtedness, meaning that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities. We may use leverage for investments, working capital, expenses, and general corporate purposes (including to pay dividends or distributions).

*Managerial Assistance to Portfolio Companies* 

A BDC must be operated for the purpose of making investments in the types of securities described in "—*Qualifying Assets*" above. However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance. Where the BDC purchases such securities in conjunction with one or more other persons acting together, the BDC will satisfy this test if one of the other persons in the group makes available such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC, through its directors, officers, or employees, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations, or business objectives and policies of a portfolio company.

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*Temporary Investments* 

As a BDC, pending investment in other types of "qualifying assets," as described above, our investments may consist of cash, cash equivalents, U.S. Government securities, or high-quality debt securities maturing in one year or less from the time of investment, which are referred to collectively as "temporary investments," such that at least 70% of our assets are qualifying assets. When investing in temporary investments, we will typically invest in highly rated commercial paper, U.S. Government agency notes, U.S. Treasury bills, or in repurchase agreements relating to such securities that are fully collateralized by cash or securities issued by the U.S. Government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security, and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price that is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, certain diversification tests in order to qualify as a RIC for U.S. federal income tax purposes will typically require us to limit the amount we invest with any one counterparty.

*Senior Securities* 

As a BDC, we generally must have at least 150% asset coverage for our "senior securities," which includes debt and preferred equity securities, after incurring any new indebtedness, meaning that for every $100 of net assets we hold, we may raise $300 from borrowing and issuing senior securities. We may use leverage for investments, working capital, expenses, and general corporate purposes (including to pay dividends or distributions).

We are permitted, under specified conditions, to issue multiple classes of indebtedness. In addition, while any preferred stock or publicly traded debt securities are outstanding, we may be prohibited from making distributions to our investors or repurchasing such securities unless we meet the 150% minimum asset coverage ratio requirement at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. The 1940 Act permits a BDC's issuance of preferred shares, which are considered "senior securities" subject to the 150% asset coverage requirement described above. In addition, (i) preferred shares must have the same voting rights as the Units (i.e., one share, one vote); and (ii) preferred shareholders must have the right, as a class, to appoint two directors to the Board.

*Code of Ethics* 

As a BDC, we must adopt a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities transactions. In addition, the OHA Adviser has adopted a code of ethics consistent with the requirements set forth under the Advisers Act, and the Aranda Adviser expects to adopt a code of ethics as well. Personnel subject to each code may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the applicable code's requirements.

*Other Considerations* 

As a BDC, we will not generally be able to issue and sell our Units at a price below NAV per Unit. We may, however, issue and sell our Units at a price below the then-current NAV per Unit of the Units, or issue and sell warrants, options, or rights to acquire such Units, at a price below the then-current NAV per Unit of the Units if the Board determines that such sale is in our best interest and in the best interests of the Unitholder, and the Unitholder has approved the policy and practice of making such sales within the preceding 12 months. In any such case, the price at which the Units are to be issued and sold may not be less than a price that, in the determination of the Board, closely approximates the market value of such securities.

As a BDC, we may also be prohibited under the 1940 Act from knowingly participating in certain transactions with certain of our affiliates, including our officers, directors, investment adviser(s), principal

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underwriters, and certain of their affiliates, without the prior approval of the Independent Directors of the Board and, in some cases, prior approval by the SEC through an exemptive order (other than pursuant to current regulatory guidance). We intend to rely upon the exemptive relief obtained by OHA Adviser and its affiliates to co-invest with investment funds managed by OHA Adviser and/or its affiliates where doing so is consistent with our investment strategy as well as applicable law (including the terms and conditions of the Order). Under the terms of the Order, we may be permitted to co-invest with other funds managed by the OHA Adviser or an affiliate thereof if, in certain circumstances as required by the applicable condition of the Order, a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Independent Directors makes certain conclusions in connection with the co-investment transaction, including that (1) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to us and the Unitholder and do not involve overreaching of us or the Unitholder on the part of any person concerned and (2) the transaction is consistent with the interests of the Unitholder and is consistent with our investment objectives and strategies.

As a BDC, we expect to be periodically examined by the SEC for compliance with the 1940 Act.

As a BDC, we will be required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement.

We and each of the Advisers will adopt and implement written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws. As a BDC, we will be required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation, as well as designate a Chief Compliance Officer to be responsible for administering the policies and procedures.

*Sarbanes-Oxley Act of 2002* 

Following the effectiveness of this Registration Statement, we will be subject to the Sarbanes-Oxley Act, which imposes a wide variety of regulatory requirements on certain companies and their insiders. Many of these requirements affect us. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-14 under the Exchange Act, our Chief Executive
Officer and Chief Financial Officer will be required to certify the accuracy of the financial statements contained in our periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 307 of Regulation S-K, our periodic reports will be
required to disclose our conclusions about the effectiveness of our disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-15 under the Exchange Act, our management will
required to prepare an annual report regarding its assessment of our internal control over financial reporting after we have been subject to the reporting requirements of the Exchange Act for a specified period of time and, starting from the date on
which we cease to be an "emerging growth company" under the JOBS Act, must obtain an audit of the effectiveness of internal control over financial reporting performed by our independent registered public accounting firm should we become
an accelerated filer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 308 of Regulation S-K and Rule 13a-15 under the Exchange Act, our periodic reports must disclose whether there were significant changes in our internal control over financial reporting or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act will require us to review our then-current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We will continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we comply therewith.

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*Proxy Voting Policies and Procedures* 

Though we intend to own equity in limited quantities and predominantly in private companies and will thus exercise our shareholder voting rights in a limited way, each Adviser votes proxies relating to the portfolio securities it manages on our behalf in what it perceives to be the best interest of our Unitholder. Each Adviser reviews on a case-by-case basis each proposal submitted to a stockholder vote with respect to its portion of the portfolio to determine its effect on the portfolio securities we hold. In most cases, each Adviser will vote in favor of proposals that it believes are likely to increase the value of the portfolio securities we hold. Although the Advisers will generally vote against proposals that may have a negative effect on our portfolio securities, they may vote for such a proposal if there exist compelling long-term reasons to do so.

*JOBS Act* 

We will be, and expect to remain, an "emerging growth company," as defined in the JOBS Act, until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the last day of the fiscal year which contains the fifth anniversary of the date of the first sale of our common
equity securities pursuant to an effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the end of the fiscal year in which our total annual gross revenues first equal or exceed $1.235 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which we have, during the prior three-year period, issued more than $1.0 billion in non-convertible debt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the last day of a fiscal year in which we (1) have an aggregate worldwide market value of our Units held by non-affiliates of $700.0 million or more, computed at the end of each fiscal year as of the last business day of our most recently completed second fiscal quarter and (2) have been an Exchange Act
reporting company for at least one year (and filed at least one annual report under the Exchange Act).

Under the JOBS Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), we are exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act, which would require that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting, until such time as we cease to be an emerging growth company and become an accelerated filer, as defined in Rule 12b-2 under the Exchange Act. This may increase the risk that material weaknesses or other deficiencies in our internal control over financial reporting go undetected. In addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We intend to take advantage of the extended transition period.

**Available Information** 

We are subject to the reporting requirements of the Exchange Act, which includes the mandatory filing of quarterly, annual, and current reports, proxy statements, and other required items. The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, which is available at *http://www.sec.gov*.

**Certain U.S. Federal Income Tax Considerations** 

The following discussion is a general summary of the material U.S. federal income tax considerations applicable to us and to an investment in our Units. This discussion is based on the provisions of the Code and the regulations of the U.S. Department of Treasury promulgated thereunder, or "U.S. Treasury Regulations," administrative interpretations and judicial decisions, each as in effect as of the date of this Registration Statement.

These authorities are subject to differing interpretations and change by legislative or administrative action, and any change may be retroactive. This discussion does not constitute a detailed explanation of all U.S. federal income tax aspects affecting us and the Unitholder and does not purport to deal with the U.S. federal

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income tax consequences that may be important to particular investors in light of their individual circumstances, or to some types of investors subject to special U.S. federal income tax rules, such as financial institutions, broker-dealers, traders in securities that elect mark to market treatment, insurance companies, tax-exempt organizations, persons subject to alternative minimum tax, U.S. unitholders (as defined below) whose "functional currency" is not the U.S. dollar, partnerships or other pass-through entities, persons holding our Units in connection with a hedging, straddle, conversion or other integrated transaction, persons required to accelerate the recognition of gross income as a result of such income being recognized on an applicable financial statement, persons who have ceased to be U.S. citizens or to be taxed as resident aliens, or individual non-U.S. investors present in the United States for 183 days or more during a taxable year. This discussion also does not address any aspects of U.S. federal estate or gift tax, or foreign, state, or local tax. This discussion assumes that our investors hold their Units as capital assets for U.S. federal income tax purposes (generally, assets held for investment). No ruling has been or will be sought from the Internal Revenue Service (the "IRS") regarding any matter discussed herein.

For purposes of this discussion, a "U.S. unitholder" is a beneficial owner of our Units who is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity treated as a corporation) created or organized in or under the laws of the United
States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income tax, regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust (i) if a court within the United States is able to exercise primary jurisdiction over the
administration of the trust and one or more "United States persons" (within the meaning of the Code) have the authority to control all substantial decisions of the trust, or (ii) that has made a valid election under applicable U.S.
Treasury Regulations to be treated as a "United States person" (within the meaning of the Code).

For purposes of this discussion, a "non-U.S. unitholder" is a beneficial owner of our Units who is neither a U.S. unitholder nor a partnership for U.S. federal income tax purposes. If an entity or other arrangement classified as a partnership for U.S. federal income tax purposes holds our Units, the U.S. federal income tax treatment of the partnership and each partner generally will depend on the status of the partner, and the activities of the partnership. A partnership, or partner of a partnership, holding or considering an investment in our Units is urged to consult its own tax advisers regarding the U.S. federal income tax consequences of an investment in our Units.

**U.S. Federal Income Taxation of the Company** 

As a BDC, we intend to elect to be treated as a RIC under subchapter M of the Code and intend to qualify for treatment as a RIC for U.S. federal income tax purposes annually thereafter.

To qualify to be treated as a RIC for U.S. federal income tax purposes, we must, among other things, satisfy the domestic corporation requirement, registration requirement, election requirement, source-of-income requirement, asset diversification requirement, and distribution requirement, each of which is discussed below.

*Domestic corporation requirement.* The domestic corporation requirement generally will be satisfied if we are classified as a corporation created or organized in or under the laws of the United States, any state thereof, or the District of Columbia for U.S. federal income tax purposes. We intend to elect to be classified as a corporation for U.S. federal income tax purposes.

*Registration requirement.* The registration requirement generally will be satisfied if we have in effect an election to be treated as a BDC on every day of our taxable year.

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*Election requirement.* The election requirement generally will be satisfied if we elect to be treated as a RIC by computing our taxable income as a RIC on our U.S. federal income tax return for the taxable year or have filed such an election with respect to a previous taxable year.

*Source-of-income requirement.* The source-of-income requirement (the "Source-of-Income Requirement") generally will be satisfied if we derive at least 90% of our gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock or other securities or foreign currency, other income derived with respect to the business of investing in the aforementioned stock, securities, or currencies, or net income derived from an interest in a "qualified publicly traded partnership."

*Asset Diversification Requirement*. The Asset Diversification Requirement (as defined below) will be met if we diversify our holdings so that at the end of each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 50% of the value of our assets consists of cash, cash equivalents, U.S. Government securities,
securities of other RICs, and other securities, if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer (which for these purposes
includes the equity securities of a "qualified publicly traded partnership"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no more than 25% of the value of our assets is invested in (i) the securities, other than U.S. Government
securities or securities of other RICs, of one issuer, (ii) the securities, other than securities of other RICs, of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or
similar or related trades or businesses, or (iii) the securities of one or more "qualified publicly traded partnerships" (the "Asset Diversification Requirement").

*Distribution Requirement*. The Distribution Requirement (as defined below) will be met if we distribute an amount equal to at least the sum of (i) 90% of our investment company taxable income (which includes, among other items, dividends, interest, the excess of any realized net short-term capital gains over realized net long-term capital losses and other taxable income (other than any net capital gain (i.e., the excess of any realized net long-term capital gains over realized net short-term capital losses)), reduced by certain deductible expenses), determined without regard to the deduction for dividends paid, and (ii) 90% of our net tax-exempt interest income (the "Distribution Requirement"). We may make use of "consent dividends" to meet the Distribution Requirement, which would result in dividend income to our Unitholder for U.S. federal income tax purposes, even though our Unitholder would not receive a related cash distribution.

In the case of a RIC that furnishes capital to development corporations, there is an exception relating to the Asset Diversification Requirement described above. This exception is available only to RICs which the SEC determines to be principally engaged in the furnishing of capital to other corporations which are themselves principally engaged in the development or exploitation of inventions, technological improvements, new processes, or products not previously generally available ("SEC Certification"). We have not sought SEC Certification, but it is possible that we may seek SEC Certification in future years. If we receive SEC Certification, we generally will be entitled to include in the computation of the 50% value of our assets (as described above) the value of any securities of an issuer, whether or not we own more than 10% of the outstanding voting securities of the issuer, if the basis of the securities, when added to our basis of any other securities of the issuer that we own, does not exceed 5% of the value of our total assets.

As a RIC, we generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that we timely distribute (or are deemed to distribute) to our Unitholder as dividends. We intend to distribute annually all or substantially all of such income. Generally, if we fail to meet this Distribution Requirement for any taxable year, we will fail to be taxed as a RIC for U.S. federal income tax purposes for such taxable year. We may choose to retain our net capital gains or any investment company taxable income for investment. To the extent we meet the Distribution Requirement for a taxable year, but retain our net capital

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gains or any investment company taxable income for investment, we will be subject to U.S. federal income tax imposed at corporate rates, and possibly U.S. federal excise tax (described below), on such retained capital gains and investment company taxable income.

As a RIC, we are subject to a nondeductible 4% U.S. federal excise tax on certain of our undistributed income, unless we timely distribute (or are deemed to have timely distributed) an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 98.2% of our capital gain net income (i.e., capital gains in excess of capital losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made by us to use our taxable year); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any income and gains recognized, but not distributed, from previous years on which we paid no U.S. federal income
tax (the "Excise Distribution Requirement").

While we intend to distribute any income and capital gains in order to avoid imposition of this 4% U.S. federal excise tax, we may not be successful in entirely avoiding the imposition of this tax. In that case, we will be liable for the 4% U.S. federal excise tax only on the amount by which we do not meet the Excise Distribution Requirement.

We are authorized to borrow funds and to sell assets in order to satisfy the Distribution Requirement and the Excise Distribution Requirement. However, under the 1940 Act, we will not be permitted to make distributions to our investors while any senior securities are outstanding, unless we meet the applicable asset coverage ratios. Moreover, our ability to dispose of assets to meet either the Distribution Requirement or the Excise Distribution Requirement may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements relating to our status as a RIC for U.S. federal income purposes, including the Asset Diversification Requirement. If we dispose of assets in order to meet the Distribution Requirement or to avoid the 4% U.S. federal excise tax, we may make such dispositions at times and at prices that, from an investment standpoint, are not advantageous.

A RIC is limited in its ability to deduct expenses in excess of its "investment company taxable income" (which is, generally, net ordinary income plus the excess of net short-term capital gains over net long-term capital losses). If our expenses in a given year exceed investment company taxable income, we would experience a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years, and such net operating losses do not pass through to the investors of a RIC. In addition, expenses can be used to offset only investment company taxable income, not net capital gain. Due to these limits on the deductibility of expenses, we may, for U.S. federal income tax purposes, have aggregate taxable income for several years that we are required to distribute and that is taxable to our Unitholder, even if such income is greater than the cash or property we receive during those years. Such required distributions may be made from our cash assets or by liquidation of investments, if necessary. We may realize gains or losses from such liquidations. In the event we realize net capital gains from such transactions, the Unitholder may receive a larger capital gain distribution than it would have received in the absence of such transactions.

**Failure to Qualify as a RIC for U.S. Federal Income Tax Purposes** 

We intend to elect to be treated as a RIC for U.S. federal income tax purposes, and we intend to qualify as a RIC annually thereafter; however, no assurance can be provided that we will qualify as a RIC for U.S. federal income tax purposes for any given taxable year. If we fail to satisfy either the Source-of-Income Requirement or the Asset Diversification Requirement for any taxable year, we may nevertheless continue to qualify as a RIC for such year if certain relief provisions are applicable (which may, among other things, require us to pay certain U.S. federal income taxes imposed at corporate rates or to dispose of certain assets). If we were

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unable to qualify for treatment as a RIC for U.S. federal income tax purposes and the foregoing relief provisions are not applicable, we would be subject to U.S. federal income tax on all of our taxable income imposed at regular corporate rates, regardless of whether we make any distributions to our Unitholder. In such case, distributions would not be required to be paid, and any distributions that are paid would be taxable to our Unitholder as ordinary dividend income to the extent of our current or accumulated earnings and profits. Subject to certain holding period and other limitations under the Code, corporate investors would be eligible to claim a dividends received deduction with respect to such dividends, and non-corporate investors generally would be able to treat such dividends as "qualified dividend income," which is subject to reduced rates of U.S. federal income tax. The amount of any distribution in excess of our current and accumulated earnings and profits would first be treated as a return of capital to the extent of our Unitholder's adjusted tax basis in its Units, and the amount of any distribution that is not a dividend and that exceeds our Unitholder's adjusted tax basis in its Units would be treated as gain from the sale or exchange of property. To requalify as a RIC for U.S. federal income tax purposes in a subsequent taxable year, we would be required to satisfy the RIC qualification requirements for that year and dispose of any earnings and profits from any year in which we failed to qualify as a RIC. Subject to a limited exception applicable to RICs that qualified as such under subchapter M of the Code for at least one year prior to disqualification and that requalify as a RIC no later than the second year following the non-qualifying year, we will be subject to tax on any unrealized net built-in appreciation on the assets held by us during the period in which we failed to qualify as a RIC that are recognized within the subsequent five years, unless we made a special election to pay U.S. federal income tax imposed at corporate rates on such built-in gain at the time of our requalification as a RIC. The remainder of this discussion assumes that we qualify as a RIC for U.S. federal income tax purposes for each taxable year.

**Company Investments** 

Certain of our investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, including the dividends received deduction; (ii) convert lower taxed long-term capital gains and qualified dividend income into higher taxed short-term capital gains or ordinary income; (iii) convert ordinary loss or a deduction into capital loss (the deductibility of which is more limited); (iv) cause us to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur for U.S. federal income tax purposes; (vi) adversely alter the U.S. federal income tax characterization of certain complex financial transactions; and (vii) produce income that will not be "good income" for purposes of the Source-of-Income Requirement. We will monitor our transactions, may make certain U.S. federal income tax elections, and may be required to borrow money or dispose of securities in order to mitigate the effect of these rules and to prevent disqualification of the Company as a RIC for U.S. federal income tax purposes; however, there can be no assurance that we will be successful in this regard.

*Debt Instruments.* In certain circumstances, we may be required to recognize taxable income for U.S. federal income tax purposes prior to the time at which we receive cash. For example, if we hold debt instruments that are treated under applicable U.S. federal income tax rules as having OID (such as debt instruments with an end-of-term payment and/or PIK interest payment feature or, in certain cases, debt issued with warrants), we must include in taxable income for U.S. federal income tax purposes each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. Because any OID accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to our Unitholder in order to satisfy the Distribution Requirement and to avoid the 4% U.S. federal excise tax, even though we will not have received any corresponding cash amount.

*Warrants.* Gain or loss realized by us for U.S. federal income tax purposes from the sale or exchange of warrants acquired by us, as well as any loss attributable to the lapse of such warrants, generally are treated as capital gain or loss. The treatment of such gain or loss as long-term or short-term generally depends on how long we held a particular warrant and on the nature of the disposition transaction.

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*Foreign Investments.* In the event we invest in foreign securities, we may be subject to withholding and other foreign taxes with respect to those securities. We do not expect to satisfy the applicable requirements that would permit us to pass through to our unitholders its share of the foreign taxes paid by us.

*Passive Foreign Investment Companies.* We may invest in the shares of a foreign corporation which is classified as a "passive foreign investment company" (within the meaning of Section 1297 of the Code), or "PFIC." As a result, we may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares. Additional charges in the nature of interest may be imposed on us in respect of deferred taxes arising from such distributions or gains. This additional tax and interest may apply even if we make a distribution in an amount equal to any "excess distribution" or gain from the disposition of such shares as a taxable dividend by us to our Unitholder. In lieu of the increased income tax and deferred tax interest charges on excess distributions on and dispositions of a PFIC's shares, we can elect to treat the underlying PFIC as a "qualified electing fund," provided that the PFIC agrees to provide us with adequate information regarding its annual results and other aspects of its operations. With a "qualified electing fund" election in place, we must include in our income each year our share (whether distributed or not) of the ordinary earnings and net capital gain of a PFIC. In the alternative, we can elect, under certain conditions, to mark-to-market at the end of each taxable year our PFIC shares. We would recognize as ordinary income any increase in the value of the PFIC's shares and as ordinary loss (up to any prior income resulting from the mark-to-market election) any decrease in the value of the PFIC's shares. With a "mark-to-market" or "qualified electing fund" election in place on a PFIC, we might be required to recognize in a year income in excess of our actual distributions on and proceeds from dispositions of the PFIC's shares. Any such income would be subject to the Distribution Requirement and would be taken into account for purposes of the 4% U.S. federal excise tax (as described above). No assurances can be given that any "qualified electing fund" election will be available or that, if available, we will make such an election.

Income inclusions from a qualified electing fund will be "good income" for purposes of the Source-of-Income Requirement, provided that the qualified electing fund distributes such income to us out of earnings and profits in the same taxable year to which the income is included in our income or the income is derived in connection with our business of investing in stocks and securities.

*Controlled Foreign Corporations*. If we directly or indirectly hold 10% or more (by voting power or value) of the shares in a non-U.S. corporation that is treated as a controlled foreign corporation (a "CFC"), we may be treated as receiving a deemed distribution (taxable as ordinary income for U.S. federal income tax purposes) each year from such non-U.S. corporation in an amount equal to our pro rata share of certain of the non-U.S. corporation's income for the tax year (including both ordinary earnings and capital gains), whether or not the non-U.S. corporation makes an actual distribution during such year. In general, a non-U.S. corporation will be classified as a CFC if more than 50% of the shares of the corporation, measured by reference to combined voting power or value, is owned (directly, indirectly, or by attribution) by U.S. shareholders. For this purpose, a "U.S. shareholder" is any United States person (within the meaning of the Code) who possesses (actually or constructively) (a) 10% or more of the total combined voting power or (b) 10% or more of the total value of all classes of shares of a non-U.S. corporation. If we are treated as receiving a deemed distribution from a CFC, we will be required to include such distribution in our investment company taxable income, regardless of whether we receive any actual distributions from such CFC. Any such income would be subject to the Distribution Requirement and would be taken into account for purposes of the 4% U.S. federal excise tax (as described above).

Income inclusions from a CFC will be "good income" for purposes of the Source-of-Income Requirement, provided that the CFC distributes such income to us in the same taxable year to which the income is included in our income or the income is derived in connection with our business of investing in stocks and securities.

*Foreign Currency Transactions.* Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time we accrue income or other receivables or accrue expenses or other

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liabilities denominated in a foreign currency and the time we actually collect such receivables or pay such liabilities generally are treated as ordinary income or loss. Similarly, on the disposition of debt instruments and certain other instruments denominated in a foreign currency, gains or losses attributable to fluctuations in the value of the foreign currency between the date of acquisition of the instrument and the date of disposition also are treated as ordinary gain or loss. These gains and losses may increase or decrease the amount of our investment company taxable income to be distributed to our unitholders as ordinary income.

*Special Tax Issues.* Investments in below-investment grade debt instruments and certain equity securities may present special tax issues for us. U.S. federal income tax rules are not entirely clear about certain issues, including when we may cease to accrue interest, OID, or market discount, when and to what extent certain deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and interest income, as well as whether exchanges of debt instruments in a bankruptcy or workout context are taxable. These matters could cause us to recognize taxable income for U.S. federal income tax purposes, even in the absence of cash or economic gain, and require us to make taxable distributions to our Unitholder to maintain our RIC tax treatment or preclude the imposition of either U.S. federal income or excise tax. Additionally, because such taxable income may not be matched by corresponding cash received by us, we may be required to borrow money or dispose of other investments to be able to make distributions to our Unitholder.

**U.S. Federal Income Taxation of U.S. Unitholders** 

Our distributions generally are taxable to U.S. unitholders as either ordinary income or capital gains. Distributions of our "investment company taxable income" (which is, generally, our net ordinary income, plus realized net short-term capital gains in excess of realized net long-term capital losses) will be taxable as ordinary income to U.S. unitholders to the extent of our current or accumulated earnings and profits. To the extent such distributions paid by us to non-corporate U.S. unitholders (including individuals) are attributable to dividends from certain U.S. corporations and certain qualified foreign corporations, such distributions ("Qualified Dividends") may be eligible for reduced rates of U.S. federal income tax. In this regard, it is anticipated that distributions paid by the Company generally will not be attributable to dividends and, therefore, generally will not qualify for the reduced rates of U.S. federal income tax applicable to Qualified Dividends. In addition, it is anticipated that distributions paid by the Company to corporate U.S. unitholders generally will not qualify for the dividends received deduction.

Distributions of our net capital gains (which are generally our realized net long-term capital gains in excess of realized net short-term capital losses) properly reported by us as "capital gain dividends" will be taxable to a U.S. unitholder as long-term capital gains, which are currently taxable at a maximum rate of 20% in the case of individuals and other non-corporate U.S. unitholders, regardless of the U.S. unitholder's holding period for his, her, or its Units. The amount of a distribution in excess of our current and accumulated earnings and profits first reduces a U.S. unitholder's adjusted tax basis in such U.S. unitholder's Units to the extent thereof (but not below zero), and the amount of a distribution that is not a dividend and is in excess of a U.S. unitholder's adjusted tax basis in such U.S. unitholder's Units is treated as gain from the sale or exchange of property to such U.S. unitholder.

Although we currently intend to distribute any net long-term capital gains at least annually, we may in the future decide to retain some or all of our net long-term capital gains but designate the retained amount as a "deemed distribution." In that case, among other consequences, we will pay U.S. federal income tax on the retained amount, each U.S. unitholder will be required to include their share of the deemed distribution in income as if it had been distributed to the U.S. unitholder, and the U.S. unitholder will be entitled to claim a credit or refund, as the case may be, for the U.S. federal income tax so deemed to have been paid by the U.S. unitholder. Additionally, a U.S. unitholder is entitled to increase its adjusted tax basis in its Units by the difference between the amount of includible gains and the tax deemed paid by the U.S. unitholder. A unitholder that is not subject to U.S. federal income tax or otherwise required to file a U.S. federal income tax return would be required to file a

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U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes we paid. In order to utilize the deemed distribution approach, we must provide written notice to our unitholders prior to the expiration of 60 days after the close of the relevant taxable year. We cannot treat any of our investment company taxable income as a "deemed distribution."

Certain distributions reported by us as Section 163(j) interest dividends may be eligible to be treated as interest income by a U.S. unitholder for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the Code. Such treatment by the U.S. unitholder is generally subject to holding period requirements and other potential limitations. The amount that we are eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of our business interest income over the sum of our (i) business interest expense and (ii) other deductions properly allocable to our business interest income. There can be no assurance that we will report any distributions as Section 163(j) interest dividends.

The IRS currently requires that a RIC that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income based upon the percentage of total dividends paid to each class for the tax year. Accordingly, if we issue shares of preferred stock, we intend to allocate capital gain dividends and Section 163(j) interest dividends, if any, between our Units and our shares of preferred stock in proportion to the total dividends paid to each class with respect to such tax year.

We or the applicable withholding agent will provide unitholders with a notice reporting the amount of any ordinary income dividends (including the amount of such dividend, if any, eligible to be treated as a Qualified Dividend) and capital gain dividends by January 31 of the following year. For purposes of determining (1) whether the Distribution Requirement is satisfied for any year and (2) the amount of capital gain dividends paid for that year, we may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If we make such an election, the U.S. unitholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, if we pay a dividend in January which was declared in the previous October, November, or December to unitholders of record on a specified date in one of these months, then the dividend will be treated for U.S. federal income tax purposes as being paid by us and received by the unitholder on December 31 of the year in which the dividend was declared. If a unitholder purchases Units after a distribution has been declared but before the record date of a distribution, the price of the Units will include the value of the distribution, and the unitholder will be subject to U.S. federal income tax on the distribution even though it represents a return of its investment.

*Dispositions.* A U.S. unitholder generally will recognize gain or loss on the sale, exchange, or other taxable disposition of Units in an amount equal to the difference between the U.S. unitholder's adjusted tax basis in the Units disposed of and the amount realized on their disposition. Generally, gain recognized by a U.S. unitholder on the disposition of Units will result in capital gain or loss to a U.S. unitholder and will be a long-term capital gain or loss if the Units have been held for more than one year at the time of the disposition. Any loss recognized by a U.S. unitholder upon the disposition of Units held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed capital gain dividend) by the U.S. unitholder with respect to such Units. A loss recognized by a U.S. unitholder on a disposition of Units will be disallowed as a deduction if the U.S. unitholder acquires or enters into a contract or option to acquire additional Units (whether through the reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the date that the Units are disposed of. In this case, the tax basis of the Units acquired will be adjusted to reflect the disallowed loss.

In general, individuals and other non-corporate U.S. unitholders currently are subject to a maximum U.S. federal income tax rate of 20% on their net capital gain (i.e., the excess of realized net long-term capital gains over realized net short-term capital losses), including any long-term capital gain derived from an investment in the Units. Such rate is lower than the maximum rate on ordinary income currently payable by individuals. In addition, individuals with income in excess of $200,000 ($250,000 in the case of married

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individuals filing jointly or $125,000 in the case of married individuals filing separately) and certain estates and trusts are subject to an additional 3.8% tax on their "net investment income" (or undistributed "net investment income" in the case of an estate or trust), which generally includes net income from interest, dividends, annuities, royalties and rents, and net capital gains (other than certain amounts earned from trades or businesses). Corporate U.S. unitholders currently are subject to U.S. federal income tax on net capital gain at the maximum 21% rate also applied to ordinary income. Non-corporate U.S. unitholders with net capital losses for a year (i.e., capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each year; any net capital losses of a non-corporate U.S. unitholder in excess of $3,000 generally may be carried forward and used in subsequent years as provided in the Code. Corporate U.S. unitholders generally may not deduct any net capital loss for a year, but may carry back such losses for three years or carry forward such losses for five years.

*Reportable Transaction Disclosure.* In certain circumstances, the Code, applicable U.S. Treasury Regulations, and certain IRS administrative guidance require that the IRS be notified of taxable transactions through a disclosure statement attached to a taxpayer's U.S. federal income tax return. In general, if a U.S. unitholder recognizes a loss with respect to Units of $2 million or more for a U.S. unitholder who is an individual, S corporation, trust, or partnership with at least one non-corporate partner, or $10 million or more for a U.S. unitholder who is a corporation or a partnership with solely corporate partners, in any single taxable year (or a greater loss over a combination of years), the U.S. unitholder must file with the IRS a disclosure statement on Form 8886 (or a successor form). Direct holders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, U.S. shareholders or unitholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders or unitholders of most or all RICs. The fact that a loss is reportable under these authorities does not affect the determination of whether the taxpayer's treatment of the loss is proper for U.S. federal income tax purposes. Significant penalties may be imposed in connection with a failure to comply with these reporting requirements. U.S. unitholders should consult their own tax advisers to determine the applicability of these authorities in light of their individual circumstances.

*We May Not be Treated as a Publicly Offered RIC for U.S. Federal Income Tax Purposes.* For any period that we do not qualify as a "publicly offered regulated investment company," as defined in the Code (or a "publicly offered RIC"), non-corporate U.S. unitholders will be taxed for U.S. federal income tax purposes as though they received a distribution of some of our expenses. A "publicly offered RIC" is a RIC whose shares are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. We anticipate that we will not qualify as a publicly offered RIC immediately after our Private Offering or in the foreseeable future; however, we may qualify as a publicly offered RIC for U.S. federal income tax purposes in future taxable years. If we are not a publicly offered RIC for any period, a non-corporate U.S. unitholder's allocable portion of our affected expenses, including our management fees, incentive fees and performance fees, will be treated as an additional distribution to such U.S. unitholder and will be deductible by such U.S. unitholder only to the extent permitted under the limitations described below. For non-corporate unitholders, including individuals, trusts, and estates, significant limitations generally apply to the deductibility of certain expenses of a non-publicly offered RIC, including advisory fees. In particular, these expenses, referred to as miscellaneous itemized deductions, are currently not deductible and are not deductible for alternative minimum tax purposes.

*U.S. Federal Income Taxation of Tax-Exempt U.S. Unitholders.* A U.S. unitholder that is a tax-exempt organization for U.S. federal income tax purposes and therefore generally exempt from U.S. federal income tax may nevertheless be subject to U.S. federal income tax to the extent that it is considered to derive "unrelated business taxable income" ("UBTI"). The direct conduct by a tax-exempt U.S. unitholder of the activities we propose to conduct could give rise to UBTI. However, we will be classified as a corporation for U.S. federal income tax purposes. Consequently, our business activities generally will not be attributed to U.S. unitholders for purposes of determining their treatment under U.S. federal income tax laws. Therefore, a tax-exempt U.S.

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unitholder generally should not be subject to U.S. federal income tax solely as a result of the U.S. unitholder's ownership of Units and receipt of dividends with respect to such Units. Moreover, if we incur indebtedness, such indebtedness will not be attributed to a tax-exempt U.S. unitholder. Therefore, a tax-exempt U.S. unitholder should not be treated as earning income from "debt-financed property," and dividends we pay should not be treated as "unrelated debt-financed income," solely as a result of indebtedness that we incur. Proposals periodically are made to change the treatment of "blocker" investment vehicles interposed between tax-exempt investors and non-qualifying investments. In the event that any such proposals were to be adopted and applied to RICs, the U.S. federal income tax treatment of dividends payable to tax-exempt U.S. unitholders could be adversely affected. In addition, special rules would apply if we were to invest in certain real estate investment trusts or other taxable mortgage pools, which we do not currently plan to do, which could result in a tax-exempt U.S. unitholder recognizing income that would be treated as UBTI.

**U.S. Federal Income Taxation of Non-U.S. Unitholders** 

The following discussion only applies to certain non-U.S. unitholders. Whether an investment in our Units is appropriate for a non-U.S. unitholder will depend upon that person's particular circumstances. An investment in our Units by a non-U.S. unitholder may have adverse U.S. federal income tax consequences. Non-U.S. unitholders should consult their own tax advisers before investing in our Units.

In general, distributions of our "investment company taxable income" to non-U.S. unitholders generally are subject to withholding of U.S. federal tax at a 30% rate (or a lower rate provided by an applicable treaty) to the extent of our current or accumulated earnings and profits, unless an applicable exception applies. This 30% U.S. federal income tax generally is collected by withholding at the source of payment. However, no withholding will be required with respect to certain distributions if (i) the distributions are properly reported to our unitholders as "interest-related dividends" or "short-term capital gain dividends," (ii) the distributions are derived from sources specified in the Code for such dividends, and (iii) certain other requirements are satisfied. We anticipate that a significant amount of our dividends will qualify as "interest-related dividends" or "short-term capital gain dividends." Therefore, our distributions of our investment company taxable income generally will not be subject to withholding of U.S. federal tax. To the extent that we make a distribution of dividends that do not qualify as "interest-related dividends" or "short-term capital gain dividends," we will specifically identify the distribution, as it will be subject to U.S withholding tax at a 30% rate (or a lower rate provided by an applicable treaty) to the extent of our current or accumulated earnings and profits, unless an applicable exception applies, as described above.

If the distributions are effectively connected with the conduct of a U.S. trade or business by the non-U.S. unitholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. unitholder in the United States), we will not be required to withhold U.S. federal income tax if the non-U.S. unitholder complies with applicable certification and disclosure requirements, although the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. unitholders (as described below). Special certification requirements apply to a non-U.S. unitholder that is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisers.

Actual or deemed distributions of our net capital gains to a non-U.S. unitholder if properly reported by us as capital gain dividends, and gains realized by a non-U.S. unitholder upon the sale, exchange, or other taxable disposition of our Units, will not be subject to U.S. federal income tax unless the distributions or gains, as the case may be, are effectively connected with the conduct of a U.S. trade or business of the non-U.S. unitholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. unitholder in the United States) or, in the case of an individual, the non-U.S. unitholder was present in the United States for 183 days or more during the taxable year and certain other conditions are met.

If we distribute our net capital gains in the form of deemed rather than actual distributions, a non-U.S. unitholder will be entitled to a U.S. federal income tax credit or refund equal to the non-U.S. unitholder's

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allocable share of the U.S. federal income tax we pay on the capital gains deemed to have been distributed; however, in order to obtain a refund, the non-U.S. unitholder must obtain a U.S. taxpayer identification number ("TIN") and file a U.S. federal income tax return even if the non-U.S. unitholder would not otherwise be required to obtain a U.S. TIN or file a U.S. federal income tax return.

If any actual or deemed distributions of our net capital gains, or any gains realized upon the sale, exchange, or other taxable disposition of our Units, are effectively connected with the conduct of a U.S. trade or business of the non-U.S. unitholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. unitholder in the United States), such amounts will be subject to U.S. federal income tax on a net income basis in the same manner, and at the graduated rates, applicable to a U.S. unitholder. For a corporate non-U.S. unitholder, the after-tax amount of distributions (both actual and deemed) and gains realized upon the sale, exchange, or other taxable disposition of our Units that are effectively connected with the conduct of a U.S. trade or business (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. unitholder in the United States) may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable income tax treaty). Accordingly, investment in our Units may not be appropriate for certain non-U.S. unitholders.

If we were unable to qualify as a RIC for U.S. federal income tax purposes, any distributions by us would be treated as dividends to the extent of our current or accumulated earnings and profits. We would not be eligible to report any such dividends as "interest-related dividends," "short-term capital gain dividends," or "capital gain dividends." As a result, any such dividend paid to a non-U.S. unitholder that is not effectively connected with the conduct of a U.S. trade or business of the non-U.S. unitholder (and, if an income tax treaty applies, attributable to a permanent establishment maintained by the non-U.S. unitholder in the United States) would be subject to the 30% (or a reduced applicable income tax treaty rate) withholding tax discussed above, regardless of the source of the income giving rise to such distribution. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the non-U.S. unitholder's adjusted tax basis, and any remaining distributions would be treated as a gain from the sale of the non-U.S. unitholder's Units subject to taxation as discussed above. For discussion regarding the consequences to the Company for failing to qualify as a RIC for U.S. federal income tax purposes, see "Failure to Qualify as a RIC for U.S. Federal Income Tax Purposes" above.

**Non-U.S. unitholders and potential non-U.S. unitholders should consult their own tax advisers with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in our Units.** 

**Backup Withholding and Information Reporting** 

*U.S. Unitholders.* A U.S. unitholder may be subject to information reporting and backup withholding when such U.S. unitholder receives dividends on their Units and proceeds from the sale or other disposition of the Units. Certain U.S. unitholders generally are not subject to information reporting or backup withholding, such as corporations and other "exempt recipients," as defined in applicable U.S. Treasury Regulations. A U.S. unitholder will generally be subject to backup withholding if such U.S. unitholder is not otherwise exempt and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such U.S. unitholder fails to furnish the U.S. unitholder's U.S. TIN, which, for an individual, generally
is his or her U.S. Social Security Number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the IRS notifies the payor that such U.S. unitholder furnished an incorrect U.S. TIN;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the payor is notified by the IRS that the U.S. unitholder has failed properly to report payments of interest or
dividends; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such U.S. unitholder fails to certify, under penalties of perjury, on an IRS Form W-9 (Request for Taxpayer Identification Number and Certification) or a suitable substitute form (or other applicable

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certificate), that the U.S. unitholder has furnished a correct U.S. TIN and that the U.S. unitholder is not subject to backup withholding.

U.S. unitholders should consult their tax advisers regarding their qualification for an exemption from backup withholding and the procedures for obtaining such an exemption, if applicable. Backup withholding is not an additional U.S. federal income tax, and taxpayers may use amounts withheld as a credit against their U.S. federal income tax liability or may claim a refund if they timely provide certain information to the IRS.

*Non-U.S. Unitholders.* The amount of distributions that we pay to any documented non-U.S. unitholder on their Units will be reported to the non-U.S. unitholder and to the IRS annually on an IRS Form 1042-S, regardless of the amount of U.S. federal income tax withheld. Copies of these information returns may also be made available under the provisions of a specific income tax treaty or agreement to the tax authorities of the country in which the non-U.S. unitholder resides. However, a non-U.S. unitholder generally will not be subject to backup withholding and certain other information reporting with respect to payments that we make to the non-U.S. unitholder, provided that we do not have actual knowledge or reason to know that such non-U.S. unitholder is a "United States person," within the meaning of the Code, and the non-U.S. unitholder has established that it is a non-U.S. unitholder or otherwise established an exemption from backup withholding.

If a non-U.S. unitholder sells or exchanges a Unit or Units through a United States broker or the United States office of a foreign broker, or such sale or exchange is deemed to occur through a United States office of a foreign broker, the proceeds from such sale or exchange will be subject to information reporting and backup withholding, unless the non-U.S. unitholder provides to such broker a certificate establishing that such unitholder is not a U.S. unitholder and such broker does not have actual knowledge or reason to know that such evidence is false, or the non-U.S. unitholder is an exempt recipient eligible for an exemption from information reporting and backup withholding. If a non-U.S. unitholder sells or exchanges a Unit or Units through the foreign office of a broker who is a United States person or has certain enumerated connections with the United States, the proceeds from such sale or exchange will be subject to information reporting, unless the non-U.S. unitholder provides to such broker a certificate establishing that such unitholder is not a U.S. unitholder and such broker does not have actual knowledge or reason to know that such evidence is false, or the non-U.S. unitholder is an exempt recipient eligible for an exemption from information reporting. In circumstances where information reporting by the foreign office of such a broker is required, backup withholding will be required only if the broker has actual knowledge that the holder is a U.S. unitholder.

A non-U.S. unitholder generally will be entitled to credit any amounts withheld under the backup withholding rules against the non-U.S. unitholder's U.S. federal income tax liability or may claim a refund, provided that the required information is furnished to the IRS in a timely manner.

**Unitholders are urged to consult their tax advisers regarding the application of information reporting and backup withholding in their particular situations, the availability of an exemption therefrom, and the procedures for obtaining such an exemption, if available.** 

**FATCA** 

Legislation commonly referred to as the "Foreign Account Tax Compliance Act," or "FATCA," generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions ("FFIs"), unless such FFIs either: (i) enter into an agreement with the U.S. Department of the Treasury to report certain required information with respect to accounts held by certain specified U.S. persons (or held by foreign entities that have certain specified U.S. persons as substantial owners) and to withhold on certain payments; or (ii) reside in a jurisdiction that has entered into an intergovernmental agreement ("IGA") with the United States to collect and share such information and are in compliance with the terms of such IGA and any enabling legislation or regulations. The types of income subject to the tax include U.S. source interest and dividends. While the Code would also require withholding on payments of the gross proceeds from the sale of any property

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that could produce U.S. source interest or dividends, such as our Units, the U.S. Treasury Department has indicated its intent to eliminate this requirement in proposed U.S. Treasury Regulations, which state that taxpayers may rely on the proposed U.S. Treasury Regulations until final regulations are issued. The information required to be reported includes the identity and U.S. TIN of each account holder that is a specified U.S. person and certain transaction activity within the holder's account. In addition, subject to certain exceptions, FATCA also imposes a 30% withholding on certain payments to certain foreign entities that are not FFIs, unless such foreign entities certify that they do not have a greater than 10% owner that is a specified U.S. person or provide the withholding agent with identifying information on each greater than 10% owner that is a specified U.S. person. Depending on the status of a non-U.S. unitholder and the status of the intermediaries through which they hold their Units, non-U.S. unitholders could be subject to this 30% withholding tax with respect to distributions on their Units. Under certain circumstances, a non-U.S. unitholder might be eligible for refunds or credits of such taxes.

**Non-U.S. persons should consult their own tax advisers with respect to the FATCA consequences of an investment in our Units.** 

**Item 1A. *Risk Factors.*** 

*Investing in our Units involves significant risks. A prospective investor should consider, among other factors, the risk factors set forth below before deciding to purchase our Units. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, the NAV of our Units could decline, and investors may lose all or part of their investment.* 

**Summary of Risk Factors** 

The following is a summary of the principal risk factors associated with an investment in our Units. Further details regarding each risk included in the below summary list can be found further below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a new company and have no prior operating history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to execute our investment strategies and achieve our investment objectives depends on the Advisers
and their ability to manage and support our investment process. If either or both of the Advisers were to lose any of their key personnel, fail to maintain or develop strong referral relationships, or terminate either or both of the Advisory
Agreements, our ability to achieve our investment objective could be significantly harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to heightened management risk because our portfolio investments are separately managed by two
investment advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are significant potential conflicts of interest that could negatively affect our investment returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We operate in a highly competitive market for investment opportunities, which could reduce returns and result in
losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be subject to U.S. federal income tax if we are unable to qualify and thereafter maintain our tax
treatment as a RIC under subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legislative or regulatory tax changes could have an adverse impact on us and the Unitholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may have difficulty paying our required distributions if we recognize income before, or without, receiving
cash representing such income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulations governing our operation as a BDC may affect or limit our operations, including our ability to raise
additional capital, the way in which we raise such capital, and our ability to enter into transactions with our affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to risks associated with the incurrence of leverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions of any future borrowing facility we may enter may limit our discretion in operating our business, and
adverse developments in the credit markets may impair our ability to enter any such facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to risks associated with fluctuations in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most of our portfolio investments are in private companies, and there may be uncertainty as to the value of such
investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are unable to obtain additional capital to finance our growth, or if such capital is not available on terms
that are favorable to us, our ability to grow may be impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may experience fluctuations in our annual and quarterly operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Board may change our investment objectives, operating policies, and strategies without prior notice or
approval from our Unitholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are highly dependent on information systems, and systems interruptions or failures, including the failure of
our cybersecurity systems due to cyberattacks or the occurrence of events unanticipated in our disaster recovery systems and management continuity planning, could disrupt or impair our ability to conduct business effectively and negatively affect
our results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global economic, political, and market conditions may adversely affect our business, results of operations, and
financial condition, including our revenue growth and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased geopolitical unrest, terrorist attacks, or acts of war may impact our business or the businesses in
which we invest, either of which would harm our business, operating results, and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments in middle-market and upper middle-market private companies are very risky and highly speculative,
and may involve information asymmetries or gaps that limit our ability to appropriately assess and value such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The lack of liquidity in our investments may adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio may be focused on a limited number of portfolio companies or industries, which will subject us to a
risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may securitize certain of our investments, which may subject us to certain structured financing risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because we generally will not hold controlling interests in our portfolio companies, we may not be in a position
to exercise control over those portfolio companies or prevent decisions by management of those portfolio companies that could decrease the value of our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to realize expected returns on our invested capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By originating loans to companies that are experiencing significant financial or business difficulties, we may be
exposed to distressed lending risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio companies may, in some cases, incur debt or issue equity securities that rank equally with, or
senior to, our investments in those companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be exposed to special risks associated with bankruptcy cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our failure to make follow-on investments in our portfolio companies
could impair the value of our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We cannot guarantee that we will be able to obtain or retain various required lending licenses from U.S. states
or in any other jurisdiction where such licenses may be required in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments in non-U.S. companies may involve significant risks, in
addition to the risks inherent to U.S. investments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expose ourselves to risks when we engage in hedging transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The regulatory requirements to which derivatives are subject may affect our ability to hedge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio investments may present special tax issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are certain risks associated with holding debt obligations that have OID or PIK interest components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are certain risks applicable to the Unitholder associated with its ownership of our Units, including the
risk that it may not receive distributions, that distributions may not grow over time, or that distributions may represent a return of capital.

**Risks Relating to our Business and Structure** 

***We are a new company and have no prior operating history.***

We are an externally managed, non-diversified, closed-end management investment company that intends to elect to be regulated as a BDC. We are also a new company and have no prior operating history. As a result, we have limited financial information upon which prospective unitholders can evaluate an investment in us or our prior performance. We are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objective and that the value of our Unitholder's investment could decline substantially or become worthless. While we believe that the past professional experiences of our Advisers, including the investment team of each Adviser, such as the investment and financial experience of each Adviser's senior management, will increase the likelihood each respective Adviser will be able to manage us successfully, there can be no assurance that this will be the case.

***We are dependent upon key personnel of each of the Advisers for our future success. If either or both of the Advisers were to lose any of their key personnel, our ability to achieve our investment objectives could be significantly harmed.***

We depend on the diligence, skill and network of business contacts of the senior investment professionals of both of the Advisers to achieve our investment objectives. Each Adviser's team of investment professionals evaluates, negotiates, structures, closes, and monitors our investments in accordance with the terms of their respective Advisory Agreements with us. We can offer no assurance, however, that either or both Adviser's investment professionals will continue to provide investment advice to us.

The services of each Adviser are provided to us under the terms of the respective Advisory Agreement. The loss of any Adviser's employees who are responsible for managing or overseeing our investments may limit our ability to achieve our investment objectives and operate our business. This could have a material adverse effect on our financial condition, results of operations, and cash flows.

***Our business model depends to a significant extent upon strong referral relationships. Any inability of either or both Advisers to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.***

We depend upon the employees of both Advisers to maintain their relationships with private equity sponsors, placement agents, investment banks, management groups, and other financial institutions, and we will rely to a significant extent upon these relationships to provide us with potential investment opportunities. If such employees fail to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom the employees of the Advisers have relationships are not obligated to provide them with investment opportunities, and we can offer no assurance that these relationships will generate investment opportunities for us in the future. The failure of any of these relationships to generate investment opportunities for us could hamper our ability to achieve our investment objectives, resulting in a material adverse effect on our financial condition, results of operations, and cash flows.

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***Our financial condition, results of operations, and cash flows will depend on our ability to manage our business effectively.***

Our ability to achieve our investment objectives will depend on our ability to manage our business and to grow our investments and earnings. This will depend, in turn, on each Adviser's ability to identify, invest in, and monitor portfolio companies that meet our investment criteria. The achievement of our investment objectives on a cost-effective basis will depend upon each Adviser's execution of its investment process, its ability to provide competent, attentive and efficient services to us, and, to a lesser extent, our access to financing on acceptable terms. Employees of each Adviser may have substantial responsibilities in connection with their management of other investment funds, accounts, and investment vehicles. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition, results of operations, and cash flows.

***We are subject to heightened management risk because our portfolio investments are separately managed by two investment advisers.***

Management risk is particularly significant for us because our investment program involves two components, OHA Assets and Aranda Assets, which are separately managed by the OHA Adviser and Aranda Adviser, respectively. Each Adviser will apply different investment techniques and risk analyses in making investment decisions on our behalf, and there can be no assurance that these strategies will produce the desired results. For instance, each Adviser's ability to implement its strategy successfully may be hindered by informational barriers between the Advisers with respect to specific portfolio holdings, which adds complexity to our overall management.

***There are significant potential conflicts of interest that could negatively affect our investment returns.***

The members of the Aranda Investment Committee and/or the OHA Adviser's portfolio management team serve, or may serve, as officers, directors, members, or principals of entities that operate in the same or a related line of business as the Company, or of investment funds, accounts, or investment vehicles managed by either Adviser or its affiliates. Similarly, each Adviser and/or its affiliates may have other clients with similar, different, or competing investment objectives. In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in our best interests or that of the Unitholder.

The Company, the Aranda Adviser, and the Unitholder are all wholly owned by Temasek, which significantly reduces the potential for conflicts of interest with respect to those parties. However, there may be times when the Advisers and/or the respective investment professionals of each Adviser have interests that differ from those of the Unitholder, giving rise to a conflict of interest. Although each Adviser will endeavor to handle these investment and other decisions in a fair and equitable manner, we and/or the Unitholder could be adversely affected by these decisions. Moreover, given the subjective nature of the investment and other decisions made by each Adviser on our behalf, we are unable to monitor these potential conflicts of interest between us and the Advisers; however, the Board, including the Independent Directors, will review conflicts of interest in connection with its review of the performance of each of the Advisers. As a BDC, we may also be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates, including our officers, directors, Advisers, principal underwriters, and certain of their affiliates, without the prior approval of the Independent Directors and, in some cases, prior approval by the SEC through an exemptive order (other than pursuant to current regulatory guidance), such as the Order.

***The investment professionals and other employees of the Advisers may, from time to time, possess material non-public information, limiting our investment discretion.***

The investment professionals and other employees of the Advisers may serve as directors of, or in a similar capacity with, the portfolio companies in which we invest, the securities of which are purchased or sold

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on our behalf. In the event that material non-public information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies. This limitation of our investment discretion may hamper our ability to complete transactions in favorable market conditions, thereby resulting in material adverse effects on our financial condition and results of operations.

***Our management and incentive/performance fees may induce the Advisers to incur additional leverage.***

Generally, the management and incentive or performance fees payable to the Advisers may create incentives for the Advisers to use additional available leverage. For example, the fact that both of the Aranda Base Management Fee and OHA Base Management Fee are payable based upon the value of our assets could result in either or both Advisers arranging for us to invest in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns. Under certain circumstances, the use of additional leverage may increase the likelihood of us defaulting on our borrowings, which would disfavor our Unitholder.

In addition, because the incentive/performance fees payable to the Advisers (as applicable) are each calculated as a percentage of our assets subject to a hurdle, having additional leverage available may encourage an Adviser to use leverage to increase the leveraged return on our investment portfolio. To the extent additional leverage is available at favorable rates, an Adviser could use leverage to increase the size of our investment portfolio to generate additional income, which may make it easier to meet the applicable hurdle.

The Board is charged with protecting our interests by monitoring how the Advisers address these and other conflicts of interest associated with their respective management services and compensation. While the Board is not expected to review or approve each investment decision, borrowing, or incurrence of leverage, the Independent Directors will periodically review the Advisers' services and fees as well as their portfolio management decisions and portfolio performance. In connection with these reviews, the Independent Directors will consider whether our Advisers' fees, expenses, and decisions (including those related to leverage) remain appropriate.

***We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.***

We compete with a number of entities to make the types of investments that we make. For example, we compete with public and private funds, commercial and investment banks, commercial financing companies, and, to the extent they provide an alternative form of financing, private equity and hedge funds. Our competitors may be substantially larger or have considerably greater financial, technical, and marketing resources than we have. For example, we believe some of our competitors may have access to funding sources that are not available to us, including outside investor commitments. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than we can. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the Source-of-Income, Asset Diversification, and Distribution Requirements we must satisfy to qualify and maintain our tax treatment as a RIC. The competitive pressures we face may have a material adverse effect on our business, financial condition, results of operations, and cash flows. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we may not be able to identify and make investments that are consistent with our investment objectives.

With respect to the investments we make, we do not seek to compete based primarily on the interest rates we offer, and we believe that some of our competitors may make loans with interest rates that are lower than the rates we offer. With respect to all investments, we may lose some investment opportunities if we do not

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match our competitors' pricing, terms, and structure. However, if we match our competitors' pricing, terms, and structure, we may experience decreased net interest income, lower yields, and increased risk of credit loss. We may also compete for investment opportunities with investment funds, accounts, and investment vehicles managed by each Adviser or their respective affiliates. Although the Advisers will allocate opportunities in accordance with their respective firmwide policies and procedures, allocations to such investment funds, accounts, and investment vehicles will reduce the amount and frequency of opportunities available to us and may not be in the best interests of us and the Unitholder.

***We will be subject to U.S. federal income tax if we are unable to qualify and thereafter maintain our tax treatment as a RIC under subchapter M of the Code.***

To qualify and thereafter maintain our tax treatment as a RIC under subchapter M of the Code, we must meet the Source-of-Income, Asset Diversification, and Distribution Requirements. The Distribution Requirement for a RIC generally is satisfied if we distribute at least the sum of 90% of our investment company taxable income (without regard to the deduction for dividends paid) and 90% of our net tax-exempt interest income to the Unitholder on an annual basis. Because we expect to incur debt, we will be subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to maintain our tax treatment as a RIC. If we are unable to obtain cash from other sources, we may fail to maintain our tax treatment as a RIC and, thus, may be subject to corporate-level income tax. To maintain our tax treatment as a RIC, we must also meet the Asset Diversification Requirement at the end of each calendar quarter. Failure to meet these tests may result in our having to dispose of certain investments quickly in order to prevent the loss of our tax treatment as a RIC. Because most of our investments will be in private or thinly traded public companies, any such dispositions may be made at disadvantageous prices and may result in substantial losses. No certainty can be provided that we will satisfy the Asset Diversification Requirement or the other requirements necessary to maintain our tax treatment as a RIC. If we fail to maintain our tax treatment as a RIC for any reason and become subject to U.S. federal income tax, the resulting income taxes could substantially reduce our net assets, the amount of income available for distributions to the Unitholder and the amount of funds available for new investments.

***Legislative or regulatory tax changes could have an adverse impact on us and the Unitholder.***

At any time, the U.S. federal income tax laws and regulations (including laws and regulations governing RICs and their shareholders) or the administrative interpretations of those laws or regulations may be amended. Any new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of the Company or the Unitholder. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our Units or the value or the resale potential of our investments.

***We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.***

For U.S. federal income tax purposes, we may include in income certain amounts that we have not yet received in cash, such as the accrual of OID. This may arise if we receive warrants in connection with the making of a loan and in other circumstances, or through contracted PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. Such OID (which could be significant relative to our overall investment activities) and increases in loan balances as a result of contracted PIK arrangements are included in income before we receive any corresponding cash payments. We also may be required to include in income certain other amounts that we will not receive in cash.

Since in certain cases we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least the sum of 90% of our investment company taxable income (without regard to the deduction for dividends paid) and 90% of our net tax-exempt

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interest income to qualify and thereafter maintain our tax treatment as a RIC. In such a case, we may have to sell some of our investments at times and at prices we would not consider advantageous, or raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain such cash from other sources, we may fail to qualify and/or thereafter maintain our tax treatment as a RIC, and thus we may be subject to corporate-level income tax.

***PIK interest payments we receive will increase our assets under management and, as a result, will increase the amount of base management fees and incentive/performance fees payable to the Advisers, as applicable.***

Certain of our debt investments may contain provisions providing for the payment of PIK interest. Because PIK interest results in an increase in the size of the loan balance of the underlying loan, our receipt of PIK interest will have the effect of increasing our assets under management. As a result, because the base management fee that we will pay to an Adviser is based on the value of our assets, our receipt of PIK interest will result in an increase in the amount of the base management fees payable to an Adviser. In addition, any such increase in a loan balance due to the receipt of PIK interest will cause such loan to accrue interest on the higher loan balance, which will result in an increase in our pre-incentive fee net investment income and, as a result, an increase in incentive or performance fees, as applicable, that are payable to an Adviser.

***Regulations governing our operation as a BDC may affect our ability to, and the way in which we, raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage.***

We may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as "senior securities," up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, we are permitted as a BDC that has satisfied certain requirements to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, equals at least 150% of our gross assets, less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we would not be able to borrow additional funds until we are able to comply with the 150% asset coverage ratio applicable to us under the 1940 Act. Also, any amounts that we use to service our indebtedness would not be available for distributions to our unitholders. If we issue senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss.

***To the extent we finance our investments with borrowed money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us.***

The use of leverage magnifies the potential for gain or loss on amounts invested. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in the Units. If we use leverage to partially finance our investments through banks, insurance companies, and other lenders, our unitholders will experience increased risks associated with its investment in the Units. Lenders of these funds will have a fixed dollar claims on our assets that would be superior to the claims of our Unitholder, and we would expect such lenders to seek recovery against our assets in the event of a default.

In addition, under the terms of any borrowing facility or other debt instrument that we may enter into, we are likely to be required to use the net proceeds of any investments that we sell to repay a portion of the amount borrowed under such facility or instrument before applying such net proceeds to any other uses. If the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged, thereby magnifying losses or eliminating our stake in a leveraged investment. Similarly, any decrease in our revenue or income will cause our net income to decline more sharply than it would have had we not borrowed. Such a decline would also negatively affect our ability to make distributions with respect to the Units. Our ability to service any debt depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. Moreover, as the base management fees payable to our Advisers

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under each of the Advisory Agreements are calculated based on the value of our assets, including those assets acquired through the use of leverage, the Advisers will have a financial incentive to incur leverage, which may not be consistent with our Unitholder's interests. In addition, our Unitholder will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the base management fees payable to either of our Advisers.

We are generally required to meet a coverage ratio of total assets to total borrowings and other senior securities, which includes all of our borrowings and any preferred stock that we may issue in the future, of at least 150%. If this ratio declines below 150%, we will not be able to incur additional debt until we are able to comply with the 150% asset coverage ratio applicable to us under the 1940 Act. This could have a material adverse effect on our operations, and we may not be able to make distributions. The amount of leverage that we employ will depend on the Advisers' and the Board's assessment of market and other factors at the time of any proposed borrowing. We can make no assurance that we will be able to obtain credit at all or on terms acceptable to us.

In addition, our future debt facilities may impose financial and operating covenants that restrict our business activities, including limitations that hinder our ability to finance additional loans and investments or to make the distributions required to qualify and thereafter maintain our tax treatment as a RIC under the Code.

***Substantially all of our assets may be required to be subject to security interests under future debt financing arrangements and, if we default on our obligations thereunder, we may suffer adverse consequences, including foreclosure on our assets.***

Substantially all of our assets may be required to be pledged as collateral under our future financing arrangements. If we default on our obligations under such financing arrangements, the lenders may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests. In such event, we may be forced to sell our investments to raise funds to repay our outstanding borrowings to avoid foreclosure, and these forced sales may be at times and at prices we would not consider advantageous. Moreover, such deleveraging could significantly impair our ability to effectively operate our business as previously planned. As a result, we could be forced to curtail or cease new investment activities and lower or eliminate the dividends paid to our Unitholder.

***To the extent we use debt to finance our investments and issue senior securities, including preferred stock and debt securities, if market interest rates were to increase, our cost of capital could increase, which could reduce our net investment income.***

Because we expect to borrow money to make investments and may in the future issue additional senior securities including preferred stock and debt securities, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates would not have a material adverse effect on our net investment income in the event we use debt to finance our investments. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. We may also utilize instruments such as forward contracts, currency options, and interest rate swaps, caps, collars, and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates, to the extent permitted by the 1940 Act.

***Provisions of any future borrowing facility may limit our discretion in operating our business.***

Any future borrowing facility may be backed by all or a portion of our loans and securities on which the lenders may have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any

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security interests we grant will be set forth in a guarantee and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral agent for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations, and cash flows.

In addition, any security interests, as well as negative covenants under any future borrowing facility, may limit our ability to incur additional liens or debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity, or to obtain additional debt or equity financing.

In addition, under any future borrowing facility, we may be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests, and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. Furthermore, we expect that the terms of any future financing arrangement may contain a covenant requiring us to qualify and thereafter maintain compliance with RIC provisions at all times, subject to certain remedial provisions. Thus, a failure to maintain compliance with RIC provisions could result in an event of default under the financing arrangement. An event of default under any borrowing facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition. This could reduce our revenues and, by delaying any cash payment allowed to us under any borrowing facility until the lenders have been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and maintain our tax treatment as a RIC.

***We may in the future determine to fund a portion of our investments with preferred stock, which would magnify the potential for gain or loss and the risks of investing in us in the same way as borrowings.***

Preferred stock, which is another form of leverage, has the same risks to the holders of our Units as borrowings, because the dividends on any preferred stock we issue must be cumulative. Payment of such dividends and repayment of the liquidation preference of such preferred stock must take preference over any dividends or other payments to our Unitholder, and preferred stockholders are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference.

***Adverse developments in the credit markets may impair our ability to enter into any other future borrowing facility.***

In past economic downturns, such as the financial crisis in the United States that began in mid-2007 and during other times of extreme market volatility, many commercial banks and other financial institutions stopped lending or significantly curtailed their lending activity. In addition, in an effort to stem losses and reduce their exposure to segments of the economy deemed to be high risk, some financial institutions limited routine refinancing and loan modification transactions and even reviewed the terms of existing facilities to identify bases for accelerating the maturity of existing lending facilities. If these conditions recur, it may be difficult for us to obtain desired financing to finance the growth of our investments on acceptable economic terms, or at all.

If we are unable to consummate credit facilities on commercially reasonable terms, our liquidity may be reduced significantly. If we are unable to repay amounts outstanding under any facility we may enter into and are declared in default, or are unable to renew or refinance any such facility, such events would limit our ability to initiate significant originations or to operate our business in the normal course. These situations may arise due

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to circumstances that we may be unable to control, such as inaccessibility of the credit markets, a severe decline in the value of the U.S. dollar, a further economic downturn, or an operational problem that affects third parties or the Company and could materially damage our business. Moreover, we are unable to predict when economic and market conditions may become more favorable. Even if such conditions improve broadly and significantly over the long term, adverse conditions in particular sectors of the financial markets could adversely impact our business.

***Most of our portfolio investments will be recorded at fair value as determined in good faith by the OHA Adviser as our valuation designee; as a result, there may be uncertainty as to the value of our portfolio investments.***

Most of our portfolio investments will take the form of securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable, and we value these investments at fair value as determined in good faith by the valuation designee, including to reflect significant events affecting the value of our investments, pursuant to the Board's delegation of such function under Rule 2a-5. Most, if not all, of our investments (other than cash and cash equivalents) are classified as Level 3 under ASC 820. This means that our portfolio valuations are based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. Inputs into the determination of fair value of our portfolio investments require significant management judgment or estimation. Even if observable market data is available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We intend to retain the services of independent service providers, including third-party valuation firms, to review the valuation of these loans and securities. The types of factors that the OHA Adviser may take into account in determining the fair value of our investments generally include, as appropriate, comparison to publicly traded securities, including such factors as yield, maturity, and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time, and may be based on estimates, the OHA Adviser's determination of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. Our NAV could be adversely affected if the OHA Adviser's determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposition of such loans and securities.

We adjust quarterly the valuation of our portfolio to reflect our determination of the fair value of each investment in our portfolio. Any changes in fair value are recorded in our statement of operations as net change in unrealized appreciation or depreciation.

***We and our portfolio companies may be subjected to potential adverse effects of new or modified laws or regulations.***

We and our portfolio companies are subject to regulation at the local, state, federal, and, in some cases, foreign levels. These laws and regulations, as well as their interpretation, are likely to change from time to time, and new laws and regulations may be enacted. Accordingly, any change in these laws or regulations, changes in their interpretation, or newly enacted laws or regulations, or any failure by us or our portfolio companies to comply with these laws or regulations, could require changes to certain of our or our portfolio companies' business practices, negatively impact our or our portfolio companies' operations, cash flows, or financial condition, impose additional costs on us or our portfolio companies, or otherwise adversely affect our business or the business of our portfolio companies. In addition to the legal, tax, and regulatory changes that are expected to occur, there may be unanticipated changes. The legal, tax, and regulatory environment for BDCs, investment advisers and the instruments that they utilize (including derivative instruments) is continuously evolving.

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Over the last several years, there also has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new regulations. While it cannot be known at this time whether any regulation will be implemented or what form it will take, increased regulation of non-bank credit extension could negatively impact our operations, cash flows, or financial condition, impose additional costs on us, intensify the regulatory supervision of us, or otherwise adversely affect our business.

**Risks Related to our Operations** 

***Because we intend to distribute substantially all of our income to our Unitholder to qualify and maintain our tax treatment as a RIC, we will continue to need additional capital to finance our growth. If additional funds are unavailable or not available on favorable terms, our ability to grow may be impaired.***

We will need additional capital to fund new investments and grow our portfolio of investments. We intend to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. Unfavorable economic conditions could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. A reduction in the availability of new capital could limit our ability to grow. In addition, we are required to distribute at least the sum of 90% of our investment company taxable income (without regard to the deduction for dividends paid) and 90% of our net tax-exempt interest income to our Unitholder to qualify and thereafter maintain our tax treatment as a RIC. As a result, these earnings will not be available to fund new investments. An inability on our part to access the capital markets successfully could limit our ability to grow our business and execute our business strategy fully, and could decrease our earnings, if any.

We are required to meet a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities to total senior securities, which includes all of our borrowings, of at least 150%. This requirement limits the amount that we may borrow. Since we will continue to need capital to grow our investment portfolio, these limitations may prevent us from incurring debt and require us to raise additional equity at a time when it may be disadvantageous to do so. While we expect that we will be able to borrow and to issue additional debt securities and expect that we will be able to issue additional equity securities, which would in turn increase the equity capital available to us, we cannot assure investors that debt and equity financing will be available to us on favorable terms, or at all. If additional funds are not available us, we may be forced to curtail or cease new investment activities, and our NAV could decline.

***The time and resources that personnel of each Adviser devote to us may be diverted, and we may face additional competition due to the fact that neither Adviser is prohibited from raising money for, or managing, another entity that makes the same types of investments that we target.***

The personnel of each Adviser are not prohibited from raising money for, or managing, another investment entity that makes the same types of investments as those we target. As a result, the time and resources each Adviser could devote to us may be diverted. In addition, we may compete with any such investment entity for the same investment opportunities.

***The Advisers' liability is limited under the Advisory Agreements, and we have agreed to indemnify the Advisers against certain liabilities, which may lead the Advisers to act in a riskier manner on our behalf than they would when acting for their own account.***

Under the Advisory Agreements, the Advisers have not assumed any responsibility to us other than to render the services called for under such agreements. They will not be responsible for any action of the Board in following or declining to follow the Advisers' advice or recommendations. Under the Advisory Agreements, the Advisers, their officers, members, and personnel, and any person controlling or controlled by the Advisers will not be liable to us, any of our subsidiaries, our directors, our unitholders, or any of our subsidiaries' shareholders

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or partners for acts or omissions performed in accordance with and pursuant to the Advisory Agreements, except those resulting from acts constituting gross negligence, willful misfeasance, bad faith, or reckless disregard of the duties that the Advisers owes us under the Advisory Agreements. In addition, as part of the Advisory Agreements, we have agreed to indemnify the Advisers and each of its officers, directors, members, managers, and employees from and against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of, or in connection with our business and operations or any action taken or omitted on our behalf pursuant to authority granted by the Advisory Agreements, except where attributable to gross negligence, willful misfeasance, bad faith, or reckless disregard of such person's duties under the Advisory Agreements. These protections may lead the Advisers to act in a riskier manner when acting on our behalf than they would when acting for their own account.

***The Advisers can resign as our investment adviser or administrator upon 60 days' notice, and we may not be able to find a suitable replacement within that time, or at all, resulting in a disruption in our operations that could adversely affect our financial condition, business, and results of operations.***

The Advisers have the right under their respective Advisory Agreements to resign as our investment adviser at any time upon 60 days' written notice, whether we have found a replacement or not. Similarly, the Administrator has the right under the Administration Agreement to resign from its role as our administrator at any time upon 60 days' written notice, whether we have found a replacement or not. If the Advisers or Administrator were to resign under any of these agreements, we may not be able to find a new investment adviser or administrator, as applicable, or hire internal management with similar expertise and the ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, and our financial condition, business, and results of operations, as well as our ability to pay distributions to our unitholders, are likely to be adversely affected. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objectives may result in additional costs and time delays that may adversely affect our business, financial condition, results of operations, and cash flows.

***We may experience fluctuations in our annual and quarterly operating results.***

We could experience fluctuations in our annual and quarterly operating results due to a number of factors, including the interest rate payable on the loans and debt securities we acquire, the default rate on such loans and securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in the market, and general economic conditions. In light of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

***The Board may change our investment objectives, operating policies, and strategies without prior notice or approval from the Unitholder.***

The Board has the authority, except as otherwise provided in the 1940 Act, to modify or waive our operating policies and strategies without prior notice and without approval from the Unitholder. However, absent approval from the Unitholder, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business or operating results. Nevertheless, any such changes could adversely affect our business and impair our ability to make distributions to the Unitholder.

***We are highly dependent on information systems, and systems failures could significantly disrupt our business, which may, in turn, negatively affect our results of operations.***

Our business is highly dependent on the communications and information systems of the Advisers and the Administrator. In addition, certain of these systems are provided to the Advisers and/or Administrator by

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third-party service providers. Any failure or interruption of such systems, including as a result of the termination of an agreement with any such third-party service provider, could cause delays or other problems in our activities. This, in turn, could have a material adverse effect on our operating results and negatively affect us.

***The failure of our cybersecurity systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning, could impair our ability to conduct business effectively.***

The occurrence of a disaster, such as a cyberattack against us or against a third party that has access to our data or networks, a natural catastrophe, an industrial accident, failure of our disaster recovery systems, or consequential employee error, could have an adverse effect on our ability to communicate or conduct business, negatively impacting our operations and financial condition. This adverse effect can become particularly acute if those events affect our electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data.

We depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems, networks, and data, like those of other companies, could be subject to cyberattacks and unauthorized access, use, alteration, or destruction, such as from physical and electronic break-ins or unauthorized tampering, malware, and computer virus attacks, or system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, and other information processed, stored in, and transmitted through our computer systems and networks. Such an attack could cause interruptions or malfunctions in our operations, which could result in financial losses, litigation, regulatory penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation.

Third parties with which we do business may also be sources of cybersecurity or other technological risks. We outsource certain functions, and these relationships allow for the storage and processing of our information, as well as customer, counterparty, employee, and borrower information. Cybersecurity failures or breaches by either Adviser, the Administrator or other service providers (including, but not limited to, accountants, custodians, transfer agents, and administrators), and the issuers of securities in which we invest, also have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate our NAV, impediments to trading, the inability of our unitholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputation damages, reimbursement of other compensation costs, or additional compliance costs. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. We currently do not maintain insurance coverage relating to cybersecurity risks, and we may be required to expend significant additional resources to modify our protective measures or to investigate and remediate vulnerabilities or other exposures, and we may be subject to litigation and financial losses that are not fully insured.

***We and our Advisers, as well as our Administrator, and our portfolio companies, may be subject to risks associated with "phishing" and other cyberattacks.***

Our business and the business of our portfolio companies rely upon secure information technology systems for data processing, storage and reporting. Despite careful security and controls design, implementation,

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and updating, our and our portfolio companies' information technology systems could become subject to cyberattacks. Cyberattacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking", malicious software coding, social engineering, or "phishing" attempts) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyberattacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Each Adviser and the Administrator have been and expect to continue to be the target of fraudulent calls, emails, and other forms of activities. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen information, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships, regulatory fines or penalties, or other adverse effects on our business, financial condition or results of operations. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks related to cyberattacks.

Each Adviser's, the Administrator's, and other service providers' increased use of mobile and cloud technologies could heighten the risk of a cyberattack as well as other operational risks, as certain aspects of the security of such technologies may be complex, unpredictable, or beyond their control. These service providers' reliance on mobile or cloud technology or any failure by mobile technology and cloud service providers to adequately safeguard their systems and prevent cyberattacks could disrupt their operations and result in misappropriation, corruption or loss of personal, confidential or proprietary information. In addition, there is a risk that encryption and other protective measures against cyberattacks may be circumvented, particularly to the extent that new computing technologies increase the speed and computing power available.

**Risks Related to Economic Conditions** 

***Global economic, political, and market conditions may adversely affect our business, results of operations, and financial condition, including our revenue growth and profitability.***

The current worldwide financial market situation, as well as various social and political tensions in the United States and around the world, may contribute to increased market volatility, may have long-term effects on the United States and worldwide financial markets and may cause economic uncertainties or deterioration in the U.S. and worldwide. The impact of downgrades by rating agencies to the U.S. government's sovereign credit rating or its perceived creditworthiness, as well as potential government shutdowns, could adversely affect the U.S. and global financial markets and economic conditions.

***Further downgrades of the U.S. credit rating, impending automatic spending cuts, another government shutdown or a failure to raise the statutory debt limit of the United States could negatively impact our liquidity, financial condition and earnings.***

U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers have passed legislation to raise the federal debt ceiling on multiple occasions, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States.

The impact of this or any further downgrades to the U.S. government's sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations.

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***Increased geopolitical unrest, terrorist attacks, or acts of war may impact the businesses in which we invest, and harm our business, operating results, and financial conditions.***

Terrorist activity and the continued threat of terrorism and acts of civil or international hostility, both within the United States and abroad, as well as ongoing military and other actions and heightened security measures in response to these types of threats, may cause significant volatility and declines in the global markets, loss of life, property damage, disruptions to commerce, and reduced economic activity, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results, and financial condition. Losses from terrorist attacks are generally uninsurable.

**Risks Related to our Investments** 

***Our investments are very risky and highly speculative.***

We primarily invest in first-lien debt, second-lien debt, mezzanine and unsecured debt or equity, or other securities issued by middle-market or upper middle-market companies. The companies in which we intend to invest are typically highly leveraged, and, in most cases, our investments in these companies are not rated by any rating agency. If these instruments were rated, we believe that they would likely receive a rating of below investment grade (that is, below BBB- or Baa3, which is often referred to as "junk"). Exposure to below-investment grade instruments involves certain risks, including speculation with respect to the borrower's capacity to pay interest and repay principal.

*First-Lien Debt*. When we make a first-lien loan, we generally take a security interest in the available assets of the portfolio company, including the equity interests of its subsidiaries, which we expect to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In some circumstances, our lien is, or could become, subordinated to claims of other creditors. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan's terms, or at all, or that we will be able to collect on the loan should we need to enforce our remedies. In addition, in connection with our "last out" first-lien loans, we enter into agreements among lenders. Under these agreements, our interest in the collateral of the first-lien loans may rank junior to those of other lenders in the loan under certain circumstances. This may result in greater risk and loss of principal on these loans.

*Second-Lien and Mezzanine Debt*. Our investments in second-lien and mezzanine debt generally are subordinated to senior loans and will either have junior security interests or be unsecured. As such, other creditors may rank senior to us in the event of insolvency. This may result in greater risk and loss of principal.

*Equity and Other Investments.* When we invest in first-lien debt, second-lien debt or mezzanine debt, we may acquire equity securities, such as warrants, options and convertible instruments. In addition, we may invest directly in the equity securities of portfolio companies. We seek to dispose of these equity interests and realize gains upon our disposition of these interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

*Preferred Shares.* To the extent we invest in preferred securities, we may incur particular risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for
a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for U.S. federal income tax purposes before we receive such distributions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preferred securities are subordinated to bonds and other debt instruments in a company's capital structure
in terms of priority to corporate income and liquidation payments, and therefore are subject to greater credit risk than more senior debt instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generally, preferred security holders have no voting rights with respect to the issuing company unless preferred
dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer's board; generally, once all the arrearages have been paid, the preferred security
holders no longer have voting rights.

In addition, our investments generally involve a number of significant risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the companies in which we invest may have limited financial resources and may be unable to meet their obligations
under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the companies in which we invest typically have shorter operating histories, narrower product lines, and smaller
market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the companies in which we invest are more likely to depend on the management talents and efforts of a small group
of persons; therefore, the death, disability, resignation, or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the companies in which we invest generally have less predictable operating results, may be engaged in rapidly
changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion, or maintain their competitive position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the debt investments in our portfolio generally have a significant portion of principal due at the maturity of
the investment, which would result in a substantial loss to us if such borrowers are unable to refinance or repay their debt at maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our executive officers, directors, and Advisers may, in the ordinary course of business, be named as defendants
in litigation arising from our investments in our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the companies in which we invest generally have less publicly available information about their businesses,
operations, and financial condition and, if we are unable to uncover all material information about these companies, we may not make a fully informed investment decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the companies in which we invest may have difficulty accessing the capital markets to meet future capital needs,
which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

*Subordinated Debt*. Our subordinated debt investments will generally rank junior in priority of payment to senior debt and will generally be unsecured. This may result in a heightened level of risk and volatility or a loss of principal, which could lead to the loss of the entire investment. These investments may involve additional risks that could adversely affect our investment returns. To the extent interest payments associated with such debt are deferred, such debt may be subject to greater fluctuations in valuations, and such debt could subject us and our unitholders to non-cash income. Because we will not receive any principal repayments prior to the maturity of some of our subordinated debt investments, such investments will be of greater risk than amortizing loans.

*Non-U.S*. *Securities*. We may invest in non-U.S. securities, which may include securities denominated in U.S. dollars or in non-U.S. currencies, to the extent permitted by the 1940 Act. Because evidence of ownership of such securities usually is held outside the United States, we would be subject to additional risks if we invested

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in non-U.S. securities, which include possible adverse political and economic developments, seizure or nationalization of foreign deposits, and adoption of governmental restrictions, which might adversely affect or restrict the payment of principal and interest on the non-U.S. securities to unitholders located outside the country of the issuer, whether from currency blockages or otherwise. Because non-U.S. securities may be purchased with and payable in foreign currencies, the value of these assets as measured in U.S. dollars may be affected unfavorably by changes in currency rates and exchange control regulations.

*Junior, Unsecured Securities.* Our investment strategy may entail acquiring securities that are junior or unsecured instruments. While this approach can facilitate obtaining control and then adding value through active management, it also means that certain of our investments may be unsecured. If a portfolio company becomes financially distressed or insolvent and does not successfully reorganize, we will have no assurance (compared to those distressed securities investors that acquire only fully collateralized positions) that we will recover any of the principal that we have invested. Similarly, investments in "last out" pieces of unitranche loans will be similar to second lien loans in that such investments will be junior in priority to the "first out" piece of the same unitranche loan with respect to payment of principal, interest and other amounts. Consequently, the fact that debt is secured does not guarantee that we will receive principal and interest payments according to the debt's terms, or at all, or that we will be able to collect on the debt should we be forced to enforce our remedies.

While such junior or unsecured investments may benefit from the same or similar financial and other covenants as those enjoyed by the indebtedness ranking more senior to such investments and may benefit from cross-default provisions and security over the issuer's assets, some or all of such terms may not be part of particular investments. Moreover, our ability to influence an issuer's affairs, especially during periods of financial distress or following insolvency, is likely to be substantially less than that of senior creditors. For example, under typical subordination terms, senior creditors are able to block the acceleration of the junior debt or the exercise by junior debt holders of other rights they may have as creditors. Accordingly, we may not be able to take steps to protect investments in a timely manner or at all, and there can be no assurance that our rate of return objectives or any particular investment will be achieved. In addition, the debt securities in which we will invest may not be protected by financial covenants or limitations upon additional indebtedness, may have limited liquidity, and are not expected to be rated by a credit rating agency.

Early repayments of our investments may have a material adverse effect on our investment objectives. In addition, depending on fluctuations of the equity markets and other factors, warrants and other equity investments may become worthless.

There can be no assurance that attempts to provide downside protection through contractual or structural terms with respect to our investments will achieve their desired effect, and an investment in us is speculative and carries a high degree of risk. Furthermore, we have limited flexibility to negotiate terms when purchasing newly issued investments in connection with a syndication of mezzanine or certain other junior or subordinated investments or in the secondary market.

*"Covenant-lite" Obligations*. We may invest in, or obtain exposure to, obligations that may be "covenant-lite," which means such obligations lack certain financial maintenance covenants. While these loans may still contain other collateral protections, a covenant-lite loan may carry more risk than a covenant-heavy loan made by the same borrower, as it does not require the borrower to provide affirmation that certain specific financial tests have been satisfied on a routine basis as is required under a covenant-heavy loan agreement. Should a loan we hold begin to deteriorate in quality, our ability to negotiate with the borrower may be delayed under a covenant-lite loan compared to a loan with full maintenance covenants. This may, in turn, delay our ability to seek to recover our investment.

*Restructurings*. Investments in companies operating in workout or bankruptcy modes present additional legal risks, including fraudulent conveyance, voidable preference, and equitable subordination risks. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing

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significant business and financial difficulties is unusually high. There is no assurance that we will correctly evaluate the value of the assets collateralizing our loans or the prospects for a successful reorganization or similar action.

***Investing in middle-market or upper middle-market private companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.***

Investments in middle-market and upper middle-market companies involve the same risks that apply generally to investments in larger, more established companies. However, such investments have more pronounced risks in that middle-market and upper middle-market companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may have limited financial resources and may be unable to meet their obligations under their debt securities that
we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing on any guarantees we may have obtained in connection with our investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have shorter operating histories, narrower product lines, and smaller market shares than larger businesses, which
tends to render them more vulnerable to competitors' actions and changing market conditions, as well as general economic downturns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are more likely to depend on the management talents and efforts of a small group of persons; therefore, the
death, disability, resignation, or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generally have less predictable operating results, may from time to time be parties to litigation, may be engaged
in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion, or maintain their competitive position. In addition, our
executive officers, directors, and employees of either Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to
grow or to repay their outstanding indebtedness upon maturity.

***An investment strategy focused primarily on privately held companies presents certain challenges, including, but not limited to, the lack of available information about these companies.***

We intend to invest primarily in privately held companies. Investments in private companies may pose greater risks than investments in public companies. First, private companies have reduced access to the capital markets, resulting in diminished capital resources and the ability to withstand financial distress. Second, the depth and breadth of experience of management in private companies tends to be less than that at public companies, which makes such companies more likely to depend on the management talents and efforts of a smaller group of persons and/or persons with less depth and breadth of experience. Therefore, the decisions made by such management teams and/or the death, disability, resignation, or termination of one or more of these persons could have a material adverse impact on our investments and, in turn, on us. Third, the investments themselves tend to be less liquid. As such, we may have difficulty exiting an investment promptly or at a desired price prior to maturity or outside of a normal repayment schedule. As a result, the relative lack of liquidity and the potential diminished capital resources of our target portfolio companies may affect our investment returns. Fourth, little public information generally exists about private companies. Further, these companies may not have third-party debt ratings or audited financial statements. We must therefore rely on the ability of the Advisers to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. Each Adviser would typically assess an investment in a portfolio company based on their estimate of the portfolio company's earnings and enterprise value, among other factors, and these estimates may be based on limited information and may otherwise be inaccurate, causing the applicable Adviser

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to make different investment decisions than it may have made with more complete information. These companies and their financial information will generally not be subject to the Sarbanes-Oxley Act and other rules that govern public companies. If we are unable to determine all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments.

***The value of most of our portfolio securities will not have a readily available market quotation, and we value these securities at fair value as determined in good faith by the OHA Adviser, which valuation is inherently subjective, may not reflect what we may actually realize for the sale of the investment, and could result in a conflict of interest with the OHA Adviser.***

Investments are valued at the end of each fiscal quarter. Substantially all of our investments are expected to be in loans that do not have readily ascertainable market quotations. Assets that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by the OHA Adviser as our valuation designee, which intends to retain independent providers of financial advisory and investment banking services to assist the Board by performing certain limited third-party valuation services. In connection with that determination, investment professionals from the OHA Adviser will prepare portfolio company valuations using sources and/or proprietary models depending on the availability of information on our assets and the type of asset being valued, all in accordance with our valuation policy. The participation of the Advisers in our valuation process could result in a conflict of interest, since the management fee payable to both Advisers is based in part on the valuation of our assets.

Factors that the OHA Adviser may consider in determining the fair value of our investments include the nature and realizable value of any collateral, the portfolio company's earnings and its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to similar publicly traded companies, discounted cash flow, and other relevant factors. Because fair valuations, and particularly fair valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time, and are often based to a large extent on estimates, comparisons and qualitative evaluations of private information, our determinations of fair value may differ materially from the values that would have been determined if a ready market for these securities existed. This could make it more difficult to accurately value our portfolio investments and could lead to undervaluation or overvaluation of our Units. In addition, the valuation of these types of securities may result in substantial write-downs and earnings volatility.

Decreases in the market values or fair values of our investments are recorded as unrealized losses. The effect of all of these factors on our portfolio can reduce our NAV by increasing net unrealized losses in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer unrealized losses, which could have a material adverse impact on our business, financial condition and results of operations.

***The lack of liquidity in our investments may adversely affect our business.***

We generally make loans to private companies. There may not be a ready market for our loans and certain loans may contain transfer restrictions, which may also limit liquidity. The illiquidity of these investments may make it difficult for us to sell positions if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. In addition, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we hold a significant portion of a company's equity or if we have material non-public information regarding that company.

***Our portfolio may be focused on a limited number of portfolio companies or industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.***

Our portfolio is currently invested in a limited number of portfolio companies and industries and may continue to be in the near future. Beyond the Asset Diversification Requirement associated with our qualification

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as a RIC for U.S. federal income tax purposes, we do not have fixed guidelines for diversification. While we are not targeting any specific industries, our investments may be focused on relatively few industries. For example, although we classify the industries of our portfolio companies by end-market (such as healthcare, and business services) and not by the products or services (such as software) directed to those end-markets, many of our portfolio companies may principally provide software products or services, which will expose us to downturns in that sector. As a result, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, a downturn in any particular industry in which we are invested could significantly affect our aggregate returns.

***We may securitize certain of our investments, which may subject us to certain structured financing risks.***

We may securitize certain of our investments in the future, including through the formation of one or more CLOs, while retaining all or most of the exposure to the performance of these investments. This would involve contributing a pool of assets to a special purpose entity, and selling debt interests in that entity on a non-recourse or limited-recourse basis to purchasers.

If we were to create a CLO or other securitization vehicle, we would depend on distributions from the vehicle to pay dividends to our unitholders. The ability of a CLO or other securitization vehicle to make distributions will be subject to various limitations, including the terms and covenants of the debt it issues. For example, tests (based on interest coverage or other financial ratios or other criteria) may restrict our ability, as holder of a CLO or other securitization vehicle equity interest, to receive cash flow from these investments. We can make no assurances that any such performance tests would be satisfied. Also, a CLO or other securitization vehicle may take actions that delay distributions to preserve ratings and to keep the cost of present and future financings lower, or the financing vehicle may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of its debt. As a result, there may be a lag, which could be significant, between the repayment or other realization on a loan or other assets in, and the distribution of cash out of, a CLO or other securitization vehicle, or cash flow may be completely restricted for the life of the CLO or other securitization vehicle.

In addition, a decline in the credit quality of loans in a CLO or other securitization vehicle due to poor operating results of the relevant borrower, declines in the value of loan collateral, or increases in defaults, among other things, may force the sale of certain assets at a loss, reducing their earnings and, in turn, cash potentially available for distribution to us for distribution to our unitholders. If we were to form a CLO or other securitization vehicle, to the extent that any losses were incurred by the financing vehicle in respect of any collateral, these losses would be borne first by us as owners of its equity interests. Any equity interests that we were to retain in a CLO or other securitization vehicle would not be secured by its assets and we would rank behind all of its creditors. A CLO or other securitization vehicle, if created, also would likely be consolidated in our financial statements and consequently affect our asset coverage ratio, which may limit our ability to incur additional leverage. See "Item 1. Business — *Certain BDC Regulatory Considerations*."

***Because we generally will not hold controlling interests in our portfolio companies, we may not be in a position to exercise control over those portfolio companies or prevent decisions by management of those portfolio companies that could decrease the value of our investments.***

We are primarily a lender, and loans (as well as any equity investments we make) typically will be non-controlling investments, meaning we will not be in a position to control the management, operation, and strategic decision-making of the companies we invest in (outside of, potentially, the context of a restructuring, insolvency, or similar event). As a result, we will be subject to the risk that a portfolio company we do not control, or in which we do not have a majority ownership position, may make business decisions with which we disagree, and the equity holders and management of such a portfolio company may take risks or otherwise act in ways that are adverse to our interests. We may not be able to dispose of our investments in the event that we disagree with the actions of a portfolio company, and may therefore suffer a decrease in the value of our investments.

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***We are exposed to risks associated with changes in interest rates.***

The majority of our debt investments are based on floating rates, such as SOFR, the Sterling Overnight Index Average ("SONIA"), the Euro Interbank Offered Rate ("EURIBOR"), the Federal Funds Rate, or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our Units, and our rate of return on invested capital. On one hand, a reduction in the interest rates on new investments relative to interest rates on current investments could have an adverse impact on our net interest income, which also could be negatively impacted by our borrowers making prepayments on their loans. On the other hand, an increase in interest rates could increase the interest repayment obligations of our borrowers and result in challenges to their financial performance and ability to repay their obligations.

An increase in interest rates could also decrease the value of any investments we hold that earn fixed interest rates, including subordinated loans, senior and junior secured and unsecured debt securities and loans, and high yield bonds, and also could increase our interest expense, thereby decreasing our net income. Moreover, an increase in interest rates available to investors could make investment in our Units less attractive if we are not able to increase our dividend rate, which could reduce the value of our Units. Federal Reserve policy, including with respect to certain interest rates and the decision to end its quantitative easing policy, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates, and/or a return to unfavorable economic conditions could adversely affect our business.

A rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates may result in an increase in the amount of the incentive/performance fees payable to the OHA Adviser and Aranda Adviser, as applicable.

We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. See "*—Risks Related to Our Portfolio Company Investments—We expose ourselves to correlation risk when we engage in hedging transactions.*"

***We may not be able to realize expected returns on our invested capital.***

We may not realize expected returns on our investment in a portfolio company due to changes in the portfolio company's financial position or due to an acquisition of the portfolio company. If a portfolio company repays our loans prior to their maturity, we may not receive our expected returns on our invested capital. Many of our investments are structured to provide a disincentive for the borrower to pre-pay or call the security, but this call protection may not cover the full expected value of an investment if that investment is repaid prior to maturity.

Middle-market and upper middle-market companies operate in a highly acquisitive market with frequent mergers and buyouts. If a portfolio company is acquired or merged with another company prior to drawing on our commitment, we would not realize our expected return. Similarly, in many cases, companies will seek to restructure or repay their debt investments or buy our other equity ownership positions as part of an acquisition or merger transaction, which may result in a repayment of debt or other reduction of our investment.

***By originating loans to companies that are experiencing significant financial or business difficulties, we may be exposed to distressed lending risks.***

As part of our lending activities, we may originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to us, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is

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unusually high. We cannot assure investors that we will correctly evaluate the value of the assets collateralizing our loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a company that we fund, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by us to the borrower.

***Our portfolio companies in some cases may incur debt or issue equity securities that rank equally with, or senior to, our investments in those companies.***

Our portfolio companies may have, or may be permitted to incur, other debt, or issue other equity securities that rank equally with, or senior to, our investments. By their terms, those instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt instruments would usually prohibit the portfolio companies from paying interest on or repaying our investments in the event and during the continuance of a default under the debt. Also, in the event of insolvency, liquidation, dissolution, reorganization, or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company typically would be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying those holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of securities ranking equally with our investments, we would have to share on an equal basis any distributions with other security holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

The rights we may have with respect to the collateral securing certain loans we make to our portfolio companies may also be limited pursuant to the terms of one or more inter-creditor agreements or agreements among lenders. Under these agreements, we may forfeit certain rights with respect to the collateral to holders with prior claims. These rights may include the right to commence enforcement proceedings against the collateral, the right to control the conduct of those enforcement proceedings, the right to approve amendments to collateral documents, the right to release liens on the collateral and the right to waive past defaults under collateral documents. We may not have the ability to control or direct such actions, even if as a result our rights as lenders are adversely affected.

***We may be exposed to special risks associated with bankruptcy cases.***

One or more of our portfolio companies may be involved in bankruptcy or other reorganization or liquidation proceedings. Many of the events within a bankruptcy case are adversarial and often beyond the control of the creditors. While creditors generally are afforded an opportunity to object to significant actions, we cannot assure investors that a bankruptcy court would not approve actions that may be contrary to our interests. There also are instances where creditors can lose their ranking and priority if they are considered to have taken over management of a borrower. If one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we will actually provide significant managerial assistance to that portfolio company, a bankruptcy court might subordinate all or a portion of our claim to that of other creditors.

The reorganization of a company can involve substantial legal, professional, and administrative costs to a lender and the borrower. Such reorganization is frequently subject to unpredictable and lengthy delays, and during the process, a company's competitive position may erode, key management may depart, and a company may not be able to invest adequately. In some cases, the debtor company may not be able to reorganize and may be required to liquidate assets. The debt of companies in financial reorganization will, in most cases, not pay current interest, may not accrue interest during reorganization, and may be adversely affected by an erosion of the issuer's fundamental value.

In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower's business or exercise control over the borrower. For example, we could

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become subject to a lender liability claim (alleging that we misused our influence on the borrower for the benefit of its lenders), if, among other things, the borrower requests significant managerial assistance from us and we provide that assistance. Any such claim would distract our Advisers from their primary obligations to manage and source investments for us, which could result in negative effects to our business, financial condition, and results of operations.

***Our failure to make follow-on investments in our portfolio companies could impair the value of our investments.***

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as "follow-on" investments to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase or maintain in whole or in part our equity ownership percentage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercise warrants, options or convertible securities that were acquired in the original or subsequent financing;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attempt to preserve or enhance the value of our investment.

We may elect not to make follow-on investments, may be constrained in our ability to employ available funds, or otherwise may lack sufficient funds to make those investments. We have the discretion to make any follow-on investments, subject to the availability of capital resources. However, doing so could be placing even more capital at risk in existing portfolio companies.

The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements or the desire to maintain our RIC tax status.

***Our ability to enter into transactions with our affiliates is restricted.***

We are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of our Independent Directors and, in some cases, exemptive relief from the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities is our affiliate for purposes of the 1940 Act, and we are generally prohibited from buying or selling any security from or to such affiliate, absent the prior approval of our Independent Directors. The 1940 Act also prohibits certain "joint" transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of our Independent Directors and, in some cases, exemptive relief from the SEC. If a person acquires more than 25% of our voting securities, we are prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates.

The decision by either Adviser or its affiliates to allocate an opportunity to another entity could cause us to forgo an investment opportunity that we otherwise would have made. Absent an exemptive order from the SEC, we also generally will be unable to invest in any issuer in which a fund managed by either Adviser, or in which its other affiliates, has previously invested or in which they are making an investment. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. These restrictions may limit the scope of investment opportunities that would otherwise be available to us.

Although, as a general matter, Section 17 of the 1940 Act restricts the ability of registered investment companies and BDCs to engage in transactions with "affiliated persons," investment companies and BDCs may

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rely on historical interpretations of the 1940 Act or regulations promulgated under Section 17 to engage in such transactions in certain limited circumstances, or alternatively may apply to the SEC for an individualized exemptive order that permits a broader range of affiliated transactions (commonly known as a "co-investment order"), subject to a variety of conditions and requirements to be found in each such co-investment order. We intend to rely upon the exemptive relief granted to the OHA Adviser to co-invest with investment funds managed by affiliates of the OHA Adviser where doing so is consistent with our investment strategy as well as applicable law (including the terms and conditions of the Order). Under the terms of such relief, we may be permitted to co-invest with other funds managed by the OHA Adviser or an affiliate thereof under certain circumstances if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Independent Directors makes certain conclusions in connection with the co-investment transaction, including that (1) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to us and our unitholders and do not involve overreaching of us or our unitholders on the part of any person concerned and (2) the transaction is consistent with the interests of our unitholders and is consistent with our investment objectives and strategies.

***We cannot guarantee that we will be able to obtain and retain various required licenses in U.S. states or in any other jurisdiction where they may be required in the future.***

We may be required to obtain various state licenses to, among other things, originate commercial loans, and may be required to obtain similar licenses from other authorities, including outside of the United States, in the future in connection with one or more investments. Applying for and obtaining required licenses can be costly and take several months. While we intend to assume a California lending license through the Matterhorn Formation Transaction prior to our election to be regulated as a BDC, we cannot assure investors that we will maintain or obtain all of the licenses that we need on a timely basis. We also are and will be subject to various information and other requirements to maintain and obtain these licenses, and we cannot assure investors that we will satisfy those requirements. Our failure to maintain or obtain licenses that we require now or in the future might restrict investment options and have other adverse consequences.

***Our investments in non-U.S. companies may involve significant risks in addition to the risks inherent in U.S. investments.***

Our investment strategy may include potential investments in non-U.S. companies. Investing in non-U.S. companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, U.S. trade policy, political and social instability, expropriation, imposition of foreign taxes (potentially at confiscatory levels), less liquid markets, less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards, and greater price volatility. In addition, interest income derived from loans to foreign companies is not eligible to be distributed to our non-U.S. unitholders free from withholding taxes.

Although most of our investments will be U.S. dollar-denominated, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital gains, and political developments. We may employ hedging techniques to minimize these risks, but we can make no assurances that such strategies will be effective or without risk to us.

***We expose ourselves to correlation risk when we engage in hedging transactions.***

Entering into hedging transactions would expose us to risks associated with such transactions. We may seek to utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars, and

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floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates and the relative value of certain debt securities from changes in market interest rates. To the extent we have non-U.S. investments, particularly investments denominated in non-U.S. currencies, our hedging costs will increase.

Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions were to decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions were to increase. It also may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.

The success of our hedging strategy will depend on our ability to correctly identify appropriate exposures for hedging, such as currency exchange rate risk and interest rate risk related to specific portfolio companies. We may enter into fixed-to-floating interest rate swaps to continue to align the interest rates of our liabilities with our investment portfolio, which we expect to consist of predominately floating rate loans. However, unanticipated changes in currency exchange rates or other exposures that we might hedge may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary, as may the time period in which the hedge is effective relative to the time period of the related exposure.

For a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the positions being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. Income derived from hedging transactions also may be subject to withholding taxes when distributed to non-U.S. unitholders.

***Derivatives trading exposes us to market risk and credit risk.***

By engaging in derivatives trading, we will be exposed to market risk and credit risk. Market risk refers to the potential for us to incur losses due to adverse movements in the underlying variables for our derivatives positions, such as interest rates and foreign exchange rates, which affect the value of such derivatives. Credit risk arises from the possibility that our counterparty to a derivative will fail to meet its contractual obligations, either through default or insolvency, leaving us exposed to replacement costs.

***The regulatory requirements to which derivatives are subject may affect our ability to hedge.***

CFTC and SEC regulations impose myriad regulatory and structural requirements on the use of both over-the-counter (i.e., bilateral) and exchange-traded derivatives. Among other things, CFTC and SEC regulations require recordkeeping, reporting, the exchange of margin, electronic trade execution and clearing. Similar requirements apply in other major financial markets.

The extent to which these requirements will apply to us depends on the type of derivatives we use and who we trade with. Taken as a whole, compliance with these requirements could (i) significantly increase the cost of using derivatives to hedge risks, including interest rate and foreign exchange risk; (ii) reduce the level of exposure we are able to obtain for risk management purposes through the use of derivatives; (iii) reduce the amounts available to us to make non-derivatives investments; (iv) impair liquidity; and (v) adversely affect the quality of execution pricing obtained by us, all of which could adversely impact our investment returns.

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***Our portfolio investments may present special tax issues.***

Investments in below-investment grade debt instruments and certain equity securities may present special tax issues for us. U.S. federal income tax rules are not entirely clear about certain issues, including when we may cease to accrue interest, OID, or market discount, when and to what extent certain deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and interest income, as well as whether exchanges of debt instruments in a bankruptcy or workout context are taxable. These matters could cause us to recognize taxable income for U.S. federal income tax purposes, even in the absence of cash or economic gain, and require us to make taxable distributions to our unitholders to maintain our RIC tax treatment or preclude the imposition of either U.S. federal income or excise tax. Additionally, because such taxable income may not be matched by corresponding cash received by us, we may be required to borrow money or dispose of other investments to be able to make distributions to our unitholders. These and other issues will be considered by us, to the extent determined necessary, so that we aim to minimize the level of any U.S. federal income or excise tax that we would otherwise incur.

***There are certain risks associated with holding debt obligations that have OID or PIK interest.***

OID may arise if we hold securities issued at a discount, receive warrants in connection with the making of a loan, or in certain other circumstances. OID creates the risk that incentive fees will be paid to our investment advisers based on non-cash accruals that ultimately may not be realized, while the adviser will be under no obligation to reimburse us for these fees.

The higher interest rates of OID instruments reflect the payment deferral and increased credit risk associated with these instruments, and OID instruments generally represent a significantly higher credit risk than coupon loans. Even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is supposed to occur at the maturity of the obligation. OID instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. OID income may also create uncertainty about the source of our cash dividends. In addition, market quotations of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash.

For accounting purposes, any cash dividends to our unitholders representing OID income are not treated as coming from paid-in capital, even if the cash to pay them comes from the proceeds of issuances of our Units. As a result, despite the fact that a dividend representing OID income could be paid out of amounts invested by our Unitholder, the 1940 Act does not require that shareholders be given notice of this fact by reporting it as a return of capital.

PIK interest has the effect of generating investment income at a compounding rate, thereby further increasing the incentive fees payable to either Adviser. Similarly, all things being equal, the deferral associated with PIK interest also increases the loan-to-value ratio at a compounding rate.

**Risks Relating to the Units** 

***There is a risk that our Unitholder may not receive distributions or that our distributions may not grow over time and a portion of its distributions may be a return of capital.***

We intend to make distributions on a periodic basis to our Unitholder out of assets legally available for distribution (i.e., not subject to any legal restrictions under Delaware law on the distribution thereof), either actually or through a deemed distribution. We cannot make any assurances that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. All distributions will be made at the discretion of the Board and will depend on our earnings, financial condition, maintenance of RIC tax treatment, compliance with BDC regulations, and such other factors as the Board may deem relative from time to time. We cannot make assurances that we will make distributions to our Unitholder in the future.

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Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this Registration Statement. Due to the asset coverage requirement applicable to us under the 1940 Act as a BDC, we may be limited in our ability to make distributions. In addition, restrictions and provisions in any credit facilities, as well as in the terms of any debt securities we may issue, may limit our ability to make distributions in certain circumstances.

When we make distributions, we will be required to determine the extent to which such distributions are paid out of current or accumulated earnings and profits. Distributions in excess of current and accumulated earnings and profits will be treated as a non-taxable return of capital to the extent of our Unitholder's adjusted tax basis in the Units and, assuming that our Unitholder holds the Units as a capital asset, thereafter as a capital gain.

***Investing in the Units may involve an above average degree of risk.***

The investments we make in accordance with our investment objectives may result in a higher amount of risk, and higher volatility or loss of principal, than alternative investment options. Our investments in portfolio companies may be speculative.

**General Risk Factors** 

***Political, social and economic uncertainty creates and exacerbates risks.***

Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts, and social unrest) will occur that create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. As global systems, economies and financial markets are increasingly interconnected, and events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market are more frequently impacting issuers in other countries, regions, or markets, including in established markets such as the U.S., and such impacts may be adverse in nature. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat.

Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit, and currency; a decrease in the reliability of market quotations and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

It is impossible to predict the precise nature and consequences of these events, or of any political or policy decisions and regulatory changes occasioned by emerging events or uncertainty on applicable laws or regulations that impact us, our portfolio companies, and our investments. In many instances, the impact will be adverse and profound.

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***Any public health emergency, including any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty, could have a significant adverse impact on us and the fair value of our investments and our portfolio companies.***

The extent of the impact of any public health emergency on our and our portfolio companies' operational and financial performance will depend on many factors, including the duration and scope of such public health emergency, the actions taken by governmental authorities to contain the financial and economic impact of the public health emergency, the extent of any related travel advisories and restrictions implemented, the impact of such public health emergency on overall supply and demand, goods and services, investor liquidity, consumer confidence, and levels of economic activity, and the extent of the public health emergency's disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted. In addition, we and our portfolio companies' operations may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including the potential adverse impact of the public health emergency on the health of any of our or our portfolio companies' personnel. This could create widespread business continuity issues for us and our portfolio companies.

***Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.***

There has been ongoing discussion and commentary regarding potential significant changes to United States trade policies, treaties and tariffs. There is significant uncertainty about the future relationship between the United States and other countries with respect to trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

The U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries. In addition, the U.S. government has recently imposed tariffs on certain foreign goods, including steel and aluminium, and has indicated a willingness to impose tariffs on imports of other products. Related to this action, certain foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods, and have indicated a willingness to impose additional tariffs on U.S. products. Global trade disruption, together with future downturns in the global economy, significant introductions of trade barriers and bilateral trade frictions between the region's major trading partners and the U.S. and key export markets in Europe could adversely affect the financial performance of the Company and the Company could lose both invested capital and anticipated profits from the affected investments. The U.S. government's approach to international trade policy in general and tariffs in particular is dynamic and could change materially from time to time.

***Environmental, social and governance ("ESG") matters may impact our business and reputation.***

In addition to the changing rules and regulations related to ESG matters imposed by governmental and self-regulatory organizations such as the SEC and the New York Stock Exchange, a variety of third-party organizations, institutional investors and customers evaluate the performance of companies on ESG topics, and the results of these assessments are widely publicized. These changing rules, regulations and stakeholder expectations may result in increased general and administrative expenses and increased management time and attention spent complying with or meeting such regulations and expectations. Reduced access to or increased cost of capital may occur as financial institutions and investors increase expectations related to ESG matters.

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Developing and acting on initiatives within the scope of ESG and collecting, measuring and reporting ESG-related information and metrics can be costly, difficult and time consuming and is subject to evolving reporting standards. We may also communicate certain initiatives and goals regarding environmental matters, diversity, social investments and other ESG-related matters in our SEC filings or in other public disclosures. These initiatives and goals within the scope of ESG could be difficult and expensive to implement, the technologies needed to implement them may not be cost effective and may not advance at a sufficient pace, and we could be criticized for the accuracy, adequacy or completeness of the disclosure. Furthermore, statements about our ESG-related initiatives and goals, and progress against those goals, may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future. In addition, we could be criticized for the scope or nature of such initiatives or goals, or for any revisions to these goals. If our ESG-related data, processes and reporting are incomplete or inaccurate, or if we fail to achieve progress with respect to our goals, including our previously announced commitments to reduce greenhouse gas emissions, within the scope of ESG on a timely basis, or at all, our reputation, business, financial performance and growth could be adversely affected.

In addition, in recent years, "anti-ESG" sentiment has gained momentum across the U.S., with several states and Congress having proposed or enacted "anti-ESG" policies, legislation, or initiatives or issued related legal opinions and the Trump Administration having recently issued executive orders opposing diversity, equity and inclusion ("DEI") initiatives in both the public and private sectors. Such anti-ESG and anti-DEI-related policies, legislation, initiatives, litigation, legal opinions, and scrutiny could result in us facing additional compliance obligations, becoming the subject of investigations and enforcement actions, or sustaining reputational harm.

***Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.***

Downgrades by rating agencies to the U.S. government's credit rating or concerns about its credit and deficit levels in general could cause interest rates and borrowing costs to rise, which may negatively impact both the perception of credit risk associated with our debt portfolio and our ability to access the debt markets on favorable terms. In addition, a decreased U.S. government credit rating could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and the value of our common stock.

Deterioration in economic conditions in the Eurozone and globally, including instability in financial markets, may pose a risk to our business. In recent years, financial markets have been affected at times by a number of global macroeconomic and political events, including the following: large sovereign debts and fiscal deficits of several countries in Europe and in emerging markets jurisdictions, levels of non-performing loans on the balance sheets of European banks, the potential effect of any European country leaving the Eurozone, the effect of the United Kingdom leaving the European Union (the "EU"), and market volatility and loss of investor confidence driven by political events. The decision made in the United Kingdom to leave the EU has led to volatility in global financial markets and may lead to weakening in consumer, corporate and financial confidence in the United Kingdom and Europe. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. We cannot assure you that market disruptions in Europe, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available, or if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis. To the extent uncertainty regarding any economic recovery in Europe negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected.

The Chinese capital markets have also experienced periods of instability over the past several years. The current political climate has also intensified concerns about a potential trade war between the U.S. and China in connection with each country's recent or proposed tariffs on the other country's products. These market and

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economic disruptions and the potential trade war with China have affected, and may in the future affect, the U.S. capital markets, which could adversely affect our business, financial condition or results of operations.

Various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict such as the renewed hostilities in the Middle East, rising trade tensions between the United States and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide.

Specifically, Russia's military incursion into Ukraine, the response of the United States and other countries, and the potential for wider conflict, has increased volatility and uncertainty in the financial markets and may adversely affect the Company. Immediately following Russia's invasion, the United States and other countries imposed wide-ranging economic sanctions on Russia, individual Russian citizens, and Russian banking entities and other businesses, including those in the energy sector. These unprecedented sanctions have been highly disruptive to the Russian economy and, given the interconnectedness of today's global economy, could have broad and unforeseen macroeconomic implications. The ultimate nature, extent and duration of Russia's military actions (including the potential for cyberattacks and espionage), and the response of state governments and businesses, cannot be predicted at this time. However, further escalation of the conflict could result in significant market disruptions, and negatively affect global supply chains, inflation and global growth.

Additionally, on October 7, 2023, Hamas (an organization which governs Gaza, and which has been designated as a terrorist organization by the United States, the United Kingdom, the European Union, Australia and other nations), committed a terrorist attack within Israel (the "October 7th Attacks"). As of the date of this Registration Statement, Israel and Hamas remain in active armed conflict. The ongoing conflict and rapidly evolving measures in response could have a negative impact on the economy and business activity globally (including in countries in which we invest), and therefore could adversely affect the performance of our investments. The severity and duration of the conflict and its future impact on global economic and market (including, for example, oil prices) are impossible to predict, and as a result, present material uncertainty and risk with respect to the Company and the performance of its investments and operations, and the ability of the Company to achieve its investment objectives. For example, the armed conflict may expand and may ultimately more actively involve the United States, Lebanon (and / or Hezbollah), Syria, Iran and / or other countries or terrorist organizations, any of which may exacerbate the risks described above. Similar risks exist to the extent that any portfolio company, service providers, vendor or certain other parties have material operations or assets in the Middle East, or the immediate surrounding areas. The United States has announced sanctions and other measures against Hamas-related persons and organizations in response to the October 7th Attacks, and the United States (and / or other countries) may announce further sanctions related to the ongoing conflict in the future. These and any related events could negatively impact our business, financial condition or results of operations.

Additionally, the Federal Reserve has raised interest rates multiple times since March 2022, and rates may remain elevated. These developments, along with the United States government's credit and deficit concerns, global economic uncertainties and market volatility, could cause interest rates to be volatile, which may negatively impact the performance of the Company.

***Changes in laws or regulations governing our operations, changes in the interpretation thereof or newly enacted laws or regulations and any failure by us to comply with these laws or regulations, could require changes to certain of our business practices, negatively impact our operations, cash flow or financial condition, impose additional costs on us, subject us to increased competition or otherwise adversely affect our business.***

Various laws and regulations currently exist that restrict the investment activities of banks and certain other financial institutions but do not apply to us, which we believe creates opportunities for us to participate in

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certain investments that are not available to these more regulated institutions. Any deregulation of the financial industry, including by amending the Dodd-Frank Act, may decrease the restrictions on banks and other financial institutions and would create more competition for investment opportunities that were previously not available to the financial industry. Efforts by the current administration could have further impacts on our industry if previously enacted laws are amended or if new legislative or regulatory reforms are adopted. In addition, the change in administration has led and will lead to leadership changes at a number of U.S. federal regulatory agencies with oversight over the U.S. financial services industry. This poses uncertainty with respect to such agencies' policy priorities and may lead to increased regulatory enforcement activity in the financial services industry. Although there is a substantial lack of clarity regarding the likelihood, timing and details of potential changes or reforms by the new administration and U.S. Congress, such changes or reforms may impose additional costs on our current or future investments, require the attention of senior management or result in other limitations on our business or investments. We are unable to predict at this time the effect of any such reforms.

**Item 2. *Financial Information*.** 

*The information in this section contains forward-looking statements that involve risks and uncertainties. See "Item 1A. Risk Factors" and "Forward-Looking Statements" for a discussion of the uncertainties, risks and assumptions associated with these statements. You should read the following discussion in conjunction with the financial statements and related notes and other financial information appearing elsewhere in this Registration Statement.* 

**Discussion of the Company's Expected Operating Plan** 

*Overview* 

We were formed on August 13, 2025 under the laws of the State of Delaware. We intend to elect to be regulated as a BDC under the 1940 Act. We also intend to elect to be treated, and intend to qualify annually thereafter, as a RIC for U.S. federal income tax purposes. As such, we will be required to comply with various regulatory requirements, such as the requirement to invest at least 70% of our assets in "qualifying assets," source-of-income limitations, asset diversification requirements, and the requirement to distribute annually at least the sum of 90% of our investment company taxable income (without regard to the deduction for dividends paid) and 90% of our net tax-exempt interest income. See "Item 1. Business – *Certain BDC Regulatory Considerations*" and "Item 1. Business – *Certain U.S. Federal Income Tax Considerations – U.S. Federal Income Taxation of the Company*."

Before we elect to be regulated as a BDC, we intend to complete the Formation Transactions. See "Item 1. Business – *Our Portfolio* – *Formation Transactions*."

We are currently in the development stage and have not commenced operations. Since inception, there has been no activity. To date, our efforts have been limited to organizational and initial operating activities.

*Revenues* 

We expect to generate revenue in the form of interest income on our debt investments and capital gains and distributions, if any, on equity securities that we may acquire in our portfolio companies. Our debt investments are typically expected to have a term of [five] years, with an average duration of [two] to [three] years. Interest on our debt investments is generally payable quarterly. Payments of principal on our debt investments may be amortized over the stated term of the investment, deferred for several years, or due entirely at maturity. In some cases, our debt investments may accrue PIK interest. Any outstanding principal amount of our debt securities and any accrued but unpaid interest will generally become due at the maturity date. The level of interest income we receive is directly related to the balance of interest-bearing investments multiplied by the weighted average yield of our investments. We expect that the total dollar amount of interest and any dividend income that we earn will increase as the size of our investment portfolio increases.

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*Expenses* 

We do not currently have any employees and do not expect to have any employees. Our day-to-day investment operations will be managed by each of the Advisers pursuant to the terms of their respective Advisory Agreements, including the origination and administration of our investment portfolio. All investment professionals of each Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services under the respective Advisory Agreement, and the compensation and routine compensation-related overhead expenses of such personnel allocable to such services, will be provided and paid for by the respective Adviser, and not by us. We will bear all other costs and expenses of each Adviser's operations and transactions, including those listed in the respective Advisory Agreement. See "Item 1. *Business* – Management Agreements – *Advisory Agreements.*"

In addition, we will reimburse the Administrator in an amount equal to our allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including the allocable portion of compensation, overhead (including rent, IT assistance, office equipment and utilities), and other expenses incurred by the Administrator in performing management and administrative services for us, including compensation paid by the Administrator or its affiliates to our Chief Financial Officer, Chief Compliance Officer and their respective teams (including any third-party staff leveraged by such personnel to perform services for us), investor relations personnel, operations personnel and other non-investment professionals who spend time on services for us (based on the percentage of time those individuals devote, on an reasonable estimated basis, to our business and affairs), all as described in greater detail in Item 1. See "Item 1. *Business* – Management Agreements –*Administration Agreement.*"

From time to time, the Advisers, the Administrator, or their affiliates may pay third-party providers of goods or services*.* We will reimburse the respective Adviser, the Administrator, or such affiliates thereof for any such amounts paid on our behalf. All of the foregoing expenses will ultimately be borne by the Unitholder.

*Financial Condition, Liquidity and Capital Resources* 

On September 30, 2025, we entered into an agreement with the Unitholder providing for the private placement of the entirety of our Units. Also on September 30, 2025, we provided the Unitholder with 75,000,000 Units for an aggregate purchase price of $75,000.00. We expect to generate cash from (1) drawing down capital from the Unitholder, (2) cash flows from investments and operations, and (3) borrowings from banks or other lenders, including a credit facility we will acquire in the Formation Transactions. We will seek to enter into any bank debt, credit facility, or other financing arrangements on at least customary market terms; however, we cannot assure you we will be able to do so. Our primary uses of cash will be investments in portfolio companies, payments of our expenses, and payment of cash distributions to the Unitholder.

**Critical Accounting Policies** 

The preparation of our financial statements in accordance with GAAP will require management to make certain 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 for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.

*Investment Valuation* 

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, we disclose the fair value of our investments in a hierarchy that prioritizes the inputs to valuation

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techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ("Level 1" measurements), and the lowest priority to unobservable inputs ("Level 3" measurements). The guidance establishes three levels of the fair value hierarchy as follows:

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| Level 1: | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |
| Level 2: | Quoted prices in markets that are not considered to be active or financial instruments for which significant inputs are observable, either directly or indirectly. |
| Level 3: | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. |

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The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by management.

We consider whether the volume and level of activity for the asset or liability have significantly decreased and identifies transactions that are not orderly in determining fair value. Accordingly, if we determine that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value. Valuation techniques such as an income approach might be appropriate to supplement or replace a market approach in those circumstances.

*Investment Valuation Process* 

Our investment transactions will be recorded on the trade date. Realized gains or losses will be computed using the specific identification method. Investments for which market quotations are readily available will typically be valued at such market quotations. Traded investments such as corporate bonds, preferred stock, bank notes, broadly syndicated loans or loan participations are valued by using the bid price provided by an independent pricing service, by an independent broker, the agent bank, syndicate bank or principal market maker. Debt and equity securities that are not publicly traded or whose market quotation is not readily available are valued at fair value as determined in good faith by the OHA Adviser as our valuation designee. In addition, the OHA Adviser may retain one or more independent valuation firms, including Lincoln International Valuation Research Corporation, to review the valuation of portfolio investments for which a market quotation is not readily available, subject to the approval of such retention by our Board.

We have adopted ASC 820. This accounting statement requires us to assume that the portfolio investment is assumed to be sold in the principal market to market participants, or in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the market in which we can exit portfolio investments with the greatest volume and level activity is considered its principal market.

A readily available market quotation is not expected to exist for most of the investments in our portfolio, and we value these portfolio investments at fair value as determined in good faith by the OHA Adviser under a valuation policy and process adopted by our Board. The types of factors that the OHA Adviser may take into account in determining the fair value of our investments generally include, as appropriate, comparisons of financial ratios of the portfolio company to peer companies that are public, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, and other relevant factors.

When an external event such as a purchase transaction, public offering, or subsequent equity sale occurs, the OHA Adviser considers the pricing indicated by the external event to corroborate its valuation. Due to

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the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of our investments may differ materially from the values that would have been used had a readily available market value existed for such investments, and such difference may be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations currently assigned.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our quarterly valuation process begins with each portfolio company or investment being initially valued by the
investment professionals of the valuation designee responsible for the portfolio investment, with the Aranda Adviser providing inputs to the OHA Adviser with respect to the Aranda Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preliminary valuation conclusions are then documented and discussed with the senior investment professionals of
the valuation designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least twice annually, the valuation for each portfolio investment is reviewed by an independent valuation
firm, and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation designee then discusses the valuations and determines the fair value of each investment in our
portfolio in good faith, based on the input of the valuation designee's investment professionals, the Aranda Adviser, and the independent valuation firm.

In following these approaches, the types of factors that are taken into account in determining the fair value of our investments include, as relevant, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• available current market data, including relevant and applicable market trading and transaction comparables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• applicable market yields and multiples;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• security covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• call protection provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature and realizable value of any collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the portfolio company's ability to make payments, its earnings and discounted cash flows, and the markets
in which it does business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comparisons of financial ratios of peer companies that are public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comparable merger and acquisition transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the principal market and enterprise values.

*Revenue Recognition* 

We record interest income on an accrual basis to the extent such interest is deemed collectible. PIK interest represents contractual interest accrued and added to the loan balance that generally becomes due at maturity. We will not accrue any form of interest on loans and debt securities if there is reason to doubt our ability to collect such interest. Loan origination fees, OID, and market discount or premium are capitalized, and we then accrete or amortize such amounts using the effective interest method as interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination fee is recorded as interest income. We record prepayment premiums on loans and debt securities as other income. Dividend income, if any, will be recognized on the declaration date.

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*Contractual Obligations* 

As of December 31, 2025, we had not commenced operations and did not have any significant contractual payment obligations.

*Off-Balance Sheet Arrangements* 

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not expect to have any off-balance sheet financings or liabilities.

*Quantitative and Qualitative Disclosures about Market Risk* 

We are subject to financial market risks, including changes in interest rates. We plan to invest primarily in illiquid debt securities of middle-market to upper middle-market companies. Most of our investments will not have a readily available market quotation, and we will value these investments at fair value as determined in good faith by the valuation designee in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. See "Item 1. Business – *Determination of NAV*."

**Item 3. *Properties*.** 

We do not own any real estate or other physical properties materially important to our operation or to the operation of our subsidiary. Our headquarters are currently located at 550 Madison Avenue, 34th Floor, New York, NY 10022. We believe that our current office facilities are adequate to meet our needs.

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**Item 4. *Security Ownership of Certain Beneficial Owners and Management*.** 

The following table sets forth, as of December 31, 2025, the beneficial ownership of each current director, our executive officers, each person known to us to beneficially own 5% or more of the outstanding Units, and the executive officers and directors as a group. Percentage of beneficial ownership is based on 75,000,000 Units outstanding as of December 31, 2025. Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the Units. Ownership information for those persons who beneficially own 5% or more of our Units is based upon filings by such persons with the SEC and other information obtained from such persons, if available. Unless otherwise indicated, we believe that each beneficial owner set forth in the table has sole voting and investment power over such Units. Unless otherwise indicated, the address of all executive officers, directors and five percent unitholders is c/o APS BDC, LLC, 550 Madison Avenue, 34th Floor, New York, NY 10022.

---

| | | | |
|:---|:---|:---|:---|
|  | **Type of<br>Ownership** | **Number of<br>Units Owned** | **Percentage** |
|  *Interested Director* |  |  |  |
|  Brady Schuck |  |  |  |
|  *Independent Directors* |  |  |  |
|  Kathleen M. Burke |  |  |  |
|  Mark Manoff |  |  |  |
|  Jonathan Morgan |  |  |  |
|  *Executive Officers Who Are Not Directors* |  |  |  |
|  Eric Muller |  |  |  |
|  Grove Stafford |  |  |  |
|  Thomas Hansen |  |  |  |
|  Andrew Winer |  |  |  |
|  **All Directors and Executive Officers as a Group (8 persons)** |  |  |  |
|  *Five-Percent Unitholders* |  |  |  |
|  CHS US Investments LLC | Record | 75000000 | 100% |

---

**Item 5. *Directors and Executive Officers*.** 

**Board of Directors and Executive Officers** 

Our business and affairs are managed under the direction and oversight of the Board. The Board consists of four members, three of whom are Independent Directors. The Board appoints our executive officers, who serve at the discretion of the Board. The responsibilities of the Board include corporate governance activities, oversight of our financing arrangements, and oversight of the investment activities conducted for us by each of the Advisers.

The Board is responsible for the oversight of our investment, operational, and risk management activities. The Board reviews risk management processes at both regular and special meetings throughout the year, consulting with appropriate representatives of each of the Advisers as necessary and periodically requesting the production of risk management reports or presentations. The goal of the Board's risk oversight function is to ensure that the risks associated with our investment activities are accurately identified, thoroughly investigated, and responsibly addressed. There is no guarantee, however, that the Board's oversight function can or will eliminate all risks or ensure that particular events do not adversely affect the value of our investments.

Each director will hold office until his or her successor is duly elected and qualifies. Our LLC Agreement also gives our Board sole authority to appoint directors to fill vacancies that are created either through an increase in the number of directors or due to the resignation, removal, or death of any director.

The Board has established an Audit Committee and a Nominating and Governance Committee, which have the responsibilities discussed in greater detail below.

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**Directors** 

The following information regarding the Board is as of December 1, 2025. The directors have been divided into two groups - Independent Directors and interested directors. Interested directors are "interested persons" of the Company, as defined in Section 2(a)(19) of the 1940 Act.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Birth Year** | **Position** | **Length of Service** |
|  **Interested Director** |  |  |  |
|  Brady Schuck | 1977 | Chair | 2025-present |
|  **Independent Directors** |  |  |  |
|  Kathleen M. Burke | 1963 | Director | 2025-present |
|  Mark Manoff | 1956 | Director | 2025-present |
|  Jonathan Morgan | 1963 | Director | 2025-present |

---

The address for the Interested Director is 550 Madison Avenue, 34th Floor, New York, NY 10022. The address for each Independent Director is 1 Vanderbilt Avenue, 16th Floor, New York, NY 10017.

**Executive Officers who are Not Directors** 

The following information regarding the executive officers who are not directors is as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Birth Year** | **Position** | **Length of Service** |
|  Eric Muller | 1972 | Chief Executive Officer | since 2025 |
|  Andrew Winer | 1968 | Chief Operating Officer | since 2025 |
|  Thomas Hansen | 1985 | Chief Financial Officer | since 2025 |
|  Grove Stafford | 1977 | Chief Compliance Officer | since 2025 |

---

The address for each of our executive officers is 1 Vanderbilt Avenue, 16th Floor, New York, NY 10017.

**Director Biographies** 

Each of our directors has demonstrated high character and integrity, superior credentials and recognition in his respective field and the relevant expertise and experience upon which to be able to offer advice and guidance to our management. Each of our directors also has sufficient time available to devote to our affairs, is able to work with the other members of the Board and contribute to our success and can represent the long-term interests of our unitholders as a whole. We have selected our current directors to provide a range of backgrounds and experience to our Board. Set forth below is biographical information for each director, including a discussion of the director's particular experience, qualifications, attributes or skills that led us to conclude, as of the date of this Registration Statement, that the individual should serve as a director, in light of our business and structure.

***Interested Director***

**Brady Schuck.** Brady Schuck is a Managing Director with Aranda Principal Strategies and is on the Aranda Investment Committee. Mr. Schuck has spent the majority of his career in the private credit markets investing in credit across the entire capital structure. Most recently, Mr. Schuck was a Managing Director with Temasek within their Credit & Hybrid Solutions team. Prior to Temasek, Mr. Schuck was one of the senior members of the Goldman Sachs private credit team and prior to Goldman, he was a Managing Director within the credit arm of The Blackstone Group. He also has had roles with DLJ Merchant Banking/Credit Suisse, Duff & Phelps and Ernst & Young. Mr. Schuck holds an M.B.A. from the University of Southern California and a Bachelor of Science from the University of Virginia.

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***Independent Directors***

Kathleen M. Burke. Ms. Burke is currently a Partner at Snowbridge Advisors, an independent advisory firm serving managers of private equity funds worldwide with a focus on middle market private equity funds and an Advisor to Pacific General Holdings, a firm focused on advising on middle market cross border transactions. Ms. Burke has more than thirty years experience as an investment professional, both as an advisor and an investor, and is expert at executing, structuring and placing private alternative fund products and securities. She has advised on over $2.0 billion of transactions over the course of her career. Prior to joining Snowbridge, Ms. Burke was a Principal at Crito Capital where she originated, structured and placed private equity transactions and alternative fund products. Prior to joining Crito Capital, Ms. Burke managed private placements at Rothschild North America and Credit Suisse First Boston. At Credit Suisse First Boston, she led a team of professionals dedicated to raising private equity capital for venture stage and emerging growth companies in a variety of sectors including life sciences, healthcare, media, telecom, and technology services. Prior to Credit Suisse First Boston, Ms. Burke was on the buy-side and worked at both Prudential Insurance Company of America and GE Capital where she was responsible for a variety of investments, including control and growth transactions, mezzanine deals and senior loans. She received her MBA from the University of Pennsylvania's Wharton School and has a BS in Finance from Boston College's Carroll School of Management, where she was in the Honors Program and graduated cum laude.

We believe Ms. Burke's extensive experience as a leader in the investment management space serving the middle market qualifies her to serve as a member of our Board.

**Mark Manoff**. Mr. Manoff is an Operating Partner at MidOcean Partners, a premiere New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. He previously spent 39 years at Ernst & Young (EY) serving in many leadership positions, including as New York Office Managing Partner, and Americas Vice Chair Northeast Region Managing Partner, where he had full P/L responsibility for a $4 billion business unit. Mr. Manoff was a member of EY's Executive Board and Operating Committee for 8 years. He founded and led EY's Center for Board Matters, EY's effort to support board members in their oversight role by helping them address complex boardroom issues. Mr. Manoff retired as Vice Chair Markets where he was responsible for EY's growth strategy and go-to-market activities. Following his retirement from EY, Mr. Manoff co-founded and was the CEO of a boutique consulting firm providing services to private equity and other high growth businesses. Mr. Manoff was also a member of the Board of Covetrus, a $4 billion formerly NASDAQ-listed global company that provided technology solutions and services to veterinarians, which was taken private as of October 2022. Mr. Manoff is a CPA and has a BS from the University of Maryland Smith Business School where he was a past Chair.

We believe Mr. Manoff's asset management and extensive governance experience qualify him to serve as a member of our Board.

**Jonathan Morgan**. Mr. Morgan is the founding Principal of Sound Fund Advisors LLC, a firm he founded in March 2011, where he acts as an independent director. Mr. Morgan has over 22 years of experience in the financial markets, including nine years of investment experience as a strategist or portfolio manager at three different investment managers: Caxton Associates (1993-1996), Croesus Capital Management (1997-1998) and Parallax Capital Management (1999-2002). In addition, Mr. Morgan has more than nine years of experience researching and investing in investment funds. He was the Head of Research and Portfolio Management in the Alternative Investment Group of Julius Baer Investment Management (2002-2005) where he supervised both investment research as well as the operational risk group. In 2005, Mr. Morgan joined Barclays Global Investors (2005-2009) as the Head of Manager Selection and subsequently became the Head of Investments for their Hedge Fund Management Group. During his tenure, Mr. Morgan was the head of Barclays Global Investor's New York office. In 2009, Mr. Morgan joined UBP Asset Management (2009-2011) as the Head of Global Hedge Fund Research. Prior to 1993, Mr. Morgan worked for Morgan Stanley for five years. He has an AB from Princeton University (1986), an MPP from Harvard's Kennedy School of Government (1990) and an MDIV from

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Yale Divinity School (2019). He is an FSA Credential Level II Candidate for the Sustainability Accounting Standards Board.

We believe Mr. Morgan's extensive experience as a leader in the investment management sector and service as an independent director on similar boards of directors qualify him to serve as a member of our Board.

***Executive Officers Who Are Not Directors***

**Eric Muller,** *Chief Executive Officer*. Mr. Muller shares portfolio management responsibilities for private lending investments. Prior to joining OHA, Mr. Muller worked in Goldman Sachs' Merchant Banking Division, where he was a Partner in the Private Credit Group, responsible for leading its private senior lending business in North America and managing vehicles that invested across the spectrum of the credit market. While at Goldman, he served on various divisional and firmwide investment and risk committees. Mr. Muller previously worked as a private equity investor for the Cypress Group. He is Co-Chairman of the Board of Trustees for StreetSquash, an after-school youth enrichment program. Additionally, Mr. Muller serves on the Dean's Advisory Board for the Boston University Questrom School of Business and the Investment Committee for the Boston University Endowment. He earned an M.B.A. from Harvard Business School, a J.D. from Harvard Law School and a B.A., summa cum laude, salutatorian, from Boston University.

**Thomas Hansen,** *Chief Financial Officer*. Mr. Hansen has primary responsibility for financial activities of OHA's BDCs and similar vehicles. Prior to joining OHA, Mr. Hansen was a senior manager in the audit practice at KPMG, LLP for 10 years, serving various alternative investment managers. Additionally, Mr. Hansen served as a global and national instructor for KPMG, LLP in the financial services practice. He earned an M.B.A and a B.B.A., magna cum laude, from Texas Wesleyan University and is a Certified Public Accountant.

**Grove Stafford**, *Chief Compliance Officer.* Mr. Stafford has primary responsibility for the legal and compliance activities of OHA's BDCs and registered investment vehicles. Prior to joining OHA, Mr. Stafford worked as an Executive Director for Morgan Stanley Investment Management where he served as Chief Compliance Officer for OHA's Private Credit, Equity, and Real Assets businesses as well as OHA's Business Development Companies. Prior to joining Morgan Stanley, Mr. Stafford was employed by Resource America, Inc., serving as Vice President and Assistant General Counsel, with responsibility for legal and compliance matters for Resource America's investment adviser and broker-dealer platforms. Mr. Stafford earned a J.D. from Tulane University and a B.A. from Boston University.

**Andrew Winer**, *Chief Operating Officer*. Mr. Winer works in the area of new business development and has primary responsibility for operations of OHA's BDCs and registered investment vehicles. Prior to joining OHA, Mr. Winer was the Co-Founder and Portfolio Manager of Sound Point Capital's commercial real estate business and served as Chief Investment Officer of InPoint Commercial Real Estate Income Inc. Previously, Mr. Winer served as President of Global Net Lease, Inc. and worked at Credit Suisse and predecessor firms in a variety of commercial real estate and structured finance related positions. Mr. Winer earned a Master of Accountancy and a B.B.A. in Accounting from the University of Michigan School of Business.

Our Board has adopted a code of ethics that applies to our executive officers, which forms part of our broader compliance policies and procedures. See "Item 1. Business – *Certain BDC Regulatory Considerations – Code of Ethics*."

**Board Leadership and Structure** 

The Board monitors and performs an oversight role with respect to our business and affairs, including with respect to our investment practices and performance, compliance with regulatory requirements, and the services, expenses and performance of our service providers. Among other things, the Board approves the appointment of the Advisers and officers, reviews and monitors the services and activities performed by the Advisers and executive officers, and approves the engagement, and reviews the performance of, our independent registered public accounting firm.

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Under our LLC Agreement, the Board may designate a Chair to preside over the meetings of the Board and meetings of the stockholders and to perform such other duties as may be assigned to him by the Board. We do not have a fixed policy as to whether the Chair of the Board should be an Independent Director and believe that we should maintain the flexibility to select the Chair and reorganize the leadership structure, from time to time, based on criteria that are in the best interests of us and our unitholders at such times.

Our Board has selected Brady Schuck to serve as Chair of the Board. We believe Mr. Schuck's experience in the private credit market, as well as his leadership with the Aranda Adviser, will provide sound leadership to the Board, particularly in light of the OHA Adviser's provision of executive officers to the Company in Phase 1.

Our Board does not currently have a designated lead Independent Director. We are aware of the potential conflicts that may arise when a non-Independent Director is chairman of the Board, but believe these potential conflicts are offset by our strong corporate governance policies. Our corporate governance policies include regular meetings of the Independent Directors in executive session without the presence of interested directors and management over which the chairman of the Audit Committee presides, the establishment of an Audit Committee comprised solely of Independent Directors, and the appointment of a Chief Compliance Officer, with whom the Independent Directors meet regularly without the presence of the interested director and other members of management, for administering our compliance policies and procedures.

We intend to re-examine our corporate governance policies on an ongoing basis to ensure that they continue to meet our needs.

**Board's Role in Risk Oversight** 

The Board performs its risk oversight function primarily through (a) its Audit Committee, which reports to the entire Board and is comprised solely of Independent Directors, and (b) active monitoring by the Chief Compliance Officer pursuant to our compliance policies and procedures.

Our Audit Committee assists our Board in fulfilling its risk oversight responsibilities. The Audit Committee's risk oversight responsibilities include overseeing our accounting and financial reporting processes, our systems of internal controls regarding finance and accounting, and audits of our financial statements, including the independence of our independent auditors.

Our Board performs its risk oversight responsibilities with the assistance of our Chief Compliance Officer. The Board quarterly reviews a written report from the Chief Compliance Officer discussing the adequacy and effectiveness of our compliance policies and procedures and our service providers. The Chief Compliance Officer's quarterly report addresses, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the operation of our compliance policies and procedures and our service providers since the last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any material changes to these policies and procedures since the last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any recommendations for material changes to these policies and procedures as a result of the Chief Compliance
Officer's review; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any compliance matter that has occurred since the date of the last report about which the Board would reasonably
need to know to oversee our compliance activities and risks.

In addition, the Chief Compliance Officer meets separately in executive session with the Independent Directors at least once each year.

We believe that our Board's role in risk oversight is effective, and appropriate given the extensive regulation to which we are subject as a BDC. We are required to comply with certain regulatory requirements

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that control the levels of risk in our business and operations. For example, our ability to incur indebtedness is limited because our asset coverage must equal at least 150% immediately after we incur indebtedness. We generally have to invest at least 70% of our total assets in "qualifying assets" and are not generally permitted to invest in any portfolio company in which one of our affiliates currently has an investment. See "Item 1. Business – *Certain BDC Regulatory Considerations*."

We recognize that different board of director roles in risk oversight are appropriate for companies in different situations. We intend to continue to re-examine the manner in which our Board administers its oversight function on an ongoing basis to ensure that it continues to meet our needs.

**Committees of the Board** 

***Audit Committee***

Our Board has established an Audit Committee. The members of the Audit Committee have been appointed by our Board and serve until their respective successor is elected and qualifies, unless they are removed or resign. We require each director to make a diligent effort to attend all board and committee meetings as well as each annual meeting of our unitholders.

The Audit Committee operates pursuant to a charter approved by our Board. The charter sets forth the responsibilities of the Audit Committee. The Audit Committee is responsible for recommending the selection of, engagement of and discharge of our independent auditors, reviewing the plans, scope and results of the audit engagement with the independent auditors, approving professional services provided by the independent auditors (including compensation therefore), reviewing the independence of the independent auditors, and reviewing the adequacy of our internal controls over financial reporting. The members of the Audit Committee are Kathleen M. Burke, Mark Manoff, and Jonathan Morgan, each of whom is not an "interested person" of us for purposes of the 1940 Act. Mark Manoff serves as the chair of the Audit Committee. The Board has determined that Mr. Manoff qualifies as an "Audit Committee financial expert" as defined in Item 407 of Regulation S-K under the Exchange Act. Each of the members of the Audit Committee meet the independence requirements of Rule 10A-3 of the Exchange Act and, in addition, is not an "interested person" of us or of either Adviser as defined in Section 2(a)(19) of the 1940 Act.

***Nominating and Corporate Governance Committee***

Our Board has established a Nominating and Corporate Governance Committee (the "Nominating Committee"). The members of the Nominating Committee have been appointed by our Board and serve until their respective successor is elected and qualifies, unless they are removed or resign. We require each director to make a diligent effort to attend all board and committee meetings as well as each annual meeting of our unitholders.

The Nominating Committee operates pursuant to a charter approved by our Board. The charter sets forth the responsibilities of the Nominating Committee, including making nominations for the appointment or election of Independent Directors. The members of the Nominating Committee are Kathleen M. Burke, Mark Manoff, and Jonathan Morgan, each of whom is not an "interested person" of us for purposes of the 1940 Act. Kathleen M. Burke serves as the chair of the Audit Committee.

**Portfolio Management – OHA Adviser** 

The OHA Adviser serves as an investment adviser to us. The OHA Adviser is registered as an investment adviser under the Advisers Act. Subject to the overall supervision of our Board, the OHA Adviser manages our day-to-day operations and provides investment advisory and management services to us with respect to the OHA Assets. The OHA Adviser is a wholly owned subsidiary of OHA.

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*Investment Personnel* 

The management of a portion of our investment portfolio will be the responsibility of the OHA Adviser. Eric Muller is the lead portfolio manager of the strategy. Alan Schrager and Eric Muller, the Company's Chief Executive Officer, are responsible for the day-to-day management of the Company.

**Alan M. Schrager,** *Portfolio Manager & Senior Partner of OHA*. Alan M. Schrager shares portfolio management responsibilities for a number of OHA's portfolios. Mr. Schrager serves on various OHA committees including the compliance, investment strategy, valuation and several fund investment committees. Previously, he had senior research responsibility for investments in private credit companies, software, industrials and gaming. Prior to joining OHA in early 2003, Mr. Schrager was a Managing Director of USBancorp Libra, where he was responsible for originating, evaluating and structuring private equity, mezzanine and debt transactions and also held several positions at Primary Network, a data CLEC, including Chief Financial Officer and Interim Chief Executive Officer. He previously worked in the Leveraged Finance and High Yield Capital Markets group at UBS Securities, LLC. He currently serves on the Board of Directors of Expro Group Holdings International Limited, three Churchill Capital special purpose acquisition companies and New Heights Youth, Inc. Mr. Schrager earned an M.B.A. from the Wharton School of the University of Pennsylvania, and a B.A. from the University of Michigan.

**Eric Muller,** *Chief Executive Officer*. Mr. Muller shares portfolio management responsibilities for private lending investments. Prior to joining OHA, Mr. Muller worked in Goldman Sachs' Merchant Banking Division, where he was a Partner in the Private Credit Group, responsible for leading its private senior lending business in North America and managing vehicles that invested across the spectrum of the credit market. While at Goldman, he served on various divisional and firmwide investment and risk committees. Mr. Muller previously worked as a private equity investor for the Cypress Group. He is Co-Chairman of the Board of Trustees for StreetSquash, an after-school youth enrichment program. Additionally, Mr. Muller serves on the Dean's Advisory Board for the Boston University Questrom School of Business and the Investment Committee for the Boston University Endowment. He earned an M.B.A. from Harvard Business School, a J.D. from Harvard Law School and a B.A., summa cum laude, salutatorian, from Boston University.

The OHA Adviser, through the resources and personnel provided by OHA pursuant to a resource sharing agreement, is currently staffed with more than 100 investment professionals, including the investment personnel noted above, and approximately 350 employees. In addition, the Adviser may retain additional investment personnel in the future based upon its needs.

**Portfolio Management – Aranda Adviser** 

The Aranda Adviser serves as an investment adviser to us. Subject to the overall supervision of our Board, the Aranda Adviser manages our day-to-day operations and provides investment advisory and management services to us with respect to the Aranda Assets.

*Investment Personnel* 

The management of a portion of our investment portfolio will be the responsibility of the Aranda Adviser. Brady Schuck and Nicolas Debetencourt are responsible for the day-to-day management of the Company.

**Brady Schuck**. Brady Schuck is a Managing Director with Aranda Principal Strategies and is on the Aranda Investment Committee. Mr. Schuck has spent the majority of his career in the private credit markets investing in credit across the entire capital structure. Most recently, Mr. Schuck was a Managing Director with Temasek within their Credit & Hybrid Solutions team. Prior to Temasek, Mr. Schuck was one of the senior members of the Goldman Sachs private credit team and prior to Goldman, he was a Managing Director within the

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credit arm of The Blackstone Group. He also has had roles with DLJ Merchant Banking/Credit Suisse, Duff & Phelps and Ernst & Young. Mr. Schuck holds an M.B.A. from the University of Southern California and a Bachelor of Science from the University of Virginia.

**Nicolas Debetencourt**. Nicolas Debetencourt is the Chief Executive Officer of Aranda Principal Strategies. He previously served as Head of Temasek's Credit & Hybrid Solutions Group, which he joined in 2016. Before joining Temasek, Mr. Debetencourt was a Managing Director at HPS Investment Partners. Earlier in his career, he was a Principal and founding member of Carlyle Infrastructure Partners, following his tenure as a Director at Citigroup. Mr. Debetencourt holds a master's degree from Solvay Business School at the University of Brussels and attended the Darden Graduate School of Business at the University of Virginia.

The Aranda Adviser utilizes a team approach, with decisions derived from interaction among various investment management sector specialists, including the investment personnel noted above. Under this team approach, management of the Aranda Assets will reflect a consensus of interdisciplinary views.

**Item 6. *Executive Compensation*.** 

**Compensation of Executive Officers** 

We do not currently have any employees and do not expect to have any employees. Services necessary for our business, including such services provided by our executive officers, will be provided by individuals who are employees of the Advisers pursuant to the terms of the respective Advisory Agreement or employees of the Administrator through the Administration Agreement. Therefore, our day-to-day investment operations will be managed by the Advisers, and most of the services necessary for the origination and administration of our investment portfolio will be provided by investment professionals employed by the Advisers.

None of our executive officers receive direct compensation from us. During Phase 1, we have agreed to reimburse the Administrator for its allocable portion of the compensation paid to or compensatory distributions received by our Chief Compliance Officer and Chief Financial Officer, and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any. In addition, to the extent that the Administrator outsources any of its functions, we will pay the fees associated with such functions at cost. We will agree to reimburse the Administrator for its allocable portion of the compensation of any personnel that it provides for use by us. Certain of our executive officers, through their management positions with the Advisers, may be entitled to a portion of any profits earned by the Advisers, which includes any fees payable to the Advisers under the terms of our Advisory Agreements, less expenses incurred by the Advisers in performing its services under our Advisory Agreement. The Advisers may pay additional salaries, bonuses, and individual performance awards and/or individual performance bonuses to our executive officers in addition to their ownership interest.

**Compensation of Independent Directors** 

Our Board members who do not also serve in an executive officer capacity for us or either Adviser are entitled to receive annual cash retainer fees, fees for participating in Board and committee meetings and annual fees for serving as a committee chairperson. These Board members are Kathleen M. Burke, Mark Manoff, and Jonathan Morgan. Amounts payable under the arrangement are determined and paid quarterly in arrears as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Cash**<br> **Retainer**  | **Board Meeting**<br> **Fee**  | **Committee**<br> **Meeting Fee**  | **Annual Committee Chair Cash Retainer** | **Annual Committee Chair Cash Retainer** |
| **Annual Cash**<br> **Retainer**  | **Board Meeting**<br> **Fee**  | **Committee**<br> **Meeting Fee**  | **Audit**<br> **Committee** | **Nominating**<br> **Committee** |
| $50000 | $2500 | $1000 | $15000 | $2500 |

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We also reimburse each of the Board members for all reasonable and authorized business expenses in accordance with our policies as in effect from time to time, including reimbursement of reasonable out-of-pocket

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expenses incurred in connection with attending each Board meeting and each committee meeting not held concurrently with a Board meeting.

No compensation will be paid to directors who are "interested persons," as that term is defined in the 1940 Act.

**Item 7. *Certain Relationships and Related Transactions, and Director Independence.*** 

**Transactions with Related Persons; Review, Approval, or Ratification of Transactions with Related Persons** 

*Advisory Agreements; Administration Agreement* 

We have entered into the OHA Advisory Agreement with the OHA Adviser, pursuant to which we will pay the OHA Management Fee and OHA Incentive Fee to the OHA Adviser, and we have entered into the Aranda Advisory Agreement with the Aranda Adviser, pursuant to which we will pay Aranda Management Fees and Aranda Performance Fees to the Aranda Adviser. In addition, we have entered into the Administration Agreement with the Administrator, pursuant to which we will make payments equal to an amount that reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement; for example, we rent office space from the Administrator and pay the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including our allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer and their respective staffs.

Each of the Advisory Agreements and the Administration Agreement were approved by our Board at the initial Board meeting. Unless earlier terminated as described below, each of the Advisory Agreements and the Administration Agreement will remain in effect for a period from their effective date to the second anniversary of such effective date, and will remain in effect from year to year thereafter if approved annually by (i) the vote of our Board, or by the vote of a majority of our outstanding voting securities, and (ii) the vote of a majority of our Independent Directors. Each of the Advisory Agreements and Administration Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of their assignment. Notwithstanding the foregoing, each of the Advisory Agreements and the Administration Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice, provided, that, such termination will be directed or approved by the vote of a majority of our outstanding voting securities, by the vote of our directors, or by the OHA Adviser, the Aranda Adviser, or the Administrator, as applicable. If either Advisory Agreement is terminated according to this paragraph, we will pay the respective Adviser a prorated portion of the applicable management fee.

**Director Independence** 

Pursuant to Section 56 of the 1940 Act, a majority of a BDC's board of directors must be comprised of persons who are not "interested persons," as defined in Section 2(a)(19) of the 1940 Act, of us or any of our affiliates. Consistent with these considerations, after review of all relevant transactions and relationships between each director, or any of his or her family members, and us, the Advisers, or of any of their respective affiliates, the Board has determined that Kathleen M. Burke, Mark Manoff, and Jonathan Morgan qualify as Independent Directors. Each director who serves on the Audit Committee is an independent director for purposes of Rule 10A-3 under the Exchange Act.

Subject to certain 1940 Act restrictions on co-investments with affiliates, the Advisers offer us the right to participate in all investment opportunities that they determine are appropriate for us in view of our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other relevant factors. Such offers are subject to the exception that, in accordance with the each Advisers' code of ethics and allocation policies, as applicable we might not participate in each individual opportunity but will, on an overall

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basis, be entitled to participate equitably with other entities sponsored or managed by the Advisers and their affiliates over time.

The Advisers and their affiliates have both subjective and objective policies and procedures in place that are designed to manage the potential conflicts of interest between the Advisers' fiduciary obligations to us and their similar fiduciary obligations to other clients. To the extent that we compete with entities sponsored or managed by the Advisers or their affiliates for a particular investment opportunity, the Advisers will allocate investment opportunities across the entities for which such opportunities are appropriate, consistent with (1) its internal conflict of interest and allocation policies, (2) the requirements of the Advisers Act (for the OHA Adviser) and (3) certain restrictions under the 1940 Act regarding co-investments with affiliates. The Advisers' allocation policies are intended to ensure that, over time, we generally share equitably with other accounts sponsored or managed by the Advisers or their affiliates in investment opportunities, particularly those involving a security with limited supply or involving differing classes of securities of the same issuer that are suitable for us and such other accounts. There can be no assurance that the Advisers or their affiliates' efforts to allocate any particular investment opportunity fairly among all clients for whom such opportunity is appropriate will result in an allocation of all or part of such opportunity to us. Not all conflicts of interest can be expected to be resolved in our favor.

**Conflicts of Interest** 

The following inherent or potential conflicts of interest should be considered by prospective investors before subscribing for the Units.

*General* 

The Company is subject to a number of actual and potential conflicts of interests. The Advisers and their affiliates, direct and indirect members, direct and indirect partners and/or employees, do now and may in the future manage or co-manage other investment vehicles, BDCs, collateralized loan obligations and/or separate accounts (the "Advisers' Clients"), some of which follow, or may follow, investment programs substantially similar to that of the Company. The existence of multiple Advisers' Clients (including the Company) may create a number of potential conflicts of interest.

The Advisers will devote as much of their respective time to our activities as each deems necessary and appropriate. The Advisers and their affiliates are not restricted from forming (or allocating investment opportunities to) other Advisers' Clients, from entering into other investment advisory relationships or from engaging in other business activities, even though such activities may be in competition with us and/or may involve substantial time and resources of the Advisers and/or their affiliates. The Advisers are not restricted from establishing new Advisers' Clients. These activities could be viewed as creating a conflict of interest in that the time and effort of the Advisers, the Advisers' other partners and their respective officers and employees will not be devoted exclusively to the business of the Company, but will be allocated between our business and other business activities, including, without limitation, the management of the assets of the other Advisers' Clients.

The Advisers have multiple advisory, transactional, financial and other interests that conflict or may conflict with those of the Company and our Unitholder. The Advisers may, in the future, engage in additional activities that result in additional conflicts of interest not addressed below. Any such conflicts could have a material adverse effect on us and the Unitholder.

*Conflicts with Borrowers and Issuers* 

In certain instances, partners, officers and/or employees of the Advisers may serve as directors of certain issuers of loans in which we invest and, in that capacity, will be required to make decisions that they consider to be in the best interests of such issuers. In certain circumstances, such as in situations involving

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bankruptcy or near insolvency of an issuer, actions that may be in the best interests of such issuer may not be in the best interests of the Company, and vice versa. Accordingly, in these situations, there is the potential for conflicts of interest between an individual's duties as a partner, officer or employee of the Advisers and such individual's duties as a director of such issuer.

*Valuation Matters* 

Most of our portfolio investments are made in the form of securities that are not publicly traded and for which market quotations are not readily available. As a result, the OHA Adviser, as the valuation designee, determines the fair value of such securities in good faith. In connection with this determination, investment professionals from the valuation designee consider portfolio company valuations based upon the most recent portfolio company financial statements available and projected financial results of each portfolio company. The participation of the valuation designee's investment professionals in our valuation process, and the indirect pecuniary interest in the valuation designee by any of its employees, could result in a conflict of interest, as the valuation designee's management fees and incentive fees are based, in part, on the value of our assets.

*Incentive/Performance Fees* 

The existence of incentive/performance fees may create an incentive for an Adviser to make riskier or more speculative investments on our behalf than would be the case in the absence of such performance-based compensation.

In addition, the manner in which an Adviser's entitlement to incentive/performance fees, as applicable, is determined may result in a conflict between its interests and the interests of our unitholders with respect to the sequence and timing of disposals of investments. For example, the ultimate beneficial owner of the Aranda Adviser is generally subject to Singapore taxation. The Aranda Adviser may be incentivized to manage our investments, including to hold and/or sell investments, in a manner that takes into account the tax treatment of the Aranda Performance Fee. While both Advisers generally intend to seek to maximize pretax returns for us as a whole, both Advisers may nonetheless be incentivized, for example, to hold investments longer to ensure long-term capital gains treatment and/or realize investments prior to any change in law that results in a higher effective income tax rate on its incentive or performance fees, as applicable.

*Other Fees* 

Each Adviser or their respective affiliates may from time to time receive compensation from a company in which we hold a portfolio investment, including monitoring fees, financial arranging services fees, loan administration or servicing fees, break-up fees, directors' fees, and/or other similar advisory fees (collectively, "Transaction Fees"). To the extent an Adviser or its affiliates receive any Transaction Fees, fees payable under the respective Advisory Agreement may be reduced by the allocable portion of such fees attributable to us, as determined pro rata based on the amount of capital committed to the relevant portfolio investment by us, any other funds or accounts managed by an Adviser and its affiliates, and/or any account owned or controlled by an Adviser or an affiliate. Transaction Fees shall not include any salary, benefits, stock options, and other compensation granted or paid by portfolio companies to employees of an Adviser serving in portfolio company roles.

Moreover, each Adviser and its personnel can be expected to receive certain intangible and/or other benefits and/or perquisites arising or resulting from their activities on behalf of us which will not be subject to the management fee offset or otherwise shared with us, the Unitholder, and/or our portfolio companies. For example, airline travel or hotel stays incurred as Company expenses typically result in "miles" or "points" or credit in loyalty/status programs, and such benefits and/or amounts will, whether or not de minimis or difficult to value, inure exclusively to such Adviser and/or such personnel (and not us, the Unitholder, and/or our portfolio companies), even though the cost of the underlying service is borne by us and/or our portfolio companies.

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*Allocation of Investment Opportunities* 

Pursuant to each Adviser's respective allocation policy, we are allocated investment opportunities that reflect our investment strategies and objectives; namely, debt investments in private, U.S.-domiciled, sponsored and non-sponsored middle-market and upper middle-market companies. In addition, pursuant to these policies, we may receive allocations for opportunistic debt investments in companies not based in the United States, or for equity investments in companies based inside or outside of the United States.

*Conflicts Related to Other Businesses, Activities and Relationships* 

The investment platforms of each Adviser and their respective affiliates include managing assets across their respective private equity, credit and real estate strategies. In addition, these platforms may in the future seek to engage in different investment strategies or lines of business beyond those that they currently provide.

To the extent we hold or seek to hold interests in a portfolio company that are different than those held or sought to be held in the same portfolio company by other entities or other investment vehicles on such platforms, or other accounts and clients of our Advisers or their respective affiliates, these investment advisers may be presented with decisions where the interests of such other entities are in conflict with those of the Company. Furthermore, it is possible our interest may be extinguished, pre-paid, subordinated, or otherwise adversely affected by virtue of such other entities' involvement and actions relating to their investments. In addition, the 1940 Act limits our ability to undertake certain transactions with our affiliates, including other funds that are registered under the 1940 Act or regulated as BDCs under the 1940 Act. As a result of these restrictions, we may be prohibited from executing "principal" or "joint" transactions with such affiliates, which could include investments in the same portfolio company (whether at the same or different times). These limitations may limit the scope of investment opportunities that would otherwise be available to us, including because either Adviser may be incentivized to avoid making investments in portfolio companies in which other affiliated entities may seek to invest in the future.

*Conflicts Arising from Organizational, Ownership and Investment Structure* 

Our organizational, ownership and investment structure involves a number of relationships that give rise to potential conflicts of interest. In certain instances, the interests of the Advisers and their affiliates could differ from the interests of the Unitholder, including with respect to the types of investments made, the timing and method in which investments are exited, the timing and amount of distributions to the unitholders, the reinvestment of returns generated by investments and the appointment of outside advisers and service providers. There can be no assurance that any such conflict would be resolved in favor of the Unitholder, and this may negatively affect the value of the Units.

The terms of this Registration Statement and our overall investment objectives were established by persons who were, at the relevant time, employees of the Advisers and/or an affiliate thereof. Because these arrangements were initially drafted and negotiated between and among related parties, their terms, including terms relating to compensation, contractual or fiduciary duties, conflicts of interest and termination rights, our activities and limitations on indemnification and exculpation, are likely less favorable than otherwise might have resulted if such negotiations had involved unrelated parties.

*Allocation of Personnel* 

The Advisers shall cause their respective personnel to devote such time as shall be reasonably necessary to conduct our business affairs in an appropriate manner. These personnel, including those responsible for our affairs as employees of the OHA Adviser and Aranda Adviser, respectively, have commitments to, and may work on other projects unrelated to, the Company, including other products contemplated herein. Such personnel may also (i) serve as members of the boards of directors of various public and private companies other

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than our portfolio companies and retain fees for such services for such person's own account, (ii) engage in such civic, trade association (or similar organization), industry, and charitable activities as such person shall choose, (iii) conduct and manage such person's personal and family investment and related activities, and (iv) engage in any other activities not prohibited by the LLC Agreement. Conflicts may arise as a result of such other activities and in allocating management time services and functions. The possibility exists that such companies could engage in transactions which would be suitable for us, but in which we might be unable to invest.

*Portfolio Investments* 

Officers and employees of the Company or the Advisers may serve as directors of certain portfolio companies and, in that capacity, will be required to make decisions that consider the best interests of such portfolio company and its shareholders. In certain circumstances (for example, in situations involving bankruptcy or near-insolvency of a portfolio company), actions that may be in the best interest of the portfolio company may not be in the best interests of the Company, and vice versa. Accordingly, in these situations, there will be conflicts of interest between such individual's duties as an officer or employee of the Company or of the respective Adviser, as applicable, and such individual's duties as a director of the portfolio company. A portfolio company may enter into transactions with another portfolio company or a portfolio company of another product advised by either Adviser or an affiliated thereof. If an issuer in which the Company and a fund or other investment vehicle managed or sponsored by either of our Advisers (or an affiliate thereof) hold different classes of securities encounters financial problems, decisions over the terms of any workout will raise conflicts of interest (including conflicts over proposed waivers and amendments to debt covenants and other terms).

*Investments in Securities by Personnel of our Advisers* 

Each of our Advisers will adopt a Code of Ethics that places obligations and restrictions on personal trades by employees, including that they disclose their personal securities holdings and transactions to the respective Adviser on a periodic basis, and requires that employees pre-clear certain types of personal securities transactions. The Advisers, their affiliates, and their respective employees may give advice or take action for their own accounts that may differ from, conflict with or be adverse to advice given or action taken for us.

*Investments in Debt Obligations of Issuers* 

Issuers of debt obligations in which we invest may agree to pay for some expenses that would otherwise be expenses of the Advisers, including, without limitation, administrative and overhead expenses. While the Advisers will act in a manner consistent with their fiduciary duties to us, payments of such expenses by such issuers may present a conflict of interest.

*Allocation of Expenses among Accounts and Co-Investors* 

Each of the Advisers seeks to fairly allocate expenses among their respective client accounts, including us and any co-investors. Generally, accounts and co-investors that own an investment will share in expenses related to such an investment, including expenses originally charged solely to any account. However, it is not always possible or reasonable to allocate or re-allocate expenses to a co-investor, depending upon the circumstances surrounding the applicable investment (including the timing of the investment) and the financial and other terms governing the relationship of the co-investor to the accounts with respect to the investment, and, as a result, there may be occasions where co-investors do not bear a proportionate share of such expenses. In addition, where a potential investment is contemplated but ultimately not consummated, potential co-investors generally will not share in any expenses related to such potential investment, including expenses borne by any account with respect to such potential investment. Similarly, there may be circumstances when the applicable Adviser or its affiliates has considered a potential equity investment in a portfolio company on behalf of an account, has determined not to make such equity investment, and a debt investment is eventually made in such portfolio company by us or another credit fund or other investment vehicle sponsored by the broader investment

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platform of either of our Advisers. In these circumstances, we or such other vehicles may benefit from research by the respective Adviser's investment team, as applicable, and/or from costs borne by the applicable account in pursuing the potential portfolio investment, but will not be required to reimburse such account for expenses incurred in connection with such investment.

*Cross Transactions* 

To the extent permitted by the 1940 Act, including Rule 17a-7 thereunder, the Advisers may determine that it would be in our best interests and the best interests one or more other accounts to transfer a security from one account to another (each such transfer, a "Cross Transaction") for a variety of reasons, including, without limitation, tax purposes, liquidity purposes, to rebalance the portfolios of the accounts, or to reduce transaction costs. If either Adviser decides to engage in a Cross Transaction, that Adviser will determine that the trade is in the best interests of both of the accounts involved and take steps to ensure that the transaction is consistent with the duty to obtain best execution for each of those accounts.

Among other things, one or more of our subsidiaries may offer to other accounts of either Adviser participations in and/or assignments or sales of loans (or interests therein) that the subsidiaries have originated or purchased. In the event of such an offer, the price of the participation, assignment, or sale will be based on the current market quotation of such loans and ascertained in a manner required by the 1940 Act. Further, the decision by such other accounts to accept or reject the relevant subsidiary's offer will be made by a party independent of the respective Adviser, such as a loan acquisition committee.

*Principal Transactions* 

To the extent that Cross Transactions may be viewed as principal transactions (as such term is used under the Advisers Act) due to the ownership interest in an account by either of the Advisers or their respective personnel, the respective Adviser will comply with the requirements of Section 206(3) of the Advisers Act. In connection with principal transactions, Cross Transactions, related-party transactions, and other transactions and relationships involving potential conflicts of interest, the respective Adviser will consult with the Board on such Cross Transactions; provided that the Adviser will not consult with the Board or our unitholders for the sale of a loan to, or the purchase of a loan from, other accounts that are not principal accounts. Cross Transactions may be made when either Adviser determines that it is in our best interests and that of the other accounts to effectuate such trades. The Board may be consulted prior to or contemporaneous with, or subsequent to, the consummation of a Cross Transaction. In no event will any such transaction be entered into unless it complies with applicable law. The Board may be exculpated and indemnified by the Company.

*Proxy Voting* 

Because our investment program primarily involves investing through privately negotiated transactions, each Adviser typically is not presented with traditional proxy proposals, amendments, consents, or resolutions (collectively, "Proxies") for a vote with respect to our assets. However, on the rare occasion we are asked to decide on matters involving voting our ownership interest in a portfolio company, each Adviser will seek to vote our Proxies with respect to their respective portion of the portfolio in our best interest.

The OHA Adviser will exercise proxy voting authority with respect to the OHA Assets and any security interests related thereto. The Aranda Adviser will exercise proxy voting authority with respect to the Aranda Assets and any security interests related thereto. The applicable Adviser will review on a case-by-case basis each proposal submitted for a shareholder vote to determine its impact on our portfolio securities. Although each Adviser will generally vote against proposals that may have a negative impact on our portfolio securities, it may vote for such a proposal if there exists compelling long-term reasons to do so.

The proxy voting decisions of each Adviser are made by the senior officers who are responsible for monitoring our investments.

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<u>OHA Adviser - Proxy Voting Policy</u> 

The OHA Adviser's policies and procedures are reasonably designed to ensure that the OHA Adviser votes proxies in our best interest and addresses how it will resolve any conflict of interest that may arise when voting proxies and, in so doing, to maximize the value of the investments we make, taking into consideration our investment horizons and other relevant factors. It will review on a case-by-case basis each proposal submitted for a shareholder vote to determine its impact on the portfolio securities held by its clients. Although the OHA Adviser will generally vote against proposals that may have a negative impact on its clients' portfolio securities, it may vote for such a proposal if there exists compelling long-term reasons to do so.

Decisions on how to vote a proxy generally are made by the OHA Adviser. The members of the portfolio management team covering the applicable security often have the most intimate knowledge of both a company's operations and the potential impact of a proxy vote's outcome. Decisions are based on a number of factors which may vary depending on a proxy's subject matter, but are guided by the general policies described in the proxy policy. In addition, the OHA Adviser may determine not to vote a proxy after consideration of the vote's expected benefit to clients and the cost of voting the proxy. To ensure that its vote is not the product of a conflict of interest, the OHA Adviser will require the members of the portfolio management team to disclose any personal conflicts of interest they may have with respect to overseeing our investment in a particular company.

<u>Aranda Adviser – Proxy Voting Policy</u> 

The Aranda Adviser's policies and procedures are reasonably designed to ensure that the Aranda Adviser votes proxies in our best interest and addresses how it will resolve any conflict of interest that may arise when voting proxies and, in so doing, to maximize the value of the investments we make, taking into consideration our investment horizons and other relevant factors. It will review on a case-by-case basis each proposal submitted for a shareholder vote to determine its impact on the portfolio securities the respective client holds. Although the Aranda Adviser will generally vote against proposals that may have a negative impact on the respective client's portfolio securities, it may vote for such a proposal if there exist compelling long-term reasons to do so.

Decisions on how to vote a proxy generally are made by the Aranda Adviser. The members of the portfolio management team covering the applicable security often have the most intimate knowledge of both a company's operations and the potential impact of a proxy vote's outcome. Decisions are based on a number of factors which may vary depending on a proxy's subject matter, but are guided by the general policies described in the proxy voting policy. In addition, the Aranda Adviser may decide not to vote a proxy after consideration of the vote's expected benefit to the respective client and the cost of voting the proxy. To ensure that its vote is not the product of a conflict of interest, the Aranda Adviser will require the members of the portfolio management team to disclose any personal conflicts of interest they may have with respect to overseeing our investment in a particular company.

*The Advisers May Have Different Compensation Arrangements with Other Accounts* 

An Adviser could be subject to a conflict of interest because varying compensation arrangements among us and other accounts could incentivize an Adviser to manage our investments and those of such other accounts differently. These and other differences could make us less profitable to an Adviser than certain other accounts, thus de-incentivizing an Adviser's employees from devoting time and attention to us and our investments.

*Service Providers* 

Service providers or their affiliates (including any administrators, lenders, brokers, attorneys, consultants, accountants, appraisers, valuation experts, tax advisors, servicers, asset managers, and investment

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banking firms) that serve us, the Advisers, or any of their affiliates may also provide goods or services to, or have business, personal, political, financial, or other relationships with, the Advisers or their affiliates. Such service providers may be affiliates of the Advisers and/or their respective affiliates and/or sources of investment opportunities and co-investors or counterparties therewith. These relationships may influence either Adviser's decision to select or recommend such a service provider to perform services for us or a portfolio company or to have other relationships with their respective investment platforms, as applicable. Notwithstanding the foregoing, our investment transactions that require the use of a service provider will generally be allocated to service providers on the basis of best execution, the evaluation of which includes, among other considerations, such service provider's provision of certain investment-related services and research that the respective Adviser believes to be of benefit to us. Additionally, misconduct by service providers (such as the improper use or disclosure of confidential information which could result in litigation or serious financial harm by limiting our business prospects or future activities), which the Advisers may not be able to detect and prevent, could cause significant losses to us.

*Fund Administration* 

The Administrator, solely or through the use of any third-party sub-administrator, may provide all or any part of fund administration services to us. Any costs for providing these services would be paid separately by us to the Administrator subject to the overall cap in expenses described in "Item 1. Business - *Payment of our Expenses*." The Administrator's ability to determine the fund administration fee the Administrator receives from us creates a conflict of interest. The Administrator addresses this conflict by reviewing its fund administration fee, as the Administrator believes is appropriate to ensure that it is fair and comparable to equivalent services that could be performed by a non-affiliated third party at a rate negotiated on an arm's-length basis.

*Brokerage Arrangements* 

Depending upon market conditions and the types of financial instruments we purchase and sell, we may or may not utilize broker-dealers. To the extent that we effect any transaction through a broker-dealer, we may elect to use one or more prime brokers or other broker-dealers for our transactions. We generally do not expect to enter into transactions in which commissions are charged, but in the event of any commission-based transaction, we will attempt to negotiate the lowest available commission rates commensurate with the particular services provided in connection with the transaction. Consequently, we may select broker-dealers that charge a higher commission or fee than another broker-dealer would have charged for effecting the same transaction. The selection of a broker-dealer will be made on the basis of best execution as determined by the applicable Adviser in its sole discretion, taking into consideration a number of factors, which may include, among others, commission rates, reliability, financial responsibility, the strength of the broker-dealer and the ability of the broker-dealer to efficiently execute transactions, the broker-dealer's facilities, and the broker-dealer's provision or payment of the costs of research and other services or property that will be of benefit to us, the applicable Adviser, or other accounts to which the applicable Adviser or any of its affiliates provides investment services.

The Advisers may be influenced in their selection of broker-dealers by their provision of other services, including but not limited to capital introduction, marketing assistance, information technology services, operations and operating equipment, and other services or items. Such execution services, research, investment opportunities, or other services may be deemed to be "soft dollars." In the event that either of the Advisers enters into a "soft dollar" arrangement, it will do so within the "safe harbor" of Section 28(e) of the Commodity Exchange Act of 1936, as amended.

*Certain Business Relationships* 

Certain of our current directors and officers are directors or officers of either the OHA Adviser or the Aranda Adviser.

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In the ordinary course of business, we may enter into transactions with portfolio companies that may be considered related party transactions. In order to ensure that we do not engage in any prohibited transactions with any persons affiliated with us, we have implemented certain policies and procedures whereby our executive officers screen each of our transactions for any possible affiliations between the proposed portfolio investment, us, companies controlled by us, and our employees and directors. We will not enter into any agreements unless and until we are satisfied that doing so will not raise concerns under the 1940 Act or, if such concerns exist, we have taken appropriate actions to seek Board review and approval or exemptive relief for such transaction. Our Board reviews these procedures on a quarterly basis.

We have adopted a Code of Ethics which applies to, among others, our senior officers, including our Chief Executive Officer and Chief Financial Officer, as well as all of our officers and directors. Our Code of Ethics requires that all officers and directors avoid any conflict, or the appearance of a conflict, between an individual's personal interests and our interests. Pursuant to such Code of Ethics, each officer and director must disclose any conflicts of interest, or actions or relationships that might give rise to a conflict, to our Chief Compliance Officer.

**Indebtedness of Management** 

None.

**Promoters and Certain Control Persons** 

We have entered into the OHA Advisory Agreement with the OHA Adviser, the Aranda Advisory Agreement with the Aranda Adviser, and the Administration Agreement with the Administrator. The OHA Adviser, for its services to us under the OHA Advisory Agreement, will be entitled to receive certain fees, including the OHA Base Management Fee and the OHA Incentive Fees. The Aranda Adviser, for its services to us under the Aranda Advisory Agreement, will be entitled to receive certain fees, including the Aranda Base Management Fee and Aranda Performance Fees. The Administrator, for its services to us under the Administration Agreement, will be entitled to receive reimbursement of certain expenses. In addition, under the Advisory Agreements and the Administration Agreement, we expect, to the extent permitted by applicable law and in the discretion of our Board, to indemnify each of the respective Advisers and Administrator and certain of their affiliates. See "Item 1. Business – *Management Agreements* – *Advisory Agreements*" and "Item 1. Business – *Management Agreements – OHA Administration Agreement.*"

***The foregoing list of conflicts does not purport to be a complete enumeration or explanation of the actual and potential conflicts involved in an investment in the Company. In addition, as the Company's investment program develops and changes over time, an investment in the Company may be subject to additional and different actual and potential conflicts. Although the various conflicts discussed herein are generally described separately, prospective investors should consider the potential effects of the interplay of multiple conflicts.***

**Item 8. *Legal Proceedings.*** 

Neither we nor the Advisers are currently subject to any material pending legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us or the Advisers. From time to time, we or the Advisers may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

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**Item 9. *Market Quotation of and Dividends on the Registrant's Units and Related Stockholder Matters.*** 

**Market Information** 

Our outstanding Units were offered and sold in transactions exempt from registration under the Securities Act under Section 4(a)(2) and Regulation D. See "Item 10. Recent Sales of Unregistered Securities" for more information. There is currently no public market for the Units, and we do not expect one to develop.

Because the Units were acquired by our Unitholder in one or more transactions "not involving a public offering," they are "restricted securities" and may be required to be held indefinitely. Our Units may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) the Aranda Adviser's consent is granted and (ii) the Units are registered under applicable securities laws or specifically exempted from registration (in which case the Unitholder may, at our option, be required to provide us with a legal opinion, in form and substance satisfactory to us, that registration is not required). Accordingly, an investor must be willing to bear the economic risk of investment in the Units until we are liquidated. No sale, transfer, assignment, pledge, or other disposition, whether voluntary or involuntary, of Units may be made, except by registration of the transfer on our books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Units and to execute such other instruments or certifications as are reasonably required by us.

**Unitholders** 

Please see "Item 4. Security Ownership of Certain Beneficial Owners and Management" for disclosure regarding the holders of our Units.

**Valuation of Portfolio Securities** 

Please see "Item 1. Business - *Valuation of Portfolio Securities*" for disclosure regarding the valuation of our portfolio securities.

**Dividends** 

Distributions will be made to our Unitholder at such times and in such amounts as determined by the Board, which distributions may be actual or deemed distributions.

**Reinvestment and Recycling of Capital** 

Subject to the requirements of Section 852(a) of subchapter M of the Code and the terms of any borrowings or other financings or similar obligations, proceeds realized by us from the sale or repayment of any investment (as opposed to investment income) may be retained and be used by us for purposes of making investments or paying management fees, incentive fees, or our expenses. Any amounts so reinvested will not reduce an investor's unused capital commitment.

**Reports to Unitholders** 

We plan to furnish or make available to our Unitholder an annual report for each fiscal year ending December 31 containing financial statements audited by our independent registered public accounting firm. Additionally, we intend to comply with the periodic reporting requirements of the Exchange Act.

**Item 10. *Recent Sales of Unregistered Securities*.** 

In conjunction with our formation, we have issued and sold 75,000,000 Units at an aggregate purchase price of $75,000.00 to the Unitholder. These Units were issued and sold in reliance upon the available exemptions from registration requirements of Section 4(a)(2) of the Securities Act.

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**Item 11. *Description of Registrant's Securities to be Registered*.** 

The following description is based on relevant portions of Delaware law and our LLC Agreement. This summary is not necessarily complete, and we refer investors to Delaware law and the LLC Agreement for a more detailed description of the provisions summarized below.

**General** 

The terms of the LLC Agreement authorize an unlimited number of our Units, of which 75,000,000 were outstanding as of December 31, 2025. The LLC Agreement provides that the Board may classify or reclassify any unissued Units into one or more classes or series of Units or preferred shares by setting or changing the preferences, conversion or other rights, voting powers, restrictions, or limitations as to dividends, qualifications, or terms or conditions of redemption of the shares. There is currently no market for the Units, and we can offer no assurances that a market for the Units will develop in the future. We do not intend for the Units offered under this Registration Statement to be listed on any national securities exchange. There are no outstanding options or warrants to purchase the Units. No Units have been authorized for issuance under any equity compensation plans. Under the terms of the LLC Agreement, our unitholders shall be entitled to the same limited liability extended to stockholders of private Delaware for profit corporations formed under the Delaware General Corporation Law, 8 Del. C. § 100, et. seq. The LLC Agreement provides that no unitholder shall be liable for any debt, claim, demand, judgment, or obligation of any kind of, against, or with respect to us by reason of being a unitholder, nor shall any unitholder be subject to any personal liability whatsoever, in tort, contract, or otherwise, to any person in connection with our assets or the affairs of us by reason of being a unitholder. In addition, except as may be provided by the Board in setting the terms of any class or series of Units, no unitholder shall be entitled to exercise appraisal rights in connection with any transaction.

Under the terms of the LLC Agreement, all Units will have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, and fully paid. Dividends and distributions may be paid to our unitholders if, as, and when authorized by the Board and declared by us out of funds legally available therefore. Except as may be provided by the Board in setting the terms of classified or reclassified shares, the Units will have no preemptive, exchange, conversion, appraisal, or redemption rights. In the event of our liquidation, dissolution, or winding up, each share of the Units would be entitled to share pro rata in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred shares, if any preferred shares are outstanding at such time. Subject to the rights of holders of any other class or series of shares, each share of Units will be entitled to one vote on all matters submitted to a vote of unitholders, including the election of directors. Except as may be provided by the Board in setting the terms of classified or reclassified shares, and subject to the express terms of any class or series of preferred shares, the holders of the Units will possess exclusive voting power. There will be no cumulative voting in the election of directors. Subject to the special rights of the holders of any class or series of preferred shares to elect directors, each director will be elected by a plurality of the votes cast with respect to such director's election except in the case of a "contested election," in which case directors will be elected by a majority of the votes cast in the contested election of directors.

**Transferability of Units** 

Our unitholders may not sell, assign, transfer or pledge (each, a "Transfer") any Units, rights, or obligations unless (i) the Aranda Adviser gives consent and (ii) the Transfer is made in accordance with applicable securities laws. No Transfer will be effectuated except by registration of the Transfer on our books. Each transferee must agree to be bound by these restrictions and all other obligations as a unitholder in us.

**Preferred Shares** 

This offering does not include an offering of preferred shares. However, under the terms of the LLC Agreement, the Board may authorize us to issue preferred shares in one or more classes or series without

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unitholder approval, to the extent permitted by the 1940 Act. The Board has the power to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of each class or series of preferred shares. We do not currently anticipate issuing preferred shares. In the event we issue preferred shares, we will make any required disclosure to our unitholders.

Preferred shares could be issued with terms that would adversely affect our unitholders; however, pursuant to the LLC Agreement, we may not issue any preferred shares that would limit or subordinate the voting rights of our unitholders. Preferred shares could also be used as an anti-takeover device through the issuance of shares of a class or series of preferred shares with terms and conditions which could have the effect of delaying, deferring, or preventing a transaction or a change in control. Every issuance of preferred shares will be required to comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that: (1) immediately after issuance and before any dividend or other distribution is made with respect to our Units and before any purchase of Units is made, such preferred shares together with all other senior securities must not exceed an amount equal to 66 and 2/3% of our total assets after deducting the amount of such dividend, distribution, or purchase price, as the case may be, and (2) the holders of shares of preferred shares, if any are issued, must be entitled as a class voting separately to elect two directors at all times and to elect a majority of the directors if distributions on such preferred shares are in arrears by two full years or more. Certain matters under the 1940 Act require the affirmative vote of the holders of at least a majority of the outstanding shares of preferred shares (as determined in accordance with the 1940 Act), voting together as a separate class. For example, the vote of such holders of preferred shares would be required to approve a proposal involving a plan of reorganization adversely affecting such securities. The issuance of any preferred shares must be approved by a majority of the Independent Directors not otherwise interested in the transaction.

**Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses** 

Delaware law permits a Delaware limited liability company to include in its LLC Agreement a provision to indemnify and hold harmless any director or beneficial owner or other person from and against any and all claims and demands whatsoever. The LLC Agreement provides that our directors will not be liable to us or our unitholders for monetary damages for breach of fiduciary duty as a director to the fullest extent permitted by Delaware law. The LLC Agreement provides for the indemnification of any person to the full extent permitted, and in the manner provided, by Delaware law. In accordance with the 1940 Act, we will not indemnify certain persons for any liability to which such persons would be subject by reason of such person's willful misconduct, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office.

Pursuant to the LLC Agreement and subject to certain exceptions described therein, we will indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (i) any individual who is a present or former director or officer of the Company and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity or (ii) any individual who, while a director or officer of the Company and at the request of the Company, serves or has served as a director, officer, partner or director of any corporation, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity (each such person, an "Indemnitee"), in each case to the fullest extent permitted by Delaware law. Notwithstanding the foregoing, we will not provide indemnification for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by an Indemnitee unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction, or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws.

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We will not indemnify an Indemnitee against any liability or loss suffered by such Indemnitee unless (i) we determine in good faith that the course of conduct that caused the loss or liability was in the best interest of the Company, (ii) the Indemnitee was acting on behalf of or performing services for the Company, (iii) such liability or loss was not the result of gross negligence or willful misconduct, in the case that the party seeking indemnification is an Independent Director, and (iv) such indemnification or agreement to hold harmless is recoverable only out of assets of the Company, and not from our unitholders.

In addition, the LLC Agreement permits us to advance reasonable expenses to an Indemnitee, and we will do so in advance of final disposition of a proceeding (a) if the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (b) the legal proceeding was initiated by a third party who is not a unitholder or, if by a unitholder of the Company acting in his or her capacity as such, a court of competent jurisdiction approves such advancement, and (c) upon our receipt of (i) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the Company and (ii) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the standard of conduct was not met.

**Delaware Law and Certain LLC Agreement Provisions** 

*Organization and Duration* 

We were formed in Delaware on August 13, 2025 and will remain in existence until dissolved in accordance with our LLC Agreement or pursuant to Delaware law.

*Purpose* 

Under the LLC Agreement, we are permitted to engage in any business activity that lawfully may be conducted by a limited liability company organized under Delaware law and, in connection therewith, to exercise all of the rights and powers conferred upon us pursuant to the agreements relating to such business activity.

The LLC Agreement contains provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest, or otherwise. The Board may, without action by our unitholders, authorize the issuance of shares in one or more classes or series, including preferred shares; the Board may, without action by our unitholders, amend our LLC Agreement to increase the number of shares, of any class or series, that we have authority to issue; and our LLC Agreement provides that while we do not intend to list the Units on any securities exchange, if any class of our securities is listed on a national securities exchange, the Board will be divided into three classes of directors serving staggered terms of three years each. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with the Board. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.

*Number of Directors; Vacancies; Removal* 

The LLC Agreement provides that the number of directors will be set by the Board, and that a majority of the entire Board may at any time increase or decrease the number of directors. The LLC Agreement provides that the number of directors generally may not be less than one. Except as otherwise required by applicable requirements of the 1940 Act and as may be provided by the Board in setting the terms of any class or series of preferred shares, pursuant to an election under the LLC Agreement, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the director for whom the vacancy occurred and until a successor is elected and qualified, subject to any applicable requirements of the 1940 Act. Independent Directors will nominate replacements for any vacancies among the Independent Directors' positions.

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The LLC Agreement provides that a director may be removed, with or without cause, the affirmative vote of no less than two-thirds (66-2/3%) of the full Board. Any director or the entire Board may be removed from office at any time, at a meeting called for that purpose, with or without cause, but only by the affirmative vote of no less than two-thirds (66-2/3%) of the voting power of the issued and outstanding Units of the Company entitled to vote thereon, voting together as a single class. "Cause" shall mean, with respect to any particular director, conviction of a felony or a final judgment of a court of competent jurisdiction holding that such director caused demonstrable, material harm to the Company through bad faith or active and deliberate dishonesty.

We have a total of four members of the Board, three of whom are Independent Directors. Pursuant to the 1940 Act and our LLC Agreement, a majority of the Board must be comprised of Independent Directors, except for a period of up to 60 days after the death, removal or resignation of an Independent Director pending the election of his or her successor. Each director will hold office until his or her successor is duly elected and qualified. While we do not intend to list the Units on any securities exchange, if any class of our securities is listed on a national securities exchange, the Board will be divided into 3 classes of directors serving terms of 3 years each.

*Action by the Unitholders* 

Our LLC Agreement provides that our unitholders may take action only at a special meeting of unitholders or by unanimous consent in lieu of a meeting. Our unitholders will only have voting rights as required by the 1940 Act or as otherwise provided for in the LLC Agreement. Under our LLC Agreement, we are not required to hold annual unitholder meetings. Special meetings may be called by the directors and certain of our officers, and will be limited to the purposes for any such special meeting set forth in the notice thereof. In addition, the LLC Agreement provides that, subject to the satisfaction of certain procedural and informational requirements by our unitholders, a special meeting of unitholders will be called by our secretary upon the written request of our unitholders. Any special meeting called by our unitholders is required to be held not less than 15 nor more than 60 days after we are provided notice by our unitholders of the request for a special meeting. These provisions will have the effect of significantly reducing the ability of our unitholders being able to have proposals considered at a meeting of unitholders.

With respect to special meetings of unitholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only (1) pursuant to our notice of the meeting, (2) by the Board, or (3) provided that the Board has determined that directors will be elected at the meeting, by a unitholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the LLC Agreement.

The purpose of requiring our unitholders to give us advance notice of nominations and other business is to afford the Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by the Board, to inform our unitholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of unitholders. Although the LLC Agreement does not give the Board any power to disapprove unitholder nominations for the election of directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of unitholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our unitholders.

*Amendment of the LLC Agreement* 

The LLC Agreement provides that unitholders are entitled to vote upon a proposed amendment to the LLC Agreement if the amendment would alter or change the powers, preferences or special rights of the Units held by such unitholders. Approval of any such amendment requires approval by our unitholders at a meeting duly called. In addition, amendments to the LLC Agreement to make the Units a "redeemable security" or to

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convert the Company, whether by merger or otherwise, from a closed-end company to an open-end company each must be approved by our unitholders.

The provisions of the LLC Agreement relating to the voting rights of our unitholders and the removal of directors state that the Board may amend the LLC Agreement without any vote of our unitholders.

**Actions Related to Merger, Conversion, Reorganization or Dissolution** 

An affirmative vote or consent of a "majority of the outstanding voting securities" (as such term is defined in the 1940 Act) of the Company (or such higher approval threshold as may be provided in the LLC Agreement) shall be required to approve a merger, conversion, consolidation, or share exchange or sale of exchange of all or substantially all of the assets of the Company, provided that 75% of the Continuing Directors (as such term is defined by the LLC Agreement) and a majority of the Board approve of such merger, conversion, consolidation, or share exchange or sale of exchange.

**Derivative Actions** 

No person other than our Unitholder is entitled to bring any derivative action, suit or other proceeding on our behalf.

**Exclusive Delaware Jurisdiction** 

Each director, each officer, and each person legally or beneficially owning Units or an interest in our Units (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including the Delaware Limited Liability Company Act, (i) irrevocably agrees that except for any claims, suits, actions or proceedings arising under the federal securities laws, any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to us, the Delaware Limited Liability Company Act or the LLC Agreement (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of the LLC Agreement, (B) the duties (including fiduciary duties), obligations or liabilities of us to our Unitholder or the Board, or of officers or the Board to us, our Unitholder or each other, (C) the rights or powers of, or restrictions on, us, the officers, the Board or the Unitholder, (D) any provision of the Delaware Limited Liability Company Act or other laws of the State of Delaware pertaining to limited liability companies made applicable to us pursuant to the Delaware Limited Liability Company Act or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Limited Liability Company Act or the LLC Agreement relating in any way to us (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably agrees that any claims, suits, actions or proceedings arising under the federal securities laws shall be exclusively brought in the federal district courts of the United States of America, (iii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iv) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum or (C) the venue of such claim, suit, action or proceeding is improper, (v) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. Notwithstanding anything to the contrary in this discussion, we may, in our sole discretion, select and/or consent to an alternative forum for any claims, suits, actions or proceedings relating in any way to us. In addition, there may be questions regarding the enforceability of this provision because the Securities Act and the 1940 Act allow claims to be brought in state and federal courts.

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As noted above, the Company's LLC Agreement requires that actions arising under the federal securities laws must be exclusively brought in the federal district courts of the United States. Other investment companies may not be subject to similar restrictions. In addition, the designation of certain courts as exclusive jurisdictions for certain claims may make it more expensive for a unitholder to bring a suit than if the unitholder was permitted to select another jurisdiction. The exclusive jurisdiction designation and the waiver of jury trials would limit a unitholder's ability to litigate certain claims in a jurisdiction or in a manner that may be more favorable to the unitholder.

**Access to Records** 

Our Unitholder will be permitted access to all of our records to which it is entitled under applicable law at all reasonable times and may inspect and copy any of them for a reasonable copying charge. If a proper request for any corporate records is not honored, the Unitholder will be entitled to recover certain costs incurred in compelling the production of the requested corporate records.

**Conflict with the 1940 Act** 

Our LLC Agreement provides that, if and to the extent that any provision of Delaware law, or any provision of our LLC Agreement conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

**Item 12. *Indemnification of Directors and Officers*.** 

See "Item 11. *Description of Registrant's Securities to be Registered* — Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses."

We have also obtained directors and officers/errors and omissions liability insurance for our directors and officers.

**Item 13. *Financial Statements and Supplementary Data*.** 

Set forth below is an index to our financial statements attached to this Registration Statement.

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| | |
|:---|:---|
|  | **Page** |
|  Index to Financial Statements | F-[●] |
|  Report of Independent Registered Public Accounting Firm | F-[●] |
|  Statement of Assets and Liabilities as of December 31, 2025 | F-[●] |
|  Statement of Operations for the period from August 13, 2025 (inception) to December 31, 2025 | F-[●] |
|  Statement of Changes in Net Assets for the period from August 13, 2025 (inception) to December 31, 2025 | F-[●] |
|  Statement of Cash Flows for the period from August 13, 2025 (inception) to December 31, 2025 | F-[●] |
|  Schedule of Investments as of December 31, 2025 | F-[●] |
|  Notes to the Financial Statements | F-[●] |

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**Item 14. *Changes in and Disagreements with Accountants on Accounting and Financial Disclosure*.** 

There are not and have not been any disagreements between the Company and its accountant on any matter of accounting principles, practices, or financial statement disclosure.

**Item 15. *Financial Statements and Exhibits*.** 

<u>(a) List separately all financial statements filed</u> 

The financial statements included in this Registration Statement are listed "Item 13. *Financial Statements and Supplementary Data.*"

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<u>(b) Exhibits</u> 

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| | |
|:---|:---|
| **Number** | **Exhibit** |
| 3.1 | [Limited Liability Company Agreement\*](d26414dex31.htm) |
| 4.1 | [Form of Subscription Agreement\*](d26414dex41.htm) |
| 10.1 | [Investment Advisory Agreement, dated January 2, 2026, by and between APS BDC, LLC and OHA Private Credit Advisors II, L.P.\*](d26414dex101.htm) |
| 10.2 | [Investment Advisory Agreement, dated January 2, 2026, by and between APS BDC, LLC and CHS (US) Management, LLC\*](d26414dex102.htm) |
| 10.3 | [Administration Agreement, dated January 2, 2026, by and between APS BDC, LLC and OHA Private Credit Advisors II, L.P.\*](d26414dex103.htm) |
| 10.4 | [Sub-Administration Agreement, dated January 2, 2026, by and between APS BDC, LLC and Harmonic Fund Services\*](d26414dex104.htm) |
| 10.5 | [Form of Custody Agreement by and between APS BDC, LLC and U.S. Bank Trust Company, National Association\*](d26414dex105.htm) |
| 10.6 | [Loan and Security Agreement, dated September 30, 2025, by and between CHS BDC 2 LLC, as the Company, CHS US Investments LLC, as the Parent, the Lenders Party Thereto, the Collateral Administrator, Collateral Agent and Securities Intermediary Party Thereto, JPMorgan Chase Bank, National Association, as Administrative Agent, and CHS (US) Management LLC, as Portfolio Manager\*](d26414dex106.htm) |
| 10.7 | Amendment No. 1 to Loan and Security Agreement\*\* |
| 10.8 | [Contribution Agreement, dated January 2, 2026, by and between APS BDC, LLC and CHS US Investments, LLC\*](d26414dex108.htm) |
| 14.1 | Company Code of Ethics\*\* |
| 14.2 | OHA Adviser Code of Ethics\*\* |
| 14.3 | Aranda Adviser Code of Ethics\*\* |

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\* Filed herewith

\*\* To be filed by amendment

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**APS BDC, LLC** 

(A Delaware Limited Liability Company)

FINANCIAL STATEMENTS PERIOD FROM AUGUST 13, 2025 (INCEPTION) TO DECEMBER 31, 2025

(EXPRESSED IN U.S. DOLLARS)

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**SIGNATURES** 

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
|  | **APS BDC, LLC** |
|  Date: January 2, 2026 | By: /s/ Eric Muller |
|  | Name: Eric Muller |
|  | Title: Chief Executive Officer |

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## Exhibit 3.1

**Exhibit 3.1** 

**APS BDC, LLC** 

**Limited Liability Company Agreement** 

**Dated as of December 1, 2025** 

i

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **PAGE** |
|  ARTICLE 1 — DEFINITIONS | ARTICLE 1 — DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1 | Definitions | 1 |
|  ARTICLE 2 — ORGANIZATION; POWERS | ARTICLE 2 — ORGANIZATION; POWERS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1 | Formation of Limited Liability Company | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Formation | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Authorized Person | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Admission | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Name | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Address | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.2 | Purpose; Powers | 2 |
|  ARTICLE 3 — MEMBERS, VOTING, AND CONSENTS | ARTICLE 3 — MEMBERS, VOTING, AND CONSENTS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1 | Names, Addresses and Subscriptions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2 | Status of Members | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Limited Liability | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Effect of Death, Dissolution or Bankruptcy | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | No Control of Company | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3 | Admission of New Members; Capital Contributions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Initial Closing Date | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Subsequent Closings | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Additional Members | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4 | Management and Control of the Company | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Board of Directors | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Committees of Board of Directors | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Management by the Board | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Powers of the Board | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.5 | Activities of Members | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.6 | Meetings of Members | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Place of Meetings | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Meetings | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Business at Meetings | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Quorum; Adjournments | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Remote Participation | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.7 | Waiver of Notice | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.8 | Member Voting and Consents | 8 |

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **PAGE** |
|  ARTICLE 4 — INVESTMENTS AND ACTIVITIES | ARTICLE 4 — INVESTMENTS AND ACTIVITIES | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1 | Borrowing | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | General | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Beneficiary Rights | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2 | Distributions | 9 |
|  ARTICLE 5 — CERTAIN RIGHTS AND PREFERENCES OF UNITS | ARTICLE 5 — CERTAIN RIGHTS AND PREFERENCES OF UNITS | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1 | Classes of Units | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2 | Units | 9 |
|  ARTICLE 6 — FEES AND EXPENSES; INVESTMENT ADVISORY AGREEMENT; ADMINISTRATION AGREEMENT | ARTICLE 6 — FEES AND EXPENSES; INVESTMENT ADVISORY AGREEMENT; ADMINISTRATION AGREEMENT | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1 | Company Expenses | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2 | Investment Advisory Agreement | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3 | Administration Agreement | 10 |
|  ARTICLE 7 — CAPITAL OF THE COMPANY | ARTICLE 7 — CAPITAL OF THE COMPANY | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1 | Capital Contributions | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | General | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Additional Capital Contributions | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Rights to Capital Contributions | 10 |
|  ARTICLE 8 — DURATION OF THE COMPANY | ARTICLE 8 — DURATION OF THE COMPANY | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.1 | Term and Termination of the Company | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.2 | Sale or Merger | 11 |
|  ARTICLE 9 — LIQUIDATION OF ASSETS ON DISSOLUTION | ARTICLE 9 — LIQUIDATION OF ASSETS ON DISSOLUTION | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.1 | General | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.2 | Liquidating Distributions; Priority | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Priority | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Distributions In-Kind | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.3 | Duration of Liquidation | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.4 | Liability for Returns | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.5 | Post-Dissolution Investments | 12 |
|  ARTICLE 10 — LIMITATIONS ON TRANSFERS OF UNITS; REQUIRED TRANSFERS | ARTICLE 10 — LIMITATIONS ON TRANSFERS OF UNITS; REQUIRED TRANSFERS | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.1 | Transfers of Units | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | General | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Reimbursement of Transfer Expenses | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.2 | Admission of Substituted Members | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | General | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Effect of Admission | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Non-Compliant Transfer | 12 |

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE 11 — LIMITATION OF LIABILITY AND INDEMNIFICATION | ARTICLE 11 — LIMITATION OF LIABILITY AND INDEMNIFICATION | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.1 | Limitation of Liability | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.2 | Indemnification | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Third-Party Actions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Actions by or in the Right of the Company | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Expenses | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Determinations | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Right to Advancement of Expenses | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Indemnification Not Exclusive | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) | Certain Definitions | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.3 | Nature of Rights | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.4 | Insurance | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.5 | Limitation by Law | 15 |
|  ARTICLE 12 — AMENDMENTS | ARTICLE 12 — AMENDMENTS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.1 | Amendments | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | By Consent | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Without Consent | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Consent to Amend Special Provisions | 16 |
|  ARTICLE 13 — ADMINISTRATIVE PROVISIONS | ARTICLE 13 — ADMINISTRATIVE PROVISIONS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.1 | Keeping of Accounts and Records; Certificate of Formation; Administrator | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Accounts and Records | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Certificate of Formation | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.2 | Valuation | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.3 | Notices | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.4 | Accounting Provisions | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Fiscal Year | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Independent Auditors | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.5 | Tax Provisions | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Classification of the Company as Corporation for Tax Purposes | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | RIC Requirements | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Tax Information | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.6 | General Provisions | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Power of Attorney | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Binding on Successors | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Governing Law | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Severability | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Submission to Jurisdiction; Venue; Waiver of Jury Trial | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Waiver of Partition | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) | Securities Law Matters | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) | Confidentiality | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) | Fixing the Record Date | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) | Contract Construction; Headings; Counterparts | 22 |

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**Signature Pages of Members** 

**Appendix I – Definitions** 

**Schedule A – Schedule of Directors** 

**Schedule B – Schedule of Officers** 

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**LIMITED LIABILITY COMPANY AGREEMENT** 

**OF** 

**APS BDC, LLC** 

This Limited Liability Company Agreement (the "**Agreement**") of APS BDC, LLC (the "**Company**") is entered into as of December 1, 2025 by CHS US Investments LLC, a Cayman Islands limited liability company (the "**Initial Member**"), as its initial sole member.

**ARTICLE 1 – DEFINITIONS** 

Section 1.1 <u>Definitions</u>. Capitalized terms used herein and not otherwise defined have the meanings assigned to them in APPENDIX I hereto. APPENDIX I also indicates other sections of this Agreement in which certain other terms used in this Agreement are defined.

**ARTICLE 2 - ORGANIZATION; POWERS** 

Section 2.1 <u>Formation of Limited Liability Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Formation*. The Company was formed as a limited liability company under the Delaware Limited Liability Company Act (6 Del. C. §18-101, *et seq.*) (as amended from time to time, the "**Delaware Act**") pursuant to a Certificate of Formation of the Company, which was filed with the Secretary of State of the State of Delaware on August 13, 2025 (as amended from time to time hereafter, the "**Certificate**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Authorized Person.* Upon the filing of the Certificate by April Pearce, as a designated authorized person within the meaning of the Delaware Act (which filing is hereby ratified and approved), in the office of the Secretary of State of the State of Delaware as required by the Delaware Act, April Pearce's powers as an "authorized person" ceased, and the Initial Member became, and is hereby designated, an "authorized person" within the meaning of the Delaware Act. The rights and obligations of the Member and the administration and termination of the Company shall be governed by this Agreement and the Delaware Act. This Agreement shall be considered the "Limited Liability Company Agreement" of the Company within the meaning of Section 18-101(9) of the Delaware Act. In the event of any inconsistency between any terms and conditions contained in this Agreement and any non-mandatory provisions of the Delaware Act, the terms and conditions contained in this Agreement shall govern. The Initial Member may cause to be executed and filed any duly authorized amendments to the Certificate from time to time in a form prescribed by the Delaware Act. The Initial Member may cause to be made, on behalf of the Company, such additional filings and recordings as the Initial Member shall deem necessary or advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Admission*. Each Person who is to be admitted as a Member pursuant to this Agreement shall accede to this Agreement by, and shall be admitted to the Company as a Member upon, (i) executing a Subscription Agreement or other written document pursuant to which such Person agrees to become a Member and be bound by this Agreement; (ii) the Company's acceptance of such document, and a counterpart signature page to this Agreement, which shall not require the consent or approval of any other Member; and (iii) payment of such Person's initial Capital Contribution to the Company in accordance with the terms of the applicable Subscription Agreement or any Other Agreement between such Person and the Company, as applicable. For the avoidance of doubt, and except as set forth in <u>Article 10</u> with respect to a transfer of Units, no Person shall be deemed to be a Member, or otherwise have rights as a Member, prior to the payment of such Person's initial Capital Contribution to the Company in accordance with the terms of such Person's Subscription Agreement and receipt of Units, if any, corresponding to such Capital Contribution. The Company shall make any necessary filings with the appropriate governmental authorities and take such actions as are necessary under applicable law to effectuate such admission. Each such agreement and/or document described in this <u>Section</u> <u>2.1(c)</u> may be executed on behalf of a Member by an authorized representative of the Company, as attorney-in-fact for such Member, with the same force and effect as if executed directly by the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Name*. The name of the Company is "APS BDC, LLC."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Address*. The registered office of the Company in the State of Delaware, and the registered agent for service of process on the Company at such address, shall be as specified in the Certificate or as is designated by the Company from time to time in accordance with the Delaware Act. The principal place of business of the Company shall be 550 Madison Avenue, 34th Floor, New York, NY 10022, or such other place as the Company may determine from time to time.

Section 2.2 <u>Purpose; Powers</u>. In furtherance of the investment objectives and strategies of the Company, the Company may engage in any lawful act or activity for which limited liability companies may be formed under the laws of the State of Delaware and shall have all the powers available to it as a limited liability company formed under the laws of the State of Delaware.

**ARTICLE 3 - MEMBERS, VOTING, AND CONSENTS** 

Section 3.1 <u>Names, Addresses and Subscriptions</u>. The name, address, and e-mail address, the number and class of Units held, and the aggregate Capital Contribution of each Member are set forth in the books and records of the Company. The Company shall maintain such books and records in a manner consistent with this Agreement and shall cause such books and records to be revised to reflect (a) the admission of any additional or substituted Member occurring pursuant to the terms of this Agreement, (b) the withdrawal, or partial withdrawal, of any Member pursuant to the terms of this Agreement, (c) any change in the identity, address or e-mail address of a Member, or (d) any changes in the number of Units owned or the Member's aggregate Capital Contribution occurring pursuant to the terms of this Agreement.

Section 3.2 <u>Status of Members</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Limited Liability*. No Member or Former Member, in its capacity as such, shall be liable for any of the debts, liabilities, or obligations of the Company, except as provided in this <u>Section</u> <u>3.2(a)</u> and to the extent otherwise required by law. Each Member and Former Member shall be required to pay to the Company (i) any Capital Contributions that such Member or Former Member has agreed to make to the Company pursuant to this Agreement and/or its Subscription Agreement (or Other Agreement, as applicable); (ii) the amount of any distribution that it is required to return to the Company pursuant to the Delaware Act; and (iii) the unpaid balance of any other payments that it is expressly required to make to the Company pursuant to this Agreement and/or its Subscription Agreement (or Other Agreement, as applicable), as the case may be.

As used in this Agreement, "**Former Members**" refers to such Persons who hereafter, from time to time, cease to be Members pursuant to the terms and provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Effect of Death, Dissolution or Bankruptcy*. Upon the death, incompetence, bankruptcy, insolvency, liquidation, or dissolution of a Member, the rights and obligations of such Member under this Agreement, to the maximum extent permitted by law, shall inure to the benefit of, and shall be binding upon, such Member's successor(s), estate or legal representative. Each such Person shall be treated as provided in the last sentence of <u>Section</u> <u>10.2(b)</u> unless and until such Person is admitted as a substituted Member pursuant to <u>Section</u> <u>10.2</u>. Any Transfer of the Units so acquired by such successor, estate, or legal representative shall be subject to the requirements of <u>Article 10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Control of Company*. Except as otherwise provided herein, no Member shall have the right or power to: (i) withdraw all or any portion of its Capital Contributions to the Company; (ii) to the maximum extent permitted by law, cause the dissolution and winding up of the Company; or (iii) demand property in return for all or any portion of its Capital Contributions. No Member, in its capacity as such, shall take any part in the control of the affairs of the Company, undertake any transactions on behalf of the Company, or have any power to sign for or otherwise to bind the Company.

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Section 3.3 <u>Admission of New Members; Capital Contributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Initial Closing Date*. Persons acquiring Units prior to or after the Initial Closing Date may be required to enter into an agreement (which agreement may be in the form of the Subscription Agreement) with the Company, pursuant to which such Person will agree to make a capital contribution to the Company that is accepted by the Company (its "**Capital Contribution**"), subject to the terms of this Agreement and the Subscription Agreement (as applicable). The provision of such Capital Contributions will result in either (i) the purchase Units for an aggregate purchase price equal to the portion of such Person's requested Capital Contribution pursuant to that Person's agreement with the Company or (ii) making such Capital Contribution without the concomitant issuance of Units (e.g., for contributions by the Initial Member where such Person is the sole Member of the Company), each as may be agreed to with the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Subsequent Closings*. The Company may accept Subscription Agreements subsequent to the Initial Closing Date (each date on which a subsequent closing is held, a "**Subsequent Closing Date**") and issue additional Units (including Units of any New Class) to any Person (including any Member or Additional Member) on terms and conditions as determined by the Board; <u>provided</u>, <u>however</u>, that no Member shall be required to make an additional Capital Contribution in connection with any such Subsequent Closing Date, except as may otherwise have been agreed or provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Additional Members*. One or more additional Members of any New Class or of any existing class of Units (each, an "**Additional Member**") may be admitted by the Board into the Company at any time by acquiring Units in accordance with this Agreement. Any Units acquired by an Additional Member shall be Units or Units of a New Class, as determined by the Board in its discretion. In furtherance of the foregoing, each Member acknowledges and agrees that the Company anticipates issuing Units and/or Units of a New Class to certain Persons in connection with subsequent closings as set forth in <u>Section</u> <u>3.3(b)</u>. Prior to the admission of any Additional Member, such Additional Member shall execute a written agreement, pursuant to which such Additional Member shall agree to be bound by all of the terms and provisions of this Agreement applicable to Members and shall deliver such additional documentation to the Company as the Board shall reasonably require to admit such Additional Member to the Company.

Section 3.4 <u>Management and Control of the Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Board of Directors.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company's board of directors (the "**Board of Directors**" or the "**Board**") will initially be composed of four (4) directors (each, a "**Director**"). Following the date of this Agreement, the number of Directors shall be increased or decreased from time to time only by the affirmative vote of a majority of the Directors then in office, but shall never be less than one (1), except for a period of up to sixty (60) days after the death, removal or resignation of a Director pending the election of such Director's successor, nor more than fifteen (15). No reduction in the number of Directors shall have the effect of removing any Director from office prior to the expiration of his or her term (if any). Directors need not be Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Board may designate a chair of the Board (the "**Chair**"), who shall preside over the meetings of the Board of Directors and meetings of the Members, lead the Board of Directors in fulfilling its responsibilities as set forth in this Agreement, and determine the agenda and perform all other duties and exercise all other powers which are or from time to time may be delegated to him or her by the Board of Directors. The Board, in its sole discretion, may permit a third-party observer, including a representative of a Member, to attend a Board of Directors meeting. In the absence of the Chair, meetings of the Board of Directors and meetings of the Members shall be presided over by the Chief Executive Officer of the Company (the "**Chief Executive Officer**"), to the extent he or she is a Director, or in the absence of the Chair and the Chief Executive Officer, by such other person as the Board of Directors may designate or the Directors present may select.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Regular meetings of the Board may be held at such places and times as shall be determined from time to time by the Board. Special meetings of the Board may be called by the Chief Executive Officer or a majority of the entire Board of Directors. Notice of any such meeting stating the place, date, and hour of the meeting shall be given to each Director either by mail or courier not less than forty-eight (48) hours before the date of the meeting, or by telephone, facsimile, or e-mail on twenty-four (24) hours' notice, or on such shorter notice as the person or persons calling such meeting may deem necessary or appropriate in the circumstances. Notice of any special meetings of the Board shall be delivered personally

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or by telephone, email, facsimile transmission, U.S. mail or courier to each Director at his or her business address. Notice by personal delivery, telephone, email or facsimile transmission shall be given at least 24 hours prior to the meeting. Notice by courier shall be given at least two (2) days prior to the meeting. Notice by U.S. mail shall be deemed to be given when deposited in the U.S. mail properly addressed, with postage thereon prepaid. Notice by courier shall be deemed to be given when deposited with or delivered to a courier properly addressed. Telephone notice shall be deemed to be given when the Director or his or her agent is personally given such notice in a telephone call to which the Director or his or her agent is a party. Facsimile transmission notice shall be deemed to be given upon completion of the transmission of the message to the number given to the Company by the Director and receipt of a completed answer-back indicating receipt. E-mail notice shall be deemed to be given upon transmission of the message to the e-mail address given to the Company by the Director. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be stated in the notice, unless specifically required by applicable law or this Agreement. Unless otherwise indicated in the notice thereof, any and all business may be transacted at a special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A majority of the total number of Directors shall constitute a quorum for the transaction of business by the Board. Except as otherwise provided by applicable law or by this Agreement, the act of a majority of the Directors present (including Directors present by telephone or other electronic means, unless the Investment Company Act or the rules, regulations, or interpretive guidance promulgated or published thereunder require that a particular action be taken only at a meeting of the Board in person) at a meeting at which a quorum is present shall be the act of the Board. In the absence of a quorum, a majority of the Directors present thereat may adjourn such meeting to another time and place. Notice of such adjourned meeting need not be given if the time and place of such adjourned meeting are announced at the meeting so adjourned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Unless otherwise restricted by this Agreement, any one or more members of the Board or any committee thereof may participate in a meeting of the Board or such committee by means of a conference telephone or other communications equipment, by means of which all persons participating in the meeting can hear each other. Participation by such means shall constitute presence in person at a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Unless otherwise restricted by this Agreement, any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be taken without a meeting if all members of the Board or any committee thereof, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the Board or committee; <u>provided</u>, <u>however</u>, that this <u>Section</u> <u>3.4(a)(vi)</u> shall not apply to any action of the Board that requires the vote of the Directors to be cast in person at a meeting pursuant to the Investment Company Act or the rules or regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) As of the date of this Agreement, the names of Directors are set forth on <u>SCHEDULE A</u>. Each Director will hold office until his or her death, resignation, retirement, disqualification, or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Upon and following the Company's election to be regulated as a BDC under the Investment Company Act, a majority of the Directors shall at all times consist of Directors who are not "interested persons" (as defined in Section 2(a)(19) of the Investment Company Act) of the Company (the "**Independent Directors**"), except for a period of up to ninety (90) days after the death, disqualification, or bona fide resignation of an Independent Director pending the election of such Independent Director's successor by the remaining Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Any Director may resign at any time by submitting his or her written resignation to the Board of Directors or Chief Executive Officer of the Company. Such resignation shall take effect at the time of its receipt by the Company unless another time be fixed in the resignation, in which case it shall become effective at the time so fixed. The acceptance of a resignation shall not be required to make it effective. Any or all of the Directors may be removed (with or without cause) only by the affirmative vote of no less than two-thirds (66-2/3%) of the full Board of Directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Any director or the entire Board of Directors may be removed from office at any time, at a meeting called for that purpose, with or without cause, but only by the affirmative vote of no less than two-thirds (66-2/3%) of the voting power of the issued and outstanding Units of the Company entitled to vote thereon, voting together as a single class. For the purpose of this <u>Section</u> <u>3.4</u>, "cause" shall mean, with respect to any particular director, conviction of a felony or a final judgment of a court of competent jurisdiction holding that such director caused demonstrable, material harm to the Company through bad faith or active and deliberate dishonesty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Except as otherwise provided by applicable law, including the Investment Company Act, any newly created directorship on the Board that results from an increase in the number of Directors, and any vacancy occurring in the Board that results from the death, resignation, retirement, disqualification, or removal of a Director, or other cause, shall be filled exclusively by the appointment and affirmative vote of a majority of the remaining Directors in office, although less than a quorum, or by a sole remaining Director. Any Director elected to fill a vacancy or newly created directorship shall hold office for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is duly elected and qualified, or until his or her death, resignation, retirement, disqualification, or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Subject to the limitations of Section 17(h) of the Investment Company Act, a member of the Board, or a member of any committee designated by the Board, shall, in the performance of such person's duties, be fully protected in relying in good faith upon records of the Company and upon such information, opinions, reports or statements presented to the Company by any of the Officers or employees of the Company, or committees of the Board, or by any other person, as to matters the member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Committees of Board of Directors.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Board may designate one or more committees, including, but not limited to, an Audit Committee (the "**Audit Committee**") and a Nominating and Governance Committee (the "**Nominating and Governance Committee**"), with each such committee to consist solely of the Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Audit Committee will be responsible for selecting the Company's independent registered public accounting firm; reviewing with such independent registered public accounting firm the planning, scope, and results of their audit of the Company's financial statements; pre-approving the fees for services performed; reviewing with the independent registered public accounting firm the adequacy of the Company's internal control systems; reviewing the Company's annual financial statements and periodic filings; and receiving the Company's audit reports and financial statements. At least one member of the Audit Committee will be designated by the Board as an "audit committee financial expert" under the rules of the U.S. Securities and Exchange Commission (the "**SEC**"). Each member of the Audit Committee shall be an Independent Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Nominating and Governance Committee will be responsible for selecting, research and nominating qualified nominees to be elected to the Board, selecting qualified nominees to fill any vacancies on the Board or a committee of the Board (consistent with criteria approved by the Board), developing and recommending to the Board a set of corporate governance principles applicable to the Company, and overseeing the evaluation of the Board and Company management. Each member of the Nominating and Governance Committee shall be an Independent Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any such committee, to the extent provided in the resolution of the Board establishing such committee or the charter of such committee approved by the Board, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Company. All committees of the Board shall keep minutes of their meetings and shall report their proceedings to the Board when requested or required by the Board. Each committee of the Board may fix its own rules of procedure and shall hold its meetings as provided by such rules, except as may otherwise be provided by a resolution of the Board designating such committee. Unless otherwise provided in such a resolution or charter, the presence of the greater of one-third or two (2) members of the committee shall be necessary to constitute a quorum unless the committee shall consist of one (1) or two (2) members, in which event one (1) member

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shall constitute a quorum, and all matters shall be determined by a majority vote of the members present at a meeting of the committee at which a quorum is present. Unless otherwise provided in such a resolution, in the event that a member and that member's alternate, if alternates are designated by the Board, of such committee is or are absent or disqualified, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in place of any such absent or disqualified member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Management by the Board.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The business and affairs of the Company shall be managed by or under the direction of the Board, except as may be otherwise provided by law. Unless otherwise specified in this Agreement, consent or approval by the Company shall be determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Board may appoint and elect (as well as remove or replace with or without cause), as it deems necessary, a Chief Executive Officer, a Chief Operating Officer, a Chief Financial Officer, a Chief Compliance Officer, and any other officer of the Company the Board determines to be necessary or advisable (collectively, the "**Officers**"). The names of each Officer and such Officer's position as of the date hereof are listed on <u>SCHEDULE B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Officers shall perform such duties and may exercise such powers as may be assigned to them by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Unless the Board decides otherwise, if the title of any person authorized to act on behalf of the Company under this <u>Section</u> <u>3.4(c)</u> is one commonly used for officers of a business corporation formed under the Delaware General Corporation Law, the assignment of such title shall constitute the delegation to such person of the authority and duties that are normally associated with that office, subject to any specific delegation of, or restriction on, authority and duties made pursuant to this <u>Section</u> <u>3.4(c)</u>. Any number of titles may be held by the same person. Any delegation pursuant to this <u>Section</u> <u>3.4(c)</u> may be revoked at any time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Board may authorize any Person, including any Officer, to sign on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Powers of the Board*. Except as otherwise explicitly provided herein, the Board shall have the power on behalf and in the name of the Company to implement the objectives of the Company and to exercise any rights and powers the Company may possess, including, without limitation, the power to cause the Company to (i) make any elections available to the Company under applicable tax or other laws; (ii) approve any investments to achieve the Company's investment objective, as may be amended from time to time in any offering document of the Company, or as otherwise permitted under this Agreement; (iii) satisfy any Company obligations; or (iv) approve any disposition of Company assets. Notwithstanding any other provision of this Agreement, without the consent of any Member or other Person being required, subject to the Investment Company Act and any other applicable law, the Company is hereby authorized to execute, deliver, and perform, and the Officers are, and each hereby is, authorized to execute and deliver, (x) a Subscription Agreement with each Member; (y) investment advisory agreements and administration agreements, subject to Member approval as required under the Investment Company Act; and (z) any amendment of any such document (to the extent such amendment is approved in accordance with the terms of the relevant agreement and is consistent with the terms of this Agreement) and any other agreement, document, or other instrument contemplated thereby or related thereto (to the extent that such other agreement, document, or other instrument is consistent with the terms of the relevant agreement or this Agreement). Such authorization shall not be deemed a restriction on the power of the Board to cause the Company to enter into other documents or agreements.

Section 3.5 <u>Activities of Members</u>. Notwithstanding any duty otherwise existing at law or in equity, but subject to the provisions of this Agreement and applicable laws, any Member and its respective direct and indirect partners, members, stockholders, officers, directors, managers, trustees, employees, agents, and Affiliates may invest, participate, or engage in (for their own accounts or for the accounts of others), or may possess an interest in, other financial ventures and investment and professional activities of every kind, nature, and description, independently or with others, whether now existing or hereafter acquired or initiated, including, but not limited to: management of other

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investment vehicles; investment in, financing, acquisition, or disposition of securities (including, for the avoidance of doubt, loan origination activities); investment and management counseling; providing brokerage and investment banking services; or serving as officers, directors, managers, consultants, advisers, or agents of other companies, partners of any partnership, members of any limited liability company, or trustees of any trust (and may receive fees, commissions, remuneration, or reimbursement of expenses in connection with these activities), whether or not such activities may conflict with any interest of the Company or any of the Members. The fact that a Member may encounter opportunities to purchase, otherwise acquire, lease, sell, or otherwise dispose of investment assets, other assets, or other business ventures, and may take advantage of such opportunities itself or introduce such opportunities to entities in which it has or does not have any interest, shall not subject such Member to liability to the Company or to any of the other Members on account of the lost opportunity. Nothing in this Agreement shall be deemed to prohibit any Member or any Affiliate of any Member from dealing with, or otherwise engaging in business with, any other Member or any Person transacting business with the Company or any Portfolio Company. Neither the Company nor any Member shall have any rights, solely by virtue of this Agreement, in or to any activities permitted by this <u>Section</u> <u>3.5</u>, or to any fees, income, profits, or goodwill derived from such activities.

Section 3.6 <u>Meetings of Members.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Place of Meetings*. All meetings of the Members for any purpose shall be at any such place as shall be designated from time to time by the Board and stated in the notice of meeting or in a duly executed waiver of notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Meetings*. Annual meetings of Members may be called only by the Board, the Chair, the Initial Member or the Chief Executive Officer. The Board may postpone, adjourn, reschedule, or cancel any meeting of Members previously scheduled. Notwithstanding anything to the contrary herein, an annual meeting of Members shall not be required to be held in any year in which the election of Directors is not required to be held under any applicable law. The failure to hold an annual meeting of Members shall not invalidate the Company's existence or affect any otherwise valid act of the Company. Special meetings may be called by the Board, the Chair and certain of the Company's Officers, and will be limited to the purposes for any such special meeting set forth in the notice thereof. Subject to the satisfaction of procedural and informational requirements set forth in this Agreement, a special meeting will be called by the Secretary upon the written request of a Member. Any special meeting called by a Member is required to be held not less than fifteen (15) nor more than sixty (60) days after the Company is provided notice by Members of the request for a special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Business at Meetings*. For each meeting of the Members, only business specified in the Company's notice of meeting (or any supplement thereto) may be conducted at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Quorum; Adjournments*. Unless otherwise required by law, Members holding a majority of the Units entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings. Abstentions will be treated as Units that are present and entitled to vote for purposes of determining the number present and entitled to vote with respect to any particular proposal, but will not be counted as a vote in favor of such proposal.

If such quorum shall not be present or represented by proxy at any meeting, then either the chair of the meeting or Members entitled to vote thereat (present in person or represented by proxy) shall have the power to adjourn a vote from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented by proxy. At such adjourned meeting at which a quorum shall be present or represented by proxy, any business may be transacted which might have been transacted at the meeting as originally called. If the adjournment is for more than thirty (30) days, or if after adjournment a new record date is set, then a notice of the adjourned meeting shall be given to each Member entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Remote Participation*. Unless otherwise required by law, Members may participate in a meeting of the Members by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation by such means shall constitute presence in person at a meeting.

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Section 3.7 <u>Waiver of Notice</u>. A written waiver of any notice, signed by a Member or Director, or waiver by electronic transmission by such person, whether given before or after the time of the event for which such notice is to be given, shall be deemed equivalent to the notice required to be given to such person. Neither the business nor the purpose of any meeting need be specified in such a waiver. Attendance at any meeting (in person or by remote communication) shall constitute waiver of notice, except attendance for the express purpose at the beginning of the meeting to object to the transaction of any business because the meeting is not lawfully called or convened.

Section 3.8 <u>Member Voting and Consents</u>. Whenever action is required by this Agreement to be taken by a specified percentage in interest of the Members (or any class or group of Members), such action shall be deemed to be valid if taken upon the vote or written consent of those Members (or those Members included in such class or group) whose Units represent the specified percentage of the aggregate outstanding Units of all Members (or all Members included in such class or group) at the time. Subject to the rights of holders of any other class or series of units, each Member shall be entitled to one vote for each Unit held on all matters submitted to a vote of unitholders, including the election of directors. Except as may be provided by the Board in setting the terms of classified or reclassified units, and subject to the express terms of any class or series of preferred units, Members will possess exclusive voting power. There will be no cumulative voting in the election of directors. Subject to the special rights of the holders of any class or series of preferred units to elect directors, each director will be elected by a plurality of the votes cast with respect to such director's election except in the case of a "contested election," in which case directors will be elected by a majority of the votes cast in the contested election of directors. For these purposes, a "**majority-in-interest**" shall mean a percentage in interest in excess of 50%.

**ARTICLE 4 - INVESTMENTS AND ACTIVITIES** 

Section 4.1 <u>Borrowing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. The Company shall have the power to enter into, make, and perform all such contracts and other undertakings, and engage in all such activities and transactions as the Board may deem necessary or advisable for or incidental to the carrying out of the Company's purpose and objectives (and all determinations, decisions, and actions made or taken by the Board shall be conclusive and absolutely binding upon the Company, the Members, and their respective successors, assigns and personal representatives), including, without limitation, (i) subject to the provisions of the Investment Company Act, to incur indebtedness, financings, or extensions of credit, in each case, including through the issuance of notes and other evidence of indebtedness ("**Financings**"); (ii) to incur and maintain other obligations (including in connection with derivative financial instruments); (iii) to arrange and make guarantees to support any such Financings or other obligations and incur reimbursement obligations in respect of any such Financings, other obligations, or guarantees; (iv) to pledge or assign, grant security, or otherwise make available credit support for any such Financings, other obligations, or guarantees; (v) to become contingently liable with respect to indebtedness for borrowed money of any Person as a guarantor; and (vi) to enter into agreements, instruments, and documents and take all other actions as the Company deems necessary or appropriate in connection with incurring or maintaining Financings, other obligations, or guarantees, in each such case. Without limiting the generality of the foregoing, the Company is authorized, at its option and with notice to the Members, to hypothecate, mortgage, assign, transfer, make a collateral assignment, or pledge or grant a security interest to any Lender or other holders of obligations or guarantees of the Company any or all assets of the Company, including investments held by the Company, and deposit or other accounts into which Capital Contributions are credited or deposited (the "**Assets**"). In furtherance thereof and without limiting the generality of the foregoing, the Company may, in each case subject to such other conditions as the Company may reasonably determine, (a) authorize any Lender or holders of such other obligations or guarantees, including any agent or trustee acting on their behalf, as agent and on behalf of the Company, or in such other capacity as the Company may specify, to (i) exercise any right or remedy of the Company under this Agreement in respect of any Asset, and (ii) enforce the Members' obligations under their respective Subscription Agreements and this Agreement; and (b) take any other action the Company reasonably determines to be necessary for the purpose of providing such credit support (clauses (a) and (b), collectively, the "**Lender Powers**"); <u>provided</u> that any exercise of such Lender Powers shall be made in accordance with this Agreement. In addition, the Company is hereby authorized to provide to or receive from any Lender or holders of such indebtedness, or holders of other obligations or guarantees, including any agent or trustee acting on their behalf, financial information related to such Member and other documentation reasonably and customarily required to incur or assume such indebtedness, subject to applicable law, and in connection therewith, each Member hereby agrees to cooperate with the Company with respect to the provision of such information and documentation.

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Subject to applicable law, the Company is authorized to enter into and maintain guarantees and other credit support of Financings of subsidiaries and other Persons in which the Company has an interest, or otherwise be liable on a joint and several basis, and any such obligations in connection therewith may be cross-guaranteed as the Board determines is necessary or convenient in the conduct or promotions of the activities or business of the Company.

Notwithstanding anything to the contrary in this Agreement, for so long as the Company operates as a BDC, the total amount of indebtedness outstanding at any time shall not cause the Company to violate leverage requirements applicable to the Company, including Section 61 of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Beneficiary Rights*. Notwithstanding anything herein to the contrary, any Lender or other Person granted a lien with respect to any of the Assets and/or the right to exercise any Lender Power shall be an intended beneficiary of this Agreement and shall be entitled to enforce the provisions of this <u>Section</u> <u>4.1</u>.

Section 4.2 <u>Distributions</u>. Subject to the discretion of the Board of Directors, the requirements of Section 852(a) of Subchapter M of the Code, the terms of any Financings or other obligations, and any other applicable legal requirements, the Company intends to (i) authorize and declare distributions on a quarterly basis and pay such distributions on a quarterly basis, which may be funded from any sources of funds available to the Company; and (ii) distribute substantially all of its investment company taxable income and net capital gain for each taxable year in order to qualify for treatment as a RIC under Subchapter M of the Code and minimize liability for any income tax imposed pursuant to Subchapter M of the Code and excise tax imposed pursuant to Section 4982 of the Code, for any such taxable year, in each case, which distributions may be in cash, in-kind, a combination of cash and in-kind, or deemed distributions. Any distributions in-kind will be distributed among the Members in the same proportion and priority as cash distributions would be distributed among the Members and will be valued in accordance with the valuation policies applicable to the Company.

Depending on the level of taxable income and net capital gain earned in a year, the Company may retain certain net capital gain for reinvestment and carry forward taxable income for distribution in the following year and pay any applicable tax.

Anything in this Agreement to the contrary notwithstanding, no distribution shall be made to any Member if, and to the extent that, such distribution would not be permitted under the Delaware Act. Any distribution of securities shall be subject to such conditions and restrictions as the Board of Directors determines are required or advisable to ensure compliance with applicable law. In furtherance of the foregoing, the Board of Directors may require that the Members execute and deliver such documents as the Board of Directors may deem necessary or appropriate to ensure compliance with all federal and state securities laws that apply to such distribution.

Upon liquidation of the Company pursuant to <u>Article 9</u>, after payment or provision for payment of the Company's debts and other liabilities, the Company's remaining net assets will be distributed among Members equally on a per Unit basis (subject to the payment of the fees pursuant to the applicable Investment Advisory Agreement, the reimbursement of expenses and other fees pursuant to the Company's administration agreement (the "**Administration Agreement**"), and other Company expenses).

**ARTICLE 5 - CERTAIN RIGHTS AND PREFERENCES OF UNITS** 

Section 5.1 <u>Classes of Units</u>. Units that are outstanding and/or available for issuance will consist of Units, the preferences (if any), limitations, and relative rights with respect to which will be as provided in this Agreement. The Units are units of limited liability company interests in the Company. The Board may create additional classes of Units (each such class, a "**New Class**") having such relative rights, powers, and duties as may from time to time be established by the Board.

Section 5.2 <u>Units</u>. Except as otherwise provided herein, all Units shall be identical and shall entitle the holders thereof to the same rights and privileges. The holders of the Units shall have the voting rights and the distribution rights of Members described herein.

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**ARTICLE 6 - FEES AND EXPENSES; INVESTMENT ADVISORY AGREEMENT; ADMINISTRATION AGREEMENT** 

Section 6.1 <u>Company Expenses</u>. The Company's primary operating expenses (the "**Company Expenses**") include the payment of (i) investment advisory fees pursuant to the applicable Investment Advisory Agreement; (ii) costs and other expenses payable to the administrator of the Company (the "**Administrator**") in performing its administrative obligations under the Administration Agreement; and (iii) other organizational and operating expenses as may be incurred by or on behalf of the Company, as set forth in the Administration Agreement, or as otherwise may be determined by the Board from time to time.

Section 6.2 <u>Investment Advisory Agreement</u>. The Company shall enter into an Investment Advisory Agreement with one or more Advisers for investment advisory and management services, in a form as approved by the Board in its discretion (subject to Member approval as required under the Investment Company Act).

Section 6.3 <u>Administration Agreement</u>. The Company shall enter into an Administration Agreement with the Administrator for furnishing the Company with administrative services necessary to conduct its day-to-day operations, in a form as approved or ratified by the Board in its discretion.

**ARTICLE 7 - CAPITAL OF THE COMPANY** 

Section 7.1 <u>Capital Contributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. The Company will issue Units to Persons from time to time in accordance with the provisions of this Agreement and the relevant Subscription Agreement or Other Agreement between the Company and such Person (as applicable). In connection with each Capital Contribution, the contributing Person will receive a number of Units corresponding to the Capital Contribution, with such Units issued at the then-current net asset value ("**NAV**") per Unit of the Company, as determined in good faith pursuant to applicable law, subject to a determination by the Board that such offer price is not below the Company's then-current NAV per Unit, except as may be permitted pursuant to the Investment Company Act. The Company reserves the right to sell Units at a price set above the NAV per Unit based on a variety of factors, including, without limitation, the total amount of the Company's organizational and other expenses. Pending investment or the payment of Company Expenses, an Adviser may hold such funds in any form it shall choose, including, without limitation, (a) in a non-interest-bearing bank account of the Company; (b) in a money market or similar cash management account; or (c) in a short-term certificate of deposit or government securities.

Notwithstanding anything to the contrary in the preceding paragraph, the Members expressly acknowledge that the provision of Capital Contributions pursuant to this <u>Section</u> <u>7.1</u> may, pursuant to an agreement between such contributing Person and the Company, not result in the concomitant issuance of Units to such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Additional Capital Contributions*. No Member shall be required to make any additional Capital Contributions to the Company in excess of the initial Capital Contribution of such Member except as provided in the Subscription Agreement or Other Agreement (as applicable) between the Company and such Member; <u>provided</u>, <u>however</u>, that if the Board determines that additional Capital Contributions are necessary or desirable for the operations of the Company, the Board may cause the Company to offer additional Units as set forth in <u>Section</u> <u>3.3(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Rights to Capital Contributions*. Each Member acknowledges that except as specifically provided in this Agreement, (a) no specific time has been agreed upon for any repayment of Capital Contributions; (b) no interest or other rate of return shall accrue on any Capital Contributions; (c) no Member shall have the right to withdraw or to be repaid any Capital Contribution made by it or to receive any other payment with respect to its Units, including, without limitation, as a result of the withdrawal of such Member from the Company; (d) no Member shall have the right to demand or receive property other than cash in return for its Capital Contribution; and (e) no Member shall have priority over any other Member as to the return of its Capital Contribution or as to allocations and distributions of profits, losses, or distributions.

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**ARTICLE 8 - DURATION OF THE COMPANY** 

Section 8.1 <u>Term and Termination of the Company</u>. The Company will have an infinite life, and the term of the Company shall continue until the dissolution of the Company in accordance with this <u>Section</u> <u>8.1</u> or by operation of law. The Company shall be dissolved (i) at any time upon the affirmative vote of a majority of the full Board; (ii) if there are no Members of the Company, unless the business of the Company is continued in accordance with this Agreement or the Delaware Act; or (iii) upon the entry of a decree of judicial dissolution of the Company under the Delaware Act.

Section 8.2 <u>Sale or Merger</u>. Subject to any restrictions of the Investment Company Act or any other applicable law, the Board shall be entitled, with the approval of the Members, to cause the Company to, among other things, sell, exchange, or otherwise dispose of all or substantially all of the Company's assets, merge, convert, consolidate, divide, or conduct a unit exchange of the Company or any series or class of Units with or into any other person or company (including, without limitation, a partnership, corporation, joint venture, statutory or business trust, common law trust, or any other business organization), in each case in a single transaction or series of transactions, or approve on behalf of the Company any of the foregoing transactions. The Board may also cause the sale of all or substantially all of the Company's assets under foreclosure or other realization with the consent of the Members.

**ARTICLE 9 - LIQUIDATION OF ASSETS ON DISSOLUTION** 

Section 9.1 <u>General</u>. Following dissolution, the Company's assets shall be liquidated in an orderly manner. The Board shall be the liquidator appointed to wind up the affairs of the Company pursuant to this Agreement. The Board-as-liquidator shall cause the Company to pay or provide for the satisfaction of the Company's liabilities and obligations to creditors in accordance with the Delaware Act. In performing its duties, the Board-as-liquidator is authorized to sell, exchange, or otherwise dispose of the assets of the Company in such reasonable manner as the Board shall determine to be in the best interest of the Members.

Section 9.2 <u>Liquidating Distributions; Priority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Priority.* Subject to Section 18-804 of the Delaware Act, the proceeds of liquidation shall be applied in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, to pay the costs and expenses of dissolution and liquidation; to pay or provide for the satisfaction of the Company's debts and other liabilities, including obligations to creditors in accordance with the Delaware Act; and to establish any reserves which the liquidator may deem necessary or advisable for any contingent or unmatured liability of the Company, including the payment of the fees pursuant to the applicable Investment Advisory Agreement and the reimbursement of expenses and other fees pursuant to the Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) thereafter, among the Members equally on a per Unit basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Distributions In-Kind.* Notwithstanding the provisions of this <u>Section</u> <u>9.2</u>, upon the dissolution and the winding-up of the affairs of the Company, subject to applicable law and <u>Section</u> <u>4.2</u>, the Board as liquidator may distribute ratably in-kind any assets of the Company. Notwithstanding any provision of this Agreement to the contrary, the Board-as-liquidator may compel a Member to accept a distribution of any asset in-kind from the Company even if the percentage of the asset distributed to the Member exceeds a percentage of the asset that is equal to the percentage in which the Member shares in distributions from the Company.

Section 9.3 <u>Duration of Liquidation</u>. Such time as the Board determines in its sole discretion shall be allowed for the winding up of the affairs of the Company in order to minimize any losses otherwise attendant upon such a winding up.

Section 9.4 <u>Liability for Returns</u>. None of the liquidator, the Directors, the Officers, an Adviser and their respective partners, members, stockholders, officers, directors, managers, employees, agents, and Affiliates shall be personally liable to any Member for the return of the Capital Contributions of any Member.

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Section 9.5 <u>Post-Dissolution Investments</u>. Notwithstanding anything to the contrary set forth in this Article 9, but subject to the other limitations on investments set forth in this Agreement and the Delaware Act, the liquidator may, at any time or times after dissolution, cause the Company to make additional investments in entities which were Portfolio Companies on the date of dissolution (including any successor to, or subsidiary of, a Portfolio Company) if the liquidator believes that such additional investments are in the best interest of the Members and in furtherance of the winding up of the affairs of the Company.

**ARTICLE 10 - LIMITATIONS ON TRANSFERS OF UNITS; REQUIRED TRANSFERS** 

Section 10.1 <u>Transfers of Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. No Member may sell, offer for sale, agree to sell, exchange, transfer, assign, pledge, hypothecate, grant any option to purchase, or otherwise dispose of or agree to dispose of, in any case whether directly or indirectly (collectively, "**Transfer**") its Units, including a Transfer of solely an economic interest, in whole or in part, unless (i) such Member obtains prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed; (ii) the purported transferee satisfies applicable eligibility and/or suitability requirements as set forth in the Subscription Agreement and/or any Other Agreement between the Company and the purported transferor; and (iii) any such Transfer is made in connection with transactions exempt from, or not subject to, the registration requirements of the Securities Act and otherwise in compliance with applicable securities laws, this Agreement, and the Subscription Agreement and/or any Other Agreement between the Company and the purported transferor. Any attempted Transfer of all or any portion of a Member's Units in violation of this Agreement will be void to the maximum extent permitted by law, and any intended recipient of the Units will acquire no rights in such and will not be treated as a Member for any purpose. Each Transfer shall be subject to all of the terms, conditions, restrictions and obligations set forth in this Agreement and shall be evidenced by an assignment agreement executed by the transferor, the transferee(s) and the Company, in form and substance satisfactory to the Company. No Transfer will be effectuated except by registration of the Transfer on the Company's books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Reimbursement of Transfer Expenses*. As a condition to the effectiveness of any Transfer, the transferor or transferee shall pay all reasonable expenses, including out-of-pocket attorneys' fees, incurred by the Company in connection with the assignment, which may be effected as an offset to amounts otherwise distributable.

Section 10.2 <u>Admission of Substituted Members</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. Any transferee of a Member's Units transferred in accordance with the provisions of this <u>Article 10</u> shall be admitted as a substituted Member upon its execution (whether on its own behalf or via an attorney-in-fact) of an assignment agreement and a Subscription Agreement and counterpart to this Agreement, in each case in a form deemed acceptable to the Company in its sole discretion. Any Transfer of Units in violation of the foregoing will be void, and any intended transferee will acquire no rights in such Units and will not be treated as a Member for any purpose with respect to such Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Effect of Admission*. The transferee of Units properly Transferred pursuant to this <u>Article 10</u> that is admitted to the Company as a substituted Member shall succeed to the rights and liabilities of the transferor Member with respect to such interest and, after the effective date of such admission, the Capital Contribution of the transferor with respect to the applicable class of Unit being transferred shall become the Capital Contribution of the transferee, to the extent of the Units transferred. If a transferee is not admitted to the Company as a substituted Member, (i) such transferee shall have no right to participate with the Members in any votes taken or consents granted or withheld by the Members hereunder; and (ii) the transferor shall remain liable to the Company for all contributions and other amounts payable with respect to the transferred interest to the same extent as if no Transfer had occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Non-Compliant Transfer*. If a Transfer has been proposed or attempted but the requirements of this <u>Article 10</u> have not been satisfied, the Company shall not admit the purported transferee as a substituted Member but, to the contrary, shall (i) continue to treat the transferor as the sole owner of the Units purportedly transferred in all respects; (ii) make no distributions to the purported transferee and incur no liability for distributions made in good faith to the transferor; and (iii) not furnish to the purported transferee any tax or financial information regarding the Company. The Company shall also not otherwise treat the purported transferee as an owner of any Units (either legal or equitable), unless required by law to do so.

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To the maximum extent permitted by law, the Company shall be entitled to seek injunctive relief, without the requirement of posting a bond or other security, at the expense of the purported transferor, to prevent any such purported Transfer.

**ARTICLE 11 - LIMITATION OF LIABILITY AND INDEMNIFICATION** 

Section 11.1 <u>Limitation of Liability</u>. To the fullest extent permitted by applicable law, none of the Company's Officers, Directors, employees or agents of the Company (each, a "**Protected Person**") will be liable to the Company or to any Member for (a) any act or omission performed or omitted by any such Protected Person (including any acts or omissions of or by another Protected Person), in the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office or (b) losses due to the negligence of brokers or other agents of the Company unless such person was responsible for the selection of such broker or other agent and such person acted in such selection with fraud, willful malfeasance or gross negligence. Each Protected Person may consult with counsel and accountants in respect of Company affairs (including interpretations of this Agreement) and shall be fully protected and justified in any action or inaction that is taken or omitted in good faith, in reliance upon and in accordance with the advice or opinion of such counsel or accountants selected without fraud, willful malfeasance or gross negligence. In determining whether a Protected Person acted with the requisite degree of care, such Protected Person shall be entitled to rely on written or oral reports, opinions, certificates and other statements of the Directors, Officers, employees, consultants, attorneys, accountants and professional advisors of the Company and the Advisers, selected without fraud, willful malfeasance or gross negligence; provided, that such counsel or accountants were provided with all facts known by the Company or the Advisers (and believed to be material) in connection with the advice being sought. The Company's Directors will not be liable to the Company or to any Member for monetary damages for breach of fiduciary duty as a director to the fullest extent permitted by Delaware law.

Section 11.2 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Third-Party Actions*. The Company shall indemnify and hold harmless, to the fullest extent permitted by law, any director or beneficial owner or other person who was or is a party, or is threatened to be made a party, to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the Company), by reason of the fact that he or she is or was a Protected Person, or is or was serving at the request of the Company as a director, officer, employee, or agent of another company, partnership, joint venture, trust, or other enterprise, against expenses (including attorneys' fees), judgments, fines ,and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit, or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of *nolo contender*e or its equivalent shall not, in and of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Actions by or in the Right of the Company*. The Company shall indemnify and hold harmless, to the fullest extent permitted by law, any director or beneficial owner or other person who was or is a party, or is threatened to be made a party, to any threatened, pending, or completed action or suit by or in the right of the Company to procure a judgment in its favor, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a Protected Person, or is or was serving at the request of the Company as a director, officer, employee, or agent of another company, partnership, joint venture, trust, or other enterprise, against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection with the defense or settlement of such action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company; <u>provided</u> that no indemnification shall be made in respect of any claim, issue, or matter as to which such person shall have been adjudged to be liable to the Company unless and only to the extent that the court in which such action or suit was brought shall determine upon application that despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Expenses*. To the extent that a present or former Protected Person has been successful on the merits or otherwise in defense of any action, suit, or proceeding referred to in <u>Section</u> <u>11.2(a)</u> or <u>Section</u> <u>11.2(b)</u>, or in defense of any claim, issue, or matter therein, he or she shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Determinations*. Any indemnification under <u>Section</u> <u>11.2(a)</u> or <u>Section</u> <u>11.2(b)</u> (unless ordered by a court) shall be made by the Company only as authorized in the specific case upon a determination that indemnification of the Protected Person is proper in the circumstances because he or she has met the applicable standard of conduct set forth in such section. Such determination shall be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the Board by a majority vote of a quorum consisting of Directors who were not parties to such action, suit, or proceeding, even though less than a quorum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by a committee of such Directors designated by majority vote of such Directors, even though less than a quorum; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by independent legal counsel in a written opinion if there are no such Directors, or if such Directors so direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Right to Advancement of Expenses*. Expenses (including reasonable attorneys' fees) incurred by an Officer or Director in defending any civil, criminal, administrative, or investigative action, suit, or proceeding may be paid by the Company in advance of the final disposition of such action, suit, or proceeding upon receipt of an undertaking by or on behalf of such Protected Person to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the Company as authorized in this <u>Section</u> <u>11.2</u>, or as may otherwise be required by the Investment Company Act, each Protected Person the attorneys' fees and other fees, costs and expenses (as incurred to the extent permitted by the Investment Company Act) of each Protected Person in connection with investigating, preparing to defend or defending any claim, lawsuit, action or other proceeding relating to any liabilities for which such Protected Person may be indemnified pursuant to this <u>Section</u> <u>11.2</u>; provided, that, if it is determined by a court of competent jurisdiction that such Protected Person is not entitled to the indemnification provided by this <u>Section</u> <u>11.2</u>, then such Protected Person shall repay such reimbursed or advanced amounts to the Company; provided, further, that the advancement of reasonable legal or other expenses (as incurred) provided by this <u>Section</u> <u>11.2(e)</u> shall not be permitted if the related claim, lawsuit or other proceeding has been brought forth by a Majority-In-Interest of the Members. Notwithstanding the foregoing or any other provision herein, in the event that it is finally judicially determined (including by way of another applicable court of competent jurisdiction overturning a prior decision of a court of first instance) that a Protected Person did not engage in the conduct described in <u>Section</u> <u>11.2(a)</u>, then the exculpation, indemnification, advancement and reimbursement terms described in <u>Section</u> <u>11.1</u> and this <u>Section</u> <u>11.2(e)</u> (including such Protected Person's entitlement to indemnification and reimbursement) shall be applied and determined based solely on such final judicial determination.. Such expenses (including reasonable attorneys' fees) incurred by other employees and agents may be so paid upon such terms and conditions, if any, as the Board of Directors deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Indemnification Not Exclusive*. The indemnification and advancement of expenses provided by, or granted pursuant to, the other sections of this <u>Article 11</u> shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of Members or disinterested Directors, or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Certain Definitions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of this <u>Article 11</u>, references to "the Company" shall include, in addition to the resulting company, any constituent company (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its Directors, Officers, employees, or agents, so that any person who is or was a Director, Officer, employee, or agent of such constituent company, or is or was serving at the request of such constituent company as a Director, officer, employee, or agent of another company, partnership, joint venture, trust, or other enterprise, shall stand in the same position under this <u>Article 11</u> with respect to the resulting or surviving company as he or she would have with respect to such constituent company if its separate existence had continued.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For purposes of this <u>Article 11</u>, references to "other enterprises" shall include employee benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to "serving at the request of the Company" shall include any service as a Director, Officer, employee, or agent of the Company which imposes duties on, or involves services by, such Director, Officer, employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Company" as referred to in this <u>Article 11</u>.

Section 11.3 <u>Nature of Rights</u>. The indemnification and advancement of expenses provided by, or granted pursuant to, this <u>Article 11</u> shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a Protected Person, and shall inure to the benefit of the heirs, executors, and administrators of such a person.

Section 11.4 <u>Insurance</u>. The Company shall have power to purchase and maintain insurance (at the Company's expense) on behalf of any person who is or was a Protected Person, or is or was serving at the request of the Company as a director, officer, employee, or agent of another Company, partnership, joint venture, trust, or other enterprise, against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Company would have the power to indemnify him or her against such liability under the provisions of this <u>Article 11</u>.

Section 11.5 <u>Limitation by Law</u>. If any Person indemnified under the provisions set forth in <u>Section</u> <u>11.2</u> or the Company itself is subject to any federal or state law, rule, or regulation which restricts the extent to which any Person may be exonerated or indemnified by the Company, the limitation of liability provisions set forth in <u>Section</u> <u>11.1</u> and the indemnification provisions set forth in <u>Section</u> <u>11.2</u> shall be deemed to be amended, automatically and without further action by the Members, to the minimum extent necessary to conform to such restrictions. Without limiting the foregoing, for so long as the Company is regulated under the Investment Company Act, the limitation of liability and indemnification provisions shall be limited to the extent provided by the Investment Company Act and by any valid rule, regulation, or order of the SEC thereunder.

**ARTICLE 12 - AMENDMENTS** 

Section 12.1 <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *By Consent*. Except as otherwise provided in this Agreement, the terms and provisions of this Agreement may be amended with the consent of the Board (which term includes any waiver, modification, or deletion of this Agreement) during or after the term of the Company, together with the prior written consent of Members representing a majority-in-interest of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Without Consent*. Notwithstanding the provisions of <u>Section</u> <u>12.1(a)</u>, the following amendments may be made to this Agreement with the consent of the Board and without the need to seek the consent of any Member; provided, however, that no such amendment shall adversely affect any Member's economic or governance rights without such Member's prior written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to add to the duties or obligations of the Board or surrender any right granted to the Board herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any ambiguity or correct or supplement any provision herein which may be inconsistent with any other provision herein, or to correct any printing, stenographic, or clerical errors or omissions in order that this Agreement shall accurately reflect the agreement among the Members;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to satisfy any requirements, conditions, guidelines, or opinions contained in any opinion, directive, order, ruling, or regulation of the SEC, the U.S. Department of the Treasury, the U.S. Internal Revenue Service, the Board of Governors of the U.S. Federal Reserve, or any other U.S. federal or state or non-U.S. governmental agency, or pursuant to any U.S. federal or state or non-U.S. statute, compliance with which the Board deems to be in the best interest of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any amendment the Board determines in good faith to be necessary or appropriate to enable any Member to comply with any applicable law, rule, or regulation; <u>provided</u> that such amendment does not materially adversely affect the rights granted to or liabilities of any other Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to effect Additional Members becoming a party hereto or the creation or issuance of additional Units or New Classes of Units; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to make changes that this Agreement specifically provides may be made by the Board without the consent of any Member;

<u>provided</u>, <u>however</u>, that no amendment shall be made pursuant to clauses (i) through (vi) above if such amendment would (1) subject any Member to any adverse economic consequences without such Member's consent; (2) alter or change the powers, preferences or special rights of one or more Members (including, for the avoidance of doubt, provisions intended to protect one or more Members from suffering certain adverse tax consequences); or (3) diminish or waive in any material respect the duties and obligations of the Board to the Company or the Members; <u>provided further</u>, <u>however</u>, that any modification or amendment required solely to effect Additional Members becoming a party hereto or the creation or issuance of additional Units or New Classes of Units shall not constitute an amendment that would subject any Member to adverse economic consequences or diminish the rights or protections of one or more Members, so long as such modification or amendment does not disproportionately affect a single holder of a class of Units in a material adverse manner with respect to the other holders of such class of Units. In addition, amendments to this Agreement to make the Units a "redeemable security" or to convert the Company, whether by merger or otherwise, from a closed-end company to an open-end company each must be approved by the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Consent to Amend Special Provisions*. Notwithstanding the provisions of <u>Section</u> <u>12.1(a)</u>, any provision in this Agreement that requires the consent, action, or approval of a specified percentage in interest of the Members may not be amended without the consent of such specified percentage in interest of the Members.

**ARTICLE 13 - ADMINISTRATIVE PROVISIONS** 

Section 13.1 <u>Keeping of Accounts and Records; Certificate of Formation; Administrator</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Accounts and Records*. At all times, the Company shall keep proper and complete books of account, in which shall be entered fully and accurately the transactions of the Company. Such books of account shall be kept on the accrual method of accounting for both tax and accounting purposes and shall be maintained in accordance with U.S. generally accepted accounting principles ("**GAAP**"). The Company shall also maintain (i) an executed copy of this Agreement (and any amendments hereto); (ii) the Certificate (and any amendments thereto); (iii) executed copies of any powers of attorney pursuant to which any document described in clause (i) or (ii) has been executed by the Company; (iv) a current list of the names, addresses, Capital Contributions and taxpayer identification numbers, if any, of each Member; (v) copies of all tax returns filed by the Company; and (vi) all financial statements of the Company for each of the prior seven (7) years. These books and records shall at all times be maintained in accordance with the Company's record retention policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Certificate of Formation*. The Company shall file for record with the appropriate public authorities and, if required, publish the Certificate and any amendments thereto.

Section 13.2 <u>Valuation</u>. The fair value of the Company's assets shall be determined by the Board or valuation designee of the Company, as appointed by the Board, in accordance with the Company's valuation policies.

Section 13.3 <u>Notices</u>. Any written notice herein required to be given to the Company by any of the Members shall be deemed to have been given if delivered in person or if sent by registered mail or overnight courier service (for delivery within two (2) or fewer Business Days) to the principal office of the Company in New York, or by such other means or to such other address as the Company may from time to time specify by notice to the Members.

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Any written notice required to be given to a Member shall be deemed to have been given if sent to such Member at the address or email address set forth in the records of the Company or such other address or e-mail address as such Member shall have specified in writing to the Company; <u>provided</u> that any call for capital required to be made under <u>Article 3</u> shall also comply with the specific requirements of such section and the Subscription Agreement or any Other Agreement between the Company and the investor (as applicable).

Notice, payment, demand or other communication shall be deemed to be delivered, given and received for all purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the day of it being sent, where delivered in person, sent by e-mail, and when sent on any Business Day during normal working hours at the place of receipt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the following Business Day, where sent by e-mail on any Business Day outside normal working hours or on any day which is not a Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on the second Business Day following the date dispatched by registered mail, Federal Express, DHL, or any comparable courier service.

Section 13.4 <u>Accounting Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Fiscal Year*. For U.S. federal income tax purposes, the Company's taxable year is the calendar year, unless otherwise required by the Code or determined by the Board and consistent with applicable law. For financial reporting purposes, the Company's fiscal year is a calendar year ending December 31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Independent Auditors*. The Company's independent public auditors shall be as determined by the Board.

Section 13.5 <u>Tax Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Classification of the Company as Corporation for Tax Purposes*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company intends to file an election with the U.S. Internal Revenue Service to cause it to be classified as an association that is taxable as a corporation for U.S. federal income tax purposes on or prior to the date on which the Company has more than one Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company will use reasonable best efforts to qualify as a BDC and a RIC no later than the first taxable year in which the Company anticipates <u>that it will engage in business activities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Once the Company has elected RIC status, the Board will use reasonable best efforts to maintain the Company's status as a RIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *RIC Requirements*. From and after the date when the Company qualifies as a RIC for U.S. federal income tax purposes, the Board shall seek to cause the Company to meet any requirements under the Code necessary to obtain and maintain RIC tax treatment for U.S. federal income tax purposes, including source-of-income and asset diversification requirements and distributing annually an amount equal to at least 90% of its "investment company taxable income." For the avoidance of doubt, such distributions may be made in the form of deemed distributions, subject to the provisions of <u>Section</u> <u>4.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Tax Information*. The Company will cause to be delivered after the end of each calendar year to each Member who was a Member at any time during such calendar year and is subject to U.S. federal, state, and/or local tax reporting obligations such information as may be necessary for the preparation of such Member's U.S. federal, state, and/or local tax returns.

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Each Member agrees that such Member will, upon request by the Company, execute any forms or documents (including a power of attorney or settlement or closing agreement), provide any information (including an appropriate completed and executed U.S. Internal Revenue Service Form W-8 or W-9, as applicable), and take any further action requested by the Company, and that the Company may execute any forms or documents or obtain any information on such Member's behalf that relate to such Member's investment in the Company, in connection with any tax matter affecting the Company.

Section 13.6 <u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Power of Attorney*. Each Member, by execution of this Agreement (including by execution of counterpart signature page hereto directly or via an attorney-in-fact), hereby constitutes and appoints any duly authorized representative of the Company as its true and lawful representative and its attorney-in-fact, in its name, place, and stead, (i) to make, execute, sign, and file any amendment to the Certificate of the Company required because of an amendment to this Agreement, in order to effectuate any change in the Members or in the Capital Contributions of the Members, or otherwise, and all such other instruments, documents, and certificates which may from time to time be required by the laws of the U.S., the State of Delaware, or any other state or any non-U.S. jurisdiction in which the Company shall determine to do business, or any political subdivision or agency thereof, to effectuate, implement, and continue the valid and subsisting existence of the Company, or in connection with any tax filings of the Company, or any and all instruments, certificates, and other documents that may be deemed necessary or desirable to effect the dissolution and winding-up of the Company (including a Certificate of Cancellation of the Company's Certificate); (ii) to make, execute, sign, deliver, and acknowledge any instrument, agreement, indemnity, or document of any kind (including, without limitation, deeds of accession) in connection with the in-kind distribution of and the transfer of Investments to such Member; (iii) to effect any amendment to this Agreement adopted in accordance with its terms; (iv) to make, execute, and sign any documents, instruments, and certificates necessary to sell the Units of any defaulting Member; and (v) to file, prosecute, defend, settle, or compromise litigation, other claims, or arbitrations on behalf of the Company.

Such representatives and attorneys-in-fact shall not, however, have any right, power, or authority to amend or modify this Agreement when acting in such capacities, except as contemplated by clause (iii) of the immediately preceding paragraph. By way of clarification, any power of attorney granted by a Member under this Agreement is intended to be ministerial in scope and limited solely to those items permitted under the relevant grant of authority, and such powers of attorney are not intended to be a general grant of power to independently exercise discretionary judgment on the Member's behalf or to vary the economic terms of the Member's investment in the Company, reduce the Member's legal liability protection, increase the Member's liability exposure to third parties, or undertake any new obligations, undertakings, or investments on behalf of the Member (in each case to the extent not already specifically provided for in this Agreement).

The power of attorney granted hereby is coupled with an interest and shall (i) be irrevocable for so long as a Member remains a Member; (ii) be deemed to be given to secure a proprietary interest of the donee of the power or performance of an obligation owed to the done; (iii) survive and shall not be affected by the subsequent death, lack of capacity, dissolution, insolvency, termination, or bankruptcy of any Member granting the same, or the Transfer of all or any of such Member's Units; and (iv) extend to such Member's successors, assigns, and legal representatives. Each Member, at the request of the Company, shall execute additional powers of attorney on a document separate from this Agreement. In the event of any conflict between this Agreement and any instruments executed, delivered, or filed by the Company pursuant to this power of attorney, this Agreement shall prevail. The Company may exercise this power of attorney by listing all of the Members executing any agreement, certificate, instrument, or document with the single signature of the attorney-in-fact as attorney-in-fact for all Members.

Except as otherwise specifically provided herein, the powers of attorney granted herein shall not in any manner revoke in whole or in part any power of attorney that the undersigned previously has executed. This power of attorney shall not be revoked by any subsequent power of attorney the undersigned may execute, unless such subsequent power specifically refers to this power of attorney or specifically states that the instrument is intended to revoke all prior powers of attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Binding on Successors*. This Agreement shall be binding upon and shall inure to the benefit of the respective heirs, successors, permitted assigns, and legal representatives of the parties hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Governing Law*. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware. In particular, it shall be construed to the maximum extent possible to comply with all of the terms and conditions of the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Severability*. If it shall be determined by a court of competent jurisdiction that any provision or wording of this Agreement shall be invalid or unenforceable under the Delaware Act or other applicable law, such invalidity or unenforceability shall not invalidate the entire Agreement. In that case, this Agreement shall be construed so as to limit any term or provision so as to make it enforceable or valid within the requirements of any applicable law and, in the event such term or provision cannot be so limited, this Agreement shall be construed to omit such invalid or unenforceable provision(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Submission to Jurisdiction; Venue; Waiver of Jury Trial*. Unless the Company otherwise agrees in writing, any legal action or proceeding with respect to this Agreement may be brought in the courts of the State of New York located in New York County or the U.S. District Court for the Southern District of New York located in New York County, and, by execution and delivery of this Agreement, each Member hereby irrevocably accepts for him or herself and in respect of his or her property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts. Such Member hereby further irrevocably waives any claim that any such courts lack personal jurisdiction over such Member, and agrees not to plead or claim, in any legal action proceeding with respect to this Agreement in any of the aforementioned courts, that such courts lack personal jurisdiction over such Member. Such Member hereby irrevocably waives any objection that such Member may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Agreement brought in the aforesaid courts and hereby further irrevocably, to the extent permitted by applicable law, waives his or her rights to plead or claim and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. UNLESS THE COMPANY OTHERWISE AGREES IN WRITING, THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT SUCH PARTY MAY HAVE TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Waiver of Partition*. Each Member hereby irrevocably waives any and all rights that it may have to maintain an action for partition of any of the Company's property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Securities Law Matters*. Each Member understands and acknowledges that in addition to the restrictions on Transfer contained in this Agreement, it must bear the economic risks of its investment for an indefinite period, because the interests in the Company have not been registered under the Securities Act or under any applicable securities laws of any state or other jurisdiction and, therefore, may not be sold or otherwise transferred unless they are registered under the Securities Act and any such other applicable securities laws or an exemption from such registration is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Confidentiality*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Member agrees that, without the prior written consent of the Company (which consent may be withheld at its sole discretion), (A) it shall keep confidential and shall not copy, reproduce, sell, assign, license, market, distribute, make available, or otherwise disclose, directly or indirectly, any information relating to the Company to any person who is not involved with such Member's investment in the Company or is not (1) one of such Member's employees, officers, or directors, or an employee, officer, or director of a person who controls, is controlled by, or is under common control with such Member who has a need to know such information in connection with their responsibilities with such Member, (2) an attorney, consultant, or accountant engaged by such Member, or the administrator of the Initial Member, or (3) a person agreed to in writing by the Member and the Company; and (B) such Member shall not use any information relating to the Company for any purpose (other than the evaluation of Units and the Company, the preparation of such Member's tax returns, the evaluation of the performance of such Member's investment in the Company, and accounting purposes relating to the Initial Member and its affiliates), including to effect or replicate any transactions described in any report or information relating to the Company received by the Member. Each Member also agrees that they will not obtain or attempt to obtain (lawfully or unlawfully) any information that a reasonable person would consider personal pertaining to another Member of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Member further agrees that (A) it shall ensure that any such recipient is made aware of, and adheres to, the terms of this <u>Section</u> <u>13.6(h)</u>; (B) it shall be responsible for any disclosure of any such information by any such person in contravention of the terms of this <u>Section</u> <u>13.6(h)</u>, unless it obtains the prior written consent of the Company or such disclosure is permitted as described below; (C) it is at all times subject to such Member's obligation to act, and to cause persons to whom such Member may disclose information pursuant to this <u>Section</u> <u>13.6(h)</u> to act, in accordance with applicable laws and regulations relating to the receipt or use of such information including, without limitation, those governing insider dealing or trading, market abuse, and market manipulation; and (D) the Company may, in its sole discretion, refuse such Member's request to furnish any correspondence, documents, or other information relating to the Company to any person not described in clauses (1), (2) or (3) of this <u>Section</u> <u>13.6(h)(i)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Member agrees to comply with all laws, including securities laws, concerning confidential information, and such Member agrees that it shall not trade in the securities of any issuer about which such Member receives material non-public information in connection with its investment in the Company or in its capacity as a Member, and shall refrain from such trading until any material non-public information no longer constitutes material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Member hereby represents and warrants that except as disclosed to the Company in writing, it is not subject to any law, governmental rule, regulation, or legal process in any jurisdiction (including, without limitation, lawsuits, subpoenas, administrative proceedings, or FOIA, or any comparable laws or regulations of any U.S. or non-U.S. jurisdiction) requiring such Member to disclose (on receipt of a request to do so or otherwise) any information relating to the Company or their investment in the Company (collectively, "**Disclosure Laws**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The terms of this <u>Section</u> <u>13.6(h)</u> shall apply indefinitely to information related to the Company except to the extent (a) such information is in the public domain (other than as a result of any action or omission of a Member or any person to whom such Member has disclosed such information) or (b) such information, in the opinion of legal counsel of the Member (which such legal counsel, in the case of a Member which is an institutional investor, may be staff or in-house counsel regularly employed by such institutional investor), is required by applicable law or regulation to be disclosed, in which case such Member shall first notify the Company of such requirement (unless such notification is prohibited by law) so that the Company may pursue a protective order or other appropriate remedy or waive compliance with the terms of this <u>Section</u> <u>13.6(h)</u>, and if a protective order or other appropriate remedy is not obtained, or if the Company waives compliance with the terms of this <u>Section</u> <u>13.6(h)</u>, then such Member shall disclose only that portion of confidential information such Member is advised by counsel is legally required to be disclosed, and shall use its commercially reasonable efforts to protect the confidentiality of such information disclosed, including by requesting that confidential treatment be accorded such information. In addition, upon receipt by the Company of written notice from such Member of a public disclosure request, the Company may, in its sole discretion, cause the Transfer of such Member's Units if the Company determines, in its sole discretion, that the disclosure of this information could adversely affect the Company, the Company's investors, or an Adviser. The right of the Company to cause the Transfer of such Member's Units as set forth in the preceding sentence shall be in addition to, and shall not prejudice, any other rights of the Company and/or an Adviser to compulsorily Transfer such Member's Units. The Member further agrees to return any information relating to the Company upon the Company's request therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To the extent that the U.S. Freedom of Information Act, 5 U.S.C. § 552, ("**FOIA**"), any state public records access law, any state or other jurisdiction's laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement would potentially cause the Member or any of its affiliates to disclose information relating to the Company, its affiliates, and/or any of the Company's Investments, the Member hereby agrees that it will promptly notify the Company of such requested disclosure, and the Member (a) shall take commercially reasonable steps to oppose and prevent the requested disclosure unless (1) such Member is advised by counsel (which in the case of a Member that is an institutional investor may be in-house counsel regularly employed by such institutional investor) that there

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exists no reasonable basis on which to oppose such disclosure, (2) the Company does not object in writing to such disclosure within ten (10) Business Days (or such lesser time period as stipulated by the applicable law) of such notice, or (3) such disclosure solely relates to Company level or aggregate performance information (i.e., aggregate cash flows, total returns, the year of formation of the Company, and such Member's own Capital Contribution), and does not include (I) any confidential information relating to individual Portfolio Companies, (II) copies of the Member's Subscription Agreement for Units and related documents, or (III) any other confidential information not referred to in the above clause (3) of this <u>Section</u> <u>13.6(h)(vi)</u>; and (b) acknowledges and agrees that notwithstanding any other provision of this Agreement, the Company may, in order to prevent any such potential disclosure that the Company determines in good faith is likely to occur, (1) withhold all or any part of the information otherwise to be provided to the Member other than the fund level and aggregate performance information specified in the above clause (3) of this <u>Section</u> <u>13.6(h)(vi)</u>, (2) provide to the Member access to such information only via an Internet website in password protected, non-downloadable, non-printable format, (3) to the maximum extent permitted by law, require the Member to return any copies of any such information provided to it by the Company, and/or (4) make any such information available to the Member at the Company's offices (or, at the request of the Company, the offices of counsel to the Company) or at the office of another third party that has agreed to keep such information confidential; <u>provided</u> that the Company shall not withhold any such information if the Member confirms in writing to the Company, based on the advice of counsel, that compliance with the procedures provided for in this <u>Section</u> <u>13.6(h)</u> is legally sufficient to prevent such potential disclosure. For greater certainty, it is understood that a Member that is subject to FOIA, any state public records access law, any state or other jurisdiction's laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement and that maintains an established policy that was previously provided to the Company in writing, or regular practice with respect to the disclosure of the fund level or aggregate performance information permitted to be disclosed pursuant to the first clause (3) of this <u>Section</u> <u>13.6(h)(vi),</u> may disclose such information without prior notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Each Member further agrees that an Adviser may, in its sole discretion, keep confidential and not disclose to such Member or any other person any information relating to the Company (including, but not limited to, information that such Member or any other person would be required to disclose pursuant to applicable Disclosure Laws were such Member or such other person to receive such information) if the Adviser determines in its sole discretion that the disclosure of such information is not in the best interest of the Company or could damage the Company or its business, or if the Company is required by law or by agreement with a third party to keep such information confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) For purposes of this <u>Section</u> <u>13.6(h)</u>, "information relating to the Company" shall be construed broadly and shall include, without limitation, any information furnished to, or otherwise obtained from an Adviser by, a Member in respect of the Company or their Units, including, without limitation, information regarding any other Member (including their identity), information regarding existing, past, or prospective direct or indirect investments made by, or other investment positions and trading activities and strategies of and/or transactions effected directly or indirectly for, the Company, the Company's financial reports and performance reports and correspondence with its Members, and the terms of this Agreement, and any other agreement entered into between such Member or its affiliates and the Company, the Adviser, the distributor, or placement agent, or their respective affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Each Member acknowledges and agrees that (i) the Company and the Adviser(s) would suffer irreparable injury if such Member was to violate any provision of this <u>Section</u> <u>13.6(h)</u> and monetary damages would not be a sufficient remedy for any such violation, and (ii) in the event that such Member breaches or threatens to breach any provision of this <u>Section</u> <u>13.6(h)</u>, in addition to any other remedies available to the Company in respect of any such breach, the Company and/or the Adviser(s) shall be entitled to seek specific performance and injunctive or other equitable relief to enforce any and all of the provisions of this <u>Section</u> <u>13.6(h)</u>, and that such Member will not oppose the granting of such relief. The remedies afforded to the Company and the Adviser(s) by this <u>Section</u> <u>13.6(h)</u> shall be in addition to any and all other remedies available to the Company and the Adviser(s) resulting from such Member's violation, breach or threatened breach of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Notwithstanding anything to the contrary in this Agreement, except as reasonably necessary to comply with applicable securities laws, each Member (and such Member's employees, representatives, or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the offering and ownership of the Units (including the tax treatment and tax structure of any Company transactions) and all materials of any kind (including opinions and other tax analyses) that are provided to such Member relating to such tax treatment and tax structure. For this purpose, "tax structure" means any facts relevant to the U.S. federal or state income tax treatment of (a) the offering and ownership of the Units and (b) any transactions by the Company, and does not include information relating to the identity of the Company or its affiliates. Nothing in this paragraph shall be deemed to require an Adviser to disclose to a Member any information that an Adviser is permitted or is required to keep confidential in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Each Member acknowledges that the Company, an Adviser, or their affiliates, and/or service providers to or agents of the Company, the Administrator, or an Adviser, may from time to time be required or may, in their discretion, determine that it is advisable to disclose certain information about the Company and its Members, including, but not limited to, Investments held by the Company or the names and levels of beneficial ownership of Members, to (i) regulatory authorities of certain jurisdictions which have or assert jurisdiction over the disclosing party or in which the Company directly or indirectly invests, or (ii) any Lender to, counterparty of, or service provider to an Adviser or the Company, and each Member hereby consents to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Each Member agrees to provide the Company at any time during the term of the Company with such information as the Company determines to be necessary or appropriate to comply with the anti-money laundering laws and regulations of any applicable jurisdiction, or to respond to requests for information concerning the identity of the Members from any governmental authority, self-regulatory organization, or financial institution in connection with its anti-money laundering compliance procedures, and to update such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Notwithstanding the foregoing, the provisions of this <u>Section</u> <u>13.6(h)</u> shall not apply to any information that is already in the public domain, and further, the Company, the Adviser(s), the Administrator, and each Member shall have the right to make any filings or disclosures required by applicable law (including, for the avoidance of doubt, filings required by the Exchange Act), and shall be under no obligation to obtain consent of the Company prior to making such filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Fixing the Record Date*. In order for the Company to determine the Members entitled to notice of or to vote at any meeting of Members or any adjournment thereof, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall, unless otherwise required by law, be no more than ninety (90) days nor less than ten (10) days prior to the date of such meeting. If the Board so fixes a date, such date shall also be the record date for determining the Members entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board, the record date for determining Members entitled to notice of or to vote at a meeting of Members shall be the close of business on the day next preceding the day on which notice is given or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of Members of record entitled to notice of or to vote at a meeting of Members shall apply to any adjournment of the meeting, except as otherwise required by law; <u>provided</u>, <u>however</u>, that the Board may fix a new record date for the adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Contract Construction; Headings; Counterparts*. Whenever the context of this Agreement permits, the masculine gender shall include the feminine and neuter genders (and vice versa), and reference to singular or plural shall be interchangeable with the other. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the other provisions, and the parties intend that this Agreement shall be construed and reformed in all respects as if any such invalid or unenforceable provision(s) were omitted or, at the direction of a court, modified in order to give effect to the intent and purposes of this Agreement. References in this Agreement to particular sections of the Code or the Delaware Act or any other statute shall be deemed to refer to such sections or provisions as they may be amended after the date of this Agreement. Captions in this Agreement are for convenience only and do not define or limit any term of this Agreement. It is the intention of the parties that every covenant, term, and

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provision of this Agreement shall be construed simply according to its fair meaning and not strictly for or against any party (notwithstanding any rule of law requiring an Agreement to be strictly construed against the drafting party), it being understood that the parties to this Agreement are sophisticated and have had adequate opportunity and means to retain counsel to represent their interests and to otherwise negotiate the provisions of this Agreement. Notwithstanding the provisions of this Agreement or any Subscription Agreement, without any further act, approval, or vote of any Member, the Company may enter into side letters or other writings with individual Members which have the effect of establishing rights under, or, to the extent permitted by law, altering or supplementing, the terms of, this Agreement, any Subscription Agreement of such Member, or any other document entered into by the Company (an "**Other Agreement**"). This Agreement, together with the related Subscription Agreement and any Other Agreement (if any) between the Company and any Member, shall constitute the entire agreement and understanding among the respective parties to such agreements with respect to the subject matter hereof and thereof, and to the extent of any conflict between this Agreement or a Member's Subscription Agreement on the one hand, and an Other Agreement of a Member on the other, the terms of such Other Agreement shall control between the Company and such Member. There are no representations, warranties or agreements made by the Company except to the extent set forth in this Agreement, the Subscription Agreements and any such Other Agreement (if applicable). This Agreement or any amendment hereto may be signed in any number of counterparts, each of which shall be an original, but all of which taken together shall constitute one agreement or amendment, as the case may be.

\* \* \* \* \* \* \*

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IN WITNESS WHEREOF, the undersigned has executed this Limited Liability Company Agreement of APS BDC, LLC as of the day, month and year first above written.

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| | |
|:---|:---|
| **INITIAL MEMBER**: | **INITIAL MEMBER**: |
| CHS US Investments LLC | CHS US Investments LLC |
| By: CHS GP LP, its managing member<br> By: CHS UGP LLC, its general partner | By: CHS GP LP, its managing member<br> By: CHS UGP LLC, its general partner |
| By: | /s/ Alexandra Grigos |
| Name: | Alexandra Grigos |
| Title: | Director |

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*[Signature page to LLC Agreement]* 

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IN WITNESS WHEREOF, the undersigned has executed this Limited Liability Company Agreement of APS BDC, LLC as of the day, month and year first above written.

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| | |
|:---|:---|
| Each of the Persons who has executed a Subscription Agreement or Other Agreement agreeing to purchase Units in the Company, to be admitted to the Company as a Member and to be bound by the terms of the Agreement: | Each of the Persons who has executed a Subscription Agreement or Other Agreement agreeing to purchase Units in the Company, to be admitted to the Company as a Member and to be bound by the terms of the Agreement: |
| CHS US INVESTMENTS LLC | CHS US INVESTMENTS LLC |
| By: CHS GP LP, its managing member<br> By: CHS UGP LLC, its general partner | By: CHS GP LP, its managing member<br> By: CHS UGP LLC, its general partner |
| By: | /s/ Alexandra Grigos |
| Name: | Alexandra Grigos |
| Title: | Director |

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*[Signature page to LLC Agreement]* 

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**APPENDIX I** 

**APS BDC, LLC** 

**DEFINITIONS** 

For purposes of this Agreement, the following terms shall have the meanings set forth below (such meanings to be equally applicable to both singular and plural forms of the terms so defined). Additional defined terms are set forth in the provisions of this Agreement to which they relate.

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| | |
|:---|:---|
| **Additional Member** | As set forth in <u>Section 3.3(c)</u>. |
| **Administration Agreement** | As set forth in <u>Section 4.2</u>. |
| **Administrator** | As set forth in <u>Section 6.1</u>. |
| **Adviser** | Any entity with whom the Company retains an investment advisory relationship. |
| **Affiliate** | With respect to the Person to which it refers, a Person that directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, such subject Person. For this purpose, each Officer shall be deemed to be an Affiliate of the Adviser, but Portfolio Companies or portfolio companies of any other investment vehicle advised by the Adviser or its Affiliates shall not be considered Affiliates of the Board, the Adviser, any Officer, any member of the Board or any member or manager of the Adviser. "Affiliated" shall have the corresponding meaning. |
| **Agreement** | As set forth in the introductory paragraph to this Agreement. |
| **Assets** | As set forth in <u>Section 4.1(a)</u>. |
| **Audit Committee** | As set forth in <u>Section 3.4(b)(i)</u>. |
| **BDC** | A "business development company," as defined in Section 2(a)(48) of the Investment Company Act. |
| **Board or Board of Directors** | As set forth in <u>Section 3.4(a)(i)</u>. |
| **Business Day** | Any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close. |
| **Capital Contribution** | As set forth in <u>Section 3.3(a)</u>. |
| **Certificate** | As set forth in <u>Section 2.1(a)</u>. |
| **Chair** | As set forth in <u>Section 3.4(a)(ii)</u>. |
| **Chief Executive Officer** | As set forth in <u>Section 3.4(a)(ii)</u>. |

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| | |
|:---|:---|
| **Code** | The U.S. Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. |
| **Company** | As set forth in the introductory paragraph of this Agreement. |
| **Company Expenses** | As set forth in <u>Section 6.1</u>. |
| **Delaware Act** | As set forth in <u>Section 2.1(a)</u>. |
| **Director** | As set forth in <u>Section 3.4(a)(i)</u>. |
| **Disclosure Laws** | As set forth in <u>Section 13.6(h)(iv)</u>. |
| **Exchange Act** | The U.S. Securities Exchange Act of 1934, as amended. |
| **Financing** | As set forth in <u>Section 4.1(a)</u>. |
| **FOIA** | As set forth in <u>Section 13.6(h)(vi)</u>. |
| **Former Member** | As set forth in <u>Section 3.2(a)</u>. |
| **GAAP** | As set forth in <u>Section 13.1(a)</u>. |
| **Independent Director** | As set forth in <u>Section 3.4(a)(viii)</u>. |
| **Initial Closing Date** | The first date on which the Company accepts a Subscription Agreement or Other Agreement relating to the purchase of Units from CHS US Investments LLC. |
| **Initial Member** | As set forth in the introductory paragraph of this Agreement. |
| **Investment Advisory Agreement** | That certain investment advisory agreement pursuant to which an Adviser will act as investment adviser to the Company, as in effect from time to time. |
| **Investment Company Act** | The Investment Company Act of 1940, as amended. |
| **Lender** | (i) Any lender, issuer of letters of credit, or provider of other Financing or extensions of credit, (ii) any holder of indebtedness, assignments, guarantees, or other obligations relating to any of the foregoing, and (iii) any of their respective agents, trustees, successors, and assigns. |
| **Lender Power** | As set forth in <u>Section 4.2(a)</u>. |
| **Majority-in-Interest** | As set forth in <u>Section 3.8</u>. |
| **Member(s)** | The Initial Member and any Person who has entered into this Agreement and a Subscription Agreement or Other Agreement pursuant to which such Person has agreed to purchase Units of the Company and has been admitted as a Member pursuant to the procedures set forth in <u>Section 2.1(c)</u>. |
| **NAV** | As set forth in <u>Section 7.1(a)</u>. |
| **New Class** | As set forth in <u>Section 5.1</u>. |
| **Officers** | As set forth in <u>Section 3.4(c)(ii)</u>. |
| **Other Agreement** | As set forth in <u>Section 13.6(j)</u>. |
| **Person** | Any individual, general partnership, limited partnership, limited liability partnership, limited liability company, corporation, joint venture, trust, statutory or business trust, cooperative or association, or any governmental body or agency, and the heirs, executors, administrators, legal representative, successors, and assigns of such Person where the context so permits. |
| **Protected Person** | As set forth in <u>Section 11.1</u>. |
| **Portfolio Company** | Any entity in which the Company holds an Investment. |
| **RIC** | A "regulated investment company," as such term is defined in the Code. |
| **SEC** | As set forth in <u>Section 3.4(b)(ii)</u>. |
| **Securities Act** | The U.S. Securities Act of 1933, as amended. |
| **Subscription Agreement** | The subscription agreement between a Person and the Company by which such Person agrees to purchase Units. |
| **Subsequent Closing Date** | As set forth in <u>Section 3.3(b)</u>. |
| **Transfer** | As set forth in <u>Section 10.1(a)</u>. |
| **Units** | The units of limited liability company interests of the Company. |

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**SCHEDULE A** 

Schedule of Directors

**Name** 

Brady Schuck

Kathleen M. Burke

Mark Manoff

Jonathan Morgan

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**SCHEDULE B** 

**Schedule of Officers** 

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| | |
|:---|:---|
| **Name** | **Position** |
| Eric Muller | Chief Executive Officer |
| Andrew Winer | Chief Operating Officer |
| Thomas Hansen | Chief Financial Officer |
| Grove Stafford | Chief Compliance Officer |

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## Exhibit 4.1

**Exhibit 4.1** 

**HIGHLY CONFIDENTIAL & TRADE SECRET** 

**APS BDC, LLC** 

**Units of Limited Liability Company Interests** 

**FORM OF SUBSCRIPTION AGREEMENT** 

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

**APS BDC, LLC** 

SUBSCRIPTION CHECKLIST

***Please read this checklist after completing the attached Subscription Booklet of***

***APS BDC, LLC (the "<u>Subscription Booklet</u>").***

Before submitting the Subscription Booklet, please confirm completion of the following tasks:

☐ Have you filled in the name of the investor and subscription amount on the first page of the Subscription Agreement in Part 1 of the Subscription Booklet?

☐ Have you completed the Investor Questionnaire in Part 2 of the Subscription Booklet?

☐ Have you completed the Investor Data Sheet in Part 3 of the Subscription Booklet?

☐ Have you signed and dated the signature page in Part 4 of the Subscription Booklet?

☐ Have you completed, signed, dated and attached an Internal Revenue Service ("<u>IRS</u>") Form W-9 or Forms W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP), as described in Part 6 of the Subscription Booklet?

☐ Have you completed, signed and dated the Anti-Money Laundering Questionnaire in Part 7 of the Subscription Booklet?

☐ Have you collected the applicable investor back-up documents described in Part 7 of the Subscription Booklet?

☐ If applicable, have you completed, signed and dated the Certification of Intermediaries in Part 7 of the Subscription Booklet?

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

**APS BDC, LLC** 

SUBSCRIPTION INSTRUCTIONS

This subscription booklet (the "<u>Subscription Booklet</u>") relates to the offering of units of limited liability company interests ("<u>Units</u>") of APS BDC, LLC, a Delaware limited liability company (the "<u>Company</u>") that intends to elect to be treated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"). This Subscription Booklet contains all of the materials necessary for you to subscribe for the Units. Prior to completing such materials, you should read the Company's Form 10 Registration Statement filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), the Limited Liability Company Agreement of the Company (as amended, modified and/or restated from time to time, the "<u>LLC Agreement</u>"), the Investment Advisory Agreement entered into between the Company and OHA Private Credit Advisors II, L.P., a Delaware limited partnership (the "<u>OHA Adviser</u>"), and the Investment Advisory Agreement entered into between the Company and CHS (US) Management, LLC, a Delaware limited liability company (the "<u>Aranda Adviser</u>").

You may apply to become a holder of Units of the Company (a "<u>Unitholder</u>") by taking the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Read the subscription agreement of the Company (the " <u>Subscription Agreement</u> ") ( ***Part 1***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fill in the name of the investor and the amount of the Capital Commitment (as defined herein) on the first page
of the Subscription Agreement ( ***Part 1***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Complete the Investor Questionnaire ( ***Part 2***). For investors that are nominee, custodial or other
similar accounts,  ***Part 2*** of this Subscription Booklet must be completed on behalf of the underlying investor(s) *and* such nominee / custodial or other similar account in its capacity as nominee, custodian or other similar party
for the underlying investor(s). If responses to questions in  ***Part 2*** differ between the nominee / custodial or other similar account in its capacity as nominee, custodian or other similar party and the underlying investor(s), please
contact CHS (US) Management LP, whose contact information is set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Complete the Investor Data Sheet (the investor must provide all information regarding its identity, including
its name and tax identification number or social security number and all contact information) ( ***Part 3***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Complete, sign and date the signature page (which evidences your agreement to be bound by the terms and
conditions of both the Subscription Agreement and the LLC Agreement) ( ***Part 4***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Read the Privacy Notice of the Company and related parties ( ***Part 5***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If a "U.S. person" for U.S. federal income tax purposes, complete, sign and date Internal Revenue
Service (" <u>IRS</u> ") Form W-9 "Request for Taxpayer Identification Number and Certification" in accordance with the instructions accompanying such form ( ***Part 6(a)***). If a "non-U.S. person" for U.S. federal income tax purposes, complete, sign and date the applicable IRS Forms W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP) in accordance
with the instructions accompanying such form(s) ( ***Part 6(b)***) **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Complete, sign and date the Anti-Money Laundering Questionnaire and provide the requested back-up documentation ( ***Part 7***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. If applicable, complete, sign and date the Certification of Intermediaries (included in  ***Part 7***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Please email the entire Subscription Booklet (including any unmarked pages) and appropriate back-up documentation to:

[Harmonic Fund Services]

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

Emails: [•] With a copy to: [•] <br> <u>(please encrypt before sending)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. If your subscription is accepted by the Company (in whole or in part), then a fully executed copy of the
Subscription Booklet shall be returned to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Questions regarding the subscription documents should be directed to:

[Harmonic Fund Services]

Emails: <u>[•]</u>

With a copy to:

[•]

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

**PART 1** 

**APS BDC, LLC** 

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| |
|:---|
| &nbsp;&nbsp;&nbsp;Full Name of Investor |
| &nbsp;&nbsp;&nbsp;Capital Commitment |

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APS BDC, LLC

c/o CHS (US) Management, LLC

550 Madison Avenue, 34th Floor

New York, New York 10022

Ladies and Gentlemen:

This subscription agreement (together with the Investor Questionnaire and the Investor Data Sheet, collectively referred to herein as this "<u>Subscription Agreement</u>") is made by and among APS BDC, LLC, a Delaware limited liability company (the "<u>Company</u>"), CHS (US) Management, LLC, a Delaware limited liability company and an adviser to the Company (the "<u>Aranda Adviser</u>"), OHA Private Credit Advisors II, L.P., a Delaware limited partnership and an adviser to the Company (the "<u>OHA Adviser</u>"), and the undersigned individual or entity (the "<u>Investor</u>"), who is hereby applying to become a holder of units of limited liability company interests ("<u>Units</u>") of the Company (a "<u>Unitholder</u>"), on the terms and conditions set forth in (a) this Subscription Agreement, (b) the limited liability company agreement of the Company (as amended, modified and/or restated from time to time, the "<u>LLC Agreement</u>"), (c) the Investment Advisory Agreement between the Company and the Aranda Adviser (as amended, modified and/or restated from time to time, the "<u>Aranda Investment Advisory Agreement</u>"), (d) the Investment Advisory Agreement between the Company and the OHA Adviser (as amended, modified and/or restated from time to time, the "<u>OHA Investment Advisory Agreement</u>" and together with the Aranda Investment Advisory Agreement, the "<u>Investment Advisory Agreements</u>"), and (e) the Company's Form 10 Registration Statement filed with the U.S. Securities and Exchange Commission ("<u>SEC</u>"), as may be amended from time to time (the "<u>Form 10</u>", and together with this Subscription Agreement, the LLC Agreement and the Investment Advisory Agreements, the "<u>Company Documents</u>"), copies of which have been furnished to the Investor (including by way of furnishing such documents to an electronic data room or internet website to which the Investor has been granted access). Capitalized terms used but not defined in this Subscription Agreement have the meanings set forth in the LLC Agreement.

Except as otherwise indicated, all references herein to "$" or "dollars" are to U.S. dollars.

**I. <u>SUBSCRIPTION AGREEMENT</u>** 

The Investor hereby irrevocably subscribes for Units with a capital commitment (the "<u>Capital Commitment</u>") in the amount set forth above and on the Investor's signature page hereof (subject to reduction as provided below). The Units shall not be deemed to be sold or issued to, or owned by, the Investor (and the Investor's subscription for the Units, in whole or in part, shall not be deemed finally accepted) until the Investor is admitted as a Unitholder to the Company. The Investor acknowledges and agrees that the Aranda Adviser reserves the right, in its discretion, to admit the Investor as a Unitholder to the Company on the date of any closing of the Company (each such date of admission, a "<u>Closing Date</u>") and that the Aranda Adviser reserves the right, in its discretion, to reject this subscription for the Units, in whole or in part, at any time prior to any Closing Date, notwithstanding execution by or on behalf of the Investor of the signature page hereof or notice from the Aranda Adviser of its conditional acceptance of the Investor's subscription for the Units. If this subscription is rejected in full, or in the event the Closing Date applicable to the Investor does not occur (in which event this subscription shall be deemed to be rejected), this Subscription Agreement shall thereafter have no force or effect; provided that, notwithstanding the foregoing, if a portion of the Investor's Capital Commitment is not accepted as of a Closing Date for any purpose set forth in the LLC Agreement or as otherwise agreed with the Investor (while the remaining portion of the Investor's Capital Commitment is accepted as of such Closing Date), then such portion of such Capital Commitment that was not accepted shall remain part of the Investor's irrevocable subscription pursuant to this Subscription Agreement (which shall remain in full force and effect) until the date on which the Aranda Adviser notifies the Investor in writing that such portion of its Capital Commitment that was not accepted will not be accepted by the Company as of any subsequent Closing Date. During

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

such period, the Aranda Adviser may, in its discretion, as of one or more subsequent Closing Dates and with prior written notice to the Investor, accept all or any part of the portion of the Investor's Capital Commitment that previously was not accepted, in each case, in a manner consistent with the LLC Agreement. The accepted amount of the Investor's Capital Commitment with respect to a Closing Date shall be the amount set forth on the Aranda Adviser's signature page hereto applicable to such Closing Date. As of any applicable subsequent Closing Date that the Aranda Adviser accepts all or any part of the portion of the Investor's Capital Commitment that previously was not accepted, the total accepted amount of the Investor's Capital Commitment shall be the amount set forth on the Aranda Adviser's most recent additional signature page hereto. The Investor agrees to be bound by the terms of the LLC Agreement and specifically confirms and agrees to the appointment of the Aranda Adviser as the Investor's attorney-in-fact under the provisions of and in accordance with the terms of the LLC Agreement.

**II. <u>REPRESENTATIONS AND WARRANTIES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Representations and Warranties of the Investor</u>. The Investor hereby represents and warrants to, and agrees with, the Aranda Adviser, the OHA Adviser, and the Company that the following statements are true as of the date hereof and shall be true as of each Closing Date applicable to the Investor and as of each date on which the Investor makes any capital contributions or additional Capital Commitments to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Investor's Units are being acquired by the Investor, either for the Investor's own account or as an agent, a representative, an intermediary, or a nominee for another person, solely for investment and not with a view to resale, distribution, assignment or transfer of all or a portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Investor acknowledges that: (i) the offering and sale of the Units have not been and will not be, registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and are being made in reliance upon U.S. federal and state exemptions for transactions not involving a public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Investor represents and warrants that: (i) it is an "accredited investor" (as defined in Regulation D promulgated under the Securities Act); (ii) it is a "qualified purchaser" (as defined in Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), and the regulations issued thereunder); and (iii) the Investor will not engage in hedging transactions involving the Units unless in compliance with the Securities Act and other applicable U.S. and/or non-U.S. securities laws. The Investor agrees that it will not take any action that could have an adverse effect on the availability of the exemption from registration provided by Regulation D promulgated under the Securities Act with respect to the offer and sale of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The information relating to the Investor set forth in the Investor Questionnaire, the Investor Data Sheet and the Anti-Money Laundering Questionnaire attached hereto and forming a part of this Subscription Agreement is complete and accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In connection with the purchase of the Units, the Investor represents and warrants that: (a) it meets all suitability standards imposed on it by applicable law; and (b) the Investor is not structured or operated for the purpose or as a means of circumventing the provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Investor has been furnished with, and has carefully read, the Company Documents, and has been given the opportunity to (a) ask questions of, and receive answers from, the Aranda Adviser, the OHA Adviser, or any of their respective affiliates concerning the terms and conditions of the offering of the Units and other matters pertaining to an investment in the Company and (b) obtain any additional information necessary to evaluate the merits and risks of an investment in the Company that the Aranda Adviser and the OHA Adviser can acquire without unreasonable effort or expense. In considering a subscription for the Units, the Investor has evaluated for itself the risks and merits of such investment and is able to bear the economic risk of such investment, including a complete loss of capital, and in addition has not relied upon any representations made by, or other information (whether oral or written) furnished by or on behalf of, the Company, the Aranda Adviser, the OHA Adviser or any director, officer, employee, agent or affiliate of such persons, other than as set forth in the Company Documents. The Investor has carefully considered and has, to the extent it believes necessary, discussed with legal, tax, accounting and financial advisors the suitability of an investment in the Company in light of its particular tax and financial situation, and has determined that the Units being subscribed for hereunder are a suitable investment for the Investor.

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Investor (either alone or together with any advisors retained by the Investor in connection with evaluating the merits and risks of prospective investments) has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing the Units, including the risks set forth in the Form 10, and is able to bear the economic risk of such investment, including a complete loss of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Investor, if it is a corporation, limited liability company, trust, partnership or other entity, is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and the execution, delivery and performance by the Investor of this Subscription Agreement and the execution of the LLC Agreement on behalf of the Investor and the performance of the Investor's duties and obligations thereunder are within the Investor's corporate or other powers, as applicable, have been duly authorized by all necessary corporate or other action on its behalf, require no action by or in respect of, or filing with, any governmental body, agency or official (except as disclosed in writing to the Aranda Adviser and the OHA Adviser), and do not and shall not result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any provision of any charter, bylaws, trust agreement, indenture, mortgage, deed of trust, credit, note or evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, regulation, law, judgment, order, writ, injunction or decree to which the Investor is a party or by which the Investor or any of its properties is bound. This Subscription Agreement and the LLC Agreement have been duly executed and delivered by, or on behalf of, the Investor and constitute valid and binding agreements of the Investor, enforceable against the Investor in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Investor is not a defined contribution plan (such as a plan qualified under Section 401(a) of the U.S. Internal Revenue Code of 1986, as amended from time to time (the "<u>Code</u>")) or a partnership or other investment vehicle (a) in which its partners or participants have or shall have any discretion to determine whether or how much of the Investor's assets are invested in any investment made or to be made by the Investor or (b) that is otherwise an entity managed to facilitate the individual decisions of its beneficial owners to invest in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Investor was offered the Units in the state or other jurisdiction identified in Part 1 of the Investor Data Sheet under the heading "Principal Place of Business or Address of Investor" and the Investor intends that the securities laws of such state or other jurisdiction shall govern the Investor's subscription for the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Investor is not subscribing for the Units as a result of or subsequent to (a) any advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over radio, television or the Internet or (b) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Any capital contributions made by the Investor to the Company shall not directly or indirectly be derived from activities that may contravene applicable laws and regulations, including anti-money laundering, counter-terrorist and prevention of proliferation financing laws and regulations. The Investor is in compliance in all material respects with anti-money laundering, counter-terrorist financing and prevention of proliferation financing laws and regulations applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The rules and regulations administered by the U.S. Treasury Department's Office of Foreign Assets Control ("<u>OFAC</u>"), the U.K. His Majesty's Treasury ("<u>HMT</u>"), the United Nations Security Council, the Ministry of Finance Japan, and the European Union prohibit, among other things, the engagement in transactions with, and the provision of services to, certain countries, territories, entities and individuals (collectively, the "<u>Sanctions Lists</u>" and, where applicable to countries and territories, the "<u>Sanctioned Countries</u>"). The Sanctions List(s) are publicly available. In addition, the programs administered by OFAC ("<u>OFAC Programs</u>") prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the OFAC lists. The Investor represents and warrants that, to the best of its knowledge (after due inquiry), none of: (a) the Investor; (b) any person controlling or controlled by the Investor; (c) if the Investor is a privately held entity, any person having a beneficial interest in the

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Investor; (d) if the Investor (and its beneficial owners) is not the beneficial owner of all of the Units, any person having a beneficial interest in the Units; or (e) any person for whom the Investor is acting as agent or nominee in connection with this investment in the Units is a country, territory, individual or entity named on any Sanctions List, or is a person or entity located, organized or resident in any Sanctioned Country or otherwise prohibited under the OFAC Programs.

Please be advised that the Company may not accept the Investor's subscription for the Units if it cannot make the representations set forth in the preceding paragraph. In addition, if the Investor can no longer make the representations set forth in the preceding paragraph, the Company, the administrator to the Company, the Aranda Adviser, or the OHA Adviser may require the withdrawal of the Investor or take such other action as may be required under applicable law or permitted hereunder including, without limitation, those set forth in Section III.9 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Investor represents and warrants that (A) it has conducted due diligence and based on such due diligence reasonably believes that none of: (a) the Investor or any of the directors or senior individuals responsible for the Investor's operations; (b) any person having a beneficial interest in the Investor; (c) if the Investor (and its beneficial owners) is not the beneficial owner of all of the Units, any person having a beneficial interest in the Units; or (d) any person for whom the Investor is acting as agent or nominee in connection with this investment in the Units is, or has in the last 12 months been, a senior political figure<sup>1</sup> or any immediate family member<sup>2</sup> or close associate<sup>3</sup> of a current senior political figure, or a politically exposed person<sup>4</sup> or any family member<sup>5</sup> or close associate<sup>6</sup> of a politically exposed person; and (B) if the representations in sub-paragraphs (A) (a) to (d) above cannot be made by the Investor, the Investor has notified the Aranda Adviser and the OHA Adviser of the specific relevant political connections in writing, with a reference to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Investor (or any beneficial owner of the Investor) is not located, organized, or operating in a country or territory, and is not an entity, that (a) has been designated as non-cooperative with international anti-money laundering and counter-terrorist financing principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force, of which each of the United States and the United Kingdom is a member, (b) has been designated by the European Union as a high-risk third country for the purposes of the pan-European Money Laundering Directive (as amended) or has been designated by HMT as a high risk third country for the purposes of the UK Money Laundering Regulations (as amended). If required by the Investor, the relevant European Union and HMT high risk third country lists can be obtained from the Aranda Adviser or the OHA Adviser upon request, (c) is the subject of an advisory issued by the Financial Crimes Enforcement Network of the U.S. Treasury Department or (d) has been designated by the Secretary of the Treasury under Section 311 of the USA PATRIOT Act as warranting special measures due to money laundering concerns. If the representations in sub-paragraphs (a) to (d) above cannot be made by the Investor, the Investor has notified the Aranda Adviser and the OHA Adviser in writing

<sup>1</sup> A "<u>senior political figure</u>" is defined as a person who is or has been entrusted with a prominent public function in the executive (including regional governments in federalized systems and devolved administrations), legislative, administrative, foreign service (including ambassadors and charge d'affaires), military (including high-ranking officers in the armed forces) or judicial branches of a government (whether elected or not), a senior official of a major political party (being a political party that has some representation in a national or supranational parliament or similar legislative body), a senior executive of a government-owned corporation, members of courts of auditors or the board of a central bank. A "senior political figure" also includes the directors, deputy directors and members of the board or equivalent of international public organizations. In addition, a "senior political figure" includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior political figure. 

<sup>2</sup> "<u>Immediate family</u>" of a senior political figure typically includes the political figure's parents, siblings, spouse (or person considered to be equivalent to a spouse), children (and their spouses or persons considered to be equivalent to a spouse) and in-laws. 

<sup>3</sup> A "<u>close associate</u>" of a senior political figure is a person who is widely and publicly known to maintain an unusually close relationship with the senior political figure, and includes a person who is in a position to conduct substantial financial transactions on behalf of the senior political figure. A "close associate" also includes persons who are known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations, with a senior political figure and natural persons who have sole beneficial ownership of a legal entity or legal arrangement that is known to have been set up for the de facto benefit of a senior political figure. 

<sup>4</sup> A "<u>politically exposed person</u>" is defined under Cayman Islands law as (a) a person who is or has been entrusted with prominent public functions by a foreign country, for example a Head of State or of government, senior politician, senior government, judicial or military official, senior executive of a state owned corporation, and important political party official; (b) a person who is or has been entrusted domestically with prominent public functions, for example a Head of State or of government, senior politician, senior government, judicial or military official, senior executives of a state owned corporation and important political party official; and (c) a person who is or has been entrusted with a prominent function by an international organization like a member of senior management, such as a director, a deputy director and a member of the board or equivalent functions. 

<sup>5</sup> A "<u>family member"</u> of a politically exposed person includes the spouse, parent, sibling or child of a politically exposed person.

<sup>6</sup> A "<u>close associate"</u> of a politically exposed person means any natural person who is known to hold the ownership or control of a legal instrument or person jointly with a politically exposed person, or who maintains some other kind of close business or personal relationship with a politically exposed person, or who holds the ownership or control of a legal instrument or person which is known to have been established to the benefit of a politically exposed person. 

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of the specific relevant facts with a reference to this paragraph. If the Investor is a non-U.S. banking institution (a "<u>Non-U.S. Bank</u>") or if the Investor receives deposits from, makes payments on behalf of, or handles other financial transactions related to a Non-U.S. Bank, the Investor represents and warrants to the Company that: (i) the Non-U.S. Bank has a fixed address, other than solely an electronic address, in a country in which the Non-U.S. Bank is authorized to conduct banking activities; (ii) the Non-U.S. Bank employs one or more individuals on a full-time basis; (iii) the Non-U.S. Bank maintains operating records related to its banking activities; (iv) the Non-U.S. Bank is subject to inspection by the banking authority that licensed the Non-U.S. Bank to conduct banking activities; and (v) the Non-U.S. Bank does not provide banking services to any other Non-U.S. Bank that does not have a physical presence in any country and that is not a regulated affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. In connection with the subscription for Units, neither the Investor nor any representative or agent of the Investor, any person holding an interest in the Investor, or any other person acting for or on the Investor's behalf, has offered, paid, promised to pay, authorized the payment of, been offered, been promised, or received any money or anything of value, whether directly or indirectly, to or from any person, including any Government Official,<sup>7</sup> political party, candidate for public office, or employee of a public international organization, nor provided or promised anything of value to any other person while knowing that all or a portion of that thing of value would be or was reasonably likely to be offered, given, or promised, directly or indirectly, to or from any person for the purpose of improperly influencing any official act or decision, including any act or decision of a Government Official, political party, candidate for public office, or employee of a public international organization, to obtain or retain business, or to secure an improper advantage. In addition, neither the Investor nor any representative or agent of the Investor, any person holding an interest in the Investor, or any other person acting for or on the Investor's behalf in connection with the Investor's subscription for Units has violated any applicable anti-corruption laws, including, without limitation, the U.S. Foreign Corrupt Practices Act and the Cayman Islands Anti-Corruption Act, has violated any applicable anti-money laundering, counter-terrorist financing or prevention of proliferation financing laws or regulations or otherwise has made, offered, sought, provided or received any bribe, payoff, influence payment, kickback, or other unlawful payment or improper advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The Investor represents that either: (a) it is subscribing for the Units for its own account, risk and beneficial interest, or (b) if the Investor is an intermediary investing in the Company in its own name on behalf of other investors, which may include, without limitation, an introducing firm, an asset aggregator, a nominee, a trustee, an agent, a representative, a fund-of-funds, a swap counterparty or any other pooled or intermediary investment vehicle (each, an "<u>Intermediary</u>"), the Investor represents that it is subscribing for the Units as a record owner in its capacity as an Intermediary on behalf of one or more investors ("<u>Underlying Investors</u>"), and agrees that the representations, warranties and covenants made in this Subscription Agreement are made by it on behalf of itself and the Underlying Investors. *If the Investor is an Intermediary, the Investor must complete the Certification of Intermediaries (included as <u>Appendix B</u> to* ***Part 7*** *of this Subscription Booklet).* The Investor further represents and warrants that (x) it has obtained and recorded evidence of the identity of the Underlying Investors and their source of funds and it will make available such evidence, if requested to do so by the Company and (y) it has all requisite power and authority from the Underlying Investors to execute and perform the obligations under this Subscription Agreement. The Investor agrees that it shall indemnify and hold harmless any director, officer, employee, agent or affiliate of the Company, the Aranda Adviser or the OHA Adviser (the "<u>Protected Persons</u>") for any and all liabilities resulting from the Investor's or the Underlying Investor's misrepresentations or misstatements contained herein, or the assertion of the Investor's lack of proper authorization from an Underlying Investor to enter into this Subscription Agreement and/or to perform the obligations hereunder*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The Investor represents that, with respect to the Investor and any other person who, through the Investor's ownership, would be deemed to beneficially own (as defined under Rule 13d-3 promulgated under the Securities and Exchange Act of 1934, as amended (the "<u>Exchange Act</u>")) 20% or more of the Company's outstanding voting equity securities, calculated on the basis of voting power (the Investor and any such beneficial owner, each a "<u>Covered Person</u>"), none of the events or conditions described in Rule 506(d) under Regulation D promulgated under the Securities Act (each, a "<u>Rule 506(d) Event</u>") has occurred or is true as of the date hereof. The Investor shall promptly provide written notice to the Company in the event that, after the date hereof, with respect to a Covered Person, a Rule 506(d) Event does occur or becomes true or the Investor becomes aware of a Rule 506(d) Event that has occurred or

<sup>7</sup> "<u>Government Official</u>" means any officer or employee of a department, agency, or instrumentality of any government, whether national, regional, provincial, state, municipal, or local, including state-owned or state-controlled entities and enterprises.

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has become true. The Investor further agrees that upon notification by the Company, the Investor and, if applicable, its beneficial owners shall promptly complete and return to the Company such information or forms as the Aranda Adviser and OHA Adviser reasonably request so that the Company may satisfy any conditions or requirements of Rule 506(d) of Regulation D promulgated under the Securities Act that the Aranda Adviser and OHA Adviser determine to be applicable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The Investor agrees that, upon the request of the Company, it will immediately provide such information as the Company (or the Administrator and/or any of their respective affiliates) requires to satisfy applicable anti-money laundering, counter-terrorist financing, prevention of proliferation financing and sanctions laws and regulations, including, without limitation, the Investor's anti-money laundering, counter-terrorist financing, prevention of proliferation financing and sanctions-compliance policies and procedures, background documentation relating to its directors, trustees, settlors and beneficial owners, and audited financial statements, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. This Subscription Agreement is not transferable or assignable by the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Unless the Investor indicates otherwise in the Investor Data Sheet, neither the Investor nor any affiliate of the Investor is (a) a "bank holding company" as that term is defined in Section 2(a) of the BHC Act (as defined below) or otherwise subject to the regulation and supervision pursuant to the BHC Act, or (b) a "banking entity" as defined in subsection 1851(h)(1) of Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "<u>Volcker Rule</u>"), 12 U.S.C. § 1851. For purposes of this representation and warranty, "<u>BHC Act</u>" shall mean the U.S. Bank Holding Company Act of 1956, as amended, or any successor statute thereto, and shall include the rules, regulations and interpretations issued by the U.S. Federal Reserve Board. For the avoidance of doubt, a Non-U.S. Bank organized and operating solely outside of the U.S., with no insured depository institution subsidiary or affiliate or commercial lending subsidiary, branch or agency located in the U.S., is not subject to the Volcker Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. The Investor shall not take any action to present a petition or application or commence any case, proceeding, proposal or other action under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, arrangement in the nature of insolvency proceedings, adjustment, winding up, liquidation, dissolution, composition or analogous relief with respect to the Company or the debts of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. The Investor represents that no beneficial owner of the Investor holds their interest in the Investor in the form of bearer shares, bearer share warrants or equivalent instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. The Investor agrees that the representations, warranties and background information (including anti-money laundering, counter-terrorist financing, prevention of proliferation financing and sanctions-compliance information) made or provided herein or pursuant to this Subscription Agreement shall be deemed to be reaffirmed by the Investor at any time the Investor purchases or otherwise acquires additional Units (or makes a capital contribution to the Company) and such purchase or acquisition (or capital contribution) shall be evidence of such reaffirmation, and if any of such representations or warranties made, or background information provided, ceases to be true, the Investor shall promptly notify the Administrator of the facts pertaining to such changed circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. If the Investor is a "charitable remainder trust" within the meaning of Section 664 of the Code, the Investor has advised the Aranda Adviser and the OHA Adviser in writing of such fact on or prior to the date hereof and the Investor acknowledges that it understands the risks, including specifically the tax risks, if any, associated with its investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Representations and Warranties of the Company and the Aranda Adviser</u>. The Company and the Aranda Adviser hereby represent and warrant to the Investor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is duly organized and validly existing as a limited liability company under the laws of the State of Delaware and has all requisite power and authority to carry on its business as now conducted and as proposed to be conducted as described in the Company Documents. The Aranda Adviser is duly organized and validly existing as a limited liability company under the laws of the State of Delaware and has all requisite power and authority to act as an investment adviser of the Company and to carry out the terms of this Subscription Agreement and the LLC Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The execution and delivery of this Subscription Agreement has been authorized by all necessary action on behalf of the Company, and does not and shall not result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any provision of any limited liability company agreement, partnership agreement, charter, bylaws, trust agreement, indenture, mortgage, deed of trust, credit, note or evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, regulation, law, order, writ, injunction, order or decree to which the Company is subject, and this Subscription Agreement is a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Neither the Company nor anyone acting on its behalf has taken or shall take any action that would subject the issuance and sale of the Investor's Units to the registration requirements of the Securities Act or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Assuming the accuracy of the representations and warranties of the Unitholders, the Company is not required to register as an "investment company" under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Representations and Warranties of the OHA Adviser</u>. The OHA Adviser hereby represents and warrants to the Investor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The OHA Adviser is duly organized and validly existing as a limited partnership under the laws of the State of Delaware and has all requisite power and authority to act as an investment adviser to the Company and to carry out the terms of this Subscription Agreement and the LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The OHA Adviser, acting on behalf of the Company, has not taken nor shall it take any action that would subject the issuance and sale of the Investor's Units to the registration requirements of the Securities Act or any state securities laws.

**III. <u>UNDERSTANDINGS</u>** 

The Investor hereby understands, acknowledges and agrees with the Company, the Aranda Adviser and the OHA Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Investor agrees to provide promptly such information and execute and deliver such documents as may be necessary to comply with any and all laws and regulations to which the Company or any of its affiliates may be subject, including information relevant to a determination of whether the Investor: (a) is not a U.S. person (as defined in Regulation S promulgated under the Securities Act); and (b) is a "Non-United States person" (as defined in Rule 4.7 of the Commodity Exchange Act of 1936, as amended).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Units have not been approved, disapproved or recommended by the SEC or by any other U.S. federal, state or non-U.S. securities commission or regulatory authority, and none of the foregoing authorities has confirmed the accuracy or determined the adequacy of the Company Documents or the offering of the Investor's Units. Any representation to the contrary is a criminal offense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Investor's Units are a speculative investment and involves a high degree of risk. There is no public market for the Investor's Units, and no such public or other market is expected to develop. The transferability of the Investor's Units is substantially restricted both by the terms of the LLC Agreement and applicable law. The Investor has no right to require its Units or other interests in the Company to be registered under the Securities Act. The Investor shall not be able to receive the benefit of the provisions of Rule 144 or 144A adopted by the SEC under the Securities Act with respect to the resale of its Units. Accordingly, it may not be possible for the Investor to liquidate its investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In making an investment decision, the Investor must rely on its own examination of the Company Documents and the terms of the offering, including the merits and risks involved.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Investor acknowledges that pursuant to the LLC Agreement, each Protected Person is entitled to be indemnified out of the assets of the Company against any and all liabilities, except with respect to any Liability for which such Protected Person is not entitled to indemnification as expressly set forth in the LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If any provision of this Subscription Agreement is invalid or unenforceable under any applicable law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision hereof which may be held invalid or unenforceable under any applicable law shall not affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof, shall be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Investor understands and agrees that in order to ensure compliance under applicable anti-money laundering, counter-terrorist financing, prevention of proliferation financing and sanctions laws and regulations, OHA Private Credit Advisors II, L.P., a Delaware limited partnership (the "<u>Administrator</u>") or its designee may require a detailed verification of the identity, beneficial ownership and source of funds of a person acquiring the Units and the source of its investment funds, and the Administrator reserves the right to request such information as is necessary to verify the foregoing. In the event of delay or failure by the Investor to produce any information required for verification or other anti-money laundering, counter-terrorist financing, prevention of proliferation financing or sanctions-compliance purposes, the Administrator and/or its affiliates may refuse to accept the Investor's subscription until proper information has been provided and, if the Investor's subscription has already been accepted, may refuse to pay any monies which may otherwise be payable by the Company to the Investor until proper information has been provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Investor covenants and agrees that it shall provide the Administrator, at any time during the term of the Company, with such information as the Administrator and/or its respective affiliates determine to be necessary or appropriate to (a) verify compliance with the anti-money laundering, counter-terrorist financing, prevention of proliferation financing and sanctions laws and regulations of any applicable jurisdiction or (b) respond to requests for information concerning the identity, beneficial ownership and source of funds of the Investor from any governmental authority, self-regulatory organization or financial institution in connection with the Company's, the Administrator's and their respective affiliates' anti-money laundering, counter-terrorist financing, prevention of proliferation financing and sanctions compliance procedures. In the event of delay or failure by the Investor to produce any such information, the Administrator may refuse to pay any monies which may otherwise be payable by the Company to the Investor until proper information has been provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Investor understands and agrees that if any of the representations and warranties set forth in Section II.(A)[(15), (16), (17), (18) or (19)] ceases to be true or if the Company no longer reasonably believes that it has satisfactory evidence as to their truth, notwithstanding any other agreement to the contrary, the Company may be obligated to freeze the Investor's investment, which may include prohibiting capital contributions and/or distributions, segregating the assets constituting the Investor's investment in accordance with applicable regulations and/or the immediate involuntary withdrawal of the Investor's investment in the Company, and the Company may also be required to, or consider it advisable to, report any prohibited transaction and remedial action and to disclose the Investor's identity to OFAC or other applicable governmental or regulatory authorities. If the Administrator is required (or considers it advisable) to take any of the foregoing actions, the Investor understands and agrees that it shall have no claim against any Protected Person for any form of damages as a result of any of the foregoing actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Investor acknowledges, agrees and understands that, pursuant to the rules of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>"), the Administrator may restrict the participation of certain Unitholders that are proscribed from participating in the purchase of "new issues," as such term is defined by the rules of FINRA, due to the status of such Unitholders as "restricted persons" under FINRA's "new issues" rules and may request additional information be provided from the Investor in this regard in order to make such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Investor acknowledges and agrees that, if the Investor is a "disregarded entity" within the meaning of U.S. Treasury Regulation Section 301.7701-2(c) or a grantor trust, then the person treated for U.S. federal income tax purposes as the owner of its Units is subject to the transfer restrictions with respect to any indirect transfer of its Units, as set forth in the Form 10, the LLC Agreement and this Subscription Agreement, as if it had owned the Investor's Units directly. For these purposes, without limitation to the foregoing, (a) a transfer by the person treated

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for U.S. federal income tax purposes as the owner of the Investor's Units and (b) a change in the U.S. federal tax status of any person, which is treated as a transfer for U.S. federal income tax purposes of the assets of the Investor, are transfers of the Investor's Units that are subject to the restrictions on transfers of the Investor's Units and are prohibited, except as set forth in the LLC Agreement and this Subscription Agreement.

**IV. <u>GRANT OF POWER OF ATTORNEY</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Investor hereby constitutes and appoints the Aranda Adviser irrevocably as its true and lawful agent and attorney-in-fact, in its name, place and stead (a) to execute and deliver the LLC Agreement on the Investor's behalf on the Closing Date applicable to the Investor, and (b) to make, execute, sign and file any statement in respect of an amendment or termination of the Company's registered particulars set out therein as required by law, and all such other instruments, documents and certificates as may from time to time be required by the laws of the United States of America, the State of Delaware, the State of New York or any other state or other relevant jurisdiction in which the Company shall determine to conduct activities or to do business, or any political subdivision or agency thereof, to effectuate, implement, continue or terminate the valid existence of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The foregoing grant of authority is a special power of attorney coupled with an interest in favor of the Aranda Adviser and as such shall (a) survive the dissolution, termination or bankruptcy of the Investor or the transfer of all or any portion of the Investor's Units and (b) extend to the Investor's successors, assigns and legal representatives.

**V. <u>INDEMNIFICATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Except to the extent prohibited by applicable law, the Investor shall indemnify and hold harmless the Protected Persons from and against any and all liabilities based upon, resulting from or otherwise in respect of (a) any actual or alleged misrepresentation or misstatement of facts, or omission to represent or state facts, by or on behalf of the Investor concerning the Investor, the Investor's suitability or authority to invest or the Investor's financial position in connection with the offering and sale of the Investor's Units, including, without limitation, any such misrepresentation, misstatement or omission contained in or accompanying the Investor Questionnaire, the Investor Data Sheet or the Anti-Money Laundering Questionnaire submitted by or on behalf of the Investor and forming a part of this Subscription Agreement, (b) any action, suit or proceeding instituted by or on behalf of the Investor which is not resolved by final judgment against such Protected Persons or (c) the breach of any of the Investor's representations, warranties, covenants or agreements set forth in this Subscription Agreement. The Investor shall promptly reimburse (and/or advance to) each Protected Person attorneys' fees and other fees, costs and expenses (as incurred) in connection with investigating, preparing to defend or defending any claim, lawsuit, action or other proceeding relating to any liabilities for which such Protected Person may be indemnified pursuant to this Section V. The Investor's obligation, if any, to indemnify, reimburse and/or advance expenses to any Protected Person pursuant to this Section V is intended to be primary to any such obligation of the Company and any applicable insurance policy. Notwithstanding anything to the contrary in this Subscription Agreement, the Company may, in the discretion of the Aranda Adviser, pay any obligations or liabilities arising out of this Section V as a secondary indemnitor at any time prior to the Investor making any payments the Investor owes; it being understood that any such payment by the Company shall not constitute a waiver of any right of contribution or subrogation to which the Company is entitled (including against any primary indemnitor) or relieve any other indemnitor, including the Investor, from any indemnity obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The reimbursement and indemnity obligations of the Investor under this Section V shall survive the Closing Date applicable to the Investor and shall be in addition to any liability that the Investor may otherwise have (including, without limitation, liabilities under the Company Documents) and shall be binding upon and inure to the benefit of any successors, assigns, heirs or legal representatives of any Protected Persons.

**VI. <u>CONFIDENTIALITY</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Investor acknowledges and agrees that it has read and agrees to the confidentiality provisions in the LLC Agreement, that such provision applies to any and all Confidential Information and that the Company, the Aranda Adviser, the OHA Adviser, and/or any of their respective representatives may disclose Confidential Information as set forth in the LLC Agreement. For the purposes of this paragraph, "<u>Confidential Information</u>" shall mean any

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

information related to the activities and assets of the Company, the Aranda Adviser, the OHA Adviser and their respective affiliates or any issuer that the Investor may acquire from the Company, the Aranda Adviser, the OHA Adviser or their respective affiliates, any issuer or any other Unitholder, other than information that: (a) is already available through publicly available sources of information (other than as a result of disclosure by the Investor); (b) was available to the Investor on a non-confidential basis prior to its disclosure to the Investor by the Company; or (c) becomes available to the Investor on a non-confidential basis from a third party; provided, however, that such third party is not known by the Investor (or could not have been known after reasonable inquiry by the Investor) to be bound by this Section VI or another applicable confidentiality agreement. Such Confidential Information may include, without limitation, information that pertains or relates to (i) the offering of Units (including the Company Documents), (ii) the business and affairs of any other Unitholder, (iii) any investments or proposed investments or (iv) any other Company matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Investor or any representative of the Investor is required to disclose any of the Confidential Information, the Investor shall provide the Company with prompt prior written notice so that the Company or any issuer may seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Subscription Agreement, and the Investor shall cooperate with the Company, the Aranda Adviser, the OHA Adviser or any issuer in any effort any such person undertakes to obtain a protective order or other remedy. If such protective order or other remedy is not obtained, or the Company waives compliance with the provisions of this Section VI, the Investor and its representatives shall furnish only that portion of the Confidential Information that is required and shall use its best efforts to obtain reliable assurance that the Confidential Information shall be accorded confidential treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Aranda Adviser and/or the OHA Adviser may agree to waive, in its discretion, any or all of the provisions of this Section VI with respect to the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Investor acknowledges and agrees that money damages would not be a sufficient remedy for a breach of this Section VI and that the Company, the Aranda Adviser, the OHA Adviser and/or their respective affiliates shall be entitled to specific performance and injunctive or other equitable relief as a remedy for any such breach, in addition to all other remedies available at law or in equity. No failure or delay by the Company, the Aranda Adviser, the OHA Adviser and/or their respective affiliates in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Without limitation to the foregoing and the LLC Agreement, the Investor acknowledges and agrees that (a) the information provided in this Subscription Agreement may be disclosed by the Company, the Aranda Adviser, the OHA Adviser and/or any of their respective representatives to auditors, counsel, regulators and/or other third parties that provide services to the Company, the Aranda Adviser, the OHA Adviser and/or any of their respective representatives and that such disclosure may require the transmission of confidential information relating to the Investor across international borders and (b) the Company, the Aranda Adviser, the OHA Adviser and/or any of their respective representatives may also disclose the identity of the Investor to the extent determined to advance or protect the interests of the Company (including to facilitate an investment); provided that notwithstanding the foregoing, any disclosure of Personal Information (as defined in the Privacy Notice, set forth in ***Part 5*** of this Subscription Booklet) shall be permitted only pursuant to and subject to the Privacy Notice.

**VII. <u>ADDITIONAL INFORMATION AND SUBSEQUENT CHANGES</u>** 

**<u>IN THE FOREGOING REPRESENTATIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company may request from the Investor such additional information as it may deem necessary to evaluate the eligibility of the Investor to acquire the Units, and may request from time to time such information as the Company may deem necessary to determine the eligibility of the Investor to hold the Units or to enable the Company to determine its compliance with applicable regulatory requirements or tax status, including anti-money laundering, counter-terrorist financing, prevention of proliferation financing and sanctions laws and regulations, and the Investor shall provide such information as may reasonably be requested.

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Investor acknowledges and agrees that it must provide the information and representations, warranties and covenants contained in this Subscription Agreement both at the time of subscription and at all times thereafter until the Investor ceases to be a member. Accordingly, the Investor agrees to notify the Aranda Adviser and the OHA Adviser promptly if there is any change with respect to any of the information or representations, warranties and covenants provided by the Investor in or pursuant to this Subscription Agreement, and to provide the Aranda Adviser and the OHA Adviser with such further information as the Company, the Aranda Adviser, the OHA Adviser or any of their respective affiliates may reasonably require. In addition, the Investor agrees to provide such information and to execute and deliver such documents as the Company, the Aranda Adviser, or the OHA Adviser may deem reasonably necessary to comply with any and all laws and ordinances to which the Company, the Aranda Adviser, or the OHA Adviser is or may be subject.

**VIII. <u>MISCELLANEOUS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Subscription Agreement shall be enforced, governed by and construed in all respects in accordance with the internal laws of the State of New York applicable to agreements made and to be wholly performed in such State, without regard to the conflict of laws principles thereof that would apply the laws of another jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any action, proceeding or claim relating in any way to, arising out of or concerning this Subscription Agreement shall be brought and maintained exclusively in the U.S. federal courts located in New York County, and each party irrevocably consents to the jurisdiction of such courts to the broadest extent possible for any such action, proceeding or claim and waives any objection to proceeding there that such party might have on the basis of inconvenient forum, improper venue or otherwise; <u>provided</u>, <u>that</u>, if the U.S. federal courts located in New York County would not have or are found not to have subject matter jurisdiction over any action, proceeding or claim relating in any way to, arising out of or concerning this Subscription Agreement, such action, proceeding or claim shall be brought and maintained only in the courts of the State of Delaware, and each party irrevocably consents to the jurisdiction of such courts to the broadest extent possible for any such action, proceeding or claim and waives any objection to proceeding there that such party might have on the basis of inconvenient forum, improper venue or otherwise. To the extent not prohibited by applicable law that cannot be waived, each party waives, and covenants that such party shall not assert (whether as plaintiff, defendant or otherwise), any right to trial by jury in any forum in respect of any judicial action or proceeding arising out of this Subscription Agreement or the subject matter hereof or in any way connected with the dealings of any party hereto or any of its affiliates in connection with any representation, warranty, covenant or agreement contained in this Subscription Agreement or any transaction contemplated by this Subscription Agreement, in each case, whether now existing or hereafter arising and whether in contract, tort or otherwise. Any party hereto may file an original counterpart or a copy of this Section VIII.2 with any court in any jurisdiction as written evidence of the consent of the parties to the waiver of their respective rights to trial by jury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Failure of the Company, the Aranda Adviser, and/or the OHA Adviser to exercise any right or remedy under this Subscription Agreement or any other agreement between the Company, the Aranda Adviser, and/or the OHA Adviser and the Investor, or otherwise, or delay by the Company, the Aranda Adviser, and/or the OHA Adviser in exercising such right or remedy, shall not operate as a waiver thereof. No waiver by the Company, the Aranda Adviser, or the OHA Adviser shall be effective unless and until it is in writing and signed by the Company, the Aranda Adviser, or the OHA Adviser, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Subscription Agreement and other agreements, documents or Parts referred to herein (including, without limitation, the Investor Questionnaire, the Investor Data Sheet and the Anti-Money Laundering Questionnaire) or in the other Company Documents contain the entire agreement of the parties. There are no representations, covenants or other agreements except as stated or referred to herein and in such other agreements or documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The headings, titles and subtitles used herein are for convenience only, do not constitute a part of this Subscription Agreement and shall not be deemed to limit, characterize or interpret any provisions of this Subscription Agreement. As used herein, all pronouns shall include the masculine, feminine, neuter, singular and plural thereof wherever the context and facts require such construction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Neither this Subscription Agreement nor any provisions hereof shall be waived, modified, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, modification, discharge or termination is sought.

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Except as otherwise provided herein, this Subscription Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. If the Investor is more than one person, the obligations of the Investor shall be joint and several, and the representations, covenants, agreements and acknowledgments contained herein shall be deemed to be made by and be binding upon each such person and its successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Any Protected Person not being a party to this Subscription Agreement may (to the extent determined by the Aranda Adviser in its discretion) enforce any rights granted to it pursuant to this Subscription Agreement in its own right as if it were a party to this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Investor acknowledges and agrees that (a) information relating to its investment in the Company may be received and transmitted via the Internet or electronic mail to the email address provided by the Investor in the Investor Data Sheet under the headings "Primary Correspondence Contact" and/or "Additional Correspondence Contact(s)" or via other electronic means and (b) none of the Aranda Adviser, the OHA Adviser, or the Company nor any of their respective affiliates provides any assurance that these communication methods are secure. Without limiting the foregoing, the Investor hereby agrees that if the documents relating to the offering of the Units (including, without limitation, the Company Documents) have been transmitted to the Investor via the Internet, electronic mail or other electronic means, the Investor is receiving or accessing documents only in the U.S. state or other jurisdiction identified by the Investor in the Investor Data Sheet under the heading "Principal Place of Business or Address of Investor."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This Subscription Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpg or similar attachment to electronic mail, shall be treated in all manners and respects as an original executed counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The words "executed," "signed," "signature," and words of like import in this Subscription Agreement shall, to the fullest extent permitted by law, be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, the Delaware Uniform Electronic Transactions Act or any other similar state laws based on the Uniform Electronic Transactions Act and the Electronic Transactions Act (as amended) of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Investor acknowledges and agrees that any notations, alterations, strike-outs, addenda, inserts or verbiage purporting to amend the terms of this Subscription Agreement shall not be effective unless explicitly agreed to by the Aranda Adviser and the OHA Adviser in writing. For the avoidance of doubt, the issuance of a trade confirmation or contract note shall not be construed as the Aranda Adviser's or OHA Adviser's acceptance or agreement to any such purported amendments absent the explicit written agreement of the Aranda Adviser and the OHA Adviser.

**IX. <u>SIGNATURE</u>** 

By executing the signature page to this Subscription Agreement, the Investor agrees to be bound by the foregoing and the other Company Documents.

[REMAINDER OF PAGE LEFT BLANK INTENTIONALLY]

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

**PART 2** 

**<u>INVESTOR QUESTIONNAIRE</u>**

A. **<u>INVESTOR ACCREDITATION QUESTIONS</u>**

Please indicate the basis of the Investor's status as an "accredited investor" (as defined in Regulation D promulgated under the Securities Act). **Please proceed to "Section B. Qualified Purchaser Questions" as soon as any <u>one</u> of the following boxes is checked.**

1. The Investor is a natural person and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Had an individual annual income<sup>8</sup> in <u>each</u> of the two
most recent years in excess of $200,000, and reasonably expects to have an individual annual income in the current year in excess of $200,000.

☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Had, together with the Investor's spouse, or spousal equivalent,<sup>9</sup> joint annual income in excess of $300,000 in <u>each</u> of the two most recent years, and reasonably expects their joint annual income in the current year to exceed $300,000.

☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Has an individual net worth or joint net worth with the Investor's spouse or spousal equivalent in excess
of $1,000,000 (for this purpose, excluding the value of the primary residence of the Investor or the Investor's spouse or spousal equivalent).<sup>10</sup>

☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Holds in good standing a General Securities Representative license (Series 7), an Investment Adviser
Representative license (Series 65), or a Private Securities Offerings Representative license (Series 82), in each case, as administered by FINRA.

☐

2. The Investor is an entity - *i.e.*, a corporation, partnership, limited liability company or other entity
(other than a trust) - and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Investor is a corporation, partnership, limited liability company, a Massachusetts or similar business
trust, or an organization described in Section 501(c)(3) of the Code, in each case not formed for the specific purpose of acquiring the Units and with total assets in excess of $5,000,000.

☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Investor is one of the following institutional investors as described in Rule 501(a) adopted by the SEC
under the Securities Act:

A "bank" (as defined in Section 3(a)(2) of the Securities Act) or a "savings and loan association or similar institution" (as defined in Section 3(a)(5)(A) of the Securities Act), whether acting in its individual or fiduciary capacity.

☐

A broker or dealer registered pursuant to Section 15 of the Exchange Act.

☐

An investment adviser registered under Section 203 of the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>") or under the laws of any state.

☐

<sup>8</sup> For purposes of this Investor Questionnaire, a person's income is the amount of such person's individual adjusted gross income (as reported on a federal income tax return) increased by: (a) any deduction for depletion of natural resources (Section 611 and others of the Code), (b) any municipal bond interest (Section 103 of the Code) or (c) any losses or deductions allocated to such person as a limited partner in a partnership. 

<sup>9</sup> A "<u>spousal equivalent</u>" means a cohabitant occupying a relationship generally equivalent to that of a spouse.

<sup>10</sup> Indebtedness secured by the primary residence up to the estimated fair market value of the primary residence is not included as a liability in the calculation of the Investor's individual net worth or joint net worth, unless any incremental borrowing is incurred in the 60 days before the date this Subscription Agreement is accepted and is not in connection with the acquisition of the primary residence, in which case, the incremental borrowing is included as a liability in such calculation. Indebtedness secured by the primary residence in excess of the estimated fair market value of the primary residence is to be included as a liability and deducted from the Investor's individual net worth or joint net worth. For purposes of calculating joint net worth, joint net worth can be the aggregate net worth of the investor and spouse or spousal equivalent, and assets need not be held jointly to be included in the calculation. Reliance on the joint net worth standard does not require that the securities be purchased jointly. 

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

An exempt reporting adviser relying on an exemption from registration with the SEC under Section 203(l) or Section 203(m) of the Advisers Act.

☐

An "insurance company" (as defined in Section 2(13) of the Securities Act).

☐

An investment company registered under the 1940 Act or a "business development company" (as defined in Section 2(a)(48) of the 1940 Act).

☐

A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.

☐

A "rural business investment company" (as defined in Section 384A of the Consolidated Farm and Rural Development Act).

☐

A "private business development company" (as defined in Section 202(a)(22) of the Investment Advisers Act).

☐

A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees with total assets in excess of $5,000,000.

☐

3. The Investor is a trust and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The trustee of the trust is a "bank" as defined in Section 3(a)(2) of the Securities Act or a
savings and loan association or other institution referred to in Section 3(a)(5)(A) of the Securities Act.

☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The trust has total assets in excess of $5,000,000 and was not formed for the specific purpose of acquiring the
Units, and the purchase of the Units is being directed by a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of the purchase of the Units.

☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Each grantor of the trust has the power to revoke the trust and regain title to the trust assets, and each such
grantor satisfies the accredited investor standards for natural persons set forth in Question 1 above. *NOTE: If the Investor checks this box 3c, each grantor must complete and submit to the Company a copy of this "Section B. Investor Accreditation Questions" along with an original executed signature page. If necessary, please request additional copies of the Subscription Booklet from the Company..* 

☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Investor is an entity of a type not listed in Questions 2 or 3 above, not formed for the specific purpose
of acquiring the Units and with total "investments" (as defined in Rule 2a51-1(b) under the 1940 Act) in excess of $5,000,000.

☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Investor is a "family office" (as defined in Rule 202(a)(11)(G)-1 under the Advisers Act) (i) with assets under management in excess of $5,000,000, (ii) that is not formed for the specific purpose of acquiring the securities offered, and (iii) whose
prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment, or a "family
client" (as defined in Rule 202(a)(11)(G)-1 under the Advisers Act) of such family office and whose prospective investment in the Company is directed by such family office.

☐

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

6. An entity in which each shareholder, partner, member or other equity owner of the Investor, as the case may be,
satisfies the accredited investor standards set forth in Questions 1 through 5 above.<sup>11</sup>

☐

*If the Investor checks this box 6, each equity owner of the Investor's securities must complete and submit to the Company a copy of this "Section B. Investor Accreditation Questions" along with an original executed signature page. If necessary, please request additional copies of this Subscription Booklet from the Company.*

7. Check the box next to this Question 7 if none of the statements in Questions 1 through 6 of this "Section
B. Investor Accreditation Questions" are applicable to the Investor.

☐

B. **<u>TYPE OF INVESTOR</u>**

Please indicate which one of the following categories applies to the Investor:

---

| | | |
|:---|:---|:---|
| (a) | Individuals that are *United States persons*<sup>12</sup> (including their trusts) | ☐ |
| (b) | Individuals that are not *United States persons* (including their trusts) | ☐ |
| (c) | Broker-dealers | ☐ |
| (d) | Insurance companies | ☐ |
| (e) | Investment companies registered with the Securities and Exchange Commission | ☐ |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund of funds | ☐ |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investment companies registered with the Securities and Exchange Commission | ☐ |
| (f) | *Private funds*<sup>13</sup> | ☐ |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund of funds | ☐ |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other private funds | ☐ |
| (g) | Non-profits | ☐ |
| (h) | Pension plans (excluding governmental pension plans) | ☐ |
| (i) | Banking or thrift institutions (proprietary) | ☐ |
| (j) | State or municipal *government entities*<sup>14</sup> (excluding governmental pension plans) | ☐ |
| (k) | State or municipal governmental pension plans | ☐ |
| (l) | Sovereign wealth funds and foreign official institutions | ☐ |
| (m) | Investors that are not *United States persons* and about which the foregoing beneficial ownership information is not known and cannot reasonably be obtained because the beneficial interest is held through a chain involving one or more third-party beneficiaries | ☐ |
| (n) | Other (please describe:_____________________________________________) | ☐ |

---

C. **<u>PUBLIC DISCLOSURE LAWS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Is the Investor subject to the U.S. Freedom of Information Act, 5 U.S.C. § 552 ("<u>FOIA</u>"), any state public records access laws, any state or other jurisdiction's laws with similar intent or effect to the FOIA, or any other similar statutory or legal right that might result in the disclosure of confidential information relating to the Company?

☐ Yes ☐ No

If Question 1 above was answered "Yes," please indicate the relevant laws to which the Investor is subject and provide any additional explanatory information in the space below:

<sup>11</sup> In determining the accredited investor status of entities for purposes of this Question 6, the Investor is permitted to look through various forms of equity ownership to natural persons. If those natural persons are themselves accredited investors, and if all other equity owners of the Investor are accredited investors, then the Investor may check the box next to Question 6 as an indication of the basis of the Investor's status as an accredited investor. 

<sup>12</sup> As defined in Rule 203(m)-1 under the Investment Advisers Act, which includes any natural person that is resident in the United States.

<sup>13</sup> A "private fund" means any issuer that would be an investment company as defined in Section 3 of the Investment Company Act of 1940 but for Section 3(c)(1) or 3(c)(7) of that Act.

<sup>14</sup> "Governmental entity" means any state or political subdivision of a state, including (i) any agency, authority, or instrumentality of the state or political subdivision; (ii) a plan or pool of assets controlled by the state or political subdivision or any agency, authority, or instrumentality thereof; and (iii) any officer, agent, or employee of the state or political subdivision or any agency, authority, or instrumentality thereof, acting in their official capacity. 

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

D. **<u>PAY TO PLAY</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the Investor is an entity substantially owned by a government entity (e.g., a single investor vehicle) and the investment decisions of such entity are made or directed by such government entity, please provide the name of the government entity:<sup>15</sup> ______________________.

***Please note that, if the Investor enters the name of a government entity in this Section F.1, the Company will treat the Investor as if it were the government entity for purposes of Rule 206(4)-5 (the "<u>Pay to Play Rule</u>") promulgated under the Advisers Act.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Investor is (a) a government entity, (b) acting as trustee, custodian or nominee for a beneficial owner that is a government entity, or (c) an entity described in Section F.1, the Investor hereby certifies that:

Other than the Pay to Play Rule, no "pay to play" or other similar compliance obligations would be imposed on the Company, the Aranda Adviser, the OHA Adviser or their respective affiliates, employees or third-party placement agents (if any) in connection with the Investor's subscription.

Please check the box to indicate that the Investor is making such certification. ☐

***If the Investor cannot make such certification, indicate in the space below all other "pay to play" laws, rules or guidelines, or lobbyist disclosure laws or rules, the Company, the Aranda Adviser, the OHA Adviser or their respective affiliates, employees or third-party placement agents (if any) would be subject to in connection with the Investor's subscription:***

**END OF INVESTOR QUESTIONNAIRE.** 

**PLEASE PROCEED TO THE "INVESTOR DATA SHEET" *(<u>PART 3</u>)*** 

<sup>15</sup> "Government entity" for purposes of this "Section F. Pay to Play" means any State or political subdivision of a State, including: (i) any agency, authority, or instrumentality of the State or political subdivision; (ii) a pool of assets sponsored or established by the State or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to a "defined benefit plan" as defined in section 414(j) of the Internal Revenue Code (26 U.S.C. 414(j)), or a State general fund; (iii) a plan or program of a government entity; and (iv) officers, agents, or employees of the State or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity. 

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

**PART 3** 

**<u>INVESTOR DATA SHEET</u>**

1. The Investor:

**Full Name of Investor (no initials):**

**Social Security Number or Taxpayer Identification Number**<sup>16</sup> **(please identify document being referenced):** __________________________

---

| | | | |
|:---|:---|:---|:---|
| **Principal Place of Business or Address of Investor:** | **Principal Place of Business or Address of Investor:** | **Principal Place of Business or Address of Investor:** | **Principal Place of Business or Address of Investor:** |
| | (Street Address) | | |
| | (Street Address) | | |
| (City) | (State) | (Post/Zip Code) | (Country) |
| (Telephone) |  | (Facsimile) |  |

---

2. In providing the following contact information, please freely indicate where information requested is identical
to information previously supplied.

**<u>SEND CORRESPONDENCE TO:</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Primary Correspondence Contact:** | **Primary Correspondence Contact:** | **Additional Correspondence Contact(s):** | **Additional Correspondence Contact(s):** |
| (Name) | (Name) | (Name) | (Name) |
| (Company) | (Company) | (Company) | (Company) |
| (Street Address) | (Street Address) | (Street Address) | (Street Address) |
| (City) | (State) (Post/Zip Code) | (City) | (State) (Post/Zip Code) |
| <br> (Telephone) | <br> (Telephone) | <br> (Telephone) | <br> (Telephone) |
| <br> (Facsimile) | <br> (Facsimile) | <br> (Facsimile) | <br> (Facsimile) |
| <br> (Email Address) | <br> (Email Address) | <br> (Email Address) | <br> (Email Address) |

---

<sup>16</sup> If the Investor is investing as a joint tenant or tenant in common, please provide the applicable information for each joint tenant or tenant in common. If the Investor is a grantor of a "grantor trust," or a "grantor trust" with multiple grantors, please provide the applicable information for each grantor. 

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

**<u>SEND CAPITAL CALL NOTICES TO</u>:** 

---

| | | | |
|:---|:---|:---|:---|
| **Primary Capital Call Contact:** | **Primary Capital Call Contact:** | **Additional Capital Call Contact(s):** | **Additional Capital Call Contact(s):** |
| (Name) | (Name) | (Name) | (Name) |
| (Company) | (Company) | (Company) | (Company) |
| (Street Address) | (Street Address) | (Street Address) | (Street Address) |
| (City) | (State) (Post/Zip Code) | (City) | (State) (Post/Zip Code) |
| <br> (Telephone) | <br> (Telephone) | <br> (Telephone) | <br> (Telephone) |
| <br> (Facsimile) | <br> (Facsimile) | <br> (Facsimile) | <br> (Facsimile) |
| <br> (E-mail Address) | <br> (E-mail Address) | <br> (E-mail Address) | <br> (E-mail Address) |

---

**<u>SEND DISTRIBUTIONS TO</u>:** 

**Wiring Instructions:** 

---

| |
|:---|
| <br> Name of Bank |
| Address of Bank |
| ABA Number |
| Account Number |
| Name Under Which Account Is Held |

---

3. Form of ownership of the Units  ***(<u>individuals must check one</u>)*** :

☐ Individual ☐ Joint Tenants with right of survivorship *(each must sign and complete the appropriate IRS form)* ☐ Tenants-in-Common *(each individual must sign and complete the appropriate IRS form)*

Form of ownership of the Units ***(<u>entities must check one</u>)***:

---

| | | |
|:---|:---|:---|
| ☐ Corporation | ☐ Partnership | ☐ Limited Liability Company |
| ☐ Trust | ☐ Foundation | ☐ Endowment |
| ☐ Employee Benefit Plan | ☐ Keogh Plan | ☐ Individual Retirement Account |
| ☐ Governmental Plan | ☐ Other:______________ | ☐ Other:______________ |

---

*Additional questions for entities only:* 

State or other jurisdiction in which incorporated or formed: ___________________________________________________________________________

Date of incorporation or formation:

___________________________________________________________________________

---

| | | |
|:---|:---|:---|
| Is the Investor an investment fund registered as an investment company under the Investment Company Act (a "<u>Registered Fund</u>"), or an affiliate of a Registered Fund, or a person controlling, controlled by or under common control with a Registered Fund? | ☐ Yes | ☐ No |
| Is the Investor a "broker-dealer" (as defined under the Securities Act)? | ☐ Yes | ☐ No |
| Is the Investor an associated person, affiliate or employee (or an immediate family member of an employee) of a broker-dealer? | ☐ Yes | ☐ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If Yes, please state the name of the broker-dealer: |  |  |
| Is the Investor a registered representative of a broker-dealer? | ☐ Yes | ☐ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If Yes, please state the name of the broker-dealer: |  |  |

---

*Additional questions for* ***<u>individuals</u>*** *only:* 

Indicate the current occupation and employer of the Investor, any for-profit boards of directors on which the Investor sits, and any corporate officer positions the Investor holds:

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

Indicate the type of entity of such employer (e.g., public/private company, alternative investment fund, broker/dealer, investment adviser, other financial services firm or other business):

(*Please update employment information as and when it may change. In addition, the Investor may be contacted by the Aranda Adviser or OHA Adviser at a later date to provide additional information regarding its employment. Investors who are employed by the Aranda Adviser or OHA Adviser or an affiliate of either of the Aranda Adviser or OHA Adviser need not complete these additional questions.)*

------

**HIGHLY CONFIDENTIAL & TRADE SECRET** 

**PART 4** 

<u>SIGNATURE PAGE</u> 

This page constitutes the signature page for the Subscription Agreement, which includes, without limitation, the power of attorney contained therein, the Investor Questionnaire, the Investor Data Sheet and the Anti-Money Laundering Questionnaire, and evidences your agreement to be bound by the terms and conditions of the Company Documents and permits the Aranda Adviser to execute the LLC Agreement as your attorney-in-fact. The parties hereto have executed this Subscription Agreement on the date written below, with effect as of the date accepted and agreed by the Aranda Adviser and OHA Adviser.

---

| | |
|:---|:---|
| $___________________________________________________ | _______________________________, _____ |
| Amount of Capital Commitment | Date |

---

---

| | | |
|:---|:---|:---|
| **<u>INDIVIDUALS</u>** | **<u>ENTITIES</u>** | **<u>ENTITIES</u>** |
| Signature of Investor | Name of Entity<br> *(Please type or print)* | Name of Entity<br> *(Please type or print)* |
|  | By: |  |
| Full Name of Investor<br> *(Please type or print)* |  | Signature |
| Full Name of Spouse if Co-Owner<br> *(Please type or print)* | Name of Authorized Signatory<br> (Please type or print) | Name of Authorized Signatory<br> (Please type or print) |
| Signature of Spouse if Co-Owner | Title of Authorized Signatory<br> *(Please type or print)* | Title of Authorized Signatory<br> *(Please type or print)* |

---

*[Signature Page to the Subscription Agreement of APS BDC, LLC]* 

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

<u>ADDITIONAL UNITHOLDER SIGNATURE PAGE</u> 

ACCEPTED AND AGREED

this _____ day of _____________, ____.

INVESTOR NAME: _______________________________

AS TO A CAPITAL COMMITMENT OF $_____________________

REMAINING AMOUNT OF CAPITAL COMMITMENT THAT CAN BE

ACCEPTED AS OF A SUBSEQUENT CLOSING DATE:

$_____________________

**APS BDC, LLC** 

---

| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |

---

**CHS (US) MANAGEMENT, LLC** 

---

| | |
|:---|:---|
| By: | CHS GP, LP, its managing member |
| By: | CHS UGP LLC, its general partner |
| By: |  |
|  | Name: |
|  | Title: |

---

**OHA PRIVATE CREDIT ADVISORS II, L.P.** 

---

| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to the Subscription Agreement of APS BDC, LLC*]

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

<u>ADDITIONAL UNITHOLDER SIGNATURE PAGE</u> 

ACCEPTED AND AGREED

this _____ day of _____________, ____.

INVESTOR NAME: _______________________________

AS TO A CAPITAL COMMITMENT OF $_____________________

REMAINING AMOUNT OF CAPITAL COMMITMENT THAT CAN BE

ACCEPTED AS OF A SUBSEQUENT CLOSING DATE:

$_____________________

**APS BDC, LLC** 

---

| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |

---

**CHS (US) MANAGEMENT, LLC** 

---

| | |
|:---|:---|
| By: | CHS GP, LP, its managing member |
| By: | CHS UGP LLC, its general partner |
| By: |  |
|  | Name: |
|  | Title: |

---

**OHA PRIVATE CREDIT ADVISORS II, L.P.** 

---

| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to the Subscription Agreement of APS BDC, LLC*]

------

**HIGHLY CONFIDENTIAL & TRADE SECRET** 

**PART 5** 

**<u>PRIVACY NOTICE</u>**

**COMMITMENT TO PRIVACY** 

This Privacy Notice is provided by the Aranda Adviser, the OHA Adviser, and their respective affiliated entities (collectively, the "<u>Firms</u>" or "<u>we</u>"). The Firms are committed to handling "non-public personal information" and "personal data" relating to their respective natural person clients and investors, and natural persons affiliated with their respective corporate clients and investors, responsibly and in accordance with applicable laws, rules and regulations.

Technology has dramatically changed the way information of all kinds is gathered, used and stored, but the importance of preserving the security and confidentiality of information has remained a core value of both of the Firms. The Firms recognize and respect the privacy expectations of their clients, investors and their clients' and investors' affiliated individuals. Confidentiality and protection of non-public personal information and personal data are among its fundamental responsibilities. The Firms adhere to the policies and practices described in this Privacy Notice regardless of whether a client or investor is a current or former client or investor.

This Privacy Notice is current as of the date hereof, but as circumstances or requirements change, the Firms may need to amend this Privacy Notice. The Firms will notify their then-current clients and investors of any material amendment.

**WHAT WE NEED YOU TO DO** 

**Please provide this Privacy Notice to any natural persons whose Personal Information (as defined below) may be provided to the Firms. In addition, to the extent the Firms are provided with sensitive non-public personal information (as defined below), we recommend it is encrypted before being sent.** 

**KEY CONCEPTS** 

In this Privacy Notice, "<u>Relevant Individual</u>" means any natural person client or investor, or any natural person affiliated with a client or investor (such as an employee, director, officer, partner, member, shareholder, beneficial owner, affiliate, agent or representative), who provides "non-public personal information" or "personal data" to the Firms. Such information may be provided through subscription agreements, investor questionnaires, investment advisory agreements, account applications, other forms or agreements and correspondence (written, telephonic or electronic).

"<u>Personal data</u>" is certain information relating to an identified or identifiable natural person (as further defined in the EU or UK General Data Protection Regulation (Regulation (EU) 2016/679) and any relevant transposition of, or successor or replacement to, that regulation (together, the "<u>European Data Protection Legislation</u>"), in the Cayman Islands Data Protection Act and related regulations, and any successor or replacement to such law or regulations (together, the "<u>Cayman Data Protection Legislation</u>")) and other applicable laws and regulations relating to privacy, data protection, breach notification, or the processing of personal information (collectively "<u>Applicable Privacy Laws</u>"). This Privacy Notice contains the information required to be disclosed under Applicable Privacy Laws. For purposes of the Cayman Islands Data Protection Act, the Company is the data controller. "<u>Non-public personal information</u>" is any personally identifiable, financial information relating to natural persons that is not publicly available. We refer in this Privacy Notice to "personal data" and "non-public personal information" together as "<u>Personal Information</u>".

**PERSONAL INFORMATION COLLECTED** 

The Firms may collect and process some or all of the following categories of Personal Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contact information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full name, residential address and date of birth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information about a Relevant Individual's interests in funds (such as account balances and percentage
interests);

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other financial information (*e.g*., assets, net worth, income, investments, beneficial interests,
investment history, bank account details and other personal financial data);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employment information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government-issued identification details (*e.g.*, social security number), passport, utility bills and other
background or identity information.

Where the client or investor is an individual, the Firms will usually collect this information directly from the individual. Where the client or investor is a corporate entity, the Firms will usually collect the information from the client or investor or their professional advisors. In some cases, the Firms may receive the information from a third party, such as a background check provider.

**USES OF PERSONAL INFORMATION** 

The Firms will use Personal Information for some or all of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on the basis of their respective legitimate interests in managing their relationship with the client or investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on the basis of their respective legitimate interests in managing their business operations and information
technology resources (for example, managing internal directories and client relationship management systems);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on the basis of their respective legitimate interests in protecting the Firms, their employees, clients,
investors, trading partners and others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to address legal requirements (including laws designed to protect the integrity of the financial sector, which
require measures such as anti-money laundering, counter-terrorist financing, prevention of proliferation financing and sanctions screening checks and the recording of calls and emails); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for Firm-related informational or marketing communications, where appropriate and permitted by applicable law, as
part of the Firms' respective legitimate business interests.

From time to time, the Firms may also use a Relevant Individual's Personal Information in other situations, such as with the Relevant Individual's consent.

Where the Firms request Personal Information in connection with entering into an investment relationship or during the course of that relationship, unless they note otherwise when making the request: (i) provision of the Personal Information is mandatory and in most cases is necessary for the Firms to meet statutory or regulatory obligations, and (ii) failure to provide the information may result in denial of the opportunity to enter into, or remain in, the investment relationship. Please contact the Firms with any questions about whether the provision of any particular Personal Information is required in any particular case.

**DISCLOSURES OF PERSONAL INFORMATION** 

For the purposes described in the previous section, where permitted by applicable law, the Firms may share Personal Information in some or all of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with the client or investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• within the Firms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with other entities that assist the Firms in carrying out the activities described above, including professional
advisors, technology providers, auditors, administrators, registrars, depositaries and other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with regulatory bodies and governmental authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with other participants in certain transactions with the Firms (for example, to assist a third party in
discharging their legal obligations in respect of, for example, anti-money laundering legislation and to honor their legal right to obtain a recording of certain regulated calls or a copy of certain regulated electronic communications between the
Firms and that third party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with other third parties (such as litigants, or an acquirer or others connected with an acquisition or similar
transaction involving the Firms); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with agents, delegates, or related, associated or affiliated entities of the foregoing.

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

From time to time, the Firms may also share a Relevant Individual's Personal Information in other situations, such as at the Relevant Individual's request.

Personal Information may be transferred to countries that may not have the same or equivalent data protection laws as those of the Relevant Individual's home country. For example, the Personal Information may be transferred among the OHA Adviser's offices in the United States, the United Kingdom, Luxembourg, Australia or Hong Kong, or the Aranda Adviser's offices in the United States and Singapore, as well as to any other countries where the recipients of the transfers described above are located. Where required, the Firms make such transfers in compliance with the Applicable Privacy Laws, such as through the use of model contractual clauses (as published by the European Commission).

**SECURITY OF PERSONAL INFORMATION** 

The Firms restrict access to Personal Information to those of their respective employees, partners, officers, consultants, advisors and service providers who reasonably need to know that information to provide products or services to the relevant client or investor or as otherwise required by law. The Firms maintain physical, electronic, and procedural safeguards that comply with applicable laws, rules and regulations to guard Personal Information. The specific security measures the Firms use in a particular context depend on that context, but the Firms draw from measures such as access controls, malware defenses, encryption, facility security, and various monitoring strategies. The Firms also maintain incident response procedures.

**RETENTION OF PERSONAL INFORMATION** 

The Firms may retain Personal Information for so long as necessary for the purposes described above, unless a longer retention period is required or permitted by applicable law. To provide security and business continuity for the activities described in this Privacy Notice, the Firms may make backups of certain data, which they may retain for longer than the original data.

**RIGHTS AND CHOICES** 

Where the European Data Protection Legislation or the Cayman Data Protection Legislation applies, Relevant Individuals may have the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In certain cases, object to the Firms' processing of their Personal Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request access to their Personal Information (commonly known as a "data subject access request").
This enables the Relevant Individual to receive a copy of the Personal Information the Firms hold about them as well as certain details about its processing to be able to check that the Firms are processing it lawfully.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request correction of the Personal Information that the Firms hold about them. This enables Relevant Individuals
to have any incomplete or inaccurate information the Firms hold about them corrected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request erasure of their Personal Information. This enables Relevant Individuals to ask the Firms to delete or
remove Personal Information if the Firms do not need to continue to process it. Relevant Individuals also have the right to ask the Firms to delete or remove their Personal Information where they have exercised their right to object to processing
(see above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request the restriction of processing of their Personal Information. This enables Relevant Individuals to ask the
Firms to suspend the processing of their Personal Information if, for example, the Relevant Individual wants the Firms to establish their accuracy or the reason for processing it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request to receive a copy of their Personal Information in a machine-readable, commonly used and structured
format, or to have it transmitted in such format to a third party.

These rights may apply under other Applicable Privacy Laws as well. If a Relevant Individual wishes to exercise any of these rights, they should contact the Firms using the contact details below. The various rights are not absolute and each is subject to certain exceptions, qualifications and conditions. For example, if a Relevant Individual wishes to object to processing, the Firms may need to discuss with the Relevant Individual whether its use of their Personal Information needs to continue for other lawful purposes, such as fulfilment of a legal or contractual requirement.

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

The Firms will respond to a Relevant Individual's request within the legally mandated deadline for a response. In some cases, the Firms may not be able to fulfill the request to exercise the right by this date and may need more time. Where the Firms cannot provide a full response to the Relevant Individual for any reason, the Firms will let the Relevant Individual know about this in its initial reply to the request.

Where these rights apply, a Relevant Individual will not normally have to pay a fee to access their Personal Information (or to exercise any of the other rights described above). In some cases, the Firms may charge a reasonable fee if the request for access is unfounded or excessive, or if the Relevant Individual requests multiple copies of the information. Alternatively, the Firms may refuse to comply with the request in such circumstances. The Firms may need to request specific information from the Relevant Individual to confirm their identity and ensure their right to access the Personal Information (or to exercise any of their other rights).

If Relevant Individuals have any questions, concerns or complaints relating to the Firms' handling of their Personal Information, they should contact the Firms as described below. Relevant Individuals may also contact the relevant governmental authority (*e.g.*, the Cayman Islands Ombudsman, for Cayman Islands funds, or the UK Information Commissioner's Office, for UK individuals) with a complaint related to the Firms' handling of their Personal Information. However, the Firms invite Relevant Individuals to allow the Firms to try to resolve the situation directly. Privacy is important to the Firms, and the Firms will do their best to address any concerns.

**CONTACTING THE FIRM** 

To exercise any rights under this Privacy Notice or applicable law (including to request further information on the mechanisms the Firms have put in place in relation to Personal Information transfers outside the Cayman Islands, the European Union and/or the UK), to notify the Firms of your preferences, or to provide the Firms with complaints, concerns or questions, please contact the Firms via e-mail.

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

**PART 6** 

**TAX FORMS** 

The Investor is required to submit appropriate tax forms. If the Investor is two or more individuals that are purchasing the Units as either joint tenants with right of survivorship or tenants-in-common, please note that each individual must sign and complete the appropriate IRS form in accordance with its specific instructions.

***Please carefully review the instructions accompanying the IRS form that the Investor is completing. The Advisor will not consider an IRS form complete unless the Investor has submitted all statements, certifications or other documents required by the applicable IRS form.***

Please note that the Investor may be required to provide updated tax forms (and certain other information from time-to-time, including, without limitation, revised forms that may be published after the date hereof pursuant to FATCA).

The most current versions of the IRS Form W-9 and Forms W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP) and their instructions are located at the websites listed below.

**Form W-9** 

http://www.irs.gov/pub/irs-pdf/fw9.pdf

**Form W-8BEN** 

https://www.irs.gov/pub/irs-pdf/fw8ben.pdf?icid=AELOSTBC2

**Form W-8BEN-E** 

https://www.irs.gov/pub/irs-pdf/fw8bene.pdf

**Form W-8IMY** 

https://www.irs.gov/pub/irs-pdf/fw8imy.pdf

**Form W-8ECI** 

https://www.irs.gov/pub/irs-pdf/fw8eci.pdf

**Form W-8EXP** 

https://www.irs.gov/pub/irs-pdf/fw8exp.pdf

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

**PART 7** 

**<u>ANTI-MONEY LAUNDERING QUESTIONNAIRE</u>**

In order for the Company, the Aranda Adviser, the OHA Adviser and/or any of their respective affiliates to comply with applicable anti-money laundering and counter-terrorist financing laws and regulations and applicable sanctions lists, please provide the information requested below:

1. <u>Investor Information</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Is the Investor a regulated financial institution?*** 

☐ Yes ☐ No

If the Investor answered "yes," please provide the name of the Investor's regulator, the Investor's registration number and evidence of regulatory status:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***If the Investor answered "Yes" to Question 1(a) above, is the regulator:*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. based in a jurisdiction that is a member of the Financial Action Task Force on Money Laundering and is not
being FATF monitored (a " <u>FATF Member Jurisdiction</u> ")?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. based in a jurisdiction that is a member of the Organization for Economic Cooperation and Development (an
"OECD Jurisdiction")?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. in a country assessed by the Company as having a low degree of risk of money laundering and terrorist financing
in accordance with the Cayman Islands Anti-Money Laundering Regulations?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***If the Investor answered "No" to Question 1(a) above, please provide the name of the jurisdiction in which the Investor is based:*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Is the Investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. based in a jurisdiction that is a FATF Member Jurisdiction?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. based in an OECD Jurisdiction?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. in a country assessed by the Company as having a low degree of risk of money laundering and terrorist financing
in accordance with the Cayman Islands Anti-Money Laundering Regulations?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  ***Is the Investor a company quoted or listed on a stock exchange?*** 

☐ Yes ☐ No

If the Investor answered "yes," please provide the ticker (or other applicable reference number), the name of the stock exchange and the jurisdiction of the stock exchange:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)  ***Is the Investor a central or local government, statutory body or agency of government?*** 

☐ Yes ☐ No

If the Investor answered "yes," please provide the name of the home state authority and the nature of its relationship with the Investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)  ***Is the Investor a majority-owned subsidiary or pension scheme (or similar) of an entity that is one of the entity types listed above in Questions 1(a), 1(d) or 1(e)?*** 

☐ Yes ☐ No

If the Investor answered "yes," please provide further details:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)  ***Is the Investor a fund?*** 

☐ Yes ☐ No

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

If the Investor answered "yes," please provide the name of the fund manager, its regulated status and evidence of its regulated status:

2. <u>Bank Account Information</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please list the bank name, account names and the country of the bank from which the Investor's capital
contributions to the Company are intended to be made.

Bank Name:_____________________________________________________________________

Account Name:__________________________________________________________________

Country:________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Do the capital contributions that the Investor plans to make to the Company come from bank accounts outside of
the United States?

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the answer is "yes" to Question 2(b) above, will all such bank accounts be located in a FATF
Member Jurisdiction?

☐ Yes ☐ No

3. <u>Identification Information</u>:

*<u>To be completed by natural persons</u>*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Country of primary residence (domicile) of the Investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Date of birth of the Investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Current occupation and business affiliation(s) of the Investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Current residential address of the Investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Please describe the source of the Investor's funds that will be used to make capital contributions to the
Company.

*<u>To be completed by entities</u>*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) State (if applicable) and country in which incorporated or formed:_________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Date of incorporation or formation:__________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Entity registration number: _________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Type of business of the Investor:____________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Address of the principal office/headquarters of the Investor:_______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Please describe the source of the Investor's funds that will be used to make capital contributions to the
Company.

4. <u>Identification Documentation</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For investors that are individuals: Please provide certified copies of (i) a passport with picture page or non-U.S. persons may also provide an alien identification card number, or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or
similar safeguard; (ii) a recent utility bill (other than a mobile phone bill) or other reliable evidence verifying the investor's current residential address; and (iii) a reference letter from a bank in a FATF Member Jurisdiction
with which the individual has a current relationship and has maintained a relationship for at least two years.

If the Investor cannot provide the bank reference letter in (iii) above, the Investor consents to the Company obtaining a copy of the Investor's credit report by checking the following box: ☐

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For investors that are entities (other than trusts): Please provide (a) (i) a list of all individuals who
exercise control over the management of the Investor, such as: executive officers (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer), managing members, directors or general partners, or any other individual(s) who
regularly perform(s) similar functions and (ii) for <u>two</u> persons (where two such persons exist) from the foregoing list, the information required in clauses (i) and (ii) of Question 4(a) above; and (b) certified copies of:
(i) a certificate of incorporation, articles of association, partnership agreement, limited liability company agreement or other similar organizational document; (ii) a mandate authorizing the subscription (e.g., a certified resolution or
an excerpt from the Investor's constitutive documents evidencing its authority to invest in an entity such as the Company); and (iii) authorized signatories list with specimen signatures (including all actual signatories on submitted
documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For investors that are trusts: Please provide (a) (i) a list of all individuals who exercise control over
the management of the Investor (such as the directors of the trustee or any other individual(s) who regularly perform(s) similar functions), the settlor(s), the grantor(s), the protector(s) (if any), the enforcer(s) (if any) and the beneficiaries
(if any); and (ii) for <u>all</u> persons on the foregoing list, the information required in clauses (i) and (ii) of Question 4(a) above; and (b) certified copies of (i) the trust deed or other organizational document of the
trust (such document(s) showing the full name of the trust and the nature and purpose of the trust), (ii) if the trustee of the trust is an entity, a certificate of incorporation, partnership agreement, limited liability company agreement or other
similar organizational document of the trustee, (iii) a mandate authorizing the subscription (e.g., a certified resolution or an excerpt from the Investor's constitutive documents evidencing its authority to invest in an entity such as
the Company); and (iv) authorized signatories list with specimen signatures (including all actual signatories on submitted documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For an example of how to properly certify any of the foregoing identification documents, please refer to the
"Sample Form of Certification" (included as <u>Appendix A</u> to this  ***Part 7*** of this Subscription Booklet).

5. <u>Intermediaries</u>: If the Investor (a) is investing in the Company for the beneficial interest of
other underlying investors, such as, without limitation, in its capacity as an introducing firm, an asset aggregator, a nominee, a trustee, an agent, a representative, a fund-of-funds, a swap counterparty, or any other pooled or intermediary investment vehicle, or (b) has otherwise entered into, or proposes to enter into, any
agreement with another person or entity which provides such person or entity with a beneficial or economic interest in the Units, then the Investor must, in addition to providing the information and documents required by Question 4 above and
Question 6 below, complete the "Certification of Intermediaries" (included as <u>Appendix B</u> to this  ***Part 7*** of this Subscription Booklet).

6. <u>Certification of Beneficial Owners</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please complete the table below and provide the requested information as set out in the table:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For investors that are entities (other than trusts or nominee/custodial accounts): for <u>each</u> individual, if any, who directly or indirectly, through any contractual arrangement, understanding, relationship or otherwise (I) owns 10% or more of the economic or beneficial interests of the Investor, (II) controls 10% or more of the voting rights attaching to the economic or beneficial interests of the Investor, or (III) controls the Investor or exercises ultimate control over the management of the Investor, and <u>each</u> entity who directly owns 10% or more of the economic or beneficial interests of the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For investors that are nominee/custodial accounts: for <u>each</u> individual, if any, who directly or indirectly, through any contractual arrangement, understanding, relationship or otherwise (I) owns 10% or more of the nominee's or custodian's investment in the Company, (II) controls 10% or more of the voting rights attaching to the nominee's or custodian's investment in the Company or (III) controls the nominee/custodian or exercises ultimate control over the management of the nominee/custodian, and <u>each</u> entity who directly owns 10% or more of the nominee's or custodian's investment in the Company.

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For investors that are trusts: for each settlor, trustee, beneficiary (if the beneficiaries are not identifiable individuals, describe the class of persons in whose main interest the trust is set up) and any individual who has control over the trust (including the ability to dispose of, lend, advance, invest, pay or apply trust property; vary or terminate the trust; add or remove a person as beneficiary or to or from a class of beneficiaries; appoint or remove trustees or give another individual control over the trust; or can direct, withhold consent, or veto any of the foregoing powers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If no individual or entity meets the foregoing definitions, please write "Not Applicable".

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| | | | | |
|:---|:---|:---|:---|:---|
| *Name* | *Date of Birth /<br>Formation Date<br>and<br>State/Country in<br>which<br>Incorporated or<br>Formed* | *Primary Residential Address<br>/Principal Place of Business* | *% of<br>Economic /<br>Beneficial<br>Interest* | *Identification<br>Number<sup>17</sup> (please<br>identify the<br>document being<br>referenced)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Please also provide the identifying documents (in accordance with Question 4 above) for each individual identified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Please provide a document which explains your ownership / control structure. For example, structures charts, or organograms which set out both your internal control structure and your beneficial owners and percentages of such ownership, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Please provide the following information for <u>two</u> individuals who exercise control over the management of
the Investor, such as: an executive officer (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer); managing member, director or general partner; or any other individual who regularly performs similar functions. (If
appropriate, an individual already listed under Question 4 or Question 6(a) above may also be listed in this Question 6(b).) (If no individual or entity meets this definition, please write "Not Applicable".)

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| | | | |
|:---|:---|:---|:---|
| *Name and Title* | *Date of Birth* | *Primary Residential Address* | *Identification<br>Number<sup>18</sup> (please<br>identify the<br>document being<br>referenced)* |

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<sup>17</sup> For U.S. persons or entities, please provide (as applicable) a social security number or tax identification number. For non-U.S. persons or entities, please provide (as applicable) a passport number and country of issuance or a commercial registration number, tax registration number or similar registration number. In lieu of a passport number, non-U.S. persons may also provide an alien identification card number, or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard. Please identify the document being referenced. 

<sup>18</sup> For U.S. persons, please provide a social security number. For non-U.S. persons, please provide a passport number and country of issuance. In lieu of a passport number, non-U.S. persons may also provide an alien identification card number, or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard. Please identify the document being referenced. 

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

7. <u>Investor Representation</u>: The Investor represents and warrants that the information provided in this Part
7 and the background documentation and information provided hereunder are true and correct in all respects as of the date hereof. In addition, the Investor agrees that the representations, warranties and background documentation and information made
or provided herein or pursuant to this Part 7 shall be deemed to be reaffirmed by the Investor as of any time the Investor purchases or otherwise acquires additional Units (or makes a capital contribution to the Company) and such purchase or
acquisition (or capital contribution) shall be evidence of such reaffirmation, and if any of such representations or warranties made, or background documentation or information provided, ceases to be true, the Investor shall promptly notify the
Aranda Adviser and the OHA Adviser of the facts pertaining to such changed circumstances.

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

IN WITNESS WHEREOF, the undersigned has executed this Anti-Money Laundering Questionnaire this day of , 20__<u> </u>.

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| | | |
|:---|:---|:---|
| **<u>INDIVIDUALS</u>** | **<u>ENTITIES</u>** | **<u>ENTITIES</u>** |
| Signature | Name of Entity | Name of Entity |
|  | *(Please type or print)* | *(Please type or print)* |
|  | By: |  |
| Full Name of Investor<br> *(Please type or print)* |  | Name:<br> Title: |

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*[Signature Page to Anti-Money Laundering Questionnaire]* 

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

<u>APPENDIX A</u> 

**<u>SAMPLE FORM OF CERTIFICATION</u>**

**<u>Part 1: Sample Form of Certification</u>**

<u>The second sentence can be removed if it is not a photo ID document</u>:

I hereby certify that this is a true copy of the original documentation, which I have seen. I further certify that the photograph in the identification document bears a true likeness to the individual named ____________________. This certification is made on this _____ day of ___________, 20__.

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| |
|:---|
| <br> Signature |
| <br> Full Name of Certifier<br> *(Please type or print)* |
| <br> Title of Certifier |
| <br> Name of Entity at which Certifier works |
| <br> Address of Certifier |
| <br> Phone Number of Certifier |

---

**<u>Part 2: Approved Certifiers</u>** (who may sign as certifier):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lawyer (for a corporate entity, this means an external lawyer)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountant (for a corporate entity, this means an external accountant)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director, officer or manager of a regulated credit or financial institution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notary Public, member of the judiciary (*i.e.*, judge or other court officer)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Senior civil servant or an active police or custom's officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Officer of an embassy, consulate or high commission of the country of issue of the document

Please note that an individual may not certify: (a) their own documents, or (b) documents or persons related to, living with, or in a relationship with them even if the individual falls within one of the "approved certifier" categories above.

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

<u>APPENDIX B</u> 

**<u>CERTIFICATION OF INTERMEDIARIES</u>**

***TO BE COMPLETED ON THE LETTERHEAD OF THE INTERMEDIARY***

To: APS BDC, LLC

In connection with the purchase of units of limited liability company interests (the "<u>Units</u>") of APS BDC, LLC (the "<u>Company</u>") by _____________________________ [*Insert Investor's Name*] (the "<u>Intermediary</u>") on behalf of third parties having a beneficial or economic interest in the Units subscribed for by the Intermediary (the "<u>Underlying Investors</u>"), the Intermediary hereby agrees to the following. Capitalized terms used but not defined herein shall have the meanings set forth in <u>Annex A</u> to this Certification of Intermediaries.

**I. <u>General Provisions</u>.** The Intermediary represents, warrants and agrees that it:

&nbsp;&nbsp;&nbsp;&nbsp;A. has all requisite power and authority from the Underlying Investors to execute and perform the obligations
under the Subscription Agreement (including, without limitation, the Parts referred to therein), by and between the Intermediary and the Company, dated as of ____________ __, 202_, and executed by the Intermediary (the " <u>Subscription Agreement</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;B. has made the representations, warranties and covenants in the Subscription Agreement on behalf of itself and
the Underlying Investors;

&nbsp;&nbsp;&nbsp;&nbsp;C. has carried out (and will continue to carry out) at least the investor identification procedures set forth in
Section III below with respect to all Underlying Investors and the other anti-money laundering and counter-terrorist financing procedures discussed below (together, the " <u>Anti-Money Laundering Procedures</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;D. will, upon request, provide any information and/or documentation related to the Anti-Money Laundering
Procedures performed with respect thereto, including, without limitation, an anti-money laundering certificate.

**II. <u>Provisions Relating to Intermediary's Anti-Money Laundering Program</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;A. The Intermediary represents and warrants that it has adopted and implemented anti-money laundering and
counter-terrorist financing policies, procedures and controls that are reasonably designed to prevent money laundering, terrorist financing and other criminal activities.

&nbsp;&nbsp;&nbsp;&nbsp;B. The Intermediary will, upon request, provide the Company, the Aranda Adviser, and the OHA Adviser with a copy
of its anti-money laundering and counter-terrorist financing policies, procedures and controls, and will thereafter immediately provide the Company, any administrator of the Company, the Aranda Adviser, and the OHA Adviser with any material
amendments thereto. The Intermediary represents and warrants that it strictly adheres to, and will at all times during its relationship with the Company strictly adhere to, its anti-money laundering and counter-terrorist financing policies,
procedures and controls. The Intermediary agrees to provide such information and execute and deliver such documents as the Company, any administrator of the Company, the Aranda Adviser, or the OHA Adviser may deem reasonably necessary to comply with
any and all laws and ordinances to which the Company, any administrator of the Company, the Aranda Adviser, or the OHA Adviser is or may be subject, or pursuant to any governmental or regulatory requests.

**III. <u>Provisions Relating to Underlying Investors</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;A. The Intermediary will, in accordance with its anti-money laundering and counter-terrorist financing policies,
procedures and controls, verify the identities of, identify the source of funds of, understand the ownership and control structure of, and conduct due diligence (and, where appropriate, enhanced due diligence) and obtain a description of the funds
that will be used to make capital contributions with regard to, any Underlying Investor and, where applicable, the principal beneficial owners on whose behalf an Underlying Investor is seeking to make an investment.

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

&nbsp;&nbsp;&nbsp;&nbsp;B. The Intermediary will obtain evidence of the identity of each Underlying Investor and, if applicable, the
direct or indirect 10% or more economic/beneficial owners of any Underlying Investor or any person or entity on whose behalf the Underlying Investor is seeking to make an investment, maintain such evidence for at least six years from the date of an
Underlying Investor's complete sale of its indirect interest in the Units, and agrees upon request to make such information available to the Company, any administrator of the Company, the Aranda Adviser, or the OHA Adviser and to provide a
written certificate of a senior officer of the Underlying Investor with respect to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;C. The Intermediary will take all reasonable steps to ensure that it does not make an investment, directly or
indirectly, for or on behalf of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a Foreign Shell Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a person or entity with whom dealings are restricted or prohibited (whether because such person or entity is
targeted on a sanctions list, is owned by, controlled by, or acting on behalf of a sanctioned person, or located or organized in a sanctioned jurisdiction or territory) under any of the following economic sanctions regimes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the United States sanctions administered by the Department of Treasury, Office of Foreign Assets Control
(" <u>OFAC</u> "), Department of Commerce, Bureau of Industry and Security, or Department of State;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the United Kingdom sanctions administered by His Majesty's Treasury;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the sanctions administered by the jurisdiction or jurisdictions of organization and operation of the
Intermediary, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. such other jurisdictions as may be identified to the Intermediary by the Company, any administrator of the
Company, the Aranda Adviser, or the OHA Adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. a person or entity located, organized, or operating in a country or territory that is, or that itself is
(a) designated as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force, of which each of
the United States and the United Kingdom is a member, (b) the subject of an advisory issued by the Financial Crimes Enforcement Network of the U.S. Treasury Department, or (c) designated by the Secretary of the Treasury under
Section 311 of the USA PATRIOT Act as warranting special measures due to money laundering concerns (any of (a), (b) or (c), a " <u>Prohibited Investor</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;D. Prior to making an investment for or on behalf of a high-risk Underlying Investor, the Intermediary will
conduct enhanced due diligence with regard to such high-risk Underlying Investor, as provided by the Intermediary's anti-money laundering and counter-terrorist financing policies, procedures and controls, in addition to the
Intermediary's routine investor identification procedures, and reasonably confirm that such high-risk Underlying Investor is not violating applicable anti-money laundering and counter-terrorist financing laws and regulations.

**IV. <u>Provisions Relating to Suspicious Activity</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;A. The Intermediary represents and warrants that (a) it has taken reasonable steps to confirm whether any
Underlying Investor (or any person or entity having a beneficial interest in the Underlying Investor) is, or has in the last 12 months been, a Senior Political Figure, or a member of a current Senior Political Figure's Immediate Family or a
Close Associate of a current Senior Political Figure and (b) to the extent the Intermediary confirms that an Underlying Investor (or any person or entity having a beneficial interest in the Underlying Investor) is, or has in the last 12 months
been, a current Senior Political Figure, a member of a

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

current Senior Political Figure's Immediate Family or a Close Associate of a current Senior Political Figure, it has undertaken additional due diligence with respect to such Underlying Investor (and such person or entity having a beneficial interest in such Underlying Investor) to reasonably confirm that their direct or indirect beneficial interests in the Company do not violate any applicable anti-money laundering and counter-terrorist financing laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;B. The Intermediary will immediately notify the Company, any administrator of the Company, the Aranda Adviser, and
the OHA Adviser if it knows, or has reason to suspect, that an existing or prospective Underlying Investor, or the principal beneficial owners on whose behalf an existing or prospective Underlying Investor has made or is seeking to make an
investment, is a Prohibited Investor.

&nbsp;&nbsp;&nbsp;&nbsp;C. The Intermediary agrees immediately to notify the Company, any administrator of the Company, the Aranda
Adviser, and the OHA Adviser if it becomes aware of any suspicious activity or pattern of activity or any activity that may require further review to determine whether the activity or pattern of activities is suspicious.

IN WITNESS WHEREOF, the Intermediary has executed this Certification of Intermediaries as of the ____ day of _____________, 20__.

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| | | |
|:---|:---|:---|
| **<u>INDIVIDUALS</u>** | **<u>ENTITIES</u>** | **<u>ENTITIES</u>** |
| Signature | Name of Entity | Name of Entity |
|  | *(Please type or print)* | *(Please type or print)* |
|  | By: |  |
| Full Name of Investor<br> *(Please type or print)* |  | Name:<br> Title: |

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**HIGHLY CONFIDENTIAL & TRADE SECRET** 

<u>ANNEX A</u> 

**<u>ANNEX A TO CERTIFICATION OF INTERMEDIARIES</u>**

**DEFINITIONS** 

"<u>Close Associate</u>" of a senior political figure is a person who is widely and publicly known to maintain an unusually close relationship with the senior political figure, and includes a person who is in a position to conduct substantial financial transactions on behalf of the senior political figure. A "close associate" also includes persons who are known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations, with a senior political figure and natural persons who have sole beneficial ownership of a legal entity or legal arrangement that is known to have been set up for the de facto benefit of a senior political figure.

"<u>Foreign Bank</u>" means an organization that (i) is organized under the laws of a foreign country, (ii) engages in the business of banking, (iii) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations, (iv) receives deposits to a substantial extent in the regular course of its business, and (v) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank.

"<u>Foreign Shell Bank</u>" means a Foreign Bank without a Physical Presence in any country, but does not include a Regulated Affiliate.

"<u>Immediate Family</u>" includes the political figure's parents, siblings, spouse (or person considered to be equivalent to a spouse), children (and their spouses or persons considered to be equivalent to a spouse) and in-laws.

"<u>Physical Presence</u>" means a place of business that is maintained by a Foreign Bank and is located at a fixed address, other than solely a post office box or an electronic address, in a country in which the Foreign Bank is authorized to conduct banking activities, at which location the Foreign Bank (i) employs one or more individuals on a full-time basis, (ii) maintains operating records related to its banking activities, and (iii) is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities.

"<u>Regulated Affiliate</u>" means a Foreign Shell Bank that (i) is an affiliate of a depository institution, credit union or Foreign Bank that maintains a Physical Presence in the United States or a foreign country, as applicable, and (ii) is subject to supervision by a banking authority in the country regulating such affiliated depository institution, credit union or Foreign Bank.

"<u>Senior Political Figure</u>" is defined as a person who is or has been entrusted with a prominent public function in the executive (including regional governments in federalized systems and devolved administrations), legislative, administrative, foreign service (including ambassadors and charge d'affaires), military (including high-ranking officers in the armed forces) or judicial branches of a government (whether elected or not), a senior official of a major political party (being a political party that has some representation in a national or supranational parliament or similar legislative body), a senior executive of a government-owned corporation, members of courts of auditors or the board of a central bank. A "senior political figure" also includes the directors, deputy directors and members of the board or equivalent of international public organizations. In addition, a "senior political figure" includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior political figure.

"<u>USA PATRIOT Act</u>" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 (Pub. L. No. 107).

## Exhibit 10.1

**Exhibit 10.1** 

**<u>INVESTMENT ADVISORY AGREEMENT</u>**

**<u>BETWEEN</u>**

**<u>APS BDC, LLC</u>**

**<u>AND</u>**

**<u>OHA PRIVATE CREDIT ADVISORS II, L.P.</u>**

This Investment Advisory Agreement (this "<u>Agreement</u>") is made as of January 2, 2026, by and between APS BDC, LLC, a Delaware limited liability company (the "<u>Company</u>"), and OHA Private Credit Advisors II, L.P., a Delaware limited partnership (the "<u>Adviser</u>").

WHEREAS, the Company is a newly organized closed-end management investment company that intends to elect to be regulated as a business development company ("<u>BDC</u>") under the Investment Company Act of 1940, as amended (together with the rules promulgated thereunder, the "<u>1940 Act</u>");

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (together with the rules promulgated thereunder, the "<u>Advisers Act</u>");

WHEREAS, the Company desires to retain the Adviser to provide investment advisory services to the Company in the manner and on the terms and conditions hereinafter set forth; and

WHEREAS, the Adviser is willing to provide investment advisory services to the Company in the manner and on the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Adviser hereby agree as follows:

Section 1. <u>Duties of the Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Retention of Adviser</u>. The Company hereby appoints the Adviser to act as an investment adviser to the Company and to manage (i) the "<u>OHA Originated Loans</u>," which shall mean any loans or other portfolio investments derived from the investment (and, during the three years from the date of commencement of operations of the Company, reinvestment) of that certain $500 million funded and unfunded amounts (or such other amounts as may be reflected in the Commitment Agreement (as defined below) from time to time) committed to the Adviser (the "<u>OHA Commitment</u>") by the Company pursuant to a commitment agreement (together with any amendments or supplements thereto, the "<u>Commitment Agreement</u>"), which shall, for the avoidance of doubt, include such assets purchased with borrowed amounts and shall reflect any allowances for loan losses or similar impairments that may be recognized under generally accepted accounting principles in the United States ("<u>GAAP</u>"); and (ii) Additional Co-Investments (as defined below, and together with the OHA Originated Loans, the "<u>OHA Assets</u>"), subject to the supervision of the board of directors of the Company (the "<u>Board</u>"), for the period and upon the terms herein set forth in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the investment objective, policies and restrictions that are set forth in the Company's Registration Statement on Form 10 or other registration statements the Company may file with the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), as applicable, as supplemented, amended or superseded from time to time (a "<u>Registration Statement</u>"), and in the Company's confidential private placement memorandum, as amended from time to time, or as may otherwise be set forth in the Company's reports filed in compliance with the Securities Exchange Act of 1934, as amended, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during the term of this Agreement, all other applicable federal and state laws, rules and regulations, and the Company's certificate of formation and limited liability company agreement, as they may be amended from time to time (the "<u>Or</u>g<u>anizational Documents</u>");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such investment policies, directives, or regulatory restrictions as the Company may from time to time establish or issue and communicate to the Adviser in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company's compliance policies and procedures as applicable to the Adviser and as administered by the Company's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Responsibilities of Adviser</u>. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement and any separate agreement between the parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine the composition of the OHA Assets, the nature and timing of the changes to the OHA Assets and the manner of implementing such changes in accordance with the Company's investment objective, policies and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) identify investment opportunities and make investment decisions for the Company with respect to the OHA Assets, including negotiating the terms of investments in, and dispositions of, portfolio securities and other instruments on the Company's behalf in respect of the same, subject to the oversight of CHS US Management LLC (the "<u>Aranda Adviser</u>") as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Adviser shall provide the Aranda Adviser not less than three (3) business days' prior written notice (an "<u>Investment Notice</u>") of any investment opportunities that the Adviser proposes, in its discretion, for investment by the Company. The Investment Notice shall set forth the principal terms and conditions of such investment opportunity, including a description of the proposed investment, the proposed amount of investment for purchase by the Company and the proposed purchase price, and whether such proposed investment is intended to be made alongside any OHA accounts. Upon request by the Aranda Adviser, the Adviser shall provide the Aranda Adviser with any readily available information that the Aranda Adviser may reasonably request (subject to legal or confidentiality restrictions to which the Adviser or any of its Affiliates is subject or any information otherwise subject to attorney-client privilege) in connection with such investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) with respect to any investment intended by the Adviser to be made by the Company, the Aranda Adviser shall be deemed for all purposes to have consented to the Company's participation in such investment, unless the Aranda Adviser informs the Adviser of its election to not cause the Company to participate in such investment opportunity, within three (3) business days of receipt of an Investment Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if the Aranda Adviser elects to participate in a proposed investment in accordance with this Section 1(b)(ii) (including through any deemed election), such election shall be deemed to apply to any follow-on investment or other additional investments with respect to such proposed investment. The Aranda Adviser hereby acknowledges and agrees that there can be no assurance that any investment opportunity set forth in an Investment Notice will be consummated within the timeframe described therein or at all. For the avoidance of doubt, whether or not the Aranda Adviser participates in an investment, the Adviser, its Affiliates, and other advisory clients shall not be prohibited from participating in any such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) monitor the OHA Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) perform due diligence on prospective portfolio companies with respect to the OHA Commitment and potential Additional Co-Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) exercise voting rights in respect of OHA Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) serve on, and exercise observer rights for, boards of managers and similar committees of the Company's portfolio companies that are OHA Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) from time to time and in accordance with the Adviser's allocation policies, offer, subject to approval of the Board in its sole discretion, opportunities to the Company to co-invest alongside certain funds managed by the Adviser or its Affiliates in a particular investment outside of the Company's core mandate or to the extent that the investment opportunity exceeds available Adviser-affiliated account capital (each, an "<u>Additional Co-Investment</u>"). The Adviser will furnish materials to the Board in connection with Additional Co-Investments, including underwriting materials for such Additional Co-Investments, in compliance with the Adviser's exemptive relief;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) call capital from Company investors from time to time in accordance with the terms of the OHA Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) provide the Company with such other investment advisory and related services as the Company may, from time to time, reasonably require for the investment of capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) determine, as valuation designee (to the extent applicable) of the Company pursuant to Rule 2a-5 under the 1940 Act, the fair market value of the Company's assets for which market quotations are not readily available, using its fair valuation procedures and fair valuation methodologies, as approved by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) to the extent permitted under the 1940 Act and the Advisers Act, on the Company's behalf, and in coordination with any Sub-Adviser or Other Adviser (each as defined below) and any administrator, provide significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance under the 1940 Act, including utilizing appropriate personnel of the Adviser to, among other things, monitor the operations of the Company's portfolio companies, participate in board and management meetings, consult with and advise officers of portfolio companies and provide other organizational and financial consultation.

The Adviser's services under this Agreement are not exclusive, and it is free to furnish similar services to other entities, and it intends to do so, so long as its services to the Company are not impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Power and Authorit</u>y. To facilitate the Adviser's performance of these undertakings, but subject to the restrictions contained herein, the Company hereby delegates to the Adviser (which power and authority may be delegated by the Adviser to one or more Sub-Advisers) with respect to the OHA Assets, and the Adviser hereby accepts, the power and authority to act on behalf of and in the name of the Company to effectuate investment decisions for the Company, including the negotiation, execution and delivery of all documents relating to the acquisition and disposition of the OHA Assets, the placing of orders for other purchase or sale transactions on behalf of the Company or any entity in which the Company has a direct or indirect ownership interest, including any interest rate, currency or other derivative instruments, and the engagement of any service providers deemed necessary or appropriate by the Adviser to the exercise of such power and authority. If it is necessary for the Adviser to make investments on behalf of the Company through a special purpose vehicle, the Adviser shall have authority to create, or arrange for the creation of, such special purpose vehicle and to make investments or obtain financing through such special purpose vehicle in accordance with applicable law. For the avoidance of doubt, the Company will bear all costs and expenses associated with the creation of such special purpose vehicles. The Company also grants to the Adviser power and authority to engage in all activities and transactions (and anything incidental thereto) that the Adviser deems, in its sole discretion, appropriate, necessary or advisable to carry out its duties pursuant to this Agreement with respect to the OHA Assets, including the authority to open accounts and deposit, maintain and withdraw funds of the Company or any of its subsidiaries in any bank, savings and loan association, brokerage firm or other financial institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Acceptance of Appointment</u>. The Adviser hereby accepts such appointment and agrees during the term hereof to render the services described herein for the compensation provided herein, subject to the limitations contained herein. Unless and until it resigns or is removed as investment adviser to the Company in accordance with this Agreement, the Adviser, to the extent of its powers as set forth in this Agreement, shall be an agent of the Company for the purpose of the Company's business related to the OHA Assets, and action taken by the Adviser in accordance with such powers shall bind the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Sub-Advisers and Other Advisers</u>. The Adviser is hereby authorized to enter into one or more sub-advisory agreements (each, a "<u>Sub-Advisory Agreement</u>") with other investment advisers (each a "<u>Sub-Adviser</u>"), pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder, subject to the oversight of the Adviser and/or the Company, with the scope of such services and oversight to be set forth in each Sub-Advisory Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Adviser, and not the Company, shall be responsible for any compensation payable to any Sub-Adviser; provided, however, that the Adviser shall have the right to direct the Company to pay directly any Sub-Adviser the amounts due and payable to such Sub-Adviser from the fees and expenses otherwise payable to the Adviser under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Sub-Advisory Agreement entered into by the Adviser shall be in accordance with the requirements of the 1940 Act and the Advisers Act, including, without limitation, the requirements of the 1940 Act relating to Board and Company Unitholder(s) approval thereunder, and other applicable federal and state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Sub-Adviser shall be subject to the same fiduciary duties as are imposed on the Adviser pursuant to this Agreement, the 1940 Act and the Advisers Act, as well as other applicable federal and state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company may retain other investment advisers (such advisers, "<u>Other Advisers</u>") in accordance with the requirements of the 1940 Act, and the Adviser shall coordinate its operations with such Other Advisers in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Independent Contractor Status</u>. The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Record Retention</u>. Subject to review by and the overall control of the Board, the Adviser shall maintain and keep all books, accounts and other records of the Adviser that relate to activities performed by the Adviser hereunder as required under the 1940 Act and the Advisers Act. The Adviser agrees that all records that it maintains and keeps for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered to the Company upon the termination of this Agreement or otherwise on written request by the Company. The Adviser further agrees that the records that it maintains and keeps for the Company shall be preserved in the manner and for the periods prescribed by the 1940 Act, unless any such records are earlier surrendered as provided above. The Adviser shall have the right to retain copies, or originals where required by Rule 204-2 promulgated under the Advisers Act, of such records to the extent required by applicable law. The Adviser shall maintain records of the locations where books, accounts and records are maintained among the persons and entities providing services directly or indirectly to the Adviser or the Company.

Section 2. <u>Compensation of the Adviser</u>.

The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee ("<u>Base Mana</u>g<u>ement Fee</u>") and an incentive fee ("<u>Incentive Fee</u>") as hereinafter set forth. Any of the fees payable to the Adviser under this Agreement for any partial quarter or year, as the case may be, shall be appropriately prorated based on the actual number of days elapsed during such quarter or year, as the case may be, as a fraction of the number of days in the relevant quarter or year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Mana</u>g<u>ement Fee</u>. The Base Management Fee is payable quarterly in arrears and shall be appropriately prorated for any partial quarter, if any. The Base Management Fee shall be calculated at an annual rate of (i) 1.25% of the Company's fair market value attributable to the OHA Originated Loans (excluding cash and cash equivalents) as of the beginning of the first business day of the quarter, as determined in accordance with GAAP, less the Deemed Leverage Assumption (as defined below), from the commencement of the Company's operations until the approval by the Board of the commencement of Phase Two (as defined below); and (ii) beginning in Phase Two, 1.00% of the Company's fair market value attributable to the OHA Originated Loans as of the beginning of the first business day of the quarter, as determined in accordance with GAAP, less the Deemed Leverage Assumption. To the extent Phase Two commences other than at the beginning of a quarter, the fee calculation for the applicable quarter shall be appropriately prorated as between the fee described in clause (i) of this Section 2(a) and clause (ii) of this Section 2(a), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Incentive Fee</u>. The Incentive Fee is divided into two parts: (1) an income incentive fee and (2) a capital gains incentive fee, each payable as set forth below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Income Incentive Fee*. The first part of the incentive fee is based on income, whereby the Company will pay the Adviser quarterly in arrears 10.0% of its Investment Income Returns (as defined below) for the relevant calendar year subject to a 6.0% annualized hurdle rate on the fair market value of the OHA Originated Loans as of the first business day of the quarter, inclusive of deemed borrowing at a 1:1 debt-to-equity ratio (such deemed borrowing, the "<u>Deemed Leverage Assumption</u>" and such hurdle rate, the "<u>Hurdle Rate</u>"). "<u>Investment Income Returns</u>" means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayment premiums) accrued during the quarter with respect to OHA Originated Loans, less the Deemed Cost of Leverage (as defined below), attributable to the OHA Originated Loans during the quarter. The "<u>Deemed Cost of Leverage</u>" shall be the product of (i) an amount equal to the deemed borrowing resulting from the Deemed Leverage Assumption (ii) times (a) the Company's weighted average cost of outstanding indebtedness during the applicable quarter or (b) if no indebtedness is outstanding during the quarter, the Secured Overnight Financing Rate + 2.00%. Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero-coupon securities), accrued income that the Company has not yet received in cash. Investment Income Returns does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Investment Income Returns shall be compared to the Hurdle Rate. The Company shall pay the Adviser an incentive fee with respect to its Investment Income Returns as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no incentive fee based on Investment Income Returns in any calendar quarter in which the Company's Investment Income Returns does not exceed the Hurdle Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 100% of Investment Income Returns with respect to that portion of such Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than 1.667% in any calendar quarter. This portion of the Investment Income Returns (which exceeds the Hurdle Rate but is less than 1.667% per quarter) is referred to as the "catch-up." The "catch-up" is meant to provide the Adviser with approximately 10.0% of the Company's Investment Income Returns as if a Hurdle Rate did not apply if Investment Income Returns exceeds 1.667% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) 10.0% of the Investment Income Returns, if any, that exceeds 1.667% in any calendar year, which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 10.0% per quarter (of all Investment Income Returns for such quarter) are paid to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Capital Gains Incentive Fee*. The Company shall pay the Adviser a capital gains incentive fee calculated and payable annually in arrears in cash as of the end of each calendar year or upon the termination of this Agreement in an amount equal to 10.0% of the Company's realized capital gains with respect to the OHA Originated Loans, if any, on a cumulative basis from the date of inception through the end of a given calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fees calculated in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Waiver or Deferral of Fees</u>. The Adviser shall have the right to elect to waive or defer all or a portion of the Base Management Fee, Incentive Fee that would otherwise be paid to it. Prior to the payment of any fee to the Adviser, the Company shall obtain written instructions from the Adviser with respect to any waiver or deferral of any portion of such fees. Any portion of a deferred fee payable to the Adviser and not paid over to the Adviser with respect to any calendar quarter or year shall be deferred without interest and may be paid over in any such other quarter prior to the termination of this Agreement, as the Adviser may determine upon written notice to the Company.

Section 3. <u>Covenant of the Adviser</u>.

The Adviser covenants that it is registered as an investment adviser under the Advisers Act on the effective date of this Agreement, and shall maintain such registration until the expiration or termination of this Agreement. The Adviser agrees that its activities shall at all times comply in all respects with all applicable federal and state laws, rules and regulations governing its operations and investments, except to the extent that any such noncompliance would not have, and would not reasonably be expected to have, a material adverse effect on the ability of the Adviser to fulfill its obligations under this Agreement. The Adviser agrees to observe and comply with applicable provisions of the code of ethics adopted by the Company pursuant to Rule 17j-1 under the 1940 Act, as such code of ethics may be amended from time to time.

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Section 4. <u>Brokerage Commissions</u>.

The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account factors, including without limitation, price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to its portion of the Company's portfolio, and is consistent with the Adviser's duty to seek the best execution on behalf of the Company. Notwithstanding the foregoing, with regard to transactions with or for the benefit of the Company, the Adviser may not pay any commission or receive any rebates or give-ups, nor participate in any business arrangements which would circumvent this restriction.

Section 5. <u>Other Activities of the Adviser</u>.

The services of the Adviser to the Company are not exclusive, and the Adviser may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment-based accounts or commingled pools of capital, however structured, having investment objectives similar to or different from those of the Company, and nothing in this Agreement shall limit or restrict the right of any officer, director, equityholder (and their equityholders or members, including the owners of their equityholders or members), or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Company's portfolio companies, subject to applicable law). The Adviser assumes no responsibility under this Agreement other than to render the services set forth herein.

During the term of this Agreement and for a period of one year following any termination or non-renewal of this Agreement for any reason, the Company shall not, directly or indirectly on behalf of itself or any other person or entity: (a) solicit the employment of or employ any partners, stockholders, directors, trustees, officers, employees, consultants and/or associated persons (each, an "<u>Associate</u>") of the Adviser, any Sub-Adviser or any of their respective Affiliates (collectively, "<u>Adviser Persons</u>") or any person or entity who was an Associate of an Adviser Person during the one-year period preceding such proposed solicitation or employment, or (b) induce, persuade or attempt to induce or persuade the discontinuation of, or in any way interfere or attempt to interfere with, the relationship between an Adviser Person and any Associate of such Adviser Person or any person or entity who was an Associate of such Adviser Person during the one-year period preceding such proposed inducement, persuasion or interference or attempted inducement, persuasion or interference. The parties intend that any provision of this Section 5 held invalid, illegal or unenforceable only in part or degree because of the duration or geographic scope thereof shall remain in full force to the extent not held invalid, illegal or unenforceable.

For purposes of this Agreement, "<u>Affiliate</u>" or "<u>Affiliated</u>" or any derivation thereof means with respect to any individual, corporation, partnership, trust, joint venture, limited liability company or other entity or association ("<u>Person</u>"): (a) any Person directly or indirectly owning, controlling, or holding, with the power to vote, 25% or more of the outstanding voting securities of such other Person; (b) any Person 25% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (c) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (d) any executive officer, director, trustee or general partner of such other Person; or (e) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.

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Section 6. <u>Responsibility of Dual Directors, Officers and/or Employees</u>.

If any person who is a director, officer, equityholder or employee of the Adviser is or becomes a director, officer, member and/or employee of the Company and acts as such in any business of the Company, then such director, officer, equityholder and/or employee of the Adviser shall be deemed to be acting in such capacity solely for the Company, and not as a director, officer, equityholder or employee of the Adviser or under the control or direction of the Adviser, even if paid by the Adviser.

Section 7. <u>Limitation of Liability</u>.

To the fullest extent permitted by law, none of the Adviser, any Sub-Adviser, each of their respective directors, trustees, officers, equityholders or members (and their equityholders or members, including the owners of their equityholders or members), agents, employees, controlling persons (as determined under the 1940 Act ("<u>Controlling Persons</u>")), any other person or entity Affiliated with the Adviser or Sub-Adviser (including each of their respective directors, trustees, officers, equityholders or members (and their equityholders or members, including the owners of their equityholders or members), agents, employees or Controlling Persons) and any other person or entity acting on behalf of the Adviser or Sub-Adviser (each, a "<u>Protected Person</u>") shall be liable to the Company or any Unitholders for (a) any action taken or omitted to be taken, or alleged to be taken or omitted to be taken, by a Protected Person or any other person with respect to the Company, including any negligent act or failure to act, except for any liability resulting from such Protected Person's own intentional and material breach of this Agreement, fraud, willful misfeasance or gross negligence or (b) losses due to the negligence of brokers or other agents of the Company unless such Protected Person was responsible for the selection of such broker or other agent and such Protected Person acted in such selection with fraud, willful misfeasance or gross negligence. Each Protected Person may consult with counsel and accountants in respect of Company affairs (including interpretations of this Agreement) and shall be fully protected and justified in any action or inaction that is taken or omitted in good faith, in reliance upon and in accordance with the advice or opinion of such counsel or accountants selected without fraud, willful misfeasance or gross negligence. In determining whether a Protected Person acted with the requisite degree of care, such Protected Person shall be entitled to rely on written or oral reports, opinions, certificates and other statements of the officers, directors, employees, consultants, attorneys, accountants and professional advisors of the Company and the Adviser, selected without fraud, willful misfeasance or gross negligence; provided, that such counsel or accountants were provided with all facts known by the Company or the Adviser (and believed to be material) in connection with the advice being sought. In no event shall the Adviser be responsible for or otherwise liable to the Company or any other person for the activities of the Other Advisers.

Section 8. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification of Protected Persons.* To the fullest extent permitted by law, the Company shall indemnify, hold harmless, protect and defend each Protected Person from and against any and all losses, claims, damages, costs, liabilities and/or actions, suits or proceedings (whether civil, criminal, administrative or investigative and whether such action, suit or proceeding is brought or initiated by the Company or a third party), including legal fees or other expenses incurred in investigating or defending against any such losses (including trade error losses), claims, damages, costs, liabilities or actions, suits or proceedings, and any amounts expended in settlement of any claims approved by the Company and/or the Adviser, as applicable (collectively, "<u>Liabilities</u>"), to which any Protected Person may become subject:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by reason of any act or omission or alleged act or omission (even if negligent) performed or omitted to be performed on behalf of the Company, its Adviser and/or any of their respective Affiliates or otherwise in connection with the business of the Company or its investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by reason of the fact that such Protected Person is or was acting (or omitting to act) in connection with the business of the Company or its investment activities or its investment adviser in any capacity or that it is or was serving at the request of the Company as a direct or indirect partner, stockholder, member, director, officer, employee, manager, trustee, and/or legal representative of any Person, including any subsidiary or any issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by reason of any other act or omission or alleged act or omission (even if negligent) arising out of or in connection with the activities of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by reason of any action or inaction of an Other Adviser;

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<u>unless</u>, in each case, such Liability was determined by a court of competent jurisdiction to have resulted solely from such Protected Person's own intentional and material breach of this Agreement, fraud, willful misfeasance or gross negligence. In addition, the Company may indemnify and hold harmless other service providers of the Company on the same or similar (or other) terms as those described herein with respect to Protected Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Reimbursement of Expenses.* The Company shall promptly reimburse each Protected Person (upon receipt of an undertaking by or on behalf of such Protected Person to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the Company as authorized in this Section 8, or as may otherwise be required by the 1940 Act) the attorneys' fees and other fees, costs and expenses (as incurred to the extent permitted by the 1940 Act) of each Protected Person in connection with investigating, preparing to defend or defending any claim, lawsuit, action or other proceeding relating to any Liabilities for which such Protected Person may be indemnified pursuant to this Section 8; provided that, if it is determined by a court of competent jurisdiction that such Protected Person is not entitled to the indemnification provided by this Section 8, then such Protected Person shall repay such reimbursed or advanced amounts to the Company; and provided, further, that the advancement of reasonable legal or other expenses (as incurred) provided by this Section 8(b) shall not be permitted if the related claim, lawsuit or other proceeding has been brought forth by a "majority-in-interest" (as defined in the Operating Agreement). Notwithstanding the foregoing or any other provision herein, in the event that it is finally judicially determined (including by way of another applicable court of competent jurisdiction overturning a prior decision of a court of first instance) that a Protected Person did not engage in the conduct described in the final paragraph of Section 8(a), then the exculpation, indemnification, advancement and reimbursement terms described in Section 7 and this Section 8(b) (including such Protected Person's entitlement to indemnification and reimbursement) shall be applied and determined based solely on such final judicial determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Survival and Limitation of Protection.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The provisions of this Section 8 shall continue to afford protection to each Protected Person regardless of whether such Protected Person remains in the position or capacity pursuant to which such Protected Person became entitled to indemnification under this Section 8 and regardless of any subsequent amendment to this Agreement; provided that no such amendment shall reduce or restrict the extent to which these indemnification provisions apply to actions taken or omissions made prior to the date of such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The rights of indemnification provided in this Section 8 shall be in addition to any rights to which a Protected Person may otherwise be entitled by contract or as a matter of law, and shall extend to each of such Protected Person's heirs, successors and assigns.

Section 9. <u>Effectiveness, Duration and Termination of Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Term and Effectiveness</u>. This Agreement shall become effective as of the first date written above. Once effective, this Agreement shall remain in effect for two years, and thereafter shall continue automatically for successive one-year periods; provided that such continuance is specifically approved at least annually by: (i) the vote of the Board, or by the vote of a Majority of Outstanding Voting Securities (as defined below) and (ii) the vote of a majority of the members of the Board who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Company (the "<u>Independent Board Members</u>"), in accordance with the requirements of the 1940 Act, or as otherwise permitted under Section 15 of the 1940 Act. A "<u>Majority of Outstanding Voting Securities</u>" means the lesser of (i) 67 percent or more of the outstanding voting securities of the Company present at a meeting of the members of the Company, if the holders of more than 50 percent of the outstanding voting securities of the Company are present or represented by proxy at such meeting; or (ii) more than 50 percent of the outstanding voting securities of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. This Agreement may be terminated at any time, without the payment of any penalty, (i) by the Company upon 60 days' prior written notice to the Adviser: (A) upon the vote of a Majority of Outstanding Voting Securities or (B) by the vote of the Independent Board Members; or (ii) by the Adviser upon not less than 60 days' prior written notice to the Company. This Agreement shall automatically terminate in the event of its "<u>assi</u>g<u>nment</u>" (as such term is defined for purposes of construing Section 15(a)(4) of the 1940 Act). The provisions of Sections 7 and 8 shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed to it under Section 2 through the date of termination or expiration and Sections 7 and 8 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Duties of Adviser Upon Termination</u>. The Adviser shall promptly upon termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deliver to the Board all assets and documents of the Company then in custody of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) cooperate with the Company to provide an orderly transition of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Phase Two</u>. The Board may, in accordance with the terms of that certain administration agreement (the "<u>Administration Agreement</u>") between the Company and the Adviser in its capacity as administrator, terminate the Administration Agreement and cause this Agreement to be considered to be in phase two ("<u>Phase Two</u>") immediately thereafter.

Section 10. <u>Notices</u>.

Any notice under this Agreement shall be given in writing, addressed and delivered, emailed or mailed, postage prepaid, to the other party at the address listed below or at such other address for a party as shall be specified in a notice given in accordance with this Section 10.

Section 11. <u>Amendments</u>.

This Agreement may be amended by mutual written consent of the parties; provided that the consent of the Company is required to be obtained in conformity with the requirements of the 1940 Act.

Section 12. <u>Severability</u>.

If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof.

Section 13. <u>Counterparts</u>.

This Agreement may be executed in counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.

Section 14. <u>Governing Law</u>.

Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Company is regulated as a BDC under the 1940 Act, this Agreement shall also be construed in accordance with the applicable provisions of the 1940 Act and the Advisers Act. In such case, to the extent the applicable laws of the State of New York or any of the provisions herein conflict with the provisions of the 1940 Act or the Advisers Act, the 1940 Act and the Advisers Act shall control.

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Section 15. <u>Third Party Beneficiaries</u>.

Except for any Sub-Adviser and any Protected Person, such Sub-Adviser and the Protected Persons each being an intended beneficiary of this Agreement, this Agreement is for the sole benefit of the parties hereto and their permitted assigns and nothing herein express or implied shall give or be construed to give to any person, other than the parties hereto and such assigns, any legal or equitable rights hereunder.

Section 16. <u>Entire Agreement</u>.

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

Section 17. <u>Insurance</u>.

The Company shall acquire and maintain a directors and officers liability insurance policy or similar insurance policy, which may name the Adviser and any Sub-Adviser each as an additional insured party (each an "<u>Additional Insured Party</u>" and collectively the "<u>Additional Insured Parties</u>"). Such insurance policy shall include reasonable coverage from a reputable insurer. The Company shall make all premium payments required to maintain such policy in full force and effect; provided, however, each Additional Insured Party, if any, shall pay to the Company, in advance of the due date of such premium, its allocated share of the premium. Irrespective of whether the Adviser and any Sub-Adviser is a named Additional Insured Party on such policy, the Company shall provide the Adviser and any Sub-Adviser with written notice upon receipt of any notice of: (a) any default under such policy; (b) any pending or threatened termination, cancellation or non-renewal of such policy or (c) any coverage limitation or reduction with respect to such policy. The foregoing provisions of this Section 18 notwithstanding, the Company shall not be required to acquire or maintain any insurance policy to the extent that the same is not available upon commercially reasonable pricing terms or at all, as determined in good faith by the required majority (as defined in Section 57(o) of the 1940 Act) of the Board.

Section 18. <u>Miscellaneous</u>.

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto and their respective successors.

Section 19. <u>Representations and Warranties</u>.

The Adviser hereby represents and warrants to and agrees with the Company that as of the date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Adviser is a limited partnership duly formed and validly existing under the laws of the State of Delaware and has all requisite limited partnership power and authority to carry on its business as currently conducted and as proposed to be conducted pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Adviser is duly qualified to transact business in every jurisdiction in which the character of the business conducted by it makes such qualification necessary, except where the failure to be so qualified would not have a material adverse effect on the business operations or financial condition of the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the execution and delivery of this Agreement by the Adviser has been authorized by all necessary action on behalf of the Adviser, and is a legal, valid and binding agreement of the Adviser, enforceable against the Adviser in accordance with its terms;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to its knowledge, the execution and delivery of this Agreement by the Adviser and the performance of its obligations hereunder will not conflict with or result in any material violation or default under any provision of the limited partnership agreement of the Adviser or any other material agreement or instrument to which the Adviser is a party, or by which it or any of its properties are bound, or any material order, writ, permit, franchise, judgment, decree, statute, rule or regulation applicable to the Adviser or its businesses or properties, except where such conflict, violation or default would not have a material adverse effect on the Adviser's management of the Company's assets, or require the Adviser to make any material filing or registration with, or obtain any material approval, authorization, license or consent of, any court or governmental department, agency or authority or self-regulatory authority or any party to an agreement that has not already been duly and validly obtained, except where the failure to make such filing or registration or to obtain such approval, authorization, license or consent would not have a material adverse effect on the Adviser's management of the Company's assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Adviser is registered as an investment adviser with the SEC under the Advisers Act.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

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| | |
|:---|:---|
| **APS BDC, LLC**, | **APS BDC, LLC**, |
| *a Delaware limited liability company* | *a Delaware limited liability company* |
| 550 Madison Avenue, 34th Floor<br> New York, NY 10022 | 550 Madison Avenue, 34th Floor<br> New York, NY 10022 |
| By: | /s/ Eric Muller |
|  | Name: Eric Muller |
|  | Title: Chief Executive Officer |
| **OHA PRIVATE CREDIT ADVISORS II, L.P.**, | **OHA PRIVATE CREDIT ADVISORS II, L.P.**, |
| *a Delaware limited partnership* | *a Delaware limited partnership* |
| 1 Vanderbilt Avenue, 16th Floor | 1 Vanderbilt Avenue, 16th Floor |
| New York, NY 10036 | New York, NY 10036 |
| By: | /s/ William Bohnsack |
|  | Name: William Bohnsack |
|  | Title: Vice President |

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[*Signature Page to Investment Advisory Agreement*]

## Exhibit 10.2

**Exhibit 10.2** 

**INVESTMENT ADVISORY AGREEMENT** 

**BETWEEN** 

**<u>APS BDC, LLC</u>**

**<u>AND</u>**

**<u>CHS (US) MANAGEMENT LLC</u>**

This INVESTMENT ADVISORY AGREEMENT (the "**Agreement**") is made this 2nd day of January, 2026, by and between APS BDC, LLC, a Delaware limited liability company (the "**Company**"), and CHS (US) Management LLC, a Delaware limited liability company (the "**Adviser**").

WHEREAS, the Company operates as a closed-end non-diversified management investment company;

WHEREAS, the Company intends to elect to be regulated as a business development company ("**BDC**") under the Investment Company Act of 1940, as amended (the "**1940 Act**");

WHEREAS, the Adviser is in the business of providing advice regarding the investment and reinvestment of assets and securities;

WHEREAS, the Adviser and the Company are both wholly owned by a common parent; <u>and</u>

WHEREAS, the Company desires to retain the Adviser to furnish investment advisory services to the Company on the terms and conditions hereinafter set forth, and the Adviser wishes to be retained to provide such services.

NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and for other good and valuable consideration, the receipt of which is hereby acknowledged, it is agreed by and between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Duties of the Adviser.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby retains the Adviser to act as the investment adviser to the Company and to manage the
investment and reinvestment of the assets of the Company, subject to the supervision of the Company's board of directors (the "**Board** "), for the period and upon the terms herein set forth, in accordance with
(i) then-current investment objectives and strategies, policies, and restrictions that are set forth in the Company's registration statement on Form 10 (the "**Registration Statement**") filed with the U.S. Securities and
Exchange Commission (the "**SEC** "), and, to the extent subsequent to the effective date of the Registration Statement, any periodic report filed with the SEC that reflects different investment objectives and strategies, policies, and
restrictions, whichever is filed or prepared, as the case may be, later; (ii) the 1940 Act and all other applicable federal and state laws, rules and regulations; (iii) in the Company's limited liability company agreement (the
" **Operating Agreement** "), as may be amended from time to time, and (iv) any other restrictions set forth by parent entities of the Adviser in investment mandates applicable to the Adviser. Without limiting the generality of the
foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) formulate and implement the Company's investment program; (ii) determine the composition of the portfolio of the Company, the nature
and timing of the changes therein, and the manner of implementing such changes; (iii) identify/source, research, evaluate, and negotiate the structure of the investments made by the Company ()"**Portfolio Investments** ")
(including performing due diligence on prospective portfolio

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companies); (iv) execute, close, service, and monitor the Company's investments, including the exercise of any rights in its capacity as a lender; (v) determine the securities and other assets that the Company will originate, purchase, retain, or sell and dispose of such securities and other assets, as appropriate; (vi) exercise voting rights in respect of portfolio securities and other investments for the Company; and (vii) provide the Company (and its subsidiaries) with such other investment advisory, research, and related services as the Company may, from time to time, reasonably require for the investment of its funds. Subject to the supervision of the Board, the Adviser shall have the power and authority on behalf of the Company to effectuate its investment decisions for the Company, including the execution and delivery of all documents relating to the Company's investments and the placing of orders for and the purchase or sale transactions on behalf of the Company and its subsidiaries from time to time. In the event that the Company determines to acquire debt financing, the Adviser shall arrange for such financing on the Company's behalf, subject to the oversight and approval of the Board. If it is necessary for the Adviser to make investments on behalf of the Company through a subsidiary of the Company or a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary or special purpose vehicle and to make such investments through such special purpose vehicle (in accordance with the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser hereby accepts such engagement and agrees during the term hereof to render the services described
herein for the compensation provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser, subject to the prior approval of the Board and, to the extent required, the holders of units of
limited liability company interests of the Company ()"**Members** "), may from time to time enter into one or more sub-advisory agreements with other investment advisers (each, a "**Sub-Adviser**") as the Adviser may believe to be particularly fitted to assist it in the performance of this Agreement; provided, however, that the compensation of any Sub-Adviser shall be paid by the Adviser, and that the Adviser shall be as fully responsible to the Company for the acts and omissions of any Sub-Adviser as it is for
its own acts and omissions. Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the 1940 Act and other applicable federal and state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, except as
expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Adviser shall keep and preserve for the period required by the 1940 Act any books and records relevant to
the provision of its investment advisory services to the Company and shall specifically maintain all books and records in accordance with Section 31(a) of the 1940 Act, and the rules and regulations promulgated thereunder, with respect to the
Company's portfolio transactions, and shall render to the Board such periodic and special reports as the Board may reasonably request. The Adviser agrees that all records that it maintains for the Company are the property of the Company and
shall surrender promptly to the Company any such records upon the Company's request, provided that the Adviser may retain a copy of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Company's Responsibilities and Expenses Payable by the Company.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All investment professionals of the Adviser and their respective staffs, when and to the extent engaged in
providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Company. The Company shall
bear all other out-of-pocket costs and expenses of its operations and transactions, including, without limitation,

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those relating to: (i) organization and offering of the units of limited liability company interests of the Company (the "**Units**"); (ii) the Company's fees and expenses related to the wind down and/or liquidation and dissolution of the Company; (iii) calculating the Company's net asset value (including the cost and expenses of any independent valuation firm); (iv) fees and expenses payable to third parties, including agents, consultants, or other advisers, in connection with monitoring financial and legal affairs for the Company and in providing administrative services, monitoring the Company's investments, and performing due diligence on the Company's prospective portfolio investments or otherwise relating to, or associated with, evaluating and making investments; (v) fees and expenses incurred in connection with debt, if any, incurred to finance the Company's investments or operations, and payment of interest and repayment of principal on such debt; (vi) fees and expenses related to sales and repurchases of the Common Shares and other securities; (vii) investment advisory and management fees; (viii) administration fees, if any, payable under the administration agreement (the "**Administration Agreement**") between the Company and the Adviser, in its role as the administrator of the Company (the "**Administrator**"); (ix) transfer agent, sub-administrator, and custodial fees; (x) expenses relating to the issue, repurchase and transfer of Units to the extent not borne by the relevant transferring Members and/or assignees; (xi) federal and state registration fees; (xii) all costs associated with a Public Listing (as defined in Section 3(a)(i)); (xiii) federal, state and local taxes and other governmental charges assessed against the Company; (xiv) independent directors' fees and expenses and the costs associated with convening a meeting of the Board or any committee thereof; (xv) fees and expenses and the costs associated with convening a meeting of the Members or holders of any preferred stock, as well as the compensation of an investor relations professional responsible for the coordination and administration of the foregoing; (xvi) costs of preparing and filing reports or other documents required by the SEC, the Financial Industry Regulatory Authority, or other regulators; (xvii) costs of any reports, proxy statements, or other notices to Members, including printing and mailing costs; (xviii) costs and expenses related to the preparation of the Company's financial statements and tax returns; (xix) the Company's allocable portion of the fidelity bond, directors' and officers'/errors and omissions liability insurance, and any other insurance premiums; (xx) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (xxi) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, "no-action" positions, or other guidance sought from a regulator pertaining to the Company; (xxii) compensation of other third-party professionals, to the extent they are devoted to preparing the Company's financial statements or tax returns or providing similar "back office" financial services to the Company; (xxiii) Adviser costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for the Company, monitoring the investments of the Company and disposing of any such investments; (xxiv) portfolio risk management costs; (xxv) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees) and other assets; (xxvi) costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to the Company, including, in each case, services with respect to the proposed purchase or sale of securities by the Company that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (xxvii) costs of amending, restating or modifying the Operating Agreement, this Agreement, the Administration Agreement, or related documents of the Company or related entities; (xxviii) fees, costs, and expenses incurred in connection with any restructuring, initial public offering, or reorganization of the Company or related entities, the termination, liquidation, or dissolution of the Company or related entities, or the required redemption of all or substantially all outstanding Common Shares (including the fees and expenses associated with any such transaction); (xxix) the expense reimbursements set forth in the Administration Agreement; and (xxx) all other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with

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administering the Company's business, including rent and the allocable portion of the cost of the Company's Chief Compliance Officer and Chief Financial Officer and their respective staffs. Notwithstanding the foregoing, the Adviser shall have the right, from time to time in its sole discretion, to waive all or a portion of the costs and expenses due and payable to the Adviser by the Company pursuant to this Section 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, the Adviser or its affiliates shall be solely responsible for any placement or
"finder's" fees payable to any placement agents engaged by the Adviser or its affiliates on behalf of the Company in connection with the offering of securities by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Compensation of the Adviser.</u>** 

The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee ("**Base Management Fee**") and a performance fee ("**Performance Fee**") as hereinafter set forth. The cost of both the Base Management Fee and the Performance Fee will ultimately be borne by the Company's Members. The Company shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct. The Adviser may agree to temporarily or permanently waive, in whole or in part, the Base Management Fee and/or the Performance Fee. Certain capitalized terms used in this Section 3 are defined in Section 3(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Management Fee</u>. The Base Management Fee shall be payable quarterly in advance and shall be
appropriately prorated for any partial quarter, if any. The Base Management Fee shall be calculated at an annual rate of (1) 1.50% of the gross asset value of the Aranda Non-Seed Portfolio (as defined below)
and the Aranda Seed Portfolio (as defined below) assets acquired after April 1, 2024, subject to certain exceptions (the Aranda Non-Seed Portfolio assets and such Aranda Seed Portfolio assets
collectively, the "**New Aranda Portfolio**") and (2) 1.25% of the gross asset value of the Aranda Seed Portfolio assets acquired prior to April 1, 2024, subject to certain exceptions (such assets, the "**Legacy Aranda Portfolio**") and excluding cash and cash equivalents, both as of the first day of the each fiscal quarter and payable at the beginning of such fiscal quarter. In addition, the Base Management Fee will include an amount equal to an annual
rate of 1.0% of net invested capital in the OHA Originated Loans (as defined below), subject to certain step-downs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Performance Fee</u>. The Performance Fee shall consist of two parts, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The first part of the Performance Fee (the "**Investment Income Allocation**") shall be
calculated and payable annually in arrears based on the Company's Investment Income (as defined below) attributable to the loans or other portfolio assets (x) contained in the Aranda Seed Portfolio and (y) originated by the Adviser
and exclusive of the Aranda Seed Portfolio (the "**Aranda Non-Seed Portfolio**" and collectively with the Aranda Seed Portfolio, the "**Aranda Assets**") for the immediately
preceding fiscal year. The Company shall pay the Adviser an Investment Income Allocation with respect to the Company's Investment Income in each fiscal year as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Investment Income Allocation in any fiscal year shall be zero unless the Company's Investment Income
for the fiscal year exceeds the product of six percent (6%) per annum times the average of the net asset value of the Company (including cash and cash equivalents), in ease case attributable to the Aranda Assets, as of the last day of each quarter
of the applicable fiscal year (the "**Aranda Hurdle Amount** "). Although the Aranda Hurdle Amount is calculated on an aggregate basis across the New Aranda Portfolio and

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Legacy Aranda Portfolio, for purposes of the remainder of this Section 3(b), the Aranda Hurdle Amount for any fiscal year will be apportioned between the New Aranda Portfolio and Legacy Aranda Portfolio pro rata based on their respective net asset values as of the commencement of the applicable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Thereafter, if the Investment Income attributable to the Aranda Assets for the fiscal year exceeds the Aranda
Hurdle Amount, the Investment Income Allocation shall equal the sum of the Investment Income Catch-Up (as defined below) plus the Investment Income Remainder (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The second part of the Performance Fee (the "**Capital Gains Allocation**") shall be determined
and payable in arrears as of the end of each fiscal year. The Capital Gains Allocation shall be calculated separately for the New Aranda Portfolio and Legacy Aranda Portfolio and shall equal the product of the applicable Performance Fee Percentage
(as defined below) multiplied by the Company's Capital Gains (as defined below), if any, for such assets for such fiscal year.

In addition, the Performance Fee shall include an amount equal to 10.0% multiplied by the OHA Incentive Fee Base (as defined below), calculated annually. The "**OHA Incentive Fee Base**" is the difference between (x) the incentive fee payable to OHA Private Credit Advisors II, L.P. (the "**OHA Adviser**") (the "**Applicable OHA Incentive Fee**") divided by 10%, less (y) the Applicable OHA Incentive Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, at the end of any fiscal year, the sum of the Company's Capital Gains in respect of the New Aranda
Portfolio plus the Company's Capital Gains in respect of the Legacy Aranda Portfolio is a negative number (i.e., the Company has Capital Losses (as defined below) when combined across the two sets of assets), then (i) the aggregate amount
of such Net Loss (as defined below) will be apportioned between the assets contained in the New Aranda Portfolio and the Legacy Aranda Portfolio pro rata based on their respective net asset values as of the commencement of the applicable period,
(ii) the Investment Income Allocation in respect of each such portfolio will be reduced by the allocable portion of any overall Realized Capital Loss (as defined below), multiplied by the applicable Performance Fee Percentage (provided,
however, that such reduction will not exceed 15% of the Investment Income Allocation which would have resulted in the absence of this clause (ii)), and (iii) the cost basis for the assets contained in the New Aranda Portfolio and Legacy Aranda
Portfolio will be deemed adjusted downwards to reflect the operation of clause (ii), so that Capital Gains will be calculated using the lower deemed cost basis for all future fiscal years. For the avoidance of doubt, (x) any such Capital Loss
in a fiscal year will not reduce the Performance Fee in any subsequent fiscal year and (y) any Capital Loss realized in any fiscal year shall first be taken into account in reducing the Capital Gains Allocation before reducing the Investment
Income Allocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of <u>Section</u> <u>3</u>:

"**Additional Co-Investment**" shall mean opportunities for the Company to co-invest alongside certain funds managed by OHA Adviser or its affiliates in a particular investment to the extent that the investment opportunity exceeds available OHA account capital.

"**Aranda Formation Transaction**" shall mean the acquisition of a portfolio of assets by the Company through the contribution of 100% of the equity of CHS BDC 2 LLC, its subsidiaries and affiliates, on or around January 2, 2026.

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"**Aranda Non-Seed Portfolio**" shall mean any loans or other portfolio investments originated by the Adviser exclusive of the Aranda Seed Portfolio.

"**Aranda Originated Loans**" shall mean the Aranda Seed Portfolio and the Aranda Non-Seed Portfolio, excluding cash and cash equivalents.

"**Aranda Seed Portfolio**" shall mean the loans or other portfolio investments that the Company will acquire through the Aranda Formation Transaction, other than the OHA Seed Portfolio.

"**Capital Gains**" shall be calculated with respect to a given period and calculated separately for the assets contained in the New Aranda Portfolio and Legacy Aranda Portfolio and means realized gains in respect of such assets during the period, less all realized losses in respect of such assets and unrealized losses in respect of such assets based on reductions in the value of such assets during such period, in each case by the Company and/or any subsidiary of the Company; provided, that, without duplication, any repayment of principal or return of capital with respect to a Portfolio Investment shall not be considered as Capital Gains until the cumulative amount of any such repayment of principal or return of capital in respect of such Portfolio Investment exceeds the original principal amount actually invested in such Portfolio Investment (or, if applicable, the sum of (A) its cost basis (as adjusted pursuant to this definition) and (B) 100% of the Uncaptured Loss in respect of such Portfolio Investment). For the avoidance of doubt, Capital Gains will not be calculated net of expenses of the Company (including, for the avoidance of doubt, any Base Management Fees), as all expenses of the Company will be deducted from Investment Income. In the event of any unrealized loss in respect of a Portfolio Investment, or that any amounts above constitute a repayment of principal or return of capital of a portion of the capital invested into the applicable Portfolio Investment, the cost basis for such Portfolio Investment and the proportionate amount of the Uncaptured Loss for such Portfolio Investment, if any, will be deemed adjusted downwards to reflect such unrealized loss, repayment of principal or return of capital, as applicable, so that Capital Gains will be calculated using the lower deemed cost basis and reduced amount of Uncaptured Loss for all future periods. The cost basis for a Portfolio Investment will be deemed adjusted upwards to reflect any previously accrued Constructive Income that actually gave rise to an Investment Income Allocation; provided that, for the avoidance of doubt, such upward adjustment shall not be deemed to have been made in the event such Constructive Income did not actually give rise to an Investment Income Reallocation, in which case the amount of such Constructive Income shall be treated instead as realized gain (based on the original principal amount actually invested in such Portfolio Investment) upon a repayment of the Portfolio Investment, and; provided, that, for the further avoidance of doubt, any item of repayment of principal, return of capital or gain will not be subject to both an Investment Income Reallocation and a Capital Gains Allocation. If Capital Gains is a negative number, it will be referred to as a negative Capital Gain or also as a "**Capital Loss**."

"**Investment Income**" which is calculated with respect to a given period and calculated separately for the New Aranda Portfolio and Legacy Aranda Portfolio, means all interest (including the relevant portion of any amounts which constitute payment of both interest and principal), dividends, cash yield and other income (including accrued income with respect to original issue discount ("**OID**"), payment-in-kind ("**PIK**") interest or other accrued income and zero-coupon securities (collectively, "**Constructive Income**")) received or realized (or, solely with respect to Constructive Income, accrued) by the Company and by any of its subsidiaries with respect to the Aranda Originated Loans, but excludes any realized capital gains/losses and any capital appreciation or depreciation, and is calculated net of Base Management Fees actually used by the Adviser to satisfy expenses (but excluding amounts of any excess Base Management Fees) and all other expenses of the Company attributable to the Aranda Originated Loans (and, for the avoidance of doubt, other than those attributable to the OHA Originated Loans, including amounts payable to the OHA Adviser pursuant to the advisory agreement with the OHA Adviser). Any such expenses which are not directly attributable to a given portfolio investment shall be apportioned between New Aranda Portfolio and Legacy Aranda Portfolio pro rata based on their relative net asset value as of the commencement of the applicable period.

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"**Investment Income Catch-Up**" shall mean an amount, calculated separately for the New Aranda Portfolio and Legacy Aranda Portfolio, equal to the lesser of (x) the Investment Income of the New Aranda Portfolio or Legacy Aranda Portfolio (as applicable), less the Aranda Hurdle Amount applicable thereto, and (y) the remainder of (I) the applicable Aranda Hurdle Amount divided by the remainder of (A) one hundred percent (100%), less (B) the applicable Performance Fee Percentage, less (II) the applicable Aranda Hurdle Amount.

"**Investment Income Remainder**" shall mean an amount, calculated separately for the New Aranda Portfolio and Legacy Aranda Portfolio, equal to the product of (1) the remainder of (A) the Investment Income of the New Aranda Portfolio or Legacy Aranda Portfolio (as applicable) during the applicable fiscal year, less (B) the sum of the Aranda Hurdle Amount in respect of such assets plus the Investment Income Catch-Up in respect of such assets, multiplied by (2) the applicable Performance Fee Percentage in respect of such assets.

"**OHA Commitment**" shall mean the $500.00 million committed by CHS US Investments LLC to be managed by the OHA Adviser.

"**OHA Originated Loans**" shall mean any loans or other portfolio investments derived from investment of the OHA Commitment, including Additional Co-Investments and including loans or other portfolio investments derived from investment of the proceeds of OHA Originated Loans pursuant to any recycling rights under the OHA Commitment.

"**OHA Seed Portfolio**" shall mean a portion of the private credit assets provided by a wholly owned subsidiary of CHS US Investments LLC in exchange for Units having an aggregate net asset value equal to the aggregate net asset value of the assets so contributed that an affiliate of the OHA Adviser currently manages as a separately managed account for a wholly owned subsidiary of the Member that the Fud will acquire in a contribution of an affiliated fund into the Company.

"**Performance Fee Percentage**" means, with respect to the Members, (i) 15% with respect to the Legacy Aranda Portfolio and (ii) 17.5% with respect to the New Aranda Portfolio.

"**Realized Capital Loss**" means a Capital Loss taking into account only realized gains, realized losses, and, without duplication, Uncaptured Losses in respect of a Portfolio Investment in the period such asset is realized.

"**Seed Portfolio**" means the Aranda Seed Portfolio and the OHA Seed Portfolio.

"**Uncaptured Loss**" means the excess, if any, of (i) the aggregate amount of unrealized losses for any period, over (ii) the difference between (a) realized gains for such period less (b) realized losses for such period, and such Uncaptured Loss shall be allocated to each Portfolio Investment pro rata to the relative contribution by such Portfolio Investment to the aggregate unrealized losses for the period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Covenants of the Adviser.</u>** 

The Adviser covenants and agrees that its activities shall at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Limitations on the Employment of the Adviser.</u>** 

The services of the Adviser to the Company are not exclusive, and the Adviser may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment-based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the Company, so long as its services to the Company hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, officer, or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Company's portfolio companies, subject to applicable law). The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. While information and recommendations supplied to the Company shall, in the Adviser's judgment, be appropriate under the circumstances and in light of the investment objectives and policies of the Company, they may be different from the information and recommendations supplied by the Adviser or its affiliates to other investment companies, funds and advisory accounts. The Company shall be entitled to equitable treatment under the circumstances in receiving information, recommendations, and any other services, but the Company recognizes that it is not entitled to receive preferential treatment as compared with the treatment given by the Adviser to any other investment company, fund, or advisory account. It is understood that directors, officers, employees, and members of the Company are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners, shareholders, members, managers, or otherwise, and that the Adviser and directors, officers, employees, partners, shareholders, members, and managers of the Adviser and its affiliates are or may become similarly interested in the Company as shareholders or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.  **<u>Responsibility of Dual Directors, Officers and/or Employees.</u>** 

If any person who is a manager, partner, officer or employee of the Adviser is or becomes a director, officer, and/or employee of the Company and acts as such in any business of the Company, then such manager, partner, officer, and/or employee of the Adviser shall be deemed to be acting in such capacity solely for the Company, and not as a manager, partner, officer, or employee of the Adviser or under the control or direction of the Adviser, even if paid by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.  **<u>Portfolio Transactions and Brokerage.</u>** 

To the extent brokers or dealers are utilized in portfolio transactions for the Company, the Adviser shall endeavor to obtain on behalf of the Company the best overall terms available. In assessing the best overall terms available for any transaction, the Adviser shall consider all factors it deems relevant, including price (including the applicable broker commission or dealer spread), size of order, the breadth of the market in the security, the price of the security, the difficulty of the execution, the operational facilities of the broker or dealer and its risk and skill in positioning blocks of securities, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available and in selecting the broker or dealer to execute a particular transaction, the Adviser may also consider the "brokerage and research services" (as defined in the Securities Exchange Act of 1934, as amended, and the rules and regulations adopted by the SEC thereunder) provided to the Company and/or other accounts over which the Adviser or an affiliate of the Adviser exercises investment discretion. The Adviser is authorized to pay a broker or dealer which provides such brokerage and research services a commission for executing a portfolio transaction for the Company which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Adviser determines in good faith that such commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of that particular transaction or in terms of the overall responsibilities of the Adviser to the Company's portfolio, and constitutes the best net results for the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.  **<u>Limitation of Liability of the Adviser; Indemnification.</u>** 

The Adviser (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Adviser, including, without limitation, its members) shall not be liable to the Company for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation or payments for services), and the Company shall indemnify, defend, and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Adviser, including, without limitation, its members, each of whom shall be deemed a third-party beneficiary hereof) (collectively, the "**Indemnified Parties**") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation, or other proceeding (including an action or suit by or in the right of the Company or the Members) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Company. Notwithstanding the preceding sentence of this Section 8 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against, or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or the Members to which the Indemnified Parties would otherwise be subject by reason of criminal conduct, willful misfeasance, bad faith, or gross negligence in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.  **<u>Effectiveness, Duration and Termination of the Agreement.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date first written above. The provisions of Section 8 of
this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as set
forth in this Section 9, the Adviser shall be entitled to any amounts owed under Section 3 through the date of termination or expiration and Section 8 shall continue in force and effect and apply to the Adviser and its representatives
as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agreement shall continue in effect for two years from the date hereof and thereafter shall continue
automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the affirmative vote of a majority of the Board, or by the affirmative vote of a majority of the outstanding voting
securities of the Company, and (B) the affirmative vote of a majority of the directors who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Company, the Adviser, or their respective
affiliates (the "**Independent Directors** "), in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated at any time, without the payment of any penalty, upon not more than 60
days' written notice, by: (i) the affirmative vote of a majority of the outstanding voting securities of the Company, (ii) the affirmative vote of a majority of the Board, including a majority of the Independent Directors, or
(iii) the Adviser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall automatically terminate in the event of its "assignment" (as such term is
defined for purposes of Section 15(a)(4) of the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.  **<u>Notices.</u>** 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at such address as such party may designate in writing and shall be deemed to have been given when personally delivered, mailed by certified mail, return receipt requested, sent by reliable overnight courier, or transmitted by electronic facsimile or electronic mail to the principal office of the Adviser or the Company, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.  **<u>Waiver.</u>** 

Nothing contained in this Agreement shall constitute a waiver by the Company of any of its legal rights under the applicable U.S. federal securities laws or any other laws whose applicability is not permitted to be contractually waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.  **<u>Severability.</u>** 

In the event that any provision or portion of this Agreement is determined to be invalid, illegal or unenforceable for any reason, in whole or in part, the remaining provisions or portion of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.  **<u>Amendment.</u>** 

This Agreement may be amended by mutual consent, but the consent of the Company must be obtained in conformity with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.  **<u>Entire Agreement; Governing Law.</u>** 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of New York and in accordance with the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.  **<u>Miscellaneous</u>.** 

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.  **<u>Counterparts</u>.** 

This Agreement may be executed in counterparts and delivered in .pdf or other electronic form by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

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[*Signature Page Follows*]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date written above.

---

| | |
|:---|:---|
| **APS BDC, LLC** | **APS BDC, LLC** |
| By: | /s/ Eric Muller |
|  | Name: Eric Muller |
|  | Title: Chief Executive Officer |
| **CHS (US) MANAGEMENT LLC** | **CHS (US) MANAGEMENT LLC** |
| By: | /s/ Michael Sabbah |
|  | Name: Michael Sabbah |
|  | Title: Authorized Signatory |

---

*[Signature page to APS BDC, LLC / CHS (US) Management LLC Investment Advisory Agreement]*

## Exhibit 10.3

**Exhibit 10.3** 

**ADMINISTRATION AGREEMENT** 

**BETWEEN** 

**<u>APS BDC, LLC</u>**

**<u>AND</u>**

**<u>OHA PRIVATE CREDIT ADVISORS II, L.P.</u>**

This Administration Agreement (this "<u>Agreement</u>") is made as of January 2, 2026 by and between APS BDC, LLC, a Delaware limited liability company (the "<u>Company</u>"), and OHA Private Credit Advisors II, L.P., a Delaware limited partnership (the "<u>Administrator</u>").

WHEREAS, the Company is a newly organized closed-end management investment company that intends to elect to be regulated as a business development company ("<u>BDC</u>") under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, the Company desires to retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth; and

WHEREAS, the Administrator is willing to provide administrative services to the Company on the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as follows:

**1. <u>Duties of the Administrator</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Employment of Administrator</u>. The Company hereby retains the Administrator to act as administrator of the Company, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Directors of the Company (the "<u>Board</u>"), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such retention and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator and any such other persons providing services arranged for by the Administrator shall, for all purposes herein, be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Services</u>. The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative and compliance services necessary for the operation of the Company, including, but not limited to, maintaining financial records; assisting in overseeing the preparation and filing the Company's tax returns; overseeing the calculation of the Company's net asset value ("<u>NAV</u>"); compliance monitoring (including pre-trade and post-trade compliance, diligence and

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oversight of the Company's other service providers); preparing, printing and disseminating reports to the holders of units of limited liability company interests of the Company ("<u>Units</u>") and reports and other materials filed with the Securities and Exchange Commission (the "<u>SEC</u>") and other regulators; preparing materials and coordinating meetings of the Board; managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others; providing facilities, equipment, and clerical, bookkeeping, and recordkeeping services at such facilities; providing transaction legal and tax services, administrative and accounting services (including, to the extent applicable, the provision of valuation, shadow accounting, investor reporting, meeting preparation, corporate and tax structuring and related services, and support with respect to any credit facility of the Company, including the management thereof and the payment of interest expenses thereunder), treasury, leveraged purchasing, information technology system support, system implementation, anti-money laundering and know-your-customer services and monitoring and compliance, local and state filing services, asset management and operations, hedging and currency management and compliance, and services related to transfers of Units or for the Company's portfolio companies (that could otherwise be performed by third parties), as necessary; and such other services as the Administrator, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Company and in conjunction with CHS (US) Management LLC (the "<u>Aranda Adviser</u>"), arrange for the services of, oversee, and conduct relations with sub-administrators, custodians, depositories, transfer agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable in fulfilling its administrative duties. In addition, the Administrator shall identify and/or select, subject to the Board's approval, a Chief Compliance Officer for the Company within the meaning of Rule 38a-1 under the 1940 Act (the "<u>Chief Compliance Officer</u>") and assist with and/or oversee the establishment of the Company's compliance program under Rule 38a-1 of the 1940 Act and the Chief Compliance Officer's administration and enforcement of the compliance program. OHA Private Credit Advisors II, L.P., in its capacity as both an investment adviser to the Company (in such capacity, the "<u>OHA Adviser</u>") and the Administrator, may also provide on the Company's behalf significant managerial assistance to those portfolio companies that request such assistance. The Administrator shall make reports to the Board of its performance of its obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company as it shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, in its capacity as Administrator pursuant to this Agreement, provide any advice or recommendation relating to the securities and other assets that the Company should purchase, retain or sell or any other investment advisory services to the Company. For the avoidance of any doubt, the parties agree that the Administrator is authorized to enter into and anticipates entering into sub-administration agreements as the Administrator determines necessary in order to carry out the services set forth in this paragraph, subject to the prior approval of the Board and the Aranda Adviser; provided, however, that the Aranda Adviser may separately facilitate the Company's entry into agreements with service providers that it determines, in its sole discretion, to be necessary in order to carry out the services set forth in this paragraph, subject to the prior approval of the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Responsibilities</u>. For the duration of this Agreement, the Administrator shall provide individuals to serve in certain executive officer roles for the Company, including, but not limited to, the Chief Executive Officer and Chief Financial Officer of the Company.

**2. <u>Records</u>.** The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder and will maintain and keep such books, accounts and records in accordance with the 1940 Act and the rules promulgated thereunder. The Administrator may delegate the foregoing responsibility to a third party with the consent of the Board, subject to the oversight of the Administrator and the Company. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records which it or its delegate maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of this Agreement or otherwise on written request. The Administrator further agrees that all records which it or its delegate maintains for the Company pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement. Notwithstanding any other provision of this Agreement, the Administrator acknowledges and agrees that the administrator to CHS US Investments LLC (the "<u>Unitholder</u>") shall, at all times, have access to all Company-level information and records for the purpose of aggregate reporting for the Unitholder's beneficial owners.

**3. <u>Confidentiality</u>.** The parties hereto agree that each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information (regulated pursuant to Regulation S-P), shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

**4. <u>Compensation; Allocation of Costs and Expenses</u>.** In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the reasonable costs and expenses incurred by the Administrator in performing its obligations, including the Company's allocable portion of the reasonable costs and expenses of providing personnel and facilities hereunder and any fees paid to a third-party sub-administrator, subject in all cases to the overall cap on expenses described below and except as otherwise provided herein.

Except as specifically provided below, all investment professionals and staff of the OHA Adviser and Aranda Adviser, when and to the extent engaged in providing investment advisory services to the Company, and the base compensation, bonus and benefits, rent, utilities, insurance, payroll taxes, bonuses, employee benefits, furnishings, telecommunications and certain information services and certain office expenses, including office supplies and equipment and

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other similar expenses and the other routine overhead expenses of such personnel allocable to such services (individually and collectively, "<u>Overhead</u>"), will be provided and paid for by the OHA Adviser and Aranda Adviser, respectively. The Company will bear all other reasonable costs and expenses of its activities, operations, administration and transactions, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) investment advisory fees, including management fees and incentive fees, to (i) the OHA Adviser pursuant to that certain Investment Advisory Agreement by and between the Company and the OHA Adviser, as amended from time to time (the "<u>OHA Advisory Agreement</u>"), and (ii) the Aranda Adviser pursuant to that certain Investment Advisory Agreement by and between the Company and the Aranda Adviser, as amended from time to time (the "<u>Aranda Advisory Agreement</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's allocable portion of Overhead and other expenses incurred by the Administrator in performing its administrative obligations under this Agreement, including but not limited to compensation paid by the Administrator to: (i) the Company's Chief Compliance Officer, Chief Financial Officer, and their respective staffs (including any third-party staff leveraged by such personnel to perform services for the Company); (ii) investor relations, legal, operations, treasury and any other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any personnel of the OHA Adviser or any of its Affiliates (as defined below) providing non-investment related services to the Company (collectively, "<u>OHA Personnel</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all other expenses of the Company's operations, administration and transactions including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) organization and offering fees, costs and expenses associated with this offering, including legal, accounting (including expenses of in-house legal, accounting, tax and other professionals of the OHA Adviser and/or Aranda Adviser, inclusive of their allocated Overhead), printing, mailing, subscription processing and filing fee costs and expenses (including "blue sky" laws and regulations) and other offering fees costs and expenses, including fees, costs and expenses in connection with the preparation of the Company's governing documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all taxes, fees, costs, and expenses, retainers and/or other payments of accountants, legal counsel, advisors (including tax advisors), administrators, auditors (including, for the avoidance of doubt, the Company's financial audit, and with respect to any additional auditing required under The Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and any applicable legislation implemented by an EEA member state in connection with such Directive (the "<u>AIFMD</u>")), investment bankers, administrative agents, paying agents, depositaries, custodians, trustees, sub-custodians, consultants (including individuals consulted through expert network consulting firms), engineers, senior advisors, industry experts, operating partners, deal sourcers (including personnel dedicated to but not employed by the OHA Adviser and/or Aranda Adviser), and other professionals (including, for the avoidance of doubt, the costs and charges allocable with respect to the provision of internal legal, tax, accounting, technology, portfolio reconciliation, portfolio compliance

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and reporting or other services or that are otherwise related to the implementation, maintenance and supervision of the procedures relating to the books and records of the Company and any personnel related thereto, inclusive of their allocated Overhead (including secondees and temporary personnel or consultants that may be engaged on short- or long-term arrangements) as deemed appropriate by the Administrator, with the oversight of the Board, where such internal personnel perform services that would be paid by the Company if outside service providers provided the same services); it being understood that fees, costs, and expenses herein include (x) fees, costs and expenses for time spent by its in-house attorneys and tax advisors that provide legal advice and/or services to the Company or its portfolio companies on matters related to potential or actual investments and transactions and the ongoing operations of the Company and (y) fees, costs and expenses incurred to provide administrative and accounting services to the Company or its portfolio companies (including the ratable share of the cost of valuation personnel), and fees, costs, expenses and charges incurred directly by the Company or its Affiliates (as defined below) in connection such services (including Overhead related thereto), in each case, (I) that are specifically charged or specifically allocated or attributed by the Administrator, with the oversight of the Board, to the Company or its portfolio companies and (II) provided that any such amounts shall not be greater than what would be paid to an unaffiliated third party for substantially similar advice and/or services of the same skill and expertise, in accordance with the OHA Adviser's or Aranda Adviser's respective expense allocation policies, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all fees, costs, expenses of calculating the Company's NAV, including the cost of any third-party valuation service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all fees, costs and expenses of effecting any sales of the shares of the Company and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all interest and fees, costs and expenses arising out of all borrowings and other financings or derivative transactions (including interest, fees and related legal expenses) made or entered into by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders, investment banks and other financing sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all fees, costs and expenses incurred in connection with the formation or maintenance of entities or vehicles to hold the Company's assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all fees, costs and expenses of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all fees, costs and expenses, including travel, entertainment, lodging and meal expenses, incurred by the OHA Adviser and/or Aranda Adviser, or members of their respective investment teams, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if necessary, enforcing the Company's rights;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all fees, costs and expenses (including the allocable portions of Overhead and out-of-pocket expenses such as travel expenses) or an appropriate portion thereof of employees of the OHA Adviser or Aranda Adviser, to the extent such expenses relate to attendance at meetings of the Board or any committees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) all fees, costs and expenses, if any, incurred by or on behalf of the Company in developing, negotiating and structuring prospective or potential investments that are not ultimately made, including, without limitation, any legal, tax, administrative, accounting, travel, meals, accommodations and entertainment, advisory, consulting and printing expenses, reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) all allocated fees, costs and expenses incurred by the Administrator in providing managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) all brokerage fees, costs and expenses, hedging fees, costs and expenses, prime brokerage fees, costs and expenses, custodial fees, costs and expenses, agent bank and other bank service fees, costs and expenses; private placement fees, costs and expenses, commissions, appraisal fees, commitment fees and underwriting fees, costs and expenses; fees, costs and expenses of any lenders, investment banks and other financing sources, and other investment costs, fees and expenses actually incurred in connection with evaluating, making, holding, settling, clearing, monitoring or disposing of actual investments (including, without limitation, travel, meals, accommodations and entertainment expenses and any expenses related to attending trade association and/or industry meetings, conferences or similar meetings, any costs or expenses relating to currency conversion in the case of investments denominated in a currency other than U.S. dollars) and expenses arising out of trade settlements (including any delayed compensation expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) investment fees, costs and expenses, including all fees, costs and expenses incurred in sourcing, evaluating, developing, negotiating, structuring, trading (including trading errors), settling, monitoring and holding prospective or actual investments or deploying investment strategies, including, without limitation, any financing, legal, filing, auditing, tax, accounting, compliance, loan administration, travel, meal, accommodation and entertainment, advisory, consulting, engineering, data-related and other professional fees, costs and expenses in connection therewith (to the extent the OHA Adviser or Aranda Adviser is not reimbursed by a prospective or actual issuer of the applicable investment or other third parties or such expenses are not capitalized as part of the acquisition price of the transaction), and any fees, costs and expenses related to the organization or maintenance of any vehicle through which the Company directly or indirectly participates in the acquisition, holding and/or disposition of investments or which otherwise facilitate the Company's investment activities, including, without limitation, any travel and accommodation expenses related to such vehicle and the salary and benefits of any personnel (including personnel of the OHA Adviser, Aranda Adviser or their respective Affiliates) and/or in connection with the maintenance and operation of such vehicle, or other overhead expenses (including any fees, costs and expenses associated with the leasing of office space (which may be made with one or more Affiliates of the OHA Adviser or Aranda Adviser as lessor in connection therewith));

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) all transfer agent, dividend agent and custodial fees, costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) all federal and state registration fees, franchise fees, any stock exchange listing fees and fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) fees and expenses, including travel, entertainment, lodging and meal expenses, incurred by members of the Board that are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Company (the "<u>Independent Directors</u>"), and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the Independent Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) costs of preparing financial statements and maintaining books and records, costs of compliance and attestations associated with the Sarbanes-Oxley Act of 2002, costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority, U.S. Commodity Futures Trading Commission ("<u>CFTC</u>"), European Securities and Markets Authority ("<u>ESMA</u>"), and other regulatory body and other reporting and compliance costs, including registration and exchange listing and the costs associated with reporting and compliance obligations under the 1940 Act and any other applicable federal and state securities laws, and the compensation of professionals responsible for the foregoing (which compensation shall be deemed to constitute Overhead), but excluding, for the avoidance of doubt, any expenses incurred for general compliance and regulatory matters that are not related to the Company or its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) all fees, costs and expenses associated with the preparation and issuance of the Company's periodic reports and related statements (e.g., financial statements and tax returns) and other internal and third-party printing (including flat service fees), publishing (including time spent performing such printing and publishing services) and reporting-related expenses (including other notices and communications) in respect of the Company and its activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or allocated by the Company, the OHA Adviser, the Aranda Adviser or their respective Affiliates in connection with such provision of services thereby);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) all fees, costs and expenses of any reports, proxy statements or other notices to members (including printing and mailing costs) and the costs of Board meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) all proxy voting fees, costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) any and all taxes and/or tax-related interest, fees or other governmental charges (including any penalties incurred where the OHA Adviser or Aranda Adviser lacks sufficient information from third parties to file a timely and complete tax return) levied against the Company, and all fees, costs and expenses incurred in connection with any tax audit, investigation, litigation, settlement or review of the Company and the amount of any judgments, fines, remediation or settlements paid in connection therewith;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) all fees, costs and expenses of any litigation, arbitration or audit involving the Company or its portfolio companies and the amount of any judgments, assessments, fines, remediations or settlements paid in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) Board members and officers liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expenses or liabilities relating to the affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) all fees, costs and expenses associated with the Company's information technology, including obtaining and maintaining technology (including any and all fees, costs and expenses of any investment, books and records, portfolio compliance and reporting systems, such as "Wall Street Office," "Everest" (Allvue), "Trinity" and similar systems and services, including consultant, software licensing, data management and recovery services fees and any tools, programs, subscriptions or other systems providing market data, analytical, database, news or third-party research or information services and the costs of any related professional service providers), third-party or proprietary hardware/software, data-related communication, market data and research (including news and quotation equipment and services) and including costs allocated by the OHA Adviser's, Aranda Adviser's or their respective Affiliates' (as defined below) internal and third-party research groups (which are generally based on time spent, assets under management, usage rates, proportionate holdings or a combination thereof or other reasonable methods determined by the Administrator) and expenses and fees (including compensation costs) charged or specifically attributed or allocated by the OHA Adviser, Aranda Adviser and/or their respective Affiliates for data-related services provided to the Company and/or its portfolio companies (including in connection with prospective investments), each including expenses, charges, fees and/or related costs of an internal nature, reporting costs (which includes notices and other communications and internally allocated charges), and dues and expenses incurred in connection with membership in industry or trade organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) all fees, costs and expenses of specialty and custom software for monitoring risk, compliance and the overall portfolio, including any development costs incurred prior to the filing of the Company's election to be treated as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) all fees, costs and expenses associated with individual or group investors in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) all insurance fees, costs and expenses (including fidelity bond, Board members and officers errors and omissions liability insurance and other insurance premiums incurred for the benefit of the OHA Adviser or Aranda Adviser);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvix) all fees, costs and expenses of winding up and liquidating the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings, notices or disclosures related to the Company's activities (including, without limitation, expenses relating to the preparation and filing of filings required under the Securities Act of 1933, as amended, TIC Form SLT filings, Internal Revenue Service filings under FATCA and FBAR reporting requirements applicable to the Company or reports to be filed with the CFTC, reports, disclosures, filings and notifications prepared in connection with the laws and/or regulations of jurisdictions in which the Company engages in activities, including any notices, reports and/or filings required under the AIFMD, ESMA and any related regulations, and other regulatory filings, notices or disclosures of the OHA Adviser or Aranda Adviser relating to the Company and its Affiliates relating to the Company, and their activities) and/or other regulatory filings, notices or disclosures of the OHA Adviser, Aranda Adviser and/or their respective Affiliates relating to the Company, including those pursuant to applicable disclosure laws and expenses relating to FOIA requests, but excluding, for the avoidance of doubt, any expenses incurred for general compliance and regulatory matters that are not related to the Company and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) all fees, costs and expenses (including travel) in connection with the diligence and oversight of the Company's service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) all fees, costs and expenses, including travel, meals, accommodations, entertainment and other similar expenses, incurred by the OHA Adviser, Aranda Adviser or their respective Affiliates for meetings with existing investors and any intermediaries, registered investment advisors, financial and other advisors representing such existing investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) due diligence and research expenses (including the allocable portion of any research or other services that may deemed to be bundled for the benefit of the Company), as well as the information technology systems used to obtain such research and other information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) all costs and expenses associated with the establishment of the separately managed account arrangement and the acquisition of the initial seed portfolio by a wholly owned subsidiary of the Unitholder, and any related maintenance of or amendments to such agreement, including any fees, costs, and expenses, retainers and/or other payments of legal counsel and other advisors (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) all costs and expenses associated with the acquisition of Matterhorn Investments LLC, a Delaware limited liability company, including any fees, costs, and expenses, retainers and/or other payments of legal counsel and other advisors (as applicable); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) all other all fees, costs and expenses incurred by the Administrator in connection with administering the Company's business.

From time to time, the Administrator or its Affiliates may pay third-party providers of goods or services. The Company will reimburse the Administrator or its Affiliates thereof for any such amounts paid on the Company's behalf. From time to time, the Administrator may defer or waive fees and/or rights to be reimbursed for expenses.

Costs and expenses of OHA Private Credit Advisors II, L.P. in its capacity as both the Administrator and the Adviser that are eligible for reimbursement by the Company will be reasonably and consistently allocated to the Company on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator and communicated to the Company.

All of the expenses described in this Section 4 will ultimately be borne by the Company's holders of Units, provided that the pass-through costs of any personnel of OHA Private Credit Advisors II, L.P. or any of its Affiliates providing non-investment related services to the Company (collectively, "<u>OHA Personnel</u>") as permitted under this Section 4 shall be subject to a cap of (i) $375,000 for the Company's organizational expenses on an upfront basis and (ii) $375,000 per quarter for the Company's operating expenses following the commencement of the Company's operations. No expenses other than the OHA Personnel pass-through costs will be subject to a cap.

**5. <u>Limitation of Liability</u>.** To the fullest extent permitted by law, none of the Administrator or its directors, trustees, officers, equityholders or members (and their equityholders or members, including the owners of their equityholders or members), agents, employees, controlling persons (as determined under the 1940 Act ("<u>Controlling Persons</u>")), any other person or entity who is Affiliated with the Administrator (including each of their respective directors, trustees, officers, equityholders or members (and their equityholders or members, including the owners of their equityholders or members), agents, employees or Controlling Persons) or any other person or entity acting on behalf of the Administrator (each, a "<u>Protected Person</u>") shall be liable to the Company or any holder of Units for (a) any action taken or omitted to be taken, or alleged to be taken or omitted to be taken, by a Protected Person or any other person with respect to the Company, including any negligent act or failure to act, except for any liability resulting from such Protected Person's own fraud, willful malfeasance or gross negligence or (b) losses due to the negligence of brokers or other agents of the Company, unless such Protected Person was responsible for the selection of such broker or other agent and such Protected Person acted in such selection with fraud, willful malfeasance or gross negligence. For purposes of this Agreement, "<u>Affiliate</u>" or "<u>Affiliated</u>" or any derivation thereof means with respect to any individual, corporation, partnership, trust, joint venture, limited liability company or other entity or association ("<u>Person</u>"): (a) any Person directly or indirectly owning, controlling, or holding, with the power to vote, 25% or more of the outstanding voting securities of such other Person; (b) any Person 25% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (c) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (d) any executive officer, director, trustee or general partner of such other Person; or (e) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.

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Each Protected Person may consult with counsel and accountants in respect of Company affairs (including interpretations of this Agreement) and shall be fully protected and justified in any action or inaction that is taken or omitted in good faith, in reliance upon and in accordance with the advice or opinion of such counsel or accountants selected without fraud, willful malfeasance or gross negligence. In determining whether a Protected Person acted with the requisite degree of care, such Protected Person shall be entitled to rely on written or oral reports, opinions, certificates and other statements of the officers, directors, employees, consultants, attorneys, accountants and professional advisors of the Company, the OHA Adviser and/or the Aranda Adviser, selected without fraud, willful malfeasance or gross negligence; provided that such counsel or accountants were provided with all facts known by the Company or the Administrator (and believed to be material) in connection with the advice being sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification.</u> To the fullest extent permitted by law, the Company shall indemnify, hold harmless, protect and defend each Protected Person from and against any and all losses, claims, damages, costs, liabilities and/or actions, suits or proceedings (whether civil, criminal, administrative or investigative and whether such action, suit or proceeding is brought or initiated by the Company or a third party), including legal fees or other expenses incurred in investigating or defending against any such losses (including trade error losses), claims, damages, costs, liabilities or actions, suits or proceedings, and any amounts expended in settlement of any claims approved by the Company and/or the Administrator (as applicable) (collectively, "<u>Liabilities</u>") to which any Protected Person may become subject:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by reason of any act or omission or alleged act or omission (even if negligent) performed or omitted to be performed on behalf of the Company, the Administrator and/or any of their respective Affiliates or otherwise in connection with the business of the Company or its investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by reason of the fact that such Protected Person is or was acting (or omitting to act) in connection with the business of the Company or its administrative activities or its Administrator in any capacity or that it is or was serving at the request of the Company as a direct or indirect partner, stockholder, member, director, officer, employee, manager, trustee, specified agent and/or legal representative of any Person, including any subsidiary or issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by reason of any other act or omission or alleged act or omission (even if negligent) arising out of or in connection with the activities of the Company; unless, in each case, such Liability (x) was determined by a court of competent jurisdiction to have resulted from such Protected Person's own fraud, willful malfeasance or gross negligence or (y) results from claims or proceedings arising solely out of internal disputes between or among direct or indirect partners of the Administrator. In addition, the Company may indemnify and hold harmless other service providers of the Company on the same or similar (or other) terms as those described herein with respect to Protected Persons.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Reimbursement of Expenses.</u> The Company shall promptly reimburse each Protected Person (upon receipt of an undertaking by or on behalf of such Protected Person to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the Company as authorized in this Section 5(b), or as may otherwise be required by the 1940 Act) the attorneys' fees and other fees, costs and expenses (as incurred to the extent permitted by the 1940 Act) of each Protected Person in connection with investigating, preparing to defend or defending any claim, lawsuit, action or other proceeding relating to any Liabilities for which such Protected Person may be indemnified pursuant to this Section 5(b); provided that if it is determined by a court of competent jurisdiction that such Protected Person is not entitled to the indemnification provided by this Section 5(b), then such Protected Person shall repay such reimbursed or advanced amounts to the Company; and provided further that the advancement of reasonable legal or other expenses (as incurred) provided by this Section 5(b) shall not be permitted if the related claim, lawsuit or other proceeding has been brought forth by a "majority-in-interest" (as defined in the Company's limited liability company agreement, as amended from time to time). Notwithstanding the foregoing or any other provision herein, in the event that it is finally judicially determined (including by way of another applicable court of competent jurisdiction overturning a prior decision of a court of first instance) that a Protected Person did not engage in the conduct described in the final paragraph of Section 5(a), the exculpation, indemnification, advancement and reimbursement terms described in the introduction of Section 5 and this Section 5(b) (including such Protected Person's entitlement to indemnification and reimbursement) shall be applied and determined based solely on such final judicial determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Survival and Limitation of Protection.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The provisions of Section 5(a) shall continue to afford protection to each Protected Person regardless of whether such Protected Person remains in the position or capacity pursuant to which such Protected Person became entitled to indemnification under Section 5(a) and regardless of any subsequent amendment to this Agreement; provided, however, that no such amendment shall reduce or restrict the extent to which these indemnification provisions apply to actions taken or omissions made prior to the date of such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The rights of indemnification provided in Section 5(a) shall be in addition to any rights to which a Protected Person may otherwise be entitled by contract or as a matter of law, and shall extend to each of such Protected Person's heirs, successors and assigns.

**6. <u>Activities of the Administrator</u>.** The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator and each Affiliate thereof is free to render services to others. It is understood that directors, officers, employees and holders of Units are or may become interested in the Administrator and its Affiliates as directors, officers, members, managers, employees, partners, shareholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and shareholders of the Administrator and its Affiliates are or may become similarly interested in the Company as holders of Units or otherwise.

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**7. <u>Duration and Termination</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date first written above. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice, by the Company or by the Administrator. This Agreement may be terminated, without the payment of any penalty, on 30 days' written notice, by the Company upon the Company's decision to enter into a new administration agreement with the Aranda Adviser in connection with the Company commencing the second phase of its operations. The provisions of Section 5 of this Agreement shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Administrator shall be entitled to any amounts owed under Section 4 through the date of termination or expiration of this Agreement, as applicable, and Section 5 shall continue in force and effect and apply to the Administrator and its representatives as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue in effect for six (6) months from the date hereof with the Aranda Adviser to propose upon necessity, and the Board to confirm, the option to extend the term by an additional eighteen (18) months (structured as three separate six-month extension options), or to the extent consistent with the requirements of the 1940 Act, from the date of the Company's election to be regulated as a BDC under the 1940 Act, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, or by the vote of a Majority of Outstanding Voting Securities (as defined below) and (ii) the vote of a majority of the Company's Board members who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act. A "<u>Majority of Outstanding Voting Securities</u>" means the lesser of (i) 67 percent or more of the outstanding voting securities of the Company present at a meeting of the holders of Units, if the holders of more than 50 percent of the outstanding voting securities of the Company are present or represented by proxy at such meeting, or (ii) more than 50 percent of the outstanding voting securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrator shall promptly upon termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deliver to the Board all assets and documents of the Company then in custody of the Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) cooperate with the Company to provide an orderly transition of services.

**8. <u>Amendments of this Agreement</u>.** This Agreement may be amended pursuant to a written instrument by mutual consent of the parties.

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**9. <u>Governing Law</u>.** This Agreement shall be governed, construed and interpreted in accordance with the laws of the State of New York; <u>provided</u>, <u>however</u>, that nothing herein shall be construed as being inconsistent with the 1940 Act.

**10. <u>Entire Agreement</u>.** This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

**11. <u>Notices</u>.** Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

**12. <u>Compliance with Law</u>.** The Administrator covenants and agrees that its activities shall at all times comply in all respects with all applicable federal and state laws, rules and regulations governing its operations and investments, except to the extent that any such noncompliance would not have, and would not reasonably be expected to have, a material adverse effect on the ability of the Administrator to operate is business and to fulfill its obligations under this Agreement.

**13. <u>Miscellaneous</u>**. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors.

**14. <u>Representations and Warranties</u>.** The Administrator hereby represents and warrants to and agrees with the Company that as of the date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Administrator is a limited partnership duly formed and validly existing under the laws of the State of Delaware and has all requisite limited partnership power and authority to carry on its business as currently conducted and as proposed to be conducted pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator is duly qualified to transact business in every jurisdiction in which the character of the business conducted by it makes such qualification necessary, except where the failure to be so qualified would not have a material adverse effect on the business operations or financial condition of the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the execution and delivery of this Agreement by the Administrator has been authorized by all necessary action on behalf of the Administrator, and is a legal, valid and binding agreement of the Administrator, enforceable against the Administrator in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to its knowledge, the execution and delivery of this Agreement by the Administrator and the performance of its obligations hereunder will not conflict with or result in any material violation or default under any provision of the limited partnership agreement of the Administrator or any other material agreement or instrument to which the Administrator is a party, or by which it or any of its properties are bound, or any material order, writ, permit, franchise, judgment, decree, statute, rule or regulation applicable to the Administrator or its businesses or properties,

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except where such conflict, violation or default would not have a material adverse effect on the Administrator's management of the Company's assets, or require the Administrator to make any material filing or registration with, or obtain any material approval, authorization, license or consent of, any court or governmental department, agency or authority or self-regulatory authority or any party to an agreement that has not already been duly and validly obtained, except where the failure to make such filing or registration or to obtain such approval, authorization, license or consent would not have a material adverse effect on the Administrator's management of the Company's assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Administrator is registered as an investment adviser with the SEC under the Advisers Act.

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **APS BDC LLC** | **APS BDC LLC** |
| By: | /s/ Eric Muller |
| Name: | Eric Muller |
| Title: | Chief Executive Officer |
| **OHA PRIVATE CREDIT ADVISORS II, L.P.** | **OHA PRIVATE CREDIT ADVISORS II, L.P.** |
| By: | /s/ William Bohnsack |
| Name: | William Bohnsack |
| Title: | Vice President |

---

[*Signature Page to Administration Agreement*]

## Exhibit 10.4

**Exhibit 10.4** 

**<u>SUB-ADMINISTRATION AGREEMENT</u>**

**THIS AGREEMENT** is made this 2nd day of January, Two Thousand and Twenty-Six.

**BETWEEN APS BDC, LLC**, a Delaware limited liability company whose business address is at 550 Madison Avenue, 34th Floor, New York, New York, 10022 (the "**Company**") of the first part and **HARMONIC FUND SERVICES**, a company incorporated in and under the laws of the Cayman Islands whose business address is at Cayman Corporate Centre, 4<sup>th</sup> Floor, 27 Hospital Road, George Town, Grand Cayman, KY1-1102, Cayman Islands ("**Harmonic**") of the second part.

**WHEREAS** the Administrator acts as administrator to the Company and is responsible for providing various administrative services to the Company; and

**WHEREAS** the Company wishes to appoint Harmonic as sub-administrator to the Company, and Harmonic has agreed to provide the services set out in Appendix 1 to the Company on the terms and conditions of this sub-administration agreement (the "**Agreement**").

**NOW IT IS HEREBY AGREED** as follows:

**1.** **INTERPRETATION** 

1.1 In this Agreement and in all amendments hereto, the following words and expressions will, where not
inconsistent with the context, have the following meanings:

"**1933 Act**" means the Securities Act of 1933, as amended.

"**1934 Act**" means the Securities Exchange Act of 1934, as amended.

"**1940 Act**" means the Investment Company Act of 1940, as amended.

"**Administrator**" means the entity that serves as administrator to the Company pursuant to an administration agreement.

"**Affiliate**"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to any person other than Harmonic, means any other person who directly or indirectly controls, is
controlled by or is under common control with, that person, subject to the remainder of this definition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to Harmonic, means (i) any other person who directly or indirectly controls Harmonic (such
person, a "**Holding Company** "), (ii) any other person who directly or indirectly is controlled by Harmonic, (iii) any other person who directly or indirectly is under common control with Harmonic, (iv) any other person who
directly or indirectly is under common control with the Holding Company (such person, an "**Additional Holding Company** "), (v) any other person who directly or indirectly controls the Additional Holding Company, and (vi) any
other person who directly or indirectly is controlled by the Additional Holding Company.

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For the purposes of parts (a) and (b) of this definition, the terms controls, is controlled by, or under common control with mean (i) the direct or indirect ownership of in excess of 50% of the equity interests (or interests convertible into or otherwise exchangeable for equity interests) in a person, or (ii) the direct or indirect ownership of in excess of 50% of the voting securities of a person or securities carrying the direct or indirect right to elect in excess of 50% of the board of directors or other governing body of a person (whether by securities ownership, contract or otherwise); provided that, with respect to the Company, the term Affiliate shall not include (i) Temasek Holdings Private Limited ("**Temasek Holdings**"), and (ii) Temasek Holdings' direct and indirect wholly owned companies whose board of directors or equivalent governing bodies comprise nominees or employees of (a) Temasek Holdings, (b) Temasek Pte. Ltd. (being a wholly owned subsidiary of Temasek Holdings), and/or (c) wholly owned direct and indirect subsidiaries of Temasek Pte. Ltd.

"**Agreement**" has the meaning set forth in the preamble.

"**Appointment Date**" has the meaning set forth in Clause 7.22 hereof.

"**Code**" means the Internal Revenue Code of 1986, as amended, and the regulations promulgated and rulings issued thereunder.

"**Company**" has the meaning set forth in the preamble.

"**Data**" has the meaning set forth in Clause 9.6 hereof.

"**ERISA**" means the Employee Retirement Income Security Act of 1974 and the regulations promulgated and rulings issued thereunder.

"**Fee**" means the management fee and/or incentive or performance fees to be paid by the Company to the Manager, as applicable and as set forth in the Company's registration statement.

"**Fee Calculation**" means such Fee calculation as Harmonic agrees in writing to perform pursuant to the services specified in Appendix 1 from time to time.

"**FINRA**" means the Financial Industry Regulatory Authority, Inc.

"**Gross Negligence**" has the meaning attributed to it under the laws of the State of Delaware.

"**Harmonic**" has the meaning set forth in the preamble.

"**Harmonic Party**" means Harmonic, together with its Affiliates, successors, agents and delegates and their respective directors, officers, independent contractors and employees.

"**Harmonic Party Maximum Aggregate Liability**" has the meaning set forth in Clause 7.19 hereof.

"**Historic Data**" has the meaning set forth in Clause 7.22 hereof.

"**LLC Agreement**" means the limited liability company agreement governing the activities and affairs of the Company.

"**Losses**" means all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever.

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"**Manager**" means the entity that serves as investment adviser to the Company pursuant to an investment advisory agreement.

"**Net Asset Value**" means the net asset value of the Company calculated in accordance with the terms of the Company's registration statement;

"**Net Asset Value per Unit**" means the net asset value per Unit of each class of the Company calculated in accordance with the terms of the Company's registration statement;

"**Plan**" means an "employee benefit plan" within the meaning of Section 3(3) of ERISA or a "plan" within the meaning of Section 4975 (e)(1) of the Code.

"**Plan Asset Regulations**" means United States Department of Labor Regulation at 29C.F.R. section 2510.3-101.

"**Proper Instructions**" means instructions from the Company in the English language sent by facsimile or email, signed or sent or purporting to be signed or sent by such one or more persons as the Company will from time to time authorise to give such instructions. A certified copy of a resolution of the Company, or an officer's certificate of the Company, will be conclusive evidence of the authority of any such person to act until Harmonic is in receipt of written notice to the contrary.

"**Representatives**" means a person or entity's directors, officers, employees, shareholders, independent contractors, agents, delegates, professional advisors and Affiliates.

"**Subscription Booklet**" means the subscription agreement completed by a Unitholder or prospective Unitholder.

"**Unit**" means a unit of limited liability company interests of the Company.

"**Unitholder**" means the holder of a Unit.

1.2 Words importing the singular will include the plural, and *vice versa*, and words importing the masculine
gender will include the feminine and neuter genders, and *vice versa*, and words importing persons will include partnerships, trusts and bodies corporate, and *vice versa*.

1.3 Expressions defined in this Agreement will bear the same meanings in any appendix, annexure or amendment
thereto which does not contain a different definition for that expression, unless the context otherwise requires.

1.4 Any reference in this Agreement to legislation or subordinate legislation is to such legislation or subordinate
legislation at the date hereof and as amended and/or re-enacted and/or succeeded and/or replaced from time to time.

1.5 Any reference to a Clause or Appendix is to the relevant Clause or Appendix of or to this Agreement. Each
Appendix forms part of this Agreement and shall have effect as if set out in full in the body of this Agreement and any reference to this Agreement includes each Appendix.

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**2.** **APPOINTMENT OF HARMONIC <u> </u>** 

The Company hereby appoints Harmonic, and Harmonic hereby agrees to act as sub-administrator and to perform the services set out in Appendix 1 from time to time. The performance of such services shall commence from the date hereof or such later date as shall be agreed between the parties in writing.

**3.** **PROPER INSTRUCTIONS CONFLICTS** 

In the event that Harmonic receives conflicting Proper Instructions between two entities both serving as Manager to the Company, Proper Instructions from the Manager that is a wholly owned subsidiary of Temasek Holdings will prevail to the extent practicable.

**4.** **REMUNERATION OF HARMONIC** 

Harmonic will be paid by way of remuneration for its services, pursuant to this Agreement, fees at such rates, at such times, in such currency and in such place, as set forth in Appendix 2, as may be subsequently amended in accordance with Clause 16. Harmonic will also be entitled to receive from the Company an amount equal to all reasonable and documented out-of-pocket expenses properly incurred by Harmonic in respect of the services provided pursuant to this Agreement.

**5.** **DUTIES OF THE COMPANY** 

The Company will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with all reasonable expedition supply Harmonic with all such information as Harmonic may reasonably require to
enable it to perform its services hereunder and for it to comply with applicable laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) approve, within a reasonable period of time, any Fee Calculation, and any accrual in relation thereto prepared
by Harmonic.

**6.** **RIGHTS OF HARMONIC** 

Harmonic may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with prior written consent of the Company (such consent not to be unreasonably withheld), appoint an agent or
delegate (which shall be an Affiliate) to perform all or any of its duties hereunder (including in such appointment powers of sub-delegation). The fees and other remuneration of such agent or delegate will be
paid by Harmonic. Harmonic shall believe in good faith that any agent or delegate appointed hereunder is qualified to perform the duties sought to be delegated or outsourced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the prior written consent of the Company, use the name of the Company solely in the performance of its
duties hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with the prior written consent of the Company, use the name of the Company as part of a representative list for
marketing purposes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provide non-executive directors, a registered office or company
secretary, or act as administrator or sub-administrator, registrar or subscription, withdrawal, transfer, accounting or valuation agent, or in any other capacity for any other company, corporation, partnership
or body of persons on such terms as may be arranged with such company, corporation, partnership or body of persons, and will not be deemed to be affected with notice of, or to be under any duty to disclose to the Company or the Manager(s), any fact
or thing which may come to the knowledge of Harmonic or any agent or delegate of Harmonic in the course of so doing, or in any manner whatever otherwise than in the course of carrying out the duties of sub-administrator hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) contract or enter into any financial, banking or other transaction with the Company or any Unitholder or any
company or body whose securities are held by, or for the account of, the Company or any other person. Harmonic may likewise be interested in any such contract or transaction provided it is on normal commercial terms negotiated at arm's length.

**7.** **LIABILITY OF HARMONIC AND INDEMNITIES** 

7.1 No Harmonic Party will incur liability by refusing in good faith to perform any duty or obligation herein
which, in its reasonable judgment, is improper or unauthorised, provided that in performing its duties and obligations hereunder no Harmonic Party will be required to do, or procure the doing of, anything contrary to, or in breach of, or which
constitutes any offence against, any applicable law or regulation.

7.2 No Harmonic Party will be liable for any Losses the Company or the Administrator may sustain as a result of the
performance or non-performance of the services provided under this Agreement other than to the extent caused by, arising from, or related to the actual fraud, Gross Negligence or wilful default of any Harmonic
Party.

7.3 Harmonic will indemnify and hold harmless the Company and its Affiliates from and against any and all Losses
caused by, arising from or related to the actual fraud, Gross Negligence or wilful default on the part of a Harmonic Party in the performance or non-performance of its obligations or duties hereunder.

7.4 The Company will indemnify and hold harmless each Harmonic Party from and against any and all Losses (other
than Losses caused by, arising from or related to the actual fraud, Gross Negligence or wilful default on the part of a Harmonic Party) which may be imposed on, incurred by or asserted against a Harmonic Party in performing its obligations or duties
hereunder.

7.5 In performing any Fee Calculation and any accrual in relation thereto, no Harmonic Party will be liable for any
Losses suffered by the Company, the Administrator or the Manager by reason of the method of calculation agreed with the Company, or by reason of a Harmonic Party acting upon Proper Instructions. Approval by the Company of any Fee Calculation, and
any accrual in relation thereto, will be conclusive evidence of the fact that the Fee Calculation or accrual has been determined in accordance with the requirements of the Company for the purpose of this Agreement, and no Harmonic Party (in the
absence of actual fraud, Gross Negligence or wilful default on the part of a Harmonic Party) will be liable for any Losses suffered by the Company, the Administrator or the Manager as a result of such Fee Calculation.

7.6 In calculating the Net Asset Value of the Company, each Harmonic Party may rely upon such automatic pricing
services as it will reasonably determine, and will not be liable for any Losses suffered by the Company by reason of any error in calculation resulting from any inaccuracy in the information provided.

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7.7 In calculating the Net Asset Value of the Company, each Harmonic Party may use pricing information supplied by
the Company or any Affiliate thereof (including an Affiliate which is a broker, market maker or other intermediary), and will not be liable for any Losses suffered by the Company by reason of any error in calculation resulting from any inaccuracy in
the information provided.

7.8 In calculating the Net Asset Value of the Company, each Harmonic Party may use particular pricing services,
brokers, market makers or other intermediaries as it may reasonably determine, and no Harmonic Party will be liable for any Losses suffered by the Company by reason of any error in calculation resulting from any inaccuracy in the information
provided.

7.9 No Harmonic Party will be liable for any Losses suffered by the Company, whether caused by delays or otherwise,
resulting from illegible or unclear communications from, or on behalf of, the Administrator, the Company, the Manager, Unitholders, prospective Unitholders or any agents thereof, provided always that such Harmonic Party will, where practicable, make
reasonable efforts to contact such person and clarify such communication.

7.10 No Harmonic Party will be liable for the failure by the Company, the Administrator or the Manager to adhere to
any investment objective, investment policy, investment restrictions or borrowing restrictions for, or imposed upon, the Company.

7.11 No Harmonic Party will be responsible for the loss of, or damage to, any documents or other property of the
Company, or for any failure to fulfil its duties hereunder if loss, damage or failure is caused by, or directly or indirectly due to, war, terrorism, enemy action, the act of government or other competent authority, or any investment exchange or
clearing house, riot, civil disturbance, rebellion, storm, tempest, accident, fire, strike, explosion, lock-out or the breakdown, failure or malfunction of any telecommunications or computer service, or any
occurrence or event (whether similar or not) beyond the reasonable control of Harmonic.

7.11 Appendix 4 sets out Harmonic's policy for acceptance of (i) documents or Proper Instructions sent by
electronic transmission, and (ii) documents signed electronically.

7.12 A person who is not a party to this Agreement may not, in its own right or otherwise, enforce any term of this
Agreement except that (i) each Harmonic Party that is not a party to this Agreement may in its own right enforce Clause 7 (and its sub-clauses) subject to and in accordance with the provisions of the
Contracts (Rights of Third Parties) Act 2014, as amended, modified, re-enacted or replaced, and (ii) the Manager(s) to the Company may enforce such terms. Notwithstanding any other term of this Agreement,
the consent of any person who is not a party to this Agreement (including without limitation any Harmonic Party who is not also a party) is not required for any amendment to, or variation, release, rescission or termination of this Agreement.

7.13 Notwithstanding anything to the contrary contained in this Agreement or elsewhere, and for the avoidance of
doubt, it is specifically agreed that under no circumstances will either party be liable for any indirect or consequential loss or loss of profit whatsoever of the other party or any other person.

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7.14 Harmonic shall not be required to take any legal action on behalf of the Company unless expressly agreed in
writing. In no circumstances will Harmonic take any such action unless the Harmonic Parties are fully indemnified to Harmonic's satisfaction for all costs and liabilities which may be incurred in connection with such action.

7.15 It is hereby acknowledged that certain investments and the cash of the Company may be held by custodians,
brokers and banks from time to time appointed by the Company ()"**Custody Entity** "). Harmonic has no control over such investments and/or cash and will have no responsibility or liability for any Losses or damage which the Company or
any Unitholder may sustain or suffer as a result of the acts, omissions, liquidation, bankruptcy or insolvency of any Custody Entity.

7.16 Harmonic may refer any legal question to its own external legal advisers for the time being, on any matter of
difficulty arising in connection with this Agreement, and may reasonably act on any opinion given by such legal advisers without being responsible for the correctness thereof or for any result which may follow from so doing.

7.17 Each Harmonic Party shall be entitled, for all purposes, to rely on Proper Instructions and the authenticity
and accuracy of all information and communications of whatever nature received by Harmonic in good faith in connection with the performance of their respective duties pursuant to this Agreement. No Harmonic Party shall be responsible or liable to
any person for any Losses arising by virtue of any actions taken, or omitted to be taken, by it in consequence of any Proper Instructions, and/or any such information or communication not being authentic and/or accurate and/or from the apparent
author and/or sender provided such Harmonic Party has acted reasonably and in good faith.

7.18 It is hereby agreed and acknowledged that the liability of the Company hereunder shall be limited to, and any
indemnity provided by the Company herein shall be provided from, the assets of the Company (including any amounts reasonably recoverable by the Company from a third party under the terms of any contract entered into by the Company on its behalf),
save in the event of actual fraud, Gross Negligence, wilful default or breach of the representations and warranties herein by the Company.

7.19 Notwithstanding any other provision in this Agreement, in no event shall the liability of any Harmonic Party,
whether based on a claim in contract, tort, breach of statutory duty or otherwise arising out of, or in relation to, providing the services set out in this Agreement ()"**Harmonic Party Maximum Aggregate Liability**") exceed an amount
equal to (i) (if this Agreement has been in force for the prior 12-month period at the date of claim) four times the prior 12-month fee amount payable to Harmonic as set
out in Appendix 2 or (ii) (if this Agreement has not been in force for the prior 12-month period at the date of claim) two times the amount actually received by Harmonic in respect of the fees payable to
Harmonic as set out in Appendix 2 for the period from commencement date of the Agreement until date of claim.

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7.20 No person shall be found to have committed actual fraud, wilful default or Gross Negligence under this
Agreement unless or until a court of competent jurisdiction has reached a final, non-appealable determination to the effect.

7.21 Harmonic will have no responsibility for making any independent determination as to whether a Unitholder is
eligible to invest in the Company, but will be entitled to rely exclusively on the truthfulness of the representations, warranties and information of the Unitholder in the Subscription Booklet and the determinations and instructions of the Company.
Harmonic will have no responsibility for compliance by the Company, the Administrator or the Manager with any applicable securities laws or regulations in any jurisdiction. Harmonic will not be liable for any actions taken by the Company, the
Administrator or the Manager that would cause the Company to violate any applicable securities laws or regulations in any jurisdiction and, in particular, Harmonic will not be liable for ensuring that the Company's registration statement
and/or the Subscription Booklet (as amended from time to time) comply with any applicable securities laws or regulations in any jurisdiction.

7.22 No Harmonic Party will be liable for any Losses incurred as a result of an act or omission of any person
providing services with respect to the Company (including but not limited to any person acting as administrator or sub-administrator of the Company) prior to the date of the appointment of Harmonic
(" **Appointment Date** "). Harmonic will be entitled to rely upon the completeness and accuracy of all data and documentation provided to Harmonic and relating to any period up to the Appointment Date, including but not limited to
valuations, audited or unaudited accounts and reports, financial books, records and registers ()"**Historic Data** "). The Company will indemnify and hold harmless each Harmonic Party from and against any and all Losses which may be
imposed on, incurred by or asserted against a Harmonic Party by a third party by reason of it reasonably relying on such Historic Data in performing its obligations or duties hereunder except to the extent such Losses are caused by, arise from, or
are related to the actual fraud, Gross Negligence or wilful default on the part of a Harmonic Party, and Harmonic is expressly relieved from any duty or obligation to verify the accuracy or completeness of Historic Data.

7.23 Harmonic shall perform its duties hereunder diligently and with the same standard of care exercised by a
prudent person in connection with the performance of the same or similar duties and, in no event with less care than Harmonic exercises or would exercise in connection with the same or similar obligations if those obligations were the direct
obligations of Harmonic.

**8.** **ERISA** 

8.1 Notwithstanding any other provisions contained in this Agreement, the Company acknowledges that the services to
be provided with respect to the Company by each Harmonic Party, pursuant to the terms of this Agreement, do not constitute fiduciary advice to the Company or the Manager or their Affiliates; no Harmonic Party exercises any discretion or control with
respect to the management or disposition of the assets of the Company; and no Harmonic Party will, in any circumstances, be required to undertake any action that could possibly characterise such Harmonic Party as a fiduciary, as defined in
Section 3(21) of ERISA, of the Company or any Plan whose assets are invested in the Company.

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8.2 Notwithstanding any other provisions contained in this Agreement, the Company agrees to indemnify and hold
harmless each Harmonic Party from and against any and all Losses (other than Losses directly resulting from the actual fraud, Gross Negligence or wilful default on the part of a Harmonic Party) which may be imposed on any Harmonic Party as a result
of the assets of the Company being deemed to constitute the assets of any Plan, within the meaning of the Plan Asset Regulations. The provisions of this Clause will remain in effect and will be enforceable by Harmonic after the termination of this
Agreement.

**9.** **CONFIDENTIALITY AND DATA PROTECTION** 

court of competent jurisdiction, either before or after the termination of this Agreement, disclose to any person (other than its legal advisor, Affiliates, Representatives, and any agent or delegate appointed pursuant to Clause 6(a)) any
information relating to the other parties or to the affairs of such parties without the consent of those other parties (and, in the case of Representatives, only to those Representatives who have a need to know such information and who are bound by
their own obligations of confidentiality).

9.2 The obligations of each of the parties contained in Clause 9.1 above will continue without time limit but will
cease to apply to any information which is in the public domain (otherwise than by breach by any party of its obligations herein) or which the disclosing party developed independently without reference to any confidential information of the other
party or which was disclosed by a third party without breach of this Agreement.

9.3 Notwithstanding anything herein to the contrary, the Company shall be permitted to disclose the identity of
Harmonic as a service provider, redacted copies of this Agreement, and such other information as may be required for and in the Company's registration statement, filings with regulatory authorities and agencies, and communications with
Unitholders, prospective Unitholders (including in connection with due diligence requests) and the Company's other service providers, or as may otherwise be required by applicable law, rule, or regulation.

9.4 Notwithstanding anything to the contrary contained in this Clause, Harmonic will be entitled to use the name of
the Company solely to the extent set out in Clause 6(b) above.

9.5 No party will, either before or after the termination of this Agreement, do or commit any act or matter or
thing which would or might prejudice or bring into disrepute the business or reputation of the other party or any of its directors, partners and/or members.

9.6 The Company acknowledges and agrees that Harmonic, subject always to the confidentiality obligations to the
Company under the confidentiality provisions of this Clause, by itself or through an agent or delegate, may generate, collect, receive, transfer, disclose, process and store materials, data, information and content relating to the Company and/or the
business of the Company, or its principals, affiliates, Unitholders, beneficial owners, directors, officers, employees and agents ()"**Data** "), whether confidential or not, either in original format, on servers maintained by Harmonic,
or its agent or delegate, or by third party service providers on Harmonic's behalf, within or outside of the Cayman Islands and/or in any other jurisdictions whether or not Harmonic or its agent or

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delegate has a presence in such jurisdictions, including jurisdictions which may not have equivalent data protection requirements to the Cayman Islands. In this regard, subject to applicable law, the Company explicitly consents to the transfer of all Data into and out of any such jurisdiction. The Company further acknowledges and agrees that Harmonic may be obliged to retain such Data for a period of time after the termination of this Agreement and may be requested, required or compelled to disclose such Data to third parties as set out in the confidentiality provisions of this Clause and in accordance with the Privacy Policy of Harmonic.

9.7 Certain data received by Harmonic in the course of performing services hereunder may be "Personal
Data" in scope of Regulation (EU) 2016/679 (known as the European Union General Data Protection Regulation). Appendix 5 sets out Harmonic's particular obligations in relation to such Personal Data.

9.8 Certain information received by Harmonic in the course of performing services hereunder may be "Personal
Information" as defined by Cal. Civ. Code §§ 1798.100–1798.199 and its implementing regulations (known as the California Consumer Privacy Act of 2018), as amended by the California Privacy Rights Act of 2020. Appendix 6 sets
out Harmonic's particular obligations in relation to such Personal Information.

9.9 Harmonic shall promptly notify the Company in writing of any breach of security, misuse or misappropriation of,
or unauthorised access to, (in each case, whether actual or alleged) any Data, systems utilised by Harmonic in its provision of services to the Company, Harmonic's cybersecurity systems, or any other confidential information.

9.10 In the event of a breach of the obligations of a recipient of confidential information under Clause 9.1, such
recipient must, immediately following the discovery of the breach, give notice to the party disclosing such confidential information of the nature of the breach (to the extent permitted by law). Such recipient acknowledges that a breach of Clause
9.1 may result in irreparable and immediate injury to the party disclosing such information that that is inadequately compensable in damages, and agrees that in the event of such breach, the disclosing party, in addition to any other right or
relief, shall be entitled to seek equitable relief by way of temporary or permanent injunction and to seek such other relief that any court may deem just and proper. The right and remedies provided in this Agreement are cumulative and are in
addition to, and not in substitution for, any other rights and remedies available at law or equity. All such other rights and remedies may be exercised from time to time, and as often and in such order as the disclosing party deems expedient. The
recipient of such confidential information hereby indemnifies (on a full indemnity basis) and holds harmless the disclosing party against any and all Losses which the disclosing party may incur, suffer or be required to pay, to the extent directly
arising out of or in connection with the breach of Clause 9.1 by the receiving party or its Representative but not caused by, arising from or elated to the actual fraud, Gross Negligence or wilful default on the part of the disclosing party.

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**10.** **WARRANTIES** 

10.1 Each of the Company and Harmonic hereby represents and warrants that, as at the date hereof and for the
duration of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is a duly established legal entity in its jurisdiction of incorporation or formation, and all necessary
approvals, permits, authorisations and licences from the authorities required by it under the laws and regulations of its jurisdiction of incorporation or formation to enter into and perform this Agreement have been obtained, and all actions have
been taken by it to comply with all legal and other requirements necessary to ensure that by entering into this Agreement and performing its obligations hereunder, it would not infringe any laws or regulations applicable to it or the terms of any
such approval, permit, authorisation or licence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any
necessary consents), in order to enable it lawfully to enter into, exercise its rights, and perform and comply with its obligations under this Agreement, and ensure that those obligations are valid, legally binding and enforceable, have been taken,
fulfilled and done;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it has the necessary power and authority to enter into this Agreement, and to exercise its rights, and observe
and perform its obligations hereunder, and the execution of this Agreement by it has been duly authorised so that upon execution, this Agreement will constitute valid and binding obligations of it in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) its entry into, exercise of its rights, and/or performance of or compliance with its obligations under this
Agreement do not, and will not, contravene or constitute a default under its constitutional documents or under any other agreement, contract, instrument or other form of commitment binding upon it.

10.2 The Company represents and warrants that, as at the date hereof and for the duration of this Agreement it has
provided and will provide Harmonic with all information reasonably requested and reasonably necessary to enable Harmonic to perform its services and duties hereunder.

**11.** **TERMINATION** 

11.1 This Agreement shall continue in force until terminated by either the Company or Harmonic, giving to the other
parties not less than 90 days' notice in writing (or such shorter notice as the parties may agree), expiring at any time provided that either party may terminate this Agreement forthwith by notice in writing taking immediate or subsequent
effect if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any party has committed a material breach or is in persistent breach of any of the terms of this Agreement
(including the representations and warranties) and has not remedied such breach within 30 days after service of notice by the other parties requiring it to be remedied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Harmonic or the Company (as the case may be) goes into liquidation (except a voluntary liquidation for the
purposes of reconstruction, amalgamation or merger on terms previously approved in writing by the other parties) or has a receiver or its equivalent in any jurisdiction appointed over all or any of its assets.

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11.2 Upon termination, Harmonic shall provide the Company with a pro-rated refund of any fees or expenses paid in accordance with the provisions of this Agreement.

11.3 Termination of this Agreement will be without prejudice to any claims or rights which either of the parties may
have by reason of any breach of the other party's obligations and, without prejudice to the generality of the foregoing, any indemnity provisions and provisions limiting liability will survive termination of this Agreement.

11.4 Upon termination, the Company will arrange for notification to the Unitholders and, if applicable, for the
Company's registration statement, Subscription Booklet and any advertising or sales material which refers to Harmonic to be promptly amended.

11.5 Upon termination of this Agreement, Harmonic will, subject to compliance with applicable law, hand over to the
Company, or to such person as it may direct, all documents belonging to the Company that are in the possession of Harmonic.

11.6 In the event that, in connection with termination, a successor to any of Harmonic's duties or
responsibilities hereunder is designated by the Company by written notice to Harmonic, Harmonic will promptly, upon such termination, except in the case of a material breach by Harmonic, in which case all expenses should be borne by Harmonic, and at
the expense of the Company, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by Harmonic under this Agreement in a form reasonably acceptable to the Company (if such form differs from
the form in which Harmonic has maintained the same, the Company shall pay any reasonable and documented expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including
provision for assistance from Harmonic's personnel in the establishment of books, records, and other data by such successor. The Company shall be entitled to request, and Harmonic shall furnish in response to such request, the services
contemplated herein for six (6) months following the termination of the Agreement at the rates provided herein in order to allow for a smooth transition, except if the Agreement is terminated by Harmonic upon the breach of the Company of any
material term of this Agreement (provided, however, that if termination is due to Harmonic's breach or default, Harmonic shall bear all reasonable transition expenses).

**12.** **NOTICES** 

12.1 With the exception of Proper Instructions (which will be forwarded to such address or email address as may be
notified in writing by Harmonic to the Company from time to time), each of the parties chooses as its email address ()"**notice address**") for the purposes of the giving of any notice, the serving of any process, and for any other
purpose arising from this Agreement, its respective email address set forth below:

<u>Company</u>:

Attention: Venu Rathi

Email: <u>Operations@apstrategies.com</u>.

<u>Harmonic</u>:

Attention: <u>allen.bernardo@harmonic.ky</u>

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12.2 Each of the parties will be entitled from time to time, by written notice to the others, to change its notice
address.

12.3 Any notice given by one party to the others ()"**the addressee**") which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is delivered by hand during the normal business hours of the addressee at the addressee's notice address
for the time being will be presumed (until the contrary is proved by the addressee) to have been received by the addressee at the time of delivery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is posted by registered post to the addressee's notice address for the time being will be presumed (until
the contrary is proved by the addressee) to have been received by the addressee on the tenth day after the date of posting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is delivered by facsimile during the normal business hours of the addressee will be presumed (until the
contrary is proved by the recipient) to have been received immediately upon confirmation of receipt, provided that the party communicating by facsimile will telephone the receiving party to confirm receipt; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is delivered by email during the normal business hours of the addressee will be presumed (until the contrary is
proved by the recipient) to have been received immediately upon confirmation of delivery.

**13.** **RECORDS** 

Harmonic is authorised to maintain all accounts, corporate books, records or other documents relating to the Company or its affairs on computer records, and to produce at any time during the course of legal proceedings, copies or reproductions of these documents made by photographic, photostatic or data processing procedures as juridical proof thereof.

Harmonic shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Company, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. Harmonic agrees that all such records prepared or maintained by Harmonic relating to the services to be performed by Harmonic hereunder are the property of the Company, as applicable, and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Company on and in accordance with its request. Harmonic agrees to provide any records to the Company necessary for the Company to comply with its disclosure controls and procedures and internal control over financial reporting adopted in accordance with the Sarbanes-Oxley Act of 2002. Notwithstanding the foregoing, Harmonic may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction.

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**14.** **TELEPHONE RECORDING** 

Subject to compliance with applicable laws and prior notice, Harmonic may record all telephone conversations between it and the Company and any person acting on behalf of or at the direction of the Company, or it and any Unitholder, and any such tape recordings may be submitted in evidence in any proceedings relating to this Agreement.

**15.** **UPDATES TO AND APPROVAL OF COMPANY DOCUMENTS** 

The Company hereby represents and warrants to Harmonic that it will comply with the specific duties and obligations set out in Appendix 3.

**16.** **ASSIGNMENT AND AMENDMENT** 

This Agreement may not be assigned or amended by any party hereto without the prior written consent of the other parties; provided that no consent shall be required for any assignment by (i) the Company of its rights and obligations pursuant to this Agreement to an Affiliate, or (ii) Harmonic of its rights and obligations pursuant to this Agreement to a suitably licensed Affiliate.

**17.** **COUNTERPARTS <u> </u>** 

This Agreement may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which when executed and delivered will constitute an original, and all such counterparts together constituting but one and the same agreement.

**18.** **SEVERANCE** 

If any provision will be determined to be void or unenforceable, in whole or in part, for any reason whatsoever, such invalidity or unenforceability will not affect the remaining provisions or any part thereof contained within the Agreement, and such void or unenforceable provisions will be deemed to be severable from any other provision or part thereof.

**19.** **ENTIRE AGREEMENT** 

This Agreement cancels and supersedes all prior negotiations and agreements entered into between the parties relating to the matters set forth herein and, save in the event of actual fraud or fraudulent misrepresentation, no party will be bound by any undertakings, representations, warranties, promises or the like not recorded herein.

**20.** **WAIVER** 

No concession, privilege or additional benefit which a party (the "Grantor") may at any time grant to the other parties will be deemed to constitute a novation or an amendment of this Agreement, or a waiver of the rights of the Grantor hereunder, and no provision of this Agreement may be waived otherwise than by an instrument in writing signed by all parties.

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**21.** **PROPER LAW AND JURISDICTION** 

This Agreement will be governed by, and construed in accordance with, the laws of the State of Delaware and the courts of the State of Delaware will have exclusive jurisdiction to resolve any disputes relating to the terms of this Agreement.

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**IN WITNESS WHEREOF** this Agreement has been executed on the day and year first above written.

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| |
|:---|
| /s/ Eric Muller |
| Name: Eric Muller |
| Title: Chief Executive Officer |
| /s/ Allen Bernardo |
| Name: Allen Bernardo |
| Title: Director |

---

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**APPENDIX 1** 

**Services** 

Harmonic will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine, in accordance with the method of calculation agreed upon by the Company and pursuant to Proper
Instructions, any Fee payable and any accrual in relation thereto, and determine as of each valuation point, the Net Asset Value and Net Asset Value per Unit, in accordance with the Company's valuation policies and procedures as in effect from
time to time and in accordance with the information supplied to it by or on behalf of the Company and any Custody Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conduct daily cash, position and trade reconciliations, and supervise the maintenance of the Company's
general ledger, including oversight of expense payments and of the declaration and payment of distributions to Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) keep the accounts of the Company and maintain the books and records of the Company as required under Rule 31a-3 of the 1940 Act and otherwise, for the proper conduct of the financial affairs of the Company, all in accordance with the information supplied to it by or on behalf of the Company and any Custody Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) assist with preparing the annual and quarterly financial statements of the Company for inclusion in Form 10-Q and Form 10-K filings, as applicable, in accordance with the information supplied to it by or on behalf of the Company, and assist and liaise with the auditor in respect
thereof, provided that Harmonic shall be afforded a reasonable opportunity to review a final draft of the annual financial statements prior to finalisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly deliver, or procure the delivery of, the Net Asset Value and Net Asset Value per Unit to the Company
or to any other person as may reasonably be requested by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) assist the Company with the preparation of required tax or information returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) assist the Company with the preparation of any other required reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) provide the Company's personnel upon request with information about the Company's performance and
administration, including the Company's total return, expense ratio and portfolio turnover rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arrange for a representative of Harmonic to attend at telephone board meetings and telephone general meetings
of the Unitholders when so required by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) act as liaison among all Company service providers, including, but not limited to, custodians, depositaries,
transfer agents and dividend reinvestment plan administrators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) monitor arrangements under distribution and/or unitholder services or similar plans, and review calculations
prepared by the Company's transfer agent, of fees due to distributors, custodians and other service providers pursuant to such plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) monitor and communicate activity under Unit repurchase or tender offer programs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) keep the Company's governing documents, including its LLC Agreement, bylaws and minute books, but only to
the extent such documents are provided to Harmonic by the Company, the Company or its representatives for safe-keeping;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) monitor compliance with the 1940 Act requirements which are confirmed by the Company to Harmonic as being
applicable to business development companies and the Company's status as a regulated investment company under Subchapter M of the Code as set forth below, including preparing quarterly reports on the Company's status with respect to each
test and quarterly reporting for inclusion in the compliance report to the Company in accordance with the information supplied to it by or on behalf of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Code Section 851 - 90% Qualifying income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Code Section 851 – Annual Distribution Requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Code Section 851 - Company Diversification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Section 55(a) of the 1940 Act - 70% Eligible Assets Requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Section 12(d)(1) of the 1940 Act - Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Section 12(d)(2) of the 1940 Act – Insurance Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Section 12(d)(3) of the 1940 Act – Securities-Related Businesses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act – 150% Asset Coverage
Requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Section 35(d)(1) of the 1940 Act – Names Rule test

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) maintain awareness of operational service issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) assist the Company with monitoring Company compliance with the policies and investment limitations as set forth
in its registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications in the form reasonably advised and requested by the Company in connection with: (i) any certification required of the Company pursuant to the Sarbanes-Oxley Act of 2002 or any rules or
regulations promulgated by the SEC thereunder, and (ii) the operation of Harmonic's compliance program as it relates to the Company, provided the same shall not be deemed to change Harmonic's standard of care as set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) in order to assist the Company in satisfying the requirements of Rule 38a-1 under the 1940 Act ()"**Rule 38a-1** "), Harmonic will provide the Company's Chief Compliance Officer with reasonable access to Harmonic's
records relating to the services provided by it under this Agreement, and will provide quarterly compliance reports and related certifications in the form advised by the Company from time to time regarding any Material Compliance Matter (as defined
in Rule 38a-1) involving Harmonic that affect or could affect the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) assist the Company with preparing reports and other documents required by the SEC and any U.S. stock exchanges
on which the Company's Units may be listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) assist in producing materials requested by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) maintain records of all materials produced pursuant to the services provided under this Agreement as requested
by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) provide financial data for inclusion in the Company's registration statement(s) filed under the 1933 Act
and/or the 1934 Act;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) provide supporting financial and portfolio information, as required, to facilitate the Company's
quarterly publishing of Net Asset Value, distributions to Unitholders, status of the Company's offering and portfolio updates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) assist the Company's Chief Executive Officer and Chief Financial Officer in connection with establishing
and maintaining internal control over financial reporting (as defined in Rules 13a-15(f) and 15-d(f) under the 1934 Act) for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) supervise the maintenance of the Company's general ledger and the preparation of the Company's
financial statements, including oversight of expense payments, of the determination of net asset value of the Company's Units, and of the declaration and payment of dividends and other distributions to Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) compute the total return (based on both net asset value and market value, to the extent applicable) and expense
ratio of the Company and the Company's portfolio turnover rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) prepare quarterly and annual financial statements, which include without limitation the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Schedule of Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Consolidated Balance Sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Statement of Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Statement of Changes in Net Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Statement of Cash Flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Notes to the quarterly and annual financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Financial highlights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Supporting schedules for MD&A sections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) assist the Company with preparing Form 1099 Miscellaneous, 1042 or 1042-S for payments to trustees and other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) prepare tax schedules in the form advised by the Company from time to time, which include without limitation
the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Fiscal Distribution Schedules (including recorded ROSCOP journal entry to general ledger);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Excise Distribution Schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) provide the Company's management and Company's independent accountant with tax reporting
information pertaining to the Company and available to Harmonic as required in a timely manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) assist the Company with preparing Company financial statement tax footnote disclosures for the review and
approval of Company management and/or the Company's independent accountant.

For the avoidance of doubt, it is acknowledged and agreed by the Company that Harmonic shall not be responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing such anti-money laundering, anti-terrorism financing and anti-proliferation financing duties in
relation to the Company and each Unitholder as are required under applicable laws and regulations (including provision of Money Laundering Reporting Officer and Money Laundering Compliance Officer for the Company); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) providing the Company with certain reports and information about Unitholders, or effecting regulatory filings,
to enable the Company to discharge its obligations related to "Automatic Exchange of Information" under applicable laws and regulations.

Such duties in (a) and (b) immediately above shall be performed by a separate service provider appointed by the Company.

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**APPENDIX 2** 

**Fee Schedule** 

[Redacted.]

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**APPENDIX 3** 

**Approval of Company Documents** 

The Company will deliver to Harmonic for review, prior to finalisation thereof, a draft of any of the following documents (each, a "**Relevant Company Document**") (properly blacklined from the previous final version, if appropriate) and Harmonic shall be afforded a reasonable opportunity to review, comment, and provide input on the terms of the Relevant Company Document prior to finalisation to the extent such Relevant Company Document affects the services performed by Harmonic. Following finalisation, Harmonic shall be provided with the clean final version of the following Relevant Company Document(s) (where applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amended registration statement, supplement or addendum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any amended Subscription Booklet, supplement or addendum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any letter to Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any voting materials for Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any amendment to the LLC Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any amendment, supplement or addendum to a material contract of the Company or new material contract of the
Company.

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**APPENDIX 4** 

**Electronically Transmitted Documents and Electronic Signatures** 

This Appendix sets out Harmonic's policy for acceptance of (i) documents sent by electronic transmission, and (ii) documents signed electronically.

**ELECTRONICALLY TRANSMITTED DOCUMENTS** 

Certain Unitholders or prospective Unitholders may request that they be permitted to submit instructions to the Company (including Subscription Booklets and transfer instructions) by electronic transmission only (meaning facsimile or email in lieu (in each case) of an original paper version) ("Electronic Instructions"), instead of by the default method of transmission of such instructions which is facsimile or email with original to follow sent to the facsimile number, email address and physical address as set out in the Company's documents.

No such request shall be agreed to and Harmonic shall not be directed to agree to accept an Electronic Instruction unless the Company has received written confirmation from legal counsel for the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the laws and regulations (i) in the jurisdiction of establishment of the Company and (ii) governing
the Company's documents, do not prohibit acceptance of Electronic Instructions, and Electronic Instructions are no less legally effective than such documents would have been if they had also been submitted to the Company in an original paper
version; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's registration statement, Subscription Booklet, transfer instructions and LLC Agreement of
the Company do not prohibit acceptance of Electronic Instructions.

In the event Harmonic is directed to process Electronic Instructions, the Company agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Harmonic may rely conclusively upon and shall incur no liability in respect of any action taken upon any
Electronic Instruction that is believed in good faith to be genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where an Electronic Instruction is given or sent to Harmonic, Harmonic shall be entitled to act on such
Electronic Instruction in place of delivery of such document in paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) permitting Electronic Instructions in lieu of an original to follow presents the particular risk that the
Electronic Instruction will not be properly received by Harmonic, and accordingly the sender of the Electronic Instruction in these circumstances must always follow up with Harmonic in order to ensure the Electronic Instruction has been received.
The fact that a transmission report produced by the originator of such Electronic Instruction discloses that the Electronic Instruction was sent will <u>not</u> be sufficient proof of receipt by Harmonic. In the case of an Electronic Instruction
transmitted to Harmonic by: (i) email - a report produced by Harmonic's computer system which discloses that an email was received by Harmonic from the purported sender will be proof of receipt of an email from the particular sender on a
particular date/time, but does not show the contents of such email and if such email contained an attachment, such report would only show the fact the email had an attachment but not the contents of such attachment; or (ii) facsimile—a
report produced by Harmonic's facsimile system which discloses that a facsimile was received by Harmonic from the purported sender will be proof of receipt of such facsimile; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Harmonic Party shall be indemnified and held harmless against, any and all Losses arising to a Harmonic
Party as a result of the mis-delivery, the non-receipt or the interception of any Electronic Instruction or in consequence of any Harmonic Party accepting and acting
upon any Electronic Instruction given or sent as aforesaid, whether or not such Electronic Instruction was given or sent or purported to have been given or sent by any person duly authorised to give such Electronic Instruction.

**ELECTRONIC SIGNATURES** 

Certain Unitholders or prospective Unitholders may request that they be permitted to submit instructions in relation to the Company (including Subscription Booklets and transfer instructions) by using an electronic signature technology (each an "Electronic Signature Instruction") instead of executing/signing and submitting instructions in accordance with the Company's documents.

The Company acknowledges that use of electronic signature technology is not yet commonplace in the funds industry, and in some jurisdictions laws and regulations are still in development to address this trend. Even where specific laws/regulations have been enacted which address electronic signatures, such laws/regulations are being periodically revised, clarified and updated as this new area of law develops.

The Company understands and acknowledges that "DocuSign" is a specific electronic signature technology which is generally accepted as being one of the more reliable and secure forms of electronic signature technology and is therefore the preferred electronic signature technology. The Company understands and acknowledges that other electronic signature technology may not be as reliable and secure and the risk of fraudulent signature may be greater in the case of a document signed electronically by the use of such other technology.

No such request shall be agreed to, and Harmonic shall not be directed to agree to accept an Electronic Signature Instruction unless the Company has received written confirmation from legal counsel for the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the laws and regulations (i) in the jurisdiction of establishment of the Company and (ii) governing
the Company's documents, do not prohibit acceptance of Electronic Signature Instructions, and Electronic Signature Instructions are no less legally effective than such documents would have been if they had been executed/signed and submitted in
accordance with the Company's documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's registration statement, Subscription Booklet, transfer instructions and LLC Agreement of
the Company do not prohibit acceptance of Electronic Signature Instructions.

In the event Harmonic receives Electronic Signature Instructions the Company agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Harmonic may rely conclusively upon and shall incur no liability in respect of any action taken upon any
Electronic Signature Instruction that is believed in good faith to be genuine;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where an Electronic Signature Instruction is given or sent to Harmonic, Harmonic shall be entitled to act on
such Electronic Signature Instruction in place of such instruction executed/signed and submitted in accordance with the Company's documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event a Unitholder or prospective Unitholder has provided an Electronic Signature Instruction regarding
the Company by means of affixing an electronic signature through the DocuSign technology platform ("Platform" and such instructions, "DocuSign Instructions"), Harmonic may receive the DocuSign Instruction by one of the
following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Platform may be requested to generate an email notification to Harmonic with a hyperlink to such DocuSign
Instruction, and upon receipt of such notification Harmonic shall access the Platform to view and access the DocuSign Instruction and to request that it be emailed to Harmonic. In such circumstances the Company acknowledges that permitting DocuSign
Instructions in lieu of instructions executed/signed and submitted by any other method presents particular risks that the DocuSign Instruction may not be properly uploaded to the Platform by the Unitholder or prospective Unitholder, that the
Platform may not generate an email notification to Harmonic (with the result that Harmonic will not be aware of such DocuSign Instruction having been uploaded), or Harmonic may not be able to view and access such DocuSign Instruction on the
Platform, or request such DocuSign Instruction to be emailed (with the result that Harmonic will be delayed in acting upon such DocuSign Instruction). Accordingly, where a DocuSign Instruction is sent to Harmonic by this method, the sender of the
DocuSign Instruction must always follow up with Harmonic in order to ensure the DocuSign Instruction has been received. The fact that a report for the Unitholder or prospective Unitholder produced by the Platform discloses that an email notification
of the DocuSign Instruction was sent to Harmonic will <u>not</u> be sufficient proof of receipt of the DocuSign Instruction by Harmonic. In the case of a DocuSign Instruction uploaded to the Platform, both the report produced by the Platform which
discloses that the DocuSign Instruction has been emailed to Harmonic and a report produced by Harmonic's computer system which discloses that an email was received by Harmonic from the Platform will be proof of receipt of such DocuSign
Instruction by Harmonic; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Unitholders or prospective Unitholders may email the DocuSign Instruction to Harmonic directly; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Company may email the DocuSign Instruction to Harmonic directly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Harmonic Party shall be indemnified (on a full indemnity basis) and held harmless against, any and all
Losses arising to a Harmonic Party as a result of the mis-delivery, the non-receipt or the interception of any Electronic Signature Instruction or in consequence of any
Harmonic Party accepting and acting upon any Electronic Signature Instruction given or sent as aforesaid, whether or not such Electronic Signature Instruction was signed, given or sent or purported to have been signed, given or sent by any person
duly authorised to give such Electronic Signature Instruction.

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**APPENDIX 5** 

**Data Processing Obligations Pursuant to EU GDPR** 

As a necessary part of performing the services pursuant to the Agreement Harmonic is required to provide with respect to the Company certain data processing services in accordance with the European Union data protection regime introduced by the General Data Protection Regulation (Regulation 2016/679). Harmonic has agreed to provide such data processing services subject to, and in accordance with, the provisions in this Appendix.

**1.** **DEFINITIONS AND INTERPRETATION** 

1.1 Unless defined herein, capitalised terms used in this Appendix shall have the meaning ascribed to them in the
Agreement.

**"AML/ATF/APF"** means anti-money laundering, anti-terrorist financing and anti-proliferation financing;

"**Data Controller**" means the natural or legal person, public authority, agency or other body which, alone or jointly with others, determines the purposes and means of the processing of Personal Data;

"**Data Processor**" means a natural or legal person, public authority, agency or other body which processes Personal Data on behalf of the Data Controller;

"**EEA**" means the European Economic Area, the current members at the date hereof being the European Union Member States, Iceland, Liechtenstein and Norway;

"**GDPR**" means, from 25 May 2018 onwards, the European Union data protection regime introduced by the General Data Protection Regulation (Regulation 2016/679);

"**Personal Data**" means any information relating to an identified or identifiable natural person; and

"**Relevant Personal Data**" means all Personal Data provided to Harmonic by the Company or otherwise provided to Harmonic in connection with Harmonic's performance of the services pursuant to this Agreement.

1.2 In this Appendix any reference to a "clause" or "annex" is, unless the context
otherwise requires, a reference to a clause or annex of this Appendix.

**2.** **EFFECT ON EXISTING DATA PROTECTION PROVISIONS IN THE AGREEMENT** 

2.1 It is acknowledged that the Agreement contains provisions relating to each party's rights, duties and
obligations under applicable data protection law, including all associated defined terms (the "**Existing Provisions** "). It is further acknowledged that this Appendix applies to Relevant Personal Data in scope of the GDPR, and other
personal data not in scope shall continue to be governed by the Existing Provisions.

2.2 As and from the date of this Appendix, the rights, duties and obligations of each party under the GDPR in
respect of Relevant Personal Data shall be as set forth in this Appendix.

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**3.** **THE COMPANY AS THE DATA CONTROLLER** 

The Company is a Data Controller of the Relevant Personal Data and agrees (i) to comply with its obligations as such under the GDPR as they relate to this Appendix and (ii) that in its capacity as Data Controller the Company is responsible for compliance with the GDPR.

**4.** **DATA PROTECTION** 

4.1 Harmonic represents and warrants to the Company that Harmonic in its capacity as a Data Processor of the
Relevant Personal Data has the necessary expert knowledge, reliability and resources to implement appropriate technical and organisational measures in such a manner that the processing of the Relevant Personal Data it undertakes will meet the
requirements of the GDPR and ensure the protection of the rights of the related data subjects.

4.2 Harmonic hereby undertakes to comply with all its obligations as a Data Processor under the GDPR in respect of
the Relevant Personal Data, including without limitation, the relevant obligations outlined expressly in this Appendix.

4.3 In respect of the Relevant Personal Data, other than as provided in Clause 4.11, Harmonic acts as a Data
Processor and it shall only process the Relevant Personal Data for the purposes of performing its services with respect to the Company as described in the Agreement and for the duration of the Agreement and shall only act on instructions of the
Company, other than as required by applicable law.

4.4 The type of Relevant Personal Data that will be processed by Harmonic shall include data such as name,
residential address, email address, telephone number, place of birth, date of birth, passport number, social security number, tax ID number, bank account details, personal details required to complete background checks, and, in the context of a
Unitholder, personal details required to complete subscription and transfer processing (including but not limited to identification verification information, source of funds information and source of wealth information) and details relating to
investment activity. Such Relevant Personal Data may relate to Unitholders or such person's connected individuals, such as its directors, trustees, employees, representatives, shareholders, investors, clients, beneficial owners or agents.

4.5 Harmonic will provide all reasonable assistance to the Company in meeting any requests of Unitholders regarding
their rights as data subjects under the GDPR in relation to the Relevant Personal Data.

4.6 In respect of the Relevant Personal Data Harmonic shall make available to the Company all information necessary
to demonstrate compliance with the obligations laid down in the Article 28 of the GDPR, and shall allow for and contribute to audits, including inspections, conducted by the Company or an auditor mandated by the Company.

4.7 Harmonic shall immediately inform the Company if, in Harmonic's opinion, an instruction to make available
information pursuant to Clause 4.6 infringes the GDPR or other applicable law.

4.8 Harmonic shall notify the Company without undue delay after becoming aware of a Personal Data breach in respect
of any Relevant Personal Data.

------

4.9 Harmonic shall maintain records of its processing activities under this Appendix and shall cooperate with the
relevant data protection authorities and make those records available to such authorities on request.

4.10 All Relevant Personal Data held by Harmonic shall be deleted or returned to the Company upon the termination of
the Agreement, unless applicable law otherwise requires such Relevant Personal Data to be retained by Harmonic for a prescribed period.

4.11 In respect of the Relevant Personal Data, Harmonic acts as Data Controller solely in respect of the
Relevant Personal Data provided to Harmonic to satisfy Harmonic's own obligations to verify identity of its own client under applicable AML/ATF/APF laws and regulations, and where Harmonic acts as Data Controller it shall process such
Relevant Personal Data in accordance with the GDPR to which it is subject. The Company represents and warrants that it has notified all relevant individuals that Harmonic is processing their Personal Data for this purpose and the Company shall
provide all reasonable assistance to Harmonic in complying with its obligations under the GDPR in respect of such Personal Data.

**5.** **SECURITY MEASURES FOR THE PROCESSING OF PERSONAL DATA** 

5.1 Harmonic shall take all measures required regarding the security of processing of the Relevant Personal Data as
outlined in Article 32 of the GDPR.

5.2 Harmonic shall ensure that (i) any of its employees and independent contractors; and (ii) any of its
Permitted Processors (as defined in Clause 6.1) authorised to process the Relevant Personal Data have contractually committed themselves to confidentiality or are under an appropriate statutory obligation of confidentiality.

5.3 Harmonic shall implement appropriate technical and organisational measures to ensure a level of security for
the Relevant Personal Data appropriate to the risk, taking into account the state of the art, the costs of implementation and the nature, scope, context and purposes of processing as well as the risk of varying likelihood and severity for the rights
and freedoms of natural persons.

5.4 Where the processing involves the transmission of Relevant Personal Data over a network, Harmonic shall take
all appropriate security, technical security and organisational measures against the accidental loss or destruction of Relevant Personal Data and against all other unlawful forms of processing Relevant Personal Data.

5.5 Harmonic agrees to maintain a comprehensive information security program reasonably designed to protect the
Relevant Personal Data that is in Harmonic's possession.

5.6 Harmonic will provide all reasonable assistance to the Company in respect of the Relevant Personal Data in
order to ensure compliance with the obligations pursuant to Article 32 to 36 of the GDPR.

------

**6.** **TRANSMISSION OF PERSONAL DATA BY HARMONIC** 

6.1 It may be necessary for Harmonic to transfer Relevant Personal Data for processing, back-up or storage to an agent, delegate, or other representative of Harmonic (which may or may not be an Affiliate) appointed by Harmonic (pursuant to authority in the Agreement) to carry out sub-processing activities on behalf of Harmonic (each, a "**Permitted Processor**") under an appropriate written agreement between the Permitted Processor and Harmonic. Harmonic may only transmit
Relevant Personal Data (a) to Permitted Processors with the prior written consent of the Company; or (b) where required to do so under applicable law. As at the date of this Agreement, Relevant Personal Data will be transmitted by Harmonic
to such Permitted Processors located in such locations as is set out in the Disclosed Transmission Arrangements section of Schedule 5A to this Appendix (the "**Disclosed Transmission Arrangements**") and by its execution of this
Agreement the Company shall be deemed to have given its consent, and to represent and warrant that it has obtained the consent of all relevant individuals, to such Disclosed Transmission Arrangements. Harmonic shall obtain prior written consent of
the Company before making any changes to the Disclosed Transmission Arrangements.

6.2 In addition, it may be necessary for Harmonic to transfer Relevant Personal Data to certain third parties, upon
the instruction of the Company, whose involvement is necessary to carry out all or part of Harmonic's duties and obligations contemplated under the Agreement and in accordance with Harmonic's internal written procedures. In such
instances it is acknowledged and agreed that any such third party will not be a Permitted Processor of Harmonic and will instead be engaged directly by the Company as a processor. It is also acknowledged and agreed that where Harmonic is required to
transfer Relevant Personal Data to a legal, regulatory or taxation authority under applicable law any such transfer shall not constitute the engagement of a Permitted Processor by Harmonic.

6.3 Harmonic shall ensure that the data protection obligations applicable to it as contained in this Appendix are
contractually imposed on each Permitted Processor in particular providing sufficient guarantees to implement appropriate technical and organisational measures in such a manner that the processing will meet the requirements of the GDPR, and any such
transmission of Relevant Personal Data by Harmonic to a Permitted Processor shall be in accordance with the model clauses as stipulated pursuant to the GDPR.

6.4 Harmonic shall remain fully liable for the acts or omissions of any Permitted Processor in the processing of
Relevant Personal Data received from Harmonic which result in a breach of the GDPR as if such acts or omissions were Harmonic's own.

**7.** **AMENDMENT** 

The parties will cooperate in good faith to amend this Appendix in the event that an amendment is required to ensure either party's ongoing compliance with the GDPR or any applicable laws and regulations relevant to data protection.

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**SCHEDULE 5A** 

**<u>DISCLOSED TRANSMISSION ARRANGEMENTS</u>**

**Relevant Personal Data is transmitted by Harmonic to the following Permitted Processor(s) (as defined in Clause 6.1) in the normal course of business:** 

(i) Permitted Processors who are Harmonic Group Affiliates

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| | |
|:---|:---|
| **Harmonic Group Affiliates** | **Location** |
| Wavelength Financial Technology Ltd. | Cayman Islands |
| Harmonic Corporate Services Limited | Cayman Islands |
| Ancova Limited | Cayman Islands |
| Harmonic Loan Services | Cayman Islands |
| Harmonic Fund Services Canada Inc. | Toronto, Canada |
| Harmonic Fund Services Ireland Limited | Dublin, Ireland |
| Harmonic Consulting Ireland Limited | Dublin, Ireland |
| Harmonic Fund Services Luxembourg S.A. | Luxembourg |
| Harmonic Fund Services (Shanghai) Co. Ltd. | Shanghai, China |
| Harmonic S.A. | Geneva, Switzerland |
| Harmonic Consulting Services UK Limited | London, United Kingdom |

---

(ii) Permitted Processors who are not Harmonic Group Affiliates

---

| | | | |
|:---|:---|:---|:---|
| **Entity** | **Purpose** | **Country** | **Website** |
| KPMG (Cayman Islands) LLP | External Auditor – SOC Controls | Cayman Islands | <u>https://home.kpmg.com/.ky</u> |
| Cayshred | Document Shredding Services | Cayman Islands | <u>http://www.cayshred.com/</u> |
| Filesafe | Document Archiving | Cayman Islands | <u>http://filesafecayman.com/</u> |
| Lexis Nexis | KYC and AML processing | USA | <u>https://internationalsales.lexisnexis.com</u> |
| Microsoft Corporation | Cloud Services provider | USA | <u>www.microsoft.com</u> |
| Workiva Inc. | Financial reporting subscription service | USA | <u>www.workiva.com</u> |

---

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**APPENDIX 6** 

**California Consumer Privacy Act of 2018 ("CCPA") Acknowledgement** 

This CCPA Acknowledgement shall apply only where the Company is subject to the CCPA by virtue of being defined as a "Business" by the CCPA.

1. The parties agree and acknowledge that Harmonic shall act only as a "Service Provider" as defined by the CCPA for the purposes of this Agreement. As a Service Provider, Harmonic shall not determine the purposes and means by which the "personal information" (as defined by the CCPA) it receives pursuant to this Agreement shall be processed.

2. The parties agree and acknowledge that Harmonic shall not retain, use or disclose personal information for any purpose other than for the specific purpose of performing the services specified in this Agreement or as otherwise permitted by the CCPA.

## Exhibit 10.5

**Exhibit 10.5** 

FORM OF CUSTODY AGREEMENT

dated as of [•], 2026

by and between

APS BDC, LLC

("Company")

and

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

("Custodian")

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**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 1. | DEFINITIONS | 1 |
| 2. | APPOINTMENT OF CUSTODIAN | 7 |
| 3. | DUTIES OF CUSTODIAN | 8 |
| 4. | REPORTING | 17 |
| 5. | DEPOSIT IN U.S. SECURITIES SYSTEMS | 18 |
| 6. | SECURITIES HELD OUTSIDE OF THE UNITED STATES | 19 |
| 7. | CERTAIN GENERAL TERMS | 21 |
| 8. | COMPENSATION OF CUSTODIAN | 24 |
| 9. | RESPONSIBILITY OF CUSTODIAN | 25 |
| 10. | SECURITY CODES | 28 |
| 11. | TAX LAW | 28 |
| 12. | PROPRIETARY AND CONFIDENTIAL INFORMATION | 29 |
| 13. | EFFECTIVE PERIOD AND TERMINATION | 30 |
| 14. | REPRESENTATIONS AND WARRANTIES | 31 |
| 15. | PARTIES IN INTEREST; NO THIRD PARTY BENEFIT | 32 |
| 16. | NOTICES | 32 |
| 17. | CHOICE OF LAW AND JURISDICTION | 33 |
| 18. | ENTIRE AGREEMENT; COUNTERPARTS | 33 |
| 19. | AMENDMENT; WAIVER | 34 |
| 20. | SUCCESSOR AND ASSIGNS | 34 |
| 21. | SEVERABILITY | 35 |
| 22. | REQUEST FOR INSTRUCTIONS | 35 |
| 23. | OTHER BUSINESS | 35 |
| 24. | REPRODUCTION OF DOCUMENTS | 35 |
| 25. | MISCELLANEOUS | 35 |

---

SCHEDULES

SCHEDULE A – Initial Authorized Persons

i

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THIS CUSTODY AGREEMENT (this "<u>Agreement</u>") is dated as of [•], 2026 and is by and between APS BDC, LLC (and any successor or permitted assign, the "<u>Company</u>"), a Delaware limited liability company, and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (or any successor or permitted assign acting as custodian hereunder, the "<u>Custodian</u>"), a national banking association.

<u>RECITALS</u> 

WHEREAS, the Company is a closed-end management investment company, which, prior to the commencement of its investment operations, will elect to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, the Company desires to retain U.S. Bank Trust Company, National Association to act as custodian for the Company and each Subsidiary hereafter identified to the Custodian;

WHEREAS, the Company desires that certain of the Company's Securities (as defined below) and cash be held and administered by the Custodian pursuant to this Agreement in compliance with Section 17(f) of the 1940 Act;

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

1.  **<u>DEFINITIONS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Defined Terms</u>. In addition to terms expressly defined elsewhere herein, the following words shall have the following meanings as used in this Agreement:

"<u>Account</u>" or "<u>Accounts</u>" means the Cash Account, the Securities Account, any Subsidiary Cash Account and any Subsidiary Securities Account, collectively.

"<u>Agreement</u>" means this Custody Agreement (as the same may be amended from time to time in accordance with the terms hereof).

"<u>Authorized Person</u>" has the meaning set forth in Section 7.4(a).

"<u>Business Day</u>" means any day that is not Saturday or Sunday and is not a legal holiday or a day in which banking institutions generally are authorized or obligated by law or regulation to remain closed in New York, New York, or the city in which the Custodian (pursuant to Section 16 hereunder) or any relevant Sub-Custodian is located.

"<u>Cash Account</u>" or "<u>Cash Accounts</u>" means the segregated accounts to be established by the Custodian at U.S. Bank National Association or any affiliate to which the Custodian shall deposit or credit and hold any cash Proceeds received by it from time to time from or with respect to the Securities or the sale of the units of limited liability company interests of the Company, as applicable, which accounts shall be designated the "APS BDC Cash Interest Proceeds Account" and the "APS BDC Cash Principal Proceeds Account."

------

"<u>Company</u>" has the meaning set forth in the first paragraph of this Agreement.

"<u>Confidential Information</u>" means any non-public information related to the Company or Custodian (including, without limitation, databases, computer programs, screen formats, screen designs, report formats, interactive design techniques, and other similar or related information that may be furnished to the Company by the Custodian from time to time pursuant to this Agreement).

"<u>Custodian</u>" has the meaning set forth in the first paragraph of this Agreement.

"<u>Eligible Foreign Custodian"</u> has the meaning set forth in Rule 17f-5(a)(1), including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; provided, however, that the term "Eligible Foreign Custodian" does not include any Eligible Securities Depository.

"<u>Eligible Investment</u>" means any investment that at the time of its acquisition is one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) United States government and agency obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commercial paper having a rating assigned to such commercial paper by Standard & Poor's Rating Services or Moody's Investor Service, Inc. (or, if neither such organization shall rate such commercial paper at such time, by any nationally recognized rating organization in the United States of America) equal to one of the two highest ratings assigned by such organization, it being understood that as of the date hereof such ratings by Standard & Poor's Rating Services are "A1+" and "A1" and such ratings by Moody's Investor Service, Inc. are "P1" and "P2";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) interest bearing deposits in United States dollars in United States banks with an unrestricted surplus of at least U.S. $250,000,000, maturing within one year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) money market funds (including funds of the bank serving as Custodian or its affiliates) or United States government securities funds designed to maintain a fixed share price and high liquidity.

"<u>Eligible Securities Depository</u>" has the meaning set forth in section (b)(1) of Rule 17f-7 under the 1940 Act.

"<u>ERISA</u>" has the meaning set forth in Section 14.1(c).

"<u>Federal Reserve Bank Book-Entry System</u>" means a depository and securities transfer system operated by the Federal Reserve Bank of the United States on which are eligible to be held all United States Government direct obligation bills, notes and bonds.

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"<u>Financing Documents</u>" means any Loan Assignment Agreement, Participation Agreement, and any related instrument, security, credit agreement, assignment agreement and/or other agreements or documents, if any, that may be delivered to the Custodian pursuant to this Agreement.

"<u>Foreign Intermediary</u>" means a Foreign Sub-Custodian or Eligible Securities Depository.

"<u>Foreign Sub-Custodian</u>" means and includes any Sub-Custodian appointed to administer any of the Company's Foreign Securities pursuant to Section 6.6 below.

"<u>Foreign Securities</u>" means Securities for which the primary market is outside the United States.

"<u>Indemnified Person</u>" has the meaning set forth in Section 9.4(a).

"<u>Investment Adviser</u>" means CHS (US) Management LLC, OHA Private Credit Advisors II, L.P. or any other investment adviser identified to the Custodian by the Company in writing.

"<u>Loan</u>" means any commercial loan, or Participation therein, whether made by a bank or other financial institution and/or made in a direct lending capacity to the borrower thereunder or otherwise that by its terms provides for payments of principal and/or interest, including discount obligations and payment-in-kind obligations, acquired by the Company from time to time.

"<u>Loan Assignment Agreement</u>" has the meaning set forth in Section 3.3(b)(ii).

"<u>Participation</u>" means an interest in a Loan that is acquired indirectly by way of a participation from a selling institution.

"<u>Participation Agreement</u>" has the meaning set forth in Section 3.3(b)(ii).

"<u>Person</u>" means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof) unincorporated organization, or any government or agency or political subdivision thereof.

"<u>Plan-Assets Vehicle</u>" has the meaning set forth in Section 14.1(c).

"<u>Proceeds</u>" means, collectively, (i) the net cash proceeds to the Company of any offering by the Company of any class of securities issued by the Company, (ii) all cash distributions, earnings, dividends, fees and other cash payments paid on the Securities (or, as applicable, Subsidiary Securities) by or on behalf of the issuer or obligor thereof, or applicable paying agent or administrative agent, (iii) the net cash proceeds of the sale or other disposition of the Securities (or, as applicable, Subsidiary Securities) pursuant to the terms of this Agreement (and any Reinvestment Earnings from investment of the foregoing) and (iv) the net cash proceeds to the Company of any borrowing or other financing by the Company, as delivered to and received by the Custodian from time to time.

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"<u>Proper Instructions</u>" means instructions (including Trade Confirmations) received by the Custodian in form acceptable to it, from the Company, the Investment Adviser, or any Person duly authorized by the Company or the Investment Adviser in any of the following forms acceptable to the Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by an Authorized Person (and delivered by hand, by mail, by electronic mail, by overnight courier or by facsimile);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by electronic mail (or other electronic transmission) from an Authorized Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in a communication utilizing access codes effected between electro mechanical or electronic devices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other means as may be agreed upon from time to time by the Custodian and the party giving such instructions, including oral instructions and any SWIFT Transmissions.

"<u>Reinvestment Earnings</u>" has the meaning set forth in Section 3.6(b).

"<u>Securities</u>" means, collectively, (i) the investments, including Loans and Uncertificated Securities, acquired by the Company and delivered to the Custodian by the Company from time to time during the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments described in clause (i). For avoidance of doubt, the term "Securities" includes stocks, shares, bonds, debentures, notes, mortgages or other obligations and any certificates, receipts, warrants or other instruments representing rights to receive, purchase, or subscribe for the same, or evidencing or representing any other rights or interests therein, or in any property or assets.

"<u>Securities Account</u>" means the segregated account to be established by the Custodian at U.S. Bank National Association or any affiliate to which the Custodian shall deposit or credit and hold the Securities (other than Loans or Uncertificated Securities) received by the Custodian pursuant to this Agreement, which account shall be designated the "APS BDC Securities Custody Account".

"<u>Securities Depository</u>" means The Depository Trust Company and any other clearing agency registered with the Securities and Exchange Commission under Section 17A of the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

"<u>Securities System</u>" means the Federal Reserve Book-Entry System, a clearing agency which acts as a Securities Depository, or another book entry system for the central handling of securities (including an Eligible Securities Depository).

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"<u>Street Delivery Custom</u>" means a custom of the United States securities market to deliver securities which are being sold to the buying broker for examination to determine that the securities are in proper form.

"<u>Street Name</u>" means the form of registration in which the securities are held by a broker who is delivering the securities to another broker for the purposes of sale, it being an accepted custom in the United States securities industry that a security in Street Name is in proper form for delivery to a buyer and that a security may be re-registered by a buyer in the ordinary course.

<u>"Sub-Custodian"</u> shall mean and include (i) any branch of a "U.S. Bank," as that term is defined in Rule 17f-5 under the 1940 Act, and (ii) any Eligible Foreign Custodian having a contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Company based on the standards specified in Section 3.14 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Company will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that any Foreign Securities held by the Sub-Custodian will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership of any Foreign Securities held by the Sub-Custodian will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being held by a third party for the benefit of the Company; (v) that the Company's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Company will receive periodic reports with respect to the safekeeping of the Company's assets, including, but not limited to, notification of any transfer to or from the Company's account or a third party account containing assets held for the benefit of the Company. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Company assets as the specified provisions.

"<u>Subsidiary</u>" means, collectively, any wholly owned subsidiary of the Company identified to the Custodian by the Company.

"<u>Subsidiary Cash Account</u>" has the meaning set forth in Section 3.13(b).

"<u>Subsidiary Securities</u>" means, collectively, (i) the investments, including Loans and Uncertificated Securities, acquired by a Subsidiary and delivered to the Custodian from time to time during the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments described in clause (i).

"<u>Subsidiary Securities Account</u>" has the meaning set forth in Section 3.13(a).

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"<u>SWIFT Transmissions</u>" has the meaning set forth in Section 7.4(c).

"<u>Trade Confirmation</u>" means a trade ticket or confirmation to the Custodian from the Company of the Company's acquisition of a Loan, and setting forth applicable information with respect to such Loan, in such form as may be acceptable to the Custodian.

"<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in the State of New York.

"<u>Uncertificated Security</u>" means a Security that is not represented by a physical certificate.

"<u>Underlying Loan Agreement</u>" means, with respect to any Loan, the document or documents evidencing the commercial loan agreement or facility pursuant to which such Loan is made.

"<u>Underlying Loan Documents</u>" means, with respect to any Loan, the related Underlying Loan Agreement together with any agreements and instruments (including any Underlying Note) executed or delivered in connection therewith.

"<u>Underlying Note</u>" means the one or more promissory notes executed by an obligor evidencing a Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Construction</u>. In this Agreement unless the contrary intention appears:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any reference to this Agreement or another agreement or instrument refers to such agreement or instrument as
the same may be amended, modified or otherwise rewritten from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and
consolidations, amendments, re-enactments or replacements of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any term defined in the singular form may be used in, and shall include, the plural with the same meaning, and
vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a reference to a Person includes a reference to the Person's executors, custodians, successors and
permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly and
severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an agreement, representation or warranty on the part of two or more Persons binds them jointly and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a reference to the term "including" means "including, without limitation,";

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a reference to any accounting term is to be interpreted in accordance with generally accepted principles and
practices in the United States, consistently applied, unless otherwise instructed by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reference to "execute", "executed", "sign", "signed",
"signature" or any other like term hereunder shall include execution by electronic signature (including, without limitation, any .pdf file, .jpeg file, or any other electronic or image file, or any "electronic signature" as
defined under the U.S. Electronic Signatures in Global and National Commerce Act (" <u>E-SIGN</u> ") or the New York Electronic Signatures and Records Act (" <u>ESRA</u> "), which includes
any electronic signature provided using Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the Custodian), except to the extent the Custodian requests
otherwise. Any such electronic signatures shall be valid, effective and legally binding as if such electronic signatures were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Headings</u>. Headings are inserted for convenience and do not affect the interpretation of this Agreement.

2.  **<u>APPOINTMENT OF CUSTODIAN</u> <u> </u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Appointment and Acceptance</u>. The Company hereby appoints the Custodian as custodian of certain Securities, cash and Proceeds owned by the Company and the Subsidiaries (as applicable) and delivered to and received by the Custodian from time to time during the period of this Agreement, on the terms and conditions set forth in this Agreement (which shall include any addendum hereto which is hereby incorporated herein and made a part of this Agreement), and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement with respect to it and subject to and in accordance with the provisions hereof. Any Account may contain any number of accounts or sub-accounts for the convenience of the Custodian or as required by the Company or the Subsidiaries (as applicable) for convenience in administering such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Instructions</u>. The Company agrees that it shall from time to time provide, or cause to be provided, to the Custodian all necessary instructions and information, and shall respond promptly to all inquiries and requests of the Custodian, as may reasonably be necessary to enable the Custodian to perform its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Company Responsible For Directions</u>. The Company is solely responsible for directing the Custodian with respect to deposits to, withdrawals from and transfers to or from the Accounts. Without limiting the generality of the foregoing, the Custodian has no responsibility for the Company's legal and regulatory compliance (including the 1940 Act), any restrictions, covenants, limitations or obligations to which the Company may be subject or for which it may have obligations to third parties in respect of the Accounts, and the Custodian shall have no liability for the application of any funds made with Proper Instructions of the Company. The Company shall be solely responsible for properly instructing all applicable payors to make all appropriate payments to the Custodian for deposit to the Accounts, and for properly instructing the Custodian with respect to the allocation or application of all such deposits.

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3.  **<u>DUTIES OF CUSTODIAN</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Segregation</u>. All Securities, Subsidiary Securities and non-cash property held by the Custodian (or U.S. Bank National Association on its behalf), as applicable, for the account of the Company or any Subsidiary, respectively (other than Securities and Subsidiary Securities maintained in a Securities Depository or Securities System), shall be physically segregated from other Securities and non-cash property in the possession of the Custodian or U.S. Bank National Association on its behalf (including the Securities and non-cash property of the other series of the Company, if applicable) and shall be identified as subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Securities Custody Account</u>. The Custodian shall open and maintain at U.S. Bank National Association or any affiliate a segregated account in the name of the Company, subject only to order of the Custodian, in which the Custodian shall enter and carry, subject to Section 3.3(b), all Securities (other than Loans and Uncertificated Securities) and other investment assets of the Company which are delivered to it in accordance with this Agreement. For the avoidance of doubt, the Custodian shall not be required to credit or deposit Loans or Uncertificated Securities in the Securities Account but shall instead maintain a register (in book-entry form or in such other form as it shall deem necessary or desirable) of such Loans or Uncertificated Securities, containing such information as the Company and the Custodian may reasonably agree and marked so as to clearly identify them as the property of the Company, in a manner consistent with Rule 17f-1 under the 1940 Act and as set forth in this Agreement.

The Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such Securities and investments except pursuant to the direction of the Company under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Delivery of Cash and Securities to Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company directs the Custodian to open and maintain the Cash Accounts with U.S. Bank National Association,
to which the Custodian shall deposit or credit and hold any cash or Proceeds received by it from time to time or with respect to the Securities or the sale of the securities of the Company, as applicable. The Company shall deliver, or cause to be
delivered, to the Custodian certain of the Company's Securities, cash and other investment assets, including (i) payments of income, payments of principal and capital distributions received by the Company with respect to such Securities,
cash or other assets owned by the Company at any time during the period of this Agreement and (ii) cash received by the Company for the issuance, at any time during such period, of other securities of the Company or in connection with a
borrowing by the Company. With respect to assets other than Loans, such assets shall be delivered to the Custodian in its role as, and (where relevant) at the address identified for, the Custodian. Except to the extent

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otherwise expressly provided herein, delivery of Securities to the Custodian shall be in Street Name or other good delivery form. The Custodian shall not be responsible for such Securities, cash or other assets until actually delivered to, and received by it. With respect to Securities (other than Loans, Uncertificated Securities and assets in the nature of "general intangibles" (as hereinafter defined)) held by the Custodian in its capacity as a "securities intermediary" (as defined in Section 8-102 of the UCC), the Custodian shall be obligated to exercise due care in accordance with reasonable commercial standards in discharging its duties as a securities intermediary to hold such Securities. A Security will be deemed to be "delivered" to the Custodian when the Company delivers such Security in the following manner: (i) if such Security is a Certificated Security or an instrument (other than a Security held in a Securities System), then in physical certificated form in the name of the Company or its nominee, (ii) if such Security is an Uncertificated Security or in the form of uncertificated share(s) or other interest (other than a Security held in a Securities System), then delivery of confirmation statements which identify such shares or interests as being recorded in the name of the Company or its nominee, (iii) if such Security is held in a Securities System or maintained in one or more omnibus accounts at the Custodian, its agents or Sub-Custodians, then delivery of confirmation that such Security is held in the Securities System or maintained through one or more omnibus accounts in the name of the Custodian (or its nominee) who shall identify the same on its books and records as held for the account of the Company, or (iv) in such other good delivery form that may be agreed to by the Custodian from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In connection with its acquisition of a Loan, an Uncertificated Security or other delivery of a Security constituting a Loan, the Company shall deliver or cause to be delivered to the Custodian a properly completed Trade Confirmation containing such information in respect of such Loan or Uncertificated Security as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan or Uncertificated Security on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding any term hereof or elsewhere to the contrary, (a) it is hereby expressly acknowledged that (i) interests in Loans or Uncertificated Securities may be acquired by the Company (or, if applicable, a Subsidiary thereof) from time to time which are not evidenced by, or accompanied by delivery of, a "security" or an "instrument", as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, and may be evidenced solely by delivery to the Custodian of (x) a facsimile or electronic copy of an assignment agreement ("<u>Loan Assignment Agreement</u>") in favor of the Company as assignee or, in respect of any Loan acquired by participation interest, a participation agreement (a "<u>Participation Agreement</u>") in favor of the Company as participant or (y) a copy of the register of the underlying issuer of such interest evidencing registration of such interest on the books and records of the applicable issuer to the name of the Company (or its nominee) and (ii) any such Loan Assignment Agreement or Participation Agreement (and the registration of the related Loan on the books and records of the

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applicable obligor or bank agent) shall be registered in the name of the Company or, if applicable, a Subsidiary thereof (or, in either case, its nominee), and (b) nothing herein shall require the Custodian to credit to the Securities Account or to treat as a financial asset (within the meaning of Section 8-102(a)(9) of the UCC) any such Loan or other asset in the nature of a general intangible (as defined in Section 9-102(a)(42) of the UCC) or to "maintain" a sufficient quantity thereof. The Custodian is not under a duty to examine any such Financing Documents, or any underlying credit agreements or loan documents for such Loan to determine the validity, sufficiency, marketability or enforceability of any Loan Assignment Agreement, Participation Agreement or other Financing Document (and shall have no responsibility for the genuineness or completeness thereof), or for the Company's title to any related Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Custodian may assume the genuineness of any such Financing Document it may receive and the genuineness and due authority of any signatures appearing thereon, and shall be entitled to assume that each such Financing Document it may receive is what it purports to be. If an original "security" or "instrument" as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, is or shall be or becomes available with respect to any Loan to be held by the Custodian under this Agreement, it shall be the sole responsibility of the Company to make or cause delivery thereof to the Custodian, and the 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 Loan or to compel or cause delivery thereof to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Contemporaneously with the acquisition of any Loan, the Company shall (a) cause any appropriate Financing Documents evidencing such Loan to be delivered to the Custodian; (b) if requested by the Custodian, provide to the Custodian an amortization schedule of principal payments and a schedule of the interest payable date(s) identifying the amount and due dates of all scheduled principal and interest payments for such Loan and (c) provide to the Custodian a properly completed Trade Confirmation containing such information in respect of such Loan as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require; (d) take all actions necessary for the Company to acquire good title to such Loan; and (e) take all actions as may be necessary (including appropriate payment notices and instructions to bank agents or other applicable paying agents or administrative agents) to cause (A) all payments in respect of the Loan to be made to the Custodian and (B) all notices, solicitations and other communications in respect of such Loan to be directed to the Company. The Custodian shall have no liability for any delay or failure on the part of the Company to provide necessary information to the Custodian, or for any inaccuracy therein or incompleteness thereof, or for any delay or failure on the part of the Company to give such effective payment instruction to bank agents and other paying agents or administrative agents, in respect of the Loans. With respect to each such Loan, the Custodian shall be entitled to rely on any information and

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notices it may receive from time to time from the related bank agent, obligor, participating bank, nationally recognized pricing service or vendor, reputable financial information reporting source or similar party with respect to the related Loan, and shall be entitled to update its records (as it may deem necessary or appropriate), or from the Company, on the basis of such information or notices received, without any obligation on its part independently to verify, investigate or recalculate such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Release of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall release and if applicable, ship for delivery, or direct its agents or Sub-Custodian to release and if applicable, ship for delivery, as the case may be, Securities of the Company held by the Custodian, its agents or its Sub-Custodian from time
to time upon receipt of Proper Instructions (which shall, among other things, specify the Securities to be released, with such delivery and other information as may be necessary to enable the Custodian to perform), which may be standing instructions
(in form acceptable to the Custodian) in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon sale of such Securities by or on behalf of the Company and, such sale may, unless and except to the extent
otherwise directed by Proper Instructions, be carried out by the Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in accordance with the customary or established practices and procedures in the jurisdiction or market where
the transactions occur, including delivery to the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer) against expectation of receiving later payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the case of a sale effected through a Securities System, in accordance with the rules governing the
operations of the Securities System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon the receipt of payment in connection with any repurchase agreement related to such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to a depositary agent in connection with tender or other similar offers for such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the issuer thereof or its agent when such Securities are called, redeemed, retired or otherwise become
payable (unless otherwise directed by Proper Instructions, the cash or other consideration is to be delivered to the Custodian, its agents or its Sub-Custodian);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to an issuer thereof, or its agent, for transfer into the name of the Custodian or of any nominee of the
Custodian or into the name of any of its agents or Sub-Custodian or their nominees or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or
number of units;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to brokers clearing banks or other clearing agents for examination in accordance with the Street Delivery
Custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) for exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or
readjustment of the Securities of the issuer of such Securities, or pursuant to any deposit agreement (unless otherwise directed by Proper Instructions, the new Securities and cash, if any, are to be delivered to the Custodian, its agents or its Sub-Custodian);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in the case of warrants, rights or similar Securities, the surrender thereof in the exercise of such warrants,
rights or similar Securities or the surrender of interim receipts or temporary Securities for definitive Securities (unless otherwise directed by Proper Instructions, the new Securities and cash, if any, are to be delivered to the Custodian, its
agents or its Sub-Custodian); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) for any other purpose, but only upon receipt of Proper Instructions (and, in connection with any such Proper
Instruction, the Company shall provide the Custodian an officer's certificate signed by any two officers of the Company (which officers shall not have been the Authorized Person providing the Proper Instructions) stating (i) the specified
Securities to be delivered, (ii) the purpose for such delivery, (iii) that such purpose is a proper corporate purpose and (iv) naming the person or persons to whom delivery of such Securities shall be made and attaching a certified
copy of a resolution of the board of directors of the Company or an authorized committee thereof approving the delivery of such Proper Instructions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Registration of Securities</u>. Securities held by the Custodian, its agents or its Sub-Custodian (other than bearer securities or securities held in a Securities System) shall be registered in the name of the Company or its nominee; or, at the option of the Custodian (if the Company and the Custodian determine that such Security cannot be held in the name of the Company), in the name of the Custodian or in the name of any nominee of the Custodian, or in the name of its agents or its Sub-Custodian or their nominees, in each case, for the benefit of the Company; or if directed by the Company by Proper Instruction, may be maintained in Street Name. The Custodian, its agents and its Sub-Custodian shall not be obligated to accept Securities on behalf of the Company under the terms of this Agreement unless such Securities (other than Loans) are in Street Name or other good deliverable form.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Bank Accounts and Management of Cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Proceeds and other cash received by the Custodian from time to time shall be deposited into or credited to the
respective Cash Account as designated by the Company. All amounts deposited into or credited to the designated Cash Account shall be subject to clearance and receipt of final payment by the Custodian. The Custodian shall be entitled to request and
receive instruction from the Company in respect of any determination regarding whether any such proceeds or cash received by the Custodian should be deposited into the "APS BDC Cash Interest Proceeds Account" or the "APS BDC Cash
Principal Proceeds Account."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amounts held in each respective Cash Account from time to time may be invested in Eligible Investments pursuant
to specific written Proper Instructions (which may be standing instructions) received by the Custodian from an Authorized Person acting on behalf of the Company. Such investments shall be subject to availability and the Custodian's then
applicable transaction charges (which shall be at the Company's expense). Absent receipt of such Proper Instructions from the Company, the Custodian shall have no obligation to invest (or otherwise pay interest on) amounts on deposit in each
respective Cash Account. In no instance will the Custodian have any obligation to provide investment advice to the Company. Any earnings from such investment of amounts held in the Cash Accounts from time to time (collectively,
" <u>Reinvestment Earnings</u> ") shall be redeposited in the respective Cash Account (and may be reinvested pursuant to specific Proper Instructions of the Company). The Custodian shall have no liability for any losses on any investments
made as described herein, unless such losses result from the Custodian's gross negligence, willful misconduct, or bad faith in the following of the instructions of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Company shall at any time request a withdrawal of amounts from any of the Cash Accounts,
the Custodian shall be entitled to liquidate, and shall have no liability for any loss incurred as a result of the liquidation of, any investment of the funds credited to such Cash Account as needed to provide necessary liquidity. Investment
instructions may be in the form of standing instructions (in the form of Proper Instructions acceptable to Custodian).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company acknowledges that cash deposited or invested with any bank (including the bank acting as Custodian)
may make a margin or generate banking income for which such bank shall not be required to account to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for
administration of its duties hereunder with notice to be provided to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 Foreign Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the receipt of Proper Instructions, the Custodian, its agents or its Sub-Custodian may (but shall not be obligated to) enter into all types of contracts for foreign exchange on behalf of the Company, upon terms acceptable to the Custodian and the Company (in each case at the
Company's expense), including transactions entered into with the Custodian, its Sub-Custodian or any affiliates of the Custodian or the Sub-Custodian. The
Custodian shall have no liability for any losses incurred in or resulting from the rates obtained in such foreign exchange

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transactions; and absent specific and acceptable Proper Instructions, the Custodian shall not be deemed to have any duty to carry out any foreign exchange on behalf of the Company. The Custodian shall be entitled at all times to comply with any legal or regulatory requirements applicable to currency or foreign exchange transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company acknowledges that the Custodian, any Sub-Custodian or any
affiliates of the Custodian or any Sub-Custodian, involved in any such foreign exchange transactions may make a margin or generate banking income from foreign exchange transactions entered into pursuant to
this section for which they shall not be required to account to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Collection of Income</u>. Subject to Section 7.8 hereof, the Custodian, its agents or its Sub-Custodian shall use reasonable efforts to collect on a timely basis all income and other payments with respect to the Securities held hereunder to which the Company shall be entitled, to the extent consistent with usual custom in the securities custodian business in the United States. Such efforts shall include collection of interest income, dividends and other payments with respect to registered domestic Securities if on the record date with respect to the date of payment by the issuer the Security is registered in the name of the Custodian or its nominee (or in the name of its agent or Sub-Custodian, or their nominee); and interest income, dividends and other payments with respect to bearer domestic securities if, on the date of payment by the issuer such Securities are held by the Custodian or its Sub-Custodian or agent; provided, however, that in the case of Securities held in Street Name, the Custodian shall use commercially reasonable efforts only to timely collect income. In no event shall the Custodian's agreement herein to collect income be construed to obligate the Custodian to commence, undertake or prosecute any legal proceedings. If the Custodian receives a written notice of default or refusal to pay with respect to the Securities from an issuer or transfer agent, the Custodian shall forward such notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 Payment of Moneys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon receipt of Proper Instructions, which may be standing instructions, the Custodian shall pay out from the
respective Cash Account designated by the Company (or remit to its agents or its Sub-Custodian, and direct them to pay out) moneys of the Company on deposit therein in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon the purchase of Securities for the Company pursuant to such Proper Instructions; and such purchase may,
unless and except to the extent otherwise directed by Proper Instructions, be carried out by the Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in accordance with the customary or established practices and procedures in the jurisdiction or market where
the transactions occur, including delivering money to the seller thereof or to a dealer therefor (or any agent for such seller or dealer) against expectation of receiving later delivery of such Securities; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the case of a purchase effected through a Securities System, in accordance with the rules governing the
operation of such Securities System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for the purchase or sale of foreign exchange or foreign exchange agreements for the account of the Company,
including transactions executed with or through the Custodian, its agents or its Sub-Custodian, as contemplated by Section 3.7 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for the payment of distributions, inclusive of accompanying shareholder servicing and/or distribution fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for the repurchase of securities of the Company pursuant to tender offers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) for any other purpose directed by the Company, but only upon receipt of Proper Instructions specifying the
amount of such payment, and naming the Person or Persons to whom such payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time or times, the Custodian shall be entitled to pay (i) itself from any of the Cash Accounts,
whether or not in receipt of express direction or instruction from the Company, any amounts due and payable to it pursuant to Section 8 hereof, and (ii) as otherwise permitted by Section 7.5, Section 9.4 or Section 13.5
below, provided, however, that in each case (i) the Custodian shall have first invoiced or billed the Company for such amounts and the Company shall have failed to pay such amounts within thirty (30) days after the date of such invoice or
bill, and (ii) all such payments shall be accounted for to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Proxies</u>. The Custodian will, with respect to the Securities held hereunder, use reasonable efforts to cause to be promptly executed by the registered holder of such Securities proxies received by the Custodian from its agents or its Sub-Custodian or from issuers of the Securities being held for the Company, without indication of the manner in which such proxies are to be voted, and upon receipt of Proper Instructions shall promptly deliver to the applicable issuer such proxies, proxy soliciting materials and notices relating to such Securities. In the absence of such Proper Instructions, or in the event that such Proper Instructions are not received in a timely fashion, the Custodian shall be under no duty to act with regard to such proxies. Notwithstanding the above, neither Custodian nor any nominee of Custodian shall vote any of the Securities held hereunder by or for the account of the Company, except in accordance with Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Communications Relating to Securities</u>. The Custodian shall transmit promptly to the Company all written information (including proxies, proxy soliciting materials, notices, pendency of calls and maturities of Securities and expirations of rights in connection therewith) received by the Custodian, from its agents or its Sub-Custodian or from issuers of the Securities being held for the Company. The Custodian shall have no obligation or duty to exercise any right or power, or otherwise to preserve rights, in or under any Securities unless and except to the extent it has received timely Proper Instruction from the Company in accordance with the next sentence. The Custodian will not be liable for any untimely exercise of any right or power in connection with Securities at any time held by the Custodian, its agents or Sub-Custodian unless:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Custodian has received Proper Instructions with regard to the exercise of any such right or power; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Custodian, or its agents or Sub-Custodian are in actual possession
of such Securities,

in each case, at least three (3) Business Days prior to the date on which such right or power is to be exercised. Notwithstanding the foregoing, in the event the Custodian shall receive Proper Instructions with regard to the exercise of any right or power less than three (3) Business Days prior to the date on which such right or power is to be exercised, the Custodian shall use reasonable best efforts to exercise such right or power as promptly as practicable. It will be the responsibility of the Company to notify the Custodian of the Person to whom such communications must be forwarded under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Records</u>. The Custodian shall create and maintain complete and accurate records relating to its activities under this Agreement with respect to the Securities, cash or other property held for the Company under this Agreement and as required by Section 31 of the 1940 Act and Rule 31a-1 and 31a-2 thereunder. To the extent that the Custodian, in its sole opinion, is able to do so, the Custodian shall provide assistance to the Company (at the Company's reasonable request made from time to time) by providing sub-certifications regarding certain of its services performed hereunder to the Company in connection with the Company's certification requirements pursuant to applicable law, including the Sarbanes-Oxley Act of 2002, as amended. All such records shall be the property of the Company and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Company, upon reasonable request with at least five (5) Business Days' prior written notice and at the Company's expense. The Custodian shall, at the Company's request, supply the Company with a tabulation of Securities owned by the Company and held by the Custodian and shall, when requested to do so by the Company and for such compensation as shall be agreed upon between the Company and the Custodian, include, to the extent applicable, the certificate numbers in such tabulations, to the extent such information is available to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 Custody of Subsidiary Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the request of the Company, with respect to each Subsidiary identified to the Custodian by the Company,
there shall be established by the Custodian at U.S. Bank National Association or its affiliate a segregated account to which the Custodian shall deposit and hold any Subsidiary Securities (other than Loans) received by it (and any Proceeds received
by it in the form of dividends in kind) pursuant to this Agreement, which account shall be designated the "[INSERT NAME OF SUBSIDIARY] Securities Account" (the " <u>Subsidiary Securities Account</u> ").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the request of the Company, with respect to each Subsidiary identified to the Custodian by the Company,
there shall be established by the Custodian at U.S. Bank National Association or its affiliate a segregated account to which the Custodian shall deposit and hold any cash Proceeds received by it from time to time from or with respect to Subsidiary
Securities or other Proceeds, which account shall be designated the "[INSERT NAME OF SUBSIDIARY] Cash Proceeds Account" (the " <u>Subsidiary Cash Account</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the maximum extent possible, the provisions of this Agreement regarding Securities of the Company, the
Securities Account and the Cash Account shall be applicable to any Subsidiary Securities, cash and other investment assets, Subsidiary Securities Account and Subsidiary Cash Account, respectively. The parties hereto agree that the Company shall
notify the Custodian in writing as to the establishment of any Subsidiary as to which the Custodian is to serve as custodian pursuant to the terms of this Agreement; and identify in writing any accounts the Custodian shall be required to establish
for such Subsidiary as herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Responsibility for Property Held by Sub-Custodians</u>. The Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities Depositories or (ii) Eligible Foreign Custodians. The Custodian's responsibility with respect to the selection or appointment of a Sub-Custodian (other than an affiliate of the Custodian) shall be limited to a duty to exercise reasonable care and good faith in the selection of such Sub-Custodian in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. To the extent permitted by applicable law, the Custodian shall request each Sub-Custodian to identify on its own books and records that any assets held at such Sub-Custodian by Custodian on behalf of its customers belong to customers of the Custodian, such that it is readily apparent that such assets do not belong to the Custodian or such Sub-Custodian. With respect to any costs, expenses, damages, liabilities, or claims (including attorneys' and accountants' fees) incurred as a result of the acts or the failure to act by any Sub-Custodian (other than an affiliate of the Custodian), the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities, or claims from such Sub-Custodian; provided that the Custodian's sole liability in that regard shall be limited to amounts actually received by it from such Sub-Custodian (exclusive of related costs and expenses incurred by the Custodian).

4.  **<u>REPORTING</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Custodian shall render to the Company (i) a monthly report of all deposits to and withdrawals from the Cash Account during the month, and the outstanding balance (as of the last day of the preceding monthly report and as of the last day of the subject month) and (ii) an itemized statement of the Securities held pursuant to this Agreement as of the end of each month, all transactions in the Securities during the month, as well as a list of all Securities transactions that remain unsettled at that time, and (iii) such other matters as the parties may agree from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 For each Business Day, the Custodian shall render to the Company a daily report of (i) all deposits to and withdrawals from the Cash Account for such Business Day and the outstanding balance as of the end of such Business Day, (ii) a report of settled trades of Securities for such Business Day, and (iii) the Custodian's Securities holdings as of the end of such Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Custodian shall have no duty or obligation to undertake any market valuation of the Securities under any circumstance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Custodian shall provide the Company, promptly upon request, with such reports as are reasonably available to it and as the Company may reasonably request from time to time, on the internal accounting controls and procedures for safeguarding Securities, which are employed by the Custodian (or any Sub-Custodian appointed hereunder, to the extent available to the Custodian).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Any reports to be provided pursuant to this Section 4 may be provided by granting Company access to such reports through the Custodian's password protected website, which may require the Company to register on such website for such access.

5.  **<u>DEPOSIT IN U.S. SECURITIES SYSTEMS</u>** 

The Custodian may deposit and/or maintain Securities in a Securities System within the United States ("<u>U.S. Securities System</u>") in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, including Rule 17f-4 under the 1940 Act, and subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Custodian may keep domestic Securities in a U.S. Securities System provided that such Securities are
represented in an account of the Custodian (or U.S. Bank National Association on its behalf) in the U.S. Securities System for the benefit of the Company, which shall not include any assets of the Custodian other than assets held by it as a
fiduciary, custodian or otherwise for customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the records of the Custodian with respect to Securities which are maintained in a U.S. Securities System shall
identify by book-entry those Securities belonging to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if requested by the Company, the Custodian shall provide to the Company copies of all notices received from the
U.S. Securities System of transfers of Securities for the account of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) anything to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Company
for any direct loss, damage, cost, expense, liability or claim to the Company resulting from use of any Securities System (other than to the extent resulting from the gross negligence, willful misconduct or bad faith of the Custodian itself or from
failure of the Custodian to enforce effectively such rights as it may have against the U.S. Securities System).

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6.  **<u>SECURITIES HELD OUTSIDE OF THE UNITED STATES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Appointment of Foreign Sub-Custodian</u>. The Company hereby authorizes and instructs the Custodian in its sole discretion to employ one or more Foreign Sub-Custodians to act as Eligible Securities Depositories or as Sub-Custodian to hold the Securities and other assets of the Company maintained outside the United States, subject to the Company's approval in accordance with this Section. If the Custodian wishes to appoint a Foreign Sub-Custodian to hold property of the Company subject to this Agreement, it will so notify the Company and provide it with information reasonably necessary to determine any such new Foreign Sub-Custodian's eligibility under Rule 17f-5 under the 1940 Act, including a copy of the proposed agreement with such Foreign Sub-Custodian. The Company shall at the meeting of its board of directors next following receipt of such notice and information give a written approval or disapproval of the proposed action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Assets to be Held.</u> The Custodian shall limit the Securities and other assets maintained in the custody of the Foreign Sub-Custodian to: (a) Foreign Securities and (b) cash and cash equivalents in such amounts as the Company (through Proper Instructions) may determine to be reasonably necessary to effect the Company's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Omnibus Accounts.</u> The Custodian may hold Foreign Securities and related Proceeds with one or more Foreign Sub-Custodians or Eligible Securities Depositories in each case in a single account with such Foreign Sub-Custodian or Eligible Securities Depository that is identified as belonging to the Custodian for the benefit of its customers; provided however, that the records of the Custodian with respect to Securities and related Proceeds that are property of the Company maintained in such account(s) shall identify by book-entry those Securities and other property as belonging to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Reports Concerning Foreign Sub-Custodians.</u> The Custodian will supply to the Company, upon request from time to time, statements in respect of the Securities held by Foreign Sub-Custodians or Eligible Securities Depositories, including an identification of the Foreign Sub-Custodians and Eligible Securities Depositories having physical possession of the Foreign Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Transactions in Foreign Custody Account.</u> Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Securities received by a Foreign Intermediary for the account of the Company may be effected in accordance with the customary established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including delivering Securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such Securities from such purchaser or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Foreign Sub-Custodian.</u> Each contract or agreement pursuant to which the Custodian employs a Foreign Sub-Custodian shall include provisions that provide: (i) for

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indemnification or insurance arrangements (or any combination of the foregoing) such that the Company will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Company's assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors (except a claim of payment for their safe custody or administration) or, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Company's assets will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being held by a third party for the benefit of the Company; (v) that the Company's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Company will receive periodic reports with respect to the safekeeping of the Company's assets, including notification of any transfer to or from a Company's account or a third party account containing assets held for the benefit of the Company. Such contract may contain, in lieu of any or all of the provisions specified above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Company assets as the specified provisions, in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 Custodian's Responsibility for Foreign Sub-Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to its responsibilities under this Section 6, the Custodian agrees to exercise reasonable
care, prudence and diligence such as a person having responsibility for the safekeeping of property of the Company would exercise. The Custodian further agrees that the Foreign Securities will be subject to reasonable care, based on the standards
applicable to the Custodian in the relevant market, if maintained with each Foreign Sub-Custodian, after considering all factors relevant to the safekeeping of such assets, including: (i) the Foreign Sub-Custodian's practices, procedures, and internal controls, including the physical protections available for certificated securities (if applicable), the method of keeping custodial records, and the security
and data protection practices; (ii) whether the Foreign Sub-Custodian has the requisite financial strength to provide reasonable care for Company assets; (iii) the Foreign Sub-Custodian's general reputation and standing and, in the case of Eligible Securities Depository, the Eligible Securities Depository's operating history and number of participants; and
(iv) whether the Company will have jurisdiction over and be able to enforce judgments against the Foreign Sub-Custodian, such as by virtue of the existence of any offices of the Foreign Sub-Custodian in the United States or the Sub-Custodian's consent to service of process in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the end of each calendar quarter, or at such other times as the Company's board of directors deems
reasonable and appropriate based on the circumstances of the Company's foreign custody arrangements, the Custodian shall provide written reports notifying the board of directors of the Company as to the placement of the Foreign Securities and
cash of the Company with a particular Foreign Sub-Custodian and of any material changes in the Company's foreign custody arrangements. The Custodian shall promptly take such steps as may be required to
withdraw assets of the Company from any Foreign Sub-Custodian that has ceased to meet the requirements of Rule 17f-5 under the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian shall establish a system to monitor the appropriateness of maintaining the Company's assets
with a particular Foreign Sub-Custodian and the performance of the contract governing the Company's arrangements with such Foreign Sub-Custodian. To the extent the
Custodian holds Foreign Securities and related Proceeds with one or more Eligible Securities Depositories, the Custodian shall provide the Company with an analysis of the custody risks associated with maintaining assets with such Eligible Securities
Depository and shall monitor such custody risks on a continuing basis and promptly notify the Company of any material change in these risks. The Custodian agrees to exercise reasonable care, prudence and diligence in performing its obligations under
this clause (c). If the Custodian determines that a custody arrangement with an Eligible Securities Depository no longer meets the requirements of this Section, the Company's Foreign Securities must be withdrawn from such depository as soon as
reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian's responsibility with respect to the selection or appointment of a Foreign Sub-Custodian shall be limited to a duty to exercise reasonable care in the selection or retention of such Foreign Intermediaries in light of prevailing settlement and securities handling practices, procedures and
controls in the relevant market. With respect to any costs, expenses, damages, liabilities, or claims (including attorneys' and accountants' fees) incurred as a result of the acts or the failure to act by any Foreign Sub-Custodian, the Custodian shall take reasonable action to recover and, at the request of the Company, assist the Company in recovering, such costs, expenses, damages, liabilities, or claims from such Foreign Sub-Custodian; provided that the Custodian's sole liability in that regard shall be limited to amounts actually received by it from such Foreign Intermediaries (exclusive of related costs and expenses incurred
by the Custodian). The Custodian shall have no responsibility for any act or omission (or the insolvency of) any Securities System (including an Eligible Securities Depository). In the event the Company incurs a loss due to the negligence, willful
misconduct, or insolvency of a Securities System (including an Eligible Securities Depository), the Custodian shall make commercially reasonable endeavors, in its discretion, to seek recovery from the Eligible Securities Depository.

7.  **<u>CERTAIN GENERAL TERMS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>No Duty to Examine Financing Documents</u>. Nothing herein shall obligate the Custodian to review or examine the terms of any Financing Document, underlying instrument, certificate, credit agreement, indenture, loan agreement, promissory note, or other financing document evidencing or governing any Security to determine the validity, sufficiency, marketability or enforceability of any Security (and shall have no responsibility for the genuineness or completeness thereof), for the Company's title to any related Loan, or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Resolution of Discrepancies</u>. In the event of any discrepancy between the information set forth in any report provided by the Custodian to the Company and any information contained in the books or records of the Company, the Company shall promptly notify the Custodian thereof and the parties shall cooperate to diligently resolve the discrepancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Improper Instructions</u>. Notwithstanding anything herein to the contrary, the Custodian shall not be obligated to take any action (or forebear from taking any action), which it reasonably determines (at its sole option) to be contrary to the terms of this Agreement or applicable law. In no instance shall the Custodian be obligated to provide services on any day that is not a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Proper Instructions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will give written notice to the Custodian, in form acceptable to the Custodian, specifying the
names and specimen signatures (whether manual, facsimile, pdf or other electronic signature) of persons authorized to give Proper Instructions (collectively, " <u>Authorized Persons</u> " and each is an " <u>Authorized Person</u> ") which notice shall be signed (whether manual, facsimile, pdf or other electronic signature) by an Authorized Person previously certified to the Custodian. The Custodian shall be entitled to rely upon the identity and authority of
such persons until it receives written notice from an Authorized Person of the Company to the contrary. The initial Authorized Persons are set forth on <u>Schedule A</u> attached hereto and made a part hereof (as such <u>Schedule A</u> may be
modified from time to time by written notice from the Company to the Custodian). The Custodian shall be entitled to accept and act upon Proper Instructions sent by unsecured email, facsimile transmission or other similar unsecured electronic
methods. If such person on behalf of the Company (or the Investment Adviser on its behalf) elects to give the Custodian email or facsimile instructions (or instructions by a similar electronic method) and the Custodian in its discretion elects to
act upon such instructions, the Custodian's reasonable understanding of such instructions shall be deemed controlling. The Custodian shall not be liable for any losses, costs or expenses arising directly or indirectly from the
Custodian's reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of
such electronic methods to submit instructions and directions to the Custodian, including without limitation the risk of the Custodian acting on unauthorized instructions, and the risk of interception and misuse by third parties and acknowledges and
agrees that there may be more secure methods of transmitting such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in connection with its transmission of such instructions provide to it a
commercially reasonable degree of protection in light of its particular needs and circumstances. The Company hereby authorizes and directs the Custodian to accept, rely and act upon instruction

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from the Investment Adviser, acting on behalf and in the name of the Company for all purposes hereunder, and the Custodian is authorized to recognize and act upon the instruction of the Investment Adviser, acting alone, on behalf and in the stead of the Company for all purposes hereunder; provided that such authorization and direction may be revoked at any time by an Authorized Person who is an officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian shall have no responsibility or liability to the Company (or any other person or entity), and
shall be indemnified and held harmless by the Company, in the event that a subsequent written confirmation of an oral instruction fails to conform to the oral instructions received by the Custodian. The Custodian shall not have an obligation to act
in accordance with purported instructions to the extent that they conflict with applicable law or regulations, local market practice or the Custodian's operating policies and practices. The Custodian shall not be liable for any loss resulting
from a delay while it obtains clarification of any Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company hereby agrees that directions given by it pursuant to secure financial messaging services provided
by SWIFT (" <u>SWIFT Transmissions</u> ") are deemed to Proper Instructions for all purposes hereunder. The Company instructs the Custodian to accept and record SWIFT Transmissions initiated by the Company to the same extent that written
wire transfer instructions are accepted and processed by the Custodian. The Custodian may conclusively rely on SWIFT Transmissions and the Custodian shall be entitled to and the Company agrees to provide any verification of information as requested
by the Custodian, including the call-back process to an individual designated by the Company as authorized to provide such verification. The Custodian may also request, and the Company will provide, an additional signed direction (whether by manual,
facsimile, .pdf or other electronic signature) in connection with any SWIFT Transmission. For purposes of compliance with any incumbency certificate of the Company, all instructions received by the Custodian through the methodology described herein
shall be deemed in compliance with the procedures outlined therein (to the extent applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Actions Permitted Without Express Authority</u>. The Custodian may, at its discretion, without express authority from the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make payments to itself as described in or pursuant to Section 3.9(b), or to make payments to itself or
others for reasonable and documented expenses of handling Securities or other similar items relating to its duties under this Agreement, provided that (i) the Custodian shall have first invoiced or billed the Company for such amounts and the
Company shall have failed to pay such amounts within thirty (30) days after the date of such invoice or bill, and (ii) all such payments shall be regularly accounted for to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) surrender Securities in temporary form for Securities in definitive form;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) endorse for collection cheques, drafts and other negotiable instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in general, except as directed in Proper Instructions, attend to all nondiscretionary details in connection
with the sale, exchange, substitution, purchase, transfer and other dealings with the Securities and property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Evidence of Authority</u>. The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate instrument or paper reasonably believed by it to be genuine and to have been properly executed (whether manual, facsimile, pdf or other electronic signature) or otherwise given by or on behalf of the Company by an Authorized Person. The Custodian may receive and accept a certificate signed (whether manual, facsimile, pdf or other electronic signature) by any Authorized Person as conclusive evidence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the authority of any person to act in accordance with such certificate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any determination or of any action by the Company as described in such certificate,

and such certificate may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary from an Authorized Person of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Receipt of Communications</u>. Any communication received by the Custodian on a day which is not a Business Day or after 3:30 p.m., Eastern time (or such other time as is agreed by the Company and the Custodian from time to time), on a Business Day will be deemed to have been received on the next Business Day (but in the case of communications so received after 3:30 p.m., Eastern time, on a Business Day, the Custodian will use reasonable efforts to process such communications as soon as possible after receipt).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Actions on the Loans</u>. The Custodian shall have no duty or obligation hereunder to take any action on behalf of the Company, to communicate on behalf of the Company, to collect amounts or proceeds in respect of, or otherwise to interact or exercise rights or remedies on behalf of the Company, with respect to any of the Loans. All such actions and communications are the responsibility of the Company.

8.  **<u>COMPENSATION OF CUSTODIAN</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Fees</u>. The Custodian shall be entitled to compensation for its services in accordance with the terms of that certain fee letter between the Company and the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Expenses</u>. The Company agrees to pay or reimburse to the Custodian upon its request from time to time all reasonable and documented costs, disbursements, advances, expenses and indemnification amounts (including reasonable fees and expenses of legal counsel) incurred, and any disbursements and advances made (including any account overdraft resulting from any settlement or assumed settlement, provisional credit, chargeback, returned deposit item, reclaimed payment or claw-back, or the like), in connection with the preparation, execution or enforcement of this Agreement, or in connection with the transactions contemplated hereby or the administration of this Agreement or performance by the Custodian of its duties and services under this Agreement, from time to time (including costs and expenses of any action deemed necessary by the Custodian to collect any amounts owing to it under this Agreement).

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9.  **<u>RESPONSIBILITY OF CUSTODIAN</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>General Duties</u>. The Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the Securities or Proceeds except for such duties as are expressly and specifically set forth in this Agreement, and the duties and obligations of the Custodian shall be determined solely by the express provisions of this Agreement. No implied duties, obligations or responsibilities shall be read into this Agreement against, or on the part of, the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall be entitled to refrain from taking any action unless it has such instruction (in the form
of Proper Instructions) from the Company as it reasonably deems necessary, and shall be entitled to require, upon notice to the Company, that Proper Instructions to it be in writing. The Custodian shall have no liability for any action (or
forbearance from action) taken pursuant to the Proper Instruction of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever the Custodian is entitled or required to receive or obtain any communications or information pursuant
to or as contemplated by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable to it and otherwise in accordance with any applicable terms of this Agreement; and whenever any report or
other information is required to be produced or distributed by the Custodian, it shall be in form, content and medium reasonably acceptable to it and the Company, and otherwise in accordance with any applicable terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>General Standards of Care</u>. Notwithstanding any terms herein contained to the contrary, the acceptance by the Custodian of its appointments hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or not so stated therein):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian may rely on and shall be protected in acting or refraining from acting in reliance upon any
written notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper, electronic communication or document furnished to it (including any of the foregoing provided to it by facsimile or electronic
means), not only as to its due execution and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine and signed (whether manual, facsimile, pdf or other electronic
signature), sent or presented by the proper person (which in the case of any instruction from or on behalf of the Company shall be an Authorized Person); and the Custodian shall be entitled to presume the genuineness and due authority of any
signature (whether manual, facsimile, pdf or other electronic signature) appearing thereon. The Custodian shall not be bound to make any independent investigation into the facts or matters stated in any such notice, instruction, statement,
certificate, request, waiver, consent, opinion, report, receipt, electronic communication or other paper or document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Custodian nor any of its directors, officers or employees shall be liable to anyone for any error
of judgment, or for any act done or step taken or omitted to be taken by it (or any of its directors, officers or employees), or for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith, unless
such action or inaction constitutes gross negligence, willful misconduct or bad faith on its part and in breach of the terms of this Agreement. The Custodian shall not be liable for any action taken by it in good faith and reasonably believed by it
to be within powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action. The
Custodian shall not be under any obligation at any time to ascertain whether the Company is in compliance with (i) the 1940 Act, the regulations thereunder, or the Company's investment objectives and policies then in effect or
(ii) any restrictions, covenants, limitations or obligations to which the Company may be subject. For avoidance of doubt, the Custodian shall not be under any obligation to determine whether any investment constitutes an Eligible Investment
under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event shall any party hereunder be liable for any indirect, incidental, special, punitive or
consequential damages (including lost profits or diminution of value), whether or not it has been advised of the likelihood of such damages; provided that this sentence shall in no way limit or vitiate the indemnity obligations of the Company
hereunder specified in Section 9.4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian may consult with, and obtain advice from, legal counsel selected in good faith by it with respect
to any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by the Custodian in good faith in accordance with the opinion and directions of such counsel; the reasonable cost of such services shall be reimbursed pursuant to Section 8.2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto unless
actually known by an officer working in its Global Corporate Trust group and charged with responsibility for administering this Agreement or unless (and then only to the extent received) in writing by the Custodian at the applicable address(es) as
set forth in Section 16 hereof and specifically referencing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No provision of this Agreement shall require the Custodian to expend or risk its own funds, or to take any
action (or forbear from action) hereunder which might in its judgment involve any expense or any financial or other liability unless it shall be furnished with acceptable indemnification. Nothing herein shall obligate the Custodian to commence,
prosecute or defend legal proceedings in any instance, whether on behalf of the Company or on its own behalf or otherwise, with respect to any matter arising hereunder, or relating to this Agreement or the services contemplated hereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The permissive right of the Custodian to take any action hereunder shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Custodian may act or exercise its duties or powers hereunder through agents, Sub-Custodians or attorneys, and the Custodian shall not be liable or responsible for the actions or omissions of any such agent, Sub-Custodian or attorney (other than
an affiliate of the Custodian) appointed with reasonable due care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All indemnification and reimbursement rights in favor of the Custodian and any Indemnified Person contained in
this Agreement in favor of the Custodian shall survive the termination of this Agreement or the earlier resignation or removal of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Custodian shall not be responsible for the title, validity or genuineness, including good deliverable form
of any property or evidence of title thereto received by it or delivered by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Custodian has no responsibility to verify or determine whether any purchase or sale of any security
satisfies any transfer restrictions applicable to it, including any transfer restriction imposed by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Under no circumstances shall the Custodian have any responsibility, duty or obligation to advance its own funds
to or for the benefit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Indemnification; Custodian's Lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall and does hereby indemnify and hold harmless the Custodian, any Foreign Sub-Custodian and each of its officers, directors, employees, attorneys, agents, advisors, successors and assigns (collectively, the " <u>Indemnified Persons</u> " and each an " <u>Indemnified Person</u> ") for and from any and all reasonable and documented out-of-pocket costs and expenses (including reasonable and documented out-of-pocket attorney's fees and expenses), and any and all losses, damages, claims (whether brought by or involving the Company or any third party) and liabilities,
that may arise, be brought against or incurred by an Indemnified Person whether brought by or involving any third party or the Company and whether direct, indirect or consequential, as a result of or arising from or in any way relating to any claim,
demand, suit, action or proceeding (including any inquiry or investigation) by any person, including without limitation the Company or any Subsidiary, and any reasonable and documented out-of-pocket advances or disbursements made by the Custodian (including in respect of any Account overdraft, returned deposit item, chargeback, provisional credit,
settlement or assumed settlement, reclaimed payment, claw-back or the like), as a result of, relating to, or arising out of this Agreement, or the administration or performance

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of the Custodian's duties hereunder, the enforcement of any provision of this Agreement or the relationship between the Company (including, for the avoidance of doubt, any Subsidiary) and the Custodian created hereby, other than such liabilities, losses, damages, claims, costs and expenses as are directly caused by the Custodian's action or inaction constituting bad faith, gross negligence, fraud or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian shall have and is hereby granted a continuing lien upon and security interest in, and right of set-off against, the Account, and any funds (and investments in which such funds may be invested) held therein or credited thereto from time to time, whether now held or hereafter required, and all proceeds thereof,
to secure the payment of any amounts that may be owing to the Custodian under or pursuant to the terms of this Agreement, whether now existing or hereafter arising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Force Majeure</u>. Without prejudice to the generality of the foregoing, the Custodian shall be without liability to the Company for any damage or loss resulting from or caused by events or circumstances beyond the 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, or other similar events or acts; or changes in applicable law, regulation or orders.

10.  **<u>SECURITY CODES</u>** 

If the Custodian issues to the Company security codes, passwords or test keys in order that it may verify that certain transmissions of information, including Proper Instructions, have been originated by the Company, the Company shall take all commercially reasonable steps to safeguard any security codes, passwords, test keys or other security devices which the Custodian shall make available.

11.  **<u>TAX LAW</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Domestic Tax Law</u>. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the Company or the Custodian as custodian of the Securities or the Proceeds, by the tax law of the United States or any state or political subdivision thereof. The Custodian shall be kept indemnified by and be without liability to the Company for such obligations including taxes, (but excluding any income taxes assessable in respect of compensation paid to the Custodian pursuant to this Agreement) withholding, certification and reporting requirements, claims for exemption or refund, additions for late payment interest, penalties and other expenses (including legal expenses) that may be assessed against the Company, or the Custodian as custodian of the Securities or Proceeds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Foreign Tax Law</u>. It shall be the responsibility of the Company to notify the Custodian of the obligations imposed on the Company, or the Custodian as custodian of any foreign securities or related Proceeds, by the tax law of foreign (e.g., non-U.S.) jurisdictions, including responsibility for withholding and other taxes, assessments or other government charges, certifications and government reporting. The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to cooperate with the Company with respect to any claims for exemption or refund under the tax law of the jurisdictions for which the Company has provided such information.

12.  **<u>PROPRIETARY AND CONFIDENTIAL INFORMATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Company, all records and other information relative to the Company and prior, present, or potential shareholders of the Company (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder and to cause any Sub-Custodian utilized by it to agree to all of the foregoing, except the Custodian may disclose such information (x) to regulatory authorities having jurisdiction over the Custodian or the Company or its affiliates or subsidiaries, as required by law or regulation, provided that the Custodian will promptly report such disclosure to the Company if disclosure is permitted by applicable law and regulation (y) to the Custodian's or the Company's respective directors, officers, employees, attorneys, accountants, agents or advisors who have a need to know such information in the course of the performance of its duties hereunder or (z) when so requested by the Company. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Company or its agent, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The Company agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Company may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Custodian. Information which has become known to the public through no wrongful act of the Company or any of its employees, agents or representatives, and information that was already in the possession of the Company prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Notwithstanding anything herein to the contrary, (i) the Company shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Company's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) upon the Company's written consent, the Custodian shall be permitted to include the name of the Company in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known, or information obtained by the Custodian or the Company from sources other than the parties hereto (or any of their managers, members, directors or affiliates), (ii) disclosure as required pursuant to this Agreement, (iii) disclosure of any and all information (A) if required to do so by any applicable statute, law, rule or regulation, or in working with any taxing authorities or other governmental agencies, (B) to any government agency or regulatory body having or claiming authority to regulate or oversee any respects of the Custodian's business or that of its 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 Custodian, the Company or an affiliate or an officer, director, employer or shareholder thereof is a party, or (D) to any affiliate, independent or internal auditor, agent, employee or attorney of the Custodian or the Company having a need to know the same, or (iv) any other disclosure authorized by the other party hereto.

13.  **<u>EFFECTIVE PERIOD AND TERMINATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>Effective Date</u>. This Agreement shall become effective as of its due execution (whether manual, facsimile, pdf or other electronic signature) and delivery by each of the parties. This Agreement shall continue in full force and effect until terminated as hereinafter provided. This Agreement may only be amended by mutual written agreement of the parties hereto. This Agreement may be terminated by the Custodian or the Company pursuant to Section 13.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <u>Termination</u>. This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified in any written notice of termination given by either party to the other not later than sixty (60) days prior to the effective date of termination specified therein, and (b) such other date of termination as may be mutually agreed upon by the parties in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 <u>Resignation</u>. The Custodian may at any time resign under this Agreement by giving not less than sixty (60) days advance written notice thereof to the Company. The Company may at any time remove the Custodian under this Agreement by giving not less than sixty (60) days advance written notice to the Custodian.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 <u>Successor</u>. Prior to the effective date of termination of this Agreement, or the effective date of the resignation or removal of the Custodian, as the case may be, the Company shall give Proper Instruction to the Custodian designating a successor Custodian, if applicable. The Custodian shall, upon receipt of Proper Instruction from the Company (i) deliver directly to the successor Custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Company and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Company at the successor Custodian, provided that the Company shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Company, transfer to each successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under the Agreement (if such form differs from the form in which the Custodian has maintained the same, the Company shall pay any reasonable and documented expenses associated with transferring the data to such form) and will cooperate in the transfer of such duties and responsibilities. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement. For the avoidance of doubt, no resignation of the Custodian or termination of this Agreement shall be effective until a successor Custodian has been appointed (and has accepted such appointment) in accordance with this Section 13.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 <u>Payment of Fees, etc</u>. Upon termination of this Agreement or resignation of the Custodian, the Company shall pay to the Custodian such compensation, and shall likewise reimburse the Custodian for its costs, expenses and disbursements, as may be due as of the date of such termination or resignation (or removal, as the case may be). All indemnifications and reimbursement rights in favor of the Custodian and any Indemnified Person under this Agreement shall survive the termination of this Agreement, or any resignation or removal of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 Final Report. In the event of any resignation or removal of the Custodian, the Custodian shall provide to the Company a complete final report or data file transfer of any Confidential Information as of the date of such resignation or removal.

14.  **<u>REPRESENTATIONS AND WARRANTIES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <u>Representations of the Company</u>. The Company represents and warrants to the Custodian that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly
authorized, executed and delivered this Agreement so as to constitute its valid and binding obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in giving any instructions which purport to be "Proper Instructions" under this Agreement, the
Company will act in accordance with the provisions of its governing documents and any applicable laws and regulations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) the Company is not a Plan-Assets Vehicle (as defined below); (ii) the Company is not subject to the
Employee Retirement Income Security Act of 1974, as amended (" <u>ERISA</u> "), (iii) the aggregate interest in any class of equity interests by any benefit plan investors (as such term is interpreted under ERISA) for whose benefit or
account the Accounts for such Company is held does not equal or exceed 25% of the outstanding interests; and (iv) neither the portfolio of the Securities or the Accounts for such Company is deemed to be assets of an employee benefit plan which
is subject to ERISA. If for any reason the Company breaches or otherwise fails to comply with any of the foregoing representations, warranties, or covenants, then (i) the Custodian's duties hereunder with respect to such Company shall
terminate immediately upon such breach, regardless of whether the Custodian received notice of such breach or provided notice of termination and promptly thereafter, the Company and the Custodian shall negotiate in good faith to enter into a
separate ERISA fund custody agreement, (ii) the Company will promptly notify the Custodian of such breach, (iii) the Company acknowledges that the Custodian does not act as investment manager of the Securities or the Accounts and
(iv) the Company acknowledges that the Custodian does not provide any services as a "fiduciary" with respect to the Company within the meaning of ERISA §3(21). For purposes herein, " <u>Plan-Assets Vehicle</u> " means
an investment contract, product, or entity that holds plan assets (as determined pursuant to ERISA §§3(42) and 401 and 29 CFR §2510.3-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <u>Representations of the Custodian</u>. The Custodian hereby represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the power and authority to enter into and perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has duly authorized, executed and delivered this Agreement so as to constitute its valid and binding
obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is qualified to act as a custodian pursuant to Sections 17(f) and 26(a)(1) of the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it maintains business continuity policies and standards that include data file backup and recovery procedures
that comply with all applicable regulatory requirements.

15.  **<u>PARTIES IN INTEREST; NO THIRD PARTY BENEFIT</u>** 

This Agreement is not intended for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties (other than successors and permitted assigns pursuant to Section 20).

16.  **<u>NOTICES</u>** 

Any Proper Instructions shall be given to the following address (or such other address as either party may designate by written notice to the other party), and otherwise any notices, approvals and other communications hereunder shall be sufficient if made in writing and given to the parties at the following address (or such other address as either of them may subsequently designate by notice to the other), given by (i) certified or registered mail, postage prepaid, (ii) recognized courier or delivery service, (iii) electronic mail or (iv) confirmed facsimile, with a duplicate sent on the same day by first class mail, postage prepaid:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Company or any Subsidiary, to

APS BDC, LLC

c/o CHS (US) Management LLC

375 Park Avenue,

7th Floor

New York, New York 10152

Attention: Venu Rathi

Email: venurathi@apstrategies.com; operations@apstrategies.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Custodian, to

U.S. Bank Trust Company, National Association

1 Federal Street, 3<sup>rd</sup> Floor

Boston, MA 02110

Attention: Global Corporate Trust

Reference: APS BDC, LLC

Email: chsbdc@usbank.com

17.  **<u>CHOICE OF LAW AND JURISDICTION</u>** 

This Agreement shall be construed, and the provisions thereof interpreted under and in accordance with and governed by the laws of the State of New York for all purposes (without regard to its choice of law provisions) except to the extent such laws are inconsistent with the federal securities laws, including the 1940 Act, in which case such federal securities laws shall govern. All actions and proceedings relating to or arising from, directly or indirectly, this Agreement may be brought in New York State or U.S. federal courts located within the City of New York, State of New York and the Company and the Custodian hereby submit to personal jurisdiction of such courts for such actions or proceedings. The Company and the Custodian each hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury and any objection to laying of venue in such courts on grounds of forum nonconveniens in respect of any claim based upon, arising out of or in connection with this Agreement. No actions or proceedings relating to or arising from, directly or indirectly, this Agreement shall be brought in a forum outside of the United States of America.

18.  **<u>ENTIRE AGREEMENT; COUNTERPARTS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 <u>Complete Agreement</u>. This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters addressed herein and supersedes and terminates as of the date hereof, all prior agreements, acknowledgements or understandings, oral or written between the parties to this Agreement relating to such matters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 <u>Counterparts</u>. This Agreement may be executed (whether manual, facsimile, pdf or other electronic signature) in any number of counterparts and all counterparts taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 <u>Facsimile and Electronic Signatures</u>. The exchange of copies of this Agreement and of signature pages by facsimile, pdf or other electronic transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or pdf shall be deemed to be their original signatures for all purposes. By executing this Agreement, the Company hereby acknowledges and agrees, and directs the Custodian to acknowledge and agree and the Custodian does hereby acknowledge and agree, that execution of this Agreement, any Proper Instructions and any other notice, form or other document executed by the Company or the Custodian in connection with this Agreement, by electronic signature (including, without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any other "electronic signature" as defined under E-SIGN or ESRA, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the Custodian) shall be permitted hereunder notwithstanding anything to the contrary herein and such electronic signatures shall be legally binding as if such electronic signatures were handwritten signatures. Any electronically signed document delivered via email from a person purporting to be an Authorized Person shall be considered signed or executed by such Authorized Person on behalf of the Company. The Company also hereby acknowledges that the Custodian shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

19.  **<u>AMENDMENT; WAIVER</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 <u>Amendment</u>. This Agreement may not be amended except by an express written instrument duly executed by each of the Company and the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 <u>Waiver</u>. In no instance shall any delay or failure to act be deemed to be or effective as a waiver of any right, power or term hereunder, unless and except to the extent such waiver is set forth in an express written instrument signed by the party against whom it is to be charged.

20.  **<u>SUCCESSOR AND ASSIGNS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 <u>Successors Bound</u>. The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties and their respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this Agreement without the written consent of the other party; provided, however, that the foregoing shall not limit the ability of the Custodian to delegate certain duties or services to or perform them through agents or attorneys appointed with due care as expressly provided in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 <u>Merger and Consolidation</u>. Any corporation or association into which the Custodian may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any corporation or association to which the Custodian transfers all or substantially all of its corporate trust business shall be the successor of the Custodian hereunder, and shall succeed to all of the rights, powers and duties of the Custodian hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto.

21.  **<u>SEVERABILITY</u>** 

The terms of this Agreement are hereby declared to be severable, such that if any term hereof is determined to be invalid or unenforceable, such determination shall not affect the remaining terms.

22.  **<u>REQUEST FOR INSTRUCTIONS</u>** 

If, in performing its duties under this Agreement, the Custodian is required to decide between alternative courses of action, the Custodian may (but shall not be obliged to) request written instructions from the Company as to the course of action desired by it. If the Custodian does not receive such instructions within two (2) Business Days after it has requested them, the Custodian may, but shall be under no duty to, take or refrain from taking any such courses of action. The Custodian shall act in accordance with instructions received from the Company in response to such request after such two (2) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.

23.  **<u>OTHER BUSINESS</u>** 

Nothing herein shall prevent the Custodian or any of its affiliates from engaging in other business, or from entering into any other transaction or financial or other relationship with, or receiving fees from or from rendering services of any kind to the Company or any other Person. Nothing contained in this Agreement shall constitute the Company and/or the Custodian (and/or any other Person) as members of any partnership, joint venture, association, syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established by this Agreement.

24.  **<u>REPRODUCTION OF DOCUMENTS</u>** 

This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further production shall likewise be admissible in evidence.

25.  **<u>MISCELLANEOUS</u>** 

The Company acknowledges receipt of the following notice:

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**<u>"IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT</u>.** 

**To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other legal entity the Custodian will ask for documentation to verify its formation and existence as a legal entity. The Custodian may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation."** 

*[PAGE INTENTIONALLY ENDS HERE. SIGNATURES APPEAR ON NEXT PAGE.]* 

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IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed and delivered by a duly authorized officer, intending the same to take effect as of the date first written above.

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| |
|:---|
| **APS BDC, LLC** |
| By: |
| Name: |
| Title: |
| **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**, as Custodian |
| By: |
| Name: |
| Title: |

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Signature Page to Custody Agreement

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**<u>SCHEDULE A</u>**

[Attached.]

## Exhibit 10.6

**Exhibit 10.6** 

LOAN AND SECURITY AGREEMENT

dated as of

September 30, 2025

among

CHS BDC 2 LLC,

as the Company

CHS US INVESTMENTS LLC,

as the Parent

The Lenders Party Hereto

The Collateral Administrator, Collateral Agent and Securities Intermediary Party Hereto

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

as Administrative Agent

and

CHS (US) MANAGEMENT LLC,

as Portfolio Manager

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**Table of Contents** 

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| | | |
|:---|:---|:---|
|  |  | Page |
|  ARTICLE I<br> THE PORTFOLIO INVESTMENTS | ARTICLE I<br> THE PORTFOLIO INVESTMENTS | ARTICLE I<br> THE PORTFOLIO INVESTMENTS |
|  SECTION 1.01 | Purchases of Portfolio Investments | 37 |
|  SECTION 1.02 | Procedures for Purchases and Related Advances | 37 |
|  SECTION 1.03 | Conditions to Purchases and Substitutions | 38 |
|  SECTION 1.04 | Sales of Portfolio Investments | 39 |
|  SECTION 1.05 | Certain Assumptions relating to Portfolio Investments | 41 |
|  SECTION 1.06 | Valuation of Permitted Non-USD Currency Portfolio Investments | 41 |
|  SECTION 1.07 | Substitution. | 41 |
|  SECTION 1.08 | Interest Rates; Benchmark Notification | 41 |
|  ARTICLE II<br> THE ADVANCES | ARTICLE II<br> THE ADVANCES | ARTICLE II<br> THE ADVANCES |
|  SECTION 2.01 | Financing Commitments | 42 |
|  SECTION 2.02 | [Reserved] | 42 |
|  SECTION 2.03 | Advances; Use of Proceeds | 42 |
|  SECTION 2.04 | Conditions to Effective Date | 44 |
|  SECTION 2.05 | Conditions to Advances | 45 |
|  SECTION 2.06 | Financing Commitment Increase Option | 46 |
|  SECTION 2.07 | Duration Extension Option | 47 |
|  ARTICLE III | ARTICLE III | ARTICLE III |
|  ADDITIONAL TERMS APPLICABLE TO THE ADVANCES | ADDITIONAL TERMS APPLICABLE TO THE ADVANCES | ADDITIONAL TERMS APPLICABLE TO THE ADVANCES |
|  SECTION 3.01 | The Advances | 48 |
|  SECTION 3.02 | [Reserved | 55 |
|  SECTION 3.03 | Taxes | 55 |
|  ARTICLE IV<br> COLLECTIONS AND PAYMENTS | ARTICLE IV<br> COLLECTIONS AND PAYMENTS | ARTICLE IV<br> COLLECTIONS AND PAYMENTS |
|  SECTION 4.01 | Interest Proceeds | 58 |
|  SECTION 4.02 | Principal Proceeds | 59 |
|  SECTION 4.03 | Principal and Interest Payments; Prepayments; Commitment Fee | 59 |
|  SECTION 4.04 | MV Cure Account | 61 |
|  SECTION 4.05 | Priority of Payments | 61 |
|  SECTION 4.06 | Payments Generally | 62 |
|  SECTION 4.07 | Termination or Reduction of Financing Commitments | 64 |
|  ARTICLE V | ARTICLE V | ARTICLE V |
|  THE PORTFOLIO MANAGER | THE PORTFOLIO MANAGER | THE PORTFOLIO MANAGER |
|  SECTION 5.01 | Appointment and Duties of the Portfolio Manager | 65 |
|  SECTION 5.02 | Portfolio Manager Representations as to Eligibility Criteria; Etc | 66 |

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| | | |
|:---|:---|:---|
|  SECTION 5.03 | Indemnification | 66 |
|  SECTION 5.04 | Portfolio Manager Compensation | 67 |
|  ARTICLE VI<br> REPRESENTATIONS, WARRANTIES AND COVENANTS | ARTICLE VI<br> REPRESENTATIONS, WARRANTIES AND COVENANTS | ARTICLE VI<br> REPRESENTATIONS, WARRANTIES AND COVENANTS |
|  SECTION 6.01 | Representations and Warranties | 67 |
|  SECTION 6.02 | Covenants of the Company and the Portfolio Manager | 70 |
|  SECTION 6.03 | Amendments of Portfolio Investments, Etc | 77 |
|  ARTICLE VII<br> EVENTS OF DEFAULT | ARTICLE VII<br> EVENTS OF DEFAULT | ARTICLE VII<br> EVENTS OF DEFAULT |
|  SECTION 7.01 | Events of Default | 78 |
|  ARTICLE VIII<br> COLLATERAL ACCOUNTS; COLLATERAL SECURITY | ARTICLE VIII<br> COLLATERAL ACCOUNTS; COLLATERAL SECURITY | ARTICLE VIII<br> COLLATERAL ACCOUNTS; COLLATERAL SECURITY |
|  SECTION 8.01 | The Collateral Accounts; Agreement as to Control | 80 |
|  SECTION 8.02 | Collateral Security; Pledge; Delivery | 83 |
|  ARTICLE IX<br> THE AGENTS | ARTICLE IX<br> THE AGENTS | ARTICLE IX<br> THE AGENTS |
|  SECTION 9.01 | Appointment of the Administrative Agent and the Collateral Agent | 86 |
|  SECTION 9.02 | Additional Provisions Relating to the Collateral Agent and the Collateral Administrator | 91 |
|  SECTION 9.03 | Acknowledgements of the Lenders | 93 |
|  SECTION 9.04 | Credit Bidding | 94 |
|  SECTION 9.05 | Certain ERISA Matters | 95 |
|  ARTICLE X<br> MISCELLANEOUS | ARTICLE X<br> MISCELLANEOUS | ARTICLE X<br> MISCELLANEOUS |
|  SECTION 10.01 | Non-Petition; Limited Recourse | 96 |
|  SECTION 10.02 | Notices | 97 |
|  SECTION 10.03 | No Waiver | 98 |
|  SECTION 10.04 | Expenses; Indemnity; Damage Waiver; Right of Setoff | 98 |
|  SECTION 10.05 | Amendments | 99 |
|  SECTION 10.06 | Successors; Assignments | 100 |
|  SECTION 10.07 | Governing Law; Submission to Jurisdiction; Etc | 102 |
|  SECTION 10.08 | Interest Rate Limitation | 103 |
|  SECTION 10.09 | PATRIOT Act | 103 |
|  SECTION 10.10 | Counterparts | 103 |
|  SECTION 10.11 | Headings | 104 |
|  SECTION 10.12 | Acknowledgement and Consent to Bail-In of EEA Financial Institutions | 104 |
|  SECTION 10.13 | Confidentiality | 104 |
|  SECTION 10.14 | Collateral Quality Tests | 105 |
|  SECTION 10.15 | Post-Closing Transactions | 105 |
|  SECTION 10.16 | Oak Hill | 106 |

---

------

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| | |
|:---|:---|
| Schedules |  |
| Schedule 1 | Transaction Schedule |
| Schedule 2 | Contents of Notice of Acquisition |
| Schedule 3 | Eligibility Criteria |
| Schedule 4 | Concentration Limitations |
| Schedule 5 | Initial Portfolio Investments |
| Schedule 6 | Moody's Industry Classifications |
| Schedule 7 | PIK Portfolio Obligation – Notice Form |
| Schedule 8 | Diversity Score Calculations |
| Exhibits |  |
| Exhibit A | Form of Request for Advance |
| Exhibit B | Form of Equity Commitment Letter |
| Exhibit C | Form of Parent Joinder Agreement |

---

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**LOAN AND SECURITY AGREEMENT** dated as of September 30, 2025 (this "<u>Agreement</u>") among CHS BDC 2 LLC, a Cayman Islands limited liability company, as borrower (the "<u>Company</u>"); CHS US INVESTMENTS LLC, a Cayman Islands limited liability company, as parent (the "<u>Initial Parent</u>"); CHS (US) MANAGEMENT LLC, a Delaware limited liability company, as portfolio manager (the "<u>Portfolio Manager</u>"); the Lenders party hereto; U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, in its capacity as collateral agent (in such capacity, the "<u>Collateral Agent</u>"), and as collateral administrator (in such capacity, the "<u>Collateral Administrator</u>"); U.S. BANK NATIONAL ASSOCIATION, in its capacity as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>"); and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders hereunder (in such capacity, the "<u>Administrative Agent</u>").

The Portfolio Manager and the Company wish for the Company to acquire, by way of Purchase or Substitution, and finance certain corporate loans and other corporate debt securities (the "<u>Portfolio Investments</u>"), all on and subject to the terms and conditions set forth herein, including Participation Interests in the Portfolio Investments so indicated on Schedule 5 hereto on the Effective Date.

On and subject to the terms and conditions set forth herein, JPMorgan Chase Bank, National Association ("<u>JPMCB</u>"), each other lender party hereto from time to time and each of their respective successors and permitted assigns (collectively, the "<u>Lenders</u>") have agreed to make advances to the Company hereunder (the "<u>Advances</u>") to the extent specified on the transaction schedule attached as Schedule 1 hereto (the "<u>Transaction Schedule</u>").

Accordingly, in consideration of the mutual premises herein contained and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged the parties hereto agree as follows:

**Certain Defined Terms** 

"<u>Account Control Agreements</u>" means, (a) for each Collateral Account that is a deposit account, a deposit account control agreement in form and substance reasonably satisfactory to the Administrative Agent and (b) for each Collateral Account that is a securities account, a securities account control agreement in form and substance reasonably satisfactory to the Administrative Agent, in each case executed by (i) the Company, (ii) the Collateral Agent and (iii) the financial institution maintaining such Collateral Account.

"<u>Additional Distribution Date</u>" has the meaning set forth in <u>Section</u> <u>4.05</u>.

"<u>Adjusted Applicable Margin</u>" means the stated Applicable Margin for Advances set forth on the Transaction Schedule plus 2% per annum.

"<u>Adjusted Term CORRA</u>" means a per annum rate equal to Term CORRA plus the Term CORRA Adjustment.

"<u>Administrative Agent</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Administrative Agency Letter</u>" means that certain Administrative Agency Letter, dated as of the Effective Date, between the Company and the Administrative Agent, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

"<u>Advances</u>" has the meaning set forth in the introductory section of this Agreement.

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"<u>Adverse Proceeding</u>" means any action, suit, proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of the Company) at law or in equity, or before or by any Governmental Authority, whether pending, active or, to the Company's or the Portfolio Manager's knowledge, threatened against or affecting the Company or the Portfolio Manager or their respective property that would reasonably be expected to result in a Material Adverse Effect.

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

"<u>Affiliate</u>" means, with respect to any Person, any Person directly or indirectly controlling, controlled by, or under common control with, such former Person but, which shall not, with respect to the Company, include the obligors under any Portfolio Investment. For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to vote more than 50% of the securities having ordinary voting power for the election of directors of any such Person or (ii) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise; *provided* that for purposes of determining whether any Portfolio Investment satisfies the Eligibility Criteria and as used in Schedule 4 regarding Concentration Limitations, the term Affiliate shall not include any Affiliate relationship which may exist solely as a result of direct or indirect ownership of, or control by, a common financial sponsor.

"<u>Agent</u>" has the meaning set forth in <u>Section</u> <u>9.01</u>.

"<u>Agent Business Day</u>" means any day on which commercial banks settle payments in each of New York City and the city in which the corporate trust office of the Collateral Agent is located (which shall initially be Boston, Massachusetts).

"<u>Aggregate Funded Spread</u>" means, as of any date, the sum (for all Portfolio Investments (excluding any Ineligible Investment)) of, in the case of each Portfolio Investment that bears interest at a spread over an index, (i) the stated interest rate spread over such index *multiplied by* (ii) the funded principal balance of such Portfolio Investment.

"<u>Aggregate Unfunded Spread"</u> means, as of any date, the sum of the products obtained by<u> </u>*multiplying* (a) for each Delayed Funding Term Loan, the related commitment fee or other analogous fees (expressed at a per annum rate) then in effect for such Delayed Funding Term Loan as of such date and (b) the unfunded commitments of each such Delayed Funding Term Loan as of such date.

"<u>Agreement</u>" has the meaning set forth in the introductory paragraph hereto.

"<u>Alternative Partial PIK Portfolio Investment</u>" has the meaning set forth in Schedule 3.

"<u>Amendment</u>" has the meaning set forth in <u>Section</u> <u>6.03</u>.

"<u>Anti-Corruption Laws</u>" means, with respect to a Person, all laws, rules, and regulations of any jurisdiction applicable to that Person from time to time concerning or relating to bribery or corruption.

"<u>Applicable Law</u>" means, for any Person, all existing and future laws, rules, regulations (including temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Governmental Authority applicable to such Person 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.

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"<u>Applicable Percentage</u>" means, with respect to any Lender, the percentage of the total Financing Commitments represented by such Lender's Financing Commitment, provided that, when a Defaulting Lender shall exist, "Applicable Percentage" shall mean, with respect to any Lender, the percentage of the total Financing Commitments (disregarding any Defaulting Lender's Financing Commitment) represented by such Lender's Financing Commitment. If the Financing Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Financing Commitments most recently in effect, giving effect to any assignments at the time of determination.

"<u>Approval Termination Event</u>" means, at any time during the Reinvestment Period, that (i) the Company has properly delivered at least ten (10) Notices of Acquisition in compliance with the requirements of <u>Section</u> <u>1.02</u> over the course of the first twelve calendar month period after the Effective Date (excluding for purposes of this clause (i) any Notice of Acquisition delivered with respect to a Portfolio Investment for which (a) an investment committee memo, financial statements and/or other information described in the applicable Notice of Acquisition have not been provided or have been provided on a redacted basis or (b) other reasonably requested information has not been provided or has been provided on a redacted basis), (ii) each such Notice of Acquisition (a) has satisfied the Eligibility Criteria and approval process set forth in this Agreement (other than any requirement to obtain the consent of the Administrative Agent) and (b) is with respect to a Portfolio Investment that is similar in nature to the Initial Portfolio Investments (as reasonably determined by the Administrative Agent) and (iii) the Administrative Agent has rejected more than 50% of such requests over the course of such twelve calendar month period after the Effective Date.

"<u>AR</u>" has the meaning set forth in the definition of "Borrowing Base Test".

"<u>Applicable Margin</u>" means the applicable margin for Advances, as set forth on the Transaction Schedule.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of a Calculation Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Calculation Period" pursuant to <u>clause (vi)</u> of <u>Section</u> <u>3.01(h)</u>.

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

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

"<u>Bank</u>" has the meaning set forth in <u>Section</u> <u>8.01(a)</u>.

"<u>Bankruptcy Code</u>" means Title 11 of the United States Code entitled "Bankruptcy", as now and hereafter in effect, or any successor statute.

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"<u>Base Rate</u>" means, for any day, (i) with respect to USD denominated Advances, a rate *per annum* equal to the greater of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus <sup>1</sup>⁄<sub>2</sub> of 1% and (c) the Term SOFR Rate for a one month Calculation Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; *provided* that for the purpose of this definition, the Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology), (ii) with respect to CAD denominated Advances, the Canadian Prime Rate and (iii) with respect to any Euro, GBP or JPY denominated Advances, the annual rate of interest announced from time to time by the Administrative Agent (or an affiliate thereof) in its commercially reasonable judgment as being its reference rate then in effect for determining interest rates on commercial loans made by it in the United Kingdom (with respect to Advances denominated in GBP), the Euro Zone (with respect to Advances denominated in Euros) or Japan (with respect to Advances denominated in JPY); *provided* that any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate, the Term SOFR Rate, the Canadian Prime Rate or a rate specified in clause (iii) above shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate, the Term SOFR Rate, the Canadian Prime Rate or such rate specified in clause (iii) above, respectively. If the Base Rate is being used as an alternate rate of interest pursuant to <u>Section</u> <u>3.01(h)</u> (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to <u>Section</u> <u>3.01(h)</u>), then the Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. In the event that any applicable Base Rate is below zero at any time during the term of this Agreement, it shall be deemed to be zero until it exceeds zero again.

"<u>Base Rate Advance</u>" means any Advance bearing interest at a rate determined by reference to the Base Rate.

"<u>Benchmark</u>" means, with respect to Advances in each Currency, initially, the applicable Reference Rate; *provided* that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>clause (ii)</u> or <u>clause (iii)</u> of <u>Section</u> <u>3.01(h)</u>.

"<u>Benchmark Replacement</u>" means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date; provided that, in the case of any Advance denominated in a Permitted Non-USD Currency, "Benchmark Replacement" shall mean the alternative set forth in (2) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Company as the replacement for the then-current Benchmark for the applicable Corresponding Tenor 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 and (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated or bilateral credit facilities denominated in the applicable Currency at such time and (b) the related Benchmark Replacement Adjustment;

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If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than 0% per annum, the Benchmark Replacement will be deemed to be 0% per annum for the purposes of this Agreement and the other Loan Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Calculation Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Company for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated or bilateral credit facilities denominated in the applicable Currency at such time.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

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For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) 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>" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, the central bank for the relevant Currency applicable to such Benchmark, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, 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 thereof) permanently or indefinitely; *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are 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 Period</u>" means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any other Loan Document in accordance with <u>Section</u> <u>3.01(h)</u> and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any other Loan Document in accordance with <u>Section</u> <u>3.01(h)</u>.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

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

"<u>Borrowing Base Test</u>" means a test that will be satisfied on any date of determination if the following is true:

![LOGO](g26414dsp039.jpg)

Where:

AR = 62.5%.

"<u>Broadly Syndicated Loan</u>" means any Senior Secured Loan the assignment and assumption documentation with respect to which is governed by LSTA documentation for which at least two (2) bid-side prices are available as determined by LoanX or Markit Group Limited on any Business Day of determination.

"<u>Business Day</u>" means any day (other than a Saturday or a Sunday) on which commercial banks are open for business in each of New York City and the city in which the corporate trust office of the Collateral Agent is located; *provided* that, in addition to the foregoing, a Business Day shall be, in relation to Term Benchmark Advances and any interest rate settings, fundings, disbursements, settlements or payments of any such Term Benchmark Advances or any other dealings of such Term Benchmark Advances, any such day that is only a U.S. Government Securities Business Day; provided that (i) with respect to any SONIA related provisions herein or the payment, calculation or conversion of amounts denominated in GBP, "Business Day" shall be deemed to exclude any day on which banks are required or authorized to be closed in London, England, (ii) with respect to any provisions herein relating to the setting of EURIBOR or the payment, calculation or conversion of amounts denominated in Euros, "Business Day" shall be deemed to exclude any day on which banks are required or authorized to be closed in London, England or which is not a TARGET2 Settlement Day, (iii) with respect to any CAD related provisions herein or the payment, calculation or conversion of amounts denominated in CAD, "Business Day" shall be deemed to exclude any day on which banks are required or authorized to be closed in Toronto, Canada, and (iv) with respect to any JPY related provisions herein or the payment, calculation or conversion of amounts denominated in JPY, "Business Day" shall be deemed to exclude any day on which banks are required or authorized to be closed in Japan.

"<u>CAD</u>" means Canadian dollars.

"<u>Calculation Period</u>" means, with respect to any Advance, initially, the period from and including the date on which such Advance is made hereunder to but excluding the first Calculation Period Start Date following the date of such Advance and each successive quarterly period from and including a Calculation Period Start Date to but excluding the immediately succeeding Calculation Period Start Date (or, in the case of the last Calculation Period, if the last Calculation Period does not end on the last calendar day of March, June, September or December, the period from and including the related Calculation Period Start Date to but excluding the Maturity Date).

"<u>Calculation Period Start Date</u>" means the fifth Business Day after the last day of March, June, September and December of each year, commencing September 30, 2025.

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"<u>Canadian Prime Rate</u>" means, on any day, the rate determined by the Administrative Agent to be the higher of (i) the rate equal to the PRIMCAN Index rate published by Bloomberg Financial Markets Commodities News (or any successor to or substitute for such service, providing rate quotations comparable to those currently provided by such service, as reasonably determined by the Administrative Agent from time to time) at 10:15 a.m. Toronto time on such day and (ii) Term CORRA, plus 1% per annum; provided, that if any of the above rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. Any change in the Canadian Prime Rate due to a change in the PRIMCAN Index or Term CORRA shall be effective from and including the effective date of such change in the PRIMCAN Index or Term CORRA, respectively.

"<u>Cash Equivalents</u>" means, any of the following: (i) marketable securities (a) issued or directly and unconditionally guaranteed as to interest and principal by the United States government or (b) issued by any agency of the United States the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one year after such date; (ii) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least "A-1" from S&P or at least "P-1" from Moody's; (iii) commercial paper maturing no more than three months from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least "A-1" from S&P or at least "P-1" from Moody's; (iv) certificates of deposit or bankers' acceptances maturing within three months after such date and issued or accepted by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia that (a) is at least "adequately capitalized" (as defined in the regulations of its primary Federal banking regulator) and (b) has Tier 1 capital (as defined in such regulations) of not less than $1,000,000,000; (v) shares of any money market mutual fund that (a) has substantially all of its assets invested continuously in the types of investments referred to in clauses (i) and (ii) above, (b) has net assets of not less than $5,000,000,000, and (c) at the time of acquisition thereof, has the highest rating obtainable from either S&P or Moody's; and (vi) such other similar instruments to the extent Permitted Non-USD Currencies are invested therein.

"<u>Change in Law</u>" means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; *provided* that all requests, rules, guidelines or directives concerning liquidity and capital adequacy issued by any United States regulatory authority (i) under or in connection with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act or (ii) in connection with the implementation of the recommendations of the Bank for International Settlements or the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) shall be deemed to have occurred after the date of this Agreement for purposes of this definition, regardless of the date adopted, issued, promulgated or implemented.

"<u>Change of Control</u>" means an event or series of events by which (A) the Parent or its Affiliates, collectively, (i) shall cease to possess, directly or indirectly, the right to elect or appoint (through contract, ownership of voting securities, or otherwise) managers that at all times have a majority of the votes of the board of managers (or similar governing body), excluding the independent manager, of the Company or to direct the management policies and decisions of the Company or (ii) shall cease, directly or indirectly, to own and control legally and beneficially all of the Equity Interests of the Company, (B) the Portfolio Manager or its Affiliates, collectively, (i) shall cease to possess, directly or indirectly, the right to elect or appoint (through contract, ownership of voting securities, or otherwise) managers that at all times have a majority of the votes of the board of managers (or similar governing body), excluding the independent manager, of the Company or to direct the management policies and decisions of the Company or (ii) shall cease, directly or indirectly, to own and control legally and beneficially all of the Equity Interests of the Company, (C) the Portfolio Manager or its Affiliates shall cease to be the investment advisor of the Parent, or (D) Temasek shall cease to indirectly own and control legally and beneficially 100% of the Equity Interests of the Company; *provided* that, subject to the Successor Parent delivering a Parent Joinder Agreement substantially contemporaneously with the Post-Closing Equity Transfer, the Post-Closing Equity Transfer shall not be considered a "Change of Control".

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"<u>Charges</u>" has the meaning set forth in <u>Section</u> <u>10.08</u>.

"<u>CME Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).

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

"<u>Collateral</u>" has the meaning set forth in <u>Section</u> <u>8.02(a)</u>.

"<u>Collateral Accounts</u>" has the meaning set forth in <u>Section</u> <u>8.01(a)</u>.

"<u>Collateral Administrator</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Collateral Agent</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Collateral Principal Amount</u>" means, on any date of determination, (A) the aggregate principal balance of the Portfolio, including, in the case of any Delayed Funding Term Loan or Revolving Loan, the Unfunded Exposure Amount thereof, as of such date and in all cases exclusive of any deferred or capitalized interest on any Portfolio Investment *plus* (B) the amounts on deposit in the Collateral Accounts (in each case, including cash and Eligible Investments) representing Principal Proceeds as of such date *minus* (C) the aggregate principal balance of all Ineligible Investments as of such date.

"<u>Collateral Quality Tests</u>" means a test that is satisfied if, as of any date of determination, in the aggregate, the Portfolio Investments (excluding any Ineligible Investment) owned (or, in relation to a purchase of a Portfolio Investment that has traded but not settled) by the Company satisfy each of the tests set forth below, calculated, in each case in accordance with this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Minimum Diversity Score Test;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Minimum Weighted Average Spread Test; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Weighted Average Life Test.

"<u>Collection Account</u>" has the meaning set forth in Section 8.01(a).

"<u>Contribution Confirmation Package</u>" means, with respect to any Market Value Trigger Event and the Parent, the following documents, agreements and notices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a fully executed equity commitment letter, in the form of Exhibit B hereto, evidencing the commitment of the Parent to contribute cash to the Company no later than the date that is twelve (12) Business Days following the date on which the Company receives notice from the Administrative Agent of the occurrence of a Market Value Trigger Event;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a written notice from the Parent (A) containing representations and covenants by the Parent that (1) the amount specified in the equity commitment letter, together with all other amounts available to effect such Market Value Cure in accordance with the definition of such term, is at least equal to the amount necessary to effect a Market Value Cure and (2) the Parent will, as soon as practicable thereafter but no later than the conclusion of the applicable Extended Cure Period, fund directly into the MV Cure Account the amount of such capital contribution, and (B) containing covenants by the Parent representing that the Parent has covenanted (i) not to permit any lien on such equity commitment or the proceeds thereof, except for a lien securing a subscription credit facility solely if the terms of such subscription credit facility permit application of such proceeds to effect such Market Value Cure, and (ii) to immediately inform the Administrative Agent if they have any reason to believe that the equity commitment will not be timely satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the most recent annual or quarterly financial statements for the Parent, together with a representation from the Parent that such financial statements fairly present, in accordance with GAAP, the financial condition (as of the date thereof) of the Parent.

"<u>Company</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Competitor</u>" means any credit fund, debt fund, business development company or other Person in the business of middle market lending that is sponsored by a credit fund, a debt fund or a business development company; or any Person whose primary business is the management of credit funds, debt funds or business development companies, excluding any commercial bank, investment bank, broker-dealer or insurance company.

"<u>Concentration Limitation Excess</u>" means, on any date of determination, without duplication, the portion (which may be all) of the principal amount of any Portfolio Investment (other than any Ineligible Investment) that exceeds any Concentration Limitation as of such date; *provided* that the Portfolio Manager shall select in its sole discretion which Portfolio Investment(s) constitute part of the Concentration Limitation Excess; *provided further* that with respect to any Delayed Funding Term Loan or Revolving Loan, the Portfolio Manager shall select any term Portfolio Investment from the same Portfolio Investment Obligor and/or any funded portion of such Delayed Funding Term Loan or Revolving Loan before selecting any unfunded portion of such Delayed Funding Term Loan or Revolving Loan; *provided further* that if the Portfolio Manager does not so select any Portfolio Investment(s), the applicable portion of the Portfolio Investment(s) determined by the Administrative Agent shall make up the Concentration Limitation Excess.

"<u>Concentration Limitations</u>" has the meaning set forth in Schedule 4.

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

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

"<u>Corresponding Tenor</u>" means, with respect to any Available Tenor, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

"<u>Credit Risk Party</u>" has the meaning set forth in <u>Article VII</u>.

"<u>Currency</u>" means USD and each Permitted Non-USD Currency.

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"<u>Currency Shortfall</u>" has the meaning specified in <u>Section</u> <u>4.06(b)</u>.

"<u>Daily Simple SOFR</u>" means, for any day (a "<u>SOFR Rate Day</u>"), a rate per annum equal to SOFR for the day (such day "<u>SOFR Determination Date</u>") that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website.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 Company.

"<u>Daily Simple SOFR Advance</u>" means any Advance bearing interest at a rate determined by reference to the Daily Simple SOFR.

"<u>Daily Simple SONIA</u>" means, for each day during any Calculation Period, SONIA, with the conventions for this rate (which may include a lookback) being established by the Administrative Agent in consultation with the Company in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SONIA" for business loans, as determined for such day at approximately 11:00 a.m., London time, on the immediately preceding Business Day. Notwithstanding anything in the foregoing to the contrary, if Daily Simple SONIA as calculated for any purpose under this Agreement is below zero percent, Daily Simple SONIA will be deemed to be zero percent for such purpose until such time as it exceeds zero percent again.

"<u>Debt Securities</u>" means obligations (other than Loans) evidenced by bonds, notes, debentures or similar instruments.

"<u>Default</u>" has the meaning set forth in <u>Section</u> <u>1.03</u>.

"<u>Defaulting Lender</u>" means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Advances or (ii) pay over to the Company any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender's good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, *provided* that such Lender shall cease to be a Defaulting Lender pursuant to this clause (a) upon (x) its funding of Advances or payment of amounts due, as applicable, or (y) the Company's receipt of such notice in form and substance satisfactory to it and the Administrative Agent, (b) has notified the Company in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender's good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding an Advance under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by the Company, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Advances under this Agreement, *provided* that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Company's receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (A) a Bankruptcy Event or (B) a Bail-In Action; *<u>provided</u>* that neither JPMCB nor any of its Affiliates shall constitute a Defaulting Lender on any date on which JPMCB or its Affiliate acts as Administrative Agent and the Lenders are comprised solely of JPMCB and/or its Affiliates.

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"<u>Delayed Funding Term Loan</u>" means any Loan that (a) requires the holder thereof to make one or more future advances to the Portfolio Investment Obligor under the underlying instruments relating thereto, (b) specifies a maximum amount that can be borrowed on or prior to one or more fixed dates and (c) does not permit the re-borrowing of any amount previously repaid by the Portfolio Investment Obligor thereunder; but, for the avoidance of doubt, any such Loan will be a Delayed Funding Term Loan only until all commitments by the holders thereof to make such future advances to the Portfolio Investment Obligor thereon expire or are terminated or reduced to zero; *provided* that, upon the making of each installment, such portions shall no longer be deemed to be a "Delayed Funding Term Loan" for purposes of this Agreement.

"<u>Deliver</u>" (and its correlative forms) means the taking of the following steps by the Company or the Portfolio Manager:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) except as provided in clauses (3) or (4) below, in the case of Portfolio Investments and Eligible Investments and amounts on deposit in the Collateral Accounts, by (x) causing the Securities Intermediary or the financial institution maintaining such Collateral Account, as applicable, to indicate by book entry that a financial asset comprised thereof has been credited to the applicable Collateral Account and (y) causing the Securities Intermediary or the financial institution maintaining such Collateral Account, as applicable, to agree, pursuant to this Agreement or an Account Control Agreement, if applicable, that it will comply with entitlement orders originated by the Collateral Agent with respect to each such security entitlement without further consent by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of each general intangible, by notifying the Portfolio Investment Obligor thereunder of the security interest of the Collateral Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of Portfolio Investments consisting of instruments (the "<u>Possessory Collateral</u>") that do not constitute a financial asset forming the basis of a security entitlement delivered to the Collateral Agent pursuant to clause (1) above, by causing (x) the Collateral Agent to obtain possession of such Possessory Collateral in the State of New York, Minnesota or another state of the United States that has adopted Articles 8 and 9 of the Uniform Commercial Code (each, a "<u>UCC State</u>") or (y) a Person other than the Company and a securities intermediary (A)(I) to obtain possession of such Possessory Collateral in a UCC State, and (II) to then authenticate a record acknowledging that it holds possession of such Possessory Collateral for the benefit of the Collateral Agent or (B)(I) to authenticate a record acknowledging that it will take possession of such Possessory Collateral for the benefit of the Collateral Agent and (II) to then acquire possession of such Possessory Collateral in a UCC State;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) in the case of money, by causing such money to be deposited in the related Collateral Account that is a deposit account, and, in the case of any account which constitutes a "deposit account" under Article 9 of the UCC, by causing the Bank to continuously identify on its books and records the security interest of the Collateral Agent in such account and, except as may be expressly provided herein to the contrary, establishing dominion and control over such account in favor of the Collateral Agent pursuant to this Agreement or an Account Control Agreement, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) in the case of any Portfolio Investments consisting of Uncertificated Securities (other than any Uncertificated Securities credited to a securities account subject to an Account Control Agreement), by causing the issuer of such Uncertificated Security to either (at the option of the Company) (i) register the Collateral Agent as the registered owner thereof on the books and records of such issuer or (ii) execute an agreement in form and substance reasonably satisfactory to the Administrative Agent, pursuant to which such issuer agrees to comply with the Collateral Agent's instructions with respect to such Uncertificated Security without further consent by the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) in the case of any Portfolio Investments that are held in certificated form, by crediting to a Collateral Account or delivering to the Collateral Agent, as applicable, certificates representing the relevant Collateral with respect to such Portfolio Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) in the case of any Loan, by delivering or causing a third party to deliver to the Securities Intermediary a facsimile or other electronic form (including, without limitation, "pdf," "tif", "tiff", "jpeg" or "jpg") or photocopy of a fully executed assignment agreement or final credit agreement, as applicable, evidencing the acquisition by the Company of the Loan or a confirmation or certification from or on behalf of the Company to the effect that it has acquired such Loan and/or has received or will receive, and will deliver to the Securities Intermediary, appropriate Underlying Definitive Documents constituting, evidencing or representing such Loan with an instruction to identify such Loan in its internal books and records without any position code. The Securities Intermediary shall identify such Loan in its internal books and records without associating it with a position code. The Securities Intermediary shall maintain in its books and records a list of all of the Loans in accordance with this Agreement (including identifying in its reports to the Company and the Administrative Agent the Loans which are not direct interests in loans under the collateral notation "Participation"), and shall make available to the Company and the Administrative Agent such list upon request. For avoidance of doubt, no Loans will be registered in the name of the Securities Intermediary. The Securities Intermediary shall have no responsibilities or duties whatsoever with respect to any Underlying Definitive Document, except for such responsibilities as are expressly set forth herein. The Company shall instruct the administrative agent in respect of each Loan to make all payments receivable by the Company in respect of such Loan to the Collection Account or a Permitted Non-USD Currency Account, as applicable, or otherwise provide for the direct payment of such payments to the Collection Account or a Permitted Non-USD Currency Account, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) in all cases, by filing or causing the filing of a financing statement with respect to such Collateral with the the Recorder of Deeds in Washington, D.C.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) in all cases by otherwise (i) ensuring that all steps, if any, required under Applicable Law or reasonably requested by the Administrative Agent to ensure that this Agreement creates a valid, first priority Lien (subject only to Permitted Liens) on such Collateral in favor of the Collateral Agent, shall have been taken, and that such Lien shall have been perfected by filing and, to the extent applicable, possession or control and (ii) to the extent necessary, obtaining a consent from the applicable general partner, managing member, board of directors or any similar governing body of the Portfolio Investment Obligor authorizing and consenting to the pledge of the Collateral in accordance with the Loan Documents.

Notwithstanding clauses (1) and (3) above, the Company or the Portfolio Manager on its behalf shall ensure that all Portfolio Investments denominated in a Permitted Non-USD Currency and all proceeds thereof shall be deposited in or credited to the applicable Permitted Non-USD Currency Account.

"<u>Designated Email Notification Address</u>" means Venurathi@apstrategies.com and Operations@apstrategies.com, *provided* that, so long as no Event of Default shall have occurred and be continuing and no Market Value Event shall have occurred, the Company may, upon at least five (5) Business Days' written notice to the Administrative Agent, the Collateral Administrator and the Collateral Agent, designate any other email address as the Designated Email Notification Address.

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"<u>Designated Independent Dealer</u>" means J.P. Morgan Securities LLC; *provided* that, so long as no Market Value Event shall have occurred and no Event of Default shall have occurred and be continuing, the Portfolio Manager may, upon at least five (5) Business Days' written notice to the Administrative Agent, the Collateral Administrator and the Collateral Agent, designate another Independent Dealer as the Designated Independent Dealer.

"<u>Diversity Score</u>" means, as of any day, a score that indicates the Portfolio Investment concentration in terms of both Portfolio Investment Obligor and industry concentration, calculated as set forth in Schedule 8, as such diversity scores shall be updated at the option of the Administrative Agent if Moody's published revised criteria.

"<u>Dollar Equivalent</u>" means, with respect to any Advance denominated in any Permitted Non-USD Currency, the amount of U.S. Dollars that would be required to purchase the amount of such Permitted Non-USD Currency, as applicable, of such Advance using the reciprocal foreign exchange rates obtained as described in the definition of the term Spot Rate.

"<u>Duration Extension</u>" means the extension of the Scheduled Termination Date by one (1) year pursuant to <u>Section</u> <u>2.07</u>.

"<u>Duration Extension Request</u>" means, on any date following the first anniversary of the Effective Date, the request of the Company in writing (which may be by email) to the Administrative Agent and the Lenders (with a copy to the Administrative Agent and the Collateral Agent) for a Duration Extension.

"<u>EBITDA</u>" means, with respect to the last four full fiscal quarters with respect to any Portfolio Investment, the meaning of "EBITDA", "Adjusted EBITDA" or any comparable definition in the underlying instruments for each such Portfolio Investment, and in any case that "EBITDA", "Adjusted EBITDA" or such comparable definition is not defined in such underlying instruments, an amount, for the Portfolio Investment Obligor and any parent that is obligated pursuant to the underlying instruments for such Portfolio Investment (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 four fiscal quarter 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 charges and organization costs, (e) to the extent expressly approved by the Administrative Agent on a Portfolio Investment by Portfolio Investment basis, any other non-cash charges and organization costs, extraordinary losses in accordance with GAAP or IFRS, one-time, non-recurring non-cash charges and costs and expenses reducing earnings, other extraordinary non-recurring costs and expenses for such period (to the extent deducted in determining earnings from continuing operations for such period); provided that with respect to any Portfolio Investment Obligor for which four full fiscal quarters of economic data are not available, EBITDA shall be determined for such Portfolio Investment Obligor based on annualizing the economic data from the reporting periods actually available as determined by the Administrative Agent.

"<u>Effective Date</u>" has the meaning set forth in <u>Section</u> <u>2.04</u>.

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

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

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

"<u>Eligibility Criteria</u>" has the meaning set forth in <u>Section</u> <u>1.03</u>.

"<u>Eligible Currency</u>" means U.S. Dollars and any Permitted Non-USD Currency.

"<u>Eligible Investments</u>" has the meaning set forth in <u>Section</u> <u>4.01</u>.

"<u>Eligible Jurisdictions</u>" means the United States and any State therein, Canada, France, Germany, Italy, Japan, England or any other jurisdiction approved by the Administrative Agent in its sole discretion.

"<u>Equity Interests</u>" means, with respect to any Person, all (a) shares, interests, participations or other equivalents (howsoever designated) of capital stock and other equity interests of such Person, including without limitation stockholder interest, general partnership interests, limited partnership interests or membership interests (other than any special membership interest), whether common or preferred and whether voting or non-voting and (b) rights (other than debt securities convertible into capital stock or other equity interests), warrants or options to acquire any of the foregoing.

"<u>ERISA</u>" means the United States Employee Retirement Income Security Act of 1974, as amended.

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) under common control or treated as a single employer with the Company or the Parent, as applicable, within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412, 430 or 431 of the Code).

"<u>ERISA Event</u>" means that (1) any of the Company or the Parent has underlying assets which constitute "plan assets" within the meaning of the Plan Asset Rules, (2) any of the Company or the Parent sponsors, maintains, contributes to, is required to contribute to or has any direct liability with respect to any Plan or (3) any ERISA Affiliate sponsors, maintains, contributes to, is required to contribute to or has any material liability with respect to any Plan, except where doing so would not reasonably be expected to have a Material Adverse Effect.

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

"<u>EURIBOR</u>" means, for each Calculation Period relating to an Advance in Euros, the Euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) displayed on Reuters Screen EURIBOR01 on the Bloomberg Financial Markets Commodities News (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in the Euro in the Euro Zone) at approximately 11:00 a.m., Brussels time, two (2) Business Days prior to the commencement of such Calculation Period, as the rate for Euro deposits with a maturity of three months. If such rate is not available at such time for

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any reason, then EURIBOR for such Calculation Period shall be the rate (which shall not be less than zero) at which Euro deposits in an amount corresponding to the amount of such Advance and for the applicable maturity are offered by the principal Brussels office of the Administrative Agent in immediately available funds in the Euro Zone interbank market at approximately 11:00 a.m., Brussels time, two (2) Business Days prior to the commencement of such Calculation Period. Notwithstanding anything in the foregoing to the contrary, if EURIBOR as calculated for any purpose under this Agreement is below zero percent, EURIBOR will be deemed to be zero percent for such purpose until such time as it exceeds zero percent again.

"<u>Euro</u>" or "€" means the lawful currency of Participating Member States.

"<u>Event of Default</u>" has the meaning set forth in <u>Article VII</u>.

"<u>Excess Interest Proceeds</u>" means, at any time of determination, the excess of (1) amounts then on deposit in the Collateral Accounts representing Interest Proceeds over (2) the projected amount required to be paid pursuant to <u>Section</u> <u>4.05(a)</u> and <u>(b)</u> on the next Interest Payment Date or the Maturity Date, as applicable, in each case, as determined by the Company in good faith and in a commercially reasonable manner and verified by the Administrative Agent.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or deducted from a payment to a Secured Party, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed as a result of such Secured Party being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Financing Commitment or Advance pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Financing Commitment or Advance or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to <u>Section</u> <u>3.03</u>, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Secured Party's failure to comply with <u>Section</u> <u>3.03(f)</u> and (d) any Taxes imposed under FATCA.

"<u>Extended Cure Period</u>" has the meaning set forth in the definition of "Market Value Cure Period".

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, and intergovernmental agreements entered into thereunder or any similar or related non-U.S. law that correspond to Sections 1471 to 1474 of the Code, any agreements entered into pursuant to Section 1471(b)(1) of the Code, and any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of such sections of the Code and any U.S. or non-U.S. fiscal or regulatory law, legislation, rules, guidance, notes or practices adopted pursuant to such intergovernmental agreement or analogous provisions of non-U.S. law.

"<u>Federal Funds Effective Rate</u>" means, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; *provided* that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

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"<u>Federal Reserve Board</u>" means the Board of Governors of the Federal Reserve System of the United States of America.

"<u>Fee Letter</u>" means that certain Fee Letter, dated as of the Effective Date, between the Company and the Administrative Agent.

"<u>Financing Commitment</u>" means, with respect to each Lender, the commitment of such Lender to provide Advances to the Company hereunder in an amount up to but not exceeding the amount set forth opposite such Lender's name on the Transaction Schedule or in the Assignment and Assumption pursuant to which such Lender became a Lender under this Agreement, as such amounts may be reduced or increased from time to time pursuant to the provisions of <u>Section</u> <u>2.06</u> or <u>Section</u> <u>10.06</u> of this Agreement.

"<u>Financing Commitment Increase Date</u>" means any Business Day on which the Administrative Agent (in its sole discretion) approves in writing (which may be by email) (with a copy to the Collateral Agent, which may also be by email) a Financing Commitment Increase Option Request. For the avoidance of doubt, the Scheduled Financing Commitment Increase Date is not a Financing Commitment Increase Date.

"<u>Financing Commitment Increase Option Request</u>" means, on any date (i) during the Reinvestment Period and (ii) on which the aggregate outstanding principal amount of Advances is not less than the applicable Minimum Funding Amount as of such date, the request of the Company in writing (which may be by email) to the Administrative Agent and the Lenders (with a copy to the Collateral Agent (which may also be by email)) for an increase of the Financing Commitments pursuant to <u>Section</u> <u>2.06</u>; *provided* that the Company (in consultation with the Administrative Agent) shall determine the proposed effective date of any such increase in the Financing Commitments, which may be as early as ten (10) Business Days after delivery of a Financing Commitment Increase Option Request (or such shorter period as the Administrative Agent may agree in its sole discretion).

"<u>Foreign Lender</u>" means a Lender that is not a U.S. Person.

"<u>GAAP</u>" means generally accepted accounting principles in effect from time to time in the United States, as applied from time to time by the Company.

"<u>GBP</u>" and "£" mean British Pounds.

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

"<u>Hague Convention</u>" has the meaning set forth in <u>Section</u> <u>8.01(e)</u>.

"<u>Increased Financing Commitment</u>" has the meaning set forth in <u>Section</u> <u>2.06</u>.

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"<u>Indebtedness</u>" as applied to any Person, means, without duplication, as determined in accordance with GAAP, (i) all indebtedness of such Person for borrowed money; (ii) all obligations of such Person evidenced by bonds, debentures, notes, deferrable securities or other similar instruments; (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business; (iv) that portion of obligations with respect to capital leases that is properly classified as a liability of such Person on a balance sheet; (v) all non-contingent obligations of such Person to reimburse or prepay any bank or other Person in respect of amounts paid under a letter of credit, banker's acceptance or similar instrument; (vi) all debt of others secured by a Lien on any asset of such Person, whether or not such debt is assumed by such Person; and (vii) all debt, lease obligations or similar obligations to repay money of others guaranteed by such Person or for which such Person acts as surety and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a creditor against loss. Notwithstanding the foregoing, "Indebtedness" shall not include (x) a commitment arising in the ordinary course of business to purchase a future Portfolio Investment in accordance with the terms of this Agreement or (y) any obligations or liabilities which would be required to be classified and accounted for as an operating lease for financial reporting purposes in accordance with GAAP.

"<u>Indemnified Person</u>" has the meaning set forth in <u>Section</u> <u>5.03</u>.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Company under this Agreement and (b) to the extent not otherwise described in (a), Other Taxes.

"<u>Indemnitee</u>" has the meaning set forth in <u>Section</u> <u>10.04(b)</u>.

"<u>Independent Dealer</u>" means any of the following (as such list may be revised from time to time by mutual agreement of the Company and the Administrative Agent): Bank of America/BofA Securities, Inc., Barclays Bank, BNP Paribas, Citibank, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley, UBS, Wells Fargo, Macquarie Capital (USA) Inc. and any Affiliate of any of the foregoing, but in no event including the Company or any Affiliate of the Company.

"<u>Ineligible Investment</u>" means any Portfolio Investment that fails, at any time, to satisfy the Eligibility Criteria; *provided* that with respect to any Portfolio Investment for which the Administrative Agent has waived one or more of the criteria set forth on Schedule 3, the Eligibility Criteria in respect of such Portfolio Investment shall be deemed not to include such waived criteria at any time after such waiver and such Portfolio Investment shall not be considered an "Ineligible Investment" by reason of its failure to meet such waived criteria; *provided further* that any Portfolio Investment (other than an Initial Portfolio Investment) which has not been approved by the Administrative Agent pursuant to <u>Section</u> <u>1.02</u> on or prior to its Trade Date or Substitution Date, as applicable, will be deemed to be an Ineligible Investment until such later date (if any) on which such Portfolio Investment is so approved; *provided further* that any Participation Interest that has not been elevated to an absolute assignment on or prior to the 45<sup>th</sup> calendar day (or, if the Administrative Agent determines in its sole discretion that the Company is diligently pursuing such assignment within such 45 calendar day period and has been unable to do so, the 60<sup>th</sup> calendar day) following the Effective Date shall constitute an Ineligible Investment until the date on which such elevation has occurred.

"<u>Information</u>" means all information received from the Company relating to the Company, the Parent or the Portfolio Manager or their respective business hereunder or pursuant hereto, other than any such information that is available to an Agent or Lender on a non-confidential basis prior to disclosure by the Company and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry; *provided* that, in the case of information received from the Company after the date hereof, such information is clearly identified at the time of delivery as confidential.

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"<u>Initial Financing Commitment</u>" means the Financing Commitment provided by the Lenders to the Company on the Effective Date in the amount of $750,000,000.

"<u>Initial Parent</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Initial Participant</u>" means the Lender Participant identified from the Administrative Agent to the Company prior to the Effective Date.

"<u>Initial Portfolio Investments</u>" means the Portfolio Investments listed in Schedule 5.

"<u>Interest Collection Account</u>" means the account(s) established by the Bank or the Securities Intermediary and so labeled and set forth on the Transaction Schedule for the deposit of Interest Proceeds denominated in USD and any successor accounts established in connection with the resignation or removal of the Bank or the Securities Intermediary.

"<u>Interest Payment Date</u>" means the fifth Business Day after the last day of each Calculation Period, beginning with the Calculation Period ending January 7, 2026.

"<u>Interest Proceeds</u>" means all payments of interest received in respect of the Portfolio Investments and Eligible Investments acquired with the proceeds of Portfolio Investments (in each case other than accrued interest purchased using Principal Proceeds, but including proceeds received from the sale of interest accrued after the date on which the Company acquired the related Portfolio Investment), all other payments on the Eligible Investments acquired with the proceeds of Portfolio Investments (for the avoidance of doubt, such other payments shall not include principal payments (including, without limitation, prepayments, repayments or sale proceeds) with respect to Eligible Investments acquired with Principal Proceeds) and all payments of fees, dividends and other similar amounts received in respect of the Portfolio Investments or deposited into any of the Collateral Accounts (including closing fees, commitment fees, underwriting fees, facility fees, late payment fees, amendment fees, waiver fees, prepayment fees and premiums, ticking fees, delayed compensation, customary syndication or other up-front fees and customary administrative agency or similar fees); *provided*, *however*, that for the avoidance of doubt, Interest Proceeds shall not include amounts or Eligible Investments in the MV Cure Account, the Unfunded Exposure Account or the Permitted Non-USD Currency Unfunded Exposure Accounts or any proceeds therefrom.

"<u>Investment</u>" means (a) the purchase of any Debt Security or Equity Interest of any other Person, (b) the making of any Loan or advance to any other Person or (c) becoming obligated with respect to a contingent obligation in respect of obligations of any other Person.

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>JPMCB</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>JPY</u>" means Japanese Yen.

"<u>Lender Participant</u>" has the meaning set forth in <u>Section</u> <u>10.06(c)</u>.

"<u>Lenders</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Liabilities</u>" has the meaning set forth in <u>Section</u> <u>5.03</u>.

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"<u>Lien</u>" means any security interest, lien, charge, pledge, preference, equity, assignment by way of security or encumbrance of any kind, including tax liens, mechanics' liens and any liens that attach by operation of law.

"<u>Liquid Debt Security</u>" means, as of any date, any Debt Security which has had $10,000,000 or more in average trading volume in the prior 30 calendar days as reported by TRACE.

"<u>Loan</u>" means any obligation for the payment or repayment of borrowed money that is documented by a term and/or revolving loan agreement or other similar credit agreement.

"<u>Loan Documents</u>" means this Agreement, the Administrative Agency Letter, the Fee Letter, the Account Control Agreements, if any, and such other agreements and documents, and any amendments or supplements thereto or modifications thereof, executed or delivered pursuant to the terms of this Agreement or any of the other Loan Documents and any additional documents delivered in connection with any such amendment, supplement or modification.

"<u>Loan to Value Ratio</u>" means, as of any date of calculation, the ratio of (a) the Net Advances to (b) the Net Asset Value, in each case, as of such date.

"<u>LTV Default</u>" means, as of any date of determination, the Loan to Value Ratio is greater than 72.5%.

"<u>Management Agreement</u>" means the investment management agreement, dated as of the Effective Date, between the Initial Parent and the Portfolio Manager.

"<u>Margin Stock</u>" has the meaning provided such term in Regulation U of the Federal Reserve Board.

"<u>Market Value</u>" means, on any date of determination (after giving effect to <u>Section</u> <u>1.06</u>), (a) with respect to any Broadly Syndicated Loan, the average indicative bid-side price (expressed as a percentage) determined by Markit Group Limited or LoanX (or, if the Administrative Agent determines in its sole discretion that such bid price is not available or is not indicative of the actual current market value, the market value of such Broadly Syndicated Loan as determined by the Administrative Agent in good faith and in a commercially reasonable manner), (b) with respect to any Liquid Debt Security, the average indicative bid-side price for such Debt Security as reported by TRACE (or, if the Administrative Agent determines in its sole discretion that such price is not available or is not indicative of the actual current market value, the market value of such Liquid Debt Security as determined by the Administrative Agent in good faith and in a commercially reasonable manner) and (c) with respect to any other Portfolio Investment, the market value of such Portfolio Investment as determined by the Administrative Agent in good faith and in a commercially reasonable manner, in each case, expressed as a percentage of par or the face amount thereof and not to exceed par or the face amount thereof, as applicable.

So long as no Market Value Event has occurred and no Event of Default has occurred and is continuing, the Portfolio Manager shall have the right to initiate a dispute of the Market Value of certain Portfolio Investments in accordance with the Administrative Agency Letter.

The Company and the Portfolio Manager hereby acknowledge that the Administrative Agent may make available to the Company and the Portfolio Manager the Market Value of each Portfolio Investment by posting such materials or information on the Financing Connect platform hosted by JPMorgan Chase Bank, N.A. or another similar electronic system. Any notification from the Administrative Agent to the Company that the events set forth in clause (A)(i) of the definition of the term Market Value Event have occurred shall be accompanied by a written statement showing the then current Market Value of each Portfolio Investment.

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"<u>Market Value Cure</u>" means, on any date of determination, (i) with the consent of the Administrative Agent, the Purchase by the Company of additional Portfolio Investments and the Delivery thereof by the Company to the Collateral Agent pursuant to the terms hereof, (ii) the contribution by the Parent of cash or Cash Equivalents to the Company and the Delivery thereof by the Company to the Collateral Agent pursuant to the terms hereof (which amounts shall be deposited in the MV Cure Account), (iii) the sale by the Company of one or more Portfolio Investments in accordance with the requirements of this Agreement, (iv) the prepayment by the Company of an aggregate principal amount of Advances (together with accrued and unpaid interest thereon) or (v) any combination of the foregoing clauses (i), (ii) (iii) and (iv), in each case during the Market Value Cure Period, at the option of the Portfolio Manager, and in an amount such that immediately after giving effect to all such actions and the application of proceeds thereof, the Borrowing Base Test is satisfied; *provided* that any Portfolio Investment Purchased by the Company in connection with the foregoing must meet all of the applicable Eligibility Criteria (unless otherwise consented to by the Administrative Agent) and the Concentration Limitations shall be satisfied (or if not satisfied, maintained or improved) immediately after such contribution. In connection with any Market Value Cure, a Portfolio Investment shall be deemed to have been Purchased by the Company if there has been a valid, binding and enforceable contract for the assignment of such Portfolio Investment to the Company and, in the reasonable judgment of the Portfolio Manager, such assignment will settle, (x) in the case of a Loan, within twenty five (25) Business Days of the Trade Date thereof (or such longer period as the Administrative Agent agrees in its sole discretion), (y) in the case of a Debt Security, within two (2) Business Days of the Trade Date thereof (or such longer period as the Administrative Agent agrees in its sole discretion) and (z) in the case of any other Portfolio Investment, within three (3) Business Days of the Trade Date thereof (or such longer period as the Administrative Agent agrees in its sole discretion) (each, as applicable, the "<u>Settlement Period</u>").

"<u>Market Value Cure Failure</u>" means the failure by the Company to effect a Market Value Cure as set forth in the definition of such term during the Market Value Cure Period.

"<u>Market Value Cure Period</u>" means the period commencing on the Business Day on which the Portfolio Manager receives notice from the Administrative Agent (which, if received after 4:00 p.m., New York City time, on any Business Day, shall be deemed to have been received on the next succeeding Business Day) of the occurrence of a Market Value Trigger Event and ending at the close of business in New York two (2) Business Days thereafter; *provided*, that in the event that the Parent delivers a Contribution Confirmation Package satisfactory to the Administrative Agent in its sole discretion (which discretion may include, without limitation, the identity, capitalization and creditworthiness of the Parent providing such Contribution Confirmation Package) within such two (2) Business Day period (and a copy of such Contribution Confirmation Package shall be delivered electronically to the designated email address provided by the Administrative Agent to the Company and the Portfolio Manager), then the Market Value Cure Period shall be extended to the close of business ten (10) Business Days following the conclusion of such two (2) Business Day period (an "<u>Extended Cure Period</u>"); *provided*, *further*, that if the Company or the Parent becomes aware that any portion of the equity commitment under such Contribution Confirmation Package will not be timely made within the applicable Extended Cure Period, then the Company or the Parent shall provide the Administrative Agent notice thereof (and a copy of such notice shall be delivered electronically to the designated email address provided by the Administrative Agent to the Company and the Portfolio Manager) as soon as reasonably practical (but no later than one (1) Business Day) and the Market Value Cure Period shall end on the earlier of (i) two (2) Business Days following the date the Company or the Parent becomes so aware and (ii) the conclusion of the applicable Extended Cure Period.

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"<u>Market Value Event</u>" means (A) the occurrence of both of the following events (i) a Market Value Trigger Event and (ii) a Market Value Cure Failure or (B) if in connection with any Market Value Cure, a Portfolio Investment Purchased by the Company shall fail to settle within the applicable Settlement Period.

"<u>Market Value Trigger</u>" has the meaning set forth in the Transaction Schedule.

"<u>Market Value Trigger Event</u>" means an event that shall have occurred if the Administrative Agent has determined and notified the Company in writing as of any date that the Loan to Value Ratio is greater than the Market Value Trigger.

"<u>Material Adverse Effect</u>" means a material adverse effect on (a) the business, assets, operations or condition, financial or otherwise, of the Company, the Parent or the Portfolio Manager, (b) the ability of the Company, the Parent or the Portfolio Manager to perform its obligations under this Agreement or any of the other Loan Documents to which it is a party or (c) the rights of or benefits available to the Agents or the Lenders under this Agreement or any of the other Loan Documents.

"<u>Material Amendment</u>" means any amendment, modification or supplement to this Agreement that (i) increases the Financing Commitment of any Lender, (ii) reduces the principal amount of any Advance or reduces the rate of interest thereon, or reduces any fees payable to a Lender hereunder, (iii) postpones the scheduled date of payment of the principal amount of any Advance, or any interest thereon, or any other amounts payable hereunder, or reduces the amount of, waives or excuses any such payment, or postpones the scheduled date of expiration of any Financing Commitment, (iv) changes any provision in a manner that would alter the pro rata sharing of payments required hereby, (v) changes any of the provisions of this definition or the definition of "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, (vi) modifies the definition of "Borrowing Base Test" or "Reinvestment Period" or (vii) releases a material portion of the Collateral (other than as specifically permitted or contemplated in this Agreement).

"<u>Maturity Date</u>" means the date that is the earliest of (1) the Scheduled Termination Date (including any extensions thereof) set forth on the Transaction Schedule, (2) the date on which the Secured Obligations become due and payable upon the occurrence of an Event of Default under <u>Article VII</u> and the acceleration of the Secured Obligations, (3) the date on which the principal amount of the Advances is irrevocably reduced to zero as a result of one or more prepayments and the Financing Commitments are irrevocably terminated in full and (4) the date after a Market Value Event on which all Portfolio Investments have been sold and the proceeds therefrom have been received by the Company.

"<u>Maximum Rate</u>" has the meaning set forth in <u>Section</u> <u>10.08</u>.

"<u>Mezzanine Obligation</u>" means a Portfolio Investment that is a Loan that is not a Senior Secured Loan or a Second Lien Loan.

<u>"Minimum Diversity Score Test</u>" means a test that will be satisfied on any date of determination if the Diversity Score of Portfolio Investments (excluding any Ineligible Investment) as of such date equals or exceeds 10.

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"<u>Minimum Funding Amount</u>" means, on any date of determination, the amount set forth in the table below; *provided* that, on and after any Financing Commitment Increase Date, the Minimum Funding Amount (if any) with respect to such increased Financing Commitments shall be as agreed by the Administrative Agent and the Company in connection with the corresponding increase of the Financing Commitment:

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| | | |
|:---|:---|:---|
| **Period Start Date** | **Period End Date** | **Minimum**<br>**Funding**<br>**Amount (as a**<br>**percentage of**<br>**aggregate<br>Financing<br>Commitments)** |
|  Effective Date | 3 months following Effective Date | 50% |
|  3 months and one day following Effective Date | Last day of the Ramp-Up Period | 60% |
|  First day following the Ramp-Up Period | Last day of the Reinvestment Period | 75% |

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"<u>Minimum Weighted Average Spread Test</u>" means a test that will be satisfied on any date of determination if the Weighted Average Spread of the Portfolio Investments (excluding any Ineligible Investment) equals or exceeds 4.50%.

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

"<u>MV Cure Account</u>" means the account established by the Bank or the Securities Intermediary and set forth on the Transaction Schedule and any successor accounts established in connection with the resignation or removal of the Bank or the Securities Intermediary.

"<u>Nationally Recognized Valuation Provider</u>" means (i) Lincoln International LLC (f/k/a Lincoln Partners LLC), (ii) Valuation Research Corporation, (iii) Alvarez & Marsal, (iv) Duff & Phelps and (v) Houlihan Lokey; *provided* that any independent entity providing professional asset valuation services may be added to this definition by the Company (with the consent of the Administrative Agent) or added to this definition by the Administrative Agent from time to time by notice thereof to the Company and the Portfolio Manager; *provided*, *further*, that the Administrative Agent may remove any provider from this definition by written notice to the Company and the Portfolio Manager so long as, after giving effect to such removal, (x) there are at least three providers designated pursuant to this definition and (y) at least two of the initial providers designated pursuant to this definition as of the Effective Date shall at all times continue to be so designated.

"<u>Net Advances</u>" means the principal amount of the outstanding Advances (inclusive of Advances that have been requested for any outstanding Purchase Commitments which have traded but not settled *minus* the amounts then on deposit in the Collateral Accounts (including cash and Eligible Investments) representing Principal Proceeds (excluding any Principal Proceeds which are required to settle any outstanding Purchase Commitments); *provided* that that if an Unfunded Exposure Collateral Election Notice has been delivered and has not been revoked, Net Advances and Advances shall, prior to, and excluding, the three-month anniversary of the Effective Date, include an amount equal to the greater of (i) zero and (ii) any Unfunded Exposure Shortfall up to an amount that the Borrowing Base Test is satisfied after giving effect to this proviso (the amount of the Unfunded Exposure Shortfall not included in Net Advances due to the Borrowing Base Test not being satisfied, the "<u>Excess Unfunded Exposure Shortfall</u>"), solely for the purposes of the Borrowing Base Test, Loan to Value, LTV Default, Market Value Trigger Event and <u>Section</u> <u>1.06</u>.

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"<u>Net Asset Value</u>" means, on any date of determination (after giving effect to Section 1.06), the sum of (i) the product, for each Portfolio Investment, of (x) the Market Value of such Portfolio Investment multiplied by (y) the funded principal amount or face amount, as applicable, of such Portfolio Investment, and (ii) amounts on deposit in the Unfunded Exposure Account; provided that, (1) the Concentration Limitation Excess, (2) any Portfolio Investment which has traded but not settled within the applicable Settlement Period and (3) any Ineligible Investments will, in each case, be excluded from the calculation of the Net Asset Value and assigned a value of zero for such purposes.

"<u>Non-Traded Asset</u>" means any Loan or Debt Security that is not a Traded Asset.

"<u>Notice of Acquisition</u>" has the meaning set forth in <u>Section</u> <u>1.02(a)</u>.

"<u>NYFRB</u>" means the Federal Reserve Bank of New York.

"<u>NYFRB's Website</u>" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"<u>Oak Hill</u>" means Oak Hill Advisors, L.P., a Delaware limited partnership.

"<u>Outbound Investment Rules</u>" means the regulations administered and enforced, together with any related public guidance issued, by the United States Treasury Department under U.S. Executive Order 14105 of August 9, 2023, or any similar law or regulation; as of the date of this Agreement, and as codified at 31 C.F.R. § 850.101 et seq.

"<u>Other Connection Taxes</u>" means, with respect to any Secured Party, Taxes imposed as a result of a present or former connection between such Secured Party and the jurisdiction imposing such Tax (other than connections arising from such Secured Party having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Advance or Loan Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.

"<u>Parent</u>" means the Initial Parent or, after the Post-Closing Equity Transfer, the Successor Parent.

"<u>Parent Joinder Agreement</u>" means a parent joinder agreement entered into by the Successor Parent, and accepted by the Administrative Agent, in the form of Exhibit C.

"<u>Partial PIK Portfolio Investment</u>" has the meaning set forth in Schedule 3.

"<u>Participant Register</u>" has the meaning set forth in <u>Section</u> <u>10.06(d)</u>.

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

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"<u>Participation Interest</u>" means a participation interest in a Loan or a Debt Security.

"<u>PATRIOT Act</u>" has the meaning set forth in <u>Section</u> <u>2.04(f)</u>.

"<u>Payment</u>" has the meaning set forth in <u>Section</u> <u>9.03(b)</u>.

"<u>Payment Notice</u>" has the meaning set forth in <u>Section</u> <u>9.03(c)</u>.

"<u>Permitted Distribution</u>" means, on any Business Day, distributions of Interest Proceeds and/or Principal Proceeds at the discretion of the Company to its limited partners (or other permitted equity holders of the Company) or to pay (i) compensation, fees, and reimbursable expenses payable to the Portfolio Manager and other service providers, including accrued and unpaid Portfolio Manager Fees, (ii) ordinary-course operating expenses and (iii) taxes; *provided* that (a) there are Excess Interest Proceeds remaining after giving effect to such distribution, (b) Principal Proceeds may only be distributed during the Reinvestment Period, but after the Ramp-Up Period only, (c) no Default or Event of Default has occurred and is continuing (or would occur after giving effect to such Permitted Distribution), (d) no Market Value Event shall have occurred, (e) no Market Value Trigger Event shall have occurred (or would occur after giving effect to such Permitted Distribution), (f) the Borrowing Base Test is satisfied (and will be satisfied after giving effect to such Permitted Distribution), (g) the Company gives at least two (2) Business Days' prior written notice thereof to the Administrative Agent, the Collateral Agent and the Collateral Administrator, (h) not more than ten Permitted Distributions are made in any single Calculation Period (unless otherwise consented to by the Administrative Agent in its sole discretion) and (i) the Company and the Administrative Agent confirm in writing (which, in each case, may be by email) to the Collateral Agent and the Collateral Administrator that the conditions to a Permitted Distribution set forth herein are satisfied.

"<u>Permitted Lien</u>" means any of the following: (a) Liens for Taxes that are (i) not due and payable at such time or (ii) being contested in good faith by appropriate proceedings and with respect to which reserves have been provided in accordance with GAAP on the books of the Person required to pay such Taxes, (b) Liens imposed by law, such as materialmen's, warehousemen's, mechanics', carriers', workmen's and repairmen's Liens and other similar Liens, arising by operation of law in the ordinary course of business for sums that are not overdue or are being contested in good faith, (c) Liens granted pursuant to or by the Loan Documents, (d) judgement Liens not constituting an Event of Default hereunder and (e) bankers' Liens, rights of setoff and other similar Liens existing solely with respect to securities, cash and Cash Equivalents (or such other investments permitted by <u>Section</u> <u>6.02(u)</u>) on deposit in one or more accounts maintained by such Person, in each case granted in the ordinary course of business in favor of the bank or custodian with which such accounts are maintained, securing amounts owing to such bank or custodian with respect to cash management, operating account arrangements and netting arrangements or other amounts owing in connection with the maintenance or operation of any bank or securities account, (f) with respect to any collateral underlying a Portfolio Investment, the Lien in favor of the Company and liens permitted under the related underlying instruments, (g) as to agented Portfolio Investments, Liens in favor of the agent under the related underlying instruments, and (h) precautionary Liens and filings of financing statements under the UCC, covering assets sold to or contributed to a Person not prohibited hereunder.

"<u>Permitted Non-USD Currency</u>" means Euros, CAD, GBP and/or JPY.

"<u>Permitted Non-USD Currency Account Opening Notice</u>" has the meaning specified in Section 8.01(a).

"<u>Permitted Non-USD Currency Accounts</u>" means the account(s) established by the Bank or the Securities Intermediary and so labeled and set forth on the Transaction Schedule in an applicable jurisdiction to hold cash or Portfolio Investments denominated in a Permitted Non-USD Currency and any successor accounts established in connection with the resignation or removal of the Bank or the Securities Intermediary, as applicable.

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"<u>Permitted Non-USD Currency Equivalent</u>" means, with respect to any amount in USD, the amount of any Permitted Non-USD Currency that could be purchased with such amount of USD using the reciprocal foreign exchange rate(s) obtained as described in the definition of the term Spot Rate.

"<u>Permitted Non-USD Currency Unfunded Exposure Accounts</u>" means, collectively, the accounts established by the Bank or the Securities Intermediary in respect of each Permitted Non-USD Currency and set forth on the Transaction Schedule for the deposit of funds used to cash collateralize the Unfunded Exposure Amount denominated in such Permitted Non-USD Currency and any successor accounts established in connection with the resignation or removal of the Bank or the Securities Intermediary, as applicable.

"<u>Permitted RIC Distribution</u>" means distributions to the Parent (from the Collateral Accounts or otherwise), for so long as the Parent qualifies for tax treatment as a RIC, to the extent reasonably required to allow the Parent to make sufficient distributions to qualify as a RIC, and to otherwise eliminate federal or state income or excise taxes payable by the Parent in or with respect to any taxable year of the Parent (or any calendar year, as relevant); *provided* that (A) the amount of any such payments made in or with respect to any such taxable year (or calendar year, as relevant) of the Parent shall not exceed 115% of the amounts that the Company would have been required to distribute to the Parent: (i) allow the Company to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a RIC for any such taxable year, (ii) reduce to zero for any such taxable year the Company's liability for federal income taxes imposed on (x) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), or (y) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero the Company's liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii) or (iii), calculated assuming that the Company had qualified to be taxed as a RIC under the Code and (B) amounts may be distributed pursuant to this definition only from Excess Interest Proceeds and so long as (i) after giving effect to such Permitted RIC Distribution, the Loan to Value Ratio does not exceed 67.5%, (ii) the Company gives at least two (2) Business Days prior notice thereof to the Administrative Agent, the Collateral Agent and the Collateral Administrator, (iii) if any such Permitted RIC Distributions are made after the occurrence and during the continuance of an Event of Default, the amount of Permitted RIC Distributions made in any 90 calendar day period shall not exceed $1,500,000 and (iv) the Company and the Administrative Agent (such confirmation by the Administrative Agent not to be unreasonably withheld, conditioned or delayed) confirm in writing (which may be by email) to the Collateral Agent and the Collateral Administrator that the conditions to a Permitted RIC Distribution set forth herein are satisfied.

"<u>Permitted Working Capital Lien</u>" has the meaning set forth in the definition of "Senior Secured Loan".

"<u>Person</u>" means any natural person, corporation, exempted company, partnership (including any exempted limited partnership), trust, limited liability company, association, Governmental Authority or unit, or any other entity, whether acting in an individual, fiduciary or other capacity.

"<u>PIK Portfolio Investment</u>" has the meaning set forth in Schedule 3.

"<u>Plan</u>" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA) subject to Section 412 of the Code or Title IV of ERISA.

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

"<u>Portfolio</u>" means all Portfolio Investments Purchased or Substituted and not otherwise sold or liquidated.

"<u>Portfolio Investments</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Portfolio Investment Obligor</u>" means, with respect to any Portfolio Investment, the borrower or issuer thereof.

"<u>Portfolio Manager</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Portfolio Manager Fee</u>" means, so long as the Parent or any Affiliate thereof is the Portfolio Manager, the fee payable to the Portfolio Manager on each Interest Payment Date in arrears in respect of each Calculation Period, which fee shall be an amount equal to (A) the average of the gross assets on the first day of such Calculation Period and the gross assets on the last day of such Calculation Period multiplied by (B) a rate equal to 1.5% per annum (calculated on the basis of a year of 360 days and the actual number of days elapsed in such Calculation Period).

"<u>Possessory Collateral</u>" has the meaning set forth in the definition of "Deliver".

"<u>Post-Closing Equity Transfer</u>" means the transfer of the Equity Interests of the Company to APS BDC LLC or a wholly-owned subsidiary of APS BDC LLC (as applicable, the "<u>Successor Parent</u>").

"<u>Post-Closing Merger</u>" has the meaning set forth in Section 10.15.

"<u>Prime Rate</u>" means the rate of interest per annum publicly announced from time to time by JPMCB as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

"<u>Principal Collection Account</u>" means the account(s) established by the Bank or the Securities Intermediary and so labeled and set forth on the Transaction Schedule for the deposit of Principal Proceeds denominated in USD and any successor accounts established in connection with the resignation or removal of the Bank or the Securities Intermediary.

"<u>Principal Proceeds</u>" means all amounts received with respect to the Portfolio Investments or any other Collateral, and all amounts otherwise on deposit in the Collateral Accounts (including cash contributed to or deposited by the Company and Advances made in accordance herewith), in each case other than Interest Proceeds or amounts on deposit in the Unfunded Exposure Account or the Permitted Non-USD Currency Unfunded Exposure Accounts.

"<u>Priority of Payments</u>" has the meaning set forth in <u>Section</u> <u>4.05</u>.

"<u>Proceeding</u>" has the meaning set forth in <u>Section</u> <u>10.07(b)</u>.

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

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"<u>Purchase</u>" means each acquisition of a Portfolio Investment (other than by Substitution) by way of (i) a direct issuance to the Company by the obligor thereunder or extension of credit by the Company to the obligor thereunder or (ii) a grant of a Participation Interest to the Company in an Initial Portfolio Investment on the Effective Date.

"<u>Purchase Commitment</u>" has the meaning set forth in <u>Section</u> <u>1.02(a)</u>.

"<u>Ramp-Up Period</u>" means the period from and including the Effective Date to, but excluding, June 30, 2026.

"<u>Reference Rate</u>" means (i) with respect to Advances denominated in USD and related calculations, the Term SOFR Rate, (ii) with respect to Advances denominated in CAD and related calculations, Adjusted Term CORRA, (iii) with respect to Advances denominated in GBP and related calculations, Daily Simple SONIA, (iv) with respect to Advances denominated in Euros and related calculations, EURIBOR, and (v) with respect to Advances Denominated in JPY, TIBOR. The Reference Rate shall be determined by the Administrative Agent (and notified to the Collateral Administrator and the Collateral Agent), and such determination shall be conclusive absent manifest error.

"<u>Reference Time</u>" with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two (2) Business Days preceding the date of such setting, (2) if such Benchmark is Daily Simple SOFR, then four (4) Business Days prior to such setting or (3) with respect to other Benchmarks, the time determined by the Administrative Agent in its reasonable discretion.

"<u>Register</u>" has the meaning set forth in <u>Section</u> <u>3.01(c)</u>.

"<u>Reinvestment Period</u>" means the period beginning on, and including, the Effective Date and ending on, but excluding, the earliest of (i) September 30, 2028; *provided* that, if the Scheduled Termination Date is extended upon a Duration Extension Request, the date set forth in this clause (i) shall be extended by the same number of days as the resulting extension of the Scheduled Termination Date following such Duration Extension Request, (ii) the date on which a Market Value Event occurs, (iii) the date on which an Event of Default occurs and (iv) the date on which the investment period of the Parent or the Company terminates.

"<u>Related Parties</u>" has the meaning set forth in <u>Section</u> <u>9.01</u>.

"<u>Relevant Governmental Body</u>" means (i) with respect to a Benchmark Replacement in respect of Advances denominated in USD, the Federal Reserve Board, the NYFRB, the Term SOFR Administrator, or a committee officially endorsed or convened by the Federal Reserve Board, the NYFRB, the Term SOFR Administrator, or, in each case any successor thereto and (ii) with respect to a Benchmark Replacement in respect of Advances denominated in any Permitted Non-USD Currency, (a) the central bank for the currency in which such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement or (b) any working group or committee officially endorsed or convened by (1) the central bank for the currency in which such Benchmark Replacement is denominated, (2) any central bank or other supervisor that is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement, (3) a group of those central banks or other supervisors or (4) the Financial Stability Board or any part thereof.

"<u>Removed Agent</u>" has the meaning set forth in <u>Section</u> <u>9.01</u>.

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"<u>Request for Advance</u>" has the meaning set forth in <u>Section</u> <u>2.03(d)</u>.

"<u>Required Lenders</u>" means (a) JPMCB and its Affiliates and their respective successors in interest (in each case, so long as such Person is a Lender hereunder) and (b) the other Lenders (other than any Defaulting Lender), if any, holding, together with the Persons set forth in clause (a) above, 50.1% or more of the sum of (i) the aggregate principal amount of the outstanding Advances (other than outstanding Advances of Defaulting Lenders excluded pursuant to this clause (b)) plus (ii) the aggregate undrawn amount of the outstanding Financing Commitments (other than the undrawn amount of the outstanding Financing Commitments of Defaulting Lenders excluded pursuant to this clause (b)).

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

"<u>Responsible Officer</u>" means with respect to the Collateral Agent, the Collateral Administrator or the Securities Intermediary, any officer of the Collateral Agent, the Collateral Administrator or the Securities Intermediary customarily performing functions with respect to corporate trust matters and, with respect to a particular corporate trust matter under this Agreement, any other officer to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject and, in each case, having direct responsibility for the administration of this Agreement.

"<u>Restricted Payment</u>" means (i) any dividend or other distribution (including, without limitation, a distribution of non-cash assets), direct or indirect, on account of any Equity Interests in the Company now or hereafter outstanding; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, by the Company of any Equity Interests in the Company now or hereafter outstanding and (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire Equity Interests in the Company now or hereafter outstanding.

"<u>Retiring Agent</u>" has the meaning set forth in <u>Section</u> <u>9.01</u>.

"<u>Reuters</u>" means Thomson Reuters Corp., Refinitiv or any successor thereto.

"<u>Revolving Loan</u>" means any Loan (other than a Delayed Funding Term Loan, but including funded and unfunded portions of revolving credit lines) that under the underlying instruments relating thereto may require one or more future advances to be made to the obligor by a creditor, but any such Loan will be a Revolving Loan only until all commitments by the holders thereof to make advances to the obligor thereon expire or are terminated or are irrevocably reduced to zero.

"<u>RIC</u>" means a "regulated investment company" as defined in Section 851 of the Code.

"<u>Sanctioned Country</u>" means, at any time, a country, region or territory which is itself the target of comprehensive Sanctions (as of the Effective Date, Cuba, Iran, North Korea, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic and the Crimea region of Ukraine).

"<u>Sanctioned Person</u>" means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the United Nations Security Council, the European Union, any EU member state, His Majesty's Treasury of the United Kingdom or other sanctions authority in any jurisdiction in which the Company or any of its Subsidiaries is located or maintains an office or other physical location, (b) any Person located, organized or resident in a Sanctioned Country, (c) any Person owned 50% or more, or controlled (as applicable under relevant law), by any such Person or Persons described in the foregoing clauses (a) or (b) or (d) any Person otherwise the target of Sanctions.

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"<u>Sanctions</u>" means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any EU member state, His Majesty's Treasury of the United Kingdom, or other sanctions authority in any jurisdiction in which the Company or any of its Subsidiaries is located or maintains an office or other physical location.

"<u>Scheduled Financing Commitment Increase</u>" means, subject to the satisfaction of the Scheduled Financing Commitment Increase Conditions, the increase in the Financing Commitment by the Scheduled Financing Commitment Increase Amount to occur on the Scheduled Financing Commitment Increase Date.

"<u>Scheduled Financing Commitment Increase Amount</u>" means U.S.$250,000,000.

"<u>Scheduled Financing Commitment Increase Conditions</u>" means, with respect to the Scheduled Financing Commitment Increase, (a) certification (which may be by email) by the Portfolio Manager that as of the date of such Scheduled Financing Commitment Increase, each of the following conditions is satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Market Value Event has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Default or Event of Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Reinvestment Period has not otherwise ended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all of the representations and warranties contained in Article VI and in any other Loan Document shall be true and correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct), in each case on and as of the date of such Scheduled Financing Commitment Increase, 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 (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct) as of such earlier date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company shall have paid to the Administrative Agent on the Effective Date to or for the account of the applicable Lenders on or before the Scheduled Financing Commitment Increase Date, a fee in an aggregate amount as specified in Section 4.03(e); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Administrative Agent confirms (which may be by email) that the conditions set forth in clause (a)(i) through (a)(iv) above are satisfied on and as of the Scheduled Financing Commitment Increase Date.

"<u>Scheduled Financing Commitment Increase Date</u>" means March 30, 2026 or such earlier date as requested by the Company and approved by the Administrative Agent in its sole discretion, *provided* that the Scheduled Financing Commitment Increase Date shall not occur unless, as of such date, the Scheduled Financing Commitment Increase Conditions have been satisfied or waived by the Administrative Agent in its sole discretion.

"<u>Scheduled Termination Date</u>" has the meaning set forth in the Transaction Schedule.

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"<u>Second Lien Loan</u>" means a Loan (i) that is secured by a pledge of collateral, which security interest is validly perfected and second priority (subject to liens permitted under the related underlying instruments that are reasonable and customary for similar Loans) under Applicable Law (provided that, for the avoidance of doubt, a Loan that is second priority solely to a Permitted Working Capital Lien shall constitute a Senior Secured Loan) and (ii) the Portfolio Manager determines in good faith that the value of the collateral securing the Loan (including based on enterprise value) on or about the time of origination or acquisition by the Company equals or exceeds the outstanding principal balance thereof plus the aggregate outstanding balances of all other Loans of equal or higher seniority secured by the same collateral.

"<u>Secured Obligations</u>" has the meaning set forth in <u>Section</u> <u>8.02(a)</u>.

"<u>Secured Party</u>" has the meaning set forth in <u>Section</u> <u>8.02(a)</u>.

"<u>Securities Account</u>" means the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule and any successor accounts established in connection with the resignation or removal of the Securities Intermediary.

"<u>Securities Intermediary</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Senior Secured Loan</u>" means any Loan, that (i) is not (and is not expressly permitted by its terms to become) subordinate in right of payment to any obligation of the Portfolio Investment Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings (other than pursuant to a Permitted Working Capital Lien and customary waterfall provisions contained in the applicable loan agreement), (ii) is secured by a pledge of collateral, which security interest is (a) validly perfected and first priority under Applicable Law (subject to liens permitted under the applicable credit agreement that are reasonable for similar Loans, and liens accorded priority by law in favor of any Governmental Authority) or (b)(1) validly perfected and second priority in the accounts, documents, instruments, chattel paper, letter-of-credit rights, supporting obligations, deposit accounts, investments accounts (as such terms are defined in the UCC) and any other assets securing any Working Capital Revolver under Applicable Law and proceeds of any of the foregoing (a first priority lien on such assets a "<u>Permitted Working Capital Lien</u>") and (2) validly perfected and first priority (subject to liens permitted under the related underlying instruments that are reasonable and customary for similar Loans) in all other collateral under Applicable Law, and (iii) the Portfolio Manager determines in good faith that the value of the collateral for such Loan (including based on enterprise value) on or about the time of acquisition 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 a first priority Lien over the same collateral.

"<u>Settlement Date</u>" has the meaning set forth in <u>Section</u> <u>1.03</u>.

"<u>Settlement Period</u>" has the meaning set forth in the definition of "Market Value Cure".

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

"<u>SOFR Administrator</u>" means the NYFRB (or a successor administrator of the secured overnight financing rate).

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"<u>SOFR Administrator's Website</u>" means the NYFRB's Website, 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>SOFR Determination Date</u>" has the meaning set forth in the definition of "Daily Simple SOFR".

"<u>SOFR Rate Day</u>" has the meaning set forth in the definition of "Daily Simple SOFR".

"<u>SONIA</u>" means, with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published by the SONIA Administrator on the SONIA Administrator's Website.

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

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

"<u>Solvent</u>" means, with respect to any Person, that as of the date of determination, (a) the sum of such Person's debt (including contingent liabilities) does not exceed the present fair value of such Person's present assets; (b) such Person's capital is not unreasonably small in relation to its business as contemplated on the date of this Agreement; and (c) such Person has not incurred debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise). For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

"<u>Specified Accounts</u>" means each of the Interest Collection Account, Principal Collection Account, CAD Interest Collection Account, CAD Principal Collection Account, GBP Interest Collection Account, GBP Principal Collection Account, Euro Interest Collection Account, Euro Principal Collection Account, JPY Interest Collection Account and JPY Principal Collection Account, each as identified and set forth on the Transaction Schedule.

"<u>Spot Rate</u>" means, as of any date of determination, (x) with respect to actual currency exchange between U.S. Dollars and any Permitted Non-USD Currency, the applicable currency-U.S. Dollar rate available through the Securities Intermediary's banking facilities (or, if the Securities Intermediary has notified the Administrative Agent and the Company that it will no longer provide such services or if the Securities Intermediary or one of its Affiliates is no longer the Collateral Agent, through such other source agreed to by the Administrative Agent in writing) at the time of such exchange or calculation and (y) with respect to all other purposes between U.S. Dollars and any Permitted Non-USD Currency, the applicable currency-U.S. Dollar spot rate that appeared on the Bloomberg screen (or any successor thereto) (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) for such currency at 5:00 p.m. New York City time on the immediately preceding Business Day. The determination of the Spot Rate shall be conclusive absent manifest error.

"<u>Structured Finance Obligation</u>" means any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any Portfolio Investment Obligor, including collateralized debt obligations and mortgage-backed securities.

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"<u>Subsidiary</u>" of a Person means a corporation, exempted company, partnership, exempted limited partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.

"<u>Substitute Portfolio Investment</u>" has the meaning set forth in <u>Section</u> <u>1.07</u>.

"<u>Substitution</u>" has the meaning set forth in <u>Section</u> <u>1.07</u>.

"<u>Substitution Date</u>" has the meaning set forth in <u>Section</u> <u>1.03</u>.

"<u>Successor Parent</u>" has the meaning set forth in the definition of "Post-Closing Equity Transfer".

"<u>Synthetic Security</u>" means a security or swap transaction, other than a participation interest or a letter of credit, that has payments associated with either payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation.

"<u>TARGET2 Settlement Day</u>" means any day on which the Trans-European Automated Real Time Gross Settlement Express Transfer (TARGET2) system is open.

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

"<u>Term</u>***<u> </u>***<u>Benchmark Advance</u>" means any Advance bearing interest at a rate determined by reference to the Term SOFR Rate.

"<u>Term CORRA</u>" means, for each Calculation Period relating to an Advance denominated in CAD, the Term CORRA Reference Rate for a tenor of three (3) months, as such rate is published by the Term CORRA Administrator on the Term CORRA Determination Date for such Calculation Period; *provided*, *however*, that if as of 1:00 p.m. (Toronto time) on the Term CORRA Determination Date the Term CORRA Reference Rate for such 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 Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator; *provided*, *further*, that, in the event that the rate resulting from the sum of any Term CORRA shall be less than zero, such rate shall be deemed to be the zero for purposes of this Agreement.

"<u>Term CORRA Adjustment</u>" means a percentage equal to 0.32138% (32.138 basis points).

"<u>Term CORRA Administrator</u>" means Candeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator.

"<u>Term CORRA Determination Date</u>" means, with respect to each Calculation Period, the day that is two (2) Business Days prior to the first day of such Calculation Period.

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"<u>Term CORRA Reference Rate</u>" the forward-looking term rate based on CORRA.

"<u>Term</u>***<u> </u>***<u>SOFR</u>***<u> </u>***<u>Determination</u>***<u> </u>***<u>Day</u>" has the meaning assigned to it under the definition of Term SOFR Reference Rate.

"<u>Term</u>***<u> </u>***<u>SOFR</u> <u>Rate</u>" means, for each Calculation Period, the 3-month Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such Calculation Period, as such rate is published by the CME Term SOFR Administrator; *provided* that if the Term SOFR Rate as so determined would be less than the 0%, such rate shall be deemed to be equal to 0% for the purposes of this Agreement.

"<u>Term</u>***<u> </u>***<u>SOFR</u>***<u> </u>***<u>Reference</u> <u>Rate</u>" means, for any day and time (such day, the "<u>Term</u>***<u> </u>***<u>SOFR</u> ****<u>Determination</u>***<u> </u>***<u>Day</u>"), with respect to any Term Benchmark Advance denominated in U.S. Dollars and for any tenor comparable to the applicable Calculation Period, the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the "Term SOFR Reference Rate" for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding Business Day is not more than five (5) Business Days prior to such Term SOFR Determination Day.

"<u>TIBOR</u>" means, for each Calculation Period relating to an Advance in JPY the Tokyo interbank offered rate administered by the Ippan Shadan Hojin JBA TIBOR Administration (or any other person which takes over the administration of that rate) for deposits in JPY with a tenor of one month or three months, as applicable, as displayed on page DTIBOR01 of the Reuters screen (or, in the event such rate does not appear on such Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as selected by the Administrative Agent from time to time in its reasonable discretion) as of 11:00 a.m. Japan time two business days prior to the commencement of such Calculation Period. If such rate is not available at such time for any reason, then TIBOR for such Calculation Period shall be deemed to be the rate (which shall not be less than zero) at which JPY deposits in an amount corresponding to the amount of such Advance and for the applicable maturity are offered in the Tokyo interbank market in immediately available funds at such time (as determined by the Administrative Agent in its commercially reasonable discretion). Notwithstanding anything in the foregoing to the contrary, if TIBOR as calculated for any purpose under this Agreement is below zero percent, TIBOR will be deemed to be zero percent for such purpose until such time as it exceeds zero percent again.

"<u>TRACE</u>" means the Trade Reporting and Compliance Engine.

"<u>Trade Date</u>" has the meaning set forth in <u>Section</u> <u>1.03</u>.

"<u>Traded Asset</u>" means any Broadly Syndicated Loan or Liquid Debt Security.

"<u>Transaction Schedule</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>UCC</u>" means the Uniform Commercial Code in effect in the State of New York.

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"<u>UK Financial Institutions</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

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

"<u>Uncertificated Security</u>" has the meaning set forth in the UCC.

"<u>Underlying Definitive Documents</u>" means with respect to any Portfolio Investment, each loan agreement, indenture, other financing agreement, promissory note, collateral security agreement, guarantee and any other agreement or document evidencing, securing, governing or executed in connection with such Portfolio Investment, including without limitation, the agreements and instruments in respect of which the Company acquired such Portfolio Investment.

"<u>Undrawn Fee Rate</u>" means a per annum rate equal to the Applicable Margin minus the Commitment Fee Rate.

"<u>Unfunded Exposure Account</u>" means the account established by the Bank or the Securities Intermediary and set forth on the Transaction Schedule for the deposit of funds used to cash collateralize the Unfunded Exposure Amount and any successor accounts established in connection with the resignation or removal of the Bank or the Securities Intermediary.

"<u>Unfunded Exposure Amount</u>" means, on any date of determination, with respect to any Delayed Funding Term Loan or Revolving Loan, an amount equal to the aggregate amount of all unfunded commitments (in the case of unfunded commitments denominated in any Permitted Non-USD Currency, converted to U.S. Dollars at the Spot Rate on such date of determination) associated with such Delayed Funding Term Loan or Revolving Loan, as applicable.

"<u>Unfunded Exposure Collateral Election</u>" means, the election by the Company, with prior written notice (including via email) to the Administrative Agent (an "<u>Unfunded Exposure Collateral Election Notice</u>"), to, but excluding, the three-month anniversary of the Effective Date, that the proviso in <u>Section</u> <u>2.03(g)</u> should not be applicable; *provided* that at the time of such election no Market Value Event shall have occurred and no Default or Event of Default shall have occurred and be continuing; *provided, further*, that an Unfunded Exposure Collateral Election Notice may be delivered only once per calendar month, *provided, further*, an Unfunded Exposure Collateral Election shall remain in effect until revoked by the Company with prior written notice (including via email) to the Administrative Agent; *provided, further*, that, unless the Company delivers an Unfunded Exposure Collateral Election Notice prior to the Effective Date, an Unfunded Exposure Collateral Election will not be in effect as of the Effective Date.

"<u>Unfunded Exposure Shortfall</u>" means, on any date of determination, an amount equal to the greater of (x) zero and (y) the aggregate Unfunded Exposure Amount for all Portfolio Investments *minus* the amounts on deposit in the Unfunded Exposure Account and the Permitted Non-USD Currency Unfunded Exposure Accounts.

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"<u>Unused Facility Amount</u>" means, on any applicable date of determination, (i) the aggregate Financing Commitments of all Lenders *minus* the aggregate outstanding amount of the Advances.

"<u>U.S. Dollars</u>" or "<u>USD</u>" means the lawful currency of the United States of America.

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

"<u>U.S. Person</u>" means any Person that is a "United States Person" as defined in Section 7701(a)(30) of the Code.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning set forth in <u>Section</u> <u>3.03(f)</u>.

"<u>Weighted Average Life</u>" means, as of any date of determination with respect to all Portfolio Investments (excluding any Ineligible Investment), the number of years following such date obtained by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *summing* the products of: (i) Average Life at such time of each Portfolio Investment (excluding any Ineligible Investment) *multiplied by* (ii) the principal balance of such Portfolio Investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *dividing* such sum by the aggregate principal balance of all Portfolio Investments (excluding any Ineligible Investment) as of such date.

For the purposes of the foregoing, the "<u>Average Life</u>" is, on any date of determination with respect to the Portfolio Investments, the quotient obtained by dividing (x) the sum of the products of (A) the number of years (rounded to the nearest one hundredth thereof) from such date of determination to the stated maturity date of the applicable Portfolio Investment and (B) the respective amounts of principal of such Portfolio Investment by (y) the sum of all principal on such Portfolio Investment.

"<u>Weighted Average Life Test</u>" means a test that will be satisfied on any date of determination if the Weighted Average Life of the Portfolio Investments (excluding any Ineligible Investment) as of such date is less than or equal to eight (8) years.

"<u>Weighted Average Spread</u>" means, as of any date, the number, expressed as a percentage, obtained by *dividing*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount equal to (i) the Aggregate Funded Spread with respect to all Portfolio Investments (excluding any Ineligible Investment) *plus* (ii) the Aggregate Unfunded Spread, *by*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate principal balance of all Portfolio Investments (excluding any Ineligible Investment) as of such date.]

"<u>Working Capital Revolver</u>" means a revolving lending facility secured on a first lien basis solely by all or a portion of the current assets of the related obligor, which current assets subject to such security interest do not constitute a material portion of the obligor's total assets.

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"<u>Write-Down and Conversion Powers</u>" means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

"<u>Zero-Coupon Security</u>" means any Debt Security that by its terms (a) does not bear interest for all or part of the remaining period that it is outstanding or (b) pays interest only at its stated maturity.

ARTICLE I

THE PORTFOLIO INVESTMENTS

SECTION 1.01 <u>Purchases of Portfolio Investments</u>. From time to time during the Reinvestment Period, the Company may Purchase additional Portfolio Investments, or request that Portfolio Investments be Purchased for the Company's account, all on and subject to the terms and conditions set forth herein.

SECTION 1.02 <u>Procedures for Purchases and Related Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Timing of Notices of Acquisition</u>. No later than five (5) Agent Business Days (or such shorter period as the Administrative Agent may agree in its sole discretion) before the date on which the Company proposes that a binding commitment or other agreement to acquire any Portfolio Investment be made by it or for its account (a "<u>Purchase Commitment</u>"), or that a Substitution occur, the Portfolio Manager, on behalf of the Company, shall deliver to the Administrative Agent (with a copy to the Collateral Agent) a notice of acquisition (a "<u>Notice of Acquisition</u>"); it being understood and agreed, that any delivery of a Notice of Acquisition by the Portfolio Manager to the Administrative Agent on behalf of the Company shall be deemed to be a certification by the Company of the contents thereof and that all conditions to the Purchase of the relevant Portfolio Investment(s) set forth in <u>Section</u> <u>1.03</u> are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Contents of Notices of Acquisition</u>. Each Notice of Acquisition shall consist of one or more electronic submissions to the Administrative Agent (in such format and transmitted in such a manner as the Administrative Agent, the Portfolio Manager and the Company may reasonably agree (which format shall initially be the format and include the information regarding such Portfolio Investment identified on Schedule 2)), and shall be accompanied by such other information as the Administrative Agent may reasonably request (which information shall include in any event whether such Portfolio Investment is subject to any event of default (as such term or similar term is defined in the underlying instruments for such Portfolio Investment)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Eligibility of Portfolio Investments</u>. The Administrative Agent shall have the right, on behalf of all Lenders, to request reasonable additional information regarding any proposed Portfolio Investment. The Administrative Agent shall notify the Portfolio Manager and the Company of its approval or failure to approve each Portfolio Investment proposed to be acquired pursuant to a Notice of Acquisition (and, if approved, an initial determination of the Market Value for such Portfolio Investment) no later than the fifth (5<sup>th</sup>) Agent Business Day succeeding the date on which it receives such Notice of Acquisition and any information reasonably requested in connection therewith); *provided* that (i) the Company shall provide to the Collateral Agent a copy of any such notification of approval or failure to approve a Portfolio Investment that it receives from the Administrative Agent, (ii) any Initial Portfolio Investment shall be

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deemed to be approved by the Administrative Agent, (iii) any approval by the Administrative Agent of any proposed Portfolio Investment as an Eligible Portfolio Investment shall apply to any subsequent acquisition of the same Portfolio Investment with a Trade Date occurring not later than thirty (30) days after such approval and (iv) the failure of the Administrative Agent to notify the Portfolio Manager and the Company of its approval in accordance with this <u>Section</u> <u>1.02(c)</u> shall be deemed to be a disapproval of such proposed acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The failure of the Administrative Agent to approve the acquisition of a Portfolio Investment will not prohibit the Company from acquiring such Portfolio Investment (subject to the conditions set forth in <u>Section</u> <u>1.03</u>); *provided* that any Portfolio Investment not so approved prior to its Trade Date or Substitution Date, as applicable, shall be deemed to be an Ineligible Investment until such later date (if any) on which such Portfolio Investment is so approved.

SECTION 1.03 <u>Conditions to Purchases and Substitutions</u>. No Purchase Commitment, Purchase or Substitution shall be entered into or made unless each of the following conditions is satisfied (or waived by the Administrative Agent) as of the date on which such Purchase Commitment is entered into or such Purchase would otherwise be made (such Portfolio Investment's "<u>Trade Date</u>") or the Company consummates a Substitution (the "<u>Substitution Date</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the information contained in the Notice of Acquisition accurately describes, in all material respects, such Portfolio Investment and such Portfolio Investment satisfies the eligibility criteria set forth in Schedule 3 (the "<u>Eligibility Criteria</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the proposed Settlement Date for such Portfolio Investment is not later than the end of the applicable Settlement Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) no Market Value Event has occurred and no Event of Default or event that, with notice or lapse of time or both, would constitute an Event of Default (a "<u>Default</u>"), has occurred and is continuing, and the Reinvestment Period has not otherwise ended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) after giving pro forma effect to the Purchase or Substitution of such Portfolio Investment and any related Advance, the Borrowing Base Test is satisfied or, if the Borrowing Base Test was not satisfied immediately prior to such Purchase, will be improved by such Purchase.

Each Purchase Commitment or Purchase shall be deemed to constitute a representation and warranty by the Company on the date thereof as to the matters specified in paragraphs (1) through (4) of this Section.

If the above conditions to a Purchase Commitment, a Purchase or a Substitution are satisfied or waived by the Administrative Agent, the Portfolio Manager shall determine, in consultation with the Administrative Agent and with notice to the Lenders and the Collateral Administrator, the date on which such Purchase or Substitution (in each case, if any) shall settle (the "<u>Settlement Date</u>" for such Portfolio Investment).

Promptly following the Settlement Date for a Portfolio Investment and its receipt thereof (and at other times thereafter promptly following the written request of the Administrative Agent (including via email)), the Collateral Agent shall provide (which may be via email) to the Administrative Agent a copy of the executed assignment agreement pursuant to which such Portfolio Investment was assigned, sold or otherwise transferred to the Company.

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SECTION 1.04 <u>Sales of Portfolio Investments</u>. The Company shall not sell, transfer or otherwise dispose of any Portfolio Investment or any other asset without the prior consent of the Administrative Agent (provided that, if after giving effect thereto, no Market Value Event has occurred or will occur therefrom and no Default or Event of Default has occurred and is continuing or would result therefrom, such consent not to be unreasonably withheld, conditioned or delayed), except that, subject to <u>Section</u> <u>6.02(w)</u>, the Company may sell any Portfolio Investment (including any Ineligible Investment) or other asset so long as (and any trade ticket or other direction or instruction from the Company (or the Portfolio Manager on its behalf) shall be deemed to constitute a certification that the following conditions have been satisfied), (x) after giving effect thereto, no Market Value Event has occurred, no Market Value Trigger Event has occurred or will occur therefrom and no Default or Event of Default has occurred and is continuing (unless such Default or Event of Default will be cured by such asset sale and no other Default or Event of Default has occurred and is continuing), (y) the sale of such asset by the Company shall be on an arm's-length basis at fair market value and in accordance with the Portfolio Manager's standard market practices, and (z) after giving effect to such sale, transfer or disposition, the Borrowing Base Test is satisfied. In addition, subject to clauses (x) and (y) in the immediately preceding sentence, (a) within two (2) Business Days of any Revolving Loan or Delayed Funding Term Loan with an unfunded commitment becoming an Ineligible Investment, the Company shall sell such Revolving Loan or Delayed Funding Term Loan and shall pay any amount payable in connection with such sale and (b) upon the request of the Administrative Agent within two (2) Business Days of any other Portfolio Investment becoming an Ineligible Investment, the Company shall, subject to clauses (x) and (y) in the immediately preceding sentence, sell such Portfolio Investment.

Notwithstanding anything in this Agreement to the contrary (but subject to this <u>Section</u> <u>1.04</u>): (i) following the occurrence and during the continuance of an Event of Default, neither the Company nor the Portfolio Manager on its behalf shall have any right to cause the sale, transfer or other disposition of a Portfolio Investment or any other asset (including, without limitation, the transfer of amounts on deposit in the Collateral Accounts (other than the transfer of funds from the Permitted Non-USD Currency Accounts to another Collateral Account in accordance with this Agreement)) without the prior written consent of the Administrative Agent (which consent may be granted or withheld in the sole discretion of the Administrative Agent), (ii) following the occurrence of a Market Value Event, the Company shall use commercially reasonable efforts to sell Portfolio Investments (individually or in lots, including a lot comprised of all of the Portfolio Investments) at the sole direction of, and in the manner (including, without limitation, the time of sale, sale price, principal amount to be sold and purchaser) required by the Administrative Agent (*provided* that the Administrative Agent shall only require sales at the direction of the Required Lenders and at least equal to the then-current fair market value and in accordance with the Administrative Agent's standard market practices) and the proceeds from such sales shall be used to prepay the Advances outstanding hereunder and (iii) following the occurrence of a Market Value Event, the Portfolio Manager shall have no right to act on behalf of, or otherwise direct, the Company, the Administrative Agent, the Collateral Agent or any other Person in connection with a sale of Portfolio Investments pursuant to any provision of this Agreement except with the prior written consent of the Administrative Agent. Following the occurrence of a Market Value Event and in connection with the sale of any Portfolio Investment by or at the direction of the Administrative Agent, the Portfolio Manager shall take such actions as the Administrative Agent may reasonably request in writing (including via e-mail) to facilitate the consummation of such sale. Any prepayments made pursuant to this paragraph shall automatically reduce the Financing Commitments as provided in <u>Section</u> <u>4.07(c)</u>.

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In connection with any sale of Portfolio Investments required by the Administrative Agent following the occurrence of a Market Value Event, the Administrative Agent or a designee of the Administrative Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notify the Company at the Designated Email Notification Address promptly upon distribution of bid solicitations regarding the sale of such Portfolio Investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) direct the Company to sell such Portfolio Investments to the Designated Independent Dealer if the Designated Independent Dealer provides the highest bid in the case where bids are received in respect of the sale of such Portfolio Investments, it being understood that if the Designated Independent Dealer provides a bid to the Administrative Agent that is the highest bona fide bid to purchase a Portfolio Investment on a line-item basis where such Portfolio Investment is part of a pool of Portfolio Investments for which there is a bona fide bid on a pool basis proposed to be accepted by the Administrative Agent (in its sole discretion), then the Administrative Agent shall accept any such line-item bid only if such line-item bid (together with any other line-item bids by the Designated Independent Dealer or any other bidder for other Portfolio Investments in such pool) is greater than the bid on a pool basis.

For purposes of this paragraph, the Administrative Agent shall be entitled to disregard as invalid any bid submitted by the Designated Independent Dealer if, in the Administrative Agent's judgment (acting reasonably):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Designated Independent Dealer is ineligible to accept assignment or transfer of the relevant Portfolio Investments or any portion thereof, as applicable, substantially in accordance with the then-current market practice in the principal market for the relevant Portfolio Investments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the Designated Independent Dealer would not, through the exercise of its commercially reasonable efforts, be able to obtain any consent required under any agreement or instrument governing or otherwise relating to the relevant Portfolio Investments to the assignment or transfer of the relevant Portfolio Investments or any portion thereof, as applicable, to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) such bid is not bona fide, including, without limitation, due to (x) the insolvency of the Designated Independent Dealer or (y) the inability, failure or refusal of the Designated Independent Dealer to settle the purchase of the relevant Portfolio Investments or any portion thereof, as applicable, or otherwise settle transactions in the relevant market or perform its obligations generally.

In connection with any sale of a Portfolio Investment directed by the Administrative Agent pursuant to this <u>Section</u> <u>1.04</u> and the application of the net proceeds thereof, the Company hereby appoints the Administrative Agent as the Company's attorney-in-fact (it being understood that the Administrative Agent shall not be deemed to have assumed any of the obligations of the Company by this appointment), with full authority in the place and stead of the Company and in the name of the Company to effectuate the provisions of this <u>Section</u> <u>1.04</u> (including, without limitation, the power to execute any instrument which the Administrative Agent or the Required Lenders may deem necessary or advisable to accomplish the purposes of this <u>Section</u> <u>1.04</u> or any direction or notice to the Collateral Agent in respect of the application of net proceeds of any such sales). None of the Administrative Agent, the Lenders, the Collateral Administrator, the Securities Intermediary, the Collateral Agent or any Affiliate of any thereof shall incur

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any liability to the Company, the Portfolio Manager, any Lender or any other Person in connection with any sale effected at the direction of the Administrative Agent in accordance with this <u>Section</u> <u>1.04</u>, including, without limitation, as a result of the price obtained for any Portfolio Investment, the timing of any sale or sales of Portfolio Investments or the notice or lack of notice provided to any Person in connection with any such sale, so long as, in the case of the Administrative Agent only, any such sale does not violate Applicable Law.

SECTION 1.05 <u>Certain Assumptions relating to Portfolio Investments</u>. For purposes of all calculations hereunder, any Portfolio Investment for which the trade date in respect of a sale thereof by the Company has occurred, but the settlement date for such sale has not occurred, shall be considered to be owned by the Company until such settlement date.

SECTION 1.06 <u>Valuation of Permitted Non-USD Currency Portfolio Investments</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in clause (b) and Section 4.06(b), for purposes of all valuations, calculations and reports under the Loan Documents, (i) the principal amount of all Portfolio Investments and Eligible Investments denominated in a Permitted Non-USD Currency, (ii) proceeds denominated in a Permitted Non-USD Currency on deposit in any Permitted Non-USD Currency Account and (iii) for the purposes of Net Advances and the Borrowing Base Test, the outstanding aggregate principal amount of Advances denominated in a Permitted Non-USD Currency shall be converted to U.S. Dollars at the Spot Rate in accordance with the definition of such term in consultation with the Administrative Agent on the applicable date of valuation or calculation, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in Section 4.06(b), for purposes of determining (i) whether the amount of any Advance, together with all other Advances then outstanding or to be made at the same time as such Advances, would exceed the aggregate amount of the Financing Commitments, (ii) the aggregate unutilized amount of the Financing Commitments and (iii) the limitations on the portion of the Financing Limit and the Financing Commitment that may be utilized in a Permitted Non-USD Currency shall be deemed to be the Dollar Equivalent of the amount of the Permitted Non-USD Currency of such Advances determined as of the date such Advances were made. Wherever in this Agreement in connection with an Advance, an amount, such as a required minimum or multiple amount, is expressed in USD, but such Advance is denominated in a Permitted Non-USD Currency, such amount shall be the Permitted Non-USD Currency Equivalent of such USD amount (rounded to the nearest 1,000 units of the applicable Permitted Non-USD Currency).

SECTION 1.07 <u>Substitution</u>. During the Reinvestment Period, the Company may replace a Portfolio Investment with another Portfolio Investment Purchased by the Company (each such replacement, a "Substitution" and such new Portfolio Investment, a "Substitute Portfolio Investment") so long as (i) the Company has submitted a Notice of Acquisition and all applicable conditions precedent set forth in <u>Section</u> <u>1.02</u> and <u>Section</u> <u>1.03</u> have been satisfied and (ii) the Company complies with its covenant in <u>Section</u> <u>6.02(w)</u>, in each case with respect to each Substitute Portfolio Investment to be acquired by the Company in connection with such Substitution (which shall each be deemed certified upon delivery by the Company or the Portfolio Manager on its behalf of any instruction relating to such Substitution).

SECTION 1.08 <u>Interest Rates; Benchmark Notification</u>. The interest rate on an Advance may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, <u>Section</u> <u>3.01(h)</u> provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation,

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whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Company. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Company, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

ARTICLE II

THE ADVANCES

SECTION 2.01 <u>Financing Commitments</u>. Subject to the terms and conditions set forth herein, only during the Reinvestment Period, each Lender hereby severally agrees to make available to the Company Advances, in a Currency (which, in the case of an Advance made to Purchase a Portfolio Investment, shall be the Currency in which such Portfolio Investment is denominated), in an aggregate amount outstanding not exceeding the amount of such Lender's Financing Commitment (or such Lender's Financing Commitment relating to the applicable Permitted Non-USD Currency). The Financing Commitments shall terminate on the earliest of (a) the close of business on the last day of the Reinvestment Period, (b) the Maturity Date and (c) the occurrence of a Market Value Event.

SECTION 2.02 <u>[Reserved]</u>.

SECTION 2.03 <u>Advances; Use of Proceeds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the satisfaction or waiver of the conditions to the Purchase or Substitution of a Portfolio Investment set forth in <u>Section</u> <u>1.03</u> and/or an Advance set forth in <u>Section</u> <u>2.05</u> as of (i) both the related Trade Date and Settlement Date and/or (ii) the Advance date, as applicable, the Lenders will (ratably in accordance with their respective Financing Commitments) make the applicable Advance available to the Company on the related Settlement Date (or otherwise on the related Advance date if no Portfolio Investment is being acquired on such date) as provided herein. If the Company requests an Advance for application to a Permitted Distribution, the Lenders will (ratably in accordance with their respective Financing Commitments) make the applicable Advance available to the Company on the date requested by the Company subject to the satisfaction or waiver of the conditions to Advance set forth in <u>Section</u> <u>2.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly provided herein, the failure of any Lender to make any Advance required hereunder shall not relieve any other Lender of its obligations hereunder. If any Lender shall fail to provide any Advance to the Company required hereunder, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender's obligations hereunder until all such unsatisfied obligations are fully paid.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall use the proceeds of the Advances received by it hereunder (i) to purchase the Portfolio Investments identified in the related Notice of Acquisition, (ii) to make advances to the Portfolio Investment Obligor of Delayed Funding Term Loans or Revolving Loans in accordance with the underlying instruments relating thereto, (iii) to purchase Cash Equivalents or (iv) to make a Permitted Distribution or a Permitted RIC Distribution specified in the related Request for Advance; *provided* that, if the proceeds of an Advance are deposited in the Collection Account (or, in the case of Advances denominated in any Permitted Non-USD Currency, the applicable Permitted Non-USD Currency Account) as provided in <u>Section</u> <u>3.01</u> prior to or on the Settlement Date for any Portfolio Investment but the Company is unable to Purchase such Portfolio Investment on the related Settlement Date, or if there are proceeds of such Advance remaining after such Purchase, then, subject to <u>Section</u> <u>3.01(a)</u>, upon written notice from the Portfolio Manager the Collateral Agent shall apply such proceeds as provided in <u>Section</u> <u>4.05</u>. The proceeds of the Advances shall not be used for any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to any Advance, the Portfolio Manager shall, on behalf of the Company, submit a request substantially in the form of Exhibit A (a "<u>Request for Advance</u>") to the Lenders and the Administrative Agent, with a copy to the Collateral Agent and the Collateral Administrator, not later than 2:00 p.m. New York City time, one (1) U.S. Government Securities Business Day (or in the case of an Advance denominated in CAD, GBP or Euro, 10:30 a.m. New York City time, three (3) Business Days, or in the case of an Advance denominated in JPY, 12:00 p.m. New York City time, four (4) Business Days) prior to the Business Day specified as the date on which such Advance shall be made and, upon receipt of such request, the Lenders shall make such Advances in accordance with the terms set forth in <u>Section</u> <u>3.01</u>. Any requested Advance shall be in an amount such that, after giving effect thereto and the related Purchase (if any) of the applicable Portfolio Investment(s), the Borrowing Base Test is satisfied. Subject to any deemed request pursuant to <u>Section</u> <u>3.01(h)</u>, no Request for Advance shall request a Daily Simple SOFR Advance unless the then-current Benchmark is Daily Simple SOFR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any Lender becomes a Defaulting Lender, all or any part of any Advance not made by such Defaulting Lender shall be reallocated among the non-Defaulting Lenders who notify the Administrative Agent in writing (including via email) that they will accept such reallocation, on a pro rata basis (determined without regard to the outstanding Advances and Financing Commitments of the Defaulting Lender and any non-Defaulting Lender not providing such notice), but only to the extent that such reallocation does not, as to any non-Defaulting Lender, cause such non-Defaulting Lender's outstanding Advances and unfunded commitments hereunder to exceed its Financing Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If two (2) Business Days prior to the end of the Reinvestment Period there exists any Unfunded Exposure Shortfall, then the Portfolio Manager, on behalf of the Company, shall be deemed to have requested an Advance on such date, and, if the conditions to Advance set forth in <u>Section</u> <u>2.05</u> (other than clause (2) thereof) are satisfied, the Lenders shall make a corresponding Advance on the last day of the Reinvestment Period (with written notice to the Collateral Administrator by the Administrative Agent) in accordance with <u>Article III</u> in an amount to be deposited in the Unfunded Exposure Account, equal to the least of (i) the aggregate Unfunded Exposure Shortfall, (ii) the Financing Commitments in excess of the aggregate principal amount of the outstanding Advances and (iii) an amount such that the Borrowing Base Test is satisfied after giving effect to such Advance; *provided* that, if the Company provides evidence to the Administrative Agent (satisfactory to the Administrative Agent in its sole discretion) that it has cash from other sources that is available in accordance with the terms of this Agreement to make any such future advances in respect of any Delayed Funding Term Loan or Revolving Loan, then the amount of any such Advance shall be reduced by the amount of such funds. After giving effect to such Advance, the Company shall cause the proceeds of such Advance and cash from other sources that are available in accordance with the terms of this Agreement in an amount equal to the aggregate Unfunded Exposure Shortfall to be deposited in the Unfunded Exposure Account and/or each applicable Permitted Non-USD Currency Unfunded Exposure Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If, at any time, during the Reinvestment Period, the Unfunded Exposure Shortfall exceeds 5% of the Collateral Principal Amount, the Company shall deposit, within two (2) Business Days thereof, cash collateral in the Unfunded Exposure Account in an amount equal to such excess; *provided* that if an Unfunded Exposure Collateral Election Notice has been delivered and has not been revoked, this <u>Section</u> <u>2.03(g)</u> shall not apply prior to, but excluding, the three-month anniversary of the Effective Date; *provided, further*, that if an Unfunded Exposure Collateral Election is in effect and there is Excess Unfunded Exposure Shortfall, the Company shall deposit, within two (2) Business Days thereof, cash collateral in the Unfunded Exposure Account in an amount equal to such Excess Unfunded Exposure Shortfall.

SECTION 2.04 <u>Conditions to Effective Date</u>. Notwithstanding anything to the contrary herein, this Agreement shall not become effective until the date (the "<u>Effective Date</u>") on which each of the following conditions is satisfied (or waived by the Administrative Agent in its sole discretion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Executed Counterparts</u>. The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Loan Documents</u>. The Administrative Agent (or its counsel) shall have received reasonably satisfactory evidence that the Loan Documents have been executed and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Legal Opinions</u>. The Administrative Agent (or its counsel) shall have received one or more reasonably satisfactory written opinions of outside counsel for the Company, the Portfolio Manager and the Parent, covering such matters relating to the transactions contemplated hereby and by the other Loan Documents as the Administrative Agent shall reasonably request (including, without limitation, certain bankruptcy matters, including no substantive consolidation of the Company and the Parent under Cayman Islands law) in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Corporate Documents</u>. The Administrative Agent (or its counsel) shall have received such certificates of resolutions or other action, incumbency certificates and/or other certificates of the managers, directors or officers (as applicable) of the Company, the Parent and the Portfolio Manager as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each manager, director or officer thereof or other Person authorized to act in connection with this Agreement and the other Loan Documents, and such other documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, formation, registration or incorporation, existence and good standing of the Company, the Parent and the Portfolio Manager and any other legal matters relating to the Company, the Parent, the Portfolio Manager, this Agreement or the transactions contemplated hereby, including, but not limited to (i) the certificate of registration of each of the Company and the Parent with the Registrar of Limited Liability Companies in the Cayman Islands (and any amendments thereto), (ii) the section 5 registration statement of each of the Company and the Parent, stamped by the Registrar of Limited Liability Companies in the Cayman Islands and any applicable section 8 statements, (iii) the amended and restated limited liability company agreement and the limited liability company agreement, respectively, of each of the Company and the Parent which, in the case of the Company, shall reflect customary provisions with respect to the requirement for the Company to have an independent manager and special member as required by section 6.02(a)(i), (iv) the declaration of trust or equivalent document relating to the special membership interest, required pursuant to section 6.02(a)(xix), (v) any and all services agreements (redacted as to fee information) relating to the appointment of the independent manager and special member, (vi) the register of managers (reflecting, in the case of the Company, the independent manager), register of officers, register of members (reflecting, in the case of the

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Company, the admission of the special member), register of security interests and register of mortgages and charges (reflecting, in the case of the Company, the grant of security over its assets pursuant to the provisions hereof) of each of the Company and the Parent and (vii) certificates of good standing in respect of each of the Company and the Parent issued by the Registrar of Limited Liability Companies in the Cayman Islands, all in form and substance satisfactory to the Administrative Agent and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Payment of Fees, Etc</u>. The Administrative Agent, the Lenders, the Collateral Agent and the Collateral Administrator shall have received all fees and other amounts due and payable by the Company in connection herewith on or prior to the Effective Date, including the fee payable pursuant to <u>Section</u> <u>4.03(e)</u> and, to the extent invoiced at least two (2) Business days prior to the Effective Date, reimbursement or payment of all reasonable and documented out-of-pocket expenses (including reasonable legal fees and expenses) required to be reimbursed or paid by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>PATRIOT Act</u>, <u>Etc.</u>(i) To the extent requested by any Agent or Lender, such Agent or Lender, as the case may be, shall have received all documentation and other information required by regulatory authorities under the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>PATRIOT Act</u>") and other applicable "know your customer" and anti-money laundering rules and regulations and (ii) to the extent the Company qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, at least five days prior to the Effective Date, any Lender that has requested, in a written notice to the Company at least ten (10) days prior to the Effective Date, a Beneficial Ownership Certification in relation to the Company shall have received such Beneficial Ownership Certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Filings</u>. The Administrative Agent (or its counsel) shall have received copies of financing statements in proper form for filing, as may be necessary or, in the opinion of the Administrative Agent, desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the security interest of the Collateral Agent on behalf of the Secured Parties in all Collateral in which an interest may be pledged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Certain Acknowledgements</u>. The Administrative Agent shall have received (i) UCC, tax and judgment lien searches, bankruptcy and pending lawsuit searches or equivalent reports or searches indicating that there are no effective lien notices or comparable documents that name the Company as debtor and that are filed in the jurisdiction in which the Company is organized and (ii) such other searches that the Administrative Agent deems necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Officer's Certificate</u>. The Administrative Agent (or its counsel) shall have received a certificate of an officer of the Company, certifying that the conditions set forth in <u>Sections 2.05(4)</u> and 2.05(6) have been satisfied on and as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Other Documents</u>. The Administrative Agent shall have received such other documents as the Administrative Agent may reasonably require.

SECTION 2.05 <u>Conditions to Advances</u>. No Advance shall be made unless each of the following conditions is satisfied as of the proposed date of such Advance: (or waived by the Administrative Agent in its sole discretion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Effective Date shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company shall have delivered a Request for Advance in accordance with <u>Section</u> <u>2.03(d)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) no Market Value Event has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) no Default or Event of Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the Reinvestment Period has not ended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) all of the representations and warranties contained in <u>Article VI</u> and in any other Loan Document shall be true and correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct), in each case on and as of the date of such Advance, 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 (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct) as of such earlier date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) after giving pro forma effect to such Advance (and any related Purchase) hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Borrowing Base Test is satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the aggregate principal balance of Advances then outstanding will not exceed the limit for Advances set forth in the Transaction Schedule, *provided* that, if an Unfunded Exposure Collateral Election Notice has been delivered and has not been revoked, prior to, but excluding, the three-month anniversary of the Effective Date, the aggregate principal balance of Advances then outstanding will not exceed the limit for Advances set forth in the Transaction Schedule *minus* an amount equal to the greater of (i) zero and (ii) any Unfunded Exposure Shortfall; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the amount of such Advance shall be not less than $2,000,000 or the equivalent amount in a Permitted Non-USD Currency.

Each Advance shall be deemed to constitute a representation and warranty by the Company on the date thereof as to the matters specified in paragraphs (3), (4), (6) and (7)(x) of this Section.

If the above conditions to an Advance are satisfied or waived by the Administrative Agent, the Portfolio Manager shall determine, in consultation with the Administrative Agent and with notice to the Lenders and the Collateral Administrator, the date on which any Advance shall be provided.

If any Notice of Acquisition did not include any final credit agreement and collateral and security documents relating to a Portfolio Investment subject thereto, the Portfolio Manager on behalf of the Company shall deliver such agreements to the Administrative Agent as soon as reasonably practicable following the Settlement Date for such Portfolio Investment.

SECTION 2.06 <u>Financing Commitment Increase Option</u>. The Company may, at any time after the Scheduled Financing Commitment Increase Date and before the end of the Reinvestment Period, submit a Financing Commitment Increase Option Request to increase the Financing Commitment to an aggregate amount (together with the Initial Financing Commitment and any prior increase in the Financing Commitment) of up to $4,000,000,000 (in the aggregate, including, for the avoidance of doubt, the Scheduled Financing Commitment Increase Amount available only in connection with the Scheduled Financing Commitment Increase) (any Financing Commitment resulting from approval of a Financing Commitment Increase Option Request, an "<u>Increased Financing Commitment</u>"), subject to satisfaction of the following conditions precedent:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the Lenders and the Administrative Agent (in their sole discretion) approve in writing (which may be by email) such Financing Commitment Increase Option Request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Market Value Event shall have occurred and no Default or Event of Default shall have occurred and be continuing, in each case, on and as of the Financing Commitment Increase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrowing Base Test is satisfied on and as of the Financing Commitment Increase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all of the representations and warranties contained in <u>Article VI</u> and in any other Loan Document shall be true and correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct), in each case on and as of the Financing Commitment Increase Date, 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 (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct) as of such earlier date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no commitment termination or reduction shall have occurred pursuant to <u>Section</u> <u>4.07(a)(i)(B)</u> prior to the Financing Commitment Increase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Company shall have paid to the Administrative Agent on the Financing Commitment Increase Date, an upfront fee in the amount and in accordance with the terms specified in the Fee Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Financing Commitment Increase Option Request shall be in an amount not less than $50,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) receipt by the Administrative Agent of such other documentation as the Administrative Agent may reasonably request, including without limitation, documentation similar to that provided pursuant to <u>Sections 2.04(c)</u>, (d) and <u>(f)(ii)</u> on the Effective Date.

SECTION 2.07 <u>Duration Extension Option</u>. The Company may on one occasion, at any time following the first anniversary of the Effective Date, submit a Duration Extension Request for a one (1) year extension of the Scheduled Termination Date of the Financing Commitments (any such Financing Commitment so extended, an "<u>Extended Financing Commitment</u>"), subject to satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Administrative Agent and each Lender (in their sole discretion) approves in writing (which may be by email) such Duration Extension Request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Scheduled Termination Date with respect to any Extended Financing Commitment shall in no event be more than five (5) years following the date of such Duration Extension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company shall have paid to the Administrative Agent, on the date of effectiveness of such Duration Extension, an upfront fee in the amount and in accordance with the terms specified in the Fee Letter;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Market Value Event shall have occurred and no Default or Event of Default shall have occurred and be continuing, in each case, on and as of the date of such Duration Extension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Borrowing Base Test is satisfied on and as of the date of such Duration Extension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no commitment termination or reduction shall have occurred pursuant to <u>Section</u> <u>4.07(a)(i)(B)</u> prior to the Financing Commitment Increase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Company shall have taken any action as may be reasonably requested by any Secured Party pursuant to <u>Section</u> <u>6.02(aa)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all of the representations and warranties contained in <u>Article VI</u> and in any other Loan Document shall be true and correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct), in each case on and as of the date of such Duration Extension, 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 (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct) as of such earlier date.

ARTICLE III

ADDITIONAL TERMS APPLICABLE TO THE ADVANCES

SECTION 3.01 <u>The Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Making the Advances</u>. If the Lenders are required to make an Advance to the Company as provided in <u>Section</u> <u>2.03</u>, then each Lender shall make such Advance on the proposed date thereof by wire transfer of immediately available funds to the Collateral Agent for deposit to the Collection Account (or, in the case of Advances denominated in a Permitted Non-USD Currency, the applicable Permitted Non-USD Currency Account). Each Lender at its option may make any Advance by causing any domestic or foreign branch or Affiliate of such Lender to make such Advance; *provided* that any exercise of such option shall not affect the obligation of the Company to repay such Advance in accordance with the terms of this Agreement. Subject to the terms and conditions set forth herein, the Company may borrow, prepay and reborrow Advances, except that prepayments made after the Reinvestment Period shall result in a reduction of Financing Commitments as provided in <u>Section</u> <u>4.07(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Interest on the Advances</u>. Subject to <u>Section</u> <u>3.01(h)</u>, all outstanding Advances shall bear interest (from and including the date on which such Advance is made to but excluding the Maturity Date or, if earlier, the date on which such Advance is repaid) at a per annum rate equal to the applicable Benchmark for each Calculation Period in effect *plus*, in each case, the Applicable Margin for Advances set forth on the Transaction Schedule; *provided* that, following the occurrence and during the continuance of an Event of Default, all outstanding Advances and any unpaid interest thereon shall bear interest (from and including the date of such Event of Default to but excluding the Maturity Date or, if earlier, the date on which such Advance is repaid) at a per annum rate equal to the applicable Benchmark for each Calculation Period in effect *plus*, in each case, the Adjusted Applicable Margin; *provided further* that, if on any date during the Reinvestment Period the aggregate principal amount of the outstanding Advances is less than the Minimum Funding Amount applicable on such date, then the amount of outstanding Advances at such time shall be deemed to equal the Minimum Funding Amount and the Company shall pay the Lenders interest on the amount of such difference at a per annum rate equal to the Undrawn Fee Rate. For purposes of the foregoing, the Benchmark for each Calculation Period with respect to Daily Simple SONIA shall be the weighted average of such Benchmark as determined on each day during such Calculation Period in respect of Advances denominated in GBP.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Evidence of the Advances</u>. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Company to such Lender resulting from each Advance made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder and the applicable Currency thereof. The Administrative Agent, acting solely for this purpose as an agent of the Company, shall maintain at one of its offices a register (the "<u>Register</u>") in which it shall record (1) the amount of each Advance made hereunder, (2) the amount of any principal or interest due and payable or to become due and payable from the Company to each Lender hereunder, and (3) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's share thereof. The entries made in the Register maintained pursuant to this paragraph (c) shall be conclusive absent manifest error; *provided* that the failure of any Lender or the Administrative Agent to maintain such Register or any error therein shall not in any manner affect the obligation of the Company to repay the Advances in accordance with the terms of this Agreement. No assignment shall be effective unless it has been recorded in the Register as provided in this section. This Section 3.01(c) shall be construed so that the Advances are at all times maintained in "registered form" within the meaning of Sections 163(f), 871(h)(2), and 881(c)(2) of the Code.

Any Lender may request that Advances made by it be evidenced by a promissory note. In such event, the Company shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or its registered assigns) and in a form approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed). Thereafter, the Advances evidenced by such promissory note and interest thereon shall at all times be represented by one or more promissory notes in such form payable to the payee named therein (or to such payee and its registered assigns).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Pro Rata Treatment</u>. Except as otherwise provided herein, all borrowings of, and payments in respect of, the Advances shall be made on a *pro rata* basis by or to the Lenders in accordance with their respective portions of the Financing Commitments in respect of Advances held by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Illegality</u>. Notwithstanding any other provision of this Agreement, if any Lender or the Administrative Agent shall notify the Company that the adoption of any law, rule or regulation, or any change therein or any change in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, makes it unlawful, or any Governmental Authority asserts that it is unlawful, for a Lender or the Administrative Agent to perform its obligations hereunder to fund or maintain Advances hereunder (in the aggregate or in any applicable Currency), then (1) the obligation of such Lender or the Administrative Agent hereunder to fund or maintain Advances shall immediately be suspended (in the aggregate or with respect to the applicable Currency) until such time as such Lender or the Administrative Agent determines (in its sole discretion) that such performance is again lawful, (2) at the request of the Company, such Lender or the Administrative Agent, as applicable, shall use reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental expenses), until such time as the Advances are required to be prepaid as required under clause (3) below, to transfer all of its rights and obligations under this Agreement (in the aggregate or with respect to the applicable Currency) to another of its offices, branches or Affiliates with respect to which such performance would not be unlawful, and (3) if such Lender or the Administrative Agent is unable to effect a transfer under clause (2), then any outstanding Advances of such Lender (in the aggregate or with respect to the applicable Currency) shall be promptly paid in full by the Company (together with all accrued interest and all other amounts owing hereunder) but not later than the earlier of (x) if the Company requests such Lender or the Administrative Agent to take the actions set forth in clause (2) above, 20 calendar days after the date on which such Lender or the Administrative Agent notifies the Company in writing that it is unable to transfer its rights and obligations under this Agreement as specified in such clause (2) and (y) such date as

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shall be mandated by law; *provided* that, to the extent that any such adoption or change makes it unlawful for the Advances to bear interest by reference to a particular Reference Rate or the Term SOFR Rate, then the foregoing clauses (1) through (3) shall not apply and the Advances subject to such Reference Rate or the Term SOFR, as applicable, shall bear interest (from and after the last day of the Calculation Period ending immediately after such adoption or change) at a per annum rate equal to the Base Rate *plus* the Applicable Margin for Advances set forth on the Transaction Schedule; *provided*, *further*, that no breakage costs shall be payable in connection with this Section 3.01(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Increased Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) impose on any Lender or the London (or other applicable) interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Advances made by such Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) subject any Lender or the Administrative Agent to any Taxes (other than (x) Indemnified Taxes, (y) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (z) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; and the result of any of the foregoing shall be to increase the cost to such Lender or the Administrative Agent of making, continuing, converting or maintaining any Advance or to reduce the amount of any sum received or receivable by such Lender or the Administrative Agent hereunder (whether of principal, interest or otherwise), then, upon request by such Lender or the Administrative Agent, the Company will pay to such Lender or the Administrative Agent, as the case may be, such additional amount or amounts as will compensate such Lender or the Administrative Agent, as the case may be, for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement or the Advances made by such Lender to a level below that which such Lender or such Lender's holding company could have achieved but for such Change in Law (taking into consideration such Lender's policies and the policies of such Lender's holding company with respect to capital adequacy and liquidity) by an amount deemed by such Lender to be material, then from time to time the Company will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A certificate of a Lender setting forth the amount or amounts necessary to compensate, and the basis for such compensation of, such Lender or its holding company, as the case may be, as specified in paragraph (i) or (ii) of this Section shall be delivered to the Company and shall be conclusive absent manifest error. The Company shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Failure or delay on the part of any Lender or the Administrative Agent to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's or the Administrative Agent's right to demand such compensation; *provided* that the Company shall not be required to compensate a Lender or the Administrative Agent pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or the Administrative Agent notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such Lender's or the Administrative Agent's intention to claim compensation therefor; *provided further* that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each of the Lenders and the Administrative Agent agrees that it will take such commercially reasonable actions as the Company may reasonably request that will avoid the need to pay, or reduce the amount of, any increased amounts referred to in this <u>Section</u> <u>3.01(f)</u>; provided that no Lender or the Administrative Agent shall be obligated to take any actions that would, in the reasonable opinion of such Lender or the Administrative Agent, be disadvantageous to such Lender or the Administrative Agent (including, without limitation, due to a loss of money). In no event will the Company be responsible for increased amounts referred to in this <u>Section</u> <u>3.01(f)</u> which relates to any other entities to which any Lender provides financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If any Lender (A) provides notice of unlawfulness under clause (e) above or requests compensation under this clause <u>(f),</u> (B) becomes a Defaulting Lender, (C) becomes the subject of a Bail-In Action, or (D) does not consent to a Material Amendment consented to by the Administrative Agent and the Required Lenders, then the Company may, at its sole expense and effort, upon written notice to such Lender and with the consent of 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</u> <u>10.06</u>), all of its interests, rights and obligations under this Agreement and the related transaction documents to an assignee identified by the Company that shall assume such obligations (whereupon such Lender shall be obligated to so assign), provided that, (w) in the case of any such assignment resulting from a claim for compensation under this clause <u>(f)</u>, such assignment will result in a reduction in such compensation, (x) 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 through the date of such assignment, (y) a Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply, and (z) such assignment and delegation shall be offered first to JPMCB and any Affiliate thereof that is a Lender. No prepayment fee (including pursuant to Section 4.07(a)) that may otherwise be due hereunder shall be payable to such Lender in connection with any such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Set-off or counterclaim</u>. Subject to <u>Section</u> <u>3.03</u>, all payments to be made hereunder by the Company in respect of the Advances shall be made without set-off or counterclaim and in such amounts as may be necessary in order that every such payment (after deduction or withholding for or on account of any present or future Taxes imposed by the jurisdiction in which the Company is organized or any political subdivision or taxing authority therein or thereof) shall not be less than the amounts otherwise specified to be paid under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Alternate Rate of Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Temporary Benchmark Unavailability. Subject to clauses (ii), (iii), (iv), (v) and (vi) of this Section 3.01(h), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (A) adequate and reasonable means do not exist for ascertaining a Reference Rate or the Term SOFR Rate (including because such Reference Rate or Term SOFR Reference Rate is not available or published on a current basis) for the applicable Currency and such Calculation Period or (B) if the then-current Benchmark is Daily Simple SOFR, adequate and reasonable means do not exist for ascertaining Daily Simple SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrative Agent is advised by the Required Lenders that (A) the applicable Reference Rate or Term SOFR Rate will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Advances (or its Advance) or (B) if the then-current Benchmark is Daily Simple SOFR, Daily Simple SOFR will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Advances (or its Advance), then the Administrative Agent shall give notice thereof to the Company and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter (with a copy to the Collateral Agent and the Collateral Administrator) and until (x) the Administrative Agent notifies the Company and the Lenders (with a copy to the Collateral Agent and the Collateral Administrator) that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Company delivers a new Request for Advance in accordance with the terms of <u>Section</u> <u>2.03(d)</u>, then, with respect for Advances referencing the affected Benchmark (1) any Request for Advance that requests a Term Benchmark Advance shall instead be deemed to be a request for (x) Daily Simple SOFR Advance so long as Daily Simple SOFR is not the subject of <u>Section</u> <u>3.01(h)(i)(a)(B)</u> or <u>(b)(B)</u> above or (y) a Base Rate Advance if Daily Simple SOFR is the subject of <u>Section</u> <u>3.01(h)(i)(a)(B)</u> or <u>(b)(B)</u> above and (2) any Request for Advance that requests a Daily Simple SOFR Advance or an Advance in a Permitted Non-USD Currency shall instead be deemed to be a request for a Base Rate Advance.

Furthermore, if any Daily Simple SOFR Advance, Term Benchmark Advance or an Advance in a Permitted Non-USD Currency is outstanding on the date of the Company's receipt of the notice from the Administrative Agent referred to in this <u>Section</u> <u>3.01(h)(i)</u> with respect to a Benchmark applicable to such Term Benchmark Advance or Daily Simple SOFR Advance, then until (x) the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Company delivers a new Request for Advance in accordance with the terms of <u>Section</u> <u>2.03(d)</u> then, with respect to Advances referencing the affected Benchmark (1) any Term Benchmark Advance shall, on the last day of the Calculation Period applicable to such Advance (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, (x) a Daily Simple SOFR Advance so long as Daily Simple SOFR is not the

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subject of <u>Section</u> <u>3.01(h)(i)(a)(B)</u> or <u>(b)(B)</u> above or (y) a Base Rate Advance if Daily Simple SOFR is the subject of <u>Section</u> <u>3.01(h)(i)(a)(B)</u> or <u>(b)(B)</u> above, on such day, and (2) any Daily Simple SOFR Advance or an Advance in a Permitted Non-USD Currency shall, on and from such day, be converted by the Administrative Agent to, and shall constitute, a Base Rate Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Permanent Benchmark Replacement</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any other Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any other Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Benchmark Replacement Conforming Changes</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Notices from and Determinations by the Administrative Agent</u>. The Administrative Agent will promptly notify the Company and the Lenders (with a copy to the Collateral Agent and the Collateral Administrator) of (a) any occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (b) the implementation of any Benchmark Replacement, (c) the effectiveness of any Benchmark Replacement Conforming Changes, (d) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (v) below and (e) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this <u>Section</u> <u>3.01(h)</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this <u>Section</u> <u>3.01(h)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Unavailable Term Rate Tenors</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (a) if the then-current Benchmark is a term rate (including the Term SOFR Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of "Calculation Period" or "Term SOFR Rate" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (b) if a tenor that was removed pursuant to clause (a) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of definition of "Calculation Period" or "Term SOFR Rate" for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Benchmark Unavailability Period</u>. Upon the Company's receipt of notice of the commencement of a Benchmark Unavailability Period, the Company may revoke any request for or conversion to a Term Benchmark Advance, a Daily Simple SOFR Advance or an Advance in a Permitted Non-USD Currency to be made or converted during any Benchmark Unavailability Period and, failing that, the Company will be deemed to have converted any request for, or request for conversion to, a Term Benchmark Advance into a request for, or conversion to, (A) in the case of a Term SOFR Advance, a Daily Simple SOFR Advance so long as Daily Simple SOFR is not the subject of a Benchmark Transition Event or (B) in the case of (x) a Term SOFR Advance, a Base Rate Advance if Daily Simple SOFR is the subject of a Benchmark Transition Event or (y) an Advance in a Permitted Non-USD Currency, a Base Rate Advance or conversion of an outstanding Advance to a Base Rate Advance.

During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.

Furthermore, if any Daily Simple SOFR Advance, any Term Benchmark Advance or any Advance in a Permitted Non-USD Currency is outstanding on the date of the Company's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Benchmark applicable to such Term Benchmark Advance, Daily Simple SOFR Advance or an Advance in a Permitted Non-USD Currency, then until such time as a Benchmark Replacement for such Currency is implemented pursuant to this <u>Section</u> <u>3.01(h)</u>, (1) any Term Benchmark Advance shall on the last day of the Calculation Period applicable to such Advance (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, (x) a Daily Simple SOFR Advance so long as Daily Simple SOFR is not the subject of a Benchmark Transition Event or (y) a Base Rate Advance if Daily Simple SOFR is the subject of a Benchmark Transition Event, on such day and (2) any Daily Simple SOFR Advance and any Advance in a Permitted Non-USD Currency shall, on and from such day, be converted by the Administrative Agent to, and shall constitute, a Base Rate Advance.

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SECTION 3.02 <u>[Reserved</u>].

SECTION 3.03 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments Free of Taxes</u>. All payments by or on account of any obligation of the Company under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law (including FATCA). If any Applicable Law requires the deduction or withholding of any Tax from any such payment, then the Company shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Company shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Lender or the Administrative Agent receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment of Other Taxes by the Company</u>. The Company shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnification by the Company</u>. The Company shall indemnify each Lender or the Administrative Agent, as the case may be, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Lender or the Administrative Agent or required to be withheld or deducted from a payment to such Lender or the Administrative Agent and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Company by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnification by the Lenders</u>. Each Lender shall indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Company has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Company to do so) and (ii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by the Company to a Governmental Authority pursuant to this <u>Section</u> <u>3.03</u>, the Company shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Status of Secured Parties</u>. (i) Any Secured Party that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Company and the Administrative Agent, at the time or times reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Section</u> <u>3.03(f)(ii)(A),</u> <u>(ii)(B)</u> and <u>(ii)(D)</u> below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without limiting the generality of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a U.S. Person shall deliver to the Company and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), an executed copy of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Foreign Lender shall deliver to the Company and the Administrative Agent (in such number of copies as shall be reasonably requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, an executed copy of IRS Form W-8BEN, IRS Form W-8BEN-E or applicable successor form establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, an IRS Form W-8BEN or IRS Form W-8BEN-E or any applicable successor form establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an executed copy of IRS Form W-8ECI;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, is not a "10 percent shareholder" of the Company within the meaning of Section 881(c)(3)(B) of the Code, and is not a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax Compliance Certificate</u>") and (y) an executed copy of IRS Form W-8BEN, IRS Form W-8BEN-E or applicable successor form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the extent a Foreign Lender is not the beneficial owner, an executed copy of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E or applicable successor form, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative Agent (in such number of copies as shall be reasonably requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Company or the Administrative Agent to determine the withholding or deduction required to be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if a payment made to a Lender under any Loan Document would be subject to withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Company and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Company or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause <u>(D)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement. Each Lender 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 Company and the Administrative Agent in writing of its legal inability to do so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) The Administrative Agent shall deliver to the Company an electronic copy of an IRS Form W-9 upon becoming a party under this Agreement attesting to the fact that it is a "U.S. person" and a "financial institution" within the meaning of Treasury Regulations Section 1.1441-1 and a "U.S. financial institution" within the meaning of Treasury Regulations Section 1.1471-3(a)(3)(iii) and that it will comply with its obligations to withhold under Section 1441 and FATCA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Treatment of Certain Refunds</u>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this <u>Section</u> <u>3.03</u> (including by the payment of additional amounts pursuant to this <u>Section</u> <u>3.03</u>), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Survival</u>. Each party's obligations under this <u>Section</u> <u>3.03</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 Financing Commitments, and the repayment, satisfaction or discharge of all obligations under any Loan Document.

ARTICLE IV

COLLECTIONS AND PAYMENTS

SECTION 4.01 <u>Interest Proceeds</u>. The Company shall notify the Portfolio Investment Obligor with respect to each Portfolio Investment to remit all amounts that constitute Interest Proceeds to the Collection Account or the applicable Permitted Non-USD Currency Account. To the extent Interest Proceeds are received other than by deposit into the Collection Account, the Company shall cause all Interest Proceeds on the Portfolio Investments to be deposited in the Collection Account or remitted to the Collateral Agent, and the Collateral Agent shall credit (or cause to be credited) to the Collection Account all Interest Proceeds received by it immediately upon receipt thereof in accordance with the written direction of the Portfolio Manager; provided that Interest Proceeds denominated in a Permitted Non-USD Currency shall be deposited into the applicable Permitted Non-USD Currency Account. Interest Proceeds on deposit in the Permitted Non-USD Currency Accounts may be converted to U.S. Dollars at the Spot Rate no later than two (2) Business Days prior to each Interest Payment Date, each Additional Distribution Date and the Maturity Date and deposited into the Collection Account for application as described below at the written direction of the Company or the Portfolio Manager on its behalf (or, upon the occurrence and during the continuance of an Event of Default or upon the occurrence of a Market Value Event, the Administrative Agent).

Interest Proceeds shall be retained in the Collection Account (or any Permitted Non-USD Currency Account, as applicable) and held in cash and/or invested (and reinvested) at the written direction of the Company (or the Portfolio Manager on its behalf) provided to the Collateral Agent in Cash Equivalents denominated in the applicable currency of such account selected by the Portfolio Manager (unless an Event of Default has occurred and is continuing or a Market Value Event has occurred, in which case, selected by the Administrative Agent) ("<u>Eligible Investments</u>"). Eligible Investments shall mature no later than the end of the then-current Calculation Period. In the absence of any such written direction from the Company (or the Portfolio Manager on its behalf) or the Administrative Agent, as applicable, Interest Proceeds shall remain uninvested.

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Interest Proceeds on deposit in the Collection Account (or any Permitted Non-USD Currency Account, as applicable) shall be withdrawn by the Collateral Agent (at the written direction of the Company (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative Agent)) and applied (i) to make payments in accordance with this Agreement or (ii) to make Permitted Distributions or Permitted RIC Distributions in accordance with this Agreement.

SECTION 4.02 <u>Principal Proceeds</u>. The Company shall notify the Portfolio Investment Obligor with respect to each Portfolio Investment to remit all amounts that constitute Principal Proceeds to the Collection Account or a Permitted Non-USD Currency Account, as applicable. To the extent Principal Proceeds are received other than by deposit into the Collection Account, the Company shall cause all Principal Proceeds received on the Portfolio Investments to be deposited in the Collection Account or remitted to the Collateral Agent, and the Collateral Agent shall credit (or cause to be credited) to the Collection Account all Principal Proceeds received by it immediately upon receipt thereof in accordance with the written direction of the Portfolio Manager; provided that Principal Proceeds denominated in a Permitted Non-USD Currency shall be deposited into the applicable Permitted Non-USD Currency Account. Principal Proceeds on deposit in the Permitted Non-USD Currency Accounts may be converted to U.S. Dollars at the Spot Rate no later than two (2) Business Days prior to each Interest Payment Date, each Additional Distribution Date and the Maturity Date and deposited into the Collection Account for application as described below at the written direction of the Company or the Portfolio Manager on its behalf (or, upon the occurrence and during the continuance of an Event of Default or upon the occurrence of a Market Value Event, the Administrative Agent).

All Principal Proceeds shall be retained in the Collection Account (or any Permitted Non-USD Currency Account, as applicable) and held in cash and/or invested (and reinvested) at the written direction of the Administrative Agent in Eligible Investments denominated in the applicable currency of such account selected by the Portfolio Manager (unless an Event of Default has occurred and is continuing or a Market Value Event has occurred, in which case, selected by the Administrative Agent). All investment income on such Eligible Investments shall constitute Interest Proceeds. In the absence of any such written direction from the Company (or the Portfolio Manager on its behalf) or the Administrative Agent, as applicable, Principal Proceeds shall remain uninvested.

Principal Proceeds on deposit in the Collection Account (or any Permitted Non-USD Currency Account, as applicable) shall be withdrawn by the Collateral Agent (at the written direction of the Company (or the Portfolio Manager on its behalf, or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative Agent)) and applied (i) to make payments in accordance with this Agreement, (ii) towards the purchase price of Portfolio Investments purchased in accordance with this Agreement or (iii) to be deposited into the Unfunded Exposure Account in accordance with this Agreement, in each case with prior notice to the Administrative Agent. For the avoidance of doubt, Principal Proceeds received in connection with the sale of any Portfolio Investment pursuant to <u>Section</u> <u>1.04</u> following a Market Value Event shall be used to prepay Advances as set forth therein at the written direction of the Administrative Agent.

SECTION 4.03<u> </u><u>Principal and Interest Payments; Prepayments; Commitment Fee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall pay the unpaid principal amount of the Advances (together with accrued interest thereon) to the Administrative Agent for the account of each Lender on the Maturity Date in accordance with the Priority of Payments and any and all cash in the Collateral Accounts shall be applied to the satisfaction of the Secured Obligations on the Maturity Date and on each Additional Distribution Date in accordance with the Priority of Payments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Accrued interest on the Advances shall be payable in arrears on each Interest Payment Date, each Additional Distribution Date and the Maturity Date in accordance with the Priority of Payments; *provided* that (i) interest accrued pursuant to the proviso to <u>Section</u> <u>3.01(b)</u> shall be payable on demand, (ii) in the event of any repayment or prepayment of any Advances, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) for the avoidance of doubt, interest on Advances shall continue to accrue during the period between the end of a Calculation Period and the corresponding Interest Payment Date, with such accrued interest to be included in the calculation of interest for the immediately succeeding Calculation Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Subject to the requirements of this <u>Section</u> <u>4.03(c)</u>, the Company shall have the right from time to time to prepay outstanding Advances (which any such prepayment shall result in a termination of Financing Commitments to the extent required pursuant to <u>Section</u> <u>4.07</u>) in whole or in part (A) on any Business Day that (i) JPMCB ceases to act as Administrative Agent or (ii) JPMCB and its Affiliates together cease to constitute the Required Lenders, (B) in connection with a Market Value Cure, (C) following the occurrence of an Approval Termination Event or (D) up to but not more than three times (or such greater number of times as the Administrative Agent consents to in writing (including via email) in its sole discretion) during any Calculation Period. The Company shall notify the Administrative Agent, the Collateral Agent and the Collateral Administrator by electronic mail of an executed document (attached as a .pdf or similar file) of any prepayment pursuant to this <u>Section</u> <u>4.03(c)(i)</u> not later than 2:00 p.m., New York City time, two (2) Business Days before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of the Advances to be prepaid. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Except in connection with a Market Value Cure, each partial prepayment of outstanding Advances shall be in an amount not less than $2,000,000. Prepayments shall be accompanied by accrued and unpaid interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At the request of any Lender, any prepayment that is made on a date other than an Interest Payment Date shall be accompanied by any costs incurred by such Lender in respect of such prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company agrees to pay to the Administrative Agent, for the account of each Lender (other than a Defaulting Lender), a commitment fee in accordance with the Priority of Payments which shall accrue at 0.50% per annum (or, during the Ramp-Up Period, 0.35% per annum) (such applicable rate, the "Commitment Fee Rate") on the average daily Unused Facility Amount of such Lender during the period from and including the Effective Date to but excluding the last day of the Reinvestment Period. Accrued commitment fees shall be payable in arrears on each Interest Payment Date, and on the date on which the Financing Commitments terminate. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). For the avoidance of doubt, no commitment fee shall accrue on the unused amount of any increase in the Financing Commitment resulting from a Commitment Increase Request until the related Financing Commitment Increase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company agrees to pay the Administrative Agent, for the account of each Lender, the Upfront Fee in the amount and in accordance with the terms specified in the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Without limiting <u>Section</u> <u>4.03(c)</u>, the Company shall have the obligation from time to time to prepay outstanding Advances in whole or in part on any date with proceeds from sales of Portfolio Investments directed by the Administrative Agent pursuant to <u>Section</u> <u>1.04</u> and as set forth in <u>Section</u> <u>8.01(h)</u>. All such prepayments shall be accompanied by accrued and unpaid interest and shall be applied to the repayment of the longest outstanding Advance.

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SECTION 4.04 <u>MV Cure Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall cause all cash received by it in connection with a Market Value Cure to be deposited in the MV Cure Account or remitted to the Collateral Agent, and the Collateral Agent shall credit to the MV Cure Account such amounts received by it (and identified in writing as such) immediately upon receipt thereof. Prior to the Maturity Date, all cash amounts in the MV Cure Account shall be invested in overnight Eligible Investments at the written direction of the Administrative Agent (as directed by the Required Lenders). In the absence of any such written direction from the Administrative Agent, as applicable, all cash amounts in the MV Cure Account shall remain uninvested. All amounts contributed to the Company by the Parent in connection with a Market Value Cure shall be paid free and clear of any right of chargeback or other equitable claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amounts on deposit in the MV Cure Account may be withdrawn by the Collateral Agent (at the written direction of the Company or the Portfolio Manager on its behalf (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative Agent, in which case, the Administrative Agent shall give the Company prior written notice of any such withdrawal)) and remitted to the Company with prior notice to the Administrative Agent (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, to the Lenders for prepayment of Advances and reduction of Financing Commitment); *provided* that the Company may not direct any withdrawal from the MV Cure Account if the Borrowing Base Test is not satisfied (or would not be satisfied after such withdrawal).

SECTION 4.05 <u>Priority of Payments</u>. On (w) each Interest Payment Date, (x) the Maturity Date, (y) each Agent Business Day after the occurrence of a Market Value Event and (z) each Agent Business Day after the occurrence of an Event of Default and the declaration of the Secured Obligations as due and payable (each date set forth in clauses (y) and (z) above, an "<u>Additional Distribution Date</u>"), the Collateral Agent (at and in accordance with the written direction (which may be provided by email) of the Company or the Portfolio Manager on its behalf (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative Agent)) shall distribute all amounts in the Collection Account (and any Interest Proceeds and/or Principal Proceeds then on deposit in any Permitted Non-USD Currency Account) in the following order of priority (the "<u>Priority of Payments</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to pay (i) *first*, amounts due or payable to the Collateral Agent, the Collateral Administrator and the Securities Intermediary hereunder (including fees, out-of-pocket expenses (including fees and costs of counsel) and indemnities) and (ii) *second*, any other accrued and unpaid fees and out-of-pocket expenses (other than undrawn fees and commitment fees payable to the Lenders, but including Lender indemnities) due hereunder, up to a maximum amount under this clause (a) of $40,000 on each Interest Payment Date, the Maturity Date and each Additional Distribution Date (in the case of any Additional Distribution Date or the Maturity Date, after giving effect to all payments of such amounts on any other Additional Distribution Date or Interest Payment Date occurring in the same calendar quarter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to pay interest due in respect of the Advances and any increased costs, undrawn fees and commitment fees payable to the Lenders (pro rata based on amounts due);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to pay (i) on each Interest Payment Date, all prepayments of the Advances permitted or required under this Agreement (including any applicable premium) until the Advances are paid in full and (ii) on the Maturity Date (and, if applicable, any Additional Distribution Date), principal of the Advances until the Advances are paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) prior to the end of the Reinvestment Period, at the direction of the Portfolio Manager, to fund the Unfunded Exposure Account up to the Unfunded Exposure Amounts and (ii) after the Reinvestment Period, to fund the Unfunded Exposure Account and/or each applicable Permitted Non-USD Currency Unfunded Exposure Account up to the Unfunded Exposure Amount (without the requirement for any direction by the Portfolio Manager);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) following the end of the Reinvestment Period, solely with respect to Principal Proceeds, to pay principal of the Advances until the Advances are paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to pay (i) *first*, all amounts set forth in clause (a) above not paid due to the limitation set forth therein and (ii) *second*, so long as the conditions set forth in clauses (a)-(g) and clause (i) of the proviso to the definition of "Permitted Distribution" are satisfied with respect thereto, to the Portfolio Manager to pay any accrued and unpaid Portfolio Manager Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to make any Permitted Distributions or Permitted RIC Distributions (using Interest Proceeds) directed pursuant to this Agreement and, so long as the conditions set forth in clauses (b)-(g) and clause (i) of the proviso to the definition of "Permitted Distribution" are satisfied with respect thereto, to pay (i) ordinary-course operating expenses, (ii) taxes, and (iii) compensation, fees, and reimbursable expenses payable to the Portfolio Manager and other service providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) on any Interest Payment Date, to deposit any remaining amounts in the Collection Account (or, with respect to any such amounts denominated in a Permitted Non-USD Currency, in the applicable Permitted Non-USD Currency Account) as Principal Proceeds and (ii) on the Maturity Date and any Additional Distribution Date, any remaining amounts to the Company.

Subject to <u>Section</u> <u>4.06(b)</u>, with respect to any amounts payable under <u>Sections 4.05(a)</u> through <u>(h)</u> above resulting from an Advance denominated in a Permitted Non-USD Currency, such amounts shall be paid using Interest Proceeds and/or Principal Proceeds denominated in such Currency from the applicable Permitted Non-USD Currency Account.

SECTION 4.06 <u>Payments Generally</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All payments to the Lenders or the Administrative Agent shall be made to the Administrative Agent at the account designated in writing to the Company and the Collateral Agent for further distribution by the Administrative Agent (if applicable). The Administrative Agent shall give written notice to the Collateral Agent and the Collateral Administrator (on which the Collateral Agent and the Collateral Administrator may conclusively rely) and the Portfolio Manager of the calculation of amounts payable to the Lenders in respect of the Advances, other amounts due to the Lenders and the amounts payable to the Portfolio Manager. At least two (2) Business Days prior to each Interest Payment Date, the Administrative Agent shall deliver an invoice to the Portfolio Manager, the Collateral Agent and the Collateral Administrator in respect of the interest due on such Interest Payment Date and other amounts payable to the Lenders. All payments not made to the Administrative Agent for distribution to the Lenders shall be made as directed in writing by the Administrative Agent. Subject to <u>Section</u> <u>3.03</u> hereof, all payments by the Company hereunder shall be made without setoff or counterclaim. Subject to <u>Section</u> <u>4.03</u>, all payments hereunder shall be made in U.S. Dollars, other than payments of interest and principal made in respect of Advances denominated in Permitted Non-USD Currency, which shall be made in such

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Permitted Non-USD Currency. Subject to <u>Sections 4.01</u> and <u>4.02</u>, all amounts in any Permitted Non-USD Currency Account to be disbursed hereunder in U.S. Dollars will be converted into U.S. Dollars at the Spot Rate no later (x) than two (2) Business Days prior to the Scheduled Termination Date, (y) the Maturity Date, if the Maturity Date occurs prior to the Scheduled Termination Date and (z) each Additional Distribution Date, in each case at the written direction of the Company or the Portfolio Manager on its behalf (or, upon the occurrence and during the continuance of an Event of Default or upon the occurrence of a Market Value Event, the Administrative Agent). All interest calculated using the Reference Rate (other than Term CORRA and TIBOR) hereunder shall be computed on the basis of a year of 360 days and all interest calculated using the Base Rate, Term CORRA and TIBOR hereunder shall be computed on the basis of a year of 365 days (or 366 days in a leap year) in each case, payable for the actual number of days elapsed (including the first day but excluding the last day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, at least two (2) Business Days prior to any Interest Payment Date or the Maturity Date or an Additional Distribution Date, the Company will not have a sufficient amount of funds in a Currency on deposit in the Collection Account or the applicable Permitted Non-USD Currency Accounts in respect of the applicable Currency, as applicable, that will be needed (1) to pay to the Lenders all of the amounts required to be paid on such date and/or (2) to pay any expenses required to be paid in accordance with the Priority of Payments, in each case, in such Currency as required for such payment (a "<u>Currency Shortfall</u>"), then, so long as no Event of Default shall have occurred and is continuing and no Market Value Event has occurred, the Company or the Portfolio Manager on its behalf (or the Administrative Agent, if an Event of Default or Market Value Event has occurred) shall exchange (or shall direct the Collateral Agent to exchange) amounts available, if any, in another Currency in any applicable Permitted Non-USD Currency Account or Collection Account for the Currency in respect of which there is a Currency Shortfall in an amount necessary to cure such Currency Shortfall. Each such exchange shall occur no later than one Business Day prior to such Interest Payment Date or Additional Distribution Date or the Maturity Date, as applicable, and shall be made at the Spot Rate at the time of conversion. If for any reason the Company or the Portfolio Manager shall have failed to effect any such currency exchange by the Business Day prior to such date, then the Administrative Agent shall be entitled to (but shall not be obligated to) direct such currency exchange on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At any time following the occurrence of a Market Value Event or if an Event of Default has occurred and is continuing, the Administrative Agent may in its sole discretion direct the Securities Intermediary or the Bank, as applicable, to exchange amounts held in each Permitted Non-USD Currency Account for U.S. Dollars or to exchange amounts held in the Collateral Accounts for one or more Permitted Non-USD Currencies, in each case at the Spot Rate for application hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Agreement or any other Loan Document to the contrary, any payment of principal, interest, fees or other amounts payable for the account of a Defaulting Lender (whether voluntary or mandatory, at maturity or otherwise) shall be applied at such time or times as may be determined by the Administrative Agent as follows: *first*, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder or under any other Loan Document; *second*, as the Company may request (so long as no Market Value Event has occurred and no Default or Event of Default has occurred and is continuing), to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement and that has not otherwise been funded, as determined by the Administrative Agent; *third*, if so determined by the Administrative Agent and the Company, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender's potential future funding obligations with respect to Advances under this Agreement; *fourth*, to the payment of any amounts owing to the Lenders or any Agent as a result of any judgment of a court of competent jurisdiction obtained by any Lender or Agent against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement or under any other Loan Document; *fifth*, so long as no Market Value Event has occurred and no Default or Event of

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Default has occurred and is continuing, to the payment of any amounts owing to the Company as a result of any judgment of a court of competent jurisdiction obtained by the Company against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement or under any other Loan Document; and *sixth*, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; *provided* that if (x) such payment is a payment of the principal amount of any Advances in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Advances were made at a time when the conditions set forth in <u>Section</u> <u>2.05</u> were satisfied or waived, 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 such Defaulting Lender until such time as all Advances are held by the Lenders pro rata in accordance with the Financing Commitments without giving effect to <u>Section</u> <u>2.03(e)</u>. 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 clause (d) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

SECTION 4.07 <u>Termination or Reduction of Financing Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) Subject to the requirements of this <u>Section</u> <u>4.07(a)</u> the Company shall be entitled at its option (A) on any Business Day that (x) JPMCB ceases to act as Administrative Agent or (y) JPMCB and its Affiliates together cease to constitute the Required Lenders, (B) following the occurrence of an Approval Termination Event or (C) up to but not more than three times (or such greater number of times as the Administrative Agent consents to in writing (including via email) in its sole discretion) during any Calculation Period, to either (i) terminate the Financing Commitments in whole upon payment in full of all Advances, all accrued and unpaid interest, all applicable premiums (if any) and all other Secured Obligations (other than unmatured contingent indemnification and reimbursement obligations), or (ii) reduce in part the portion of the Financing Commitments that exceeds the sum of the outstanding Advances. The Company shall notify the Administrative Agent, the Collateral Agent and the Collateral Administrator by electronic mail of an executed document (attached as a .pdf or similar file) of any termination or reduction, as applicable, pursuant to this <u>Section</u> <u>4.07(a)(i)</u> not later than 2:00 p.m., New York City time, two (2) Business Days before the date of termination or reduction, as applicable. Each such notice shall be irrevocable and shall specify the date of termination or reduction, as applicable, and the principal amount of the Financing Commitments to be so terminated or reduced, as applicable. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial reduction of Financing Commitments shall be in an amount not less than $2,000,000. For the avoidance of doubt, the Financing Commitments may not be reduced to an amount less than the then-current aggregate Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each optional commitment termination or reduction pursuant to <u>Section</u> <u>4.07(a)(i)(C)</u> that is made, whether in full or in part, (A) during the period beginning with the Effective Date and ending upon the first anniversary of the Effective Date, shall be accompanied by a premium equal to 1% and (B) during the period from and including the first anniversary of the Effective Date and ending upon the second anniversary of the Effective Date, shall be accompanied by a premium equal to 0.75%, in each case, of the amount of Financing Commitments so terminated or reduced, as applicable; *provided* that each of the time periods set forth in this <u>Section</u> <u>4.07(a)(ii)</u> shall be extended by twelve (12) months upon Lender approval of (i) the first Financing Commitment Increase Option Request submitted by the Company pursuant to Section 2.06 or (ii) a Duration Extension Request pursuant to <u>Section</u> <u>2.07</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Financing Commitments shall be automatically and irrevocably reduced by all amounts that are used to prepay or repay Advances following the occurrence of a Market Value Event or an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All unused Financing Commitments as of the last day of the Reinvestment Period shall automatically be terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Financing Commitments shall be irrevocably reduced by the amount of any repayment or prepayment of Advances following the last day of the Reinvestment Period.

ARTICLE V

THE PORTFOLIO MANAGER

SECTION 5.01 <u>Appointment and Duties of the Portfolio Manager</u>. The Company hereby appoints the Portfolio Manager as its portfolio manager under this Agreement and to perform the investment management functions of the Company set forth herein, and the Portfolio Manager hereby accepts such appointment. For so long as no Market Value Event has occurred and no Event of Default has occurred and is continuing and subject to <u>Section</u> <u>1.04</u>, the services to be provided by the Portfolio Manager shall consist of (x) selecting, purchasing, managing and directing the investment, reinvestment, substitution and disposition of Portfolio Investments, delivering Notices of Acquisition on behalf of and in the name of the Company and (y) acting on behalf of the Company for all other purposes hereof and the transactions contemplated hereby provided that unless otherwise provided or required herein the Portfolio Manager may take such actions without the prior approval of the Administrative Agent. The Portfolio Manager agrees to comply with all covenants and restrictions imposed on the Company herein and in each other Loan Document. The Company hereby irrevocably appoints the Portfolio Manager its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with the performance of its duties provided for herein. Without limiting the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Portfolio Manager shall perform its obligations hereunder with reasonable care, using a degree of skill not less than that which the Portfolio Manager exercises with respect to assets of the nature of the Portfolio Investments that it manages for itself and others having similar investment objectives and restrictions and consistent with practices and procedures followed by institutional managers of national standing relating to assets of the nature and character of the Portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Portfolio Manager shall not (and shall not cause the Company to) take any action that it knows or reasonably should know would (1) violate the constituent documents of the Company, (2) violate any law, rule or regulation applicable to the Company, (3) require registration of the Company as an "investment company" under the Investment Company Act of 1940, as amended, or (4) cause the Company to violate the terms of this Agreement, any other Loan Document or any instruments relating to the Portfolio Investments.

The Portfolio Manager or the Company may employ third parties (including its Affiliates) to render advice (including investment advice) and assistance to the Company and to perform any of the Portfolio Manager's duties hereunder, *provided* that the Portfolio Manager shall not be relieved of any of its duties or liabilities hereunder regardless of the performance of any services by third parties and shall be liable and responsible for any actions or instructions taken or given by any such third party appointed by either the Portfolio Manager or the Company (including, for the avoidance of doubt, Oak Hill). For the avoidance of doubt, neither the Administrative Agent nor any Lender shall have the right to remove or replace the Portfolio Manager as investment adviser or portfolio manager hereunder.

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SECTION 5.02 <u>Portfolio Manager Representations as to Eligibility Criteria; Etc</u>. The Portfolio Manager agrees to comply with all covenants and restrictions imposed on the Company hereunder and not to act in contravention of this Agreement. The Portfolio Manager represents to the other parties hereto that (a) as of the Trade Date and Settlement Date for each Portfolio Investment purchased, or as of the Substitution Date for a Substitute Portfolio Investment, as applicable, such Portfolio Investment meets all of the applicable Eligibility Criteria (unless otherwise consented to by the Administrative Agent) and, except as otherwise permitted hereunder, the Concentration Limitations shall be satisfied (unless otherwise consented to by the Administrative Agent) and (b) all of the information contained in the related Notice of Acquisition is true, correct and complete in all material respects; *provided* that, to the extent any such information was furnished to the Company by any third party, such information is as of its delivery date true, complete and correct in all material respects to the knowledge of the Portfolio Manager.

SECTION 5.03 <u>Indemnification</u>. The Portfolio Manager shall indemnify and hold harmless the Company, the Agents and the Lenders and their respective affiliates, directors, officers, stockholders, partners, agents, employees and controlling persons (each, an "<u>Indemnified Person</u>") from and against any and all losses, claims, demands, damages or liabilities of any kind, including legal fees and disbursements (collectively, "<u>Liabilities</u>"), and shall reimburse each such Indemnified Person on a current basis for all reasonable and documented out-of-pocket expenses (including reasonable and documented fees and disbursements of counsel), incurred by such Indemnified Person in connection with investigating, preparing, responding to or defending any investigative, administrative, judicial or regulatory action, suit, claim or proceeding, relating to or arising out of (a) any material breach by the Portfolio Manager of any of its obligations hereunder including, for the avoidance of doubt, the obligation set forth in <u>Section</u> <u>6.02(k)</u> to comply with any applicable conflicts procedure set forth in its constituent documents), (b) the failure of any of the representations or warranties of the Portfolio Manager set forth herein to be true (subject to all applicable qualifiers relating to materiality set forth therein) when made or when deemed made or repeated, except to the extent that such Liabilities or expenses are found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence, bad faith, or willful misconduct of such Indemnified Person or such Indemnified Person's affiliates, directors, officers, stockholders, partners, agents, employees or controlling persons, (c) any exercise by the Company of its voting rights as set forth in <u>Section</u> <u>6.03</u> which results in equitable subordination with respect to any Portfolio Investment in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding, except to the extent that such Liabilities or expenses are found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnified Person, (d) any liabilities that arise to the extent due to their or any of their Affiliate's own gross negligence, bad faith or willful misconduct (including any affirmative act taken with the knowledge that it would cause liability under this Agreement), (e) fraud at the Company or the Parent, (f) a Company or Portfolio Manager Event of Default pursuant to <u>Section</u> <u>7.01(e)</u> or (g) any liabilities that arise due to any instructions or actions by Oak Hill. For the avoidance of doubt, this <u>Section</u> <u>5.03</u> does not provide for indemnification that would have the effect of recourse for non-payment of the Portfolio Investments due solely to the credit quality or performance of the Portfolio Investments (including Liabilities that represent losses from Portfolio Investments due to the related obligor's financial inability to pay) and not relating to or arising out of the matters set forth in the clauses of the immediately preceding sentence.

The Portfolio Manager shall not be responsible for any losses arising solely from the credit performance of the Portfolio Investments. In no event will the Portfolio Manager be subject to any special, indirect, consequential or punitive damages.

This <u>Section</u> <u>5.03</u> shall survive the termination of this Agreement and the repayment of all amounts owing to the Secured Parties hereunder.

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SECTION 5.04 <u>Portfolio Manager Compensation</u>. As compensation for its administrative and management activities hereunder and reimbursement for its expenses so long as the Portfolio Manager advises the Company, the Portfolio Manager or its designee shall be entitled to receive the Portfolio Manager Fee, pursuant to the provisions of <u>Section</u> <u>4.05</u>; *provided* that the Portfolio Manager Fee may be waived if mutually agreed upon between the Company and the Portfolio Manager.

ARTICLE VI

REPRESENTATIONS, WARRANTIES AND COVENANTS

SECTION 6.01 <u>Representations and Warranties</u>. The Company (and, with respect to clauses <u>(a)</u> through <u>(e)</u>, <u>(l)</u>, <u>(n)</u>, (o), <u>(t)</u> through (v)(i), (w) and (aa), the Portfolio Manager) represents to the other parties hereto that as of the date hereof and each Trade Date (or as of such other date as maybe expressly set forth herein):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly organized, formed, registered or incorporated, as the case may be, and validly existing under the laws of the jurisdiction of its organization, formation, registration or incorporation and has all requisite power and authority to execute, deliver and perform this Agreement and each other Loan Document to which it is or may become a party and to consummate the transactions herein and therein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the execution, delivery and performance of this Agreement and each such other Loan Document, and the consummation of the transactions contemplated herein and therein have been duly authorized by it and this Agreement and each other Loan Document to which it is or may become a party constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms (subject to (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors' rights generally and (B) equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the execution, delivery and performance of this Agreement and each other Loan Document to which it is or may become a party and the consummation of the transactions contemplated herein and therein do not conflict with the provisions of its governing instruments and will not violate in any material respect any provisions of Applicable Law or regulation or any applicable order of any court or regulatory body and will not result in the material breach of, or constitute a default, or require any consent, under any material agreement, instrument or document to which it is a party or by which it or any of its property may be bound or affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it is not subject to any Adverse Proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it has obtained all consents and authorizations (including all required consents and authorizations of any Governmental Authority) that are necessary or advisable to be obtained by it in connection with the execution, delivery and performance of this Agreement and each other Loan Document to which it is or may become a party and each such consent and authorization is in full force and effect except where the failure to do so would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it is not required to register as an investment company under the Investment Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it has not issued any securities that are or are required to be registered under the Securities Act of 1933, as amended, and it is not a reporting company under the Securities Exchange Act of 1934, as amended;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it has no Indebtedness other than (i) Indebtedness incurred under the terms of the Loan Documents, (ii) Indebtedness incurred pursuant to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Loan Documents and (iii) if applicable, the obligation to make future payments under any Delayed Funding Term Loan or Revolving Loan;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) as of the date of this Agreement it is, and after giving effect to any Advance it will be, Solvent and it is not entering into this Agreement or any other Loan Document or consummating any transaction contemplated hereby or thereby with any intent to hinder, delay or defraud any of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) it is not in default under any other contract to which it is a party except where such default would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it has complied with all Applicable Laws, judgments, agreements with governmental authorities, decrees and orders with respect to its business and properties and the Portfolio, except where noncompliance would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) it does not have any Subsidiaries or own any Investments in any Person other than the Portfolio Investments or Investments (i) constituting Eligible Investments (as measured at their time of acquisition), (ii) acquired by the Company as permitted hereunder, or (iii) those the Company shall have acquired or received as a distribution in connection with a workout, bankruptcy, foreclosure, restructuring or similar process or proceeding involving a Portfolio Investment or any issuer thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (x) it has disclosed to the Administrative Agent all agreements, instruments and corporate or other restrictions to which it is subject, and all other matters actually known to it that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect, (y) no information (other than projections, forward-looking information, general economic data, industry information or information relating to third parties) heretofore furnished by or on behalf of it in writing to the Administrative Agent or any Lender in connection with this Agreement or any transaction contemplated hereby (after taking into account all updates, modifications and supplements to such information) contains (or, to the extent any such information was furnished by a third party, to its knowledge contains), when taken as a whole, as of its delivery date, any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and (z) as of the Effective Date, to the best knowledge of it, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct in all respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) all of the conditions to the acquisition of the Portfolio Investments specified in <u>Section</u> <u>1.03</u> have been satisfied or waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) it has timely filed all material Tax returns required by Applicable Law to have been filed by it; all such Tax returns are true and correct in all material respects; and it has paid or withheld (as applicable) all Taxes owing or required to be withheld by it (if any) shown on such Tax returns, except any such Taxes which are being contested in good faith by appropriate proceedings and for which adequate reserves shall have been set aside in accordance with GAAP on its books and records;

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) prior to the date hereof, the Company has not engaged in any business operations or activities other than as an ownership entity for Portfolio Investments and similar Loan or debt obligations and activities incidental thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) neither it nor any of its Subsidiaries is (i) the target of Sanctions; (ii) a Person that resides or has a place of business in a Sanctioned Country or any country or territory which is designated as a "High-Risk Jurisdictions subject to a Call for Action" by the Financial Action Task Force on Money Laundering, or, to the best knowledge of the Company, whose subscription funds are transferred from or through such a jurisdiction; (iii) a "Foreign Shell Bank" within the meaning of the PATRIOT Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision; or (iv) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections 311 or 312 of the PATRIOT Act as warranting special measures due to money laundering concerns. It is in compliance in all material respects with all applicable Sanctions and also in compliance in all material respects with all applicable provisions of the PATRIOT Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) it has implemented and maintains in effect (or is subject to) policies and procedures reasonably designed to ensure compliance by it, its agents and their respective directors, managers, officers and employees (as applicable) with Anti-Corruption Laws and applicable Sanctions, and it and its officers and directors and, to its knowledge, its employees, members and agents are in compliance with Anti-Corruption Laws in all material respects and are not knowingly engaged in any activity that would reasonably be expected to result in it being designated as a Sanctioned Person. None of (i) it or its directors, officers, managers or employees or (ii) to the knowledge of it, any director, manager or agent of it that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (i) the Loan Documents and the Management Agreement represent all of the material agreements between the Portfolio Manager and the Parent, on the one hand, and the Company, on the other;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has good and marketable title to all Portfolio Investments and other Collateral free of any Liens (other than Permitted Liens) and no effective financing statement (other than with respect to Permitted Liens) or other instrument similar in effect naming or purportedly naming it or any of its Affiliates as debtor and covering all or any part of the Collateral is on file in any recording office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) it is not relying on any advice (whether written or oral) of any Lender, Agent or any of their respective Affiliates in connection with the Loan Documents or the transactions contemplated thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) there are no unpaid judgments for material Taxes with respect to it and no unresolved claim is being asserted with respect to the material Taxes of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) upon the making of each Advance, the Collateral Agent, for the benefit of the Secured Parties, will have acquired a perfected, first priority and valid security interest (except, as to priority, for any Permitted Liens) in the Collateral acquired with the proceeds of such Advance, free and clear of any adverse claim (other than Permitted Liens) or restrictions on transferability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) the Parent is not required to register as an investment company under the Investment Company Act of 1940, as amended;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the Portfolio Manager is not required to register as an investment adviser under the Investment Advisers Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) no ERISA Event has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) all proceeds of the Advances will be used by the Company only in accordance with the provisions of this Agreement. No part of the proceeds of any Advance will be used by the Company to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock. Neither the making of any Advance nor the use of the proceeds thereof will violate or be inconsistent with the provisions of Regulation T, U or X of the Federal Reserve Board. No Advance is secured, directly or indirectly, by Margin Stock, and the Collateral does not include Margin Stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Neither it nor any of its Subsidiaries is a "covered foreign person" as that term is used in the Outbound Investment Rules.

SECTION 6.02 <u>Covenants of the Company and the Portfolio Manager</u>. The Company (and, with respect to clauses (e), (g), (k), (o), (r), (x), (bb), (hh) and (ii), the Portfolio Manager):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall at all times: (i) maintain at least one independent manager or director (who is in the business of serving as an independent manager or director); (ii) maintain its own separate books and records and bank accounts; (iii) hold itself out to the public and all other Persons as a legal entity separate from any other Person; (iv) have a board of managers separate from that of any other Person; (v) file its own Tax returns, and pay any material Taxes so required to be paid under Applicable Law, except for those Taxes being contested in good faith by appropriate proceedings and in respect of which the Company has established proper reserves on its books in accordance with GAAP; (vi) not commingle its assets with assets of any other Person; (vii) conduct its business in its own name and comply with all organizational formalities to maintain its separate existence; (viii) maintain separate financial statements; (ix) pay its own liabilities only out of its own funds; (x) maintain an arm's-length relationship with the Parent and each of its other Affiliates; (xi) not hold out its credit or assets as being available to satisfy the obligations of others; (xii) allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including for shared office space; (xiii) use separate stationery, invoices and checks; (xiv) except as expressly permitted by this Agreement, not pledge its assets as security for the obligations of any other Person; (xv) correct any known misunderstanding regarding its separate identity; (xvi) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities and pay its operating expenses and liabilities from its own assets; (xvii) not acquire the obligations or any securities of its Affiliates; (xviii) cause the managers, officers, agents and other representatives of the Company to act at all times with respect to the Company consistently and in furtherance of the foregoing and in the best interests of the Company; and (xix) maintain at least one special member, who, shall hold such special membership interest pursuant to a customary declaration of trust or equivalent, in form and substance satisfactory to the Administrative Agent and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not (i) engage, directly or indirectly, in any business, other than the actions required or permitted to be performed under the preceding clause (a) including, other than with respect to any warrants received in connection with a Portfolio Investment, controlling the decisions or actions respecting the daily business or affairs of any other Person except as otherwise permitted hereunder (which, for the avoidance of doubt, shall not prohibit it from taking, or refraining to take, any action under or with respect to a Portfolio Investment); (ii) fail to be Solvent; (iii) release, sell, transfer, convey or assign any Portfolio Investment unless in accordance with the Loan Documents; (iv) except for capital contributions or capital distributions permitted under the terms and conditions of this Agreement and properly reflected on its books and records, enter into any transaction with any of its Affiliates except on commercially reasonable terms similar to those available to unaffiliated parties in an arm's-length transaction; (v) identify itself as a department or division of any other Person; or (vi) own any asset or property other than the Collateral and the related assets and incidental personal property necessary for the ownership or operation of these assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall take all actions consistent with and shall not take any action contrary to the "Assumptions" section in the opinions of the Company's counsel, dated the date hereof, relating to certain non-consolidation matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shall not create, incur, assume or suffer to exist any Indebtedness other than (i) Indebtedness incurred under the terms of the Loan Documents, (ii) Indebtedness incurred pursuant to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Loan Documents and (iii) if applicable, the obligation to make future payments under any Delayed Funding Term Loan or Revolving Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) shall comply in all material respects with all Anti-Corruption Laws and applicable Sanctions and shall maintain in effect (or cause to be maintained) and enforce policies and procedures reasonably designed to ensure compliance by it and its Subsidiaries and their respective directors, managers, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) shall not amend (1) any of its constituent documents or (2) any document to which it is a party in any manner that would reasonably be expected to adversely affect the Lenders in any material respect, without, in each case, the prior written consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) shall not (A) permit the validity or effectiveness of this Agreement or any grant hereunder to be impaired, or permit the Lien of this Agreement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Agreement, any other Loan Document or the Advances, except as may be expressly permitted hereby, (B) permit any Lien to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof, any interest therein or the proceeds thereof, in each case, other than Permitted Liens or (C) permit the Lien of this Agreement to fail to constitute a valid perfected security interest in the Collateral that is of first priority, free of any adverse claim or the legal equivalent thereof, as applicable, except for Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) shall not, without the prior consent of the Administrative Agent (acting at the direction of the Required Lenders), which consent may be withheld in the sole and absolute discretion of the Required Lenders, enter into any hedge agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall not change its name, identity or corporate or partnership structure in any manner that would make any financing statement or continuation statement filed by it (or by the Collateral Agent on its behalf) in accordance with clause (a) above materially misleading or change its jurisdiction of organization, formation, registration or incorporation, unless it shall have given the Administrative Agent and the Collateral Agent at least 30 days prior written notice thereof (or such shorter period as agreed to by the Administrative Agent in writing (including via email) in its sole discretion), and shall promptly file, or authorize the filing of, appropriate amendments to all previously filed financing statements and continuation statements (and shall provide a copy of such amendments to the Collateral Agent and the Administrative Agent together with written confirmation to the effect that all appropriate amendments or other documents in respect of previously filed statements have been filed);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) shall do or cause to be done all things reasonably necessary to (i) preserve and keep in full force and effect its existence as a limited liability company, limited partnership or corporation, as applicable, and take all reasonable action to maintain its rights, franchises, licenses and permits material to its business in the jurisdiction of its formation and (ii) qualify and remain qualified as a limited liability company, limited partnership or corporation, as applicable, in good standing in each jurisdiction in which such qualification is material to its business or necessary to protect the validity and enforceability of the Loan Documents or any of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) shall comply with (A) all Applicable Law (whether statutory, regulatory or otherwise), except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect and (B) with respect to the performance of its respective obligations or the exercise of its respective rights, any applicable conflicts procedure set forth in its constituent documents, including its limited partnership agreement or portfolio management agreement, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) shall not merge into or consolidate with any Person or dissolve, terminate or liquidate in whole or in part, in each case, without the prior written consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) except for Investments permitted by <u>Section</u> <u>6.02(u)(C)</u> and without the prior written consent of the Administrative Agent, shall not form, or cause to be formed, any Subsidiaries; or make or suffer to exist any Loans or advances to, or extend any credit to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate or any other Person except investments as otherwise permitted herein and pursuant to the other Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) shall ensure that (i) its affairs are conducted so that its underlying assets do not constitute "plan assets" within the meaning of the Plan Asset Rules, (ii) it does not sponsor, maintain, contribute to or is required to contribute to, or has any direct liability with respect to, any Plan and (iii) no ERISA Affiliate sponsors, maintains, contributes to or is required to contribute to or has any liability with respect to any Plan, except where doing so would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) except for the security interest granted hereunder and as otherwise permitted hereunder, shall not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on the Collateral or any interest therein (other than Permitted Liens), and it shall defend the right, title, and interest of the Collateral Agent (for the benefit of the Secured Parties) and the Lenders in and to the Collateral against all claims of third parties claiming through or under it (other than Permitted Liens);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall promptly post on a password protected website maintained by the Administrative Agent to which the Portfolio Manager and each Lender will have access, copies of the following financial statements, reports and information: (a) as soon as available, but in any event within 120 days after the end of each fiscal year of the Parent, a copy of the audited consolidated and consolidating balance sheet of the Parent and its consolidated Subsidiaries as at the end of such year, the related consolidated statements of income for such year and the related consolidated statements of changes in net assets and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year; *provided*, that the financial statements required to be delivered pursuant to this clause (a) which are made available via EDGAR, or any successor system of the Securities Exchange Commission, in the Parent's annual report on Form 10-K, shall be deemed delivered to the Administrative Agent on the date such documents are made so available; (b) as soon as available and in any event within 60 days after the end of each

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fiscal quarter of each fiscal year (other than the last fiscal quarter of each fiscal year), an audited consolidated balance sheet of the Parent and its consolidated Subsidiaries as of the end of such fiscal quarter and including the prior comparable period (if any), and the audited consolidated and consolidating statements of income of the Parent and its consolidated Subsidiaries for such fiscal quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter, and the audited consolidated statements of cash flows of the Parent and its consolidated Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter; *provided*, that the financial statements required to be delivered pursuant to this clause (b) which are made available via EDGAR, or any successor system of the Securities Exchange Commission, in the Parent's quarterly report on Form 10-Q, shall be deemed delivered to the Administrative Agent on the date such documents are made so available; (c) as soon as available and in any event within ten (10) Business Days after the end of each calendar quarter, details of each PIK Portfolio Investment and the quantum of interest payable under such PIK Portfolio Investment that is actually being paid in kind rather than in cash (with such update to be substantially in the form of Schedule 7 and which may be delivered via email); and (d) from time to time, such other information or documents (financial or otherwise) as the Administrative Agent or the Required Lenders may reasonably request (to the extent reasonably available to the Company and not subject to applicable obligations of confidentiality; *provided* that the Portfolio Manager shall use commercially reasonable efforts to obtain any necessary consents to providing to the Administrative Agent and/or the Required Lenders any such information or documents reasonably requested by them that are subject to an obligation of confidentiality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall promptly furnish to the Administrative Agent (with a copy to the Collateral Agent) as soon as available, but no later than the date any financial statements are due pursuant to <u>Section</u> <u>6.02(p)(i)(a)</u> or <u>(b)</u>, a compliance certificate, certified by a Responsible Officer of the Company to be true and correct, (a) stating whether any Default or Event of Default exists and if a Default or Event of Default exists, specifying the details thereof and any action taken or proposed to be taken with respect thereto; (b) stating that the Company is in compliance with the covenants set forth in this Agreement, including a certification that the Collateral has been Delivered to the Collateral Agent; (c) stating that the representations and warranties of the Company contained in <u>Article IV</u>, or in any other Loan Document, or which are contained in any document furnished at any time or in connection herewith or therewith, are true and correct in all material respects on and as of the date thereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date; (d) certifying that such financial statements fairly present in all material respects, the financial condition and the results of operations of the Company on the dates and for the periods indicated, on the basis of GAAP, subject, in the case of interim financial statements, to normally recurring year-end adjustments; and (e) setting forth the results and calculations of the Collateral Quality Tests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all Taxes levied or imposed upon it or upon its income, profits or property; *provided* that it shall not be required to pay or discharge or cause to be paid or discharged any such Tax (i) the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which disputed amounts adequate reserves in accordance with GAAP have been made or (ii) the failure of which to pay or discharge could not reasonably be expected to have a Material Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) shall permit representatives of the Administrative Agent at any time and from time to time as the Administrative Agent shall reasonably request, and at the Company's expense, (A) to inspect and make copies of and abstracts from its records relating to the Portfolio Investments and (B) to visit its properties in connection with the collection, processing or managing of the Portfolio Investments for the purpose of examining such records, and to discuss matters relating to the Portfolio Investments or such Person's performance under this Agreement and the other Loan Documents with any officer or employee or auditor (if any) of such Person having knowledge of such matters. The Company agrees to render to the Administrative Agent such clerical and other assistance as may be reasonably requested with regard to the foregoing; *provided* that such assistance shall not interfere in any material respect with the Company's or the Portfolio Manager's business and operations. So long as no Event of Default has occurred and is continuing and no Market Value Event has occurred, such visits and inspections shall occur only (i) upon five (5) Business Days' prior written notice, (ii) during normal business hours and (iii) no more than once in any calendar year. Following the occurrence of a Market Value Event or following the occurrence and during the continuance of an Event of Default, there shall be no limit on the timing or number of such inspections and only two (2) Business Days' prior notice will be required before any inspection which shall occur during normal business hours. Notwithstanding anything to the contrary in this clause (r), neither the Company nor the Portfolio Manager will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (x) constitutes non-financial trade secrets or non-financial proprietary information, (y) in respect of which access or inspection by, or disclosure to, the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Applicable Law (or any binding confidentiality agreement; *provided* that the Portfolio Manager shall use commercially reasonable efforts to obtain any necessary consents to providing to the Administrative Agent and/or the Lenders any such document, information or other matter that are subject to an obligation of confidentiality) or (z) is subject to attorney-client or similar privilege or constitutes attorney work product; provided, that, (I) in the event the Portfolio Manager or the Company withholds information from the Administrative Agent or the Lenders in reliance on this sentence, the Company shall provide (to the extent possible without violation of such Applicable Law, any binding confidentiality agreement, attorney-client or attorney work product privilege) notice to the Administrative Agent or such applicable Lender that such information is being withheld and shall use commercially reasonable efforts to communicate the applicable information in a way that would not violate the Applicable Law or binding confidentiality agreement or risk waiver of such attorney-client or attorney work product privilege and (II) no such information withheld pursuant to a binding confidentiality agreement shall be withheld if such information would be customary and necessary (in the reasonable determination of the Administrative Agent) in order for the Administrative Agent to effectuate a sale of Portfolio Investments pursuant to <u>Section</u> <u>1.04</u> or an assignment of the Financing Commitments pursuant to <u>Section</u> <u>10.07</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) shall not use any part of the proceeds of any Advance, whether directly or indirectly, for any purpose that entails a violation of any of the regulations of the Federal Reserve Board, including Regulations T, U and X;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) shall not make any Restricted Payments without the prior written consent of the Administrative Agent; *provided* that the Company may make Permitted Distributions and/or Permitted RIC Distributions subject to the other requirements of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) shall not make or hold any Investments, except (A) the Portfolio Investments or Investments constituting Eligible Investments (measured at the time of acquisition), (B) those that have been consented to by the Administrative Agent or (C) those the Company shall have acquired or received as a distribution in connection with a workout, bankruptcy, foreclosure, restructuring or similar process or proceeding involving a Portfolio Investment or any issuer thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shall not request any Advance, and the Company shall not directly or knowingly indirectly, use, and shall procure that its directors, officers, employees and agents shall not directly or knowingly indirectly use, the proceeds of any Advance (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) shall not transfer to any of its Affiliates any Portfolio Investment (other than sales to Affiliates and Substitutions conducted on terms and conditions consistent with those of an arm's-length transaction and at fair market value);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) shall post on a password protected website maintained by the Administrative Agent to which the Portfolio Manager and the Initial Participant (as long as it remains a Lender Participant) will have access or deliver via email to the Administrative Agent, with respect to each Portfolio Investment Obligor in respect of a Portfolio Investment, without duplication of any other reporting requirements set forth in this Agreement or any other Loan Document, (i) any management discussion and analysis, (ii) any financial reporting packages (including all financial statements) and (iii) notifications of credit events, in each case provided by such Portfolio Investment Obligor with respect to such Portfolio Investment Obligor and the applicable Portfolio Investment (including any attached or included information, statements and calculations) promptly (and in any event within five (5) Business Days) following the earlier of receipt thereof by the Company or the Portfolio Manager and upon the Company or the Portfolio Manager obtaining knowledge thereof. The Company shall cause the Portfolio Manager to promptly provide such other information as the Administrative Agent may reasonably request with respect to any Portfolio Investment or Portfolio Investment Obligor (to the extent reasonably available to the Portfolio Manager), and participate in quarterly portfolio review calls with any Lender or the Initial Participant (as long as it remains a Lender Participant) if reasonably requested by such Lender or the Initial Participant;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) shall from time to time (including, without limitation, in connection with any Duration Extension Request) execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be reasonably necessary to secure the rights and remedies of the Secured Parties hereunder and to grant more effectively all or any portion of the Collateral, maintain or preserve the security interest (and the priority thereof) of this Agreement or to carry out more effectively the purposes hereof, perfect, publish notice of or protect the validity of any grant made or to be made by this Agreement, preserve and defend title to the Collateral and the rights therein of the Collateral Agent and the Secured Parties in the Collateral and the Collateral Agent against the claims of all Persons and parties, pay any and all Taxes levied or assessed upon all or any part of the Collateral and use its commercially reasonable efforts to minimize Taxes and any other costs arising in connection with its activities or give, execute, deliver, file and/or record any financing statement, notice, instrument, document, agreement or other papers that may be necessary or desirable to create, preserve, perfect or validate the security interest granted pursuant to this Agreement or to enable the Collateral Agent to exercise and enforce its rights hereunder with respect to such pledge and security interest, and hereby authorizes the Collateral Agent to file a UCC financing statement listing 'all assets of the debtor' (or substantially similar language) in the collateral description of such financing statement. Such authorization shall not impose upon the Collateral Agent, or release or diminish, the Company's obligations under this <u>Section</u> <u>6.02(aa)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) shall, upon the request of the Administrative Agent following the end of each fiscal quarter of the Company and the delivery of the financial statements pursuant to <u>Section</u> <u>6.2(o)</u> or at any other time requested by the Administrative Agent or the Required Lenders if the Company agrees, participate in a conference call with Lenders arranged by the Administrative Agent to provide discussion and analysis with respect to the Portfolio Investments at a time at which the Company and the Administrative Agent mutually agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) shall use all commercially reasonable efforts to elevate all Participation Interests to absolute assignments within the applicable then-current standard settlement timeframes set forth in LSTA guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) shall not hire any employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) shall not maintain any bank accounts or securities accounts other than the Collateral Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) except as otherwise expressly permitted herein, shall not cancel or terminate any of the underlying instruments in respect of a Portfolio Investment to which it is party or beneficiary (in any capacity), or consent to or accept any cancellation or termination of any of such agreements unless (in each case) the Administrative Agent shall have consented thereto in writing in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) shall not make or incur any capital expenditures except as reasonably required to perform its functions in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) shall not act on behalf of, a Sanctioned Person or Sanctioned Country, and none of the Company, the Portfolio Manager or any of their respective Affiliates, owners, directors or officers is a natural person or entity with whom dealings are prohibited under Sanctions for a natural person or entity required to comply with such Sanctions. The Company does not own and will not acquire, and the Portfolio Manager will not cause the Company to own or acquire, any security issued by, or interest in, any country, territory, or entity whose direct ownership would be or is prohibited under Sanctions for a natural person or entity required to comply with Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall give notice to the Administrative Agent (with a copy to the Collateral Agent) promptly in writing (and delivered electronically to the designated email address provided by the Administrative Agent to the Company and Portfolio Manager) upon (and in no event later than one (1) Business Day after) the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company or the Portfolio Manager obtaining actual knowledge, or upon due inquiry would have had actual knowledge, of any Adverse Proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company or the Portfolio Manager obtaining actual knowledge, or upon due inquiry would have had actual knowledge, of any Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Company or the Portfolio Manager obtaining actual knowledge, or upon due inquiry would have had actual knowledge, of any adverse claim asserted against any of the Portfolio Investments, the Collateral Accounts or any other Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any change in the information provided in the Beneficial Ownership Certification delivered to any Lender that would result in a change to the list of beneficial owners identified in such certification; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any Portfolio Investment which satisfies the Eligibility Criteria hereunder becomes an Ineligible Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) shall ensure that all Portfolio Investments denominated in a Permitted Non-USD Currency and all proceeds thereof are at all times deposited in or credited to a Permitted Non-USD Currency Account except to the extent that any such proceeds are transferred to another Collateral Account in accordance with this Agreement or any such Portfolio Investment is sold in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) shall ensure that the Unfunded Exposure Amount shall not exceed 10% of the Collateral Principal Amount; *provided* that any Unfunded Exposure Amount shall be cash collateralized as required in accordance with <u>Section</u> <u>2.03(g)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) shall comply, and shall cause its Subsidiaries to comply, with the Outbound Investment Rules in all material respects and shall use commercially reasonable efforts to notify the Administrative Agent and Lenders in advance if the Company or any of its Subsidiaries intends to engage in a transaction that may implicate a notification requirement to the Office of Investment Security of the U.S. Department of the Treasury under the Outbound Investment Rules.

SECTION 6.03 <u>Amendments of Portfolio Investments, Etc</u>. If the Company or the Portfolio Manager receives any notice or other communication concerning any amendment, supplement, consent, waiver or other modification of any Portfolio Investment or any related underlying instrument or rights thereunder (each, an "<u>Amendment</u>") with respect to any Portfolio Investment or any related Underlying Definitive Documents, or makes any affirmative determination to exercise or refrain from exercising any rights or remedies thereunder, it will give prompt (and in any event, not later than ten (10) Business Days') notice thereof to the Administrative Agent; *provided* that, if an Amendment relates solely to an operational or administrative issue, the Company may notify the Administrative Agent promptly upon execution thereof. In any such event, the Company shall exercise all voting and other powers of ownership relating to such Amendment or the exercise of such rights or remedies as the Portfolio Manager shall deem appropriate under the circumstances; *provided* that, unless the Portfolio Manager delivers a full and final investment committee memo with respect to such Amendment (subject to redactions for confidential information as reasonably determined by the Portfolio Manager) to the Administrative Agent prior to the execution thereof, any amendment, supplement, waiver or other modification of the type specified in the definition of "Material Amendment" shall be subject to the approval of the Administrative Agent (and the Administrative Agent shall use commercially reasonable efforts to notify the Company or the Portfolio Manager, as applicable, within five (5) Business Days of confirmed receipt by the Administrative Agent of such notice and request for approval thereof, whether or not the Administrative Agent approves such amendment, supplement, consent, waiver or other modification); provided further that*,* that if an Event of Default has occurred and is continuing or a Market Value Event has occurred, the Company will exercise all voting and other powers of ownership as the Administrative Agent (acting at the direction of the Required Lenders) shall instruct (it being understood that if the terms of the related Underlying Definitive Documents expressly prohibit or restrict any such rights given to the Administrative Agent, then such right shall be limited to the extent necessary so that such prohibition or restriction is not violated). In any such case, following the Company's receipt thereof, the Company shall promptly provide to the Administrative Agent copies of all executed amendments to Underlying Definitive Documents, executed waiver or consent forms or other documents executed or delivered in connection with any Amendment; *provided*, that any Amendment which is required to be delivered to the Administrative Agent shall be deemed delivered if posted to a password-protected website maintained by the Administrative Agent to which the Portfolio Manager shall have access. Any Portfolio Investment that is subject to an Amendment with respect to a Material Amendment shall become an Ineligible Investment if such Material Amendment is disapproved by the Administrative Agent within five (5) Business Days of confirmed receipt by the Administrative Agent of notice of such Material Amendment, which notice shall be sent by the Company to the Administrative Agent within ten (10) Business days of execution thereof.

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ARTICLE VII

EVENTS OF DEFAULT

SECTION 7.01 <u>Events of Default</u>. If any of the following events ("<u>Events of Default</u>") shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall fail to pay any amount owing by it in respect of the Secured Obligations (whether for principal, interest, fees or other amounts) when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise and, solely in the case of amounts other than principal, interest and fees, (i) such failure continues for a period of two (2) Business Days following such failure or (ii) if resulting solely from an administrative error or omission by the Collateral Agent, such failure continues for a period of two (2) Business Days after the earlier of (x) the Company or the Portfolio Manager becoming aware of such failure and (y) receipt of written notice by the Company or the Portfolio Manager of such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any representation or warranty made or deemed made by or on behalf of the Company, the Parent or the Portfolio Manager (collectively, the "<u>Credit Risk Parties</u>") herein or in any other Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, or other document (other than projections, forward-looking information, general economic data, industry information or information relating to third parties which the Portfolio Manager reasonably believed to be true and accurate as of the date delivered to the Portfolio Manager or industry information) furnished pursuant hereto or in connection herewith or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made (it being understood that the failure of a Portfolio Investment to satisfy the Eligibility Criteria after the date of its purchase shall not constitute a failure) and, if such failure is capable of being remedied, such failure shall continue for a period of 30 days following the earlier of (i) receipt by such Credit Risk Party of written notice of such inaccuracy from the Administrative Agent and (ii) an officer of such Credit Risk Party becoming aware of such inaccuracy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (A) the Company shall fail to observe or perform any covenant, condition or agreement contained in <u>Section</u> <u>6.02(a)(i)</u> through (vii), <u>(xi)</u>, (xiv) or (xix), <u>(b)(i)</u> through <u>(iv)</u>, (c), <u>(d)</u>, <u>(f)</u>, (g), <u>(h),</u> (i), (j), (l), <u>(m)</u>, (o), <u>(t)</u>, <u>(v)</u>, (w), (dd), (hh) or (ii), <u>Section</u> <u>8.02(b)</u> or the last sentence of the first paragraph of <u>Section</u> <u>1.04</u> or (B) any Credit Risk Party shall fail to observe or perform any other covenant, condition or agreement contained herein (it being understood that the failure of a Portfolio Investment to satisfy the Eligibility Criteria after the date of its purchase shall not constitute such a failure) or in any other Loan Document and, in the case of this clause <u>(B)</u>, if such failure is capable of being remedied, such failure shall continue for a period of 30 days following the earlier of (i) receipt by such Credit Risk Party of written notice of such failure from the Administrative Agent and (ii) an officer of such Credit Risk Party becoming aware of such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, provisional liquidation, reorganization, administration or other relief in respect of any Credit Risk Party or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect in any jurisdiction or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator, liquidator, provisional liquidator or similar official in any jurisdiction for any Credit Risk Party or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for forty five (45) days or an order or decree approving or ordering any of the foregoing shall be entered;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Credit Risk Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (d) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Credit Risk Party or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Credit Risk Party shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the passing of a resolution by the Parent or any other equityholder of the Company in respect of the winding up or restructuring on a voluntary basis of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any final judgments or orders (not subject to appeal or otherwise non-appealable) by one or more courts of competent jurisdiction for the payment of money in an aggregate amount in excess of U.S.$1,000,000 (after giving effect to insurance, if any, available with respect thereto) shall be rendered against the Company, and the same shall remain unsatisfied, unvacated, unbonded or unstayed for a period of sixty (60) days after the date on which the right to appeal has expired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an ERISA Event occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a Change of Control occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Company or the pool of Collateral shall become required to register as an "investment company" within the meaning of the Investment Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Portfolio Manager (i) resigns as Portfolio Manager under this Agreement, (ii) assigns any of its obligations or duties as Portfolio Manager in contravention of the terms of this Agreement or (iii) otherwise ceases to act as Portfolio Manager in accordance with the terms of this Agreement and, in each case, an Affiliate of the Portfolio Manager is not appointed (and has accepted such appointment) in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a LTV Default has occurred and is not remedied within either (i) one (1) Business Day or (ii) in the event such LTV Default occurs during a Market Value Cure Period, such Market Value Cure Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (i) failure of the Company to fund the Unfunded Exposure Account when required in accordance with <u>Section</u> <u>2.03(f)</u> other than in the case that any Lender fails to make the Advance required in accordance with <u>Section</u> <u>2.03(f)</u>, (ii) failure of the Company to satisfy its obligations in respect of unfunded obligations with respect to any Delayed Funding Term Loan or Revolving Loan (including the payment of any amount in connection with the sale thereof to the extent required under this Agreement) or (iii) failure of the Company to fund the Unfunded Exposure Account when required in accordance with <u>Section</u> <u>2.03(g)</u>; *provided* that the failure of the Company to undertake any action set forth in this clause <u>(n)(i)</u> or <u>(n)(ii)</u> is not remedied within two (2) Business Days;

then, and in every such event (other than an event with respect to the Company described in clause <u>(d)</u> or (e) of this Article), and at any time thereafter in each case during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Company, take any or all of the following actions, at the same or different times: (i) terminate the Financing

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Commitments, and thereupon the Financing Commitments shall terminate immediately, (ii) declare all of the Secured Obligations then outstanding to be due and payable in whole (or in part, in which case any Secured Obligations not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the Secured Obligations so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Company accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company, and (iii) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents and Applicable Law; and in case of any event with respect to the Company described in clause <u>(d)</u> or (e) of this Article, the Financing Commitments shall automatically terminate and all Secured Obligations then outstanding, together with accrued interest thereon and all fees and other obligations of the Company accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company.

ARTICLE VIII

COLLATERAL ACCOUNTS; COLLATERAL SECURITY

SECTION 8.01 <u>The Collateral Accounts; Agreement as to Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment and Maintenance of Collateral Accounts</u>. The Company hereby appoints the Securities Intermediary to establish, and the Securities Intermediary does hereby establish, each of the Interest Collection Account, the Principal Collection Account (together with the Interest Collection Account, the "<u>Collection Account</u>"), the Permitted Non-USD Currency Accounts, the MV Cure Account, the Unfunded Exposure Account and the Permitted Non-USD Unfunded Exposure Accounts (collectively, the "<u>Collateral Accounts</u>"); *provided* that it is hereby understood and agreed that, notwithstanding the establishment of each Permitted Non-USD Currency Account and Permitted Non-USD Currency Unfunded Exposure Account, no Permitted Non-USD Currency Account or Permitted Non-USD Currency Unfunded Exposure Account shall be available for the receipt of cash and Portfolio Investments in such Permitted Non-USD Currency until such time as the Securities Intermediary notifies the Company, the Portfolio Manager, the Collateral Agent and the Administrative Agent in writing (including via email) that such Permitted Non-USD Currency Account or Permitted Non-USD Currency Unfunded Exposure Account is operational and available to receive such cash and Portfolio Investments (and the Securities Intermediary and the Collateral Agent shall have no liability for any failure or delay in the receipt or payment of such amounts or Portfolio Investments denominated in such Permitted Non-USD Currency prior to the date that the Securities Intermediary notifies the Company, the Portfolio Manager, the Collateral Agent and the Administrative Agent that such Permitted Non-USD Currency Account or Permitted Non-USD Currency Unfunded Exposure Accounts is operational and available for deposits and payments) (each such notice, a "<u>Permitted Non-USD Currency Account Opening Notice</u>"). The Securities Intermediary agrees to maintain the Collateral Accounts as a "securities intermediary" (within the meaning of Section 8-102(a)(14) of the UCC), in the name of the Company subject to the lien of the Collateral Agent under this Agreement. In the event any Collateral Account is re-characterized as a deposit account, the Securities Intermediary agrees to maintain such Collateral Account as a "bank" (within the meaning of Section 9-102(a)(8) of the UCC) (in such capacity, the "<u>Bank</u>"), in the name of the Company subject to the lien of the Collateral Agent under this Agreement. The Securities Intermediary hereby certifies that it is a bank or trust company that in the ordinary course of business maintains securities accounts and deposit accounts for others and in that capacity has established the Collateral Accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Collateral Agent in Control of Collateral Accounts</u>. Each of the parties hereto hereby agrees that (1) each Collateral Account shall be deemed to be a "securities account" (within the meaning of Section 8-501(a) of the UCC, (2) all property credited to any Collateral Account shall be treated as a financial asset for purposes of Article 8 of the UCC (provided that nothing herein shall require the Securities Intermediary to credit to any Collateral Account or to treat as a financial asset (within the meaning of Section 8-102(a)(9) of the UCC) any asset in the nature of a general intangible (as defined in Section 9-102(a)(42) of the UCC) or to "maintain" sufficient quantity thereof (within the meaning of Section 8-504 of the UCC) and (3) except as otherwise expressly provided herein, the Collateral Agent will be exclusively entitled to exercise the rights that comprise each financial asset credited to each Collateral Account. Notwithstanding any term hereof or elsewhere to the contrary, it is hereby expressly acknowledged that (a) interests in bank loans or participations (collectively "<u>Loan Assets</u>") that are not evidenced by, or accompanied by delivery of, a "security" (as that term is defined in Section 8-102(a)(15) of the UCC) or an "instrument" (as that term is defined in Section 9-102(a)(47) of the UCC) may be acquired and delivered by the Company to the Securities Intermediary or the Collateral Agent from time to time and may be evidenced solely by delivery to the Securities Intermediary or the Collateral Agent of a facsimile or other electronic form (including, without limitation, "pdf," "tif", "tiff", "jpeg" or "jpg") of an assignment agreement ("<u>Loan Assignment Agreement</u>") in favor of the Company as assignee, (b) any such Loan Assignment Agreement (and the registration of the related Loan Assets on the books and records of the applicable obligor or bank agent) shall be registered in the name of the Company, and (c) any duty on the part of the Securities Intermediary with respect to such Loan Asset (including in respect of any duty it might otherwise have to maintain a sufficient quantity of such Loan Asset for purposes Section 8-504 of the UCC) shall be limited to the exercise of reasonable care by the Securities Intermediary in the physical custody of any such Loan Assignment Agreement that may be delivered to it. Except as provided in <u>Section</u> <u>8.01(h)</u> below, the parties hereto agree that the Securities Intermediary shall act only on entitlement orders or other instructions with respect to the Collateral Accounts originated by the Collateral Agent and no other Person (and without further consent by any other Person); and the Collateral Agent, for the benefit of the Secured Parties, shall have exclusive control and the sole right of withdrawal over each Collateral Account. The only permitted withdrawals from the Collateral Accounts shall be in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Subordination of Lien, Etc.</u> If the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a security interest in any Collateral Account or any security entitlement credited thereto, the Securities Intermediary hereby agrees that such security interest shall be subordinate to the security interest of the Collateral Agent for the benefit of the Secured Parties. The property credited to any Collateral Account will not be subject to deduction, set-off, banker's lien, or any other right in favor of any Person other than the Collateral Agent (except that the Securities Intermediary may set-off (1) all amounts due to the Securities Intermediary in respect of its customary fees and expenses for the routine maintenance and operation of the Collateral Accounts, and (2) the face amount of any payments received by check, wire transfer, ACH or otherwise which have been credited to any Collateral Account but are subsequently returned unpaid because of uncollected or insufficient funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Property Registered, Indorsed, etc. to Securities Intermediary</u>. All securities or other property represented by a certificated security, promissory note or an instrument underlying any financial assets credited to any Collateral Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary in blank or credited to another securities account maintained in the name of the Securities Intermediary, and in no case will any financial asset credited to any Collateral Account be registered in the name of the Company, payable to the order of the Company or specially indorsed to the Company except to the extent the foregoing have been specially indorsed to the Securities Intermediary or in blank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Jurisdiction; Governing Law of Collateral Accounts</u>. The establishment and maintenance of each Collateral Account and all interests, duties and obligations related thereto shall be governed by the law of the State of New York and the "securities intermediary's jurisdiction" (within the meaning of Section 8-110 of the UCC) shall be the State of New York. As permitted by Article 4 of the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (the "<u>Hague Convention</u>"), the parties hereto agree that the law of the State of New York shall govern each Securities Account and the issues specified in Article 2(1) of the Hague Convention. The provisions of the immediately preceding sentence shall be construed as an amendment to any other account agreement governing any Securities Account. Terms used in this <u>Section</u> <u>8.01</u> without definition have the meanings given to them in the UCC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Duties</u>. The parties hereto acknowledge and agree that the Securities Intermediary shall not have any additional duties under this Agreement other than those expressly set forth in this <u>Section</u> <u>8.01</u>, and the Securities Intermediary shall satisfy those duties expressly set forth in this <u>Section</u> <u>8.01</u> so long as it acts without gross negligence, reckless disregard or willful misconduct. Without limiting the generality of the foregoing, the Securities Intermediary shall not be subject to any fiduciary or other implied duties, and the Securities Intermediary shall not have any duty to take any discretionary action or exercise any discretionary powers. The Securities Intermediary shall be subject to all of the rights, protections and immunities given to the Collateral Agent hereunder, including indemnities. In the event the Securities Intermediary receives instructions from the Company to effect a securities transaction as contemplated in 12 CFR 12.1, the Company acknowledges that upon its written request and at no additional cost, it has the right to receive the notification from the Securities Intermediary after the completion of such transaction as contemplated in 12 CFR 12.4(a) or (b). The Company agrees that, absent specific request, such notifications shall not be provided by the Securities Intermediary hereunder, and in lieu of such notifications, the Securities Intermediary shall make available periodic account statements in the manner required by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Ownership of Collateral Accounts; Tax Forms</u>. For the avoidance of doubt, each Collateral Account (including income, if any, earned on the investments of funds in such Collateral Account) will be owned by the Company, for federal income tax purposes. The Company is required to provide to the Securities Intermediary (i) an IRS Form W-9 or appropriate IRS Form W-8 no later than the date of this Agreement, and (ii) any additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation at such time or times required by Applicable Law or upon the reasonable request of the Securities Intermediary as may be necessary (x) to reduce or eliminate the imposition of U.S. withholding taxes and (y) to permit the Securities Intermediary to fulfill its tax reporting obligations under Applicable Law with respect to the Collateral Accounts or any amounts paid to the Company. If any IRS form or other documentation previously delivered becomes obsolete or inaccurate in any respect, the Company shall timely provide to the Securities Intermediary accurately updated and complete versions of such IRS forms or other documentation. U.S. Bank National Association, both in its individual capacity and in its capacity as Securities Intermediary, shall have no liability to the Company or any other person in connection with any tax withholding amounts paid or withheld from the Collateral Accounts pursuant to Applicable Law arising from the Company's failure to timely provide an accurate, correct and complete IRS Form W-9 or an appropriate IRS Form W-8, as applicable, or such other documentation contemplated under this paragraph. For the avoidance of doubt, no funds shall be invested with respect to such Collateral Accounts absent the Securities Intermediary having first received the IRS forms and other documentation required by this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Investment of Funds on Deposit in the Unfunded Exposure Account</u>. All amounts on deposit in the Unfunded Exposure Account shall be invested (and reinvested) at the written direction of the Company (or the Portfolio Manager on its behalf) delivered to the Collateral Agent in Eligible Investments; *provided* that, following the occurrence and during the continuance of an Event of Default or following a Market Value Event, all amounts on deposit in the Unfunded Exposure Account shall be invested, reinvested and otherwise disposed of at the written direction of the Administrative Agent delivered to the Collateral Agent. In the absence of any such written direction from the amounts on deposit in the Unfunded Exposure Account shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unfunded Exposure Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Amounts may be deposited into the Unfunded Exposure Account from time to time in accordance with <u>Section</u> <u>4.05</u>. Amounts shall also be deposited into the Unfunded Exposure Account as set forth in <u>Section</u> <u>2.03(f)</u> or <u>Section</u> <u>2.03(g)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) While no Event of Default has occurred and is continuing and no Market Value Event has occurred and subject to satisfaction of the Borrowing Base Test (after giving effect to such release), the Portfolio Manager may direct, by means of an instruction in writing to the Securities Intermediary (with a copy to the Collateral Administrator and the Collateral Agent and which instruction shall be deemed to constitute a certification that the aforementioned conditions have been satisfied), the release of funds on deposit in the Unfunded Exposure Account (i) for the purpose of funding the Company's unfunded commitments with respect to Delayed Funding Term Loans or Revolving Loans, for deposit into the Collection Account and (ii) so long as no Unfunded Exposure Shortfall exists or would exist after giving effect to the withdrawal. Following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, at the written direction of the Administrative Agent (at the direction of the Required Lenders) (with a copy to the Collateral Administrator), the Securities Intermediary shall transfer all amounts in the Unfunded Exposure Account to the Collection Account to be applied pursuant to <u>Section</u> <u>4.05</u>. Upon the direction of the Company by means of an instruction in writing to the Securities Intermediary (with a copy to the Collateral Administrator, the Collateral Agent and the Administrative Agent), any amounts on deposit in the Unfunded Exposure Account in excess of outstanding funding obligations of the Company shall be released to the Collection Account to prepay the outstanding Advances.

SECTION 8.02 <u>Collateral Security; Pledge; Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Grant of Security Interest</u>. As collateral security for the prompt payment in full when due of all the Company's obligations to the Agents, the Lenders, the Collateral Administrator and the Securities Intermediary (collectively, the "<u>Secured Parties</u>") under this Agreement and the other Loan Documents (collectively, the "<u>Secured Obligations</u>"), the Company hereby pledges to the Collateral Agent and grants a continuing security interest in favor of the Collateral Agent in all of the Company's right, title and interest in, to and under (in each case, whether now owned or existing, or hereafter acquired or arising) all accounts, payment intangibles, general intangibles, chattel paper, electronic chattel paper, instruments, deposit accounts, letter-of-credit rights, investment property, and any and all other property of any type or nature owned by it (all of the property described in this clause (a) being collectively referred to herein as "<u>Collateral</u>"), including, without limitation: (1) each Portfolio Investment, (2) all of the Company's interests in the Collateral Accounts and all investments, obligations and other property from time to time credited thereto, (3) any other Loan Document and all rights related to each such agreement, (4) all other property of the Company and (5) all proceeds thereof, all accessions to and substitutions and replacements for, any of the foregoing, and all rents, profits and products of any thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delivery and Other Perfection</u>. In furtherance of the collateral arrangements contemplated herein, the Company shall (1) Deliver to the Collateral Agent (or the Securities Intermediary, as applicable) the Collateral hereunder as and when acquired by the Company provided that such delivery shall be made as promptly as practicable and in any event no later than three (3) Business Days following acquisition, receipt or settlement thereof (other than with respect to Principal Proceeds and Interest Proceeds, which shall be delivered immediately); (2) if any of the securities, monies or other property pledged by the Company hereunder are received by the Company, forthwith take such action as is necessary to ensure the Collateral Agent's continuing perfected security interest in such Collateral (including Delivering such securities, monies or other property to the Collateral Agent); and (3) upon the reasonable request of the Administrative Agent, deliver to the Administrative Agent, the Lenders and the Collateral Agent, at the expense of the Company, legal opinions from Latham & Watkins LLP or other counsel reasonably acceptable to the Administrative Agent and the Lenders, as to the perfection and priority of the Collateral Agent's security interest in any of the Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Remedies, Etc</u>. During the period in which an Event of Default shall have occurred and be continuing, the Collateral Agent shall (but only if and to the extent directed in writing by the Required Lenders (or the Administrative Agent on their behalf)) do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Collateral) and also may, without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent's or its designee's offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent or a designee of the Collateral Agent (acting at the direction of the Required Lenders (or the Administrative Agent on their behalf)) may deem commercially reasonable. The Company agrees that, to the extent notice of sale shall be required by law, at least ten (10) calendar days' prior notice to the Company of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of the Collateral regardless of notice of sale having been given. The Collateral Agent or its designee may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Transfer all or any part of the Collateral into the name of the Collateral Agent or a nominee thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Enforce collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Endorse any checks, drafts, or other writings in the Company's name to allow collection of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Take control of any proceeds of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Execute (in the name, place and stead of any of the Company) endorsements, assignments, stock powers and other instruments of conveyance or transfer with respect to all or any of the Collateral; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Perform such other acts as may be reasonably required to do to protect the Collateral Agent's rights and interest hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compliance with Restrictions</u>. The Company and the Portfolio Manager agree that in any sale of any of the Collateral whenever an Event of Default shall have occurred and be continuing, the Collateral Agent or its designee are hereby authorized to comply with any limitation or restriction in connection with such sale as it may be advised by counsel in writing is necessary in order to avoid any violation of Applicable Law (including compliance with such procedures as may restrict the number of

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prospective bidders and purchasers, require that such prospective bidders and purchasers have certain qualifications, and restrict such prospective bidders and purchasers to Persons who will represent and agree that they are purchasing for their own account for investment and not with a view to the distribution or resale of such Collateral), or in order to obtain any required approval of the sale or of the purchaser by any governmental regulatory authority or official, and the Company and the Portfolio Manager further agree that such compliance shall not, in and of itself, result in such sale being considered or deemed not to have been made in a commercially reasonable manner, nor shall the Collateral Agent be liable or accountable to the Company or the Portfolio Manager for any discount allowed by the reason of the fact that such Collateral is sold in good faith compliance with any such limitation or restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Private Sale</u>. The Collateral Agent shall incur no liability as a result of a sale of the Collateral, or any part thereof, at any private sale pursuant to clause (c) above conducted in a commercially reasonable manner. The Company and the Portfolio Manager hereby waive any claims against each Agent and Lender arising by reason of the fact that the price at which the Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Collateral Agent Appointed Attorney-in-Fact</u>. The Company hereby appoints the Collateral Agent as the Company's attorney-in-fact (it being understood that the Collateral Agent shall not be deemed to have assumed any of the obligations of the Company by this appointment), with full authority in the place and stead of the Company and in the name of the Company, from time to time in the Collateral Agent's discretion (exercised at the written direction of the Administrative Agent or the Required Lenders, as the case may be), after the occurrence and during the continuation of an Event of Default, to take any action and to execute any instrument which the Administrative Agent or the Required Lenders may deem necessary or advisable to accomplish the purposes of this Agreement. The Company hereby acknowledges, consents and agrees that the power of attorney granted pursuant to this clause is irrevocable during the term of this Agreement and is coupled with an interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Further Assurances</u>. The Company covenants and agrees that, from time to time upon the request of the Collateral Agent (as directed by the Administrative Agent), the Company will execute and deliver such further documents, and do such other acts and things as the Collateral Agent (as directed by the Administrative Agent) may reasonably request in order fully to effect the purposes of this Agreement and to protect and preserve the priority and validity of the security interest granted hereunder or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral; *provided* that no such document may alter the rights and protections afforded to the Company or the Portfolio Manager herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Release of Security Interest upon Disposition of Collateral</u>. Upon any sale, transfer or other disposition of any Collateral (or portion thereof) that is permitted hereunder, the security interest granted hereunder in such Portfolio Investment or other Collateral (or the portion thereof which has been sold or otherwise disposed of) shall, immediately upon the sale or other disposition of such Portfolio Investment or other Collateral (or such portion) and without any further action on the part of the Collateral Agent or any other Secured Party, be released. Upon any such release, the Collateral Agent will, at the Company's sole expense and upon receipt of a certification of the Company (or the Portfolio Manager on its behalf) that all conditions to such sale, transfer or disposition have been complied with (which certification shall be deemed provided upon delivery of any direction or instruction by the Company (or the Portfolio Manager on its behalf) in connection with such sale, transfer or disposition), deliver to the Company, or cause the Securities Intermediary to deliver, without any representations, warranties or recourse of any kind whatsoever, all certificates and instruments representing or evidencing all of the Collateral held by the Securities Intermediary hereunder, and execute and deliver to the Company or its nominee such documents as the Company shall reasonably request to evidence such release.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Termination</u>. Upon the payment in full of all Secured Obligations and termination of the Financing Commitments, the security interest granted herein shall automatically (and without further action by any party) terminate and all rights to the Collateral shall revert to the Company. Upon notice of any such termination by the Company, the Collateral Agent will, at the Company's direction and sole expense, deliver to the Company, or cause the Securities Intermediary to deliver, without any representations, warranties or recourse of any kind whatsoever, all certificates and instruments representing or evidencing all of the Collateral held by the Securities Intermediary hereunder, and execute and deliver to the Company or its nominee such documents as the Company shall reasonably request to evidence such termination.

ARTICLE IX

THE AGENTS

SECTION 9.01 <u>Appointment of the Administrative Agent and the Collateral Agent</u>. Each of the Lenders hereby irrevocably appoints each of the Administrative Agent and the Collateral Agent (each, an "<u>Agent</u>" and collectively, the "<u>Agents</u>") as its agent and authorizes such Agents to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. Anything contained herein to the contrary notwithstanding, each Agent and each Lender hereby agree that no Lender shall have any right individually to realize upon any of the Collateral hereunder, it being understood and agreed that all powers, rights and remedies hereunder with respect to the Collateral shall be exercised solely by the Collateral Agent for the benefit of the Secured Parties at the direction of the Administrative Agent.

Each financial institution serving as an Agent hereunder shall have the same rights and powers in its capacity as a Lender (if applicable) as any other Lender and may exercise the same as though it were not an Agent, and such financial institution and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Company as if it were not an Agent hereunder.

No Agent, the Collateral Administrator or the Securities Intermediary shall have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) no Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default, Event of Default, Market Value Event, Market Value Trigger Event or failure of the Borrowing Base Test has occurred and is continuing, (b) no Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except that the foregoing shall not limit any duty expressly set forth in this Agreement to include such rights and powers expressly contemplated hereby or that such Agent is required to exercise by the terms of this Agreement as directed in writing by (i) in the case of the Collateral Agent (A) in respect of the exercise of remedies under <u>Section</u> <u>8.02(c)</u>, the Required Lenders, or (B) in all other cases, the Administrative Agent or (ii) in the case of any Agent, the Required Lenders (or such other number or percentage of Lenders as shall be necessary under the circumstances as provided herein), and (c) except as expressly set forth herein, no Agent shall have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company that is communicated to or obtained by the financial institution serving in the capacity of such Agent (except insofar as provided to it as Agent hereunder) or any of its Affiliates in any capacity. No Agent shall be liable for any action taken or not taken by it in the absence of its own gross negligence or willful misconduct or with the consent or at the request or direction of the Administrative Agent (in the case of the Collateral Administrator and the Collateral Agent only) or the Required Lenders (or such other number or percentage of Lenders that shall be permitted herein to direct such action or forbearance). None of the Collateral Agent, the Collateral Administrator or the Securities Intermediary shall be deemed to have knowledge or notice of any Default, Event of Default, Market Value Event, Market Value Trigger Event or failure of the Borrowing Base Test unless and until a Responsible Officer has received written notice thereof from the Company, a Lender or the Administrative Agent, which notice shall reference the Company and this Agreement. None of the Collateral Agent, the Collateral

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Administrator, the Securities Intermediary or the Administrative Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document or electronic communication delivered hereunder or in connection herewith or other Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or in any other Loan Document, (iv) the validity, enforceability, effectiveness, genuineness, value or sufficiency of this Agreement, any other agreement, instrument or document or the Collateral, or (v) the satisfaction of any condition set forth herein, other than to confirm receipt of items expressly required to be delivered to such Agent. None of the Collateral Agent, the Collateral Administrator, the Securities Intermediary or the Administrative Agent shall be required to risk or expend its own funds in connection with the performance of its obligations hereunder if it reasonably believes it will not receive reimbursement therefor hereunder.

Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon (including as to the truth and correctness of the statements and opinions expressed therein), any notice, request, certificate, consent, statement, instrument, direction, opinion, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable Person. Each Agent, the Collateral Administrator and the Securities Intermediary may consult with legal counsel (who may be counsel for the Company or the Portfolio Manager) independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. The Collateral Agent, Collateral Administrator and the Securities Intermediary may rely upon instructions and information provided by (i) the Administrative Agent as if provided by the Required Lenders directly and (ii) the Portfolio Manager as if provided by the Company directly.

In the event the Collateral Agent, the Securities Intermediary or the Collateral Administrator shall receive conflicting instruction from the Administrative Agent and the Required Lenders, the instruction of the Required Lenders shall govern. None of the Collateral Administrator, the Securities Intermediary or the Collateral Agent shall have any duties or obligations under or in respect of any other agreement (including any agreement that may be referenced herein) to which it is not a party, nor shall the Collateral Administrator, the Securities Intermediary or the Collateral Agent be chargeable with knowledge of any of the terms of conditions of any such agreement. The grant of any permissive right or power to the Collateral Agent, the Collateral Administrator or the Securities Intermediary hereunder shall not be construed to impose a duty to act.

It is expressly acknowledged and agreed that none of the Collateral Administrator, the Securities Intermediary or the Collateral Agent shall be responsible for, and shall not be under any duty to monitor or determine, the Market Value (or any other characteristic) of any Portfolio Investment, compliance with the Eligibility Criteria or the Concentration Limitations in any instance, to determine if the conditions of "Deliver" have been satisfied or otherwise to monitor or determine compliance by any other Person with the requirements of this Agreement or other Loan Document, including the conditions to any purchase, sale or disposition of a Portfolio Investment.

Each Agent, the Collateral Administrator and the Securities Intermediary may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by it. No Agent shall be responsible for any misconduct or negligence on the part of any sub-agent or attorney appointed by such Agent with due care. Each Agent, the Collateral Administrator and the Securities Intermediary and any such sub-agent may perform any and all its duties and exercise its rights and powers

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through their respective Affiliates and the respective directors, officers, employees, agents and advisors of such Person and its Affiliates (the "<u>Related Parties</u>") for such Agent. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of each Agent, the Collateral Administrator and the Securities Intermediary and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent, the Collateral Agent, the Collateral Administrator or the Securities Intermediary, as the case may be.

Subject to the appointment and acceptance of a successor as provided in this paragraph, each of the Collateral Administrator, the Collateral Agent, the Securities Intermediary and the Administrative Agent may resign at any time upon 30 days' notice to each other agent, the Lenders, the Portfolio Manager and the Company (which resignation of the Collateral Agent or the Securities Intermediary shall also be effective as removal under the Account Control Agreement). Upon any such resignation, the Required Lenders shall have the right to appoint a successor with, so long as no Event of Default has occurred and is continuing and no Market Value Event has occurred, the consent of the Portfolio Manager; *provided*, that any appointment of a successor Administrative Agent shall be in accordance with the terms agreed by and among the Company and the Initial Participant. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Collateral Administrator, Collateral Agent, Securities Intermediary or Administrative Agent, as applicable (each, a "<u>Retiring Agent</u>"), gives notice of its resignation, then the Administrative Agent may, on behalf of the Lenders, appoint a successor (so long as no Event of Default has occurred and is continuing and no Market Value Event has occurred, with the consent of the Portfolio Manager), which shall be a financial institution with an office in New York, New York, or an Affiliate of any such financial institution. If no successor shall have been so appointed by the Administrative Agent and shall have accepted such appointment within sixty (60) days after the Retiring Agent gives notice of its resignation, such agent may petition a court of competent jurisdiction for the appointment of a successor. Upon the acceptance of its appointment as Collateral Administrator, Securities Intermediary, Administrative Agent or Collateral Agent, as the case may be, hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the Retiring Agent, and the Retiring Agent shall be discharged from its duties and obligations hereunder. After the Retiring Agent's resignation hereunder, the provisions of this Article and <u>Sections 5.03</u> and <u>10.04</u> shall continue in effect for the benefit of such Retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Collateral Administrator, Securities Intermediary, Administrative Agent or Collateral Agent, as the case may be.

Subject to the appointment and acceptance of a successor as provided in this paragraph, each of the Collateral Administrator, the Collateral Agent and the Securities Intermediary may be removed at any time with 30 days' notice by the Company (with the written consent of the Administrative Agent), with notice to the Collateral Administrator, the Collateral Agent, the Securities Intermediary, the Lenders and the Portfolio Manager (which removal of the Collateral Agent or the Securities Intermediary shall also be effective as removal under the Account Control Agreement). Upon any such removal, the Company shall have the right (with the written consent of the Administrative Agent) to appoint a successor to the Collateral Agent, the Collateral Administrator and/or the Securities Intermediary, as applicable. If no successor to any such Person shall have been so appointed by the Company and shall have accepted such appointment within thirty (30) days after receipt of such notice of removal by the Collateral Administrator, the Collateral Agent and/or the Securities Intermediary, as applicable (each, a "<u>Removed Agent</u>"), then the Administrative Agent may (with, so long as no Event of Default has occurred and is continuing and no Market Value Event has occurred, the consent of the Company) appoint a successor which shall be a financial institution with an office in New York, New York, or an Affiliate of any such financial institution. Upon the acceptance of its appointment as Collateral Administrator, Securities Intermediary or Collateral Agent, as the case may be, hereunder by a successor, such successor shall succeed to and become vested

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with all the rights, powers, privileges and duties of the Removed Agent, and the Removed Agent shall be discharged from its duties and obligations hereunder. After the Removed Agent's removal hereunder, the provisions of this Article and <u>Sections 5.03</u> and <u>10.04</u> shall continue in effect for the benefit of such Removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Collateral Administrator, Securities Intermediary or Collateral Agent, as the case may be.

Upon the request of the Company or the Administrative Agent or the successor agent, such retiring or removed agent shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring to such successor agent all the rights, powers and trusts of the retiring or removed agent, and shall duly assign, transfer and deliver to such successor agent all property and money held by such retiring or removed agent hereunder. Upon request of any such successor agent, the Company and the Administrative Agent shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor agent all such rights, powers and trusts.

Notwithstanding anything to the contrary contained herein or in any other Loan Document, any association or corporation into which the Collateral Agent, the Securities Intermediary or the Collateral Administrator may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Collateral Agent, the Securities Intermediary or the Collateral Administrator shall be a party, or any corporation or association succeeding to the corporate trust business of the Collateral Agent or the Collateral Administrator or the securities intermediary business of the Securities Intermediary shall be the successor of the Collateral Agent, the Securities Intermediary or the Collateral Administrator hereunder (and, if applicable, under the Account Control Agreement) without the execution or filing of any paper with any Person or any further act on the part of any Person.

Each Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder.

Anything in this Agreement notwithstanding, in no event shall any Agent, the Collateral Administrator or the Securities Intermediary be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including lost profits), even if such Agent, the Collateral Administrator or the Securities Intermediary, as the case may be, has been advised of such loss or damage and regardless of the form of action.

Each Agent and the Collateral Administrator shall not be liable for any error of judgment made in good faith by an officer or officers of such Agent or the Collateral Administrator, unless it shall be conclusively determined by a court of competent jurisdiction that such Agent or the Collateral Administrator was grossly negligent in ascertaining the pertinent facts.

Each Agent and the Collateral Administrator shall not be responsible for the accuracy or content of any certificate, statement, direction or opinion furnished to it in connection with this Agreement.

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Each Agent and the Collateral Administrator shall not be bound to make any investigation into the facts stated in any resolution, certificate, statement, instrument, opinion, report, consent, order, approval, bond, electronic communication or other document or have any responsibility for filing or recording any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder.

In the absence of gross negligence or willful misconduct, each Agent, the Collateral Administrator and the Securities Intermediary may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any request, instruction, certificate, opinion or other document or electronic communication furnished to it, reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties and conforming to the requirements of this Agreement but, in the case of a request, instruction, document or certificate which by any provision hereof is specifically required to be furnished to it, such Agent, the Collateral Administrator or the Securities Intermediary, as applicable, shall be under a duty to examine the same in accordance with the requirements of this Agreement to determine that it conforms to the form required by such provision.

None of the Agents, the Collateral Administrator or the Securities Intermediary shall be responsible for delays or failures in performance resulting from acts beyond its control. Such acts include but are not limited to acts of God, strikes, lockouts, riots and acts of war. In connection with any payment, the Collateral Agent and the Collateral Administrator are entitled to rely conclusively on any instructions provided to them by the Administrative Agent.

Before the Collateral Agent, the Securities Intermediary or Collateral Administrator acts or refrains from acting, it may require, and may conclusively rely on, a certificate (which may be constituted by written directions provided in accordance with this Agreement) of an officer of the Administrative Agent or the Required Lenders, as applicable. The Collateral Agent, the Securities Intermediary or Collateral Administrator shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate. The Collateral Agent, the Securities Intermediary or Collateral Administrator may, from time to time, reasonably request that the parties hereto deliver a certificate (upon which the Collateral Agent, the Securities Intermediary or Collateral Administrator may conclusively rely) setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Agreement or any related document together with a specimen signature of such authorized officers and the Collateral Agent, the Securities Intermediary or Collateral Administrator shall be entitled to conclusively rely on the then current certificate until receipt of a superseding certificate.

In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering ("<u>Applicable Bank Law</u>"), the entity serving as Collateral Agent, the Securities Intermediary or Collateral Administrator is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with such entity. Accordingly, each of the parties agrees to provide to the Collateral Agent, the Securities Intermediary or the Collateral Administrator upon its reasonable request from time to time such identifying information and documentation as may be available for such party in order to enable the Collateral Agent, the Securities Intermediary or the Collateral Administrator to comply with Applicable Bank Law.

The rights, protections and immunities given to the Agents in this <u>Section</u> <u>9.01</u> shall likewise be available and applicable to the Securities Intermediary and the Collateral Administrator.

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SECTION 9.02 <u>Additional Provisions Relating to the Collateral Agent and the Collateral Administrator</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Collateral Agent May Perform</u>. The Collateral Agent shall from time to time take such action (at the written direction of the Administrative Agent or the Required Lenders) for the maintenance, preservation or protection of any of the Collateral or of its security interest therein and the Administrative Agent may direct the Collateral Agent in writing to take any action incidental thereto; *provided* that with respect to actions which are incidental to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the written direction of the Administrative Agent; *provided further* that.in each case the Collateral Agent shall have no obligation to take any such action in the absence of such direction and shall have no obligation to comply with any such direction if it reasonably believes that the same (1) is contrary to Applicable Law or (2) is reasonably likely to subject the Collateral Agent to any loss, liability, cost or expense, unless the Administrative Agent or the Required Lenders, as the case may be, issuing such instruction make provision reasonably satisfactory to the Collateral Agent for payment of same.

If, in performing its respective duties under this Agreement, the Collateral Agent or Collateral Administrator, as applicable, is required to decide between alternative courses of action, such Collateral Agent or Collateral Administrator shall request written instructions from the Administrative Agent as to the course of action desired by it. The Collateral Agent or Collateral Administrator, as applicable, shall be entitled to rely on the advice of legal counsel and independent accountants in performing its respective duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Reasonable Care</u>. The Collateral Agent is required to exercise reasonable care in the custody and preservation of any of the Collateral in its possession; *provided* that (i) the Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of any of the Collateral if it takes such action for that purpose as permitted by this Agreement and (ii) the Collateral Agent shall have failed to exercise reasonable care if it fails to comply with any request pursuant to this Agreement at any time. The Collateral Agent will not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any liens thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Collateral Agent Not Liable</u>. Except to the extent arising from the gross negligence, willful misconduct, criminal conduct or reckless disregard of the Collateral Agent, the Collateral Agent shall not be liable by reason of its compliance with the terms of this Agreement with respect to (1) the investment of funds held thereunder in Eligible Investments (other than for losses attributable to the Collateral Agent's failure to make payments on investments issued by the Collateral Agent, in its commercial capacity as principal obligor and not as collateral agent, in accordance with their terms) or (2) losses incurred as a result of the liquidation of any Eligible Investment prior to its stated maturity. It is expressly agreed and acknowledged that the Collateral Agent is not guaranteeing performance of or assuming any liability for the obligations of the other parties hereto or any parties to the Portfolio Investments or other Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Certain Rights and Obligations of the Collateral Agent</u>. Without further consent or authorization from any Lenders, the Collateral Agent may execute any documents or instruments necessary to release any lien encumbering any item of Collateral that is the subject of a sale or other disposition of assets permitted by this Agreement or as otherwise permitted or required hereunder or to which the Required Lenders or the Administrative Agent have otherwise consented. Anything contained herein to the contrary notwithstanding, in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale, any Agent or Lender may be the purchaser of any or all of such Collateral at any such sale and the Collateral Agent, as agent for and representative of the Lenders (but not any Lender in its individual capacity unless the Required Lenders shall otherwise agree), shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the purchaser at such sale.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Collateral Agent, Securities Intermediary and Collateral Administrator Fees and Expenses</u>. The Company agrees to pay to the Collateral Agent, the Securities Intermediary and the Collateral Administrator such fees as the Administrative Agent, the Collateral Agent, the Securities Intermediary, the Collateral Administrator and the Portfolio Manager, may agree in writing, subject to the Priority of Payments. The Company further agrees to pay to the Collateral Agent, the Securities Intermediary and the Collateral Administrator, or reimburse the Collateral Agent, the Securities Intermediary and the Collateral Administrator for paying, reasonable and documented out-of-pocket expenses, including attorney's fees and the reasonable and documented fees and expenses of its experts and agents, in connection with this Agreement and the transactions contemplated hereby, subject to the Priority of Payments. Any percentage-based fees payable to the Collateral Agent, the Securities Intermediary and the Collateral Administrator hereunder shall be calculated with respect to a period at a per annum rate shall be computed on the basis of a 360 day year of twelve 30 day months and the actual number of days elapsed during the related Calculation Period and shall be based, if applicable, on the sum of the aggregate outstanding principal amount of the Portfolio Investments plus Permitted Investments and cash in any Account in each case as of the first day of the related Calculation Period. Any such fees applicable to periods shorter than or longer than the Calculation Period shall be prorated to the actual number of days within such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Execution by the Collateral Agent, the Securities Intermediary and the Collateral Administrator</u>. The Collateral Agent, the Securities Intermediary and the Collateral Administrator are executing this Agreement solely in their capacity as Collateral Agent, Securities Intermediary and Collateral Administrator hereunder and in no event shall have any obligation to make any Advance, provide any Advance or perform any obligation of the Administrative Agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Reports by the Collateral Administrator</u>. The Company hereby appoints U.S. Bank Trust Company, National Association as Collateral Administrator and directs the Collateral Administrator to prepare the reports substantially in the form reasonably agreed by the Company, the Collateral Administrator and the Administrative Agent. The Company and the Portfolio Manager shall cooperate with the Collateral Administrator in connection with the matters described herein, including calculations relating to the reports contemplated herein or as otherwise reasonably requested hereunder. Without limiting the generality of the foregoing, the Company (or the Portfolio Manager on its behalf) shall supply in a timely fashion any determinations, designations, classifications or selections made by it relating to a Portfolio Investment, including in connection with the acquisition or disposition thereof, and any information maintained by it that the Collateral Administrator may from time to time reasonably request with respect to the Portfolio Investment and reasonably need to complete the reports required to be prepared by the Collateral Administrator hereunder or reasonably required to permit the Collateral Administrator to perform its obligations hereunder. The Collateral Administrator shall deliver a draft of each such report (other than the daily position reporting) to the Portfolio Manager and the Portfolio Manager shall have an opportunity to review, verify and approve the contents of the aforesaid reports. To the extent any of the information in such reports conflicts with data or calculations in the records of the Portfolio Manager, the Portfolio Manager shall notify the Collateral Administrator of such discrepancy and use reasonable efforts to assist the Collateral Administrator in reconciling such discrepancy. Upon reasonable request by the Collateral Administrator, the Company (or the Portfolio Manager on its behalf) further agrees to provide to the Collateral Administrator from time to time during the term of this Agreement, on a timely basis, any information relating to the Portfolio Investments and any proposed purchases, sales or other dispositions thereof as to enable the Collateral Administrator to perform its duties hereunder. Neither the Collateral Agent nor the Collateral Administrator shall have any obligation to determine or calculate the Borrowing Base Test, any Net Asset Value, the <u>Unfunded Exposure Amount</u>, the Unfunded Exposure Shortfall or any Market Value and shall be entitled to conclusively rely upon such amounts as reported by the Company (or the Portfolio Manager on its behalf) or the Administrative Agent, as applicable. The Collateral Agent and the Collateral Administrator shall be entitled to conclusively rely upon information provided by the Administrative Agent with respect to the determination of all interest, fees, expenses and other amounts due and payable to the Lenders and the calculation of each Benchmark, Reference Rate and any Base Rate or Benchmark Replacement (including a Benchmark Replacement Adjustment).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Information Provided to the Collateral Agent and the Collateral Administrator</u>. Without limiting the generality of any terms of this Section, neither the Collateral Agent nor the Collateral Administrator shall have liability for any failure, inability or unwillingness on the part of the Portfolio Manager, the Administrative Agent, the Company or the Required Lenders to provide accurate and complete information on a timely basis to the Collateral Agent or the Collateral Administrator, as applicable, or otherwise on the part of any such party to comply with the terms of this Agreement, and, absent gross negligence, willful misconduct, criminal conduct or reckless disregard of the Collateral Agent or the Collateral Administrator, as applicable, shall have no liability for any inaccuracy or error in the performance or observance on the Collateral Agent's or Collateral Administrator'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 any such other party to comply with the terms hereof.

SECTION 9.03 <u>Acknowledgements of the Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, (ii) in participating as Lender, it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Lender, in each case in the ordinary course of business, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument such as a security (and each Lender agrees not to assert a claim in contravention of the foregoing, such as a claim under the federal or state securities law), (iii) it has, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Advances hereunder, (iv) it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender, (v) either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities and (vi) it is a "qualified purchaser" as defined under the Investment Company Act of 1940, as amended. Each also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Company and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Secured Party hereby agrees that (i) if the Administrative Agent notifies such Secured Party that the Administrative Agent has determined in its sole discretion that any funds received by such Secured Party from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a "<u>Payment</u>") were erroneously transmitted to such Secured Party (whether or not known to such Secured Party), and demands the return of such Payment (or a portion thereof), such Secured Party shall promptly, but in no event later than one (1) Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Secured Party to the date such amount is repaid to the Administrative Agent at the

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greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (ii) to the extent permitted by applicable law, such Secured Party shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Secured Party under this <u>Section</u> <u>9.03</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Secured Party hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (i) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "<u>Payment Notice</u>") or (ii) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Secured Party agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Secured Party shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one (1) Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Secured Party to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The parties hereto hereby agree that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Secured Party that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Secured Party with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any obligations owed by the Company, except, in each case, to the extent such Payment is, and solely with respect to the amount of such Payment that is, comprised of funds received by the Administrative Agent from the Company for the purpose of making such Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each party's obligations under this <u>Section</u> <u>9.03</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, any Secured Party, the termination of the Financing Commitments or the repayment, satisfaction or discharge of all obligations under any Loan Document.

SECTION 9.04 <u>Credit Bidding</u>. The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which the Company is subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent or the Collateral Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Administrative Agent at the direction of the Required Lenders on a ratable basis (with Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the

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liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the Secured Parties' ratable interests in the Secured Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in <u>Section</u> <u>10.05</u> of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the relevant Secured Obligations which were credit bid, interests, whether as equity, partnership interests, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Secured Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Secured Obligations assigned to the acquisition vehicle exceeds the amount of Secured Obligations credit bid by the acquisition vehicle or otherwise), such Secured Obligations shall automatically be reassigned to the Secured Parties pro rata with their original interest in such Secured Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Secured Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action. Notwithstanding that the ratable portion of the Secured Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.

SECTION 9.05 <u>Certain ERISA Matters</u>. (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of each Agent and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Company, the Parent or the Portfolio Manager, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Lender is not using "plan assets" (within the meaning of the Plan Asset Rules) of one or more Plans in connection with the Advances or the Financing Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Advances, the Financing Commitments and this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Advances, the Financing Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Advances, the Financing Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) and (k) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Advances, the Financing Commitments and this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of each Agent and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Company or the Portfolio Manager, that none of the Agents, the Securities Intermediary or any of their respective Affiliates is a fiduciary with respect to the Collateral or the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Agent and the Securities Intermediary hereby informs the Lenders that each such Person is not undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Advances, the Financing Commitments, this Agreement and any other Loan Documents (ii) may recognize a gain if it extended the Advances or the Financing Commitments for an amount less than the amount being paid for an interest in the Advances or the Financing Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker's acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

ARTICLE X

MISCELLANEOUS

SECTION 10.01 <u>Non-Petition; Limited Recourse.</u> Each of the Collateral Agent, the Securities Intermediary, the Collateral Administrator, the Portfolio Manager and the other parties hereto (other than the Administrative Agent acting at the direction of the Required Lenders) hereby agrees not to commence, or join in the commencement of, any proceedings in any jurisdiction for the bankruptcy, winding-up or liquidation of the Company or any similar proceedings, in each case prior to the date that is

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one year and one day (or if longer, any applicable preference period plus one day) after the payment in full of all amounts owing to the parties hereto. The foregoing restrictions are a material inducement for the parties hereto to enter into this Agreement and are an essential term of this Agreement. The Administrative Agent or the Company may seek and obtain specific performance of such restrictions (including injunctive relief), including, without limitation, in any bankruptcy, winding-up, liquidation, provisional liquidation or similar proceedings. The Company shall promptly object to the institution of any bankruptcy, winding-up, liquidation, provisional liquidation or similar proceedings against it and take all necessary or advisable steps to cause the dismissal of any such proceeding; provided that such obligation shall be subject to the availability of funds therefor. Nothing in this <u>Section</u> <u>10.01</u> shall limit the right of any party hereto to file any claim or otherwise take any action with respect to any proceeding of the type described in this Section that was instituted by the Company or against the Company by any Person other than a party hereto.

Notwithstanding any other provision of this Agreement, no recourse under any obligation, covenant or agreement of the Company or the Portfolio Manager contained in this Agreement shall be had against any incorporator, stockholder, partner, officer, director, member, manager, employee or agent of the Company, the Portfolio Manager or any of their respective Affiliates (solely by virtue of such capacity) 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 this Agreement is solely a corporate obligation of the Company and (with respect to the express obligations of the Portfolio Manager hereunder) the Portfolio Manager and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, partner, officer, director, member, manager, employee or agent of the Company, the Portfolio Manager or any of their respective Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of the Company or the Portfolio Manager contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by the Company or the Portfolio Manager of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, partner, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement; and, correspondingly, the Lenders agree that no claims shall be brought against any Affiliate of the Company or the Parent, in such capacity, on any theory of lender liability, recharacterization, or similar claim.

SECTION 10.02 <u>Notices</u>. All notices and other communications in respect hereof (including, without limitation, any modifications hereof, or requests, waivers or consents hereunder) to be given or made by a party hereto shall be in writing (including by electronic mail or other electronic messaging system of .pdf or other similar files) to the other parties hereto at the addresses for notices specified on the Transaction Schedule (or, as to any such party, at such other address as shall be designated by such party in a notice to each other party hereto). All such notices and other communications shall be deemed to have been duly given when (a) transmitted by facsimile, (b) personally delivered, (c) in the case of a mailed notice, upon receipt, or (d) in the case of notices and communications transmitted by electronic mail or any other electronic messaging system, upon delivery, in each case given or addressed as aforesaid.

The Collateral Agent, Collateral Administrator and the Securities Intermediary (each in their respective capacities) agree to accept and act upon instructions or directions pursuant to this Agreement or any other related transaction document sent by unsecured email, facsimile transmission or other similar unsecured electronic methods; provided, however, that any Person providing such instructions or directions shall provide to the Collateral Agent, the Collateral Administrator or the Securities Intermediary, as applicable, an incumbency certificate listing authorized officers designated to provide such instructions or directions, which incumbency certificate shall be amended whenever a person is added or deleted from the listing. If such person elects to give the Collateral Agent, the Collateral Administrator or the Securities Intermediary, as applicable, email or facsimile instructions (or instructions by a similar electronic method) and the Collateral Agent, the Collateral Administrator or the Securities Intermediary, as applicable, in its discretion elects to act upon such

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instructions, the Collateral Agent's, the Collateral Administrator's or the Securities Intermediary's, as applicable, reasonable understanding of such instructions shall be deemed controlling. The Collateral Agent, the Collateral Administrator and the Securities Intermediary (each in their respective capacities) shall not be liable for any losses, costs or expenses arising directly or indirectly from their reliance upon and compliance with its reasonable understanding of such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. Any person providing such instructions or directions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Collateral Agent, the Collateral Administrator or the Securities Intermediary, including without limitation, the risk of the Collateral Agent, the Collateral Administrator or the Securities Intermediary, as applicable, acting on unauthorized instructions, and the risk of interception and misuse by third parties. Any party providing such instructions acknowledges and agrees that there may be more secure methods of transmitting such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in connection with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances.

SECTION 10.03 <u>No Waiver</u>. No failure on the part of any party hereto to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

SECTION 10.04 <u>Expenses; Indemnity; Damage Waiver; Right of Setoff</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall pay (1) all fees and reasonable and documented out-of-pocket expenses incurred by the Agents, the Collateral Administrator, the Securities Intermediary and their Related Parties, including the reasonable and documented fees, charges and disbursements of one outside counsel for each Agent and the Collateral Administrator, and a single local counsel in each appropriate jurisdiction as required for the Agents, the Collateral Administrator and the Securities Intermediary, collectively, in connection with the preparation and administration of this Agreement, any other Loan Document or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) (including due diligence with respect to the transactions contemplated hereby) and (2) all reasonable and documented out-of-pocket expenses incurred by the Agents, the Collateral Administrator, the Securities Intermediary and the Lenders, including the fees, reasonable charges and disbursements of outside counsel for each Agent, the Collateral Administrator and the Securities Intermediary and such other local counsel as required for all of them, in connection herewith, including the enforcement or protection of their rights in connection with this Agreement and the other Loan Documents, including their rights under this Section, or in connection with the Advances provided by them hereunder, including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall indemnify the Agents, the Collateral Administrator, the Securities Intermediary, the Lenders and their Related Parties (each such Person being called an "<u>Indemnitee</u>"), against, and hold each Indemnitee harmless from, any and all losses, claims (whether brought by or involving the Company or any third party), damages, liabilities and related expenses, including the reasonable and documented out-of-pocket fees, charges and disbursements of outside counsel for each Indemnitee and such other local counsel as required for any Indemnitees, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (1) the execution or delivery of this Agreement, the other Loan Documents or any agreement or instrument contemplated thereby, the performance by the parties thereto of their respective obligations (including, without limitation, any breach of any representation or warranty made by the Company or the Portfolio Manager hereunder (for the

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avoidance of doubt, after giving effect to any limitation included in any such representation or warranty relating to materiality or causing a Material Adverse Effect)) or the exercise or enforcement of the parties thereto of their respective rights (including, without limitation, the approval or disapproval by the Administrative Agent of the acquisition of any Portfolio Investment in accordance with the terms of this Agreement) or the consummation of the transactions contemplated hereby or thereby, (2) any Advance or the use of the proceeds therefrom, (3) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not such proceeding is brought by the Company or any other Credit Risk Party or its or their respective equity holders, Affiliates, creditors or any other third Person, and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto or is pursuing or defending any such action or (4) any action taken in connection with this Agreement, including, but not limited to, the payment of principal, interest and fees; *provided* that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or its officers, directors or employees. This <u>Section</u> <u>10.04(b)</u> shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

To the extent permitted by Applicable Law, neither the Company nor any Indemnitee shall assert, and each hereby waives, any claim against the Company or any Indemnitee, as applicable, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement, instrument or transaction contemplated hereby or thereby, any Advance or the use of the proceeds thereof; *provided* that, nothing in this <u>Section</u> <u>10.04(c)</u> shall relieve the Company of any obligation it may have to indemnify an Indemnitee, as provided in <u>Section</u> <u>10.04(b)</u>, against any special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party *provided*, that in no event shall the Company be liable for any indirect, consequential, or punitive damages of such Indemnitee itself; *provided further* that this sentence shall in no way limit or vitiate the indemnity obligations of the Company hereunder with respect to a claim for indirect, consequential or punitive damages against any Indemnitee which is brought by a Person not party hereto or brought in breach of this provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Company against any of and all the obligations of the Company now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this clause (d) are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This <u>Section</u> <u>10.04</u> shall survive the termination of this Agreement and the repayment of all amounts owing to the Secured Parties hereunder and, if applicable, the earlier resignation or removal of any Indemnitee.

SECTION 10.05 <u>Amendments</u>. Subject to <u>Section</u> <u>3.01(h)(ii)</u>, no amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including, without limitation, a writing evidenced by a facsimile transmission or electronic mail) and executed by each of the Agents, the Collateral Administrator, the Securities Intermediary, the Required Lenders, the Company and the Portfolio Manager; *provided*, *however*, that any amendment to this Agreement that the Administrative Agent determines in its commercially reasonable judgment is necessary to effectuate the purposes of <u>Section</u> <u>1.04</u> hereof following the occurrence and during the continuance of an Event of Default or

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following the occurrence of a Market Value Event and which would not result in an increase or decrease in the rights, duties or liabilities of the Portfolio Manager or the Company shall not be required to be executed by the Portfolio Manager or the Company; *provided further* that the Administrative Agent may waive any of the Eligibility Criteria and the requirements set forth in Schedule 3 or Schedule 4 in its sole discretion; *provided further* that none of the Collateral Agent, the Collateral Administrator or the Securities Intermediary shall be required to execute any amendment that affects its rights, duties, protections or immunities; *provided further* that any Material Amendment shall require the prior written consent of each Lender affected thereby; *provided further* that (i) the Administrative Agent may, with the consent of the Company only, amend, modify or supplement this Agreement or any other Loan Document to cure any ambiguity, omission, defect or inconsistency (as reasonably determined by the Administrative Agent), so long as such amendment, modification or supplement does not adversely affect the rights of any Lender or the Lenders shall have received at least five Business Days' prior written notice (which may be by electronic mail) thereof (a copy of which notice shall be provided by the Company to the Collateral Agent) and the Administrative Agent shall not have received, within ten (10) Business Days of the date of such notice to the Lenders, a written notice (which may be by electronic mail) from the Required Lenders stating that the Required Lenders object to such amendment and (ii) the Administrative Agent may (with the consent of the Required Lenders), in its sole and absolute discretion, consent to any action or omission as set forth in this Agreement and may grant waivers, concessions and other indulgences in accordance with the terms of this Agreement.

SECTION 10.06 <u>Successors; Assignments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Company may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Portfolio Manager, the Administrative Agent and each Lender (and any attempted assignment or transfer by the Company without such consent shall be null and void) and the Portfolio Manager may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent. Except as expressly set forth herein, nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the conditions set forth below, any Lender may assign to any other Person, all or a portion of its rights and obligations under this Agreement (including all or a portion of its Financing Commitment and the Advances at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of the Administrative Agent and the Company; *provided* that that (1) no consent of the Administrative Agent or the Company shall be required for an assignment of any Financing Commitment to an assignee that is a Lender (or any Affiliate thereof) immediately prior to giving effect to such assignment (other than a Defaulting Lender), (2) no consent of the Company shall be required for an assignment to an assignee that is a bank, broker-dealer or insurance company unless such assignment would result in JPMorgan Chase Bank, National Association and its Affiliates holding less than 50% of the Financing Commitment and/or Advances outstanding and (3) no assignment may be made to a Competitor without the prior written consent of the Company (such consent not to be unreasonably withheld, conditioned or delayed); *provided, further,* that no consent of the Company shall be required for an assignment to any Person (including, for the avoidance of doubt, a Competitor), following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event.

Assignments shall be subject to the following additional conditions: (A) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement; (B) each Lender shall obtain a written representation from the applicable

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assignee that it is, a "qualified purchaser" as defined under the Investment Company Act of 1940, as amended; and (C) the parties to each assignment shall execute and deliver to the Administrative Agent an assignment and assumption agreement in form and substance satisfactory to the Administrative Agent (each such agreement, an "<u>Assignment and Assumption</u>").

Subject to acceptance and recording thereof below, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto as a Lender but shall continue to be entitled to the benefits of <u>Sections 3.01(f), 3.03, 5.03</u> and <u>10.04 with respect to facts and circumstances prior to the date of assignment</u>).

The Administrative Agent, acting solely for this purpose as an agent of the Company, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and the Register. The entries in the Register shall be conclusive absent manifest error, and the parties hereto 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 the Company, any Lender and the Portfolio Manager, at any reasonable time and from time to time upon reasonable prior notice. Upon its receipt of a duly completed assignment and assumption executed by an assigning Lender and an assignee, the Administrative Agent shall accept such assignment and assumption and record the information contained therein in the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Lender may, without the consent of, or notice to, the Company, the Parent, the Portfolio Manager, any Agent or any other Lender, sell participations to one or more banks, broker-dealers, insurance companies or other entities (a "<u>Lender Participant</u>") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Financing Commitment and the Advances owing to it); *provided* that (1) such Lender's obligations under this Agreement shall remain unchanged, (2) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (3) the Company, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement and (4) so long as no Market Value Event has occurred and no Event of Default has occurred and is continuing, no Lender may sell a participation hereunder without the prior consent of the Company. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; *provided* that such agreement or instrument may provide that such Lender will not, without the consent of the Lender Participant, agree to any Material Amendment that affects such Lender Participant. The Company agrees that each Lender Participant shall be entitled to the benefits of <u>Sections 3.01(f)</u> and <u>3.03</u> (subject to the requirements and limitations therein, including the requirements under <u>Section</u> <u>3.03(f)</u> (it being understood that the documentation required under <u>Section</u> <u>3.03(f)</u> shall be delivered to the Lender that sells the participation)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; *provided* that such Lender Participant (A) agrees to be subject to the provisions of <u>Section</u> <u>3.01(f)</u> relating to replacement of Lenders as if it were an assignee under paragraph (b) of this <u>Section</u> <u>10.06</u> and (B) shall not be entitled to receive any greater payment under <u>Sections 3.01(f) or</u> 3.03, with respect to any participation, than the Lender that sells the participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Lender Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Company's request and expense, to use reasonable efforts to cooperate with the Company to effectuate the replacement of Lenders provisions set forth in <u>Section</u> <u>3.01(f)</u> with respect to any Lender Participant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Company, maintain a register on which it enters the name and address of each Lender Participant and the principal amounts (and stated interest) of each Lender Participant's interest in the Advances or other obligations under this Agreement (the "<u>Participant Register</u>"); *provided* that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Lender Participant or any information relating to a Lender Participant's interest in any Financing Commitment, Advance or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Financing Commitment, Advance or other obligation is in registered form under Section 5f.103-1(c) and proposed Section 1.163-5(b) of the United States Treasury Regulations or any successor provision. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

SECTION 10.07 <u>Governing Law; Submission to Jurisdiction; Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governing Law</u>. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICT OF LAWS TO THE EXTENT SUCH PRINCIPLES OR RULES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Submission to Jurisdiction</u>. Any suit, action or proceedings relating to this Agreement (collectively, "<u>Proceedings</u>") shall be tried and litigated in the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City. With respect to any Proceedings, each party hereto irrevocably (i) submits to the exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City (except solely to the extent that all such Courts lawfully decline to exercise such jurisdiction) and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement precludes any party hereto from bringing Proceedings to enforce any judgment against any such party arising out of or relating to this Agreement in the courts of any place where such party or any of its assets may be found or located, nor will the bringing of such Proceedings in any one or more jurisdictions preclude the bringing of such Proceedings in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Waiver of Jury Trial</u>. EACH OF THE PARTIES HERETO AND THE ADMINISTRATIVE AGENT ON BEHALF OF THE LENDERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Consent to Service of Process</u>. Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in <u>Section</u> <u>10.02</u>. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Process Agent</u>. Each of the Company and the Parent irrevocably appoints the Portfolio Manager (in such capacity, the "<u>Process Agent</u>"), with an office at 375 Park Avenue, 7th Floor, New York, New York 10152, as its agent to receive any summons, complaint or other process served in any Proceeding arising out of or related to this Agreement or any other Loan Document. Each of the Company and the Parent shall not terminate (and shall renew as necessary) the appointment of the Process Agent prior to the termination hereof.

SECTION 10.08 <u>Interest Rate Limitation</u>. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Advance, together with all fees, charges and other amounts which are treated as interest on such Advance under Applicable Law (collectively the "<u>Charges</u>"), shall exceed the maximum lawful rate (the "<u>Maximum Rate</u>") which may be contracted for, charged, taken, received or reserved by the Lender holding such Advance in accordance with Applicable Law, the rate of interest payable in respect of such Advance hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Advance but were not payable as a result of the operation of this <u>Section</u> <u>10.08</u> shall be cumulated and the interest and Charges payable to such Lender in respect of other Advances or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

SECTION 10.09 <u>PATRIOT Act</u>. Each Lender and Agent that is subject to the requirements of the PATRIOT Act hereby notifies the Company that pursuant to the requirements of the PATRIOT Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies the Company, which information includes the name and address of the Company and other information that will allow such Lender or Agent to identify the Company in accordance with the PATRIOT Act and the Beneficial Ownership Regulation.

SECTION 10.10 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts by facsimile or other written form of communication including electronic mail, each of which shall be deemed to be an original as against the party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by email or facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. The words "executed," "execution," "sign," "signed," "signature," and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, "pdf," "tif," "tiff," "jpeg" or "jpg") and other electronic signatures (including, without limitation, Orbit, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other Applicable Law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

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SECTION 10.11 <u>Headings</u>. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

SECTION 10.12 <u>Acknowledgement and Consent to Bail-In of EEA Financial Institutions</u>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

SECTION 10.13 <u>Confidentiality</u>. Each Agent, the Collateral Administrator, the Securities Intermediary and each Lender agrees to maintain the confidentiality of the Information until the date that is two (2) years after receipt of such Information (or, with respect to Information relating to the financial and other material terms of this Agreement, until the date that is one (1) year after the Maturity Date), except that Information may be disclosed (i) to its and its Affiliates' respective directors, officers, employees and agents, including accountants, legal counsel and other advisors to the extent such Information is disclosed to such persons on a "need to know" basis (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory authority (including any self-regulatory authority); provided, that such regulatory authority and self-regulatory authority shall have jurisdiction over such Person, (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process in which case such Person agrees to inform the Company to the extent permitted by law, (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document, the sale of any Portfolio Investment following the occurrence of a Market Value Event or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this <u>Section</u> <u>10.13</u>, to (x) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement (other than any assignee to whom the Company has declined consent to the assignment thereto (to the extent such consent is otherwise required)) provided that no such disclosure shall be made to any Competitor (as defined herein) without the prior written consent of the Company, or (y) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Company and its obligations, provided such counterparty is not a Competitor unless otherwise consented to by the

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Company in writing, (vii) to any rating agency in connection with securing and/or maintaining a rating with respect to the Advances hereunder, (viii) with the consent of the Company, (ix) to the extent such Information (x) becomes publicly available other than as a result of a breach of this <u>Section</u> <u>10.13</u> by the delivering party or its Affiliates or (y) becomes available to any Agent, the Collateral Administrator, the Securities Intermediary or any Lender on a nonconfidential basis from a source other than the Company or (x) to the extent permitted or required under this Agreement or the Account Control Agreement. For purposes of this <u>Section</u> <u>10.13</u>, any Person required to maintain the confidentiality of Information as provided in this <u>Section</u> <u>10.13</u> shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. The provisions of this <u>Section</u> <u>10.13</u> shall supersede any prior confidentiality agreement among any of the parties hereto or their respective Affiliates relating to this Agreement and the transactions contemplated hereby.

Each of the Company, the Parent and the Portfolio Manager agrees (and agrees to cause Oak Hill) to maintain the confidentiality of the terms of the Administrative Agency Letter and the Fee Letter, except that such terms may be disclosed (i) to its and its Affiliates' respective directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any Governmental Authority; provided, that such regulatory authority and self-regulatory authority shall have jurisdiction over such Person, or (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process. If the Company or the Portfolio Manager is notified by any Governmental Authority that the Company or the Portfolio Manager is required to disclose some or all of the terms of the Administrative Agency Letter or the Fee Letter, the Company or the Portfolio Manager shall use commercially reasonable efforts to notify the Administrative Agent of such demand prior to disclosing the terms of the Administrative Agency Letter or the Fee Letter and permit the Administrative Agent, at its own expense, to take reasonable actions to seek to limit such disclosure; *provided* that neither such notice to the Administrative Agent nor the actions taken by the Administrative Agent would reasonably be expected to cause the Company or the Portfolio Manager to violate any Applicable Law or result in any claim, litigation, investigation or similar proceeding against the Company or the Portfolio Manager, or the imposition of any sanction against the Company or the Portfolio Manager by any Governmental Authority.

SECTION 10.14 <u>Collateral Quality Tests</u>. The Company shall attempt to adhere to the Collateral Quality Tests as of the last day of each fiscal quarter.

SECTION 10.15 <u>Post-Closing Transaction</u><u>s</u>. The parties agree to use commercially reasonable efforts to allow for a merger pursuant to which the Company shall merge with and into APS BDC LLC with APS BDC LLC as the surviving entity (the "<u>Post-Closing Merger</u>"). In connection with the Post-Closing Merger, the parties shall use commercially reasonable efforts to amend and restate this Agreement and any other Loan Document in order to consummate such Post-Closing Transaction. In connection with the Post-Closing Equity Transfer, the parties shall use commercially reasonable efforts to amend and restate this Agreement and any other Loan Document <u>as soon as practicable</u> but no later than fifteen (15) Business Days following the Post-Closing Equity Transfer and, if not completed within such fifteen (15) Business Day period, the parties will continue to use such commercially reasonable efforts to amend and restate this Agreement and such other Loan Documents to the reasonable satisfaction of the Administrative Agent.

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SECTION 10.16 <u>Oak Hill</u>. With respect to the Specified Accounts, the Company hereby authorizes and directs the Securities Intermediary to accept, rely and act upon instruction from Oak Hill for all purposes hereunder, solely to the extent that the Securities Intermediary may accept, rely and act upon such instructions if delivered by the Company or the Portfolio Manager, and the Securities Intermediary is authorized to recognize and act upon such instruction of Oak Hill for all purposes hereunder and under the Account Control Agreement with respect to the Specified Accounts. Any instruction by Oak Hill shall be deemed an instruction by the Portfolio Manager for all purposes hereunder.

[remainder of page intentionally blank]

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

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| | |
|:---|:---|
| CHS BDC 2 LLC, as Company | CHS BDC 2 LLC, as Company |
| By: CHS US Investments LLC, as manager | By: CHS US Investments LLC, as manager |
| By: CHS GP LP, as manager | By: CHS GP LP, as manager |
| By: CHS UGP LLC, as general partner | By: CHS UGP LLC, as general partner |
| By | /s/ Alexandra Grigos |
| Name: | Alexandra Grigos |
| Title: | Chief Operating Officer |
| CHS (US) MANAGEMENT LLC, as Portfolio Manager | CHS (US) MANAGEMENT LLC, as Portfolio Manager |
| By | /s/ Alexandra Grigos |
| Name: | Alexandra Grigos |
| Title: | Director |
| CHS US INVESTMENTS LLC, as Parent | CHS US INVESTMENTS LLC, as Parent |
| By: CHS GP LP, as manager | By: CHS GP LP, as manager |
| By: CHS UGP LLC, as general partner | By: CHS UGP LLC, as general partner |
| By | /s/ Alexandra Grigos |
| Name: | Alexandra Grigos |
| Title: | Chief Operating Officer |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent | JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent |
| By | /s/ James Greenfield |
| Name: | James Greenfield |
| Title: | Managing Director |

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| | |
|:---|:---|
| U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Collateral Agent | U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Collateral Agent |
| By | /s/ Maria D. Calzado |
| Name: | Maria D. Calzado |
| Title: | Senior Vice President |
| U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Collateral Administrator | U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Collateral Administrator |
| By | /s/ Maria D. Calzado |
| Name: | Maria D. Calzado |
| Title: | Senior Vice President |
| U.S. BANK NATIONAL ASSOCIATION, as Securities Intermediary | U.S. BANK NATIONAL ASSOCIATION, as Securities Intermediary |
| By | /s/ Maria D. Calzado |
| Name: | Maria D. Calzado |
| Title: | Senior Vice President |
| <u>The Lenders</u> | <u>The Lenders</u> |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as a Lender | JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as a Lender |
| By | /s/ James Greenfield |
| Name: | James Greenfield |
| Title: | Managing Director |

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SCHEDULE 1

**Transaction Schedule** 

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| | | | |
|:---|:---|:---|:---|
| **1.** | **Types of Financing** | **Available** | **Financing Limit** |
|  | Advances | yes | Prior to the Scheduled Financing Commitment Increase Date: U.S. $750,000,000;<br>Subject to the satisfaction of the Scheduled Financing Commitment Increase Conditions, on and after the Scheduled Financing Commitment Increase Date U.S. $1,000,000,000.<br>On and after a Financing Commitment Increase Date, if any, U.S. $1,000,000,000 plus additional amounts approved pursuant to <u>Section 2.06</u>, in each case as reduced from time to time pursuant to <u>Section 4.07</u>.<br>Notwithstanding anything in this Agreement to the contrary, (v) not more than 30% of the Financing Limit may be utilized in Permitted Non-USD Currencies, (w) Advances denominated in Euro may not exceed the lesser of (i) 30% of the Financing Limit and (ii) 100% of the Collateral Principal Amount denominated in Euro, (x) Advances denominated in GBP may not exceed the lesser of (i) 15% of the Financing Limit and 100% of the Collateral Principal Amount denominated in GBP, (y) Advances denominated in CAD may not exceed the lesser of (i) 15% of the Financing Limit and (ii) 100% of the Collateral Principal Amount denominated in CAD and (z) Advances denominated in JPY may not exceed the lesser of (i) 5% of the Financing Limit and (ii) 100% of the Collateral Principal Amount denominated in JPY. |

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| | | |
|:---|:---|:---|
| **2.** | **Lenders** | **Financing Commitment** |
|  | JPMorgan Chase Bank, National Association | Prior to the Scheduled Financing Commitment Increase Date: U.S. $750,000,000;<br>Subject to the satisfaction of the Scheduled Financing Commitment Increase Conditions, on and after the Scheduled Financing Commitment Increase Date U.S.$1,000,000,000.<br>On and after a Financing Commitment Increase Date, if any, U.S. $1,000,000,000 plus additional amounts approved pursuant to <u>Section 2.06</u>, in each case as reduced from time to time pursuant to <u>Section 4.07</u>. |
|  |  | Notwithstanding anything in this Agreement to the contrary, (v) not more than 30% of the Financing Limit may be utilized in Permitted Non-USD Currencies, (w) Advances denominated in Euro may not exceed the lesser of (i) 30% of the Financing Limit and (ii) 100% of the Collateral Principal Amount denominated in Euro, (x) Advances denominated in GBP may not exceed the lesser of (i) 15% of the Financing Limit and 100% of the Collateral Principal Amount denominated in GBP, (y) Advances denominated in CAD may not exceed the lesser of (i) 15% of the Financing Limit and (ii) 100% of the Collateral Principal Amount denominated in CAD and (z) Advances denominated in JPY may not exceed the lesser of (i) 5% of the Financing Limit and (ii) 100% of the Collateral Principal Amount denominated in JPY. |
| **3.** | **Scheduled Termination Date**: | September 30, 2030;<br>With respect to any Increased Financing Commitment, the Scheduled Termination Date thereof as determined pursuant to <u>Section 2.06</u>. |

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| | | |
|:---|:---|:---|
| **4.** | **Interest Rates** |  |
|  | Applicable Margin for Advances: | With respect to interest based on any Benchmark, 1.75% per annum (subject to increase in accordance with <u>Section 3.01(b)</u>); provided that, in the case of Advances denominated in GBP, the Applicable Margin for Advances shall be 1.75% per annum plus 0.1193% per annum;<br>With respect to interest based on the Base Rate, 1.75% per annum (subject to increase in accordance with <u>Section 3.01(b)</u>); provided that, in the case of Advances denominated in GBP, the Applicable Margin for Advances shall be 1.75% per annum plus 0.1193% per annum. |
| **5.** | **Account Numbers** |  |
|  | [Redacted.] |  |

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| | | |
|:---|:---|:---|
| **6.** | **Market Value Trigger:** | [Redacted.] |

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| | |
|:---|:---|
| **7.** | **Purchases of Restricted Securities** |
|  | Notwithstanding anything herein to the contrary, no Portfolio Investment may constitute, at the time of initial purchase, a Restricted Security. As used herein, "<u>Restricted Security</u>" means any security that forms part of a new issue of publicly or privately issued securities (a) with respect to which an Affiliate of any Lender that is a "broker" or a "dealer", within the meaning of the Securities Exchange Act of 1934, participated in the distribution as a member of a selling syndicate or group within 30 days of the proposed purchase by the Company and (b) which the Company proposes to purchase from any such Affiliate of any Lender. |

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| | | |
|:---|:---|:---|
| <u>Addresses for Notices</u> | <u>Addresses for Notices</u> | <u>Addresses for Notices</u> |
| **The Company**: | CHS BDC 2 LLC<br> 375 Park Avenue<br> 7th Floor<br> New York, New York 10152 | Attn: Venu Rathi<br> Email: Venurathi@apstrategies.com and Operations@apstrategies.com |
| **The Portfolio Manager**: | CHS (US) Management LLC<br> 375 Park Avenue<br> 7th Floor<br> New York, New York 10152 | Attn: Venu Rathi<br> Email: Venurathi@apstrategies.com and Operations@apstrategies.com |
| **The Administrative Agent**: | JPMorgan Chase Bank, National Association<br> c/o JPMorgan Services Inc.<br> 500 Stanton Christiana Rd., 3rd Floor<br> Newark, Delaware 19713 | Attention: Nicholas Rapak<br> Email: de_custom_business@jpmorgan.com<br> Telephone: (302) 634-4961 |
|  | <u>with a copy to</u> |  |
|  | JPMorgan Chase Bank, National Association<br> 383 Madison Ave.<br> New York, New York 10179 | Attention: James Greenfield<br> Telephone: 212-834-9340<br> Email: james.r.greenfield@jpmorgan.com<br> de_custom_business@jpmorgan.com<br>Solely with respect to reports to be delivered pursuant to <u>Section 6.02(p)</u>:<br> ccdt.dmu@jpmorgan.com and asset.managers.funds.na.credit.reporting@jpmorgan.com |
| **The Collateral Agent**: | U.S. Bank Trust Company, National Association<br> One Federal Street, 3<sup>rd</sup> Floor<br> Boston, MA 02110 | Attention: Global Corporate Trust – CHS BDC 2 LLC<br> Telephone: 617-603-6641<br> Email: chsbdc@usbank.com |
| **The Securities Intermediary**: | U.S. Bank Trust Company, National Association<br> One Federal Street, 3<sup>rd</sup> Floor<br> Boston, MA 02110 | Attention: Global Corporate Trust – CHS BDC 2 LLC<br> Telephone: 617-603-6641<br> Email: chsbdc@usbank.com |

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| | | |
|:---|:---|:---|
| **The Bank**: | U.S. Bank Trust Company, National Association<br> One Federal Street, 3<sup>rd</sup> Floor<br> Boston, MA 02110 | Attention: Global Corporate Trust – CHS BDC 2 LLC<br> Telephone: 617-603-6641<br> Email: chsbdc@usbank.com |
| **The Collateral Administrator**: | U.S. Bank Trust Company, National Association<br> One Federal Street, 3<sup>rd</sup> Floor<br> Boston, MA 02110 | Attention: Global Corporate Trust – CHS BDC 2 LLC<br> Telephone: 617-603-6641<br> Email: chsbdc@usbank.com |
| **JPMCB**: | JPMorgan Chase Bank, National Association<br> c/o JPMorgan Services Inc.<br> 500 Stanton Christiana Rd., 3rd Floor<br> Newark, Delaware 19713 | Attention: Nicholas Rapak<br> Email: de_custom_business@jpmorgan.com<br> Telephone: (302) 634-4961 |
|  | <u>with a copy to</u>: |  |
|  | JPMorgan Chase Bank, National Association<br> 383 Madison Ave.<br> New York, New York 10179 | Attention: James Greenfield<br> Telephone: 212-834-9340<br> Email: james.r.greenfield@jpmorgan.com<br> de_custom_business@jpmorgan.com |
| **Each other Lender**: | The address (or facsimile number or electronic mail address) provided by it to the Administrative Agent. |  |

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SCHEDULE 2

**Contents of Notices of Acquisition** 

Each Notice of Acquisition shall include the following information for the related Portfolio Investment(s):

JPMorgan Chase Bank, National Association,

as Administrative Agent

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

Attention: Nicholas Rapak

Email: <u>de_custom_business@jpmorgan.com</u>

JPMorgan Chase Bank, National Association,

as Administrative Agent

383 Madison Avenue

New York, New York 10179

Attention: James Greenfield

Email: <u>james.r.greenfield@jpmorgan.com</u>

<u>de_custom_business@jpmorgan.com</u>

<u>NA_Private_Financing_Diligence@jpmorgan.com</u>

JPMorgan Chase Bank, National Association,

as Lender

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

Attention: Nicholas Rapak

Email: <u>de_custom_business@jpmorgan.com</u>

cc:

U.S. Bank Trust Company, National Association,

as Collateral Agent and Collateral Administrator

One Federal Street, Third Floor

Boston, MA 02110

Attention: Global Corporate Trust – CHS BDC 2 LLC

Email: chsbdc@usbank.com

Ladies and Gentlemen:

Reference is hereby made to the Loan and Security Agreement, dated as of September 30, 2025 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "<u>Agreement</u>"), among CHS BDC 2, LLC, as borrower (the "<u>Company</u>"), JPMorgan Chase Bank, National Association, as administrative agent (the "<u>Administrative Agent</u>"), CHS (US) Management LLC, as portfolio manager (the "<u>Portfolio Manager</u>"), the lenders party thereto and the collateral agent, collateral administrator and securities intermediary party thereto. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given such terms in the Agreement.

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Pursuant to the Agreement, the Portfolio Manager hereby [requests approval for the Company to [acquire][substitute for]][notifies the Administrative Agent of the Company's intention to [acquire][substitute for]] the following Portfolio Investment(s):

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| |
|:---|
| **Fund** |
| **Issuer / Obligor** |
| **Jurisdiction** |
| **Identifier (LoanX; CUSIP)** |
| **Requested Notional Amount** |
| **Asset Class** |
| **Current Pay (Y/N)** |
| **Syndication Type** |
| **Lien** |
| **Tranche Size** |
| **Price** |
| **Spread / Coupon** |
| **Base Rate** |
| **Floor** |
| **Maturity** |
| **Moody's Industry** |
| **LTM EBITDA (In Millions)** |
| **LTM Capital Expenditures (in Millions)** |
| **Leverage Through Tranche (Net)** |
| **Currency Type** |
| **Spot Rate** |
| **Security Identifier** |
| **Security Description** |
| **Financial Covenants** |
| **PIK (Y/N)** |
| **Quantity** |
| **Governing Law** |

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To the extent available, we have included herewith (1) the material underlying instruments (including, in the case of a Loan, the final credit agreement, the collateral and security documents and, in each case, any amendments thereto or, if such agreements are not available, termsheets or draft agreements reflecting material terms expected by the Portfolio Manager to be contained in definitive documentation); *provided* that, in any event, the final credit agreement shall be provided to the Administrative Agent promptly upon becoming available) relating to each such Portfolio Investment, (2) audited financial statements for the previous most recently ended three years of the Portfolio Investment Obligor of each such Portfolio Investment to the extent available, or alternatively, a quality of earnings report prepared by an accredited accounting firm (if available), (3) quarterly statements for the previous most recently ended four fiscal quarters of the Portfolio Investment Obligor of each such Portfolio Investment (if available), (4) pro forma financial statements for the applicable one year period, if available (and for any longer period to the extent so prepared), (5) any appraisal or valuation reports conducted by third parties in connection with the proposed investment by the Company, (6) applicable "proof of existence" details (if reasonably requested by the Administrative Agent), (7) full and final investment committee memo (subject to redactions for confidential information as reasonably determined by the Company) and (8) any other documents reasonably requested by the Administrative Agent to the extent prepared, available and permitted to be shared (subject to redactions for confidential information as reasonably determined by the Company).

We hereby certify that all conditions to the Purchase of such Portfolio Investment(s) set forth in <u>Section</u> <u>1.03</u> of the Agreement are satisfied.

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| |
|:---|
| Very truly yours, |
| CHS (US) Management LLC, as Portfolio Manager |
| By |
| Name: |
| Title: |

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SCHEDULE 3

**<u>Eligibility Criteria</u>**

1. Such obligation is a Senior Secured Loan, a Second Lien Loan or a Liquid Debt Security and is not a Synthetic
Security, a Zero-Coupon Security, a Structured Finance Obligation, a Participation Interest (other than a Participation Interest that is an Initial Portfolio Investment), a Mezzanine Obligation (or, for the avoidance of doubt, any other unsecured
obligation of a Portfolio Investment Obligor) or a letter of credit or an interest therein provided that the Administrative Agent may, in their sole discretion, permit the inclusion of other obligations on a case-by-case basis.

2. Such obligation does not require the making of any future advance or payment by the Company to the issuer
thereof or any related counterparty except in connection with a Delayed Funding Term Loan or a Revolving Loan, in each case, denominated in U.S. Dollars or any other Eligible Currency as reasonably approved by the Administrative Agent in its sole
discretion.

3. Such obligation is (i) eligible to be entered into by, sold or assigned to the Company and pledged to the
Collateral Agent and (ii) able to be sold by the Administrative Agent, the Collateral Agent or their respective designees, including following the occurrence of an Event of Default or Market Value Event and, to the extent there is an express
prohibition (other than customary transfer restrictions) on the pledging or transfer of such obligation, a consent from the applicable general partner, managing member, board of directors or any similar governing body of the Portfolio Investment
Obligor authorizing and consenting to the pledge or transfer of such obligation shall have been obtained.

4. Such obligation is purchased at a price that is at least 80% of the par amount of such obligation.

5. Such obligation is denominated and payable in an Eligible Currency and is issued by a Portfolio Investment
Obligor organized in an Eligible Jurisdiction.

6. It is an obligation upon which no payments are subject to deduction or withholding for or on account of any
withholding Taxes (other than Taxes imposed under FATCA) imposed by any jurisdiction unless the related Portfolio Investment Obligor is required to make "gross-up" payments that cover the full
amount of any such withholding Taxes (subject to customary conditions to such payments which the Company (or the Portfolio Manager on behalf of the Company) in its good faith reasonable judgment expects to be satisfied).

7. Such obligation is not subject to an event of default (as defined in the underlying instruments for such
obligation) in accordance with its terms (including the terms of its underlying instruments after giving effect to any grace and/or cure period set forth in the related loan agreement, but not to exceed five (5) days) and no Indebtedness of the
Portfolio Investment Obligor thereon ranking *pari passu* with or senior to such obligation is in default with respect to the payment of principal or interest or is subject to any other event of default that would trigger a default under the
related loan agreement (after giving effect to any grace and/or cure period set forth in the related loan agreement, but not to exceed five (5) days).

8. The timely repayment of such obligation is not subject to non-credit-related risk as determined by the Portfolio Manager in its good faith and reasonable judgment.

9. It is not at the time of purchase or commitment to purchase the subject of an offer other than an offer
pursuant to the terms of which the offeror offers to acquire a debt obligation in exchange for consideration consisting solely of cash in an amount equal to or greater than the full face amount of such debt obligation plus any accrued and unpaid
interest.

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10. Such obligation is not an Equity Interest and does not provide, on the date of acquisition, for conversion or
exchange at any time over its life into an Equity Interest.

11. Such obligation is not primarily backed by real estate.

12. Such obligation either (i) provides for periodic payments of interest thereon solely in cash at least
quarterly or semi-annually (as applicable), (ii) provides for the interest thereon to be paid in kind; *provided* that such obligation shall provide for periodic payments of interest thereon in cash at least semi-annually at a rate greater than
the benchmark thereunder plus an applicable margin of 2.00% per annum (any such obligation under this clause (ii), a " <u>Partial PIK Portfolio Investment</u> ") or (iii) provides for the interest thereon to be paid in kind and does
not satisfy the minimum semi-annual cash interest payment requirement set forth in clause (ii) (any such obligation under this clause (iii), an " <u>Alternative PIK Portfolio Investment</u> " and, together with each Partial PIK Portfolio
Investment, the " <u>PIK Portfolio Investments</u> ").

13. Such obligation will not cause the Company or the pool of Collateral to be required to register as an
investment company under the Investment Company Act of 1940, as amended.

14. The Portfolio Investment has been Delivered to the Collateral Agent.

15. In the case of a Portfolio Investment that is a Loan, (i) the Administrative Agent is an "Eligible
Assignee" (as such term, or comparable term, is defined in the documents evidencing such Portfolio Investment) and such Portfolio Investment is otherwise permitted to be entered into by, sold or assigned to the Administrative Agent and
(ii) the Company shall have delivered to the Administrative Agent an assignment agreement duly executed by the administrative agent and/or Portfolio Investment Obligor in respect of such Portfolio Investment, naming the Administrative Agent as
assignee.

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SCHEDULE 4

**<u>Concentration Limitations</u>**

The "<u>Concentration Limitations</u>" shall be satisfied on any date of determination if, in the aggregate, the Portfolio Investments (other than any Ineligible Investments) owned (or in relation to a proposed purchase of a Portfolio Investment, proposed to be owned) by the Company comply with all the requirements set forth below; *provided* that, with respect to each Concentration Limitation set forth below related to any Permitted Non-USD Currency, prior to the receipt of the applicable Permitted Non-USD Currency Account Opening Notice, such Concentration Limitation shall be not more than 0.0%:

1. Portfolio Investments issued by a single Portfolio Investment Obligor and its affiliates may not exceed an
aggregate principal balance equal to 5% of Collateral Principal Amount; *provided* that Portfolio Investments that are either Senior Secured Loans or Liquid Debt Securities issued by three (3) Portfolio Investment Obligors and their
respective affiliates may each constitute up to an aggregate principal balance equal to 10% of the Collateral Principal Amount; *provided further* that prior to the end of the Ramp-Up Period
(a) Portfolio Investments issued by a single Portfolio Investment Obligor and its affiliates may not exceed an aggregate principal balance equal to 7.5% of Collateral Principal Amount, (b) Portfolio Investments that are either Senior
Secured Loans or Liquid Debt Securities issued by one (1) Portfolio Investment Obligor and its affiliates may constitute up to an aggregate principal balance equal to 12.5% of the Collateral Principal Amount and (c) Portfolio Investments
that are either Senior Secured Loans or Liquid Debt Securities issued by two (2) Portfolio Investment Obligors and their respective affiliates may constitute up to an aggregate principal balance equal to 10% of the Collateral Principal Amount.

2. Not less than 80% of the Collateral Principal Amount may consist of Senior Secured Loans (which, for the
purposes of this clause shall include unitranche Loans) and cash and Eligible Investments on deposit in the Collection Account as Principal Proceeds.

3. Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are not Senior
Secured Loans.

4. Portfolio Investments issued by Portfolio Investment Obligors and their affiliates domiciled in (x) the
United States of America may not be less than 70% of the Collateral Principal Amount and (y) any Eligible Jurisdiction other than the United States of America may constitute up to 30% of the Collateral Principal Amount; <u>provided</u>, <u>that</u> (u) Portfolio Investments issued by Portfolio Investment Obligors and their affiliates domiciled in Canada may constitute up to 15% of the Collateral Principal Amount, (v) Portfolio Investments issued by Portfolio Investment
Obligors and their affiliates domiciled in England may constitute up to 15% of the Collateral Principal Amount, (w) Portfolio Investments issued by Portfolio Investment Obligors and their affiliates domiciled in France may constitute up to 5%
of the Collateral Principal Amount, (x) Portfolio Investments issued by Portfolio Investment Obligors and their affiliates domiciled in Germany may constitute up to 5% of the Collateral Principal Amount, (y) Portfolio Investments issued by
Portfolio Investment Obligors and their affiliates domiciled in Italy may constitute up to 5% of the Collateral Principal Amount, and (z) Portfolio Investments issued by Portfolio Investment Obligors and their affiliates domiciled in Japan may
constitute up to 5% of the Collateral Principal Amount.

5. Not less than 70% of the Collateral Principal Amount may be denominated in U.S. Dollars; <u>provided</u>, <u>that</u> (w) not more than an aggregate of 30% of the Collateral Principal Amount may consist of Portfolio Investments denominated in Euro, (x) not more than an aggregate of 15% of the Collateral Principal Amount may consist of
Portfolio Investments denominated in GBP, (y) not more than an aggregate of 15% of the Collateral Principal Amount may consist of Portfolio Investments denominated in CAD and (z) not more than an aggregate of 5% of the Collateral Principal
Amount may consist of Portfolio Investments denominated in JPY.

------

6. Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are issued by
Portfolio Investment Obligors that belong to the same Moody's Industry Classification; *provided* that Portfolio Investments that are issued by Portfolio Investment Obligors that belong to one Moody's Industry Classification may
constitute up to 25% of the Collateral Principal Amount and Portfolio Investments issued by separate Portfolio Investment Obligors that belongs to one Moody's Industry Classification may constitute up to 30% of the Collateral Principal Amount,
in each case excluding Real Estate, Energy or Utilities Moody's Industry Classification. As used herein, " <u>Moody's Industry Classifications</u> " means the industry classifications set forth in Schedule 6 hereto, as
applicable, which classification (x) shall be determined by the Portfolio Manager (with the consent of the Administrative Agent in its sole and absolute discretion) on the Purchase Date for the applicable Portfolio Investment and (y) shall
be updated, upon reasonable prior notice to the Portfolio Manager if Moody's publishes revised industry classifications.

7. Not more than 5% of the Collateral Principal Amount may consist of Alternative PIK Portfolio Investments

8. Not more than 15% of the Collateral Principal Amount may consist of Active Partial PIK Portfolio Investments
(excluding Active Partial PIK Portfolio Investments that provide for periodic payments of interest thereon in cash at least semi-annually at a rate greater than or equal to the benchmark thereunder plus an applicable margin of 2.50% per annum).
" <u>Active Partial PIK Portfolio Investment</u> " means any Partial PIK Portfolio Investment with respect to which the Portfolio Investment Obligor thereunder has elected or is required to partially pay interest then due and payable
thereunder in kind for the current interest period.

9. The Unfunded Exposure Amount shall not exceed 10% of the Collateral Principal Amount; provided that any
Unfunded Exposure Amount shall be cash collateralized as required in accordance with <u>Section</u> <u>2.03(g)</u>.

10. Not more than 10% of the Collateral Principal Amount may consist of Portfolio Investments held by Portfolio
Investment Obligors whose EBITDA is less than or equal to $20,000,000 annually, as measured quarterly on rolling four-quarter basis.

------

SCHEDULE 5

**<u>Initial Portfolio Investments</u>**

**<u>[see attached]</u>**

------

SCHEDULE 6

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| | |
|:---|:---|
| **Moody's Industry Classifications** | **Moody's Industry Classifications** |
| **Industry**<br> **Code** | **Description** |
| 1 | Aerospace & Defense |
| 2 | Automotive |
| 3 | Banking, Finance, Insurance & Real Estate |
| 4 | Beverage, Food & Tobacco |
| 5 | Capital Equipment |
| 6 | Chemicals, Plastics & Rubber |
| 7 | Construction & Building |
| 8 | Consumer goods: Durable |
| 9 | Consumer goods: Non-durable |
| 10 | Containers, Packaging & Glass |
| 11 | Energy: Electricity |
| 12 | Energy: Oil & Gas |
| 13 | Environmental Industries |
| 14 | Forest Products & Paper |
| 15 | Healthcare & Pharmaceuticals |
| 16 | High Tech Industries |
| 17 | Hotel, Gaming & Leisure |
| 18 | Media: Advertising, Printing & Publishing |
| 19 | Media: Broadcasting & Subscription |
| 20 | Media: Diversified & Production |
| 21 | Metals & Mining |
| 22 | Retail |
| 23 | Services: Business |
| 24 | Services: Consumer |
| 25 | Sovereign & Public Finance |
| 26 | Telecommunications |
| 27 | Transportation: Cargo |
| 28 | Transportation: Consumer |
| 29 | Utilities: Electric |
| 30 | Utilities: Oil & Gas |
| 31 | Utilities: Water |
| 32 | Wholesale |

---

------

SCHEDULE 7

**<u>PIK Portfolio Investment – Notice Form</u>**

---

| | | |
|:---|:---|:---|
| **Portfolio Investment** | **Paid PIK Interest in**<br> **Quarter ended [Insert<br>immediately prior Quarter]**<br> **(Y/N)** | **Coupon Paid (Cash / PIK**<br> **Interest)** |
| 1. |  |  |
| 2. |  |  |
| 3. |  |  |
| 4. |  |  |
| 5. |  |  |

---

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SCHEDULE 8

**<u>Diversity Score Calculations</u>**

Diversity Score is calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A "**Portfolio Investment Obligor Par Amount**" is calculated for each Portfolio
Investment Obligor, and is equal to the aggregate Collateral Principal Amount of all Portfolio Investments issued by such Portfolio Investment Obligor and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An "**Average Par Amount**" is calculated by summing the Portfolio Investment Obligor Par Amount
for all Portfolio Investment Obligors, and dividing by the aggregate number of Portfolio Investment Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An "**Equivalent Unit Score**" is calculated for each Portfolio Investment Obligor, and is equal
to the lesser of (a) one and (b) the Portfolio Investment Obligor Par Amount for such Portfolio Investment Obligor *divided by* the Average Par Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An "**Aggregate Industry Equivalent Unit Score**" is then calculated for each Moody's
Industry Classification and is equal to the sum of the Equivalent Unit Scores for each Portfolio Investment Obligor in such Moody's Industry Classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An "**Industry Diversity Score**" is then established for each Moody's Industry
Classification by reference to the following table for the related Aggregate Industry Equivalent Unit Score; <u>provided</u>, that if any Aggregate Industry Equivalent Unit Score falls between any two such scores, the applicable Industry Diversity
Score will be the lower of the two Industry Diversity Scores:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aggregate<br>Industry<br>Equivalent<br>Unit Score** | **Industry<br>Diversity<br>Score** | **Aggregate<br>Industry<br>Equivalent<br>Unit Score** | **Industry<br>Diversity<br>Score** | **Aggregate<br>Industry<br>Equivalent<br>Unit Score** | **Industry<br>Diversity<br>Score** | **Aggregate<br>Industry<br>Equivalent<br>Unit Score** | **Industry<br>Diversity<br>Score** |
| 0.0000 | 0.0000 | 5.0500 | 2.7000 | 10.1500 | 4.0200 | 15.2500 | 4.5300 |
| 0.0500 | 0.1000 | 5.1500 | 2.7333 | 10.2500 | 4.0300 | 15.3500 | 4.5400 |
| 0.1500 | 0.2000 | 5.2500 | 2.7667 | 10.3500 | 4.0400 | 15.4500 | 4.5500 |
| 0.2500 | 0.3000 | 5.3500 | 2.8000 | 10.4500 | 4.0500 | 15.5500 | 4.5600 |
| 0.3500 | 0.4000 | 5.4500 | 2.8333 | 10.5500 | 4.0600 | 15.6500 | 4.5700 |
| 0.4500 | 0.5000 | 5.5500 | 2.8667 | 10.6500 | 4.0700 | 15.7500 | 4.5800 |
| 0.5500 | 0.6000 | 5.6500 | 2.9000 | 10.7500 | 4.0800 | 15.8500 | 4.5900 |
| 0.6500 | 0.7000 | 5.7500 | 2.9333 | 10.8500 | 4.0900 | 15.9500 | 4.6000 |
| 0.7500 | 0.8000 | 5.8500 | 2.9667 | 10.9500 | 4.1000 | 16.0500 | 4.6100 |
| 0.8500 | 0.9000 | 5.9500 | 3.0000 | 11.0500 | 4.1100 | 16.1500 | 4.6200 |
| 0.9500 | 1.0000 | 6.0500 | 3.0250 | 11.1500 | 4.1200 | 16.2500 | 4.6300 |
| 1.0500 | 1.0500 | 6.1500 | 3.0500 | 11.2500 | 4.1300 | 16.3500 | 4.6400 |
| 1.1500 | 1.1000 | 6.2500 | 3.0750 | 11.3500 | 4.1400 | 16.4500 | 4.6500 |
| 1.2500 | 1.1500 | 6.3500 | 3.1000 | 11.4500 | 4.1500 | 16.5500 | 4.6600 |
| 1.3500 | 1.2000 | 6.4500 | 3.1250 | 11.5500 | 4.1600 | 16.6500 | 4.6700 |
| 1.4500 | 1.2500 | 6.5500 | 3.1500 | 11.6500 | 4.1700 | 16.7500 | 4.6800 |
| 1.5500 | 1.3000 | 6.6500 | 3.1750 | 11.7500 | 4.1800 | 16.8500 | 4.6900 |
| 1.6500 | 1.3500 | 6.7500 | 3.2000 | 11.8500 | 4.1900 | 16.9500 | 4.7000 |
| 1.7500 | 1.4000 | 6.8500 | 3.2250 | 11.9500 | 4.2000 | 17.0500 | 4.7100 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aggregate<br>Industry<br>Equivalent<br>Unit Score** | **Industry<br>Diversity<br>Score** | **Aggregate<br>Industry<br>Equivalent<br>Unit Score** | **Industry<br>Diversity<br>Score** | **Aggregate<br>Industry<br>Equivalent<br>Unit Score** | **Industry<br>Diversity<br>Score** | **Aggregate<br>Industry<br>Equivalent<br>Unit Score** | **Industry<br>Diversity<br>Score** |
| 1.8500 | 1.4500 | 6.9500 | 3.2500 | 12.0500 | 4.2100 | 17.1500 | 4.7200 |
| 1.9500 | 1.5000 | 7.0500 | 3.2750 | 12.1500 | 4.2200 | 17.2500 | 4.7300 |
| 2.0500 | 1.5500 | 7.1500 | 3.3000 | 12.2500 | 4.2300 | 17.3500 | 4.7400 |
| 2.1500 | 1.6000 | 7.2500 | 3.3250 | 12.3500 | 4.2400 | 17.4500 | 4.7500 |
| 2.2500 | 1.6500 | 7.3500 | 3.3500 | 12.4500 | 4.2500 | 17.5500 | 4.7600 |
| 2.3500 | 1.7000 | 7.4500 | 3.3750 | 12.5500 | 4.2600 | 17.6500 | 4.7700 |
| 2.4500 | 1.7500 | 7.5500 | 3.4000 | 12.6500 | 4.2700 | 17.7500 | 4.7800 |
| 2.5500 | 1.8000 | 7.6500 | 3.4250 | 12.7500 | 4.2800 | 17.8500 | 4.7900 |
| 2.6500 | 1.8500 | 7.7500 | 3.4500 | 12.8500 | 4.2900 | 17.9500 | 4.8000 |
| 2.7500 | 1.9000 | 7.8500 | 3.4750 | 12.9500 | 4.3000 | 18.0500 | 4.8100 |
| 2.8500 | 1.9500 | 7.9500 | 3.5000 | 13.0500 | 4.3100 | 18.1500 | 4.8200 |
| 2.9500 | 2.0000 | 8.0500 | 3.5250 | 13.1500 | 4.3200 | 18.2500 | 4.8300 |
| 3.0500 | 2.0333 | 8.1500 | 3.5500 | 13.2500 | 4.3300 | 18.3500 | 4.8400 |
| 3.1500 | 2.0667 | 8.2500 | 3.5750 | 13.3500 | 4.3400 | 18.4500 | 4.8500 |
| 3.2500 | 2.1000 | 8.3500 | 3.6000 | 13.4500 | 4.3500 | 18.5500 | 4.8600 |
| 3.3500 | 2.1333 | 8.4500 | 3.6250 | 13.5500 | 4.3600 | 18.6500 | 4.8700 |
| 3.4500 | 2.1667 | 8.5500 | 3.6500 | 13.6500 | 4.3700 | 18.7500 | 4.8800 |
| 3.5500 | 2.2000 | 8.6500 | 3.6750 | 13.7500 | 4.3800 | 18.8500 | 4.8900 |
| 3.6500 | 2.2333 | 8.7500 | 3.7000 | 13.8500 | 4.3900 | 18.9500 | 4.9000 |
| 3.7500 | 2.2667 | 8.8500 | 3.7250 | 13.9500 | 4.4000 | 19.0500 | 4.9100 |
| 3.8500 | 2.3000 | 8.9500 | 3.7500 | 14.0500 | 4.4100 | 19.1500 | 4.9200 |
| 3.9500 | 2.3333 | 9.0500 | 3.7750 | 14.1500 | 4.4200 | 19.2500 | 4.9300 |
| 4.0500 | 2.3667 | 9.1500 | 3.8000 | 14.2500 | 4.4300 | 19.3500 | 4.9400 |
| 4.1500 | 2.4000 | 9.2500 | 3.8250 | 14.3500 | 4.4400 | 19.4500 | 4.9500 |
| 4.2500 | 2.4333 | 9.3500 | 3.8500 | 14.4500 | 4.4500 | 19.5500 | 4.9600 |
| 4.3500 | 2.4667 | 9.4500 | 3.8750 | 14.5500 | 4.4600 | 19.6500 | 4.9700 |
| 4.4500 | 2.5000 | 9.5500 | 3.9000 | 14.6500 | 4.4700 | 19.7500 | 4.9800 |
| 4.5500 | 2.5333 | 9.6500 | 3.9250 | 14.7500 | 4.4800 | 19.8500 | 4.9900 |
| 4.6500 | 2.5667 | 9.7500 | 3.9500 | 14.8500 | 4.4900 | 19.9500 | 5.0000 |
| 4.7500 | 2.6000 | 9.8500 | 3.9750 | 14.9500 | 4.5000 |  |  |
| 4.8500 | 2.6333 | 9.9500 | 4.0000 | 15.0500 | 4.5100 |  |  |
| 4.9500 | 2.6667 | 10.0500 | 4.0100 | 15.1500 | 4.5200 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Diversity Score is then calculated by summing each of the Industry Diversity Scores for each Moody's
Industry Classification.

For purposes of calculating the Diversity Score, Affiliates of a Portfolio Investment Obligor in the same industry are deemed to be a single Portfolio Investment Obligor, except as otherwise agreed to by the Administrative Agent & Lender Participant.

------

EXHIBIT A

**Form of Request for Advance** 

JPMorgan Chase Bank, National Association,

as Administrative Agent

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

Attention: Nicholas Rapak

Email: <u>de_custom_business@jpmorgan.com</u>

JPMorgan Chase Bank, National Association,

as Administrative Agent

383 Madison Avenue

New York, New York 10179

Attention: James Greenfield

Email: <u>james.r.greenfield@jpmorgan.com</u>

<u>de_custom_business@jpmorgan.com</u>

<u>NA_Private_Financing_Diligence@jpmorgan.com</u>

JPMorgan Chase Bank, National Association,

as Lender

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

Attention: Nicholas Rapak

Email: <u>de_custom_business@jpmorgan.com</u>

cc:

U.S. Bank Trust Company, National Association,

as Collateral Agent and as Collateral Administrator

One Federal Street, Third Floor

Boston, MA 02110

Attention: Global Corporate Trust – CHS BDC 2 LLC

Email: chsbdc@usbank.com

Ladies and Gentlemen:

Reference is hereby made to the Loan and Security Agreement, dated as of September 30, 2025 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "<u>Agreement</u>"), among CHS BDC 2, LLC, as borrower (the "<u>Company</u>"), JPMorgan Chase Bank, National Association, as administrative agent (the "<u>Administrative Agent</u>"), CHS (US) Management LLC, as portfolio manager (the "<u>Portfolio Manager</u>"), the lenders party thereto, and the collateral agent, collateral administrator and securities intermediary party thereto. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given such terms in the Agreement.

------

Pursuant to the Agreement, you are hereby notified of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company hereby requests an Advance under <u>Section</u> <u>2.03</u> of the Agreement to be funded on [____________].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The aggregate amount of the Advance requested hereby is $[_________].<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The currency of the proposed Advance is [USD][CAD][EUR][GBP][JPY].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The proposed Purchases (if any) or Substitutions (if any) relating to this request are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Par** | **Price** | **Purchased Interest (if any)** |

---

We hereby certify that all conditions [to the Purchase or Substitution of such Portfolio Investment(s) set forth in <u>Section</u> <u>1.03</u> of the Agreement and] to an Advance set forth in <u>Section</u> <u>2.05</u> of the Agreement have been satisfied or waived as of the [related Trade Date (and shall be satisfied or waived as of the related Settlement Date) and] Advance date[, as applicable].

---

| |
|:---|
| Very truly yours, |
| [ ] |
| By |
| Name: |
| Title: |

---

<sup>1</sup> Note: The requested Advance shall be in an amount such that, after giving effect thereto and the related purchase of the applicable Portfolio Investment(s) (if any), the Borrowing Base Test is satisfied. 

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EXHIBIT B

**Form of Equity Commitment Letter** 

EQUITY COMMITMENT LETTER

EQUITY COMMITMENT LETTER (this "<u>Equity Commitment Letter</u>") dated as of [___] by and between CHS US Investments LLC (the "<u>Parent</u>") and CHS BDC 2 LLC ("<u>Company</u>").

WHEREAS, Company has entered into that certain Loan and Security Agreement, dated as of September 30, 2025 (as amended or modified from time to time, the "<u>Agreement</u>") among Company, the Parent, JPMorgan Chase Bank, National Association, as administrative agent (the "<u>Administrative Agent</u>"), the financing providers party thereto, the portfolio manager party thereto and the collateral agent, collateral administrator and securities intermediary party thereto;

WHEREAS, pursuant to Section 1.04 of the Agreement, the Administrative Agent has delivered a notice to Company that a Market Value Trigger Event has occurred and, to prevent a Market Value Cure Failure from occurring under the Agreement, the Parent has elected to deliver this Equity Commitment Letter committing to contribute funds to Company as set forth below; and

WHEREAS, the Parent owns all the limited liability company membership interests in Company, and will benefit from the extension of the deadline to effect a Market Value Cure under the Agreement that will result from the delivery of this Equity Commitment Letter;

WHEREAS, concurrently herewith, the Parent has delivered to the Administrative Agent a written notice in accordance with the definition of the term Contribution Confirmation Package in the Agreement (the "<u>Contribution Confirmation Notice</u>"), a copy of which is attached to this Equity Commitment Letter as Annex 1; and

WHEREAS, capitalized terms used herein and not otherwise defined herein shall have the respective meanings given such terms in the Agreement or, if not so defined, in the Contribution Confirmation Notice;

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** *Equity Commitment*. The Parent hereby irrevocably commits to transfer immediately available funds
to the MV Cure Account an amount equal to $[__]<sup>2</sup> (the " <u>Equity Commitment Amount</u> ") no later than 5:00 p.m. New York City time on [_____]<sup>3</sup> (the " <u>Due Date</u> "). The Parent further agrees that it shall transfer the Equity Commitment Amount to the MV Cure Account as soon as practicable but no later than the conclusion of
the applicable Extended Cure Period and shall comply with all of its covenants set forth in the Contribution Confirmation Notice.

<sup>2</sup> Amount not less than the amount required to effect a Market Value Cure 

<sup>3</sup> Date not later than twelve (12) Business Days following the date on which notice of a Market Value Trigger Event was delivered by the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** *Representations and Warranties.* The Parent represents and warrants as of the date hereof and as
of the Due Date that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** it is duly organized and registered, validly existing and in good standing under the laws of the
jurisdiction of its organization and registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** the execution, delivery and performance by it of this Equity Commitment Letter are within its powers
under its organizational documents and have been duly authorized by all necessary action by its [general partner and, if required, its limited partners] or any other person under its [limited partnership agreement] or other governing documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** this Equity Commitment Letter has been duly executed and delivered by it and constitutes its legal,
valid and binding obligation, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, and other laws affecting creditors' rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** the execution, delivery and performance of this Equity Commitment Letter (i) do not require any
consent or approval of, registration or filing with, or other action by, any governmental authority, except such as have been obtained and are in full force and effect or those the failure of which to obtain would not reasonably be expected to
result in a material adverse effect on its ability to perform its obligations under this Equity Commitment Letter, and no investment restrictions will be exceeded as a result of this Equity Commitment Letter, (ii) will not violate any in any
material respect any provisions of applicable law or regulation or any order of any court or governmental authority, (iii) will not violate the limited partnership agreement or other organizational documents of the Parent, and (iv) will
not result in the material breach of, or constitute a default under any material indenture, agreement or other instrument binding upon the Parent or any of its properties or give rise to a right thereunder to require it to make any payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** there are no actions, suits or proceedings by or before any arbitrator or court or other governmental
authority pending against or, to its knowledge, threatened against or affecting Parent as to which there is a reasonable possibility of adverse determinations that, in the aggregate, could reasonably be expected to result in a material adverse
effect on its ability to perform its obligations under this Equity Commitment Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** all of the representations and warranties set forth in the Contribution Confirmation Notice are true and
correct in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** no material adverse effect on its business, assets, liabilities or financial condition (taken as a
whole) has occurred since the date of its most recent financial statements, provided by it as part of the Contribution Confirmation Package;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.** no breach of its organizational documents that could reasonably be expected to have a material adverse
effect on its ability to perform its obligations under this Equity Commitment Letter shall have occurred and be continuing;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** no (x) change of control, change in senior management or similar event, nor (y) any other
event that would require it to cease making investments, has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j.** no vote or determination has been made by its [general partner or limited partners] to terminate,
dissolve or wind up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** *Waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** The Parent agrees that its obligation hereunder to fund the Equity Commitment Amount shall not be
affected by, or set off against, any claim that it may have against Company or any obligation that Company may owe to Parent or the Parent, whether in connection herewith or otherwise, and that the Parent shall not assert any legal or equitable
defense or counterclaim to its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** The Parent hereby waives any claim or defense that it may have under Section 365(c) of the
Bankruptcy Code with respect to the enforceability of its obligations under this Equity Commitment Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** *Third Party Beneficiary Rights.* Each of the Collateral Agent and the Administrative Agent is an
intended third party beneficiary of this Equity Commitment Letter and shall have the right to enforce this Equity Commitment Letter directly against the Parent. The Parent and Company agree that no amendment, modification, or waiver of, forbearance
under, or consent to the deviation from the terms of, this Equity Commitment Letter may be effected without the prior written consent of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** *Assignment*. The rights and obligations of the Parent set forth herein may not be assigned or
otherwise transferred by the Parent to any other Person without the written consent of Company and the Administrative Agent, and any purported transfer or assignment without the written consent of Company and the Administrative Agent shall be null
and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** *Governing Law; Jurisdiction.* The provisions set forth in Section 10.7 of the Agreement shall
apply herein *mutatis mutandis*.

------

---

| |
|:---|
| Sincerely, |
| CHS BDC 2 LLC |
| By |
| Name: |
| Title: |
| Acknowledged and agreed,<br> as of the first date written above |
| CHS US Investments LLC |
| By |
| Name: |
| Title: |

---

------

**Annex 1 to Equity Commitment Letter** 

<u>Contribution Confirmation Notice</u> 

------

EXHIBIT C

**Form of Parent Joinder Agreement** 

**PARENT JOINDER AGREEMENT** 

This **PARENT JOINDER AGREEMENT** (as the same may be amended, supplemented, or otherwise modified from time to time, this "Joinder Agreement"), dated as of [•], 202[•], is entered into between CHS BDC 2 LLC, a Cayman Islands limited liability company (the "Company"), and [•] ("***Proposed Parent***"), in connection with that certain Loan and Security Agreement (as amended, supplemented, or otherwise modified from time to time, the "***Loan Agreement***"), dated as of September 30, 2025, by and among, inter alios, the Company, CHS US Investments LLC, as parent, CHS (US) Management LLC, as portfolio manager, and JPMorgan Chase Bank, National Association, as Administrative Agent for the Lenders, and each other party from time to time party thereto. All capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Proposed Parent desires to become a "***Parent***" under the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Accordingly, Proposed Parent hereby agrees as follows with the Administrative Agent, for the benefit of the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Proposed Parent hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, it will be deemed to be a party to the Loan Agreement and will be deemed to be a "Parent" for all purposes of the Loan Agreement and the other Loan Documents to the extent applicable to it, and shall have all of the obligations of a Parent thereunder as if it had executed the Loan Agreement and the other Loan Documents applicable to it. Proposed Parent hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Loan Agreement and the other Loan Documents applicable to it in its capacity as a Parent. Without limitation of the foregoing, to the extent applicable to it, Proposed Parent represents and warrants that the representations and warranties in Section 6.01 of the Loan Agreement applicable to a Parent, are true and correct in all material respects as of the date hereof as to Proposed Parent (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 as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Proposed Parent acknowledges and confirms that it has received a copy of the Loan Agreement and the schedules and exhibits thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Joinder Agreement may be executed in one or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute one document. Electronic delivery of an executed counterpart of a signature page of this Joinder Agreement shall be effective as delivery of a manually executed counterpart of this Joinder Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Proposed Parent confirms that its notice address shall be the address as set forth on its signature page hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Joinder Agreement shall become effective, and Proposed Parent shall become a Parent, upon satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Joinder Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include electronic transmission of a signed signature page of this Joinder Agreement) that such party has signed a counterpart of this Joinder Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Administrative Agent (or its counsel) shall have received such certificates of resolutions or other action, incumbency certificates and/or other certificates of the managers, directors or officers (as applicable) of the Proposed Parent as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each manager, director or officer thereof or other Person authorized to act in connection with this Joinder Agreement and the other Loan Documents, and such other documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, formation, registration or incorporation, existence and good standing of the Proposed Parent and any other legal matters relating to the Proposed Parent, this Joinder Agreement or the transactions contemplated hereby, all in form and substance satisfactory to the Administrative Agent and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Administrative Agent (or its counsel) shall have received satisfactory evidence of sale or transfer of the Company's equity to the Proposed Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. No Market Value Event, Default or Event of Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. THIS JOINDER AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICT OF LAWS TO THE EXTENT SUCH PRINCIPLES OR RULES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.** 

***Remainder of Page Intentionally Left Blank;***

***Signature Page(s) Follow(s).***

------

**IN WITNESS WHEREOF**, Proposed Parent and Company have caused this Joinder Agreement to be duly executed by their authorized officers as of the date first above written.

---

| | |
|:---|:---|
| **PROPOSED PARENT:** | **PROPOSED PARENT:** |
| **[•]** |  |
| By: |  |
|  | Name: |
|  | Title: |

---

Notice details:

Address: [ ]

For attention of: [ ]

Email: [ ]

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **CHS BDC 2 LLC** | **CHS BDC 2 LLC** |
| By: |  |
|  | Name: |
|  | Title: |

---

Signature Page to

Parent Joinder Agreement

------

**ACKNOWLEDGED AND AGREED:** 

**ADMINISTRATIVE AGENT:** 

**JPMORGAN CHASE BANK, NATIONAL** 

**ASSOCIATION,** as Administrative Agent

---

| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |

---

Signature Page to

Parent Joinder Agreement

## Exhibit 10.8

**Exhibit 10.8** 

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

**THIS CONTRIBUTION AGREEMENT** (this "<u>Agreement</u>") is made as of January 2, 2026, by and between CHS US Investments LLC, a Cayman Islands limited liability company ("<u>CHS</u>"), and APS BDC, LLC, a Delaware limited liability company ("<u>APS</u>").

**<u>WITNESSETH</u>:** 

**WHEREAS**, CHS is the sole member and owner of all the issued and outstanding limited liability company interests, of APS;

**WHEREAS**, CHS is also the owner of all the issued and outstanding limited liability company interests (collectively, the "<u>Interest</u>") of CHS BDC 2 LLC, a Cayman Islands limited liability company (the "<u>Company</u>");

**WHEREAS**, CHS desires to contribute, grant, convey, assign, transfer and set over to APS all of CHS' right, title and interest in and to, and APS desires to accept and assume, the Interest (the "<u>Contribution</u>");

**WHEREAS**, the Contribution shall be treated by the parties as an additional contribution of capital by CHS to the capital of APS, and an amount equal to the Additional Capital Contribution Amount (as defined below) shall be credited to CHS' capital account by APS;

**NOW, THEREFORE,** in consideration of the foregoing, of the mutual promises of the parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

**Section 1. <u>Contribution of Interest</u>.** CHS hereby contributes, grants, conveys, assigns, transfers and sets over to APS, and APS hereby accepts and assumes, all of CHS' right, title and interest in and to the Interest.

------

**Section 2. <u>Contribution to Capital; Admission as Member</u>.** As consideration for the contribution of the Interest held by CHS, contemporaneously with the actions set forth in Section 1, APS shall credit to the capital account of CHS in APS an amount equal to the fair market value of the Interest, as mutually agreed to by CHS and APS (the "<u>Additional Capital Contribution Amount</u>"). Upon receipt and acceptance of the Interest, APS shall immediately be admitted as the sole member of the Company.

**Section 3. <u>Representations and Warranties of CHS</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) CHS has good and marketable title to the Interest, free and clear of all encumbrances of any kind and nature, except as would not adversely affect the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) CHS has the full right and power to enter into and perform its obligations under this Agreement. CHS has taken all necessary or appropriate action to enable it to enter into, execute and deliver this Agreement and perform its obligations hereunder. No other proceedings on behalf of CHS are necessary to authorize this Agreement and the transactions contemplated hereby, or the performance or compliance by CHS with any of the terms, provisions or conditions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement has been duly executed and delivered by CHS and is the legal, valid and binding obligation of CHS, enforceable against it in accordance with its terms, except as the enforcement hereof may be limited by bankruptcy, insolvency, or other similar laws of general application relating to or affecting the enforcement of creditors' rights.

**Section 4. <u>Representations and Warranties of APS</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) APS has the full right and power to enter into and perform its obligations under this Agreement. APS has taken all necessary or appropriate action to enable it to enter into, execute and deliver this Agreement and perform its obligations hereunder. No other proceedings on behalf of APS are necessary to authorize this Agreement or the transactions contemplated hereby, or the performance or compliance by APS with any of the terms, provisions, or conditions hereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly executed and delivered by APS and is the legal, valid, and binding obligation of APS, enforceable against it in accordance with its terms, except as the enforcement hereof may be limited by bankruptcy, insolvency, or other similar laws of general application relating to or affecting the enforcement of creditors' rights.

**Section 5. <u>Agreement to be Bound; Further Assurances</u>.** Each of CHS and APS agree to execute and deliver any assignment documentation, notice or other instrument necessary or advisable in order to assign the Interest to APS and to assure the valid issuance of Units to CHS.

**Section 6. <u>Miscellaneous</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Assignment; Binding Effect</u>. This Agreement may not be assigned without the consent of the other party hereto. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Construction</u>. This Agreement shall be subject to, and shall be construed under, the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which, when executed and delivered, shall be an original, but all of which shall together constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Entire Agreement</u>. This Agreement contains the entire understanding and agreement of the parties with respect to the subject matter hereof and supersedes any and all prior written or oral agreements between the parties dealing with the subject matter hereof.

------

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be executed on the day and year first above written.

---

| | |
|:---|:---|
| **CHS US INVESTMENTS LLC** | **CHS US INVESTMENTS LLC** |
| By: CHS GP LP, its Managing Member | By: CHS GP LP, its Managing Member |
| By: CHS UGP LLC, its General Partner | By: CHS UGP LLC, its General Partner |
| By: | /s/ Alexandra Grigos |
|  | Name: Alexandra Grigos |
|  | Title: Director |
| **APS BDC, LLC** | **APS BDC, LLC** |
| By: | /s/ Eric Muller |
|  | Name: Eric Muller |
|  | Title: Chief Executive Officer |

---