# EDGAR Filing Document

**Accession Number:** 0002045370
**File Stem:** 0001213900-25-086850
**Filing Date:** 2025-9
**Character Count:** 1166502
**Document Hash:** f8eb7dfe692e71add0ffe253a500e956
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-086850.hdr.sgml**: 20250911

**ACCESSION NUMBER**: 0001213900-25-086850

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250905

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

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250911

**DATE AS OF CHANGE**: 20250911

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Remora Capital Corp
- **CENTRAL INDEX KEY:** 0002045370

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01897
- **FILM NUMBER:** 251308934

**BUSINESS ADDRESS:**
- **STREET 1:** 3200 WEST END AVENUE
- **STREET 2:** SUITE 500
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37203
- **BUSINESS PHONE:** 615-380-1095

**MAIL ADDRESS:**
- **STREET 1:** 3200 WEST END AVENUE
- **STREET 2:** SUITE 500
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37203

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

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

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): September 11, 2025 (September 5, 2025)**

**Remora Capital Corporation**

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
|  **Maryland** | **814-01897** | **33-2299238** |
| **(State or Other Jurisdiction<br> of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br> Identification No.)** |

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| | |
|:---|:---|
| **3200 West End Avenue, Suite 500, Nashville, TN** | **37203** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code: (615) 380-1095**

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

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

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

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

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

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **None** | **None** | **None** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ☒

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

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

 ****

***Investment Management Agreement***

On September 5, 2025, Remora Capital Corporation (the "Company") entered into an investment management agreement (the "Investment Management Agreement") with Remora Capital Management, LLC (the "Adviser" or "Remora"), a registered investment adviser. Pursuant to the Investment Management Agreement, the Adviser is responsible for sourcing, reviewing and structuring investment opportunities for the Company, underwriting and performing due diligence on the Company's investments and monitoring its investment portfolio on an ongoing basis. Pursuant to the Investment Management Agreement, the Company will pay the Adviser a fee for its investment advisory and management services consisting of two components – a management fee and an incentive fee.

 

*Management Fee*

The management fee will be calculated at an annual rate of 1.00% of the par value of the Company's loan assets and similar portfolio investments outstanding (notwithstanding any lower valuation assigned to such loan asset or similar portfolio investment by the Board of Directors of the Company (the "Board") or a valuation designee) in advance as of the first day of each calendar quarter. The management fee for any partial quarter will be prorated during the relevant calendar quarter.

 

*Incentive Fee*

The incentive fee, which provides the Adviser with a share of the income that it generates for the Company, will consist of two components – income-based fee and capital gains – which are largely independent of each other, with the result that one component may be payable even if the other is not payable.

Under the income-based fee component:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Income-Based Fee will be payable to the Adviser if the Company's pre-incentive fee net
 investment income for any calendar quarter does not exceed the hurdle rate of 1.5% per quarter (6.00% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prior to the Company's securities being listed on a
national securities exchange (an "Exchange Listing"), 50% of the Company's pre-incentive fee net investment income
with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or
equal to 1.765% in any calendar quarter (7.06% annualized), or following an Exchange Listing, 100% of the Company's pre-incentive
fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle
rate but is less than or equal to 1.875% in any calendar quarter (7.50% annualized). The Company refers to this portion of the Company's
pre-incentive fee net investment income as the "catch up"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prior to an Exchange Listing, 15.0% of all pre-incentive fee
net investment income for that calendar quarter, or following an Exchange Listing, 20% of all pre-incentive fee net investment income
for that calendar quarter, will be allocated to the Adviser once the hurdle is reached and the catch-up is achieved.

For the purposes of calculating the income component of the incentive fee, "pre-incentive fee net investment income" means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees received from portfolio companies) accrued during the fiscal quarter, minus operating expenses for the quarter (including the management fee, expenses payable under any administration agreement (as described below) and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income 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; provided, however, that the portion of the investment income incentive fee attributable to deferred interest features will be paid, only if and to the extent received in cash, and any accrual thereof will be reversed if and to the extent such interest is reversed in connection with any write off or similar treatment of the investment giving rise to any deferred interest accrual, applied in each case in the order such interest was accrued. Such subsequent payments in respect of previously accrued income will not reduce the amounts payable for any quarter pursuant to the calculation of the investment-income component described above.

The capital gains component of the incentive fee will be determined and paid annually in arrears at the end of each calendar year, and will equal 15.0% of aggregate cumulative realized capital gains from September 5, 2025 (the date on which the Company elected to be regulated as a business development company (the "BDC Election")) through the end of the year, computed net of aggregate cumulative realized capital losses and aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gains incentive fees. For the purposes of calculating the capital gains portion of the incentive fee, "aggregate cumulative realized capital gains" will not include any unrealized appreciation. The capital gains portion of the incentive fee will not be subject to any minimum return to shareholders.

Unless terminated earlier, the Investment Management 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 the Company's outstanding voting securities, and, in either case, if also approved by the vote of a majority of the Company's directors who are not parties to the Investment Management Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act")).

The Investment Management Agreement will automatically terminate within the meaning of the 1940 Act and related Securities and Exchange Commission ("SEC") guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of penalty, the Company may terminate the Investment Management Agreement with the Adviser upon 60 days' written notice. The decision to terminate the Investment Management Agreement may be made by a majority of the Board or the shareholders holding a majority of the outstanding shares of common stock of the Company. "Majority of the outstanding shares" means the lesser of (1) 67% or more of the outstanding shares of common stock present at a meeting, if the holders of more than 50% of the outstanding shares of the Company's common stock are present or represented by proxy or (2) a majority of outstanding shares of the Company's common stock. In addition, without payment of penalty, the Adviser may generally terminate the Investment Management Agreement upon 60 days' written notice. The Adviser may be removed by the Board or by the affirmative vote of a majority of the outstanding shares.

Under the terms of the Investment Management Agreement, the Adviser and its officers, members of its board of directors, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser will not be liable to us for any action taken or omitted to be taken by Remora in connection with the performance of any of its duties or obligations under the Investment Management Agreement or otherwise as our adviser (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 for services).

Under the terms of the Investment Management Agreement, the Company will indemnify the Adviser and its officers, members of its board of directors, partners, agents, employees, controlling persons, members and any other person or entity affiliated with Remora (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 its security holders) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under the Investment Management Agreement or otherwise as an investment manager of the Company. However, the Indemnified Parties will not be entitled to indemnification in respect of any liability to the Company or its shareholders to which the Indemnified Parties would otherwise be subject by reason of criminal conduct or bad faith, gross negligence, actual fraud or willful misconduct with respect to the Company's affairs.

The description above is only a summary of the material provisions of the Investment Management Agreement and is qualified in its entirety by reference to the copy of the Investment Management Agreement, which is filed as Exhibit 10.1 to this current report on Form 8-K and incorporated herein by reference.

 ****

 ****

***Sub-Advisory Agreements***

 

*Crescent Capital*

On September 5, 2025, the Company entered into an investment sub-advisory agreement (the "Crescent Sub-Advisory Agreement") with Crescent Capital Group LP ("Crescent"), a registered investment adviser, and Remora. Pursuant to the Crescent Sub-Advisory Agreement, Crescent will present Crescent Investment Opportunities (as defined below) in loan assets that it identifies, sources, negotiates, monitors, and manages on behalf of the Company, subject to Remora's evaluation, in accordance with Remora's provision of advisory services to the Company, and the ultimate discretion and approval of Remora. "Crescent Investment Opportunities" means senior secured loans to middle-market companies with headquarters in the United States and Canada identified, sourced and/or originated by Crescent and its affiliates, including investment vehicles managed and controlled by Crescent. Pursuant to the Crescent Sub-Advisory Agreement, Crescent may be responsible for the sale of certain assets held in the investment portfolio of the Company which it offers and Remora accepts on behalf of the Company. Crescent will, during the term and subject to the provisions of the Crescent Sub-Advisory Agreement, (i) manage certain of the Company's assets in accordance with its investment objectives, policies and restrictions; (ii) identify, evaluate and negotiate the structure of certain investments made by the Company; (iv) execute, close, service and monitor such investments that the Company makes; (v) propose certain securities and other assets for the Company to acquire, retain or sell; (vi) perform due diligence on prospective portfolio companies; (vii) exercise voting rights in respect of certain portfolio securities and other investments for the Company; (viii) serve on and exercise observer rights for boards of directors and similar committees of the Company's portfolio companies; and (ix) provide the Company 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.

Pursuant to the Crescent Sub-Advisory Agreement, the Company will pay Crescent a quarterly management fee (the "Crescent Management Fee") for its investment advisory and management services, in arrears, as set forth below, computed by Crescent using the Crescent Aggregate Investment Value (as defined below) as of the end of each calendar quarter.

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| | |
|:---|:---|
| Aggregate Investment Value | Compensation |
| Less than $300,000,000 | 0.50% per annum |
| $300,000,000 or more and less than $750,000,000 | 0.45% per annum |
| $750,000,000 or more | 0.40% per annum |

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"Crescent Aggregate Investment Value" means, as of any particular date, the aggregate value of all Crescent Investment Opportunities held by the Company or a subsidiary of the Company as of such date, as determined by the Board (or its valuation designee), which determination may incorporate valuation information provided by Crescent; provided that, for purposes of the Crescent Management Fee calculation, the value of any particular investment will not exceed the outstanding principal balance of such investment as of such date. Crescent is solely responsible for its operating expenses incurred in connection with the provision of the services described under the Crescent Sub-Advisory Agreement.

Unless terminated earlier, the Crescent Sub-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 the Company's outstanding voting securities, and, in either case, if also approved by the vote of a majority of the Company's directors who are not parties to the Crescent Sub-Advisory Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act).

The Crescent Sub-Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of penalty, the Company may terminate the Crescent Sub-Advisory Agreement upon 60 days' written notice. The decision to terminate the Crescent Sub-Advisory Agreement may be made by a majority of the Board or the shareholders holding a majority of the outstanding shares of common stock of the Company. "Majority of the outstanding shares" means the lesser of (1) 67% or more of the outstanding shares of common stock present at a meeting, if the holders of more than 50% of the outstanding shares of the Company's common stock are present or represented by proxy or (2) a majority of outstanding shares of the Company's common stock. In addition, without payment of penalty, Crescent may generally terminate the Crescent Sub-Advisory Agreement upon 60 days' written notice.

Under the terms of the Crescent Sub-Advisory Agreement, Crescent and its officers, members of its board of directors, partners, agents, employees, controlling persons, members and any other person or entity affiliated with Crescent will not be liable to us or Remora for any action taken or omitted to be taken by Crescent Indemnified Parties (as defined below) in connection with the performance of any of its duties or obligations under the Crescent Sub-Advisory Agreement or otherwise as our sub-adviser (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 for services).

Under the terms of the Crescent Sub-Advisory Agreement, the Company will indemnify Crescent and its officers, managers, members of its board of directors, partners, agents, employees, controlling persons, members and any other person or entity affiliated with Crescent (collectively, the "Crescent 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 Crescent 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 its security holders) arising out of or otherwise based upon the performance of any of Crescent's duties or obligations under the Crescent Sub-Advisory Agreement or otherwise as an investment manager of the Company. However, the Crescent Indemnified Parties will not be protected, indemnified or entitled to indemnification in respect of any liability to the Company or its shareholders to which the Crescent Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Crescent's duties or by reason of the reckless disregard of Crescent's duties and obligations under the Crescent Sub-Advisory Agreement.

The description above is only a summary of the material provisions of the Crescent Sub-Advisory Agreement and is qualified in its entirety by reference to the copy of the Crescent Sub-Advisory Agreement, which is filed as Exhibit 10.3 to this current report on Form 8-K and incorporated herein by reference.

 

*Kayne Anderson*

On September 5, 2025, the Company became a party to the Investment Management Agreement, dated as of April 24, 2024 (the "Kayne IMA"), by and between Remora and KAPC Manager, L.P., pursuant to its entry into Amendment No. 1 to the Kayne IMA, dated as of September 5, 2025, by and between the Company, Remora, KAPC Manager, L.P., and Kayne Anderson Capital Advisors, L.P. ("Kayne"), a registered investment adviser (the Kayne IMA, as amended by Amendment No. 1, the "Kayne Sub-Advisory Agreement"). Pursuant to the Kayne Sub-Advisory Agreement, Kayne will present investment opportunities in loan assets that it identifies, sources, negotiates, monitors, and manages on behalf of the Company, subject to Remora's evaluation, in accordance with Remora's provision of advisory services to the Company, and the ultimate discretion and approval of Remora (such investments, following approval by Remora pursuant to the Kayne Sub-Advisory Agreement and the Company's purchase thereof, "Kayne Portfolio Investments").

As compensation for its services under the Kayne Sub-Advisory Agreement, the Company will pay Kayne, in arrears, a quarterly sub-management fee equal to 0.75% per annum of the Aggregate Investment Value of the Kayne Portfolio Investments, as computed by Kayne for each day during the applicable calendar quarter. For purposes of the Kayne Sub-Advisory Agreement, "Aggregate Investment Value" means, as of any particular date, the amount of capital invested by the Company in Kayne Portfolio Investments less any returns of such capital (but not net of income or capital appreciation received by the Company) and permanent write-offs. Kayne is solely responsible for its operating expenses incurred in connection with the provision of the services described under the Kayne Sub-Advisory Agreement.

Unless terminated earlier, the Kayne Sub-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 the Company's outstanding voting securities, and, in either case, if also approved by the vote of a majority of the Company's directors who are not parties to the Kayne Sub-Advisory Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act).

The Kayne Sub-Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of penalty, the Company may terminate the Kayne Sub-Advisory Agreement upon 60 days' written notice. The decision to terminate the Kayne Sub-Advisory Agreement may be made by a majority of the Board or the shareholders holding a majority of the outstanding shares of common stock of the Company. "Majority of the outstanding shares" means the lesser of (1) 67% or more of the outstanding shares of common stock present at a meeting, if the holders of more than 50% of the outstanding shares of the Company's common stock are present or represented by proxy or (2) a majority of outstanding shares of the Company's common stock. In addition, without payment of penalty, Kayne may generally terminate the Kayne Sub-Advisory Agreement upon 60 days' written notice.

Under the terms of the Kayne Sub-Advisory Agreement, Kayne and its officers, members of its board of directors, partners, agents, employees, controlling persons, members and any other person or entity affiliated with Kayne will not be liable to us for any action taken or omitted to be taken by Kayne in connection with the performance of any of its duties or obligations under the Kayne Sub-Advisory Agreement or otherwise as our sub-adviser (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 for services).

Under the terms of the Kayne Sub-Advisory Agreement, the Company will indemnify Kayne and its officers, members of its board of directors, and employees (collectively, the "Kayne Indemnified Parties") for all losses, damages, costs, expenses (including reasonable attorneys' fees), liabilities, claims and demands and for any action, omission or recommendation in connection with the Kayne Sub-Advisory Agreement. However, the Kayne Indemnified Parties will not be entitled to indemnification in the case of such Kayne Indemnified Party's willful misfeasance, bad faith, or gross negligence in the performance of Kayne's duties or by reason of the reckless disregard of Kayne's duties and obligations under the Kayne Sub-Advisory Agreement.

The description above is only a summary of the material provisions of the Kayne Sub-Advisory Agreement and is qualified in its entirety by reference to the copy of the Kayne Sub-Advisory Agreement, which is filed as Exhibit 10.2 to this current report on Form 8-K and incorporated herein by reference.

 ****

***Loan Sourcing Agreement***

On September 5, 2025, the Company entered into a loan sourcing and other services agreement (the "Loan Sourcing Agreement") with Eldridge Credit Advisers, LLC ("Eldridge") and Remora. Pursuant to the Loan Sourcing Agreement, Eldridge will identify potential investment opportunities for the Company. Remora, as the investment adviser to the Company, will retain sole discretion with respect to any investment opportunities identified by Eldridge. In connection with any investment opportunities sourced by Eldridge in which the Company invests, Eldridge will provide the Company and Remora with certain ongoing information about such investments, as more fully described in the Loan Sourcing Agreement.

As compensation for the services provided under the Loan Sourcing Agreement, the Company will pay Eldridge, in arrears, a quarterly fee equal to the Annual Applicable Rate of the Eldridge Aggregate Investment Value, each as defined below, computed by Eldridge for each day during the applicable calendar quarter. "Eldridge Aggregate Investment Value" means, as of any particular date, the aggregate value of all investments sourced by Eldridge pursuant to the Loan Sourcing Agreement (or any previous agreement between the Company and an affiliate) and held by the Company ("Eldridge Approved Investments") as of such date based on the most current valuation; *provided* that the value of any particular Eldridge Approved Investment will not exceed the outstanding principal balance of such Eldridge Approved Investment as of such date. "Applicable Annual Rate" means 0.80% *per annum*.

The Loan Sourcing Agreement will continue until its termination, which will occur upon the earliest of (i) any party's decision to terminate the Loan Sourcing Agreement, which will occur upon not less than ninety (90) days' written notice to the other party, (ii) the termination of Remora as the investment adviser of the Company, and (iii) the date on which a party to the Loan Sourcing Agreement terminates the Loan Sourcing Agreement for Cause (as such term is defined in the Loan Sourcing Agreement).

If the Loan Sourcing Agreement is terminated by Remora in certain enumerated circumstances, Eldridge (either directly and/or through its affiliates, controlled funds, client accounts, other third parties, or any combination of the foregoing) may elect to purchase from the Company, subject to compliance with any applicable credit agreement documentation, all Eldridge Approved Investments for an aggregate purchase price equal to the fair value of the Eldridge Approved Investments (as determined by a nationally recognized and reputable independent third-party valuation firm reasonably acceptable to Remora and Eldridge. The Company and Eldridge have agreed to each pay for 50% of the costs of such appraiser's valuation of the Eldridge Approved Investments held by the Company.

The Company has agreed to indemnify Eldridge and its officers, directors and employees for all losses, damages, costs, expenses (including reasonable attorneys' fees), liabilities, claims and demands, for any action, omission, information or recommendation in connection with the Loan Sourcing Agreement, except in the case of the Eldridge officers', directors', or employees' actual misconduct, gross negligence, willful violation of any applicable statute or reckless disregard for its duties, in each case as determined by an arbitrator or a court of competent jurisdiction.

The description above is only a summary of the material provisions of the Loan Sourcing Agreement and is qualified in its entirety by reference to the copy of the Loan Sourcing Agreement, which is filed as Exhibit 10.4 to this current report on Form 8-K and incorporated herein by reference.

 ****

***Administration Agreements***

 

*Administration Agreement*

On September 5, 2025, the Company entered into an administration agreement (the "Administration Agreement") with Remora (in such capacity, the "Administrator"), pursuant to which the Administrator is responsible for furnishing the Company with office facilities and equipment and providing the Company with clerical, bookkeeping, recordkeeping and other administrative services at such facilities. Payments under the Administration Agreement are equal to the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities hereunder, including the costs and expenses charged by any sub-administrator that may be retained by the Administrator to provide services to the Company or on the Administrator's behalf. Specifically, the reimbursements made by the Company to the Administrator will include, but will not be limited to: (i) the allocable portion of the Administrator's rent for the Company's General Counsel, Chief Compliance Officer, Chief Financial Officer, and their respective staffs; (ii) the allocable portion of the annual cost of the Company's General Counsel, Chief Compliance Officer, Chief Financial Officer and their respective staffs, subject to a cap equal to 22.5 basis points of the Company's net asset value at the end of each fiscal year; (iii) costs associated with (a) the monitoring and preparation of regulatory reporting, including registration statement, registration statement amendments, prospectus supplements, proxy statements and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications; and (iv) all fees, costs and expenses associated with the engagement of a sub-administrator.

The Board, including a majority of independent directors, will review the compensation paid to the Administrator to determine if the provisions of the Administration Agreement are carried out satisfactorily and to determine, among other things, whether the fees payable under the Administration Agreement are reasonable in light of the services provided.

The description above is only a summary of the material provisions of the Administration Agreement and is qualified in its entirety by reference to the copy of the Administration Agreement, which is filed as Exhibit 10.5 to this current report on Form 8-K and incorporated herein by reference.

 

*Sub-Administration Agreement*

On September 5, 2025, the Company entered into an sub-administrative services agreement (the "Sub-Administration Agreement") with Crescent (in its capacity as a sub-administrator, the "Sub-Administrator"), pursuant to which the Sub-Administrator will perform the administrative services necessary for the administration of the assets identified, sourced and/or originated by the Sub-Administrator, in its capacity as an investment sub-adviser to the Company, pursuant to the Crescent Sub-Advisory Agreement. The Sub-Administrator will make reports to Remora, in its capacity as the Company's Sub-Administrator, of its performance of its obligations as provided in the Sub-Administration Agreement; *provided* that nothing therein will be construed to require the Sub-Administrator to, and the Sub-Administrator will not, in its capacity as Sub-Administrator, 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. In addition, the Company has agreed to vote and take certain actions with respect to certain matters in respect of Crescent Investment Opportunities then held by the Company solely in accordance with written instructions provided from time to time by the Sub-Administrator.

The Sub-Administration Agreement also provides that Remora may sell Crescent Investment Opportunities at any time to a third party; provided, however, that prior to accepting any offer from a third party to purchase any Crescent Investment Opportunity, RCM will offer Crescent an opportunity to purchase (or any investment vehicle, collateralized loan obligation, business development company, separately managed account and/or any other advisory clients, in each case, sponsored, managed and/or advised by Crescent and/or its affiliates to purchase) such Crescent Investment Opportunity at a purchase price equal to the higher of (x) the fair market value of such Crescent Investment Opportunity determined by an independent valuation service firm and (y) the purchase price offered by the third-party buyer for such Crescent Investment Opportunity.

The Company will pay the Sub-Administrator, in arrears, a quarterly administration fee (the "Administration Fee") equal to 0.30% per annum of the aggregate value of all Crescent Investment Opportunities held by the Company or a subsidiary of the Company as of such date, as determined by the Board (or its valuation designee), which determination may incorporate valuation information provided by the Sub-Administrator (the "Aggregate Investment Value"); *provided* that, for purposes of the Administration Fee calculation, the value of any particular investment will not exceed the outstanding principal balance of such investment as of such date.

The Company has agreed to indemnify, defend and protect the Crescent 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 them 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 its shareholders) arising out of or otherwise based upon the performance of any of the Sub-Administrator's duties or obligations under the Sub-Administration Agreement or otherwise as administrator for the Company except where attributable to criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of the Sub-Administrator's duties or by reason of the reckless disregard of the Sub-Administrator's duties and obligations under the Sub-Administration Agreement.

The description above is only a summary of the material provisions of the Sub-Administration Agreement and is qualified in its entirety by reference to the copy of the Sub-Administration Agreement, which is filed as Exhibit 10.6 to this current report on Form 8-K and incorporated herein by reference.

 ****

***License Agreement***

On September 5, 2025, the Company entered into a license agreement with Remora (the "License Agreement"), under which Remora has agreed to grant the Company a non-exclusive royalty-free license to use the names "Remora" and "Remora Capital Partners" and the logo associated therewith. Under the License Agreement, the Company has the right to use the "Remora" and "Remora Capital Partners" names for so long as Remora or one of its affiliates remains the Company's investment manager. Other than with respect to this limited license, the Company has no legal right to the "Remora" and "Remora Capital Partners" names. The License Agreement will remain in effect for so long as the Company is in full compliance with the License Agreement.

The description above is only a summary of the material provisions of the License Agreement and is qualified in its entirety by reference to the copy of the License Agreement, which is filed as Exhibit 10.7 to this current report on Form 8-K and incorporated herein by reference.

 ****

***Merger Agreements***

Prior to the Company making the BDC Election, on September 5, 2025, the Company entered into agreements and plans of merger (collectively, the "Merger Agreements"), including that certain (i) form of agreement and plan of merger by and among Remora Capital Partners I, LP ("Fund I") and the Company, (ii) form of agreement and plan of merger by and among Remora Capital Partners II, LP ("Fund II") and the Company, (iii) form of agreement and plan of merger by and among Remora Capital Partners I QP LP ("Fund I QP") and the Company, and (iv) form of agreement and plan of merger by and among Remora Capital Partners II QP, LP ("Fund II QP") and the Company (the transactions contemplated by the Merger Agreements, collectively, the "Mergers"). Prior to the completion of the Mergers, the Adviser served as investment adviser to Fund I, Fund II, Fund I QP and Fund II QP. Under the Merger Agreements, the limited partners of Fund I, Fund II, Fund I QP and Fund II QP respectively received a number of shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), equal to such limited partner's consideration multiple, *multiplied by* 9,798.928, and a number of shares of the Company's preferred stock, par value $0.001 per share (the "Preferred Stock"), equal to such limited partner's consideration multiple, *multiplied by* 201.072. The Mergers closed on September 5, 2025, prior to the BDC Election. As a result of the Mergers, the Company issued 16,213,447.182 shares of Common Stock, 332,696 shares of Preferred Stock, and acquired a portfolio of assets consisting of $243 million of loans to 82 borrowers (including undrawn commitments of revolving credit facilities and delayed draw term loans), cash and other assets totaling $266.7 million (collectively, the "Assets"), which had an aggregate net asset value of $165,461,431.82.

The description above is only a summary of the material provisions of the Merger Agreements and is qualified in its entirety by reference to copies of each of the Merger Agreements, which are filed as Exhibits 2.1, 2.2, 2.3, and 2.4 to this current report on Form 8-K and incorporated herein by reference.

 ****

 ****

***Credit Facility***

On September 5, 2025, the Company entered into a Revolving Credit and Security Agreement (the "Credit Agreement") for a special purpose vehicle financing credit facility (the "SPV Facility") by and among RCC SPV, LLC ("RCC SPV"), as borrower, the Company, as servicer, Atlas Securitized Products Administration, L.P. ("Atlas"), as administrative agent, Atlas Securitized Products, L.P., as lead arranger, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as custodian and as document custodian, each of the managing agents party thereto from time to time, and each of the conduit lenders and institutional lenders party thereto from time to time. The SPV Facility provides for $150 million of initial commitments with (x) a committed accordion feature pursuant to which the commitments shall be increased to $250 million, at the Company's option with 15 business days' notice, or by no later than the first anniversary of the closing date, and (y) an uncommitted accordion feature that allows for commitments up to $500 million from new and existing lenders on the same terms as the existing commitments, subject to market conditions. Advances under the SPV Facility bear interest at one-month Term SOFR plus an applicable margin of 2.00% during the revolving period. Subject to certain performance conditions, the applicable margin could increase to 2.25% during the revolving period and could range up to 2.50% during the amortization or End of Life Option periods. The Credit Agreement provides for an unused commitment fee of, from the effective date of the Credit Agreement through September 5, 2028, 0.50% per annum on the unused commitments up to 50% of the commitments and 0.75% on the unused commitments in excess of 50% of the commitments, and other customary fees. The SPV Facility matures on September 5, 2030, provided that RCC SPV and the administrative agent may mutually agree to extend the maturity date to September 5, 2032 pursuant to the "End of Life Option" under the Credit Agreement.

The Credit Agreement contains customary terms and conditions, including affirmative and negative covenants. The Credit Agreement also contains customary events of default including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, bankruptcy, and change of control, with customary cure and notice provisions.

RCC SPV's obligations to the lenders are secured by a first lien interest in all of its assets and a pledge of the equity interests of RCC SPV owned by the Company, but are otherwise non-recourse to the Company.

Atlas and the lenders under the SPV Facility, and their respective affiliates, may from time to time receive customary fees and expenses in the performance of investment banking, financial advisory or other services for the Company.

The description above is only a summary of the material provisions of the SPV Facility and is qualified in its entirety by reference to the copy of the Credit Agreement, which is filed as Exhibit 10.8 to this current report on Form 8-K and is incorporated herein by reference thereto.

 **Item 2.01. Completion of Acquisition or Disposition Assets.**

The information contained in Item 1.01 "Entry into a Material Definitive Agreement" under the heading "Merger Agreements" is incorporated by reference in this Item 2.01.

 **Item 3.02. Unregistered Sales of Equity Securities.**

The information contained in Item 1.01 "Entry into a Material Definitive Agreement" under the heading "Merger Agreements" is incorporated by reference in this Item 3.02.

On September 5, 2025, the Company issued 16,213,447.182 shares of its Common Stock pursuant to the Mergers and acquired net assets of approximately $165.5 million.

The issuance of the Common Stock was exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) thereof.

On September 5, 2025, the Company issued 332,696 shares of its Preferred Stock pursuant to the Mergers and acquired net assets of approximately $165.5 million.

The issuance of the Preferred Stock was exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) thereof.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial Statements of Business Acquired

The financial statements of Fund I, Fund II, Fund I QP and Fund II QP and the supplemental disclosure information required by Regulation S-X Rule 6-11 will be filed in a subsequent amendment to this current report on Form 8-K and incorporated into this Item 9.01(a) by reference. With respect to the supplemental financial information required to be provided therein, the Company (i) will include as an exhibit to such subsequent amendment a table showing the current fees for the Company and Fund I, Fund II, Fund I QP and Fund II QP, as well as pro forma fees after giving effect to the Mergers, (ii) has determined that the acquisition of Fund I, Fund II, Fund I QP and Fund II QP will not result in a material change in the Company's investment portfolio due to investment restrictions, and (iii) has determined that there are no material differences in accounting policies of the Company when compared to Fund I, Fund II, Fund I QP and Fund II QP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Exhibits

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 2.1 | [Agreement and Plan of Merger, dated as of September 5, 2025, by and between and Remora Capital Corporation and Remora Capital Partners I, LP](ea025673001ex2-1_remora.htm) |
| 2.2 | [Agreement and Plan of Merger, dated as of September 5, 2025, by and between and Remora Capital Corporation and Remora Capital Partners II, LP](ea025673001ex2-2_remora.htm) |
| 2.3 | [Agreement and Plan of Merger, dated as of September 5, 2025, by and between and Remora Capital Corporation and Remora Capital Partners I QP LP](ea025673001ex2-3_remora.htm) |
| 2.4 | [Agreement and Plan of Merger, dated as of September 5, 2025, by and between and Remora Capital Corporation and Remora Capital Partners II QP, LP](ea025673001ex2-4_remora.htm) |
| 10.1 | [Investment Management Agreement, dated as of September 5, 2025, between Remora Capital Corporation and Remora Capital Management LLC](ea025673001ex10-1_remora.htm) |
| 10.2 | [Investment Management Agreement, dated as of April 25, 2024, by and between Remora Capital Management, LLC and KAPC Manager, L.P., as amended by Amendment No. 1 to the Investment Management Agreement, dated as of September 5, 2025, by and between Remora Capital Corporation, Remora Capital Management, LLC, KAPC Manager, L.P., and Kayne Anderson Capital Advisors, L.P.](ea025673001ex10-2_remora.htm) |
| 10.3 | [Investment Sub-Advisory Agreement, dated as of September 5, 2025, between Remora Capital Corporation, Remora Capital Management, LLC, and Crescent Capital Group LP](ea025673001ex10-3_remora.htm) |
| 10.4 | [Loan Sourcing and Other Services Agreement, dated as of September 5, 2025, by and among Remora Capital Corporation, Remora Capital Management, LLC and Eldridge Credit Advisers, LLC](ea025673001ex10-4_remora.htm) |
| 10.5 | [Administration Agreement, dated as of September 5, 2025, between Remora Capital Corporation and Remora Capital Management, LLC](ea025673001ex10-5_remora.htm) |
| 10.6 | [Sub-Administrative Services Agreement, dated as of September 5, 2025, by and between Remora Capital Corporation and Crescent Capital Group LP](ea025673001ex10-6_remora.htm) |
| 10.7 | [License Agreement, dated as of September 5, 2025, by and between Remora Capital Corporation and Remora Capital Management, LLC](ea025673001ex10-7_remora.htm) |
| 10.8 | [Revolving Credit and Security Agreement, dated as of September 5, 2025, by and among RCC SPV, LLC, Remora Capital Corporation, Atlas Securitized Products Administration, L.P., Atlas Securitized Products, L.P., U.S. Bank Trust Company, National Association, U.S. Bank National Association, each of the managing agents party thereto from time to time, and each of the conduit lenders and institutional lenders party thereto from time to time](ea025673001ex10-8_remora.htm) |

---

**SIGNATURES**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Remora Capital Corporation** | **Remora Capital Corporation** | **Remora Capital Corporation** |
| Date: September 11, 2025 | By: | /s/ Daniel Mafrice | /s/ Daniel Mafrice |
|  |  | **Name:** | Daniel Mafrice |
|  |  | **Title:** | President and Chief Executive Officer |

---

## Exhibit 2.1

**Exhibit 2.1**

**AGREEMENT AND PLAN OF MERGER**

**<br> among**

**REMORA CAPITAL CORPORATION**

**and**

**REMORA CAPITAL PARTNERS I LP**

Dated as of September 4, 2025

**AGREEMENT AND PLAN OF MERGER**

This AGREEMENT AND PLAN OF MERGER, dated as of September 4, 2025 (this "<u>Agreement</u>"), is made by and among Remora Capital Corporation, a Maryland corporation (the "<u>Corporation</u>"), and Remora Capital Partners I LP, a Delaware limited partnership (the "<u>Merging Fund</u>"). Each of the Corporation and the Merging Fund may be referred to from time-to-time herein as a "<u>Party</u>" and, collectively, the "<u>Parties</u>."

Capitalized Terms used by not otherwise defined shall have the meaning ascribed to such terms in <u>Article VIII</u>.

**RECITALS**

WHEREAS, the Corporation was formed as Maryland corporation upon filing of the Articles of Incorporation of the Corporation dated as of October 1, 2024 (the "<u>Articles of Incorporation</u>") with the Maryland State Department of Assessments and Taxation ("<u>SDAT</u>");

WHEREAS, the Merging Fund is a Delaware limited partnership and was formed upon the filing of a certificate of limited partnership on March 16, 2021 with the Secretary of State of the State of Delaware (the "<u>DE SOS</u>") (as it may be further amended and restated from time to time, the "<u>Certificate of Limited Partnership</u>");

WHEREAS, the Merging Fund is operated in accordance with that certain Amended and Restated Limited Partnership Agreement dated as of November 16, 2021 by and between Remora Capital Partners I GP LLC, a Delaware limited liability company (the "<u>General Partner</u>") and the limited partners parties thereto (such agreement, as amended from time-to-time, the "<u>Partnership Agreement</u>");

WHEREAS, the General Partner has determined to make a BDC Election (as defined in the Partnership Agreement);

WHEREAS, in furtherance of such BDC Election, upon the terms and subject to the conditions set forth in this Agreement, it is contemplated that the Merging Fund shall merge with and into the Corporation, with the Corporation as the surviving company in the merger (the "<u>Merger</u>");

WHEREAS, following the Effective Time (as defined below), the Corporation intends to elect to be regulated as a business development company ("<u>BDC</u>"), as defined in Section 2(a)(48) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder (the "<u>Investment Company Act</u>");

WHEREAS, in connection with, and as a result of, the Merger, the holders of the limited partnership interests of the Merging Fund (the "<u>LP Interests</u>," and the holders thereof, the "<u>Limited Partners</u>") would receive shares of common stock, par value $0.001 per share, of the Corporation ("<u>Common Stock</u>"), and shares of Series A Preferred Stock, par value $0.001 per share, of the Corporation ("<u>Preferred Stock</u>");

WHEREAS, the board of directors of the Corporation (the "<u>Board</u>") unanimously (i) determined that this Agreement and the terms of the Merger and the related Transactions are advisable, fair to and in the best interests of the Corporation and its sole shareholder (the "<u>Shareholder</u>"), (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger), (iii) directed that the approval of this Agreement and the Transactions (including the Merger) be submitted to the sole Shareholder for its review and approval, and (iv) resolved to recommend the approval of this Agreement and the Transactions (including the Merger) by the sole Shareholder;

WHEREAS, the General Partner has (i) determined that this Agreement and the terms of the Merger and the related Transactions (including the Merger) are advisable, fair to and in the best interests of the Merging Fund and the Limited Partners, and (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger);

WHEREAS, the parties desire to make certain representations, warranties, covenants and other agreements in connection with the Transactions and also to prescribe certain conditions to the Transactions.

NOW, THEREFORE, in consideration of the representations, warranties, covenants and other agreements contained in this Agreement, the parties agree as follows:

**ARTICLE I**

**THE MERGER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>The Merger</u>. Subject to the terms and conditions of this Agreement, in accordance with the Maryland General Corporation Law (the "<u>MGCL</u>") and the Delaware Revised Uniform Limited Partnership Act ("<u>DRULPA</u>"), at the Effective Time, the Merging Fund shall merge with and into the Corporation, and the separate existence of the Merging Fund shall cease. The Corporation shall be the surviving company in the Merger and shall continue its existence as a corporation under the MGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Closing</u>. On the terms and subject to the conditions set forth in this Agreement, the closing of the Merger (the "<u>Closin</u>g") shall take place by remote communication and by the exchange of signatures by electronic transmission on the date that is three (3) Business Days after the satisfaction or waiver of the latest to occur of the conditions set forth in <u>Article VI</u> (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions), unless otherwise agreed by the parties to this Agreement (the date on which the Closing actually occurs, the "<u>Closing Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Effective Time</u>. The Merger shall become effective at such date and time as set forth in the articles of merger (the "<u>Articles of Merger</u>") that shall be filed with, and accepted for record by, SDAT and the certificate of merger (the "<u>Certificate of Merger</u>") filed with the DE SOS. The term "<u>Effective Time</u>" shall be the date and time when the Merger becomes effective as set forth in the Articles of Merger and the Certificate of Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Effects of the Merger</u>. At and after the Effective Time, the Merger shall have the effects set forth in the MGCL and the DRULPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Conversion of LP Interests and Common Stock</u>. At the Effective Time, by virtue of the Merger and without any action on the part of the Merging Fund, the Corporation or the holder of any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All LP Interests of the Merging Fund that are issued and outstanding and are owned by the Corporation or any of its subsidiaries immediately prior to the Effective Time shall be cancelled and shall cease to exist and no Shares or any other consideration shall be delivered in exchange therefor (such LP Interests, the "<u>Cancelled Interests</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The LP Interests held by each Limited Partner immediately prior to the Effective Time (excluding the Cancelled Interests) shall be automatically converted into the right to receive the following (collectively, the "<u>Merger Consideration</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a number of shares of Common Stock equal to (A) such Limited
Partner's Consideration Multiple, *multiplied by* (B) 9,800; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a number of shares of Preferred Stock equal to (A) such Limited Partner's Consideration Multiple, *multiplied by* (B) 200.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The general partnership interest issued and outstanding immediately prior to the Effective Time (the "<u>GP Interest</u>") shall be automatically cancelled without the payment of any consideration; *provided, however*, the General Partner shall have the right to be paid the amounts described below in Section 2.6 in settlement of any and all rights the General Partner has or may have in the future to any carried interest or other incentive fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As of the Effective Time, the GP Interest, the Cancelled Interests, and all LP Interests converted into the right to receive the Merger Consideration pursuant to this <u>Article I</u>, shall no longer be outstanding and shall automatically be cancelled and shall cease to exist, and each holder of a LP Interest (other than the Cancelled Interests) immediately prior to the Effective Time shall cease to have any rights with respect to such LP Interest other than the right to receive the Merger Consideration.

&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) As of the Effective Time, all shares of Common Stock issued and outstanding immediately prior to the Effective Time shall remain outstanding in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Organizational Documents</u>. The Articles of Amendment and Restatement, dated as of July 24, 2025 (the "<u>Articles</u>") and Bylaws of the Corporation dated as of May 23, 2025 (the "<u>Bylaws</u>" and, together with the Articles , the "<u>Corporation's Organizational Documents</u>"), as in effect immediately prior to the Effective Time, shall be the organizational documents of the Corporation, as the surviving company in the Merger, as of immediately after consummation of the Merger, and shall be the organizational documents of the Corporation until thereafter amended in accordance with applicable Law and the terms of the Corporation Organizational Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Directors and Officers</u>. Subject to applicable Law, the directors and officers of the Corporation as of immediately prior to the Effective Time shall be the directors and officers of the Corporation as of immediately after consummation of the Merger and shall hold office until their respective successors are duly elected and qualify, or their earlier death, resignation or removal, or adjudication of legal incompetence.

**ARTICLE II<br>MERGER CONSIDERATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Delivery of Merger Consideration</u>. As soon as reasonably practicable following the Closing, the Corporation shall issue, or cause its transfer agent to issue, the Merger Consideration to each Person who, immediately prior to the Effective Time, owned an LP Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>No Further Ownership Rights; Transfers</u>. All Merger Consideration paid by the Corporation in accordance with the terms of <u>Article I</u> and <u>Article II</u> shall be deemed to have been paid in full satisfaction of all rights pertaining to LP Interests in respect of which such Merger Consideration was paid. From and after the Effective Time, the unit transfer books of the Merging Fund shall be closed with respect to, and there shall be no further transfers on the transfer books of the Merging Fund of, the LP Interests that were issued and outstanding immediately prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Net Asset Value Calculation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merging Fund shall deliver to the Corporation the Closing Fund Net Asset Value, as of a date mutually agreed between the Corporation and the Merging Fund, such date to be no earlier than forty-eight (48) hours (excluding Sundays and holidays) prior to the Effective Time (such agreed date, the "<u>Determination Date</u>"). For these purposes, the term "<u>Closing Fund Net Asset Value</u>" shall be an amount equal to (i) the net asset value of the Merging Fund as of June 30, 2025, calculated in good faith as of such date and based on the same assumptions and methodologies, and applying the same categories of adjustments to net asset value (or partners capital or similar determination), historically used by the Merging Fund in preparing the calculation of the net asset value (or partners capital or similar determination) of the Merging Fund (with an accrual for any dividend or other distribution (including, if applicable, the Pre-Closing Distribution) declared by the Merging Fund and not yet paid), <u>plus</u> (ii) the aggregate amount of capital contributions made to the Merging Fund during the period commencing on June 30, 2025 and ending on the Determination Date (the "<u>Interim Period</u>"), <u>minus</u> (iii) without duplication of any of the matters included within the foregoing (i) and (ii), dividends or distributions made by the Merging Fund, or declared but not paid (including without limitation, the full amount of the Pre-Closing Distribution), during the Interim Period. The calculation of the Closing Fund Net Asset Value shall be accompanied by a schedule setting for the amount of Merger Consideration to which each Limited Partner is entitled (the "<u>Merger Consideration Schedule</u>"). Notwithstanding the foregoing, the Merging Fund shall update the calculation of the Closing Fund Net Asset Value (and the Merger Consideration Schedule) in the event that the Closing is subsequently materially delayed or there is a material change to the Closing Fund Net Asset Value prior to the Closing (including any dividend declared after the Determination Date but prior to Closing) and as needed to ensure the Closing Fund Net Asset Value is determined within forty-eight (48) hours (excluding Sundays and holidays) prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Merging Fund shall afford the Corporation and its representatives, upon reasonable request, reasonable access to the individuals who have prepared the calculation provided pursuant to this <u>Section 2.3</u> and to the information, books, records, work papers and back-up materials used or useful in preparing such calculation, including without limitation any reports prepared by valuation agents, in order to assist the Corporation with its review of such calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>No Liability</u>. None of the Corporation, the Merging Fund, or any other Person shall be liable to any Person in respect of any Merger Consideration delivered to a Governmental Entity pursuant to any applicable abandoned property, escheat or similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Withholding Rights</u>. The Corporation and agents, as applicable, shall be entitled to deduct and withhold from amounts payable pursuant to this Agreement to any holder of LP Interests such amounts as it determines in good faith are required to be deducted and withheld with respect to the making of such payment under the Code, or under any provision of state, local or foreign Tax Law. To the extent that amounts are so withheld and paid over to the appropriate Governmental Entity, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Pre-Closing Distributions</u>. The General Partner shall, prior to the Closing Date, declare and, prior to the Effective Time, cause to be paid (a) to the Limited Partners, a distribution of all earnings and profits of the Merging Fund accumulated but not distributed as of immediately prior to the Effective Time, and (b) to the General Partner, cash in an amount equal to any Carried Interest Distribution (as defined in the Partnership Agreement) to which the General Partner would be entitled under the Partnership Agreement if the Merging Fund dissolved and liquidated as of the Effective Time (the foregoing clauses (a) and (b), collectively, the "<u>Pre-Closing Distribution</u>"). To the extent not distributed in whole or in part prior to the determination of the Closing Fund Net Asset Value in accordance with <u>Section 2.3</u>, any undistributed portion of the Pre-Closing Distribution shall be treated as an accrued liability for purposes of calculating the Closing Fund Net Asset Value in accordance with <u>Section 2.3</u> above.

**ARTICLE III**

**REPRESENTATIONS AND WARRANTIES OF THE MERGING FUND**

The Merging Fund hereby represents and warrants to the Corporation that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Organization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merging Fund is a limited partnership duly formed and in good standing under DRULPA. The Merging Fund has the requisite power and authority to own or lease all of its properties and assets and to carry on its business as it is now being conducted, and is duly licensed or qualified to do business as a business entity in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, in each case, other than as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Merging Fund.

&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) True, complete and correct copies of the Certificate of Limited Partnership and the Partnership Agreement of the Merging Fund, as in effect as of the date of this Agreement (the "<u>Merging Fund Organizational Documents</u>"), have previously been made available to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Capitalization</u>. The issued and outstanding LP Interests as of the date hereof are held by the Limited Partners in the percentages reflected in the records of the Merging Fund maintained by the General Partner, access to which has been provided to the Corporation's representatives. All of the issued and outstanding LP Interests have been duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights, with no personal liability with respect to the Merging Fund attaching to the ownership thereof. As of the date of this Agreement, no Indebtedness having the right to vote on any matters on which Limited Partners may vote ("<u>Merging Fund Voting Debt</u>") is issued or outstanding. As of the date hereof, the Merging Fund does not have and is not bound by any outstanding subscriptions, options, warrants, calls, rights, commitments or agreements of any character ("<u>Rights</u>") calling for the purchase or issuance of, or the payment of any amount based on, any LP Interests, Merging Fund Voting Debt or any other equity securities of the Merging Fund or any securities representing the right to purchase or otherwise receive any LP Interests, Merging Fund Voting Debt or other equity securities of the Merging Fund. There are no obligations of the Merging Fund (i) to repurchase, redeem or otherwise acquire any LP Interests, Merging Fund Voting Debt or any equity security of the Merging Fund or any securities representing the right to purchase or otherwise receive any LP Interests, Merging Fund Voting Debt or any other equity security of the Merging Fund or (ii) pursuant to which the Merging Fund is or could be required to register LP Interests or other securities under the Securities Act. All of the outstanding LP Interests have been issued in compliance with applicable Law in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Authority; No Violation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merging Fund has all requisite limited partnership power and authority to execute and deliver this Agreement and to consummate the Transactions. The execution and delivery of this Agreement and the consummation of the Transactions have been duly and validly approved by the General Partner. The General Partner (i) determined that this Agreement and the terms of the Merger and the related Transactions are advisable, fair to and in the best interests of the Merging Fund and the Limited Partners, and (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger). The Merger and the other Transactions have been authorized by all necessary limited partnership action on the part of the Merging Fund. This Agreement has been duly and validly executed and delivered by the Merging Fund and (assuming due authorization, execution and delivery by the other parties hereto) constitutes the valid and binding obligation of the Merging Fund, enforceable against the Merging Fund in accordance with its terms (except as may be limited by bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or similar Laws of general applicability relating to or affecting the rights of creditors generally and subject to general principles of equity (the "<u>Enforceability Exception</u>")).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the execution and delivery of this Agreement by the Merging Fund, nor the consummation by the Merging Fund of the Transactions, nor the performance of this Agreement by the Merging Fund, will (i) violate any provision of the Merging Fund Organizational Documents or (ii) assuming that the consents, approvals and filings referred to in <u>Section 3.3(a)</u> and <u>Section 3.4</u> are duly obtained and/or made, (A) violate any Law or Order applicable to the Merging Fund or (B) violate, conflict with, result in a breach of or the loss of any benefit under, constitute a default (or an event that, with or without the giving of notice or lapse of time, or both, would constitute a default) under, result in the termination of or a right of termination or cancellation under, accelerate the performance required by, require the consent, approval or authorization of, or notice to or filing with any third-party with respect to, or result in the creation of any Lien upon any of the properties or assets of the Merging Fund under, any of the terms, conditions or provisions of any Permit, Contract or other obligation to which the Merging Fund is a party or by which any of them or any of their respective properties or assets is bound except, with respect to clause (ii), any such violation, conflict, breach, loss, default, termination, cancellation, acceleration, consent, approval or creation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Merging Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.4. Governmental Consents</u>. No consents or approvals of, or filings or registrations with, any Governmental Entity are necessary in connection with the consummation by the Merging Fund of the Merger and the other Transactions, except for (a) the filing of the Articles of Merger with, and the acceptance for the record of the Articles of Merger by, SDAT, (b) the filing of the Merger Certificate with, and the acceptance for the record of the Merger Certificate by, the DE SOS, and (c) any such consents, approvals, filings or registrations that the failure to obtain or make would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Merging Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Broker's Fees</u>. Neither the Merging Fund nor any of directors, officers or agents has utilized any broker, finder or financial advisor or incurred any liability for any broker's fees, commissions or finder's fees in connection with the Merger or the other Transactions.

**ARTICLE IV<br>REPRESENTATIONS AND WARRANTIES OF THE CORPORATION**

The Corporation hereby represents and warrants to the Merging Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Organization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation is a statutory trust duly formed and validly existing and in good standing under the MGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A true, complete and correct copy of the Corporation Organizational Documents, as in effect as of the date of this Agreement, have previously been made available to the Merging Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Authority; No Violation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation has all requisite corporate power and authority to execute and deliver this Agreement. The execution and delivery of this Agreement and the consummation of the Transactions have been duly and validly approved by the Board. The Board has unanimously (i) determined that this Agreement and the terms of the Merger and the related Transactions are advisable, fair to and in the best interests of the Corporation and the Corporation's sole shareholder, (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger), and (iii) resolved to recommend the approval of the Transactions (including the Merger) by the Corporation's sole shareholder. This Agreement and the Transactions (including the Merger) have been approved by the Corporation's sole shareholder, and have otherwise been authorized by all necessary corporate action on the part of the Corporation. This Agreement has been duly and validly executed and delivered by the Corporation and (assuming due authorization, execution and delivery by the other parties hereto) this Agreement constitutes the valid and binding obligation of the Corporation, enforceable against the Corporation in accordance with its terms (except as may be limited by the Enforceability Exception).

&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) Neither the execution and delivery of this Agreement by the Corporation, nor the consummation of the Transactions, nor the performance of this Agreement by the Corporation, will (i) violate any provision of the Corporation Organizational Documents or (ii) (A) violate any Law or Order applicable to the Corporation or (B) violate, conflict with, result in a breach of or the loss of any benefit under, constitute a default (or an event that, with or without the giving of notice or lapse of time, or both, would constitute a default) under, result in the termination of or a right of termination or cancellation under, accelerate the performance required by, require the consent, approval or authorization of, or notice to or filing with any third-party with respect to, or result in the creation of any Lien upon any of the respective properties or assets of the Corporation under, any of the terms, conditions or provisions of any Permit, Contract or other obligation to which the Corporation is a party or by which its properties or assets is bound except, with respect to clause (ii), any such violation, conflict, breach, loss, default, termination, cancellation, acceleration, consent, approval or creation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Governmental Consents</u>. No consents or approvals of, or filings or registrations with, any Governmental Entity are necessary in connection with the consummation by the Corporation of the Merger and the other Transactions, except for, to the extent required by Law, (a) the filing of the Articles of Merger with, and the acceptance for the record of the Articles of Merger by, SDAT, (b) the filing of the Merger Certificate with, and the acceptance for the record of the Merger Certificate by, the DE SOS, and (c) any such consents, approvals, filings or registrations that the failure to obtain or make would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Broker's Fees</u>. Neither the Corporation nor any of its trustees, officers or agents have utilized any broker, finder or financial advisor or incurred any liability for any broker's fees, commissions or finder's fees in connection with the Merger or the other Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Capitalization</u>. The Corporation is authorized to issue 150,000,000 shares of Common Stock and 50,000,000 shares of Preferred Stock. As of the date hereof, 1,000 shares of Common Stock are issued and outstanding and no shares of Preferred Stock are issued and outstanding. All of the issued and outstanding shares of Common Stock have been, and each of the shares of Common Stock and Preferred Stock to be issued in the Merger will be, duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights, with no personal liability with respect to the Corporation attaching to the ownership thereof. As of the date of this Agreement, no Indebtedness having the right to vote on any matters on which holders of Common Stock may vote ("<u>Corporation Voting Debt</u>") is issued or outstanding. As of the date hereof, the Merging Fund does not have and is not bound by any Rights calling for the purchase or issuance of, or the payment of any amount based on, any Common Stock, Preferred Stock, Corporation Voting Debt or any other equity securities of the Corporation or any securities representing the right to purchase or otherwise receive any Common Stock, Preferred Stock, Corporation Voting Debt or any other equity securities of the Corporation.

**ARTICLE V**

**CONDITIONS PRECEDENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Conditions to Each Party's Obligations to Effect the Merger</u>. The respective obligations of the parties to effect the Merger shall be subject to the satisfaction or waiver, at or prior to the Effective Time, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Injunctions or Restraints; Ille</u>g<u>ality</u>. No Order issued by any court or agency of competent jurisdiction or other Law preventing, enjoining, restraining or making illegal the consummation of the Merger or any of the other Transactions shall be in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Litigation</u>. There shall be no Proceeding by any Governmental Entity of competent jurisdiction pending that challenges the Merger or any of the other Transactions or that otherwise seeks to prevent, enjoin, restrain or make illegal the consummation of the Merger or any of the other Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Net Asset Value Determination</u>. The determination of the Closing Fund Net Asset Value shall have been completed in accordance with <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Conditions to Obligations of the Corporation to Effect the Merger</u>. The obligations of the Corporation to effect the Merger are also subject to the satisfaction or waiver by the Corporation, at or prior to the Effective Time, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties of the Merging Fund</u>. The representations and warranties of the Merging Fund shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as of such date and time (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty 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;(b) <u>Performance of Obli</u>g<u>ations of the Merging Fund</u>. The Merging Fund shall have performed in all material respects its obligations required to be performed by it under this Agreement at or prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Receipt of General Partner Certificate</u>. The Corporation shall have received a certificate signed by the General Partner on behalf of the Merging Fund to the effect that the conditions set forth in <u>Sections 5.2(a)</u> and <u>(b)</u>, have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Receipt of Tax Certificate</u>. The Merging Fund shall have delivered a duly executed Form W-9 (or, if necessary, a certificate pursuant to Treasury Regulations Section 1.1445-2(c)(3) stating that the Merging Fund is not nor has it been a United States real property holding corporation (as defined in Section 897(c)(2) of the Code) during the applicable period specified in Section 897(c) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Conditions to Obligations of the Merging Fund to Effect the Merger</u>. The obligation of the Merging Fund to effect the Merger is also subject to the satisfaction or waiver by the Corporation, at or prior to the Effective Time, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties of the Corporation</u>. The representations and warranties of the Corporation shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as of such date and time (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty 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;(b) <u>Performance of Obli</u>g<u>ations of the Corporation</u>. The Corporation shall have performed in all material respects its obligations required to be performed by it under this Agreement at or prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Receipt of Corporation Officer's Certificate</u>. The Merging Fund shall have received a certificate signed on behalf of the Corporation by a duly authorized officer of the Corporation to the effect that the conditions set forth in <u>Sections 5.3(a)</u> and <u>6.3(b)</u> have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Frustration of Closing Conditions</u>. Neither the Corporation nor the Merging Fund may rely on the failure of any condition set forth in this <u>Article V</u> to be satisfied to excuse performance by such party of its obligations under this Agreement if such failure was caused by such party's failure to act in good faith or to use its commercially reasonable efforts to consummate the Merger and the other Transactions.

**ARTICLE VI**

**TERMINATION AND AMENDMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Termination</u>. This Agreement may be terminated at any time prior to the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by mutual written consent of the Merging Fund and the Corporation;

&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) by either the Merging Fund or the Corporation, if the Merger shall not have been consummated on or before December 31, 2025 (the "<u>Outside 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;(c) by the Merging Fund, if there shall have been a breach of any of the covenants or agreements or any of the representations or warranties set forth in this Agreement on the part of the Corporation, which breach, either individually or in the aggregate, would result in, if occurring or continuing on the Closing Date, the failure of the conditions set forth in <u>Sections 5.3(a) or 5.3(b)</u>, and such breach is not curable prior to the Outside Date or if curable prior to the Outside Date, has not been cured within thirty (30) days after the giving of notice thereof by the Merging Fund to the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Corporation, if there shall have been a breach of any of the covenants or agreements or any of the representations or warranties set forth in this Agreement on the part of the Merging Fund, which breach, either individually or in the aggregate, would result in, if occurring or continuing on the Closing Date, the failure of the conditions set forth in <u>Sections 5.2(a)</u> or <u>(b)</u>, and such breach is not curable prior to the Outside Date or if curable prior to the Outside Date, has not been cured within thirty (30) days after the giving of notice thereof by the Corporation to the Merging Fund.

The party desiring to terminate this Agreement pursuant to <u>Section 6.1</u> shall give written notice of such termination to the other party in accordance with <u>Section 8.2</u>, specifying the provision or provisions hereof pursuant to which such termination is effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Effect of Termination</u>. In the event of termination of this Agreement by either the Merging Fund or the Corporation as provided in <u>Section 6.1</u>, this Agreement shall forthwith become void and have no effect, and no party shall any liability of any nature whatsoever under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Fees and Expenses</u>. All fees and expenses incurred in connection with this Agreement and the Transactions (including the Merger) that are addressed in that certain letter agreement dated May 23, 2025, by and between the Corporation and Remora Capital Management, LLC (the "<u>Letter Agreement</u>") shall be paid in accordance therewith; *provided, however*, to the extent any fees and expenses incurred in connection with this Agreement and the Transactions (including the Merger) are not covered by the Letter Agreement, such fees and expenses shall be borne by the party incurring such expenses, regardless of whether the Transactions (including the Merger) are consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Amendment</u>. This Agreement may be amended by the parties by an instrument in writing signed on behalf of each of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>Extension; Waiver</u>. At any time prior to the Effective Time, each party may, to the extent legally allowed, (a) extend the time for the performance of any of the obligations or other acts of the other parties, (b) waive any inaccuracies in the representations and warranties of the other parties contained in this Agreement or (c) waive compliance by the other parties with any of the agreements or conditions contained in this Agreement. Any agreement on the part of a party to any such extension or waiver shall be valid only if set forth in a written instrument signed on behalf of such party, but such extension or waiver or failure to insist on strict compliance with an obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other non-compliance.

**ARTICLE VII<br>CERTAIN DEFINITIONS**

"<u>Business Da</u>y" means any day other than a Saturday or Sunday or a day on which banks are required or authorized to close in the City of New York, New York.

"<u>Consideration Multiple</u>" means, with respect to a Limited Partner, an amount (expressed as a percentage) equal to the result of (1) such Limited Partner's Pro Rata Percentage, *multiplied by* the Closing Fund Net Asset Value, *divided by* (2) $100,000.

"<u>Contract</u>" means any agreement, contract, lease, mortgage, evidence of indebtedness, indenture, license or instrument, whether oral or written, and shall include each amendment, supplement and modification to the foregoing, to which a Person is a party or by which it may be bound.

"<u>Governmental Entit</u>y" means any federal, state, local or foreign government or other governmental body, any agency, commission or authority thereof, any regulatory or administrative authority, any quasi-governmental body, any self-regulatory agency, any court, tribunal or judicial body, or any political subdivision, department or branch of any of the foregoing.

"<u>Law</u>" means any federal, state, local or foreign law (including the common law), statute, code, ordinance, rule, regulation, judgment, Order, writ, decree or injunction or any Permit or similar right granted by any Governmental Entity.

"<u>Liens</u>" means all security interests, liens, claims, pledges, easements, mortgages, rights of first offer or refusal or other encumbrances.

"<u>Material Adverse Effect</u>" means, with respect to the Corporation or the Merging Fund, as the case may be, any event, development, change, effect or occurrence that is, or would reasonably be expected to be, individually or in the aggregate, materially adverse to (i) the business, operations, condition (financial or otherwise) or results of operations of such party, or (ii) the ability of such party to timely perform its material obligations under this Agreement or consummate the Merger and the other Transactions.

"<u>Order</u>" means any writ, injunction, judgment, order or decree entered, issued, made or rendered by any Governmental Entity.

"<u>Permit</u>" means any license, permit, variance, exemption, approval, qualification, or Order of any Governmental Entity.

"<u>Person</u>" means an individual, a (general or limited) partnership, a corporation, a limited liability company, an association, a trust, a joint venture, a Governmental Entity or other legal entity or organization.

"<u>Proceedin</u>g" means an action, suit, arbitration, investigation, examination, litigation, lawsuit or other proceeding, whether civil, criminal or administrative.

"<u>Pro Rata Percentage</u>" means, with respect to a Limited Partner, an amount (expressed as a percentage) equal to (a) the amount of proceeds such Limited Partner would receive pursuant to Section 6.02(b)(iv) of the Partnership Agreement if the Merging Fund were to sell all of its assets on the Closing Date for their fair market value (using the same fair market value assumed in the calculation of the Closing Fund Net Asset Value) and thereafter liquidate in accordance with Article VI of the Partnership Agreement, *divided by* (b) the total amount that would be distributed to all Limited Partners pursuant to 6.02(b)(iv) of the Partnership Agreement in the circumstances described in the immediately foregoing (a).

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Tax</u>" means all federal, state, local, and foreign income, excise, gross receipts, gross income, profits, gains, property, capital, sales, transfer, use, payroll, employment, severance, withholding, duties, franchise, value added and other taxes, charges, levies or like assessments together with all penalties and additions to tax and interest thereon imposed by any taxing authority.

"<u>Transactions</u>" means the transactions contemplated by this Agreement, including the Merger.

**ARTICLE VIII**

**GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Nonsurvival of Representations, Warranties and Agreements</u>. None of the representations, warranties, covenants and agreements set forth in this Agreement or in any instrument delivered pursuant to this Agreement shall survive the Effective Time, except for those covenants and agreements contained in this Agreement that by their express terms apply or are to be performed in whole or in part after the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Notices</u>. All notices and other communications in connection with this Agreement shall be in writing and shall be deemed given if delivered personally, sent via email (<u>provided</u> that the transmission is followed up within one (1) Business Day by dispatch pursuant to one of the other methods described herein), mailed by registered or certified mail (return receipt requested) or delivered by an express courier (with confirmation) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

If to the Merging Fund, to:

Remora Capital Partners I GP LLC,

as general partner to the Merging Fund

3200 West End Avenue, Suite 500

Nashville, TN 37203 Attention: Daniel Mafrice

Email:

with a copy, which will not constitute notice, to:

Eversheds Sutherland (US) LLP

700 Sixth St. NW, Ste. 600

Attention: Stephani Hildebrandt, Esq.

Email:

If to the Corporation, to:

Remora Capital Corporation

3200 West End Avenue, Suite 500

Nashville, TN 37203

Attention: Daniel Mafrice

Email:

with a copy, which will not constitute notice, to:

Eversheds Sutherland (US) LLP

700 Sixth St. NW, Ste. 700

Attention: Stephani Hildebrandt, Esq.

Email:

Each such notice or other communication shall be effective upon receipt (or refusal of receipt).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that each party need not sign the same counterpart. Counterparts may be delivered via facsimile, electronic or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>Entire Agreement</u>. This Agreement (including the documents and the instruments referred to in this Agreement), once executed, constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. This Agreement shall be governed and construed in accordance with the Laws of the State of Maryland applicable to contracts made and performed entirely within such state, without regard to any applicable conflicts of law principles that would cause the application of the Laws of another jurisdiction, except to the extent governed by the Investment Company Act, in which case the Investment Company Act shall control. The parties hereto agree that any Proceeding brought by any party to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the Transactions shall be brought in any state or federal court located in the State of Maryland (collectively, the "<u>Acceptable Courts</u>"). Each of the parties hereto submits to the jurisdiction of any Acceptable Court in any Proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the Transactions and hereby irrevocably waives the benefit of jurisdiction derived from present or future domicile or otherwise in such Proceeding. Each party hereto irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any Proceeding in any such Acceptable Court or that any such Proceeding brought in any such Acceptable Court has been brought in an inconvenient forum. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. Each party hereto (a) certifies that no Representative of any other party has represented, expressly or otherwise, that such other party would not, in the event of any action, suit or proceeding, seek to enforce the foregoing waiver, (b) certifies that it makes this waiver voluntarily and (c) acknowledges that it and the other parties hereto have been induced to enter into this Agreement, by, among other things, the mutual waiver and certifications in this <u>Section 9.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. <u>Assignment; Third Party Beneficiaries</u>. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned by any of the parties (whether by operation of law or otherwise) without the prior written consent of the other parties. Any purported assignment in contravention hereof shall be null and void. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable by each of the parties and their respective successors and assigns. This Agreement (including the documents and instruments referred to in this Agreement) is not intended to and does not confer upon any Person other than the parties hereto any rights or remedies under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. <u>Specific Performance</u>. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, and that monetary damages, even if available, would not be an adequate remedy therefor. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in any federal or state court located in the State of Delaware, without proof of actual damages (and each party hereby waives any requirement for the securing or posting of any bond in connection with such remedy), this being in addition to any other remedy to which such party is entitled at law or in equity. Each of the parties hereto agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief on the basis that any other party hereto has an adequate remedy at law or that any award of specific performance is not an appropriate remedy for any reason at law or in equity.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the Corporation and the Merging Fund have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written.

---

| | | |
|:---|:---|:---|
| **REMORA CAPITAL CORPORATION** | **REMORA CAPITAL CORPORATION** | **REMORA CAPITAL CORPORATION** |
| By: | /s/ Daniel Mafrice | /s/ Daniel Mafrice |
|  | Name: | Daniel Mafrice |
|  | Title: | President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| **REMORA CAPITAL PARTNERS I LP** | **REMORA CAPITAL PARTNERS I LP** |
| By: | Remora Capital Partners I GP LLC, its General Partner |

---

---

| | |
|:---|:---|
| By: | /s/ Daniel Mafrice |
| Name: | Daniel Mafrice |
| Title: | Chief Executive Officer |

---

## Exhibit 2.2

**Exhibit 2.2**

**AGREEMENT AND PLAN OF MERGER**

**<br> among**

**REMORA CAPITAL CORPORATION**

**and**

**REMORA CAPITAL PARTNERS II LP**

Dated as of September 4, 2025

**AGREEMENT AND PLAN OF MERGER**

This AGREEMENT AND PLAN OF MERGER, dated as of September 4, 2025 (this "<u>Agreement</u>"), is made by and among Remora Capital Corporation, a Maryland corporation (the "<u>Corporation</u>"), and Remora Capital Partners II LP, a Delaware limited partnership (the "<u>Merging Fund</u>"). Each of the Corporation and the Merging Fund may be referred to from time-to-time herein as a "<u>Party</u>" and, collectively, the "<u>Parties</u>."

Capitalized Terms used by not otherwise defined shall have the meaning ascribed to such terms in <u>Article VIII</u>.

**RECITALS**

WHEREAS, the Corporation was formed as Maryland corporation upon filing of the Articles of Incorporation of the Corporation dated as of October 1, 2024 (the "<u>Articles of Incorporation</u>") with the Maryland State Department of Assessments and Taxation ("<u>SDAT</u>");

WHEREAS, the Merging Fund is a Delaware limited partnership and was formed upon the filing of a certificate of limited partnership on May 5, 2023 with the Secretary of State of the State of Delaware (the "<u>DE SOS</u>") (as it may be further amended and restated from time to time, the "<u>Certificate of Limited Partnership</u>");

WHEREAS, the Merging Fund is operated in accordance with that certain Amended and Restated Limited Partnership Agreement dated as of December 4, 2023 by and between Remora Capital Partners II GP, LLC, a Delaware limited liability company (the "<u>General Partner</u>") and the limited partners parties thereto (such agreement, as amended from time-to-time, the "<u>Partnership Agreement</u>");

WHEREAS, the General Partner has determined to make a BDC Election (as defined in the Partnership Agreement);

WHEREAS, in furtherance of such BDC Election, upon the terms and subject to the conditions set forth in this Agreement, it is contemplated that the Merging Fund shall merge with and into the Corporation, with the Corporation as the surviving company in the merger (the "<u>Merger</u>");

WHEREAS, following the Effective Time (as defined below), the Corporation intends to elect to be regulated as a business development company ("<u>BDC</u>"), as defined in Section 2(a)(48) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder (the "<u>Investment Company Act</u>");

WHEREAS, in connection with, and as a result of, the Merger, the holders of the limited partnership interests of the Merging Fund (the "<u>LP Interests</u>," and the holders thereof, the "<u>Limited Partners</u>") would receive shares of common stock, par value $0.001 per share, of the Corporation ("<u>Common Stock</u>"), and shares of Series A Preferred Stock, par value $0.001 per share, of the Corporation ("<u>Preferred Stock</u>");

WHEREAS, the board of directors of the Corporation (the "<u>Board</u>") unanimously (i) determined that this Agreement and the terms of the Merger and the related Transactions are advisable, fair to and in the best interests of the Corporation and its sole shareholder (the "<u>Shareholder</u>"), (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger), (iii) directed that the approval of this Agreement and the Transactions (including the Merger) be submitted to the sole Shareholder for its review and approval, and (iv) resolved to recommend the approval of this Agreement and the Transactions (including the Merger) by the sole Shareholder;

WHEREAS, the General Partner has (i) determined that this Agreement and the terms of the Merger and the related Transactions (including the Merger) are advisable, fair to and in the best interests of the Merging Fund and the Limited Partners, and (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger);

WHEREAS, the parties desire to make certain representations, warranties, covenants and other agreements in connection with the Transactions and also to prescribe certain conditions to the Transactions.

NOW, THEREFORE, in consideration of the representations, warranties, covenants and other agreements contained in this Agreement, the parties agree as follows:

**ARTICLE I**

**THE MERGER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>The Merger</u>. Subject to the terms and conditions of this Agreement, in accordance with the Maryland General Corporation Law (the "<u>MGCL</u>") and the Delaware Revised Uniform Limited Partnership Act ("<u>DRULPA</u>"), at the Effective Time, the Merging Fund shall merge with and into the Corporation, and the separate existence of the Merging Fund shall cease. The Corporation shall be the surviving company in the Merger and shall continue its existence as a corporation under the MGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Closing</u>. On the terms and subject to the conditions set forth in this Agreement, the closing of the Merger (the "<u>Closin</u>g") shall take place by remote communication and by the exchange of signatures by electronic transmission on the date that is three (3) Business Days after the satisfaction or waiver of the latest to occur of the conditions set forth in <u>Article VI</u> (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions), unless otherwise agreed by the parties to this Agreement (the date on which the Closing actually occurs, the "<u>Closing Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Effective Time</u>. The Merger shall become effective at such date and time as set forth in the articles of merger (the "<u>Articles of Merger</u>") that shall be filed with, and accepted for record by, SDAT and the certificate of merger (the "<u>Certificate of Merger</u>") filed with the DE SOS. The term "<u>Effective Time</u>" shall be the date and time when the Merger becomes effective as set forth in the Articles of Merger and the Certificate of Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Effects of the Merger</u>. At and after the Effective Time, the Merger shall have the effects set forth in the MGCL and the DRULPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Conversion of LP Interests and Common Stock</u>. At the Effective Time, by virtue of the Merger and without any action on the part of the Merging Fund, the Corporation or the holder of any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All LP Interests of the Merging Fund that are issued and outstanding and are owned by the Corporation or any of its subsidiaries immediately prior to the Effective Time shall be cancelled and shall cease to exist and no Shares or any other consideration shall be delivered in exchange therefor (such LP Interests, the "<u>Cancelled Interests</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The LP Interests held by each Limited Partner immediately prior to the Effective Time (excluding the Cancelled Interests) shall be automatically converted into the right to receive the following (collectively, the "<u>Merger Consideration</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a number of shares of Common Stock equal to (A) such Limited
Partner's Consideration Multiple, *multiplied by* (B) 9,800; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a number of shares of Preferred Stock equal to (A) such Limited
Partner's Consideration Multiple, *multiplied by* (B) 200.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The general partnership interest issued and outstanding immediately prior to the Effective Time (the "<u>GP Interest</u>") shall be automatically cancelled without the payment of any consideration; *provided, however*, the General Partner shall have the right to be paid the amounts described below in Section 2.6 in settlement of any and all rights the General Partner has or may have in the future to any carried interest or other incentive fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As of the Effective Time, the GP Interest, the Cancelled Interests, and all LP Interests converted into the right to receive the Merger Consideration pursuant to this <u>Article I</u>, shall no longer be outstanding and shall automatically be cancelled and shall cease to exist, and each holder of a LP Interest (other than the Cancelled Interests) immediately prior to the Effective Time shall cease to have any rights with respect to such LP Interest other than the right to receive the Merger Consideration.

&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) As of the Effective Time, all shares of Common Stock issued and outstanding immediately prior to the Effective Time shall remain outstanding in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Organizational Documents</u>. The Articles of Amendment and Restatement, dated as of July 24, 2025 (the "<u>Articles</u>") and Bylaws of the Corporation dated as of May 23, 2025 (the "<u>Bylaws</u>" and, together with the Articles , the "<u>Corporation's Organizational Documents</u>"), as in effect immediately prior to the Effective Time, shall be the organizational documents of the Corporation, as the surviving company in the Merger, as of immediately after consummation of the Merger, and shall be the organizational documents of the Corporation until thereafter amended in accordance with applicable Law and the terms of the Corporation Organizational Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Directors and Officers</u>. Subject to applicable Law, the directors and officers of the Corporation as of immediately prior to the Effective Time shall be the directors and officers of the Corporation as of immediately after consummation of the Merger and shall hold office until their respective successors are duly elected and qualify, or their earlier death, resignation or removal, or adjudication of legal incompetence.

**ARTICLE II<br>MERGER CONSIDERATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Delivery of Merger Consideration</u>. As soon as reasonably practicable following the Closing, the Corporation shall issue, or cause its transfer agent to issue, the Merger Consideration to each Person who, immediately prior to the Effective Time, owned an LP Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>No Further Ownership Rights; Transfers</u>. All Merger Consideration paid by the Corporation in accordance with the terms of <u>Article I</u> and <u>Article II</u> shall be deemed to have been paid in full satisfaction of all rights pertaining to LP Interests in respect of which such Merger Consideration was paid. From and after the Effective Time, the unit transfer books of the Merging Fund shall be closed with respect to, and there shall be no further transfers on the transfer books of the Merging Fund of, the LP Interests that were issued and outstanding immediately prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Net Asset Value Calculation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merging Fund shall deliver to the Corporation the Closing Fund Net Asset Value, as of a date mutually agreed between the Corporation and the Merging Fund, such date to be no earlier than forty-eight (48) hours (excluding Sundays and holidays) prior to the Effective Time (such agreed date, the "<u>Determination Date</u>"). For these purposes, the term "<u>Closing Fund Net Asset Value</u>" shall be an amount equal to (i) the net asset value of the Merging Fund as of June 30, 2025, calculated in good faith as of such date and based on the same assumptions and methodologies, and applying the same categories of adjustments to net asset value (or partners capital or similar determination), historically used by the Merging Fund in preparing the calculation of the net asset value (or partners capital or similar determination) of the Merging Fund (with an accrual for any dividend or other distribution (including, if applicable, the Pre-Closing Distribution) declared by the Merging Fund and not yet paid), <u>plus</u> (ii) the aggregate amount of capital contributions made to the Merging Fund during the period commencing on June 30, 2025 and ending on the Determination Date (the "<u>Interim Period</u>"), <u>minus</u> (iii) without duplication of any of the matters included within the foregoing (i) and (ii), dividends or distributions made by the Merging Fund, or declared but not paid (including without limitation, the full amount of the Pre-Closing Distribution), during the Interim Period. The calculation of the Closing Fund Net Asset Value shall be accompanied by a schedule setting for the amount of Merger Consideration to which each Limited Partner is entitled (the "<u>Merger Consideration Schedule</u>"). Notwithstanding the foregoing, the Merging Fund shall update the calculation of the Closing Fund Net Asset Value (and the Merger Consideration Schedule) in the event that the Closing is subsequently materially delayed or there is a material change to the Closing Fund Net Asset Value prior to the Closing (including any dividend declared after the Determination Date but prior to Closing) and as needed to ensure the Closing Fund Net Asset Value is determined within forty-eight (48) hours (excluding Sundays and holidays) prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Merging Fund shall afford the Corporation and its representatives, upon reasonable request, reasonable access to the individuals who have prepared the calculation provided pursuant to this <u>Section 2.3</u> and to the information, books, records, work papers and back-up materials used or useful in preparing such calculation, including without limitation any reports prepared by valuation agents, in order to assist the Corporation with its review of such calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>No Liability</u>. None of the Corporation, the Merging Fund, or any other Person shall be liable to any Person in respect of any Merger Consideration delivered to a Governmental Entity pursuant to any applicable abandoned property, escheat or similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Withholding Rights</u>. The Corporation and agents, as applicable, shall be entitled to deduct and withhold from amounts payable pursuant to this Agreement to any holder of LP Interests such amounts as it determines in good faith are required to be deducted and withheld with respect to the making of such payment under the Code, or under any provision of state, local or foreign Tax Law. To the extent that amounts are so withheld and paid over to the appropriate Governmental Entity, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Pre-Closing Distributions</u>. The General Partner shall, prior to the Closing Date, declare and, prior to the Effective Time, cause to be paid (a) to the Limited Partners, a distribution of all earnings and profits of the Merging Fund accumulated but not distributed as of immediately prior to the Effective Time, and (b) to the General Partner, cash in an amount equal to any Carried Interest Distribution (as defined in the Partnership Agreement) to which the General Partner would be entitled under the Partnership Agreement if the Merging Fund dissolved and liquidated as of the Effective Time (the foregoing clauses (a) and (b), collectively, the "<u>Pre-Closing Distribution</u>"). To the extent not distributed in whole or in part prior to the determination of the Closing Fund Net Asset Value in accordance with <u>Section 2.3</u>, any undistributed portion of the Pre-Closing Distribution shall be treated as an accrued liability for purposes of calculating the Closing Fund Net Asset Value in accordance with <u>Section 2.3</u> above.

**ARTICLE III**

**REPRESENTATIONS AND WARRANTIES OF THE MERGING FUND**

The Merging Fund hereby represents and warrants to the Corporation that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Organization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merging Fund is a limited partnership duly formed and in good standing under DRULPA. The Merging Fund has the requisite power and authority to own or lease all of its properties and assets and to carry on its business as it is now being conducted, and is duly licensed or qualified to do business as a business entity in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, in each case, other than as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Merging Fund.

&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) True, complete and correct copies of the Certificate of Limited Partnership and the Partnership Agreement of the Merging Fund, as in effect as of the date of this Agreement (the "<u>Merging Fund Organizational Documents</u>"), have previously been made available to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Capitalization</u>. The issued and outstanding LP Interests as of the date hereof are held by the Limited Partners in the percentages reflected in the records of the Merging Fund maintained by the General Partner, access to which has been provided to the Corporation's representatives. All of the issued and outstanding LP Interests have been duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights, with no personal liability with respect to the Merging Fund attaching to the ownership thereof. As of the date of this Agreement, no Indebtedness having the right to vote on any matters on which Limited Partners may vote ("<u>Merging Fund Voting Debt</u>") is issued or outstanding. As of the date hereof, the Merging Fund does not have and is not bound by any outstanding subscriptions, options, warrants, calls, rights, commitments or agreements of any character ("<u>Rights</u>") calling for the purchase or issuance of, or the payment of any amount based on, any LP Interests, Merging Fund Voting Debt or any other equity securities of the Merging Fund or any securities representing the right to purchase or otherwise receive any LP Interests, Merging Fund Voting Debt or other equity securities of the Merging Fund. There are no obligations of the Merging Fund (i) to repurchase, redeem or otherwise acquire any LP Interests, Merging Fund Voting Debt or any equity security of the Merging Fund or any securities representing the right to purchase or otherwise receive any LP Interests, Merging Fund Voting Debt or any other equity security of the Merging Fund or (ii) pursuant to which the Merging Fund is or could be required to register LP Interests or other securities under the Securities Act. All of the outstanding LP Interests have been issued in compliance with applicable Law in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Authority; No Violation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merging Fund has all requisite limited partnership power and authority to execute and deliver this Agreement and to consummate the Transactions. The execution and delivery of this Agreement and the consummation of the Transactions have been duly and validly approved by the General Partner. The General Partner (i) determined that this Agreement and the terms of the Merger and the related Transactions are advisable, fair to and in the best interests of the Merging Fund and the Limited Partners, and (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger). The Merger and the other Transactions have been authorized by all necessary limited partnership action on the part of the Merging Fund. This Agreement has been duly and validly executed and delivered by the Merging Fund and (assuming due authorization, execution and delivery by the other parties hereto) constitutes the valid and binding obligation of the Merging Fund, enforceable against the Merging Fund in accordance with its terms (except as may be limited by bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or similar Laws of general applicability relating to or affecting the rights of creditors generally and subject to general principles of equity (the "<u>Enforceability Exception</u>")).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the execution and delivery of this Agreement by the Merging Fund, nor the consummation by the Merging Fund of the Transactions, nor the performance of this Agreement by the Merging Fund, will (i) violate any provision of the Merging Fund Organizational Documents or (ii) assuming that the consents, approvals and filings referred to in <u>Section 3.3(a)</u> and <u>Section 3.4</u> are duly obtained and/or made, (A) violate any Law or Order applicable to the Merging Fund or (B) violate, conflict with, result in a breach of or the loss of any benefit under, constitute a default (or an event that, with or without the giving of notice or lapse of time, or both, would constitute a default) under, result in the termination of or a right of termination or cancellation under, accelerate the performance required by, require the consent, approval or authorization of, or notice to or filing with any third-party with respect to, or result in the creation of any Lien upon any of the properties or assets of the Merging Fund under, any of the terms, conditions or provisions of any Permit, Contract or other obligation to which the Merging Fund is a party or by which any of them or any of their respective properties or assets is bound except, with respect to clause (ii), any such violation, conflict, breach, loss, default, termination, cancellation, acceleration, consent, approval or creation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Merging Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Governmental Consents</u>. No consents or approvals of, or filings or registrations with, any Governmental Entity are necessary in connection with the consummation by the Merging Fund of the Merger and the other Transactions, except for (a) the filing of the Articles of Merger with, and the acceptance for the record of the Articles of Merger by, SDAT, (b) the filing of the Merger Certificate with, and the acceptance for the record of the Merger Certificate by, the DE SOS, and (c) any such consents, approvals, filings or registrations that the failure to obtain or make would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Merging Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Broker's Fees</u>. Neither the Merging Fund nor any of directors, officers or agents has utilized any broker, finder or financial advisor or incurred any liability for any broker's fees, commissions or finder's fees in connection with the Merger or the other Transactions.

**ARTICLE IV<br>REPRESENTATIONS AND WARRANTIES OF THE CORPORATION**

The Corporation hereby represents and warrants to the Merging Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Organization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation is a statutory trust duly formed and validly existing and in good standing under the MGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A true, complete and correct copy of the Corporation Organizational Documents, as in effect as of the date of this Agreement, have previously been made available to the Merging Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Authority; No Violation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation has all requisite corporate power and authority to execute and deliver this Agreement. The execution and delivery of this Agreement and the consummation of the Transactions have been duly and validly approved by the Board. The Board has unanimously (i) determined that this Agreement and the terms of the Merger and the related Transactions are advisable, fair to and in the best interests of the Corporation and the Corporation's sole shareholder, (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger), and (iii) resolved to recommend the approval of the Transactions (including the Merger) by the Corporation's sole shareholder. This Agreement and the Transactions (including the Merger) have been approved by the Corporation's sole shareholder, and have otherwise been authorized by all necessary corporate action on the part of the Corporation. This Agreement has been duly and validly executed and delivered by the Corporation and (assuming due authorization, execution and delivery by the other parties hereto) this Agreement constitutes the valid and binding obligation of the Corporation, enforceable against the Corporation in accordance with its terms (except as may be limited by the Enforceability Exception).

&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) Neither the execution and delivery of this Agreement by the Corporation, nor the consummation of the Transactions, nor the performance of this Agreement by the Corporation, will (i) violate any provision of the Corporation Organizational Documents or (ii) (A) violate any Law or Order applicable to the Corporation or (B) violate, conflict with, result in a breach of or the loss of any benefit under, constitute a default (or an event that, with or without the giving of notice or lapse of time, or both, would constitute a default) under, result in the termination of or a right of termination or cancellation under, accelerate the performance required by, require the consent, approval or authorization of, or notice to or filing with any third-party with respect to, or result in the creation of any Lien upon any of the respective properties or assets of the Corporation under, any of the terms, conditions or provisions of any Permit, Contract or other obligation to which the Corporation is a party or by which its properties or assets is bound except, with respect to clause (ii), any such violation, conflict, breach, loss, default, termination, cancellation, acceleration, consent, approval or creation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Governmental Consents</u>. No consents or approvals of, or filings or registrations with, any Governmental Entity are necessary in connection with the consummation by the Corporation of the Merger and the other Transactions, except for, to the extent required by Law, (a) the filing of the Articles of Merger with, and the acceptance for the record of the Articles of Merger by, SDAT, (b) the filing of the Merger Certificate with, and the acceptance for the record of the Merger Certificate by, the DE SOS, and (c) any such consents, approvals, filings or registrations that the failure to obtain or make would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Broker's Fees</u>. Neither the Corporation nor any of its trustees, officers or agents have utilized any broker, finder or financial advisor or incurred any liability for any broker's fees, commissions or finder's fees in connection with the Merger or the other Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Capitalization</u>. The Corporation is authorized to issue 150,000,000 shares of Common Stock and 50,000,000 shares of Preferred Stock. As of the date hereof, 1,000 shares of Common Stock are issued and outstanding and no shares of Preferred Stock are issued and outstanding. All of the issued and outstanding shares of Common Stock have been, and each of the shares of Common Stock and Preferred Stock to be issued in the Merger will be, duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights, with no personal liability with respect to the Corporation attaching to the ownership thereof. As of the date of this Agreement, no Indebtedness having the right to vote on any matters on which holders of Common Stock may vote ("<u>Corporation Voting Debt</u>") is issued or outstanding. As of the date hereof, the Merging Fund does not have and is not bound by any Rights calling for the purchase or issuance of, or the payment of any amount based on, any Common Stock, Preferred Stock, Corporation Voting Debt or any other equity securities of the Corporation or any securities representing the right to purchase or otherwise receive any Common Stock, Preferred Stock, Corporation Voting Debt or any other equity securities of the Corporation.

**ARTICLE V**

**CONDITIONS PRECEDENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Conditions to Each Party's Obligations to Effect the Merger</u>. The respective obligations of the parties to effect the Merger shall be subject to the satisfaction or waiver, at or prior to the Effective Time, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Injunctions or Restraints; Ille</u>g<u>ality</u>. No Order issued by any court or agency of competent jurisdiction or other Law preventing, enjoining, restraining or making illegal the consummation of the Merger or any of the other Transactions shall be in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Litigation</u>. There shall be no Proceeding by any Governmental Entity of competent jurisdiction pending that challenges the Merger or any of the other Transactions or that otherwise seeks to prevent, enjoin, restrain or make illegal the consummation of the Merger or any of the other Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Net Asset Value Determination</u>. The determination of the Closing Fund Net Asset Value shall have been completed in accordance with <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Conditions to Obligations of the Corporation to Effect the Merger</u>. The obligations of the Corporation to effect the Merger are also subject to the satisfaction or waiver by the Corporation, at or prior to the Effective Time, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties of the Merging Fund</u>. The representations and warranties of the Merging Fund shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as of such date and time (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty 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;(b) <u>Performance of Obli</u>g<u>ations of the Merging Fund</u>. The Merging Fund shall have performed in all material respects its obligations required to be performed by it under this Agreement at or prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Receipt of General Partner Certificate</u>. The Corporation shall have received a certificate signed by the General Partner on behalf of the Merging Fund to the effect that the conditions set forth in <u>Sections 5.2(a)</u> and <u>(b)</u>, have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Receipt of Tax Certificate</u>. The Merging Fund shall have delivered a duly executed Form W-9 (or, if necessary, a certificate pursuant to Treasury Regulations Section 1.1445-2(c)(3) stating that the Merging Fund is not nor has it been a United States real property holding corporation (as defined in Section 897(c)(2) of the Code) during the applicable period specified in Section 897(c) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Conditions to Obligations of the Merging Fund to Effect the Merger</u>. The obligation of the Merging Fund to effect the Merger is also subject to the satisfaction or waiver by the Corporation, at or prior to the Effective Time, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties of the Corporation</u>. The representations and warranties of the Corporation shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as of such date and time (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty 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;(b) <u>Performance of Obli</u>g<u>ations of the Corporation</u>. The Corporation shall have performed in all material respects its obligations required to be performed by it under this Agreement at or prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Receipt of Corporation Officer's Certificate</u>. The Merging Fund shall have received a certificate signed on behalf of the Corporation by a duly authorized officer of the Corporation to the effect that the conditions set forth in <u>Sections 5.3(a)</u> and <u>6.3(b)</u> have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Frustration of Closing Conditions</u>. Neither the Corporation nor the Merging Fund may rely on the failure of any condition set forth in this <u>Article V</u> to be satisfied to excuse performance by such party of its obligations under this Agreement if such failure was caused by such party's failure to act in good faith or to use its commercially reasonable efforts to consummate the Merger and the other Transactions.

**ARTICLE VI**

**TERMINATION AND AMENDMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Termination</u>. This Agreement may be terminated at any time prior to the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by mutual written consent of the Merging Fund and the Corporation;

&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) by either the Merging Fund or the Corporation, if the Merger shall not have been consummated on or before December 31, 2025 (the "<u>Outside 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;(c) by the Merging Fund, if there shall have been a breach of any of the covenants or agreements or any of the representations or warranties set forth in this Agreement on the part of the Corporation, which breach, either individually or in the aggregate, would result in, if occurring or continuing on the Closing Date, the failure of the conditions set forth in <u>Sections 5.3(a) or 5.3(b)</u>, and such breach is not curable prior to the Outside Date or if curable prior to the Outside Date, has not been cured within thirty (30) days after the giving of notice thereof by the Merging Fund to the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Corporation, if there shall have been a breach of any of the covenants or agreements or any of the representations or warranties set forth in this Agreement on the part of the Merging Fund, which breach, either individually or in the aggregate, would result in, if occurring or continuing on the Closing Date, the failure of the conditions set forth in <u>Sections 5.2(a)</u> or <u>(b)</u>, and such breach is not curable prior to the Outside Date or if curable prior to the Outside Date, has not been cured within thirty (30) days after the giving of notice thereof by the Corporation to the Merging Fund.

The party desiring to terminate this Agreement pursuant to <u>Section 6.1</u> shall give written notice of such termination to the other party in accordance with <u>Section 8.2</u>, specifying the provision or provisions hereof pursuant to which such termination is effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Effect of Termination</u>. In the event of termination of this Agreement by either the Merging Fund or the Corporation as provided in <u>Section 6.1</u>, this Agreement shall forthwith become void and have no effect, and no party shall any liability of any nature whatsoever under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Fees and Expenses</u>. All fees and expenses incurred in connection with this Agreement and the Transactions (including the Merger) that are addressed in that certain letter agreement dated May 23, 2025, by and between the Corporation and Remora Capital Management, LLC (the "<u>Letter Agreement</u>") shall be paid in accordance therewith; *provided, however*, to the extent any fees and expenses incurred in connection with this Agreement and the Transactions (including the Merger) are not covered by the Letter Agreement, such fees and expenses shall be borne by the party incurring such expenses, regardless of whether the Transactions (including the Merger) are consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Amendment</u>. This Agreement may be amended by the parties by an instrument in writing signed on behalf of each of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>Extension; Waiver</u>. At any time prior to the Effective Time, each party may, to the extent legally allowed, (a) extend the time for the performance of any of the obligations or other acts of the other parties, (b) waive any inaccuracies in the representations and warranties of the other parties contained in this Agreement or (c) waive compliance by the other parties with any of the agreements or conditions contained in this Agreement. Any agreement on the part of a party to any such extension or waiver shall be valid only if set forth in a written instrument signed on behalf of such party, but such extension or waiver or failure to insist on strict compliance with an obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other non-compliance.

**ARTICLE VII<br>CERTAIN DEFINITIONS**

"<u>Business Da</u>y" means any day other than a Saturday or Sunday or a day on which banks are required or authorized to close in the City of New York, New York.

"<u>Consideration Multiple</u>" means, with respect to a Limited Partner, an amount (expressed as a percentage) equal to the result of (1) such Limited Partner's Pro Rata Percentage, *multiplied by* the Closing Fund Net Asset Value, *divided by* (2) $100,000.

"<u>Contract</u>" means any agreement, contract, lease, mortgage, evidence of indebtedness, indenture, license or instrument, whether oral or written, and shall include each amendment, supplement and modification to the foregoing, to which a Person is a party or by which it may be bound.

"<u>Governmental Entit</u>y" means any federal, state, local or foreign government or other governmental body, any agency, commission or authority thereof, any regulatory or administrative authority, any quasi-governmental body, any self-regulatory agency, any court, tribunal or judicial body, or any political subdivision, department or branch of any of the foregoing.

"<u>Law</u>" means any federal, state, local or foreign law (including the common law), statute, code, ordinance, rule, regulation, judgment, Order, writ, decree or injunction or any Permit or similar right granted by any Governmental Entity.

"<u>Liens</u>" means all security interests, liens, claims, pledges, easements, mortgages, rights of first offer or refusal or other encumbrances.

"<u>Material Adverse Effect</u>" means, with respect to the Corporation or the Merging Fund, as the case may be, any event, development, change, effect or occurrence that is, or would reasonably be expected to be, individually or in the aggregate, materially adverse to (i) the business, operations, condition (financial or otherwise) or results of operations of such party, or (ii) the ability of such party to timely perform its material obligations under this Agreement or consummate the Merger and the other Transactions.

"<u>Order</u>" means any writ, injunction, judgment, order or decree entered, issued, made or rendered by any Governmental Entity.

"<u>Permit</u>" means any license, permit, variance, exemption, approval, qualification, or Order of any Governmental Entity.

"<u>Person</u>" means an individual, a (general or limited) partnership, a corporation, a limited liability company, an association, a trust, a joint venture, a Governmental Entity or other legal entity or organization.

"<u>Proceedin</u>g" means an action, suit, arbitration, investigation, examination, litigation, lawsuit or other proceeding, whether civil, criminal or administrative.

"<u>Pro Rata Percentage</u>" means, with respect to a Limited Partner, an amount (expressed as a percentage) equal to (a) the amount of proceeds such Limited Partner would receive pursuant to Section 6.02(b)(iv) of the Partnership Agreement if the Merging Fund were to sell all of its assets on the Closing Date for their fair market value (using the same fair market value assumed in the calculation of the Closing Fund Net Asset Value) and thereafter liquidate in accordance with Article VI of the Partnership Agreement, *divided by* (b) the total amount that would be distributed to all Limited Partners pursuant to 6.02(b)(iv) of the Partnership Agreement in the circumstances described in the immediately foregoing (a).

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Tax</u>" means all federal, state, local, and foreign income, excise, gross receipts, gross income, profits, gains, property, capital, sales, transfer, use, payroll, employment, severance, withholding, duties, franchise, value added and other taxes, charges, levies or like assessments together with all penalties and additions to tax and interest thereon imposed by any taxing authority.

"<u>Transactions</u>" means the transactions contemplated by this Agreement, including the Merger.

**ARTICLE VIII**

**GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Nonsurvival of Representations, Warranties and Agreements</u>. None of the representations, warranties, covenants and agreements set forth in this Agreement or in any instrument delivered pursuant to this Agreement shall survive the Effective Time, except for those covenants and agreements contained in this Agreement that by their express terms apply or are to be performed in whole or in part after the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Notices</u>. All notices and other communications in connection with this Agreement shall be in writing and shall be deemed given if delivered personally, sent via email (<u>provided</u> that the transmission is followed up within one (1) Business Day by dispatch pursuant to one of the other methods described herein), mailed by registered or certified mail (return receipt requested) or delivered by an express courier (with confirmation) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

If to the Merging Fund, to:

Remora Capital Partners II GP, LLC,

as general partner to the Merging Fund

3200 West End Avenue, Suite 500

Nashville, TN 37203 Attention: Daniel Mafrice

Email:

with a copy, which will not constitute notice, to:

Eversheds Sutherland (US) LLP

700 Sixth St. NW, Ste. 600

Attention: Stephani Hildebrandt, Esq.

Email:

If to the Corporation, to:

Remora Capital Corporation

3200 West End Avenue, Suite 500

Nashville, TN 37203

Attention: Daniel Mafrice

Email:

with a copy, which will not constitute notice, to:

Eversheds Sutherland (US) LLP

700 Sixth St. NW, Ste. 700

Attention: Stephani Hildebrandt, Esq.

Email:

Each such notice or other communication shall be effective upon receipt (or refusal of receipt).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that each party need not sign the same counterpart. Counterparts may be delivered via facsimile, electronic or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>Entire Agreement</u>. This Agreement (including the documents and the instruments referred to in this Agreement), once executed, constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. This Agreement shall be governed and construed in accordance with the Laws of the State of Maryland applicable to contracts made and performed entirely within such state, without regard to any applicable conflicts of law principles that would cause the application of the Laws of another jurisdiction, except to the extent governed by the Investment Company Act, in which case the Investment Company Act shall control. The parties hereto agree that any Proceeding brought by any party to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the Transactions shall be brought in any state or federal court located in the State of Maryland (collectively, the "<u>Acceptable Courts</u>"). Each of the parties hereto submits to the jurisdiction of any Acceptable Court in any Proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the Transactions and hereby irrevocably waives the benefit of jurisdiction derived from present or future domicile or otherwise in such Proceeding. Each party hereto irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any Proceeding in any such Acceptable Court or that any such Proceeding brought in any such Acceptable Court has been brought in an inconvenient forum. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. Each party hereto (a) certifies that no Representative of any other party has represented, expressly or otherwise, that such other party would not, in the event of any action, suit or proceeding, seek to enforce the foregoing waiver, (b) certifies that it makes this waiver voluntarily and (c) acknowledges that it and the other parties hereto have been induced to enter into this Agreement, by, among other things, the mutual waiver and certifications in this <u>Section 9.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. <u>Assignment; Third Party Beneficiaries</u>. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned by any of the parties (whether by operation of law or otherwise) without the prior written consent of the other parties. Any purported assignment in contravention hereof shall be null and void. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable by each of the parties and their respective successors and assigns. This Agreement (including the documents and instruments referred to in this Agreement) is not intended to and does not confer upon any Person other than the parties hereto any rights or remedies under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. <u>Specific Performance</u>. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, and that monetary damages, even if available, would not be an adequate remedy therefor. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in any federal or state court located in the State of Delaware, without proof of actual damages (and each party hereby waives any requirement for the securing or posting of any bond in connection with such remedy), this being in addition to any other remedy to which such party is entitled at law or in equity. Each of the parties hereto agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief on the basis that any other party hereto has an adequate remedy at law or that any award of specific performance is not an appropriate remedy for any reason at law or in equity.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the Corporation and the Merging Fund have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written.

---

| | | |
|:---|:---|:---|
| **REMORA CAPITAL CORPORATION** | **REMORA CAPITAL CORPORATION** | **REMORA CAPITAL CORPORATION** |
| By: | /s/ Daniel Mafrice | /s/ Daniel Mafrice |
|  | Name: | Daniel Mafrice |
|  | Title: | President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| **REMORA CAPITAL PARTNERS II, LP** | **REMORA CAPITAL PARTNERS II, LP** |
| By: | Remora Capital Partners II GP, LLC, its General Partner |

---

---

| | |
|:---|:---|
| By: | /s/ Daniel Mafrice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:Daniel Mafrice | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:Daniel Mafrice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Executive Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Executive Officer |

---

## Exhibit 2.3

**Exhibit 2.3**

**AGREEMENT AND PLAN OF MERGER**

**<br> among**

**REMORA CAPITAL CORPORATION**

**and**

**REMORA CAPITAL PARTNERS I QP LP**

Dated as of September 4, 2025

**AGREEMENT AND PLAN OF MERGER**

This AGREEMENT AND PLAN OF MERGER, dated as of September 4, 2025 (this "<u>Agreement</u>"), is made by and among Remora Capital Corporation, a Maryland corporation (the "<u>Corporation</u>"), and Remora Capital Partners I QP LP, a Delaware limited partnership (the "<u>Merging Fund</u>"). Each of the Corporation and the Merging Fund may be referred to from time-to-time herein as a "<u>Party</u>" and, collectively, the "<u>Parties</u>."

Capitalized Terms used by not otherwise defined shall have the meaning ascribed to such terms in <u>Article VIII</u>.

**RECITALS**

WHEREAS, the Corporation was formed as Maryland corporation upon filing of the Articles of Incorporation of the Corporation dated as of October 1, 2024 (the "<u>Articles of Incorporation</u>") with the Maryland State Department of Assessments and Taxation ("<u>SDAT</u>");

WHEREAS, the Merging Fund is a Delaware limited partnership and was formed upon the filing of a certificate of limited partnership on May 3, 2021 with the Secretary of State of the State of Delaware (the "<u>DE SOS</u>") (as it may be further amended and restated from time to time, the "<u>Certificate of Limited Partnership</u>");

WHEREAS, the Merging Fund is operated in accordance with that certain Amended and Restated Limited Partnership Agreement dated as of November 16, 2021 by and between Remora Capital Partners I GP LLC, a Delaware limited liability company (the "<u>General Partner</u>") and the limited partners parties thereto (such agreement, as amended from time-to-time, the "<u>Partnership Agreement</u>");

WHEREAS, the General Partner has determined to make a BDC Election (as defined in the Partnership Agreement);

WHEREAS, in furtherance of such BDC Election, upon the terms and subject to the conditions set forth in this Agreement, it is contemplated that the Merging Fund shall merge with and into the Corporation, with the Corporation as the surviving company in the merger (the "<u>Merger</u>");

WHEREAS, following the Effective Time (as defined below), the Corporation intends to elect to be regulated as a business development company ("<u>BDC</u>"), as defined in Section 2(a)(48) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder (the "<u>Investment Company Act</u>");

WHEREAS, in connection with, and as a result of, the Merger, the holders of the limited partnership interests of the Merging Fund (the "<u>LP Interests</u>," and the holders thereof, the "<u>Limited Partners</u>") would receive shares of common stock, par value $0.001 per share, of the Corporation ("<u>Common Stock</u>"), and shares of Series A Preferred Stock, par value $0.001 per share, of the Corporation ("<u>Preferred Stock</u>");

WHEREAS, the board of directors of the Corporation (the "<u>Board</u>") unanimously (i) determined that this Agreement and the terms of the Merger and the related Transactions are advisable, fair to and in the best interests of the Corporation and its sole shareholder (the "<u>Shareholder</u>"), (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger), (iii) directed that the approval of this Agreement and the Transactions (including the Merger) be submitted to the sole Shareholder for its review and approval, and (iv) resolved to recommend the approval of this Agreement and the Transactions (including the Merger) by the sole Shareholder;

WHEREAS, the General Partner has (i) determined that this Agreement and the terms of the Merger and the related Transactions (including the Merger) are advisable, fair to and in the best interests of the Merging Fund and the Limited Partners, and (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger);

WHEREAS, the parties desire to make certain representations, warranties, covenants and other agreements in connection with the Transactions and also to prescribe certain conditions to the Transactions.

NOW, THEREFORE, in consideration of the representations, warranties, covenants and other agreements contained in this Agreement, the parties agree as follows:

**ARTICLE I**

**THE MERGER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>The Merger</u>. Subject to the terms and conditions of this Agreement, in accordance with the Maryland General Corporation Law (the "<u>MGCL</u>") and the Delaware Revised Uniform Limited Partnership Act ("<u>DRULPA</u>"), at the Effective Time, the Merging Fund shall merge with and into the Corporation, and the separate existence of the Merging Fund shall cease. The Corporation shall be the surviving company in the Merger and shall continue its existence as a corporation under the MGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Closing</u>. On the terms and subject to the conditions set forth in this Agreement, the closing of the Merger (the "<u>Closin</u>g") shall take place by remote communication and by the exchange of signatures by electronic transmission on the date that is three (3) Business Days after the satisfaction or waiver of the latest to occur of the conditions set forth in <u>Article VI</u> (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions), unless otherwise agreed by the parties to this Agreement (the date on which the Closing actually occurs, the "<u>Closing Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Effective Time</u>. The Merger shall become effective at such date and time as set forth in the articles of merger (the "<u>Articles of Merger</u>") that shall be filed with, and accepted for record by, SDAT and the certificate of merger (the "<u>Certificate of Merger</u>") filed with the DE SOS. The term "<u>Effective Time</u>" shall be the date and time when the Merger becomes effective as set forth in the Articles of Merger and the Certificate of Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Effects of the Merger</u>. At and after the Effective Time, the Merger shall have the effects set forth in the MGCL and the DRULPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Conversion of LP Interests and Common Stock</u>. At the Effective Time, by virtue of the Merger and without any action on the part of the Merging Fund, the Corporation or the holder of any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All LP Interests of the Merging Fund that are issued and outstanding and are owned by the Corporation or any of its subsidiaries immediately prior to the Effective Time shall be cancelled and shall cease to exist and no Shares or any other consideration shall be delivered in exchange therefor (such LP Interests, the "<u>Cancelled Interests</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The LP Interests held by each Limited Partner immediately prior to the Effective Time (excluding the Cancelled Interests) shall be automatically converted into the right to receive the following (collectively, the "<u>Merger Consideration</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a number of shares of Common Stock equal to (A) such Limited Partner's Consideration Multiple, *multiplied by* (B) 9,800; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a number of shares of Preferred Stock equal to (A) such Limited Partner's Consideration Multiple, *multiplied by* (B) 200.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The general partnership interest issued and outstanding immediately prior to the Effective Time (the "<u>GP Interest</u>") shall be automatically cancelled without the payment of any consideration; *provided, however*, the General Partner shall have the right to be paid the amounts described below in Section 2.6 in settlement of any and all rights the General Partner has or may have in the future to any carried interest or other incentive fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As of the Effective Time, the GP Interest, the Cancelled Interests, and all LP Interests converted into the right to receive the Merger Consideration pursuant to this <u>Article I</u>, shall no longer be outstanding and shall automatically be cancelled and shall cease to exist, and each holder of a LP Interest (other than the Cancelled Interests) immediately prior to the Effective Time shall cease to have any rights with respect to such LP Interest other than the right to receive the Merger Consideration.

&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) As of the Effective Time, all shares of Common Stock issued and outstanding immediately prior to the Effective Time shall remain outstanding in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Organizational Documents</u>. The Articles of Amendment and Restatement, dated as of July 24, 2025 (the "<u>Articles</u>") and Bylaws of the Corporation dated as of May 23, 2025 (the "<u>Bylaws</u>" and, together with the Articles , the "<u>Corporation's Organizational Documents</u>"), as in effect immediately prior to the Effective Time, shall be the organizational documents of the Corporation, as the surviving company in the Merger, as of immediately after consummation of the Merger, and shall be the organizational documents of the Corporation until thereafter amended in accordance with applicable Law and the terms of the Corporation Organizational Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Directors and Officers</u>. Subject to applicable Law, the directors and officers of the Corporation as of immediately prior to the Effective Time shall be the directors and officers of the Corporation as of immediately after consummation of the Merger and shall hold office until their respective successors are duly elected and qualify, or their earlier death, resignation or removal, or adjudication of legal incompetence.

**ARTICLE II**

**MERGER CONSIDERATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Delivery of Merger Consideration</u>. As soon as reasonably practicable following the Closing, the Corporation shall issue, or cause its transfer agent to issue, the Merger Consideration to each Person who, immediately prior to the Effective Time, owned an LP Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>No Further Ownership Rights; Transfers</u>. All Merger Consideration paid by the Corporation in accordance with the terms of <u>Article I</u> and <u>Article II</u> shall be deemed to have been paid in full satisfaction of all rights pertaining to LP Interests in respect of which such Merger Consideration was paid. From and after the Effective Time, the unit transfer books of the Merging Fund shall be closed with respect to, and there shall be no further transfers on the transfer books of the Merging Fund of, the LP Interests that were issued and outstanding immediately prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Net Asset Value Calculation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merging Fund shall deliver to the Corporation the Closing Fund Net Asset Value, as of a date mutually agreed between the Corporation and the Merging Fund, such date to be no earlier than forty-eight (48) hours (excluding Sundays and holidays) prior to the Effective Time (such agreed date, the "<u>Determination Date</u>"). For these purposes, the term "<u>Closing Fund Net Asset Value</u>" shall be an amount equal to (i) the net asset value of the Merging Fund as of June 30, 2025, calculated in good faith as of such date and based on the same assumptions and methodologies, and applying the same categories of adjustments to net asset value (or partners capital or similar determination), historically used by the Merging Fund in preparing the calculation of the net asset value (or partners capital or similar determination) of the Merging Fund (with an accrual for any dividend or other distribution (including, if applicable, the Pre-Closing Distribution) declared by the Merging Fund and not yet paid), <u>plus</u> (ii) the aggregate amount of capital contributions made to the Merging Fund during the period commencing on June 30, 2025 and ending on the Determination Date (the "<u>Interim Period</u>"), <u>minus</u> (iii) without duplication of any of the matters included within the foregoing (i) and (ii), dividends or distributions made by the Merging Fund, or declared but not paid (including without limitation, the full amount of the Pre-Closing Distribution), during the Interim Period. The calculation of the Closing Fund Net Asset Value shall be accompanied by a schedule setting for the amount of Merger Consideration to which each Limited Partner is entitled (the "<u>Merger Consideration Schedule</u>"). Notwithstanding the foregoing, the Merging Fund shall update the calculation of the Closing Fund Net Asset Value (and the Merger Consideration Schedule) in the event that the Closing is subsequently materially delayed or there is a material change to the Closing Fund Net Asset Value prior to the Closing (including any dividend declared after the Determination Date but prior to Closing) and as needed to ensure the Closing Fund Net Asset Value is determined within forty-eight (48) hours (excluding Sundays and holidays) prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Merging Fund shall afford the Corporation and its representatives, upon reasonable request, reasonable access to the individuals who have prepared the calculation provided pursuant to this <u>Section 2.3</u> and to the information, books, records, work papers and back-up materials used or useful in preparing such calculation, including without limitation any reports prepared by valuation agents, in order to assist the Corporation with its review of such calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>No Liability</u>. None of the Corporation, the Merging Fund, or any other Person shall be liable to any Person in respect of any Merger Consideration delivered to a Governmental Entity pursuant to any applicable abandoned property, escheat or similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Withholding Rights</u>. The Corporation and agents, as applicable, shall be entitled to deduct and withhold from amounts payable pursuant to this Agreement to any holder of LP Interests such amounts as it determines in good faith are required to be deducted and withheld with respect to the making of such payment under the Code, or under any provision of state, local or foreign Tax Law. To the extent that amounts are so withheld and paid over to the appropriate Governmental Entity, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Pre-Closing Distributions</u>. The General Partner shall, prior to the Closing Date, declare and, prior to the Effective Time, cause to be paid (a) to the Limited Partners, a distribution of all earnings and profits of the Merging Fund accumulated but not distributed as of immediately prior to the Effective Time, and (b) to the General Partner, cash in an amount equal to any Carried Interest Distribution (as defined in the Partnership Agreement) to which the General Partner would be entitled under the Partnership Agreement if the Merging Fund dissolved and liquidated as of the Effective Time (the foregoing clauses (a) and (b), collectively, the "<u>Pre-Closing Distribution</u>"). To the extent not distributed in whole or in part prior to the determination of the Closing Fund Net Asset Value in accordance with <u>Section 2.3</u>, any undistributed portion of the Pre-Closing Distribution shall be treated as an accrued liability for purposes of calculating the Closing Fund Net Asset Value in accordance with <u>Section 2.3</u> above.

**ARTICLE III**

**REPRESENTATIONS AND WARRANTIES OF THE MERGING FUND**

The Merging Fund hereby represents and warrants to the Corporation that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Organization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merging Fund is a limited partnership duly formed and in good standing under DRULPA. The Merging Fund has the requisite power and authority to own or lease all of its properties and assets and to carry on its business as it is now being conducted, and is duly licensed or qualified to do business as a business entity in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, in each case, other than as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Merging Fund.

&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) True, complete and correct copies of the Certificate of Limited Partnership and the Partnership Agreement of the Merging Fund, as in effect as of the date of this Agreement (the "<u>Merging Fund Organizational Documents</u>"), have previously been made available to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Capitalization</u>. The issued and outstanding LP Interests as of the date hereof are held by the Limited Partners in the percentages reflected in the records of the Merging Fund maintained by the General Partner, access to which has been provided to the Corporation's representatives. All of the issued and outstanding LP Interests have been duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights, with no personal liability with respect to the Merging Fund attaching to the ownership thereof. As of the date of this Agreement, no Indebtedness having the right to vote on any matters on which Limited Partners may vote ("<u>Merging Fund Voting Debt</u>") is issued or outstanding. As of the date hereof, the Merging Fund does not have and is not bound by any outstanding subscriptions, options, warrants, calls, rights, commitments or agreements of any character ("<u>Rights</u>") calling for the purchase or issuance of, or the payment of any amount based on, any LP Interests, Merging Fund Voting Debt or any other equity securities of the Merging Fund or any securities representing the right to purchase or otherwise receive any LP Interests, Merging Fund Voting Debt or other equity securities of the Merging Fund. There are no obligations of the Merging Fund (i) to repurchase, redeem or otherwise acquire any LP Interests, Merging Fund Voting Debt or any equity security of the Merging Fund or any securities representing the right to purchase or otherwise receive any LP Interests, Merging Fund Voting Debt or any other equity security of the Merging Fund or (ii) pursuant to which the Merging Fund is or could be required to register LP Interests or other securities under the Securities Act. All of the outstanding LP Interests have been issued in compliance with applicable Law in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Authority; No Violation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merging Fund has all requisite limited partnership power and authority to execute and deliver this Agreement and to consummate the Transactions. The execution and delivery of this Agreement and the consummation of the Transactions have been duly and validly approved by the General Partner. The General Partner (i) determined that this Agreement and the terms of the Merger and the related Transactions are advisable, fair to and in the best interests of the Merging Fund and the Limited Partners, and (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger). The Merger and the other Transactions have been authorized by all necessary limited partnership action on the part of the Merging Fund. This Agreement has been duly and validly executed and delivered by the Merging Fund and (assuming due authorization, execution and delivery by the other parties hereto) constitutes the valid and binding obligation of the Merging Fund, enforceable against the Merging Fund in accordance with its terms (except as may be limited by bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or similar Laws of general applicability relating to or affecting the rights of creditors generally and subject to general principles of equity (the "<u>Enforceability Exception</u>")).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the execution and delivery of this Agreement by the Merging Fund, nor the consummation by the Merging Fund of the Transactions, nor the performance of this Agreement by the Merging Fund, will (i) violate any provision of the Merging Fund Organizational Documents or (ii) assuming that the consents, approvals and filings referred to in <u>Section 3.3(a)</u> and <u>Section 3.4</u> are duly obtained and/or made, (A) violate any Law or Order applicable to the Merging Fund or (B) violate, conflict with, result in a breach of or the loss of any benefit under, constitute a default (or an event that, with or without the giving of notice or lapse of time, or both, would constitute a default) under, result in the termination of or a right of termination or cancellation under, accelerate the performance required by, require the consent, approval or authorization of, or notice to or filing with any third-party with respect to, or result in the creation of any Lien upon any of the properties or assets of the Merging Fund under, any of the terms, conditions or provisions of any Permit, Contract or other obligation to which the Merging Fund is a party or by which any of them or any of their respective properties or assets is bound except, with respect to clause (ii), any such violation, conflict, breach, loss, default, termination, cancellation, acceleration, consent, approval or creation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Merging Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.4. Governmental Consents</u>. No consents or approvals of, or filings or registrations with, any Governmental Entity are necessary in connection with the consummation by the Merging Fund of the Merger and the other Transactions, except for (a) the filing of the Articles of Merger with, and the acceptance for the record of the Articles of Merger by, SDAT, (b) the filing of the Merger Certificate with, and the acceptance for the record of the Merger Certificate by, the DE SOS, and (c) any such consents, approvals, filings or registrations that the failure to obtain or make would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Merging Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Broker's Fees</u>. Neither the Merging Fund nor any of directors, officers or agents has utilized any broker, finder or financial advisor or incurred any liability for any broker's fees, commissions or finder's fees in connection with the Merger or the other Transactions.

**ARTICLE IV**

**REPRESENTATIONS AND WARRANTIES OF THE CORPORATION**

The Corporation hereby represents and warrants to the Merging Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Organization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation is a statutory trust duly formed and validly existing and in good standing under the MGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A true, complete and correct copy of the Corporation Organizational Documents, as in effect as of the date of this Agreement, have previously been made available to the Merging Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Authority; No Violation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation has all requisite corporate power and authority to execute and deliver this Agreement. The execution and delivery of this Agreement and the consummation of the Transactions have been duly and validly approved by the Board. The Board has unanimously (i) determined that this Agreement and the terms of the Merger and the related Transactions are advisable, fair to and in the best interests of the Corporation and the Corporation's sole shareholder, (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger), and (iii) resolved to recommend the approval of the Transactions (including the Merger) by the Corporation's sole shareholder. This Agreement and the Transactions (including the Merger) have been approved by the Corporation's sole shareholder, and have otherwise been authorized by all necessary corporate action on the part of the Corporation. This Agreement has been duly and validly executed and delivered by the Corporation and (assuming due authorization, execution and delivery by the other parties hereto) this Agreement constitutes the valid and binding obligation of the Corporation, enforceable against the Corporation in accordance with its terms (except as may be limited by the Enforceability Exception).

&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) Neither the execution and delivery of this Agreement by the Corporation, nor the consummation of the Transactions, nor the performance of this Agreement by the Corporation, will (i) violate any provision of the Corporation Organizational Documents or (ii) (A) violate any Law or Order applicable to the Corporation or (B) violate, conflict with, result in a breach of or the loss of any benefit under, constitute a default (or an event that, with or without the giving of notice or lapse of time, or both, would constitute a default) under, result in the termination of or a right of termination or cancellation under, accelerate the performance required by, require the consent, approval or authorization of, or notice to or filing with any third-party with respect to, or result in the creation of any Lien upon any of the respective properties or assets of the Corporation under, any of the terms, conditions or provisions of any Permit, Contract or other obligation to which the Corporation is a party or by which its properties or assets is bound except, with respect to clause (ii), any such violation, conflict, breach, loss, default, termination, cancellation, acceleration, consent, approval or creation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Governmental Consents</u>. No consents or approvals of, or filings or registrations with, any Governmental Entity are necessary in connection with the consummation by the Corporation of the Merger and the other Transactions, except for, to the extent required by Law, (a) the filing of the Articles of Merger with, and the acceptance for the record of the Articles of Merger by, SDAT, (b) the filing of the Merger Certificate with, and the acceptance for the record of the Merger Certificate by, the DE SOS, and (c) any such consents, approvals, filings or registrations that the failure to obtain or make would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Broker's Fees</u>. Neither the Corporation nor any of its trustees, officers or agents have utilized any broker, finder or financial advisor or incurred any liability for any broker's fees, commissions or finder's fees in connection with the Merger or the other Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Capitalization</u>. The Corporation is authorized to issue 150,000,000 shares of Common Stock and 50,000,000 shares of Preferred Stock. As of the date hereof, 1,000 shares of Common Stock are issued and outstanding and no shares of Preferred Stock are issued and outstanding. All of the issued and outstanding shares of Common Stock have been, and each of the shares of Common Stock and Preferred Stock to be issued in the Merger will be, duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights, with no personal liability with respect to the Corporation attaching to the ownership thereof. As of the date of this Agreement, no Indebtedness having the right to vote on any matters on which holders of Common Stock may vote ("<u>Corporation Voting Debt</u>") is issued or outstanding. As of the date hereof, the Merging Fund does not have and is not bound by any Rights calling for the purchase or issuance of, or the payment of any amount based on, any Common Stock, Preferred Stock, Corporation Voting Debt or any other equity securities of the Corporation or any securities representing the right to purchase or otherwise receive any Common Stock, Preferred Stock, Corporation Voting Debt or any other equity securities of the Corporation.

**ARTICLE V**

**CONDITIONS PRECEDENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Conditions to Each Party's Obligations to Effect the Merger</u>. The respective obligations of the parties to effect the Merger shall be subject to the satisfaction or waiver, at or prior to the Effective Time, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Injunctions or Restraints; Ille</u>g<u>ality</u>. No Order issued by any court or agency of competent jurisdiction or other Law preventing, enjoining, restraining or making illegal the consummation of the Merger or any of the other Transactions shall be in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Litigation</u>. There shall be no Proceeding by any Governmental Entity of competent jurisdiction pending that challenges the Merger or any of the other Transactions or that otherwise seeks to prevent, enjoin, restrain or make illegal the consummation of the Merger or any of the other Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Net Asset Value Determination</u>. The determination of the Closing Fund Net Asset Value shall have been completed in accordance with <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Conditions to Obligations of the Corporation to Effect the Merger</u>. The obligations of the Corporation to effect the Merger are also subject to the satisfaction or waiver by the Corporation, at or prior to the Effective Time, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties of the Merging Fund</u>. The representations and warranties of the Merging Fund shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as of such date and time (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty 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;(b) <u>Performance of Obli</u>g<u>ations of the Merging Fund</u>. The Merging Fund shall have performed in all material respects its obligations required to be performed by it under this Agreement at or prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Receipt of General Partner Certificate</u>. The Corporation shall have received a certificate signed by the General Partner on behalf of the Merging Fund to the effect that the conditions set forth in <u>Sections 5.2(a)</u> and <u>(b)</u>, have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Receipt of Tax Certificate</u>. The Merging Fund shall have delivered a duly executed Form W-9 (or, if necessary, a certificate pursuant to Treasury Regulations Section 1.1445-2(c)(3) stating that the Merging Fund is not nor has it been a United States real property holding corporation (as defined in Section 897(c)(2) of the Code) during the applicable period specified in Section 897(c) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Conditions to Obligations of the Merging Fund to Effect the Merger</u>. The obligation of the Merging Fund to effect the Merger is also subject to the satisfaction or waiver by the Corporation, at or prior to the Effective Time, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties of the Corporation</u>. The representations and warranties of the Corporation shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as of such date and time (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty 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;(b) <u>Performance of Obli</u>g<u>ations of the Corporation</u>. The Corporation shall have performed in all material respects its obligations required to be performed by it under this Agreement at or prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Receipt of Corporation Officer's Certificate</u>. The Merging Fund shall have received a certificate signed on behalf of the Corporation by a duly authorized officer of the Corporation to the effect that the conditions set forth in <u>Sections 5.3(a)</u> and <u>6.3(b)</u> have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Frustration of Closing Conditions</u>. Neither the Corporation nor the Merging Fund may rely on the failure of any condition set forth in this <u>Article V</u> to be satisfied to excuse performance by such party of its obligations under this Agreement if such failure was caused by such party's failure to act in good faith or to use its commercially reasonable efforts to consummate the Merger and the other Transactions.

**ARTICLE VI**

**TERMINATION AND AMENDMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Termination</u>. This Agreement may be terminated at any time prior to the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by mutual written consent of the Merging Fund and the Corporation;

&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) by either the Merging Fund or the Corporation, if the Merger shall not have been consummated on or before December 31, 2025 (the "<u>Outside 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;(c) by the Merging Fund, if there shall have been a breach of any of the covenants or agreements or any of the representations or warranties set forth in this Agreement on the part of the Corporation, which breach, either individually or in the aggregate, would result in, if occurring or continuing on the Closing Date, the failure of the conditions set forth in <u>Sections 5.3(a) or 5.3(b)</u>, and such breach is not curable prior to the Outside Date or if curable prior to the Outside Date, has not been cured within thirty (30) days after the giving of notice thereof by the Merging Fund to the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Corporation, if there shall have been a breach of any of the covenants or agreements or any of the representations or warranties set forth in this Agreement on the part of the Merging Fund, which breach, either individually or in the aggregate, would result in, if occurring or continuing on the Closing Date, the failure of the conditions set forth in <u>Sections 5.2(a)</u> or <u>(b)</u>, and such breach is not curable prior to the Outside Date or if curable prior to the Outside Date, has not been cured within thirty (30) days after the giving of notice thereof by the Corporation to the Merging Fund.

The party desiring to terminate this Agreement pursuant to <u>Section 6.1</u> shall give written notice of such termination to the other party in accordance with <u>Section 8.2</u>, specifying the provision or provisions hereof pursuant to which such termination is effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Effect of Termination</u>. In the event of termination of this Agreement by either the Merging Fund or the Corporation as provided in <u>Section 6.1</u>, this Agreement shall forthwith become void and have no effect, and no party shall any liability of any nature whatsoever under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Fees and Expenses</u>. All fees and expenses incurred in connection with this Agreement and the Transactions (including the Merger) that are addressed in that certain letter agreement dated May 23, 2025, by and between the Corporation and Remora Capital Management, LLC (the "<u>Letter Agreement</u>") shall be paid in accordance therewith; *provided, however*, to the extent any fees and expenses incurred in connection with this Agreement and the Transactions (including the Merger) are not covered by the Letter Agreement, such fees and expenses shall be borne by the party incurring such expenses, regardless of whether the Transactions (including the Merger) are consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Amendment</u>. This Agreement may be amended by the parties by an instrument in writing signed on behalf of each of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>Extension; Waiver</u>. At any time prior to the Effective Time, each party may, to the extent legally allowed, (a) extend the time for the performance of any of the obligations or other acts of the other parties, (b) waive any inaccuracies in the representations and warranties of the other parties contained in this Agreement or (c) waive compliance by the other parties with any of the agreements or conditions contained in this Agreement. Any agreement on the part of a party to any such extension or waiver shall be valid only if set forth in a written instrument signed on behalf of such party, but such extension or waiver or failure to insist on strict compliance with an obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other non-compliance.

**ARTICLE VII**

**CERTAIN DEFINITIONS**

"<u>Business Da</u>y" means any day other than a Saturday or Sunday or a day on which banks are required or authorized to close in the City of New York, New York.

"<u>Consideration Multiple</u>" means, with respect to a Limited Partner, an amount (expressed as a percentage) equal to the result of (1) such Limited Partner's Pro Rata Percentage, *multiplied by* the Closing Fund Net Asset Value, *divided by* (2) $100,000.

"<u>Contract</u>" means any agreement, contract, lease, mortgage, evidence of indebtedness, indenture, license or instrument, whether oral or written, and shall include each amendment, supplement and modification to the foregoing, to which a Person is a party or by which it may be bound.

"<u>Governmental Entit</u>y" means any federal, state, local or foreign government or other governmental body, any agency, commission or authority thereof, any regulatory or administrative authority, any quasi-governmental body, any self-regulatory agency, any court, tribunal or judicial body, or any political subdivision, department or branch of any of the foregoing.

"<u>Law</u>" means any federal, state, local or foreign law (including the common law), statute, code, ordinance, rule, regulation, judgment, Order, writ, decree or injunction or any Permit or similar right granted by any Governmental Entity.

"<u>Liens</u>" means all security interests, liens, claims, pledges, easements, mortgages, rights of first offer or refusal or other encumbrances.

"<u>Material Adverse Effect</u>" means, with respect to the Corporation or the Merging Fund, as the case may be, any event, development, change, effect or occurrence that is, or would reasonably be expected to be, individually or in the aggregate, materially adverse to (i) the business, operations, condition (financial or otherwise) or results of operations of such party, or (ii) the ability of such party to timely perform its material obligations under this Agreement or consummate the Merger and the other Transactions.

"<u>Order</u>" means any writ, injunction, judgment, order or decree entered, issued, made or rendered by any Governmental Entity.

"<u>Permit</u>" means any license, permit, variance, exemption, approval, qualification, or Order of any Governmental Entity.

"<u>Person</u>" means an individual, a (general or limited) partnership, a corporation, a limited liability company, an association, a trust, a joint venture, a Governmental Entity or other legal entity or organization.

"<u>Proceedin</u>g" means an action, suit, arbitration, investigation, examination, litigation, lawsuit or other proceeding, whether civil, criminal or administrative.

"<u>Pro Rata Percentage</u>" means, with respect to a Limited Partner, an amount (expressed as a percentage) equal to (a) the amount of proceeds such Limited Partner would receive pursuant to Section 6.02(b)(iv) of the Partnership Agreement if the Merging Fund were to sell all of its assets on the Closing Date for their fair market value (using the same fair market value assumed in the calculation of the Closing Fund Net Asset Value) and thereafter liquidate in accordance with Article VI of the Partnership Agreement, *divided by* (b) the total amount that would be distributed to all Limited Partners pursuant to 6.02(b)(iv) of the Partnership Agreement in the circumstances described in the immediately foregoing (a).

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Tax</u>" means all federal, state, local, and foreign income, excise, gross receipts, gross income, profits, gains, property, capital, sales, transfer, use, payroll, employment, severance, withholding, duties, franchise, value added and other taxes, charges, levies or like assessments together with all penalties and additions to tax and interest thereon imposed by any taxing authority.

"<u>Transactions</u>" means the transactions contemplated by this Agreement, including the Merger.

**ARTICLE VIII**

**GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Nonsurvival of Representations, Warranties and Agreements</u>. None of the representations, warranties, covenants and agreements set forth in this Agreement or in any instrument delivered pursuant to this Agreement shall survive the Effective Time, except for those covenants and agreements contained in this Agreement that by their express terms apply or are to be performed in whole or in part after the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Notices</u>. All notices and other communications in connection with this Agreement shall be in writing and shall be deemed given if delivered personally, sent via email (<u>provided</u> that the transmission is followed up within one (1) Business Day by dispatch pursuant to one of the other methods described herein), mailed by registered or certified mail (return receipt requested) or delivered by an express courier (with confirmation) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

If to the Merging Fund, to:

Remora Capital Partners I GP LLC,

as general partner to the Merging Fund

3200 West End Avenue, Suite 500

Nashville, TN 37203 Attention: Daniel Mafrice

Email:

with a copy, which will not constitute notice, to:

Eversheds Sutherland (US) LLP

700 Sixth St. NW, Ste. 600

Attention: Stephani Hildebrandt, Esq.

Email:

If to the Corporation, to:

Remora Capital Corporation

3200 West End Avenue, Suite 500

Nashville, TN 37203

Attention: Daniel Mafrice

Email:

with a copy, which will not constitute notice, to:

Eversheds Sutherland (US) LLP

700 Sixth St. NW, Ste. 700

Attention: Stephani Hildebrandt, Esq.

Email:

Each such notice or other communication shall be effective upon receipt (or refusal of receipt).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that each party need not sign the same counterpart. Counterparts may be delivered via facsimile, electronic or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>Entire Agreement</u>. This Agreement (including the documents and the instruments referred to in this Agreement), once executed, constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. This Agreement shall be governed and construed in accordance with the Laws of the State of Maryland applicable to contracts made and performed entirely within such state, without regard to any applicable conflicts of law principles that would cause the application of the Laws of another jurisdiction, except to the extent governed by the Investment Company Act, in which case the Investment Company Act shall control. The parties hereto agree that any Proceeding brought by any party to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the Transactions shall be brought in any state or federal court located in the State of Maryland (collectively, the "<u>Acceptable Courts</u>"). Each of the parties hereto submits to the jurisdiction of any Acceptable Court in any Proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the Transactions and hereby irrevocably waives the benefit of jurisdiction derived from present or future domicile or otherwise in such Proceeding. Each party hereto irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any Proceeding in any such Acceptable Court or that any such Proceeding brought in any such Acceptable Court has been brought in an inconvenient forum. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. Each party hereto (a) certifies that no Representative of any other party has represented, expressly or otherwise, that such other party would not, in the event of any action, suit or proceeding, seek to enforce the foregoing waiver, (b) certifies that it makes this waiver voluntarily and (c) acknowledges that it and the other parties hereto have been induced to enter into this Agreement, by, among other things, the mutual waiver and certifications in this <u>Section 9.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. <u>Assignment; Third Party Beneficiaries</u>. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned by any of the parties (whether by operation of law or otherwise) without the prior written consent of the other parties. Any purported assignment in contravention hereof shall be null and void. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable by each of the parties and their respective successors and assigns. This Agreement (including the documents and instruments referred to in this Agreement) is not intended to and does not confer upon any Person other than the parties hereto any rights or remedies under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. <u>Specific Performance</u>. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, and that monetary damages, even if available, would not be an adequate remedy therefor. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in any federal or state court located in the State of Delaware, without proof of actual damages (and each party hereby waives any requirement for the securing or posting of any bond in connection with such remedy), this being in addition to any other remedy to which such party is entitled at law or in equity. Each of the parties hereto agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief on the basis that any other party hereto has an adequate remedy at law or that any award of specific performance is not an appropriate remedy for any reason at law or in equity.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the Corporation and the Merging Fund have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written.

---

| | | |
|:---|:---|:---|
| **REMORA CAPITAL CORPORATION** | **REMORA CAPITAL CORPORATION** | **REMORA CAPITAL CORPORATION** |
| By: | /s/ Daniel Mafrice | /s/ Daniel Mafrice |
|  | Name: | Daniel Mafrice |
|  | Title: | President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| **REMORA CAPITAL PARTNERS I QP LP** | **REMORA CAPITAL PARTNERS I QP LP** |
| By: | Remora Capital Partners I GP LLC, its General Partner |

---

---

| | |
|:---|:---|
| By: | /s/ Daniel Mafrice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Daniel Mafrice | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Daniel Mafrice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Executive Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Executive Officer |

---

## Exhibit 2.4

**Exhibit 2.4**

**AGREEMENT AND PLAN OF MERGER**

**<br> among**

**REMORA CAPITAL CORPORATION**

**and**

**REMORA CAPITAL PARTNERS II QP, LP**

Dated as of September 4, 2025

**AGREEMENT AND PLAN OF MERGER**

This AGREEMENT AND PLAN OF MERGER, dated as of September 4, 2025 (this "<u>Agreement</u>"), is made by and among RemCapital Corporation, a Maryland corporation (the "<u>Corporation</u>"), and Remora Capital Partners II QP, LP, a Delaware limited partnership (the "<u>Merging Fund</u>"). Each of the Corporation and the Merging Fund may be referred to from time-to-time herein as a "<u>Party</u>" and, collectively, the "<u>Parties</u>."

Capitalized Terms used by not otherwise defined shall have the meaning ascribed to such terms in <u>Article VIII</u>.

**RECITALS**

WHEREAS, the Corporation was formed as Maryland corporation upon filing of the Articles of Incorporation of the Corporation dated as of October 1, 2024 (the "<u>Articles of Incorporation</u>") with the Maryland State Department of Assessments and Taxation ("<u>SDAT</u>");

WHEREAS, the Merging Fund is a Delaware limited partnership and was formed upon the filing of a certificate of limited partnership on May 5, 2023 with the Secretary of State of the State of Delaware (the "<u>DE SOS</u>") (as it may be further amended and restated from time to time, the "<u>Certificate of Limited Partnership</u>");

WHEREAS, the Merging Fund is operated in accordance with that certain Amended and Restated Limited Partnership Agreement dated as of December 4, 2023 by and between Remora Capital Partners II GP, LLC, a Delaware limited liability company (the "<u>General Partner</u>") and the limited partners parties thereto (such agreement, as amended from time-to-time, the "<u>Partnership Agreement</u>");

WHEREAS, the General Partner has determined to make a BDC Election (as defined in the Partnership Agreement);

WHEREAS, in furtherance of such BDC Election, upon the terms and subject to the conditions set forth in this Agreement, it is contemplated that the Merging Fund shall merge with and into the Corporation, with the Corporation as the surviving company in the merger (the "<u>Merger</u>");

WHEREAS, following the Effective Time (as defined below), the Corporation intends to elect to be regulated as a business development company ("<u>BDC</u>"), as defined in Section 2(a)(48) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder (the "<u>Investment Company Act</u>");

WHEREAS, in connection with, and as a result of, the Merger, the holders of the limited partnership interests of the Merging Fund (the "<u>LP Interests</u>," and the holders thereof, the "<u>Limited Partners</u>") would receive shares of common stock, par value $0.001 per share, of the Corporation ("<u>Common Stock</u>"), and shares of Series A Preferred Stock, par value $0.001 per share, of the Corporation ("<u>Preferred Stock</u>");

WHEREAS, the board of directors of the Corporation (the "<u>Board</u>") unanimously (i) determined that this Agreement and the terms of the Merger and the related Transactions are advisable, fair to and in the best interests of the Corporation and its sole shareholder (the "<u>Shareholder</u>"), (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger), (iii) directed that the approval of this Agreement and the Transactions (including the Merger) be submitted to the sole Shareholder for its review and approval, and (iv) resolved to recommend the approval of this Agreement and the Transactions (including the Merger) by the sole Shareholder;

WHEREAS, the General Partner has (i) determined that this Agreement and the terms of the Merger and the related Transactions (including the Merger) are advisable, fair to and in the best interests of the Merging Fund and the Limited Partners, and (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger);

WHEREAS, the parties desire to make certain representations, warranties, covenants and other agreements in connection with the Transactions and also to prescribe certain conditions to the Transactions.

NOW, THEREFORE, in consideration of the representations, warranties, covenants and other agreements contained in this Agreement, the parties agree as follows:

**ARTICLE I**

**THE MERGER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>The Merger</u>. Subject to the terms and conditions of this Agreement, in accordance with the Maryland General Corporation Law (the "<u>MGCL</u>") and the Delaware Revised Uniform Limited Partnership Act ("<u>DRULPA</u>"), at the Effective Time, the Merging Fund shall merge with and into the Corporation, and the separate existence of the Merging Fund shall cease. The Corporation shall be the surviving company in the Merger and shall continue its existence as a corporation under the MGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Closing</u>. On the terms and subject to the conditions set forth in this Agreement, the closing of the Merger (the "<u>Closin</u>g") shall take place by remote communication and by the exchange of signatures by electronic transmission on the date that is three (3) Business Days after the satisfaction or waiver of the latest to occur of the conditions set forth in <u>Article VI</u> (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions), unless otherwise agreed by the parties to this Agreement (the date on which the Closing actually occurs, the "<u>Closing Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Effective Time</u>. The Merger shall become effective at such date and time as set forth in the articles of merger (the "<u>Articles of Merger</u>") that shall be filed with, and accepted for record by, SDAT and the certificate of merger (the "<u>Certificate of Merger</u>") filed with the DE SOS. The term "<u>Effective Time</u>" shall be the date and time when the Merger becomes effective as set forth in the Articles of Merger and the Certificate of Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Effects of the Merger</u>. At and after the Effective Time, the Merger shall have the effects set forth in the MGCL and the DRULPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Conversion of LP Interests and Common Stock</u>. At the Effective Time, by virtue of the Merger and without any action on the part of the Merging Fund, the Corporation or the holder of any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All LP Interests of the Merging Fund that are issued and outstanding and are owned by the Corporation or any of its subsidiaries immediately prior to the Effective Time shall be cancelled and shall cease to exist and no Shares or any other consideration shall be delivered in exchange therefor (such LP Interests, the "<u>Cancelled Interests</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The LP Interests held by each Limited Partner immediately prior to the Effective Time (excluding the Cancelled Interests) shall be automatically converted into the right to receive the following (collectively, the "<u>Merger Consideration</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a number of shares of Common Stock equal to (A) such Limited Partner's Consideration Multiple, *multiplied by* (B) 9,800; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a number of shares of Preferred Stock equal to (A) such Limited Partner's Consideration Multiple, *multiplied by* (B) 200.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The general partnership interest issued and outstanding immediately prior to the Effective Time (the "<u>GP Interest</u>") shall be automatically cancelled without the payment of any consideration; *provided, however*, the General Partner shall have the right to be paid the amounts described below in Section 2.6 in settlement of any and all rights the General Partner has or may have in the future to any carried interest or other incentive fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As of the Effective Time, the GP Interest, the Cancelled Interests, and all LP Interests converted into the right to receive the Merger Consideration pursuant to this <u>Article I</u>, shall no longer be outstanding and shall automatically be cancelled and shall cease to exist, and each holder of a LP Interest (other than the Cancelled Interests) immediately prior to the Effective Time shall cease to have any rights with respect to such LP Interest other than the right to receive the Merger Consideration.

&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) As of the Effective Time, all shares of Common Stock issued and outstanding immediately prior to the Effective Time shall remain outstanding in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Organizational Documents</u>. The Articles of Amendment and Restatement, dated as of July 24, 2025 (the "<u>Articles</u>") and Bylaws of the Corporation dated as of May 23, 2025 (the "<u>Bylaws</u>" and, together with the Articles , the "<u>Corporation's Organizational Documents</u>"), as in effect immediately prior to the Effective Time, shall be the organizational documents of the Corporation, as the surviving company in the Merger, as of immediately after consummation of the Merger, and shall be the organizational documents of the Corporation until thereafter amended in accordance with applicable Law and the terms of the Corporation Organizational Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Directors and Officers</u>. Subject to applicable Law, the directors and officers of the Corporation as of immediately prior to the Effective Time shall be the directors and officers of the Corporation as of immediately after consummation of the Merger and shall hold office until their respective successors are duly elected and qualify, or their earlier death, resignation or removal, or adjudication of legal incompetence.

**ARTICLE II**

**MERGER CONSIDERATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Delivery of Merger Consideration</u>. As soon as reasonably practicable following the Closing, the Corporation shall issue, or cause its transfer agent to issue, the Merger Consideration to each Person who, immediately prior to the Effective Time, owned an LP Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>No Further Ownership Rights; Transfers</u>. All Merger Consideration paid by the Corporation in accordance with the terms of <u>Article I</u> and <u>Article II</u> shall be deemed to have been paid in full satisfaction of all rights pertaining to LP Interests in respect of which such Merger Consideration was paid. From and after the Effective Time, the unit transfer books of the Merging Fund shall be closed with respect to, and there shall be no further transfers on the transfer books of the Merging Fund of, the LP Interests that were issued and outstanding immediately prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Net Asset Value Calculation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merging Fund shall deliver to the Corporation the Closing Fund Net Asset Value, as of a date mutually agreed between the Corporation and the Merging Fund, such date to be no earlier than forty-eight (48) hours (excluding Sundays and holidays) prior to the Effective Time (such agreed date, the "<u>Determination Date</u>"). For these purposes, the term "<u>Closing Fund Net Asset Value</u>" shall be an amount equal to (i) the net asset value of the Merging Fund as of June 30, 2025, calculated in good faith as of such date and based on the same assumptions and methodologies, and applying the same categories of adjustments to net asset value (or partners capital or similar determination), historically used by the Merging Fund in preparing the calculation of the net asset value (or partners capital or similar determination) of the Merging Fund (with an accrual for any dividend or other distribution (including, if applicable, the Pre-Closing Distribution) declared by the Merging Fund and not yet paid), <u>plus</u> (ii) the aggregate amount of capital contributions made to the Merging Fund during the period commencing on June 30, 2025 and ending on the Determination Date (the "<u>Interim Period</u>"), <u>minus</u> (iii) without duplication of any of the matters included within the foregoing (i) and (ii), dividends or distributions made by the Merging Fund, or declared but not paid (including without limitation, the full amount of the Pre-Closing Distribution), during the Interim Period. The calculation of the Closing Fund Net Asset Value shall be accompanied by a schedule setting for the amount of Merger Consideration to which each Limited Partner is entitled (the "<u>Merger Consideration Schedule</u>"). Notwithstanding the foregoing, the Merging Fund shall update the calculation of the Closing Fund Net Asset Value (and the Merger Consideration Schedule) in the event that the Closing is subsequently materially delayed or there is a material change to the Closing Fund Net Asset Value prior to the Closing (including any dividend declared after the Determination Date but prior to Closing) and as needed to ensure the Closing Fund Net Asset Value is determined within forty-eight (48) hours (excluding Sundays and holidays) prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Merging Fund shall afford the Corporation and its representatives, upon reasonable request, reasonable access to the individuals who have prepared the calculation provided pursuant to this <u>Section 2.3</u> and to the information, books, records, work papers and back-up materials used or useful in preparing such calculation, including without limitation any reports prepared by valuation agents, in order to assist the Corporation with its review of such calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>No Liability</u>. None of the Corporation, the Merging Fund, or any other Person shall be liable to any Person in respect of any Merger Consideration delivered to a Governmental Entity pursuant to any applicable abandoned property, escheat or similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Withholding Rights</u>. The Corporation and agents, as applicable, shall be entitled to deduct and withhold from amounts payable pursuant to this Agreement to any holder of LP Interests such amounts as it determines in good faith are required to be deducted and withheld with respect to the making of such payment under the Code, or under any provision of state, local or foreign Tax Law. To the extent that amounts are so withheld and paid over to the appropriate Governmental Entity, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Pre-Closing Distributions</u>. The General Partner shall, prior to the Closing Date, declare and, prior to the Effective Time, cause to be paid (a) to the Limited Partners, a distribution of all earnings and profits of the Merging Fund accumulated but not distributed as of immediately prior to the Effective Time, and (b) to the General Partner, cash in an amount equal to any Carried Interest Distribution (as defined in the Partnership Agreement) to which the General Partner would be entitled under the Partnership Agreement if the Merging Fund dissolved and liquidated as of the Effective Time (the foregoing clauses (a) and (b), collectively, the "<u>Pre-Closing Distribution</u>"). To the extent not distributed in whole or in part prior to the determination of the Closing Fund Net Asset Value in accordance with <u>Section 2.3</u>, any undistributed portion of the Pre-Closing Distribution shall be treated as an accrued liability for purposes of calculating the Closing Fund Net Asset Value in accordance with <u>Section 2.3</u> above.

**ARTICLE III**

**REPRESENTATIONS AND WARRANTIES OF THE MERGING FUND**

The Merging Fund hereby represents and warrants to the Corporation that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Organization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merging Fund is a limited partnership duly formed and in good standing under DRULPA. The Merging Fund has the requisite power and authority to own or lease all of its properties and assets and to carry on its business as it is now being conducted, and is duly licensed or qualified to do business as a business entity in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, in each case, other than as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Merging Fund.

&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) True, complete and correct copies of the Certificate of Limited Partnership and the Partnership Agreement of the Merging Fund, as in effect as of the date of this Agreement (the "<u>Merging Fund Organizational Documents</u>"), have previously been made available to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Capitalization</u>. The issued and outstanding LP Interests as of the date hereof are held by the Limited Partners in the percentages reflected in the records of the Merging Fund maintained by the General Partner, access to which has been provided to the Corporation's representatives. All of the issued and outstanding LP Interests have been duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights, with no personal liability with respect to the Merging Fund attaching to the ownership thereof. As of the date of this Agreement, no Indebtedness having the right to vote on any matters on which Limited Partners may vote ("<u>Merging Fund Voting Debt</u>") is issued or outstanding. As of the date hereof, the Merging Fund does not have and is not bound by any outstanding subscriptions, options, warrants, calls, rights, commitments or agreements of any character ("<u>Rights</u>") calling for the purchase or issuance of, or the payment of any amount based on, any LP Interests, Merging Fund Voting Debt or any other equity securities of the Merging Fund or any securities representing the right to purchase or otherwise receive any LP Interests, Merging Fund Voting Debt or other equity securities of the Merging Fund. There are no obligations of the Merging Fund (i) to repurchase, redeem or otherwise acquire any LP Interests, Merging Fund Voting Debt or any equity security of the Merging Fund or any securities representing the right to purchase or otherwise receive any LP Interests, Merging Fund Voting Debt or any other equity security of the Merging Fund or (ii) pursuant to which the Merging Fund is or could be required to register LP Interests or other securities under the Securities Act. All of the outstanding LP Interests have been issued in compliance with applicable Law in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Authority; No Violation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merging Fund has all requisite limited partnership power and authority to execute and deliver this Agreement and to consummate the Transactions. The execution and delivery of this Agreement and the consummation of the Transactions have been duly and validly approved by the General Partner. The General Partner (i) determined that this Agreement and the terms of the Merger and the related Transactions are advisable, fair to and in the best interests of the Merging Fund and the Limited Partners, and (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger). The Merger and the other Transactions have been authorized by all necessary limited partnership action on the part of the Merging Fund. This Agreement has been duly and validly executed and delivered by the Merging Fund and (assuming due authorization, execution and delivery by the other parties hereto) constitutes the valid and binding obligation of the Merging Fund, enforceable against the Merging Fund in accordance with its terms (except as may be limited by bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or similar Laws of general applicability relating to or affecting the rights of creditors generally and subject to general principles of equity (the "<u>Enforceability Exception</u>")).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the execution and delivery of this Agreement by the Merging Fund, nor the consummation by the Merging Fund of the Transactions, nor the performance of this Agreement by the Merging Fund, will (i) violate any provision of the Merging Fund Organizational Documents or (ii) assuming that the consents, approvals and filings referred to in <u>Section 3.3(a)</u> and <u>Section 3.4</u> are duly obtained and/or made, (A) violate any Law or Order applicable to the Merging Fund or (B) violate, conflict with, result in a breach of or the loss of any benefit under, constitute a default (or an event that, with or without the giving of notice or lapse of time, or both, would constitute a default) under, result in the termination of or a right of termination or cancellation under, accelerate the performance required by, require the consent, approval or authorization of, or notice to or filing with any third-party with respect to, or result in the creation of any Lien upon any of the properties or assets of the Merging Fund under, any of the terms, conditions or provisions of any Permit, Contract or other obligation to which the Merging Fund is a party or by which any of them or any of their respective properties or assets is bound except, with respect to clause (ii), any such violation, conflict, breach, loss, default, termination, cancellation, acceleration, consent, approval or creation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Merging Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.4. Governmental Consents</u>. No consents or approvals of, or filings or registrations with, any Governmental Entity are necessary in connection with the consummation by the Merging Fund of the Merger and the other Transactions, except for (a) the filing of the Articles of Merger with, and the acceptance for the record of the Articles of Merger by, SDAT, (b) the filing of the Merger Certificate with, and the acceptance for the record of the Merger Certificate by, the DE SOS, and (c) any such consents, approvals, filings or registrations that the failure to obtain or make would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Merging Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Broker's Fees</u>. Neither the Merging Fund nor any of directors, officers or agents has utilized any broker, finder or financial advisor or incurred any liability for any broker's fees, commissions or finder's fees in connection with the Merger or the other Transactions.

**ARTICLE IV**

**REPRESENTATIONS AND WARRANTIES OF THE CORPORATION**

The Corporation hereby represents and warrants to the Merging Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Organization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation is a statutory trust duly formed and validly existing and in good standing under the MGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A true, complete and correct copy of the Corporation Organizational Documents, as in effect as of the date of this Agreement, have previously been made available to the Merging Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Authority; No Violation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation has all requisite corporate power and authority to execute and deliver this Agreement. The execution and delivery of this Agreement and the consummation of the Transactions have been duly and validly approved by the Board. The Board has unanimously (i) determined that this Agreement and the terms of the Merger and the related Transactions are advisable, fair to and in the best interests of the Corporation and the Corporation's sole shareholder, (ii) approved, adopted and declared advisable this Agreement and the Transactions (including the Merger), and (iii) resolved to recommend the approval of the Transactions (including the Merger) by the Corporation's sole shareholder. This Agreement and the Transactions (including the Merger) have been approved by the Corporation's sole shareholder, and have otherwise been authorized by all necessary corporate action on the part of the Corporation. This Agreement has been duly and validly executed and delivered by the Corporation and (assuming due authorization, execution and delivery by the other parties hereto) this Agreement constitutes the valid and binding obligation of the Corporation, enforceable against the Corporation in accordance with its terms (except as may be limited by the Enforceability Exception).

&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) Neither the execution and delivery of this Agreement by the Corporation, nor the consummation of the Transactions, nor the performance of this Agreement by the Corporation, will (i) violate any provision of the Corporation Organizational Documents or (ii) (A) violate any Law or Order applicable to the Corporation or (B) violate, conflict with, result in a breach of or the loss of any benefit under, constitute a default (or an event that, with or without the giving of notice or lapse of time, or both, would constitute a default) under, result in the termination of or a right of termination or cancellation under, accelerate the performance required by, require the consent, approval or authorization of, or notice to or filing with any third-party with respect to, or result in the creation of any Lien upon any of the respective properties or assets of the Corporation under, any of the terms, conditions or provisions of any Permit, Contract or other obligation to which the Corporation is a party or by which its properties or assets is bound except, with respect to clause (ii), any such violation, conflict, breach, loss, default, termination, cancellation, acceleration, consent, approval or creation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Governmental Consents</u>. No consents or approvals of, or filings or registrations with, any Governmental Entity are necessary in connection with the consummation by the Corporation of the Merger and the other Transactions, except for, to the extent required by Law, (a) the filing of the Articles of Merger with, and the acceptance for the record of the Articles of Merger by, SDAT, (b) the filing of the Merger Certificate with, and the acceptance for the record of the Merger Certificate by, the DE SOS, and (c) any such consents, approvals, filings or registrations that the failure to obtain or make would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Broker's Fees</u>. Neither the Corporation nor any of its trustees, officers or agents have utilized any broker, finder or financial advisor or incurred any liability for any broker's fees, commissions or finder's fees in connection with the Merger or the other Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Capitalization</u>. The Corporation is authorized to issue 150,000,000 shares of Common Stock and 50,000,000 shares of Preferred Stock. As of the date hereof, 1,000 shares of Common Stock are issued and outstanding and no shares of Preferred Stock are issued and outstanding. All of the issued and outstanding shares of Common Stock have been, and each of the shares of Common Stock and Preferred Stock to be issued in the Merger will be, duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights, with no personal liability with respect to the Corporation attaching to the ownership thereof. As of the date of this Agreement, no Indebtedness having the right to vote on any matters on which holders of Common Stock may vote ("<u>Corporation Voting Debt</u>") is issued or outstanding. As of the date hereof, the Merging Fund does not have and is not bound by any Rights calling for the purchase or issuance of, or the payment of any amount based on, any Common Stock, Preferred Stock, Corporation Voting Debt or any other equity securities of the Corporation or any securities representing the right to purchase or otherwise receive any Common Stock, Preferred Stock, Corporation Voting Debt or any other equity securities of the Corporation.

**ARTICLE V**

**CONDITIONS PRECEDENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Conditions to Each Party's Obligations to Effect the Merger</u>. The respective obligations of the parties to effect the Merger shall be subject to the satisfaction or waiver, at or prior to the Effective Time, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Injunctions or Restraints; Ille</u>g<u>ality</u>. No Order issued by any court or agency of competent jurisdiction or other Law preventing, enjoining, restraining or making illegal the consummation of the Merger or any of the other Transactions shall be in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Litigation</u>. There shall be no Proceeding by any Governmental Entity of competent jurisdiction pending that challenges the Merger or any of the other Transactions or that otherwise seeks to prevent, enjoin, restrain or make illegal the consummation of the Merger or any of the other Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Net Asset Value Determination</u>. The determination of the Closing Fund Net Asset Value shall have been completed in accordance with <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Conditions to Obligations of the Corporation to Effect the Merger</u>. The obligations of the Corporation to effect the Merger are also subject to the satisfaction or waiver by the Corporation, at or prior to the Effective Time, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties of the Merging Fund</u>. The representations and warranties of the Merging Fund shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as of such date and time (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty 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;(b) <u>Performance of Obli</u>g<u>ations of the Merging Fund</u>. The Merging Fund shall have performed in all material respects its obligations required to be performed by it under this Agreement at or prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Receipt of General Partner Certificate</u>. The Corporation shall have received a certificate signed by the General Partner on behalf of the Merging Fund to the effect that the conditions set forth in <u>Sections 5.2(a)</u> and <u>(b)</u>, have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Receipt of Tax Certificate</u>. The Merging Fund shall have delivered a duly executed Form W-9 (or, if necessary, a certificate pursuant to Treasury Regulations Section 1.1445-2(c)(3) stating that the Merging Fund is not nor has it been a United States real property holding corporation (as defined in Section 897(c)(2) of the Code) during the applicable period specified in Section 897(c) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Conditions to Obligations of the Merging Fund to Effect the Merger</u>. The obligation of the Merging Fund to effect the Merger is also subject to the satisfaction or waiver by the Corporation, at or prior to the Effective Time, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties of the Corporation</u>. The representations and warranties of the Corporation shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as of such date and time (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty 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;(b) <u>Performance of Obli</u>g<u>ations of the Corporation</u>. The Corporation shall have performed in all material respects its obligations required to be performed by it under this Agreement at or prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Receipt of Corporation Officer's Certificate</u>. The Merging Fund shall have received a certificate signed on behalf of the Corporation by a duly authorized officer of the Corporation to the effect that the conditions set forth in <u>Sections 5.3(a)</u> and <u>6.3(b)</u> have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Frustration of Closing Conditions</u>. Neither the Corporation nor the Merging Fund may rely on the failure of any condition set forth in this <u>Article V</u> to be satisfied to excuse performance by such party of its obligations under this Agreement if such failure was caused by such party's failure to act in good faith or to use its commercially reasonable efforts to consummate the Merger and the other Transactions.

**ARTICLE VI**

**TERMINATION AND AMENDMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Termination</u>. This Agreement may be terminated at any time prior to the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by mutual written consent of the Merging Fund and the Corporation;

&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) by either the Merging Fund or the Corporation, if the Merger shall not have been consummated on or before December 31, 2025 (the "<u>Outside 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;(c) by the Merging Fund, if there shall have been a breach of any of the covenants or agreements or any of the representations or warranties set forth in this Agreement on the part of the Corporation, which breach, either individually or in the aggregate, would result in, if occurring or continuing on the Closing Date, the failure of the conditions set forth in <u>Sections 5.3(a) or 5.3(b)</u>, and such breach is not curable prior to the Outside Date or if curable prior to the Outside Date, has not been cured within thirty (30) days after the giving of notice thereof by the Merging Fund to the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Corporation, if there shall have been a breach of any of the covenants or agreements or any of the representations or warranties set forth in this Agreement on the part of the Merging Fund, which breach, either individually or in the aggregate, would result in, if occurring or continuing on the Closing Date, the failure of the conditions set forth in <u>Sections 5.2(a)</u> or <u>(b)</u>, and such breach is not curable prior to the Outside Date or if curable prior to the Outside Date, has not been cured within thirty (30) days after the giving of notice thereof by the Corporation to the Merging Fund.

The party desiring to terminate this Agreement pursuant to <u>Section 6.1</u> shall give written notice of such termination to the other party in accordance with <u>Section 8.2</u>, specifying the provision or provisions hereof pursuant to which such termination is effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Effect of Termination</u>. In the event of termination of this Agreement by either the Merging Fund or the Corporation as provided in <u>Section 6.1</u>, this Agreement shall forthwith become void and have no effect, and no party shall any liability of any nature whatsoever under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Fees and Expenses</u>. All fees and expenses incurred in connection with this Agreement and the Transactions (including the Merger) that are addressed in that certain letter agreement dated May 23, 2025, by and between the Corporation and Remora Capital Management, LLC (the "<u>Letter Agreement</u>") shall be paid in accordance therewith; *provided, however*, to the extent any fees and expenses incurred in connection with this Agreement and the Transactions (including the Merger) are not covered by the Letter Agreement, such fees and expenses shall be borne by the party incurring such expenses, regardless of whether the Transactions (including the Merger) are consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Amendment</u>. This Agreement may be amended by the parties by an instrument in writing signed on behalf of each of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>Extension; Waiver</u>. At any time prior to the Effective Time, each party may, to the extent legally allowed, (a) extend the time for the performance of any of the obligations or other acts of the other parties, (b) waive any inaccuracies in the representations and warranties of the other parties contained in this Agreement or (c) waive compliance by the other parties with any of the agreements or conditions contained in this Agreement. Any agreement on the part of a party to any such extension or waiver shall be valid only if set forth in a written instrument signed on behalf of such party, but such extension or waiver or failure to insist on strict compliance with an obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other non-compliance.

**ARTICLE VII**

**CERTAIN DEFINITIONS**

"<u>Business Da</u>y" means any day other than a Saturday or Sunday or a day on which banks are required or authorized to close in the City of New York, New York.

"<u>Consideration Multiple</u>" means, with respect to a Limited Partner, an amount (expressed as a percentage) equal to the result of (1) such Limited Partner's Pro Rata Percentage, *multiplied by* the Closing Fund Net Asset Value, *divided by* (2) $100,000.

"<u>Contract</u>" means any agreement, contract, lease, mortgage, evidence of indebtedness, indenture, license or instrument, whether oral or written, and shall include each amendment, supplement and modification to the foregoing, to which a Person is a party or by which it may be bound.

"<u>Governmental Entit</u>y" means any federal, state, local or foreign government or other governmental body, any agency, commission or authority thereof, any regulatory or administrative authority, any quasi-governmental body, any self-regulatory agency, any court, tribunal or judicial body, or any political subdivision, department or branch of any of the foregoing.

"<u>Law</u>" means any federal, state, local or foreign law (including the common law), statute, code, ordinance, rule, regulation, judgment, Order, writ, decree or injunction or any Permit or similar right granted by any Governmental Entity.

"<u>Liens</u>" means all security interests, liens, claims, pledges, easements, mortgages, rights of first offer or refusal or other encumbrances.

"<u>Material Adverse Effect</u>" means, with respect to the Corporation or the Merging Fund, as the case may be, any event, development, change, effect or occurrence that is, or would reasonably be expected to be, individually or in the aggregate, materially adverse to (i) the business, operations, condition (financial or otherwise) or results of operations of such party, or (ii) the ability of such party to timely perform its material obligations under this Agreement or consummate the Merger and the other Transactions.

"<u>Order</u>" means any writ, injunction, judgment, order or decree entered, issued, made or rendered by any Governmental Entity.

"<u>Permit</u>" means any license, permit, variance, exemption, approval, qualification, or Order of any Governmental Entity.

"<u>Person</u>" means an individual, a (general or limited) partnership, a corporation, a limited liability company, an association, a trust, a joint venture, a Governmental Entity or other legal entity or organization.

"<u>Proceedin</u>g" means an action, suit, arbitration, investigation, examination, litigation, lawsuit or other proceeding, whether civil, criminal or administrative.

"<u>Pro Rata Percentage</u>" means, with respect to a Limited Partner, an amount (expressed as a percentage) equal to (a) the amount of proceeds such Limited Partner would receive pursuant to Section 6.02(b)(iv) of the Partnership Agreement if the Merging Fund were to sell all of its assets on the Closing Date for their fair market value (using the same fair market value assumed in the calculation of the Closing Fund Net Asset Value) and thereafter liquidate in accordance with Article VI of the Partnership Agreement, *divided by* (b) the total amount that would be distributed to all Limited Partners pursuant to 6.02(b)(iv) of the Partnership Agreement in the circumstances described in the immediately foregoing (a).

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Tax</u>" means all federal, state, local, and foreign income, excise, gross receipts, gross income, profits, gains, property, capital, sales, transfer, use, payroll, employment, severance, withholding, duties, franchise, value added and other taxes, charges, levies or like assessments together with all penalties and additions to tax and interest thereon imposed by any taxing authority.

"<u>Transactions</u>" means the transactions contemplated by this Agreement, including the Merger.

**ARTICLE VIII**

**GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Nonsurvival of Representations, Warranties and Agreements</u>. None of the representations, warranties, covenants and agreements set forth in this Agreement or in any instrument delivered pursuant to this Agreement shall survive the Effective Time, except for those covenants and agreements contained in this Agreement that by their express terms apply or are to be performed in whole or in part after the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Notices</u>. All notices and other communications in connection with this Agreement shall be in writing and shall be deemed given if delivered personally, sent via email (<u>provided</u> that the transmission is followed up within one (1) Business Day by dispatch pursuant to one of the other methods described herein), mailed by registered or certified mail (return receipt requested) or delivered by an express courier (with confirmation) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

If to the Merging Fund, to:

Remora Capital Partners II GP, LLC,

as general partner to the Merging Fund

3200 West End Avenue, Suite 500

Nashville, TN 37203 Attention: Daniel Mafrice

Email:

with a copy, which will not constitute notice, to:

Eversheds Sutherland (US) LLP

700 Sixth St. NW, Ste. 600

Attention: Stephani Hildebrandt, Esq.

Email:

If to the Corporation, to:

Remora Capital Corporation

3200 West End Avenue, Suite 500

Nashville, TN 37203

Attention: Daniel Mafrice

Email:

with a copy, which will not constitute notice, to:

Eversheds Sutherland (US) LLP

700 Sixth St. NW, Ste. 700

Attention: Stephani Hildebrandt, Esq.

Email:

Each such notice or other communication shall be effective upon receipt (or refusal of receipt).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that each party need not sign the same counterpart. Counterparts may be delivered via facsimile, electronic or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>Entire Agreement</u>. This Agreement (including the documents and the instruments referred to in this Agreement), once executed, constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. This Agreement shall be governed and construed in accordance with the Laws of the State of Maryland applicable to contracts made and performed entirely within such state, without regard to any applicable conflicts of law principles that would cause the application of the Laws of another jurisdiction, except to the extent governed by the Investment Company Act, in which case the Investment Company Act shall control. The parties hereto agree that any Proceeding brought by any party to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the Transactions shall be brought in any state or federal court located in the State of Maryland (collectively, the "<u>Acceptable Courts</u>"). Each of the parties hereto submits to the jurisdiction of any Acceptable Court in any Proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the Transactions and hereby irrevocably waives the benefit of jurisdiction derived from present or future domicile or otherwise in such Proceeding. Each party hereto irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any Proceeding in any such Acceptable Court or that any such Proceeding brought in any such Acceptable Court has been brought in an inconvenient forum. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. Each party hereto (a) certifies that no Representative of any other party has represented, expressly or otherwise, that such other party would not, in the event of any action, suit or proceeding, seek to enforce the foregoing waiver, (b) certifies that it makes this waiver voluntarily and (c) acknowledges that it and the other parties hereto have been induced to enter into this Agreement, by, among other things, the mutual waiver and certifications in this <u>Section 9.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. <u>Assignment; Third Party Beneficiaries</u>. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned by any of the parties (whether by operation of law or otherwise) without the prior written consent of the other parties. Any purported assignment in contravention hereof shall be null and void. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable by each of the parties and their respective successors and assigns. This Agreement (including the documents and instruments referred to in this Agreement) is not intended to and does not confer upon any Person other than the parties hereto any rights or remedies under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. <u>Specific Performance</u>. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, and that monetary damages, even if available, would not be an adequate remedy therefor. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in any federal or state court located in the State of Delaware, without proof of actual damages (and each party hereby waives any requirement for the securing or posting of any bond in connection with such remedy), this being in addition to any other remedy to which such party is entitled at law or in equity. Each of the parties hereto agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief on the basis that any other party hereto has an adequate remedy at law or that any award of specific performance is not an appropriate remedy for any reason at law or in equity.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the Corporation and the Merging Fund have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written.

---

| | | |
|:---|:---|:---|
| **REMORA CAPITAL CORPORATION** | **REMORA CAPITAL CORPORATION** | **REMORA CAPITAL CORPORATION** |
| By: | /s/ Daniel Mafrice | /s/ Daniel Mafrice |
|  | Name: | Daniel Mafrice |
|  | Title: | President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| **REMORA CAPITAL PARTNERS II QP, LP** | **REMORA CAPITAL PARTNERS II QP, LP** |
| By: | Remora Capital Partners II GP, LLC, its General Partner |

---

---

| | |
|:---|:---|
| By: | /s/ Daniel Mafrice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:Daniel Mafrice | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:Daniel Mafrice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Executive Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**INVESTMENT MANAGEMENT AGREEMENT** 

**BETWEEN**

**REMORA CAPITAL CORPORATION**

**AND** 

**REMORA CAPITAL MANAGEMENT, LLC**

AGREEMENT, dated as of September 5, 2025, between Remora Capital Corporation, a Maryland corporation (the "<u>Company</u>"), and Remora Capital Management, LLC (the "<u>Investment Manager</u>"), a Delaware limited liability company.

WHEREAS, the Investment Manager has agreed to furnish investment advisory services to the Company, which intends to elect to operate as a business development company ("<u>BDC</u>") under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"); and

WHEREAS, this Agreement has been approved in accordance with the provisions of the 1940 Act, and the Investment Manager is willing to furnish such services upon the terms and conditions herein set forth.

NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and 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;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>In General</u>. The Investment Manager agrees, as more fully set forth herein, to act as investment adviser to the Company with respect to the investment of the Company's assets and to supervise and arrange for the day-to-day operations of the Company and the purchase of assets for and the sale of assets held in the investment portfolio of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties and Obligations of the Investment Manager with Respect to Investment of Assets of the Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the succeeding provisions of this paragraph and subject to the direction and control of the Company's board of directors (the "<u>Board of Directors</u>"), the Investment Manager shall act as the investment adviser to the Company and to manage the investment and reinvestment of the assets of the Company. Without limiting the generality of the foregoing, the Investment Manager shall, during the term and subject to the provisions of this Agreement, (i) manage the Company's assets in accordance with its investment objectives, policies and restrictions; (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, evaluate and negotiate the structure of the investments made by the Company; (iv) execute, close, service and monitor the investments that the Company makes; (v) determine the securities and other assets that the Company will purchase, retain or sell; (vi) perform due diligence on prospective portfolio companies; (vii) exercise voting rights in respect of portfolio securities and other investments for the Company; (viii) serve on and exercise observer rights for, boards of directors and similar committees of the Company's portfolio companies; and (ix) provide the Company 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. Nothing contained herein shall be construed to restrict the Company's right to hire its own employees or to contract for administrative services to be performed by third parties, including but not limited to, the calculation of the net asset value of the Company's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the performance of its duties under this Agreement, the Investment Manager shall at all times use all reasonable efforts to conform to, and act in accordance with, any requirements imposed by (i) the provisions of the 1940 Act, and of any rules or regulations in force thereunder, subject to the terms of any exemptive order applicable to the Company; (ii) any other applicable provision of law; (iii) the provisions of the Articles of Amendment and Restatement and the Bylaws of the Company, as such documents are amended from time to time; (iv) the investment objectives, policies and restrictions applicable to the Company as set forth in the Company's Registration Statement on Form 10 or Form N-2 filed with the U.S. Securities and Exchange Commission (the "**SEC**"), as supplemented, amended or superseded from time to time, including in the periodic reports filed by the Company under the Securities Exchange Act of 1934, as amended (together with the rules promulgated thereunder; and (v) any policies and determinations of the Board of Directors of the Company and provided in writing to the Investment Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investment Manager will seek to provide qualified personnel to fulfill its duties hereunder and, except as set forth in the following sentence, will bear all costs and expenses incurred in connection with its investment advisory duties hereunder. The Company shall reimburse the Investment Manager for all direct and indirect costs and expenses incurred by the Investment Manager for office space rental, office equipment, utilities and other non-compensation related overhead allocable to performance of investment advisory services hereunder by the Investment Manager, including the costs and expenses of due diligence of potential investments, monitoring performance of the Company's investments and disposing of investments, serving as directors and officers of portfolio companies, providing managerial assistance to portfolio companies, enforcing the Company's rights in respect of its investments and disposing of investments (including, without limitation, the fees and expenses of outside counsel, accountants, consultants, experts and other third party service providers), valuation, pricing and monitoring services, research expenses (including market data, research analytics and news feeds), rating expenses, origination fees, loan servicing, loan administration, due diligence expenses, investment banking and finders' fees, appraisal fees, clearing and settlement charges, brokerage fees, custodial fees, stamp and transfer taxes, hedging costs, travel expenses, broken deal expenses, and expenses associated with developing, licensing, implementing, maintaining or upgrading the web portal, website, extranet tools, computer software (including accounting, investor tracking, investor reporting, ledger systems, financial management and cybersecurity) or other administrative or reporting tools (including subscription-based services) for the benefit of the Company. The Company shall also be responsible for the payment of all the Company's other expenses, including payment of the fees payable to the Investment Manager under Section 6 hereof; organization and offering expenses; expenses incurred in valuing the Company's assets and computing the Company's net asset value (including the cost and expenses of any independent valuation firm or other service provider); fees and expenses incurred by the Company's administrator or payable to third parties, including agents, consultants or other advisers, or affiliates of the Investment Manager in connection with monitoring financial, legal, regulatory and compliance affairs for the Company and in monitoring the Company's investments and performing due diligence on the Company's prospective portfolio companies or otherwise related to, or associated with, evaluating and making investments and in providing administrative services; interest and any other amounts (including without limitation commitment fees, principal payments, outside counsel fees and agent fees) payable on debt, if any, incurred to finance the Company's investments and other fees and expenses related to the Company's borrowings; expenses related to unsuccessful portfolio acquisition efforts; offerings of the Company's common and preferred stock and other securities (including underwriting, placement agent and similar fees and commissions); third party investor hosting and similar platforms and service providers; administration fees; transfer agent and custodial fees and expenses; federal and state registration fees; all costs of registration and listing the Company's securities on any securities exchange; foreign, U.S. federal, state and local taxes; independent directors' fees and expenses; costs of preparing and filing reports or other documents required by the SEC, the Financial Industry Regulatory Authority or other regulators; costs of any reports, proxy statements or other notices to shareholders, including printing costs; costs associated with individual or group shareholders; the Company's allocable portion of any fidelity bond, directors' and officers' errors and omissions liability insurance, and any other insurance premiums; direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, third-party investors hosting and similar platforms and service providers, and outside legal costs; expenses associated with shareholder or board meeting ; costs of operating any subsidiaries; any indemnification amounts owed by the Company; costs and expenses incurred under any litigation, threatened litigation or governmental regulatory inquiry, involving the Company, its investment or operating activities (including, without limitation, attorneys' fees, any judgments, settlements or other amounts paid in connection therewith) and all other extraordinary expenses; and all other expenses incurred by or allocable to the Company, whether paid by the Company, or the Investment Manager, or the Company's administrator in connection with administering the Company's business (including without limitation, outside counsel, third party valuation, accounting, audit, tax planning and tax return preparation) and other out-of-pocket expenses and fees), such as the allocable portion of overhead under the Administration Agreement, dated as of September 5, 2025 between the Company and the Company's administrator, including rent and the allocable portion of the cost of the Company's General Counsel, Chief Compliance Officer, and Chief Financial Officer and their respective staffs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Investment Manager shall give the Company the benefit of its professional judgment and effort in rendering services hereunder, but neither the Investment Manager nor any of its officers, directors, trustees, employees, agents or controlling persons shall be liable for any act or omission or for any loss sustained by the Company in connection with the matters to which this Agreement relates, provided, that the foregoing exculpation shall not apply to a loss resulting from willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of its reckless disregard of its obligations and duties under this Agreement; provided further, however, that the foregoing shall not constitute a waiver of any rights which the Company may have which may not be waived under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Investment Manager will place orders either directly with the issuer or with any broker or dealer. Subject to the other provisions of this paragraph, in placing orders with brokers and dealers, the Investment Manager will attempt to obtain the best price and the most favorable execution of its orders. In placing orders, the Investment Manager will consider the experience and skill of the firm's securities traders as well as the firm's financial responsibility and administrative efficiency. Consistent with this obligation, the Investment Manager may select brokers on the basis of the research, statistical and pricing services they provide to the Company and other clients of the Investment Manager. Information and research received from such brokers will be in addition to, and not in lieu of, the services required to be performed by the Investment Manager hereunder. A commission paid to such brokers may be higher than that which another qualified broker would have charged for effecting the same transaction, provided that the Investment Manager determines in good faith that such commission is reasonable in terms either of the transaction or the overall responsibility of the Investment Manager to the Company and its other clients and that the total commissions paid by the Company will be reasonable in relation to the benefits to the Company over the long term, subject to review by the Board of Directors of the Company from time to time with respect to the extent and continuation of such practice to determine whether the Company benefits, directly or indirectly, from such practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Services Not Exclusive</u>. Nothing in this Agreement shall prevent the Investment Manager or any officer, employee or other affiliate thereof from acting as investment adviser for any other person, firm or corporation, or from engaging in any other lawful activity, and shall not in any way limit or restrict the Investment Manager or any of its officers, employees or agents from buying, selling or trading any securities for its or their own accounts or for the accounts of others for whom it or they may be acting; <u>provided</u>, <u>however</u>, that the Investment Manager will not undertake, and will cause its employees not to undertake, activities which, in its reasonable judgment, will adversely affect the performance of the Investment Manager's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Agency Cross Transactions</u>. From time to time, the Investment Manager or brokers or dealers affiliated with it may find themselves in a position to buy for certain of their brokerage clients (each an "<u>Account</u>") securities which the Investment Manager's investment advisory clients wish to sell, and to sell for certain of their brokerage clients securities which advisory clients wish to buy. Where one of the parties is an advisory client, the Investment Manager or the affiliated broker or dealer cannot participate in this type of transaction (known as a cross transaction) on behalf of an advisory client and retain commissions from one or both parties to the transaction without the advisory client's consent. This is because in a situation where the Investment Manager is making the investment decision (as opposed to a brokerage client who makes his own investment decisions), and the Investment Manager or an affiliate is receiving commissions from both sides of the transaction, there is a potential conflicting division of loyalties and responsibilities on the Investment Manager's part regarding the advisory client. The SEC has adopted a rule under the Investment Advisers Act of 1940 which permits the Investment Manager or its affiliates to participate on behalf of an Account in agency cross transactions if the advisory client has given written consent in advance. By execution of this Agreement, the Company authorizes the Investment Manager or its affiliates to participate in agency cross transactions involving an Account. The Company may revoke its consent at any time by written notice to the Investment Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Expenses</u>. During the term of this Agreement, the Investment Manager will bear all compensation expense (including health insurance, pension benefits, payroll taxes and other compensation related matters) of its employees and shall, subject to the terms of this Agreement, bear the costs of any salaries or directors' fees of any officers or directors of the Company who are affiliated persons (as defined in the 1940 Act) of the Investment Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation of the Investment Manager</u>. The Investment Manager, for its services to the Company, will be entitled to receive a management fee (the "<u>Base Management Fee</u>") and an incentive fee ("<u>Incentive Fee</u>") from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Base Management Fee will be payable quarterly and will be payable at an annual rate of 1.00% of the par value of the Company's loan assets and similar portfolio investments outstanding (notwithstanding any lower valuation assigned to such loan asset or similar portfolio investment by the Board or a valuation designee) in advance as of the first day of each calendar quarter. The Base Management Fee for any partial quarter will be prorated during the relevant calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Incentive Fee will consist of two parts, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) One part will be calculated and payable quarterly in arrears based on the pre-incentive fee net investment income for the immediately preceding fiscal quarter (the "<u>Income-Based Fee</u>"). Payments based on pre-incentive fee net investment income will be based on the pre-incentive fee net investment income earned for the quarter. For this purpose, "<u>pre-incentive fee net investment income</u>" means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees received from portfolio companies) accrued during the fiscal quarter, minus operating expenses for the quarter (including the Management Fee, expenses payable under any administration agreement and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay in kind interest and zero coupon securities), accrued income that the Company has not yet received in cash; provided, however, that the portion of the investment income incentive fee attributable to deferred interest features will be paid, only if and to the extent received in cash, and any accrual thereof will be reversed if and to the extent such interest is reversed in connection with any write off or similar treatment of the investment giving rise to any deferred interest accrual, applied in each case in the order such interest was accrued. Such subsequent payments in respect of previously accrued income will not reduce the amounts payable for any quarter pursuant to the calculation of the investment-income component described above. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income, expressed as a rate of return on the value of net assets at the end of the immediately preceding fiscal quarter, will be compared to a "hurdle rate" of 1.5% per quarter (6.00% annualized).

The calculation of the Income-Based Fee for each quarter is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) No Income-Based Fee shall be payable to the Investment Manager if the Company's pre-incentive fee net investment income for any calendar quarter does not exceed the hurdle rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Prior to the Company's securities being listed on a national securities exchange (an "Exchange Listing"), 50% of the Company's pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.765% in any calendar quarter (7.06% annualized), or following an Exchange Listing, 100% of the Company's pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.765% in any calendar quarter (7.06% annualized). The Company refers to this portion of the Company's pre-incentive fee net investment income as the "<u>catch up</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Prior to the Company's securities being listed on a national securities exchange (an "Exchange Listing"), 15.0% of all pre-incentive fee net investment income for that calendar quarter, or following an Exchange Listing, 20% of all pre-incentive fee net investment income for that calendar quarter, will be allocated to the Investment Manager once the hurdle is reached and the catch-up is achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The second part of the Incentive Fee (the "<u>Capital Gains Fee</u>") will be determined and payable in arrears as of the end of each calendar year of the Company, and will equal 15.0% of aggregate cumulative realized capital gains from the date of the Company's election to be regulated as a BDC through the end of that calendar year, computed net of aggregate cumulative realized capital losses and aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gains incentive fees. For the foregoing purpose, "<u>aggregate cumulative realized capital gains</u>" will not include any unrealized appreciation. The Capital Gains Fee will not be subject to any minimum return to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Indemnification</u>. The Investment Manager (and its officers, managers, members of the board, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Investment Manager) shall not be liable to the Company for any action taken or omitted to be taken by the Investment Manager 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 for services), and the Company shall indemnify, defend and protect the Investment Manager (and its officers, managers, members of the board, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Investment Manager) (collectively, the "<u>Indemnified Parties</u>") 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 its shareholders) arising out of or otherwise based upon the performance of any of the Investment Manager's duties or obligations under this Agreement or otherwise as an investment adviser of the Company. Notwithstanding the preceding sentence of this Section 7 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 its shareholders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the Investment Manager's duties or by reason of the reckless disregard of the Investment Manager'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;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the first date above written. This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice, (i) by the vote of a majority of the outstanding voting securities of the Company, (ii) by the vote of the Company's Board of Directors, or (iii) by the Investment Manager. The provisions of Section 8 of this Agreement shall remain in full force and effect, and the Investment Manager 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 Investment Manager shall be entitled to any amounts owed under Section 6 through the date of termination or expiration and Section 8 shall continue in force and effect and apply to the Investment Manager and its representatives as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This 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 vote of the Board of Directors, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority of the members of the Company's Board of Directors 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.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notices</u>. Any notice under this Agreement shall be in writing to the other party at such address as the other party may designate from time to time for the receipt of such notice and shall be deemed to be received on the earlier of the date actually received or on the fourth day after the postmark if such notice is mailed first class postage prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Amendment of this Agreement</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;&nbsp;&nbsp;&nbsp;&nbsp;11. <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. 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, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <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;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Counterparts</u>. This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

*[Remainder of the page intentionally left blank; signature page follows]*

IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized officers, all as of the day and the year first above written.

REMORA CAPITAL CORPORATION

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| | |
|:---|:---|
| By: | /s/ Daniel Mafrice |
| Name: | Daniel Mafrice |
| Title: | Chief Executive Officer |

---

REMORA CAPITAL MANAGEMENT, LLC

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| | |
|:---|:---|
| By: | /s/ Daniel Mafrice |
| Name: | Daniel Mafrice |
| Title: | Chief Executive Officer |

---

## Exhibit 10.2

**Exhibit 10.2** 

**Remora Capital Management, LLC<br> 3200 West End Avenue, Suite 500<br> Nashville, TN 37203**

September 5, 2025

KAPC Manager, L.P.

717 Texas Avenue, 22nd Floor

Houston, Texas 77002

Attention: Paul Blank

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| | |
|:---|:---|
| **RE:** | **Amendment No. 1 to the Investment Management Agreement** |

---

Dear Mr. Blank:

This Amendment No. 1 (the "***Amendment***") to the Investment Management Agreement, dated as of April 24, 2024 (the "***Agreement***"), by and between Remora Capital Management, LLC (the "***Company***"), a Delaware limited liability company, and KAPC Manager, L.P. (the "***Investment Manager***"). Capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed to such terms in the Agreement.

**WHEREAS**, the Company serves as the investment manager to the Funds and intends to serve as investment manager to Remora Capital Corporation (the "***BDC***"), a Maryland corporation that intends to elect to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "***1940 Act***");

**WHEREAS**, immediately prior to the BDC's election to be regulated as a business development company under the 1940 Act, the Funds intend to merge with and into the BDC, with the BDC as the surviving company (the "***Mergers***");

**WHEREAS**, this Amendment and the Agreement have been approved in accordance with the provisions of the 1940 Act, and the Investment Manager is willing to furnish such services upon the terms and conditions as set forth in the Agreement and this Amendment; and

**WHEREAS**, the Company and the Investment Manager are parties to the Agreement and desire to amend and assign the Agreement as set forth herein.

**NOW, THEREFORE**, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Parties</u>. Concurrent with the Mergers and the BDC's election to be regulated as a business development company under the
1940 Act, the parties hereby agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the term "Funds" in the Agreement will be revised and replaced to mean the BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to Section 7 of the Agreement, the Agreement shall be assigned to Kayne Anderson Capital Advisors, L.P., an investment adviser
that is registered under the Investment Advisers Act of 1940, as amended, and Kayne Anderson Capital Advisors, L.P shall serve as the
Investment Manager under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Termination of Agreement</u>. Section 8 of the Agreement is hereby amended and restated and replaced in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice, (i) by the vote
of a majority of the outstanding voting securities of the BDC, (ii) by the vote of the BDC's Board of Directors, or (iii) by the
Investment Manager. The provisions of Section 8 of the Agreement shall remain in full force and effect, and the Investment Manager shall
remain entitled to the benefits thereof, notwithstanding any termination of the Agreement. Further, notwithstanding the termination or
expiration of the Agreement as aforesaid, the Investment Manager shall (x) be entitled to any amounts owed under Section 5 through the
date of termination or expiration and Section 8 shall continue in force and effect and apply to the Investment Manager and its representatives
as and to the extent applicable and (y) remain agent and attorney-in-fact as provided for in Section 2(d) with respect to existing Portfolio
Investments, except that the Investment Manager may not r egularly furnish advice to the BDC with
respect to the desirability of investing in, purchasing or selling securities or other property, and shall not be empowered to determine
what securities or other property shall be purchased or sold by the BDC.

&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 vote of the Board of Directors of
the BDC, or by the vote of a majority of the outstanding voting securities of the BDC and (B) the vote of a majority of the members of
the BDC's Board of Directors 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The 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;3. <u>Indemnification</u>. Section 10(a) of the Agreement is hereby amended and restated and replaced in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investment Manager and its officers, directors and employees, acting in good faith shall not be liable for, and shall be reimbursed
and indemnified for, all losses, damages, costs, expenses (including reasonable attorneys' fees), liabilities, claims and demands,
for any action, omission, information or recommendation in connection with this Agreement, except in the case of the Investment Manager's,
officer's, director's, or employee's willful misfeasance, bad faith, or gross negligence in the performance of the Investment
Manager's duties or by reason of the reckless disregard of the Investment Manager'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).
Notwithstanding any of the foregoing to the contrary, the provisions of this Section 10 shall not be construed so as to provide for the
exculpation of the Investment Manager or the indemnified party for any liability (including liability under Federal securities laws that,
under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such
liability may not be waived, modified or limited under applicable law, but shall be construed so as to effectuate the provisions of this
Section 10 to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Effect of Amendment</u>. Except as expressly amended by this Amendment, the provisions of the Agreement shall remain in full force
and effect.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Governing Law</u>. This Amendment and the Agreement shall be governed by and construed in accordance with the laws of Delaware.
In the event of the institution of any action, suit or proceeding, each of the parties hereto hereby consents to the exclusive jurisdiction
and venue of the courts located in the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendment of this Amendment and the Agreement</u>. This Amendment and the Agreement may be amended by mutual consent, but the consent
of the BDC must be obtained in conformity with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous</u>. The captions in this Amendment 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 Amendment 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 Amendment
shall be binding on and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Counterparts</u>. This Amendment may be executed and delivered in one or more counterparts, each of which will be deemed to be
an original copy of this Amendment and all of which, when taken together, will be deemed to constitute one and the same agreement.

***[Remainder of page intentionally left blank; signature page follows]***

---

| |
|:---|
| Sincerely, |
| **Remora Capital Management, LLC** |
| /s/ Daniel Mafrice |
| Name: Daniel Mafrice |
| Title: Chief Executive Officer |

---

---

| |
|:---|
| **Accepted and agreed:** |
| **KACP Manager, L.P.** |
| **By: Kayne Anderson Capital Advisors, L.P., its general partner** |
| /s/ Paul Blank |
| Name: Paul Blank |
| Title: Paul Blank |
| **Kayne Anderson Capital Advisors, L.P.** |
| /s/ Paul Blank |
| Name: Paul Blank |
| Title: Paul Blank |

---

## Exhibit 10.3

**Exhibit 10.3**

**INVESTMENT SUB-ADVISORY AGREEMENT** 

This AGREEMENT, dated as of September 5, 2025, by and among Remora Capital Management, LLC (the "<u>Investment Manager</u>"), a Delaware limited liability company, Remora Capital Corporation, a Maryland corporation (the "<u>Company</u>") and Crescent Capital Group LP (the "<u>Investment Sub-Adviser</u>").

WHEREAS, the Investment Manager has agreed to furnish investment advisory services to the Company, which intends to elect to operate as a business development company ("<u>BDC</u>") under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"); and

WHEREAS, the Investment Manager wishes to engage the Investment Sub-Adviser to furnish advisory services to the Company and the Investment Sub-Adviser has agreed to furnish such services to the Company; and

WHEREAS, this Agreement has been approved in accordance with the provisions of the 1940 Act, and the Investment Sub-Adviser is willing to furnish such services upon the terms and conditions herein set forth.

NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and 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;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>In General</u>. The Investment Sub-Adviser agrees, as more fully set forth herein, to act as an investment adviser to the Company with respect to the investment of certain of the Company's assets and the purchase of certain assets for and the sale of certain assets held in the investment portfolio of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties and Obligations of the Investment Sub-Adviser with Respect to Investment of Certain Assets of the Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the succeeding provisions of this paragraph and subject to the direction and control of the Company's board of directors (the "<u>Board of Directors</u>"), the Investment Sub-Adviser shall act as an investment adviser to the Company and to manage the investment and reinvestment of certain assets of the Company. Without limiting the generality of the foregoing, the Investment Sub-Adviser shall, during the term and subject to the provisions of this Agreement, (i) manage certain of the Company's assets in accordance with its investment objectives, policies and restrictions; (ii) identify, evaluate and negotiate the structure of certain investments made by the Company; (iv) execute, close, service and monitor such investments that the Company makes; (v) propose certain securities and other assets for the Company to acquire, retain or sell; (vi) perform due diligence on prospective portfolio companies; (vii) exercise voting rights in respect of certain portfolio securities and other investments for the Company; (viii) serve on and exercise observer rights for, boards of directors and similar committees of the Company's portfolio companies; and (ix) provide the Company 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. The parties acknowledge and agree that the Investment Sub-Adviser may rely on the written direction of the Investment Manager with respect to any consents or other directions to be provided by the Company under this Agreement. Nothing contained herein shall be construed to restrict the Company's right to retain additional sub-investment advisors or hire its own employees or to contract for administrative services to be performed by third parties, including but not limited to, the calculation of the net asset value of the Company's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise agreed by the parties and as provided in this Agreement, the Investment Manager will have full and absolute discretion over the investment and disposition of investments by the Company. The Investment Sub-Adviser may present investment opportunities to the Investment Manager for potential investment by the Company (each, an "<u>Offer</u>"). Any such Offer shall include the maximum purchase price and material economic terms (for which purpose an executed term sheet, setting forth sufficiently detailed economic and legal terms, shall be deemed sufficient) of such opportunity. In addition, each Offer will include the deadline for the Investment Manager to respond, which deadline shall be at least five (5) business days following the receipt of such Offer by the Investment Manager. Upon receipt of an Offer, the Investment Manager shall return to Investment Sub-Adviser a writing (which may be by email) setting forth such portion of the opportunity, if any, the Investment Manager seeks to invest, on behalf of the Company. Unless such deadline is extended by the Investment Sub-Adviser, any Offer in respect of which the Investment Manager does not respond by the applicable deadline shall be deemed to have been rejected by the Investment Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the performance of its duties under this Agreement, the Investment Sub-Adviser 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;(i) provide the Investment Manager with information, analysis and recommendations with respect to each Offer and/or such other information, analysis and recommendations as reasonably requested from time to time by the Investment Manager in connection with the Investment Manager's evaluation of an Offer on behalf of the Company, including: (i) basic obligor and investment information; (ii) the Investment Sub-Adviser's or its affiliates' investment committee approval memorandums (which may be provided in redacted form to the extent of any information that the Investment Sub-Adviser deems confidential therein); and (iii) loan documentation (including principal credit or loan agreements and other principal documentation, together with all amendments, waivers and modifications thereof) and loan files; 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;(ii) in connection with the acceptance by the Investment Manager of an Offer, provide available documentation and facilitate the investment by the Company, including: (A) arranging for the preparation, execution and delivery of credit agreements, or loan assignments as applicable, and other related documentation and information necessary to acquire or transfer ownership of an investment pursuant to an Offer; (B) making all arrangements and obtaining or providing such information as is necessary for the funding of an investment and the payment of principal, interest and other amounts due to the Company in respect of such Offer; and (C) using reasonable efforts to ensure that the Company receives its respective *pro rata* share of any original issue discount, commitment, agency, closing, amendment, waiver and similar fees in respect of investment pursuant to an Offer upon initial investment and for as long as the Company holds such investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the performance of its duties under this Agreement, the Investment Sub-Adviser shall at all times use all reasonable efforts to conform to, and act in accordance with, any requirements imposed by (i) the provisions of the 1940 Act, and of any rules or regulations in force thereunder, subject to the terms of any exemptive order applicable to the Company; (ii) any other applicable provision of law; (iii) the provisions of the Articles of Amendment and Restatement and the Bylaws of the Company, as such documents are amended from time to time; (iv) the investment objectives, policies and restrictions applicable to the Company as set forth in the Company's Registration Statement on Form 10 or Form N-2 filed with the U.S. Securities and Exchange Commission (the "**SEC**"), as supplemented, amended or superseded from time to time, including in the periodic reports filed by the Company under the Securities Exchange Act of 1934, as amended (together with the rules promulgated thereunder; and (v) any policies and determinations of the Board of Directors of the Company and/or the Investment Manager that are provided in writing to the Investment Sub-Adviser. The Investment Manager shall promptly update the Investment Sub-Adviser with respect to any changes with respect to subsections (iii) through (v) of this Section 2(d) and, until such time as the Investment Sub-Adviser has received notice of such changes, the Investment Sub-Adviser shall not be liable, and shall be indemnified by the Company and the Investment Manager, for any actions taken with respect to the Company's assets that would be affected by such changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Investment Sub-Adviser will seek to provide qualified personnel to fulfill its duties hereunder and will bear all costs and expenses incurred in connection with its investment advisory duties hereunder that do not otherwise qualify as Company expenses pursuant to Section 2(c) of that certain Investment Management Agreement, by and between the Company and the Investment Manager, dated as of September 5, 2025 and Section 4(b) of that certain Administration Agreement, by and between the Company and the Investment Manager, dated as of September 5, 2025. For the avoidance of doubt, the Investment Sub-Adviser shall not be responsible for, and each of the Company and the Investment Manager will bear, respectively, all costs and expenses that are incurred in its operation and transactions and not specifically assumed by the Investment Sub-Adviser pursuant to this Agreement, including all such expenses set forth in Section 2(c) of that certain Investment Management Agreement, by and between the Company and the Investment Manager, dated as of September 5, 2025 and Section 4(b) of that certain Administration Agreement, by and between the Company and the Investment Manager, dated as of September 5, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Investment Sub-Adviser shall give the Company the benefit of its professional judgment and effort in rendering services hereunder, but neither Investment Sub-Adviser nor any of its officers, directors, trustees, employees, agents or controlling persons shall be liable for any act or omission or for any loss sustained by the Company in connection with the matters to which this Agreement relates, provided, that the foregoing exculpation shall not apply to a loss resulting from willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of its reckless disregard of its obligations and duties under this Agreement; provided further, however, that the foregoing shall not constitute a waiver of any rights which the Company may have which may not be waived under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Services Not Exclusive</u>. Nothing in this Agreement shall prevent the Investment Sub-Adviser or any officer, employee or other affiliate thereof from acting as investment adviser for any other person, firm or corporation, or from engaging in any other lawful activity, and shall not in any way limit or restrict the Investment Sub-Adviser or any of its officers, employees or agents from buying, selling or trading any securities for its or their own accounts or for the accounts of others for whom it or they may be acting; <u>provided</u>, <u>however</u>, that the Investment Sub-Adviser will not undertake, and will cause its employees not to undertake, activities which, in its reasonable judgment, will adversely affect the performance of the Investment Sub-Adviser's obligations under this Agreement. Nothing in this Agreement shall prevent the Company or the Investment Manager from engaging, and the Company and the Investment Manager shall have the right to engage, any other investment adviser or investment sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Expenses</u>. During the term of this Agreement, the Investment Sub-Adviser will bear all compensation expense (including health insurance, pension benefits, payroll taxes and other compensation related matters) of its employees. The Investment Sub-Adviser will bear all costs, fees and expenses related to the Investment Sub-Adviser obtaining a co-investment relief order from the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation of the Investment Sub-Adviser</u>. The Investment Sub-Adviser, for its services to the Company, will be entitled to receive a management fee computed in accordance with Exhibit A (the "<u>Management Fee</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Indemnification</u>. The Investment Sub-Adviser (and its officers, managers, members of the board, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Investment Sub-Adviser) shall not be liable to the Investment Manager or the Company for any action taken or omitted to be taken by the Indemnified Parties (as defined below) in connection with the performance of any of the Investment Sub-Adviser's 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 for services), and the Company shall indemnify, defend and protect the Investment Sub-Adviser (and its officers, managers, members of the board, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Investment Sub-Adviser) (collectively, the "<u>Indemnified Parties</u>") 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 its shareholders) arising out of or otherwise based upon the performance of any of the Investment Sub-Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Company. Notwithstanding the preceding sentence of this Section 6 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 its shareholders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the Investment Sub-Adviser's duties or by reason of the reckless disregard of the Investment Sub-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;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Representations and Warranties of the Investment Manager. The Investment Manager hereby represents and warrants to the Investment Sub-Adviser that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Investment Manager has been duly formed and is validly existing in good standing as a limited liability company under the laws of the State of Delaware with full power and authority to enter into this Agreement and perform its obligations 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;(ii) this Agreement has been duly and validly executed and delivered by the Investment Manager and constitutes a valid and binding agreement of the Investment Manager, enforceable against it in accordance with its terms.

&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) entry into this Agreement will not breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which the Investment Manager is a party or by which it is bound that would materially limit or affect the performance of its duties 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;(iv) there is no litigation, investigation or other proceeding pending or, to the knowledge of the Investment Manager, threatened against the Investment Manager or any of its affiliates which would reasonably be expected to materially adversely affect the ability of the Investment Manager to perform its obligations 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;(v) the Investment Manager is registered as an investment adviser with the SEC and has obtained all authorizations, consents, approvals, licenses and clearances of all courts, governmental agencies and authorities, and any other person, if any, required for the Investment Manager to enter into this Agreement and to perform its obligations 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;(vi) the Investment Manager shall conduct its investment management activities relating to the Company in all material respects in compliance with applicable law, including, for the avoidance of doubt, Rule 206(4)-7 under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Investment Manager shall cause the Company to fund each investment opportunity subject to an accepted Offer, subject to the acceptance of an Offer by the Investment Manager as provided for in Section 2(b), by reserving or otherwise providing for the funding of such investment opportunity in an amount up to the maximum amount set forth in the Offer.

&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) the Investment Manager shall provide prompt notice to the Investment Sub-Adviser about developments relating to the Investment Manager or the Company of which the Investment Manager has knowledge that would materially affect the Company, the ability of the Investment Manager to perform its obligations under the Investment Management Agreement with the Investment Manager or the ability of the Investment Sub-Adviser to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Representations and Warranties of the Company. The Company hereby represents and warrants to the Investment Sub-Adviser that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company has been duly formed and is validly existing in good standing as a corporation under the laws of the State of Maryland with full power and authority to enter into this Agreement and perform its obligations 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;(ii) this Agreement has been duly and validly executed and delivered by the Company and constitutes a valid and binding agreement of the Company, enforceable against it in accordance with its terms.

&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) entry into this Agreement will not breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which the Company is a party or by which it is bound that would materially limit or affect the performance of its duties 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;(iv) there is no litigation, investigation or other proceeding pending or, to the knowledge of the Company, threatened against the Company or any of its affiliates which would reasonably be expected to materially adversely affect the ability of the Company to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Representations and Warranties of the Investment Sub-Adviser. The Investment Sub-Adviser hereby represents and warrants to the Investment Manager that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Investment Sub-Adviser has been duly formed and is validly existing in good standing as a limited liability company under the laws of the State of Delaware with full power and authority to enter into this Agreement and perform its obligations 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;(ii) this Agreement has been duly and validly executed and delivered by the Investment Sub-Adviser and constitutes a valid and binding agreement of the Investment Sub-Adviser, enforceable against it in accordance with its terms.

&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) entry into this Agreement will not breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which the Investment Sub-Adviser is a party or by which it is bound that would materially limit or affect the performance of its duties 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;(iv) there is no litigation, investigation or other proceeding pending or, to the knowledge of the Investment Sub-Adviser, threatened against the Investment Sub-Adviser or any of its affiliates which would reasonably be expected to materially adversely affect the ability of the Investment Sub-Adviser to perform its obligations 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;(v) the Investment Sub-Adviser is registered as an investment adviser with the SEC and has obtained all authorizations, consents, approvals, licenses and clearances of all courts, governmental agencies and authorities, and any other person, if any, required for the Investment Sub-Adviser to enter into this Agreement and to perform its obligations 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;(vi) the Investment Sub-Adviser shall conduct its investment management activities relating to the Company in all material respects in compliance with applicable law, including, for the avoidance of doubt, Rule 206(4)-7 under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Investment Sub-Adviser shall provide prompt notice to the Investment Manager about developments relating to the Investment Sub-Adviser of which the Investment Sub-Adviser has knowledge that would materially affect the Company, the ability of the Investment Manager to perform its obligations under the Investment Management Agreement with the Investment Manager or the ability of the Investment Sub-Adviser to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the first date above written. This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice, (i) by the vote of a majority of the outstanding voting securities of the Company, (ii) by the vote of the Company's Board of Directors, (iii) by the Investment Manager, or (iv) by the Investment Sub-Adviser. The provisions of Section 6 of this Agreement shall remain in full force and effect, and the Investment Sub-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 Investment Sub-Adviser shall be entitled to any amounts owed under Section 5 through the date of termination or expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This 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 vote of the Board of Directors, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority of the members of the Company's Board of Directors 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.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notices</u>. Any notice or other communication given under this Agreement shall be deemed to have been given if given in writing (including email or other electronic means) addressed as provided below or to the addressee at such other address as the addressee shall have specified by notice actually received by the addressor, and if either (a) actually delivered in fully legible form to such address or (b) in the case of a letter, five days shall have elapsed after the same shall have been deposited in the United States mails, with first-class postage prepaid and registered or certified.

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| | |
|:---|:---|
| To RCM: | Daniel Mafrice<br> Chief Executive Officer & Managing Partner<br> Remora Capital Partners<br> 3200 West End Ave., Suite #500<br> Nashville, TN 37203<br> Phone:<br> Fax: <br> Email: |
| To the BDC: | Daniel Mafrice<br> Chief Executive Officer<br> Remora Capital Corporation<br> 3200 West End Ave., Suite #500<br> Nashville, TN 37203<br> Phone: <br> Fax:<br> Email: |
| <br>To Investment Sub-Adviser: | Crescent Capital Group LP<br> Attn: George Hawley<br> 11100 Santa Monica Blvd., Ste. 2000<br> Los Angeles, CA 90025<br> Telephone: <br> Email: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Amendment of this Agreement</u>. This Agreement may be amended by the consent of all parties, 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;&nbsp;&nbsp;&nbsp;&nbsp;11. <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. 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, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <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;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Counterparts</u>. This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Independent Contractor Status</u>. In rendering services for the Investment Manager and the Company, the Investment Sub-Adviser is at all times serving as an independent contractor. Nothing in this Agreement shall be, construed to make or render either party or any of its officers, agents, or employees an employee of, or joint venture of or with the other for any purpose whatsoever, including participation in any of benefits or privileges given or extended by the Investment Manager to its employees. No right or authority is granted to Investment Sub-Adviser or its personnel to assume or to create any obligation or responsibility express or implied, on behalf of or in the name of the Investment Manager and the Company except as expressly authorized in this Agreement or another writing by the Investment Manager, the Company and the Investment Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Confidentiality</u>. Subject to applicable legal requirements, all information concerning the operation and investments of the Investment Manager and the Company, on the one hand, and concerning the operation of the Investment Sub-Adviser, on the other hand (collectively "<u>Confidential Information</u>"), shall be kept in strict confidence by the parties hereto both before and after the termination of the Agreement and each party shall not disclose Confidential Information to any third party, other than (i) the Investment Sub-Adviser, (ii) the Investment Manager, (iii) the Company, (iv) service providers employed by the Investment Sub-Adviser, the Investment Manager or the Company, including in connection with the management, custody, brokerage and administration of the assets of the Company, (v) as required by law or legal process or (vi) in any proceeding between the Investment Manager, the Company and/or the Investment Sub-Adviser. The Investment Sub-Adviser agrees to allow the Investment Manager and the Company to disclose information about the Investment Sub-Adviser and its engagement as the Investment Sub-Adviser hereunder in the Company's marketing materials and offering documents, to prospective investors and as required by applicable law; provided, that, the Investment Manager and/or the Company, as applicable, shall provide all such marketing materials and offering documents to the Investment Sub-Adviser at least a reasonable period of time in advance of use thereof, for Investment Sub-Adviser's review and approval. The parties hereto agree that irreparable damage would occur if the provisions of this Section 15 were breached. It is accordingly agreed that the non-breaching party shall be entitled to seek an injunction or injunctions to prevent breaches of this Section 15 and to enforce specifically the terms and provisions hereof in any court of competent jurisdiction, in addition to any other remedy to which it is entitled at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the Investment Manager, the Company and the Investment Sub-Adviser. This Agreement is not intended to, and shall not, convey any rights to persons not a party to this Agreement, other than each person entitled to indemnification hereunder, and their respective successors and permitted assigns, and the Company, the Investment Manager and the Investment Sub-Adviser, as the Investment Sub-Adviser of the Company, with respect to any rights or benefits conferred thereto, each of whom shall be entitled to such rights and benefits as if such person were a signatory hereto, and the rights and benefits of such person hereunder may not be impaired without such person's express written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Survival</u>. The provisions of Sections 2(e), 6, 11 and 16 of this Agreement shall survive the termination of this Agreement. The provisions of Section 5 hereof shall survive with respect of fees due and payable as of the termination of this Agreement.

*[Remainder of the page intentionally left blank; signature page follows]*

 

IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized officers, all as of the day and the year first above written.

REMORA CAPITAL CORPORATION

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| | |
|:---|:---|
| By: | /s/ Daniel Mafrice |
| Name: | Daniel Mafrice |
| Title: | Chief Executive Officer |

---

REMORA CAPITAL MANAGEMENT, LLC

---

| | |
|:---|:---|
| By: | /s/ Daniel Mafrice |
| Name: | Daniel Mafrice |
| Title: | Chief Executive Officer |
| CRESCENT CAPITAL GROUP LP | CRESCENT CAPITAL GROUP LP |
| By: | /s/ Ray Barrios |
|  | Name: Ray Barrios |
|  | Title: Managing Director |
| By: | /s/ George P. Hawley |
|  | Name: George P. Hawley<br> Title: General Counsel |

---

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

**<u>Fee Schedule</u>**

The Company shall pay the Investment Sub-Adviser, in arrears, a quarterly sub-advisory fee (the "<u>Management Fee</u>") as set forth below, computed by the Investment Sub-Adviser using the Aggregate Investment Value (as defined below) as of the end of each calendar quarter.

---

| | |
|:---|:---|
| **Aggregate Investment Value** | **COMPENSATION** |
| Less than $300,000,000 | 0.50% per annum |
| $300,000,000 or more and less than $750,000,000 | 0.45% per annum |
| $750,000,000 or more | 0.40% per annum |

---

"<u>Aggregate Investment Value</u>" means, as of any particular date, the aggregate value of all Crescent Investment Opportunities (as defined below) held by the Company or a subsidiary of the Company as of such date, as determined by the Board of Directors of the Company (or its valuation designee), which determination may incorporate valuation information provided by the Investment Sub-Adviser; *provided* that, for purposes of the Management Fee calculation, the value of any particular investment shall not exceed the outstanding principal balance of such investment as of such date.

"<u>Crescent Investment Opportunities</u>" means senior secured loans to middle-market companies with headquarters in the United States and Canada identified, sourced and/or originated by the Investment Sub-Adviser and its affiliates, including investment vehicles managed and controlled by the Investment Sub-Adviser.

**<u>Computation</u>**

Subject to the receipt of any requested information pursuant to the third paragraph below, as soon as practicable after the end of each calendar quarter, the Investment Sub-Adviser shall send to the Investment Manager a calculation (the "<u>Calculation</u>") in reasonable detail of the Management Fee for the calendar quarter that ended as of the close of business of the last day of such calendar quarter. The Investment Manager may approve or disapprove of the Calculation within ten (10) business days of its receipt. In the event that the Calculation has been accurately prepared in accordance with the terms of this Agreement, the Company shall pay the fee to the Investment Sub-Adviser. In the event of a dispute between the parties regarding the accuracy of the Calculation, it is hereby agreed that all discussions in resolution of such dispute will be conducted promptly and in good faith.

The Management Fee shall be calculated at the end of each calendar quarter by multiplying (i) the applicable annual rate set forth in the schedule above by (ii) the Aggregate Investment Value, as defined above, determined as of the close of business on the last business day of such calendar quarter, and multiplying the result by (iii) a fraction, the numerator of which is the number of calendar days in the quarter and the denominator of which is the number of calendar days in the year. The fee shall be payable quarterly in arrears by the Company to the Investment Sub-Adviser. If this Agreement is terminated prior to the end of any calendar quarter, the fee shall be prorated by applying the formula above based on the number of days elapsed in the quarter through the effective date of termination. As soon as practicable following the effective date of such termination, the Investment Sub-Adviser shall deliver to the Investment Manager a Calculation in reasonable detail of the prorated Management Fee.

For the avoidance of doubt, the computation obligations of the Investment Sub-Adviser set forth herein shall not subrogate or otherwise modify the Company's Board of Directors' (or its valuation designee's) ultimate authority and responsibility to determine the valuation of the Company's assets, including the Crescent Investment Opportunities, and the Investment Sub-Adviser shall not bear any responsibility or liability for determining or approving the final valuation of any assets of the Company, including the Crescent Investment Opportunities.

The Investment Manager agrees to use commercially reasonable efforts to promptly accommodate reasonable requests for information by the Investment Sub-Adviser from the Investment Manager or the Custodian relating to the current assets of the Company and the values ascribed thereto by the Board (or its valuation designee) to assist the Investment Sub-Adviser in calculating the Management Fee for any particular period. For the avoidance of doubt, the Board (or its valuation designee) shall be fully responsible for determining the final valuation of the Company's assets, including the Crescent Investment Opportunities, and the Investment Sub-Adviser shall not bear any responsibility or liability for determining or approving the final valuation of any assets of the Company, including the Crescent Investment Opportunities.

## Exhibit 10.4

**Exhibit 10.4**

**LOAN SOURCING AND OTHER SERVICES AGREEMENT**

This LOAN SOURCING AND OTHER SERVICES AGREEMENT ("<u>Agreement</u>") is made effective as of September 5, 2025 (the "<u>Effective Date</u>") by and among Remora Capital Management, LLC ("<u>RCM</u>"), Remora Capital Corporation (the "<u>Fund</u>") and Eldridge Credit Advisers, LLC (the "<u>Service Provider</u>").

**RECITALS**

A. RCM has been retained by the Fund to provide investment advisory services to the Fund.

B. The Fund seeks to invest primarily in high-quality, senior secured loans (" <u>Loan Assets</u> ")
to middle-market companies with headquarters in the United States and Canada.

C. The Service Provider and its affiliates are engaged in the identification and sourcing, of investments
in Loan Assets (the portion of such Loan Assets made available to the Fund pursuant to Section 2 below, being the " <u>Investment Opportunities</u> ") that will generally be sourced or originated by the Service Provider or other vehicles managed and controlled
by the Service Provider.

D. RCM believes that many of the Investment Opportunities will be attractive to the Fund, and has determined
that it is in its interest to enter into an arrangement whereby the Service Provider make available Investment Opportunities for RCM's
evaluation in accordance with RCM's provision of advisory services to the Fund, and the Service Provider is willing to make available
for sale such Investment Opportunities to the Fund at the request of RCM for such purposes, all in accordance with the terms and conditions
of this Agreement.

**AGREEMENT**

In consideration of the above recitals and the promises set forth in this Agreement, the parties agree as follows:

1. APPOINTMENT

RCM hereby appoints and designates the Service Provider to provide the services described in Section 2 of this Agreement (the "<u>Loan Sourcing and Other Services</u>") during the Term (as defined below) in accordance with the terms of this Agreement. The Service Provider hereby accepts such appointment and agrees to provide the Loan Sourcing and Other Services in accordance with the terms of this Agreement in exchange for the compensation provided herein.

2. AUTHORITIES AND OBLIGATIONS OF THE Service Provider

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term, RCM will have full and absolute discretion over the purchase of an Investment Opportunity by, and allocation of an Investment Opportunity to, and any sale of an Approved Investment (as defined below) by, the Fund in accordance with RCM's provision of advisory services to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Service Provider may, but shall not be obligated to, from time to time and in its sole discretion, make available for RCM's evaluation and the Fund's participation in or purchase of certain Investment Opportunities. RCM shall, in its sole discretion, determine if the Fund should participate in, or purchase all or a portion of, such proposed Investment Opportunity (any such Investment Opportunity, an "<u>Approved Investment</u>"). For the avoidance of doubt, RCM will retain all investment decision making and authority with respect to any Investment Opportunity and Approved Investment and the Service Provider shall have no investment discretion or authority with respect to any investment made by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Service Provider, subject in all respect to the Service Provider's compliance with applicable law or contractual commitments, and to the terms and subject to the conditions 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;(i) may, but shall not be obligated to, in its sole discretion identify and offer Investment Opportunities to RCM with respect to the Fund from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall use commercially reasonable efforts to facilitate RCM getting access to information that is in the possession of the Service Provider with respect to each Investment Opportunity presented to RCM in connection with the Fund's evaluation of any such Investment Opportunities, including but not limited to: (A) basic obligor and investment information, (B) access to data rooms related to the Investment Opportunity, (C) loan documentation (including principal credit or loan agreements and other principal documentation, together with all amendments, waivers and modifications thereof) and loan files, and (D) offering materials, lender presentations, third party due diligence and other reports evaluated by or provided to the Service Provider, or by the Service Provider to all other lenders, or any of its affiliates in connection with the evaluation or completion of such Investment Opportunities; provided however, any such materials provided by the Service Provider to RCM shall not include any recommendation or other similar evaluation of such Investment Opportunity; provided further that, the access and information sharing described above may be subject to confidentiality or other restrictions in favor of third parties and, as a result, may be conditioned upon RCM executing a confidentiality agreement, non-reliance letter or other agreement as may be required by such third 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;(iii) shall, upon the request of RCM, use commercially reasonable efforts to provide all available documentation and facilitate the purchase of the applicable Approved Investment by the Fund, including but not limited to: (A) arranging for the preparation and delivery of credit agreements, or loan assignments as applicable, and other related documentation and information necessary to acquire or transfer ownership of such Approved Investment to the Fund, (B) providing such information as is necessary for the funding of the purchase price of such Approved Investment and the payment of principal, interest and other amounts due to the Funds in respect of such Approved Investment, and (C) arranging for RCM to have access to any email distributions to lenders, electronic portals or reporting services through which financial reporting or other information and records related to such Approved Investment are provided to lenders by or on behalf of the administrative agent (or person performing similar functions) in respect of such Approved 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;(iv) shall reasonably cooperate with RCM and the Fund's lenders and/or other service providers and supply information reasonably available to the Service Provider in form and scope related to each Approved Investment as is necessary to enable RCM or such lenders and/or other service providers to perform their duties in accordance with the applicable agreements, including without limitation supplying loan portfolio information as required by the Fund's leverage provider(s) and assisting with the valuation and pricing of Approved Investments as reasonably requested by RCM, including without limitation (A) results of internally prepared quarterly valuations of Approved Investments including relevant supporting materials, exhibits, and supplements thereto, in an editable format such as Microsoft Excel, used to perform such valuations by Service Provider which the Service Provider may adjust from time to time; (B) customary loan tape information, on at least a monthly basis, for each Approved Investment or as reasonably requested by RCM or the Fund or their financing sources; and (C) portfolio management information related to each Approved Investment as reasonably requested by RCM and available to Service Provider within its portfolio management software and systems; provided, in each case, that the Service Provider is not contractually restricted from providing 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;(v) shall use commercially reasonable efforts to make available to RCM appropriate personnel of the Service Provider to discuss services provided pursuant to the terms of this Agreement at least quarterly at mutually agreed upon times; 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;(vi) shall take all such other actions as the Service Provider may reasonably deem necessary or appropriate in connection with the performance of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the avoidance of doubt and notwithstanding anything to the contrary herein, the Service Provider shall not:

&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) have custody of the assets of the Fund;

&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) have any authority to instruct that any assets be acquired by the Fund or that any of the assets of the Fund be sold, transferred or otherwise disposed of by the Fund;

&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) provide any investment advice, recommendations or other investment analysis to RCM or the Fund or otherwise act as an investment adviser to the Fund; 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;(iv) be obligated to perform any of the foregoing services described in clauses (a) through (c) above if doing so would, or would reasonably be expected to, violate any confidentiality obligations or other legal, regulatory or contractual restrictions applicable to the Service Provider.

3. REPRESENTATIONS AND WARRANTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Representations and Warranties of RCM.** RCM hereby represents and warrants to the Service Provider that, for itself and on behalf of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 of RCM and the Fund have been duly formed and are validly existing in good standing under the laws of the State of Delaware and the State of Maryland, respectively, with, as applicable, full power and authority to enter into this Agreement and perform any obligations 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) This Agreement has been duly and validly executed and delivered by RCM and constitutes a valid and binding agreement of RCM, enforceable against it in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Entry into this Agreement will not breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which RCM or the Fund are a party or by which it is bound that would materially limit or affect the performance of any duties 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There is no litigation, investigation or other proceeding pending or, to the knowledge of RCM, threatened against RCM, the Fund or any of their affiliates which would reasonably be expected to materially adversely affect the ability of RCM to perform its obligations 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;(v) RCM is registered 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) RCM maintains policies and procedures with respect to conflicts clearance, confidentiality of information (including material non-public information) and trading restrictions that are, in each case, customary and reasonable for direct lenders, commitment parties or arrangers of private credit transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) RCM has such knowledge and experience in financial and business matters that RCM is capable of evaluating the merits and risks of the terms and conditions of this Agreement including, without limitation, the Investment Opportunities, and understands that there are certain risks inherent in each Investment Opportunity and such risks could result in the loss of the entire amount invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) It understands and agrees that (A) no Investment Opportunity will have taken into account the particular needs of RCM or any of its affiliates, (B) the Service Provider will not have a duty of suitability with respect to any Investment Opportunity, (C) it is solely the duty of RCM to weigh the particular needs of the Fund and determine whether or not an Investment Opportunity is appropriate and (D) the investment decision to cause the Fund to invest in an Investment Opportunity will have been made exclusively by RCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) To the extent of their knowledge, the funds used for investment in any Approved Investment were not and will not be directly or indirectly derived from activities that would violate any anti-money laundering law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Representations and Warranties of the Service Provider.** The Service Provider hereby represents and warrants to RCM that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Service Provider has been duly formed and is validly existing in good standing as a limited liability company under the laws of the State of Delaware with full power and authority to enter into this Agreement and perform its obligations 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) This Agreement has been duly and validly executed and delivered by the Service Provider and constitutes a valid and binding agreement of the Service Provider, enforceable against it in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Entry into this Agreement will not, to the knowledge of the Service Provider, breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which the Service Provider is a party or by which it is bound that would materially limit or affect the performance of its duties 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There is no litigation, investigation or other proceeding pending or, to the knowledge of the Service Provider, threatened against the Service Provider or any of its affiliates which would reasonably be expected to materially adversely affect the ability of the Service Provider to perform its obligations 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;(v) The Service Provider maintains policies and procedures with respect to conflicts clearance, confidentiality of information (including material non-public information) and trading restrictions that are, in each case, customary and reasonable for direct lenders, commitment parties or arrangers of private credit transactions.

4. RECORDS

The Service Provider agrees that, subject in all respect to the Service Provider's compliance with applicable law or contractual commitments: (a) it shall maintain reasonable records pertaining to this Agreement as reasonably requested by RCM, and (b) the Service Provider will make available promptly to RCM copies of any such records upon RCM's written request, provided that the Service Provider may also maintain copies of such records to comply with its record keeping obligations under applicable law, rule or practice governing licensed professionals, or any internal compliance policy (including *bona fide* internal document retention policies) or procedure relating to the safeguarding, archival or backup storage of data.

5. COMPENSATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As compensation for the services provided by the Service Provider hereunder, the Fund shall pay the Service Provider, in arrears, a quarterly fee (the "<u>Service Provider Fee</u>") equal to the Annual Applicable Rate of Aggregate Investment Value, each as defined below, computed by the Service Provider for each day during the applicable calendar quarter. "<u>Aggregate Investment Value</u>" means, as of any particular date, the aggregate value of all Approved Investments held by the Fund as of such date based on the most current valuation; *provided* that the value of any particular Approved Investment shall not exceed the outstanding principal balance of such Approved Investment as of such date. "<u>Applicable Annual Rate</u>" means 0.80% *per annum*. For the avoidance of doubt, all Loan Assets that were previously sourced and managed by the Service Provider or its affiliates or predecessors and held by the Fund or its predecessors shall constitute Approved Investments for the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Service Provider shall submit to RCM a statement showing the Service Provider Fee calculation for such calendar quarter (the "<u>Service Provider Fee Statement</u>") within thirty (30) days following the end of such calendar quarter. If RCM disagrees with such calculation, it shall notify the Service Provider in writing within seven (7) days of receipt of the Service Provider Fee Statement. If RCM has not provided the Service Provider with written notice of any disagreement related to the Service Provider Fee Statement, the Fund shall remit payment of the Service Provider Fee to the Service Provider within fifteen (15) days following receipt of the Service Provider Fee Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Service Provider shall be solely responsible for its own operating expenses incurred in connection with providing the Loan Sourcing and Other Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) RCM, the Fund and the Service Provider recognize and agree that the Service Provider Fee is for Loan Sourcing and Other Services only and payments of the Service Provider Fee (a) do not constitute payment in any manner for investment advisory services, and (b) are not otherwise related to investment advisory services.

6. TERM

The term of this Agreement shall continue until terminated in accordance with Section 8 (the "<u>Term</u>").

7. ASSIGNMENT

No assignment (as that term is defined in the Advisers Act) of this Agreement by any party hereto may be made without consent of the other party hereto, and any such assignment made without such consent shall be null and void for all purposes; provided that, notwithstanding the foregoing, the parties may assign this Agreement to their respective affiliates without any prior consent of the other party hereto.

8. TERMINATION OF AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall terminate on the earliest to occur of (i) any party's decision to terminate this Agreement upon not less than ninety (90) days' written notice to the other party, (ii) the termination of RCM as the investment adviser of the Fund, or (iii) the date on which a party terminates this Agreement for Cause (as defined below) (the "<u>Termination Date</u>"); provided that all rights and obligations with respect to any earned, but unpaid, Service Provider Fees with respect to any period prior to and ending on the Termination Date shall survive the termination of this Agreement (subject to clause (d) below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this Agreement, "Cause" with respect to any party, means a finding (after any applicable cure period) by any arbitrator or court of competent jurisdiction, in a final, non-appealable order, that (i) such party has materially breached this Agreement and such material breach has continued for a period of thirty (30) days after receipt by such party (i.e., the breaching party) of written notice thereof from the other party (i.e., the non-breaching party) specifying such breach and requesting that the same be remedied to the non-breaching party's reasonable satisfaction in such thirty (30)-day period, or (ii) an action taken or omitted to be taken by such party in connection with this Agreement constitutes willful misconduct or gross negligence that results in material harm to the other party and such willful misconduct or gross negligence has not been cured within a period of thirty (30) days after receipt by such party (i.e., the offending party) of written notice thereof from the other party (i.e., the non-offending party) specifying such willful misconduct or gross negligence, and requesting that the same be remedied to the non-offending party's reasonable satisfaction in such thirty (30)-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within thirty (30) days of the Termination Date, except to the extent inconsistent with applicable law or unless otherwise provided by this Agreement, the Service Provider shall deliver to RCM copies of all records of the Service Provider in respect of the Approved Investments, *provided* that the Service Provider may also maintain copies of such records to comply with its record keeping obligations under applicable law, rule or practice governing licensed professionals, or any internal compliance policy (including *bona fide* internal document retention policies) or procedure relating to the safeguarding, archival or backup storage of data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If this Agreement is terminated pursuant to Section 8 the Service Provider shall continue to be entitled to receive, and the Fund shall continue to pay, the Service Provider Fees with respect to any Approved Investment that is held by the Fund as of the Termination Date, determined in accordance with Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the avoidance of doubt, the rights of the Fund to receive and cause the delivery to RCM of any information under the applicable Approved Investment documents and agreements, including without limitation, any Approved Investments in which the Service Provider or any of its affiliates acts in any agency capacity, will not be affected by the termination of this Agreement until the Fund is no longer entitled to receive such information under such Approved Investment documents.

9. **PURCHASE RIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If this Agreement is terminated by RCM pursuant to Section 8(a)(i) or Section 8(a)(ii), then the Service Provider (either directly and/or through its affiliates, controlled funds, client accounts, other third parties or any combination of the foregoing) may elect to purchase from the Fund, subject to compliance with any applicable credit agreement documentation, all Approved Investments held by the Fund for an aggregate purchase price equal to the Fair Value of the Approved Investments (determined by a nationally recognized and reputable independent third-party valuation firm reasonably acceptable to RCM and the Service Provider, such valuation firm, the "<u>Appraiser</u>"). The Fund and the Service Provider agree to each pay for 50% of the costs of such Appraiser's valuation of the Approved Investments held by the Fund. In the event that the Service Provider elects to purchase Approved Investments held by the Fund pursuant to this Section 9(a), then RCM, the Fund and the Service Provider shall use commercially reasonable efforts to affect the settlement of such purchase and sale as promptly as possible following the determination of the Fair Value of such Approved Investments. Further, at the Service Provider's election, RCM, the Fund and the Service Provider agree to close on a forward purchase agreement or loan participation basis with full assignments or elevations to follow as promptly as practicable after the execution of such agreement. The Service Provider shall continue to provide services in accordance with Section 2 and be paid fees in accordance with Section 4 in respect of any Approved Investment until completion of the purchase of such Approved Investments by the Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Agreement, "<u>Fair Value</u>" shall mean the fair value, on an arm's-length basis between a willing buyer and a willing seller, of an Approved Investment as of the valuation date, determined (A) in accordance with the customary valuation methodology employed by the Appraiser for comparable middle-market loans, and (B) net of accrued and unpaid interest (which shall be prorated to, but excluding, the closing of the purchase of such Approved Investments). The Appraiser shall complete its determination promptly and, in any event, no later than forty-five (45) calendar days following the date of its engagement, shall deliver a written report thereof to the Service Provider and RCM promptly upon completion. In the event that either party disagrees with the Fair Value provided by the Appraiser, such party may, at its own expense, engage a new third-party valuation firm (the "<u>Second Appraiser</u>"). If the Fair Value determined by the Second Appraiser (the "<u>Second Fair Value</u>") differs either positively or negatively from the Fair Value determined by the Appraiser (the "<u>First Fair Value</u>") by less than 10%, then the Fair Value for purposes of this Agreement shall be the average of the First Fair Value and the Second Fair Value. If the Second Fair Value differs from the First Fair Value either positively or negatively by more than 10%, then RCM, the Fund and the Service Provider agree to work together in good faith to select a third appraiser (the "Third Appraiser") who will be directed to select a Fair Value within the range of the First Fair Value and the Second Fair Value. The Fund and the Service Provider agree to each pay for 50% of the costs of such Third Appraiser's valuation of the Approved Investments held by the Fund.

10. CONFIDENTIALITY; USE OF NAME AND LOGO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All information regarding operations and investments of the Fund, the Service Provider and the Approved Investments shall be regarded as confidential by the parties, as applicable, and shall be kept in strict confidence by the parties both before and after the termination of the Agreement, except as may be required by applicable law. The parties hereto agree that irreparable damage may occur if the provisions of this Section 10 were breached. It is accordingly agreed that a disclosing party shall be entitled to seek an injunction or injunctions to prevent breaches of this Section 10 and seek to enforce specifically the terms and provisions hereof in any court of competent jurisdiction, in addition to any other remedy to which it is entitled at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly approved by the Service Provider, RCM, the Fund, any related investment vehicles, and their affiliates, managers, and representatives (collectively, the "<u>RCM Parties</u>") shall not, without the Service Provider's prior written consent, use, reproduce, display, or distribute in any materials (including marketing, offering, diligence, or reporting materials) (i) the name "Eldridge," any related trade name, trademark, logo, or similar designation (the "<u>Eldridge Marks</u>"), or (ii) any description of the Service Provider's engagement hereunder or role in connection with any loan acquired or to be acquired by any RCM Parties, including, without limitation, the Fund. Any such materials containing an Eldridge Mark or reference to the Service Provider or its services must be submitted to the Service Provider for written approval at least five (5) business days (or such shorter period as the Service Provider may agree) before use, and may not be used without such approval (which approval shall not be unreasonably withheld), provided that any such approval shall apply to substantially similar uses. The Service Provider's approval of a specific use (including, for the avoidance of doubt, substantially similar uses) does not waive these requirements for future uses that are substantially different than any approved use. Routine investor correspondence reporting aggregate portfolio statistics that do not identify the Service Provider or its role, and internal communications not disseminated externally, do not require the Service Provider's consent. Nothing herein restricts disclosures regarding Eldridge or the Eldridge Marks that are required by law or regulation, provided the RCM Party gives Eldridge prompt notice (to the extent legally permitted) and limits disclosure to what is reasonably necessary. Unauthorized use or reference in violation of this Section would cause irreparable harm to the Service Provider, entitling the Service Provider to seek injunctive or other equitable relief without posting bond or proving actual damages.

11. INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Service Provider and its officers, directors and employees, acting in good faith shall not be liable for, and shall be reimbursed and indemnified for, all losses, damages, costs, expenses (including reasonable attorneys' fees), liabilities, claims and demands, for any action, omission, information or recommendation in connection with this Agreement, except in the case of the Service Provider's officer's, director's, or employee's actual misconduct, gross negligence, willful violation of any applicable statute or reckless disregard for its duties in each case as determined by an arbitrator or a court of competent jurisdiction. Notwithstanding any of the foregoing to the contrary, the provisions of this Section 11 shall not be construed so as to provide for the exculpation of the Service Provider or the indemnified party for any liability (including liability under Federal securities laws that, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such liability may not be waived, modified or limited under applicable law, but shall be construed so as to effectuate the provisions of this Section 11 to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Service Provider shall reimburse and indemnify RCM for any liability, loss, damage or expense (including reasonable attorney's fees and expenses) relating to this Agreement arising as a result of an act or omission to act by the Service Provider, or a claim of any kind which arises as a result of a breach of any of the duties, obligations or responsibilities of the Service Provider under this Agreement in each case as determined by an arbitrator or a court of competent jurisdiction; provided, however, that in the event of such a claim RCM shall cooperate with the Service Provider and shall not, except at their own expense, voluntarily make any payment, assume any liability or incur any expense. The provisions of this Section 11 shall survive any termination of this Agreement.

12. SEVERABILITY

To the extent that any section or other portion of this Agreement is prohibited by, or is invalid under any applicable law, all other terms or provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is prohibited by law or otherwise invalid, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

13. WAIVER OF BREACH

The waiver by any part of this Agreement or a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach.

14. ENTIRE AGREEMENT: MODIFICATION

This Agreement supersedes any and all oral or written agreements heretofore made relating to the subject matter hereof and constitutes the entire agreement of the parties relating to the subject matter hereof. No modification, amendment or waiver of any provision of this Agreement shall be effective unless in writing specifically referring hereto and signed by all parties hereto.

15. GOVERNING LAW; VENUE; WAIVER OF JURY TRIAL

This Agreement shall be governed by and construed in accordance with the laws of Delaware; provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act. In the event of the institution of any action, suit or proceeding, each of the parties hereto hereby consents to the exclusive jurisdiction and venue of the courts located in the State of Delaware. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING.

16. SIGNATURES

This Agreement may be executed and delivered by original signature or facsimile, and in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.

17. INDEPENDENT CONTRACTOR STATUS

In rendering services for RCM, the Service Provider is at all times serving as an independent contractor. Nothing in this Agreement shall be, construed to make or render either party or any of its officers, agents, or employees an employee of, or joint venture of or with the other for any purpose whatsoever, including without limitation, participation in any of benefits or privileges given or extended by RCM to its employees. No right or authority is granted to the Service Provider or its personnel to assume or to create any obligation or responsibility express or implied, on behalf of or in the name of RCM.

18. THIRD PARTY BENEFICIARY

Each party acknowledges and agrees that the Fund is a third-party beneficiary of the representations, warranties and covenants of this Agreement, and that the Fund is otherwise an express third party beneficiary of this Agreement, entitled to enforce the terms hereof as if it were an original party hereto.

19. NOTICES

Any notice or other communication given under this Agreement shall be deemed to have been given if given in writing (including email or other electronic means) addressed as provided below or to the addressee at such other address as the addressee shall have specified by notice actually received by the addressor, and if either (a) actually delivered in fully legible form to such address or (b) in the case of a letter, five days shall have elapsed after the same shall have been deposited in the United States mails, with first-class postage prepaid and registered or certified.

---

| | |
|:---|:---|
| To RCM | Daniel Mafrice |
|  | Chief Executive Officer & Managing Partner Remora Capital Partners |
|  | 3200 West End Ave., Suite #500 |
|  | Nashville, TN 37203 |
|  | Phone: |
|  | Fax: |
|  | Email: |

---

---

| | |
|:---|:---|
| To Service Provider: | Elridge Credit Advisers, LLC |
|  | 767 Fifth Avenue, 17<sup>th</sup> Floor |
|  | New York, NY 10153 |
|  | Attn: General Counsel |
|  | Email: |

---

20. EXECUTION IN COUNTERPARTS

This Agreement may be executed by the parties hereto in any number of counterparts and by each of the parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

21. EXPENSES

Except as may be otherwise expressly provided in this Agreement, whether or not the transactions contemplated hereby are consummated, each of the parties hereto shall pay its own costs and expenses incident to preparing for, entering into and carrying out this Agreement and the consummation of the transactions contemplated hereby.

22. BINDING EFFECT

This Agreement shall be binding upon and inure to the benefit of RCM and the Service Provider. This Agreement is not intended to, and shall not, convey any rights to persons not a party to this Agreement, other than each person entitled to indemnification hereunder, and their respective successors and permitted assigns, and the Fund and RCM as the investment manager of the Fund with respect to any rights or benefits conferred thereto, each of whom shall be entitled to such rights and benefits as if such person were a signatory hereto, and the rights and benefits of such person hereunder may not be impaired without such person's express written consent.

23. INTERPRETATION

This Agreement is between sophisticated parties, each of which has reviewed the Agreement and is fully knowledgeable about its terms and conditions. The parties therefore agree that this Agreement shall be construed without regard to the authorship of the language and without any presumption or rule of construction in favor of either of them.

24. HEADINGS; INTERPRETATION

Headings used herein are not a part of this Agreement and shall not affect the terms hereof. Unless the context of this Agreement otherwise requires, (a) words using the singular or plural number also include the plural or singular number, respectively; (b) the terms "<u>hereof</u>," "<u>herein</u>," "<u>hereby</u>," "<u>hereto</u>," "<u>hereunder</u>," and derivative or similar words refer to this entire Agreement (including the exhibits hereto); (c) the term "<u>ARTICLE</u>" refers to the specified ARTICLE of this Agreement; (d) the term "Section" refers to the specified Section of this Agreement; (e) the term "<u>party</u>" means, either RCM or the Service Provider as the context may require; and (f) the term "<u>including</u>" shall be read as "<u>including without limitation</u>".

25. COUNTERPARTS

This Agreement may be signed in one or more counterparts, each of which shall be deemed an original, but all of which when taken together shall be deemed to be one and the same instrument.

26. SURVIVAL

The provisions of Sections 7, 9, 10, 11, 14, 15 and 22 of this Agreement shall survive the termination of this Agreement. The provisions of Section 5 hereof shall survive with respect of fees and due and payable as of the termination of this Agreement.

[*Remainder of Page Intentionally Left Blank. Signature Page Follows.*]

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed the day and year first above written.

---

| | |
|:---|:---|
| **REMORA CAPITAL MANAGEMENT, LLC** | **REMORA CAPITAL MANAGEMENT, LLC** |
| **By:** | **/s/ Daniel Mafrice** |
| Name: | Daniel Mafrice |
| Title: | Chief Executive Officer and Managing Partner |
| **REMORA CAPITAL CORPORATION** | **REMORA CAPITAL CORPORATION** |
| **By:** | **/s/ Daniel Mafrice** |
| Name: | Daniel Mafrice |
| Title: | President and Chief Executive Officer |
| **ELDRIDGE CREDIT ADVISERS, LLC** | **ELDRIDGE CREDIT ADVISERS, LLC** |
| **By:** | **/s/ Anthony D. Minella** |
| Name: | Anthony D. Minella |
| Title: | Chief Executive Officer |

---

## Exhibit 10.5

**Exhibit 10.5**

**ADMINISTRATION AGREEMENT** 

This ADMINISTRATION AGREEMENT (this "<u>Agreement</u>") made as of September 5, 2025 by and between Remora Capital Corporation, a Maryland corporation (the "<u>Company</u>"), and Remora Capital Management, LLC, a Delaware limited liability company (the "<u>Administrator</u>").

**WITNESSETH:** 

WHEREAS, the Company is a newly organized closed-end investment company that has elected to be treated 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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Duties of the Administrator.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Employment of Administrator</u>*.* The Company hereby employs 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 employment 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 as 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 independent contractors 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 agents of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&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 services necessary for the operation of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities, equipment, clerical, bookkeeping, and record keeping services at such office facilities, 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, arrange for the services of, and oversee, 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. The Administrator shall make reports to the Board of its performance of 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, 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. The Administrator shall be responsible for the financial and other records that the Company is required to maintain and shall prepare all reports to its shareholders, as well as reports and other materials required to be filed with the Securities and Exchange Commission (the "***SEC***"). At the Company's request, the Administrator will provide on the Company's behalf significant managerial assistance to those portfolio companies to which the Company is required to offer such assistance. In addition, the Administrator will assist the Company in determining and publishing the Company's net asset value, overseeing the preparation and filing of the Company's tax returns, and the printing and dissemination of reports to shareholders of the Company, and generally overseeing the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, if required by any applicable statutes, rules and regulations, including without limitation, the 1940 Act, will maintain and keep such books, accounts and records in accordance with such statutes, rules and regulations. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records that it 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 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. The Administrator may engage one or more third parties to perform all or a portion of the foregoing services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 of natural persons pursuant to Regulation S-P of the SEC, shall be used by the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Compensation; Allocation of Costs and Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities hereunder, including the costs and expenses charged by any sub-administrator that may be retained by the Administrator to provide services to the Company or on the Administrator's behalf. Specifically, the reimbursements made by the Company to the Administrator shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the allocable portion of the Administrator's rent for the Company's General Counsel, Chief Compliance Officer, Chief Financial Officer, and their respective staffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the allocable portion of the annual cost of the Company's General Counsel, Chief Compliance Officer, Chief Financial Officer and their respective staffs, subject to a cap equal to 22.5 basis points of the Company's net asset value at the end of each fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) costs associated with (a) the monitoring and preparation of regulatory reporting, including registration statement, registration statement amendments, prospectus supplements, proxy statements and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all fees, costs and expenses associated with the engagement of a Sub-Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will bear all costs and expenses that are incurred in its operation and transactions and not specifically assumed by the Company's investment manager (the "<u>Investment Manager</u>"), pursuant to that certain Investment Management Agreement, dated as of September 5, 2025, by and between the Company and the Investment Manager. Costs and expenses to be borne by the Company include, but are not limited to, those relating to: direct and indirect costs and expenses incurred by the Investment Manager for office space rental, office equipment, utilities and other non-compensation related overhead allocable to performance of investment advisory services by the Investment Manager, including the costs and expenses of due diligence of potential investments, monitoring performance of the Company's investments and disposing of investments, serving as directors and officers of portfolio companies, providing managerial assistance to portfolio companies, enforcing the Company's rights in respect of its investments and disposing of investments (including, without limitation, the fees and expenses of outside counsel, accountants, consultants, experts and other third party service providers), valuation, pricing and monitoring services, research expenses (including market data, research analytics and news feeds), rating expenses, origination fees, loan servicing, loan administration, due diligence expenses, investment banking and finders' fees, appraisal fees, clearing and settlement charges, brokerage fees, custodial fees, stamp and transfer taxes, hedging costs, travel expenses, broken deal expenses, and expenses associated with developing, licensing, implementing, maintaining or upgrading the web portal, website, extranet tools, computer software (including accounting, investor tracking, investor reporting, ledger systems, financial management and cybersecurity) or other administrative or reporting tools (including subscription-based services) for the benefit of the Company; the Company's organization and offering expenses; expenses incurred in valuing the Company's assets and computing the Company's net asset value (including the cost and expenses of any independent valuation firm); fees and expenses incurred by the Administrator or payable to third parties, including agents, consultants or other advisers, or affiliates of the Investment Manager in connection with monitoring financial, legal, regulatory, and compliance affairs for the Company and in monitoring the Company's investments and performing due diligence on the Company's prospective portfolio companies or otherwise related to, or associated with, evaluating and making investments and in providing administrative services; interest and any other amounts (including without limitation commitment fees, principal payments, outside counsel fees and agent fees) payable on debt, if any, incurred to finance the Company's investments and other fees and expenses related to the Company's borrowings; expenses related to unsuccessful portfolio acquisition efforts; offerings of the Company's common and preferred stock and other securities (including underwriting, placement agent and similar fees and commissions); investment advisory fees; third party investor hosting and similar platforms and service providers; administration fees; transfer agent and custodial fees and expenses; federal and state registration fees; all costs of registration and listing the Company's securities on any securities exchange; foreign, U.S. federal, state and local taxes; independent directors' fees and expenses; costs of preparing and filing reports or other documents required by the SEC, the Financial Industry Regulatory Authority or other regulators; costs of any reports, proxy statements or other notices to shareholders, including printing costs; costs associated with individual or group shareholders; the Company's allocable portion of any fidelity bond, directors' and officers' errors and omissions liability insurance, and any other insurance premiums; direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, third-party investors hosting and similar platforms and service providers, and outside legal costs; expenses associated with shareholder or board meeting meetings; costs of operating any subsidiaries; any indemnification amounts owed by the Company; costs and expenses incurred under any litigation, threatened litigation or governmental regulatory inquiry, involving the Company, its investment or operating activities (including, without limitation, attorneys' fees, any judgments, settlements or other amounts paid in connection therewith) and all other extraordinary expenses; and all other expenses incurred by or allocable to the Company, whether paid by the Company, or the Investment Manager, or the Administrator in connection with administering the Company's business (including without limitation outside counsel, third party valuation, accounting, audit, tax planning, and tax return preparation) and other out-of-pocket expenses and fees), such as the allocable portion of overhead under this Agreement, including rent and the allocable portion of the cost of the Company's General Counsel, Chief Compliance Officer and Chief Financial Officer and their respective staffs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Limitation of Liability of the Administrator; Indemnification</u>*.* The Administrator, its affiliates and their respective directors, officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with any of them shall not be liable to the Company for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Company, and the Company shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator (collectively, the "<u>Indemnified Parties</u>"), 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 its shareholders) arising out of or otherwise based upon the performance of any of the Administrator's duties or obligations under this Agreement or otherwise as administrator for the Company. Notwithstanding the preceding sentence of this Paragraph 5 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 its shareholders 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 Administrator's duties or by reason of the reckless disregard of the Administrator's duties and obligations under this Agreement (to the extent applicable, 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;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 other person providing services as arranged by the Administrator is free to render services to others. It is understood that directors, officers, employees and shareholders of the Company are or may become interested in the Administrator and its affiliates, as trustees, 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 officers, directors, shareholders or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Duration and Termination of this Agreement</u>*.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall continue in effect for two years from the date hereof and thereafter continue automatically for successive annual periods, but only so long as such continuance is specifically approved at least annually by (i) the Board and (ii) a majority of those members of the Board who are not parties to this Agreement or "interested persons" (as defined by Section 2(a)(19) of the 1940 Act) of any such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time, without the payment of any penalty, by vote of the Company's Board or by the Administrator, upon 60 days' written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be assigned by a party without the consent of the other party. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Amendments of this Agreement</u>*.* This Agreement may be amended pursuant to a written instrument by mutual consent of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <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 the applicable provisions of the 1940 Act, if any. 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, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Notices</u>*.* All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by facsimile, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at their respective principal executive office addresses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <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;13. <u>Counterparts</u>. This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

*[Remainder of the page intentionally left blank; signature page follows]*

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.

---

| |
|:---|
| REMORA CAPITAL CORPORATION |
| /s/ Daniel Mafrice |
| By: Daniel Mafrice |
| Title: Chief Executive Officer |
| REMORA CAPITAL MANAGEMENT, LLC |
| /s/ Daniel Mafrice |
| By: Daniel Mafrice |
| Title: Chief Executive Officer |

---

## Exhibit 10.6

**Exhibit 10.6**

**SUB-ADMINISTRATIVE SERVICES AGREEMENT** 

This SUB-ADMINISTRATIVE SERVICESAGREEMENT (this "<u>Agreement</u>") made as of September 5, 2025 by and between Remora Capital Corporation, a Maryland corporation (the "<u>Company</u>"), and Crescent Capital Group LP, a Delaware limited liability company ("<u>CCG</u>" or the "<u>Sub-Administrator</u>").

**WITNESSETH:** 

WHEREAS, the Company is a newly organized closed-end investment company 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>");

WHEREAS, the Company and Remora Capital Management , LLC ("<u>RCM</u>") have entered into an investment sub-advisory agreement, dated as of September 5, 2025, with CCG pursuant to which CCG has agreed to provide investment sub-advisory services with respect to Crescent Investment Opportunities (as defined herein) (the "<u>Investment Sub-Advisory Agreement</u>");

WHEREAS, the Company desires to retain the CCG to provide sub-administrative services to the Company with respect to Crescent Investment Opportunities in the manner and on the terms hereinafter set forth; and

WHEREAS, the Sub-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 Sub-Administrator hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Duties of the Sub-Administrator.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Employment of Sub-Administrator</u>*.* The Company hereby employs the Sub-Administrator to act as an administrator of the Company, and 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 Sub-Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth in exchange for the consideration as provided for below. The Sub-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 agents of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Services</u>*.* The Sub-Administrator shall perform the administrative services necessary for the administration of the assets identified, sourced and/or originated by CCG, in its capacity as an investment sub-adviser to the Company, pursuant to the Investment Sub-Advisory Agreement (the "Crescent Investment Opportunities"). In connection with the performance of its obligations hereunder, the Sub-Administrator shall, among other things,

&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) subject to the Board's (or its valuation designee's) ultimate authority and responsibility
to determine the valuation of the Company's assets, reasonably cooperate in all material respects with the Company's lenders
and/or service providers, including, the Company's investment adviser and administrator, RCM, and supply information, upon reasonable
request from RCM or the Company, in form and scope that is customarily provided by the Sub-Administrator for loans similar to the Crescent
Investment Opportunities to similarly situated investors as the Company and as may be reasonably necessary to enable RCM, the Company
or such lenders and/or service providers to perform their duties in accordance with the applicable agreements, subject in each case to
applicable law and confidentiality requirements, including supplying loan portfolio information within the possession and control of the
Sub-Administrator reasonably required by the Company's leverage provider(s) and supplying information relating to the valuation
and pricing of Crescent Investment Opportunities by the Board (or its valuation designee), including: (A) financial statements or financial
performance information made available to the Sub-Administrator or any of its affiliates in connection with each Crescent Investment Opportunity
in which the Company has invested; (B) policies, supporting materials, inputs and other information relating to the determination of quarterly
valuations of Crescent Investment Opportunities in which the Company has invested by the Sub-Administrator to allow the Board (or its
valuation designee) to assess the valuation methodologies used by the Sub-Administrator and the historical accuracy of the valuations
determined by the Board (or its valuation designee) in such Crescent Investment Opportunities; (C) customary loan tape information for
each Crescent Investment Opportunity in which the Company has invested as reasonably requested by RCM or the Company or their financing
sources; and (D) copies of any amendments, modifications, supplements or restatements of the principal credit documents related to such
Crescent Investment Opportunities in which the Company has invested. For the avoidance of doubt, the Board (or its valuation designee)
shall be fully responsible for determining the final valuation of the Company's assets, including the Crescent Investment Opportunities,
and the Sub-Administrator shall not bear any responsibility or liability for determining or approving the final valuation of any assets
of the Company, including the Crescent Investment Opportunities;

&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) notify RCM promptly upon obtaining knowledge of a default in the payment of principal or interest of any
Crescent Investment Opportunities in which the Company has invested, and use reasonable efforts to promptly provide reasonably requested
additional information relating to defaulted Crescent Investment Opportunities in which the Company has invested;

&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) exercise commercially reasonable efforts to assist RCM and the Company in connection with providing diligence
information reasonably requested in connection with any Crescent Investment Opportunities collateralized for purposes of, financing that
is secured by Crescent Investment Opportunities in which the Company has invested, including financings for which the Crescent Investment
Opportunities may be cross-collateralized with assets of the Company other than Crescent Investment Opportunities, provided, however,
for the avoidance of doubt, the foregoing obligations to provide assistance shall not be construed to involve, and the Sub-Administrator
shall have no liability for, the underwriting or sourcing of any such financing by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) using commercially reasonable efforts and subject to the requirements of any loan documentation applicable
to such Crescent Investment Opportunities, to arrange for RCM to have access to such information and records related to such Crescent
Investment Opportunities as is provided to lenders by or on behalf of the administrative agent (or person performing similar functions)
in respect of such Crescent Investment Opportunities.

The Sub-Administrator shall make reports to RCM, in its capacity as the Company's administrator, of its performance of obligations hereunder; *provided* that nothing herein shall be construed to require the Sub-Administrator to, and the Sub-Administrator shall not, in its capacity as Sub-Administrator, 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.

In furtherance of the foregoing, the Company hereby designates and appoints the Sub-Administrator as its agent and attorney-in-fact, with full power and authority and without the need for further approval of the Company, or any other agent of the Company (except as may be required by law or otherwise required by this Agreement), to execute proxies, waivers, consents and other instruments with respect to Crescent Investment Opportunities in which the Company has invested and prospective Crescent Investment Opportunities the investment in which RCM has approved pursuant to the Investment Sub-Advisory Agreement, including as necessary to take actions to: (i) acquire, hold, manage, vote, own and dispose of Crescent Investment Opportunities, (ii) review, select, analyze, structure, negotiate and close investment transactions and their related agreements, instruments and other documents, and in connection with such investment transactions, enter into, execute, assist in the preparation of, deliver and consummate all agreements, instruments and other documents, including credit agreements, collateral agreements, security agreements, and other similar agreements; (iii) provide service on committees of, and in other capacities with, issuers of and obligors on investments and other assets of the Crescent Investment Opportunities (including on creditors' committees), vote with respect to investments and other assets of the Crescent Investment Opportunities whether in person, by proxy, consent or otherwise, sell short investments and cover such sales; (iv) monitor and supervise the Crescent Investment Opportunities; (v) initiate, participate in and settle judicial, arbitration, administrative or similar proceedings to protect the assets comprising Crescent Investment Opportunities, enforce the Company's rights or otherwise defend the interests of the Company with respect to the Crescent Investment Opportunities; (vi) cooperate with persons or entities engaged by the Company to render services to the Company, including without limitation, attorneys, accountants, custodians, investment brokers or finders, investment bankers, appraisers, loan servicers, and business advisors; (vii) employ techniques to hedge portfolio risk relating to Crescent Investment Opportunities (but not for speculative purposes) including, without limitation, through the use of options, forward and futures contracts and other instruments (relating to securities, currencies or other assets); (viii) take whatever steps are required by governmental authorities having jurisdiction over the Company or its assets; and (ix) take such other actions as may be necessary or advisable in connection with the foregoing or the dispensation of its rights and obligations under this Agreement. Notwithstanding the foregoing, the Sub-Administrator agrees that any power of attorney granted to the Sub-Administrator under this Agreement may be subject to reasonable restrictions and limitations under the Company's existing or future financing documents, and the Sub-Administrator shall take any actions and enter into any documentation reasonably requested or required by RCM, the Company or the Company's lenders to evidence the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Voting Rights</u>. Notwithstanding any termination of this Agreement, until the disposition of a Crescent Investment Opportunity by the Company, the Company (or RCM on behalf of the Company) hereby agrees to vote or otherwise take (or refrain from taking) any action on (i) at all such times as the Investment Sub-Advisory Agreement is in effect, Sacred Matters (as defined below) and Non-Sacred Matters (as defined below) in respect of any Crescent Investment Opportunity (including any related available and legally binding unfunded commitment and related documentation) then held by the Company solely in accordance with the written instructions provided from time to time by Sub-Administrator to the Company (or RCM on behalf of the Company) and (ii) at any such time as the Investment Sub-Advisory Agreement is not in effect, Non-Sacred Matters in respect of any Crescent Investment Opportunity (including any related available and legally binding unfunded commitment and related documentation) then held by the Company solely in accordance with the written instructions provided from time to time by Sub-Administrator to the Company (or RCM on behalf of the Company) (the "<u>Proxy Instructions</u>"). For the avoidance of doubt, following any termination of the Sub-Advisory Agreement, this Agreement shall not affect the Company's voting rights, except with respect to Non-Sacred Matters. For purposes of this Section 2, the following terms have been defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) " <u>Non-Sacred Matters</u> " means, with respect to any Crescent Investment Opportunity (including
any available unfunded commitment) or any documentation relating thereto, any waiver, amendment, modification or other action with respect
thereto that is not a Sacred Matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Sacred Matter</u> " means any waiver, amendment, modification or other action with respect
thereto having any effect of (i) increasing the amount or extending the term of any commitment to make advances thereunder, extending
or otherwise modifying any scheduled interest payment date, scheduled amortization payment date or the final maturity date or accelerating
the obligation of any lender thereunder to make advances thereunder, (ii) reducing the principal amount, the amount or rate of interest,
or any fees or other amounts payable by the underlying obligors, (iii) subordinating or releasing all or substantially all of the liens
granted or guarantees made in favor of any lender thereunder, except, in each case, as otherwise contemplated or permitted therein, (iv)
changing the ratable amount of or priority of payments to lenders thereunder or amending the definition of "Required Lenders"
(or any other term having similar meaning), in each case, in any manner that is adverse in any material respect to any lender thereunder,
or (v) changing the definition of sacred or similar rights in the underlying loan documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Right of First Offer</u>. RCM, as the investment adviser to the Company, may offer to sell all or any portion of the Crescent Investment Opportunities at any time to a third party; provided, however, that prior to accepting any offer from a third party to purchase any Crescent Investment Opportunity, RCM shall offer CCG an opportunity to purchase (or any investment vehicle, collateralized loan obligation, business development company, separately managed account and/or any other advisory clients, in each case, sponsored, managed and/or advised by CCG and/or its affiliates to purchase) such Crescent Investment Opportunity at a purchase price equal to the higher of (x) the fair market value of such Crescent Investment Opportunity determined by an independent valuation service firm and (y) the purchase price offered by the third-party buyer for such Crescent Investment Opportunity. As part of each offer, RCM shall (a) confirm to CCG that (i) such purchase price offered by the third-party buyer is bona fide and binding on such buyer and (ii) such buyer is not an affiliate of RCM or the Company and (b) provide sufficient information to CCG to assess the purchase price and other terms of the offer. RCM agrees not to accept any such offer by a third-party buyer for five (5) business days after providing CCG with all of the confirmations and other information required in the prior sentence. For the avoidance of doubt, to the extent that RCM, on behalf of the Company, sells all or any portion of a Crescent Investment Opportunity to a third party pursuant to the foregoing, RCM agrees not to sell such Crescent Investment Opportunity at a purchase price lower than the purchase price offered by CCG with respect to that Crescent Investment Opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Records</u>*.* The Sub-Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Sub-Administrator hereunder and, if required by any applicable statutes, rules and regulations, including without limitation, the 1940 Act, will maintain and keep such books, accounts and records in accordance with such statutes, rules and regulations. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Administrator agrees that all records that it 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 Sub-Administrator further agrees that all records which it 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 Sub-Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement. The Sub-Administrator may engage one or more third parties to perform all or a portion of the foregoing services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <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 of natural persons pursuant to Regulation S-P of the SEC, shall be used by the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation and Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall pay the Sub-Administrator, in arrears, a quarterly administration fee (the " <u>Administration Fee</u> ") equal to 0.30% per annum of the aggregate value of all Crescent Investment Opportunities held by the Company or a subsidiary
of the Company as of such date, as determined by the Board of Directors of the Company (or its valuation designee), which determination
may incorporate valuation information provided by the Sub-Administrator (the " <u>Aggregate Investment Value</u> "); *provided* that, for purposes of the Administration Fee calculation, the value of any particular investment shall not exceed the outstanding principal
balance of such investment as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As soon as practicable after the end of each calendar quarter, the Sub-Administrator shall send to the
Company a calculation (the " <u>Calculation</u> ") in reasonable detail of the Administration Fee for the calendar quarter that
ended as of the close of business of the last day of such calendar quarter. The Company may approve or disapprove of the Calculation within
ten (10) business days of its receipt. In the event that the Calculation has been accurately prepared in accordance with the terms of
this Agreement, the Company shall pay the fee to the Sub-Administrator. In the event of a dispute between the parties regarding the accuracy
of the Calculation, it is hereby agreed that all discussions in resolution of such dispute will be conducted promptly and in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Administration Fee shall be calculated at the end of each calendar quarter by multiplying 0.30% by
the Aggregate Investment Value, as defined above, determined as of the close of business on the last business day of such calendar quarter,
and multiplying the result by a fraction, the numerator of which is the number of calendar days in the quarter and the denominator of
which is the number of calendar days in the year. The fee shall be payable quarterly in arrears by the Company to the Sub-Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the term of this Agreement, the Sub-Administrator will bear all compensation expense (including
health insurance, pension benefits, payroll taxes and other compensation related matters) of its employees and all out of pocket expenses
arising out of the Sub-Administrator's duties to provide administrative services hereunder that do not otherwise qualify as Company
expenses pursuant to Section 2(c) of that certain Investment Management Agreement, by and between the Company and RCM, dated as of September
5, 2025 and Section 4(b) of that certain Administration Agreement, by and between the Company and RCM, dated as of September 5, 2025.
For the avoidance of doubt, the Sub-Administrator shall not be responsible for, and each of the Company and RCM will bear, respectively,
all costs and expenses that are incurred in its operation and transactions and not specifically assumed by the Sub-Administrator pursuant
to this Agreement, including all such expenses set forth in Section 2(c) of that certain Investment Management Agreement, by and between
the Company and RCM, dated as of September 5, 2025 and Section 4(b) of that certain Administration Agreement, by and between the Company
and RCM, dated as of September 5, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Limitation of Liability of the Sub-Administrator; Indemnification</u>*.* The Sub-Administrator, its affiliates and their respective directors, officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with any of them shall not be liable to RCM or the Company for any action taken or omitted to be taken by the Indemnified Parties (as defined below) in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Company, and the Company shall indemnify, defend and protect the Sub-Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Sub-Administrator (collectively, the "<u>Indemnified Parties</u>"), 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 its shareholders) arising out of or otherwise based upon the performance of any of the Sub-Administrator's duties or obligations under this Agreement or otherwise as administrator for the Company. Notwithstanding the preceding sentence of this Paragraph 5 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 its shareholders 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 Sub-Administrator's duties or by reason of the reckless disregard of the Sub-Administrator's duties and obligations under this Agreement (to the extent applicable, 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;8. <u>Services not Exclusive</u>*.* The services of the Sub-Administrator to the Company are not to be deemed to be exclusive, and the Sub-Administrator and each other person providing services as arranged by the Sub-Administrator is free to render services to others. Nothing in this Agreement shall prevent the Company from engaging, and the Company shall have the right to engage, additional administrators in connection with the operations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Duration and Termination of this Agreement</u>*.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the first date above written.

 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall terminate on the earliest to occur of (i) following the first investment by the Company
in a Crescent Investment Opportunity, such time as the Company no longer holds any Crescent Investment Opportunity, (ii) any party's
decision to terminate this Agreement upon not less than ninety (90) days' written notice to the other party, or (iii) the date on
which a party terminates this Agreement for Cause (as defined below) (the "Termination Date"). As used in this Section 8,
" <u>Cause</u> " with respect to any party, means a finding (after any applicable cure period) by any arbitrator or court of
competent jurisdiction, in a final, non-appealable order, that (A) such party has materially breached this Agreement and such material
breach has continued for a period of thirty (30) days after receipt by such party (i.e., the breaching party) of written notice thereof
from the other party (i.e., the non-breaching party) specifying such breach and requesting that the same be remedied to the non-breaching
party's reasonable satisfaction in such thirty (30)-day period, or (B) an action taken or omitted to be taken by such party in connection
with this Agreement constitutes willful misconduct or gross negligence that results in material harm to the other party and such willful
misconduct or gross negligence has not been cured within a period of thirty (30) days after receipt by such party (i.e., the offending
party) of written notice thereof from the other party (i.e., the non-offending party) specifying such willful misconduct or gross negligence,
and requesting that the same be remedied to the non-offending party's reasonable satisfaction in such thirty (30)-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be assigned by a party without the consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the termination or expiration of this Agreement, (i) the Administrator shall be entitled
to any amounts owed under Section 6(a) until such time as the Company no longer holds any Crescent Investment Opportunity, (ii) the provisions
of Sections 2 and 3 of this Agreement shall survive the termination of this Agreement and (iii) the provisions of Section 7 of this Agreement
shall remain in full force and effect, and the Indemnified Parties shall remain entitled to the benefits thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Amendments of this Agreement</u>*.* This Agreement may be amended pursuant to a written instrument by mutual consent of each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <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 the applicable provisions of the 1940 Act, if any. 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, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>*.* Any notice or other communication given under this Agreement shall be deemed to have been given if given in writing (including email or other electronic means) addressed as provided below or to the addressee at such other address as the addressee shall have specified by notice actually received by the addressor, and if either (a) actually delivered in fully legible form to such address or (b) in the case of a letter, five days shall have elapsed after the same shall have been deposited in the United States mails, with first-class postage prepaid and registered or certified.

To RCM: Daniel Mafrice Chief Executive Officer & Managing Partner Remora Capital Partners 3200 West End Ave., Suite #500 Nashville, TN 37203 Phone: Fax: Email:

---

| | |
|:---|:---|
| To the BDC: | Daniel Mafrice<br> Chief Executive Officer<br> Remora Capital Corporation<br> 3200 West End Ave., Suite #500<br> Nashville, TN 37203<br> Phone: <br> Fax: <br> Email: |
| To Investment Sub-Adviser: | Crescent Capital Group LP<br> Attn: George Hawley<br> 11100 Santa Monica Blvd., Ste. 2000<br> Los Angeles, CA 90025<br> Telephone: <br> Email: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Counterparts</u>. This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Independent Contractor Status</u>. In rendering services for the Company, the Administrator is at all times serving as an independent contractor. Nothing in this Agreement shall be, construed to make or render either party or any of its officers, agents, or employees an employee of, or joint venture of or with the other for any purpose whatsoever. No right or authority is granted to Administrator or its personnel to assume or to create any obligation or responsibility express or implied, on behalf of or in the name of the Company except as expressly authorized in this Agreement or another writing by, the Company and the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Binding Effec</u>t. This Agreement shall be binding upon and inure to the benefit of the Company and the Administrator. This Agreement is not intended to, and shall not, convey any rights to persons not a party to this Agreement, other than each person entitled to indemnification hereunder, and their respective successors and permitted assigns, and the Company and the Sub-Administrator, as the Sub-Administrator of the Company, with respect to any rights or benefits conferred thereto, each of whom shall be entitled to such rights and benefits as if such person were a signatory hereto, and the rights and benefits of such person hereunder may not be impaired without such person's express written consent.

*[Remainder of the page intentionally left blank; signature page follows]*

 

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.

---

| |
|:---|
| REMORA CAPITAL CORPORATION |
| /s/ Daniel Mafrice |
| By: Daniel Mafrice |
| Title: Chief Executive Officer |
| CRESCENT CAPITAL GROUP LP |
| /s/ Ray Barrios |
| By: Ray Barrios |
| Title: Managing Director |
| /s/ George P. Hawley |
| By: George P. Hawley |
| Title: General Counsel |

---

## Exhibit 10.7

**Exhibit 10.7**

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

This LICENSE AGREEMENT (this "<u>Agreement</u>") is made and effective as of September 5, 2025 (the "<u>Effective Date</u>") by and between Remora Capital Management, LLC (the "<u>Licensor</u>"), a Delaware limited liability company, and Remora Capital Corporation, a Maryland corporation (the "<u>Licensee</u>") (each a "***party***," and collectively, the "***parties***").

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

WHEREAS, Licensor has certain common law rights in the trade names "Remora" and "Remora Capital Partners" and the logo associated therewith, and has otherwise filed applications Serial Nos. 98476906, 98476889 and 99092698 to register the foregoing with the United States Patent and Trademark Office (the "<u>Licensed Name</u>");

WHEREAS, Licensor owns technical information, trade secrets, formulas, prototypes, specifications, directions, instructions, test protocols, procedures, results, studies, analyses, raw material sources, data, manufacturing data, formulation or production technology, conceptions, ideas, innovations, discoveries, inventions, processes, methods, materials, machines, devices, formulae, equipment, enhancements, modifications, technological developments, techniques, systems, tools, designs, drawings, plans, software, documentation, data, programs, and/or other knowledge, information, skills, and materials owned or controlled by Licensor that Licensor may disclose to Licensee (together the "<u>Licensed Know-How</u>");

WHEREAS, the Licensee is a closed-end investment company that intends to elect to be treated as a business development company under the Investment Company Act of 1940, as amended;

WHEREAS, pursuant to the Investment Management Agreement, dated as of September 5, 2025 by and between the Licensor and Licensee (the "<u>Investment Management Agreement</u>"), the Licensee has engaged the Licensor to provide investment advisory services to Licensee; and

WHEREAS, the Licensee desires to use the Licensed Name and Licensed Know-How (the "Licensed Material") in connection with the operation of its business, and the Licensor is willing to permit the Licensee to use the Licensed Material, subject to the terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

ARTICLE 1

<u>LICENSE GRANT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>License</u>. Subject to the terms and conditions of this Agreement, Licensor hereby grants to the Licensee, and the Licensee hereby accepts from Licensor, a personal, non-exclusive, royalty-free right and license to use the Licensed Name solely and exclusively as an element of the Licensee's own company name and the Licensed Know-How in connection with the conduct of its business. Except as provided above, neither the Licensee nor any affiliate, owner, director, officer, employee, or agent thereof shall otherwise use the Licensed Material or any derivative thereof without the prior express written consent of the Licensor in its sole and absolute discretion. All rights not expressly granted to the Licensee hereunder shall remain the exclusive property of Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Licensor's Use</u>. Nothing in this Agreement shall preclude Licensor, its affiliates, or any of its respective successors or assigns from using or permitting other entities to use the Licensed Material whether or not such entity directly or indirectly competes or conflicts with the Licensee's business in any manner.

ARTICLE 2

<u>OWNERSHIP</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Ownership</u>. The Licensee acknowledges and agrees that Licensor is the owner of all right, title, and interest in and to the Licensed Material, and all such right, title, and interest shall remain with the Licensor. The Licensee shall not otherwise contest, dispute, or challenge Licensor's right, title, and interest in and to the Licensed Material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Goodwill</u>. All goodwill and reputation generated by Licensee's use of the Licensed Name shall inure to the benefit of Licensor. The Licensee shall not by any act or omission use the Licensed Name in any manner that disparages or reflects adversely on Licensor or its business or reputation. Except as expressly provided herein, neither party may use any trademark or service mark of the other party without that party's prior written consent, which consent shall be given in that party's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Improvements</u>. As between the Parties, any improvement, enhancement, or other modification of the Licensed Know-How ("<u>Improvement</u>") made by or on behalf of Licensee or Licensor, shall be owned by Licensor. Licensee shall immediately notify Licensor of any Improvement made by or on behalf of Licensee ("<u>Licensee Improvement</u>"). Licensee hereby assigns to Licensor all of its right, title, and interest in and to all Licensee Improvements, including all rights to apply for any intellectual property rights with respect to such Improvement and all enforcement rights and remedies for past, present, and future infringement thereof and all rights to collect royalties and damages therefore. At the request of Licensor, Licensee shall promptly execute and deliver such documents as may be necessary or desirable for effecting and perfecting the foregoing assignment of rights.

ARTICLE 3

<u>COMPLIANCE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Quality Control</u>. In order to preserve the inherent value of the Licensed Name, the Licensee agrees to use reasonable efforts to ensure that it maintains the quality of the Licensee's business and the operation thereof equal to the standards prevailing in the operation of the Licensor's and the Licensee's business as of the date of this Agreement. The Licensee further agrees to use the Licensed Name in accordance with such quality standards as may be reasonably established by Licensor and communicated to the Licensee from time to time in writing, or as may be agreed to by Licensor and the Licensee from time to time in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Compliance With Laws</u>. The Licensee agrees that the business operated by it in connection with the Licensed Material shall comply in all material respects with all laws, rules, regulations and requirements of any governmental body in the United States of America (the "<u>Territory</u>") or elsewhere as may be applicable to the operation, advertising and promotion of the business, and that it shall notify Licensor of any action that must be taken by the Licensee to comply with such law, rules, regulations or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Notification of Infringement</u>. Each party shall immediately notify the other party and provide to the other party all relevant background facts upon becoming aware of (i) any registrations of, or applications for registration of, marks in the Territory that do or may conflict with the Licensed Name, and (ii) any infringements, imitations, misappropriation, or illegal use or misuse of the Licensed Materials. Licensor has the sole right, in its discretion, to bring any action or proceeding with respect to any such matter, and to defend any action concerning any Licensed Materials, and to control the conduct of any such action or proceeding (including any settlement thereof). Licensee shall provide Licensor with all assistance that Licensor may reasonably request in connection with any such action or proceeding. Licensor will be entitled to retain any monetary recovery resulting from any such action or proceeding (including any settlement thereof) for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Confidentiality</u>. Licensee acknowledges that in connection with this Agreement it will gain access to certain confidential and proprietary information of Licensor. "<u>Confidential Information</u>" means all non-public, confidential, or proprietary information of Licensor or its Affiliates, whether in oral, written, electronic, or other form or media, whether or not such information is marked, designated, or otherwise identified as "confidential" any information that, due to the nature of its subject matter or circumstances surrounding its disclosure, would reasonably be understood to be confidential or proprietary, including, specifically: (a) the Licensed Know-How; (b) Licensor's other unpatented inventions, ideas, methods, discoveries, know-how, trade secrets, unpublished patent applications, invention disclosures, invention summaries, and other confidential intellectual property; and (c) all notes, analyses, compilations, reports, forecasts, studies, samples, data, statistics, summaries, interpretations, and other materials prepared by or for Licensee or its Affiliates that contain, are based on, or otherwise reflect or are derived from any of the foregoing in whole or in part. Without limiting the foregoing, for purposes of this Agreement, all Confidential Information included in the Licensed Know-How, will be deemed Confidential Information of Licensor. Licensee shall maintain the Confidential Information in strict confidence and not disclose any Confidential Information to any other person, except to its employees who (a) have a need to know such Confidential Information for Licensee to exercise its rights or perform its obligations hereunder and (b) are bound by written nondisclosure agreements. Licensee shall use reasonable care, at least as protective as the efforts it uses with respect to its own confidential information, to safeguard the Confidential Information from use or disclosure other than as permitted hereby.

ARTICLE 4

<u>REPRESENTATIONS AND WARRANTIES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Mutual Representations</u>. Each party hereby represents and warrants to the other party as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Due Authorization</u>. Such party is duly formed and in good standing as of the Effective Date, and the execution, delivery and performance of this Agreement by such party have been duly authorized by all necessary action on the part of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Execution</u>. This Agreement has been duly executed and delivered by such party and, with due authorization, execution and delivery by the other party, constitutes a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflict</u>. Such party's execution, delivery and performance of this Agreement do not: (i) violate, conflict with or result in the breach of any provision of the organizational documents of such party; (ii) conflict with or violate any law or governmental order applicable to such party or any of its assets, properties or businesses; or (iii) conflict with, result in any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of any contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which it is a party.

ARTICLE 5

<u>TERM AND TERMINATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Term</u>. This Agreement shall remain in effect only for so long as the Licensor or a subsidiary or affiliate thereof remains the Licensee's investment manager, and so long as Licensee is in full compliance with the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Upon Termination</u>. Upon expiration or termination of this Agreement, all rights granted to the Licensee under this Agreement with respect to the Licensed Materials shall cease, and the Licensee shall immediately discontinue use of the Licensed Materials.

ARTICLE 6

<u>MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Assignment</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither party may assign, delegate or otherwise transfer this Agreement or any of its rights or obligations hereunder without the prior written consent of the other party. No assignment by either party permitted hereunder shall relieve the applicable party of its obligations under this Agreement. Any assignment by either party in accordance with the terms of this Agreement shall be pursuant to a written assignment agreement in which the assignee expressly assumes the assigning party's rights and obligations hereunder. Notwithstanding anything to the contrary contained in this Agreement, the rights and obligations of the Licensee under this Agreement shall be deemed to be assigned to a newly-formed entity in the event of the merger of the Licensee into, or conveyance of all of the assets of the Licensee to, such newly-formed entity; <u>provided</u>, <u>further</u>, <u>however</u>, that the sole purpose of that merger or conveyance is to effect a mere change in the Licensee's legal form into another limited liability entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Independent Contractor</u>. This Agreement does not give any party, or permit any party to represent that it has any power, right or authority to bind the other party to any obligation or liability, or to assume or create any obligation or liability on behalf of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Notices</u>. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by facsimile, or by registered or certified mail (postage prepaid, return receipt requested) to the other party at its principal office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts formed and to be performed entirely within the State of New York, without regarding the conflicts of law principles or rules thereof, to the extent such principles would require to permit the applicable of the laws of another jurisdiction. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of New York and waive any objection with respect thereto, for the purpose of any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Amendment</u>. This Agreement may not be amended or modified except by an instrument in writing signed by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>No Waiver</u>. The failure of either party to enforce at any time for any period the provisions of or any rights deriving from this Agreement shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and no waiver shall be binding unless executed in writing by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Severability</u>. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Headings</u>. The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall be deemed to be one and the same instrument. Any party may deliver an executed copy of this Agreement and of any documents contemplated hereby by facsimile or other electronic transmission to another party and such delivery shall have the same force and effect as any other delivery of a manually signed copy of this Agreement or of such other documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Entire Agreement</u>. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties with respect to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Third-Party Beneficiaries</u>. Nothing in this Agreement, either express or implied, is intended to or shall confer upon any third party any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <u>Indemnification</u>. Licensee shall indemnify, defend, and hold harmless Licensor, its Affiliates, officers, directors, employees, agents, and representatives against all losses, liabilities, claims, damages, actions, fines, penalties, expenses, or costs (including court costs and reasonable attorneys' fees) arising out of or in connection with any third-party claim, suit, action, or proceeding relating to: (a) any breach of this Agreement by Licensee; and (b) use by Licensee of any Licensed Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 <u>Limitation of Liability</u>. LICENSOR SHALL NOT BE LIABLE TO THE OTHER PARTY OR ANY THIRD PARTY FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, OR PUNITIVE DAMAGES RELATING TO THIS AGREEMENT OR LICENSEE'S USE OF THE LICENSED MATERIALS HEREUNDER, WHETHER ARISING OUT OF BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), OR OTHERWISE, REGARDLESS OF WHETHER SUCH DAMAGE WAS FORESEEABLE AND WHETHER SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 <u>Disclaimer</u>. LICENSOR EXPRESSLY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, IN CONNECTION WITH THIS AGREEMENT AND THE LICENSED MATERIALS, INCLUDING ANY WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, (A) LICENSOR MAKES NO REPRESENTATION OR WARRANTY CONCERNING THE VALIDITY, ENFORCEABILITY, OR SCOPE OF THE LICENSED MATERIALS; AND (B) LICENSOR SHALL HAVE NO LIABILITY WHATSOEVER TO LICENSEE OR ANY OTHER PERSON FOR OR ON ACCOUNT OF ANY INJURY, LOSS, OR DAMAGE ARISING OUT OF OR IN CONNECTION WITH THE LICENSED KNOW-HOW.

[*Remainder of Page Intentionally Blank*]

IN WITNESS WHEREOF, each party has caused this Agreement to be executed as of the Effective Date by its duly authorized officer.

---

| | |
|:---|:---|
| **LICENSOR:** | **LICENSOR:** |
| **REMORA CAPITAL MANAGEMENT, LLC** | **REMORA CAPITAL MANAGEMENT, LLC** |
| By: | /s/ Daniel Mafrice |
|  | Name: Daniel Mafrice |
|  | Title: Chief Executive Officer |

---

---

| | |
|:---|:---|
| **LICENSEE:** | **LICENSEE:** |
| **REMORA CAPITAL CORPORATION** | **REMORA CAPITAL CORPORATION** |
| By: | /s/ Daniel Mafrice |
|  | Name: Daniel Mafrice |
|  | Title: President and Chief Executive Officer |

---

## Exhibit 10.8

**Exhibit 10.8**

EXECUTION COPY

Revolving Credit and Security Agreement

among

RCC SPV, LLC,<br> as the Borrower,

Remora Capital Corporation,<br> as Servicer

Each of the Conduit Lenders and Institutional Lenders from time to time party hereto,<br> as the Lenders

Each of the Managing Agents From Time to Time Party Hereto,<br> as the Managing Agents

Atlas Securitized Products Administration, L.P.,<br> as Administrative Agent

Atlas Securitized Products, L.P.,<br> as Lead Arranger

U.S. Bank Trust Company, National Association,<br> as Collateral Agent and Collateral Administrator

and

U.S. Bank National Association,<br> as Custodian and as Document Custodian

Dated as of September 5, 2025

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I | DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rules of Construction | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computation of Time Periods | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral Value Calculation Procedures | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divisions | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rates | 60 |
| ARTICLE II | ADVANCES | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Facility | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Making of the Advances | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evidence of Indebtedness | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of Principal and Interest | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayment of Advances | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes of Commitments | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Lawful Rate | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Several Obligations | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increased Costs | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation; Breakage Payments | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illegality; Inability to Determine Rates; Benchmark Replacement Setting | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rescission or Return of Payment | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Past Due Interest | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.14. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments Generally | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.15. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved] | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.16. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defaulting Lenders | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.17. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Replacement of Lenders | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.18. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Facility Amount | 73 |
| ARTICLE III | CONDITIONS PRECEDENT | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to Initial Advances | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to Each Borrowing | 78 |

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| ARTICLE IV | REPRESENTATIONS AND WARRANTIES | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of the Borrower | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of the Servicer | 83 |
| ARTICLE V | COVENANTS | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirmative Covenants of the Borrower | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Negative Covenants of the Borrower | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirmative Covenants of the Servicer | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Negative Covenants of the Servicer | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Undertakings Relating to Separateness | 97 |
| ARTICLE VI | EVENTS OF DEFAULT | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Events of Default | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicer Termination Events | 102 |
| ARTICLE VII | PLEDGE OF COLLATERAL; RIGHTS OF THE COLLATERAL AGENT | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant of Security | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Release of Security Interest | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights and Remedies | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remedies Cumulative | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related Documents | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower Remains Liable | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.07. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protection of Collateral | 108 |
| ARTICLE VIII | ACCOUNTS, ACCOUNTINGS AND RELEASES | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collection of Money | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collection Account | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction Accounts | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Revolving Reserve Accounts; Fundings | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Funds in Covered Accounts; Reports by Collateral Agent | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accountings | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.07. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Release of Collateral | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.08. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports by Independent Accountants | 114 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.09. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covered Account Details | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.10. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of Report, Notices, Etc | 114 |
| ARTICLE IX | APPLICATION OF MONIES | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disbursements of Monies from Payment Account | 115 |
| ARTICLE X | SALE OF COLLATERAL LOANS; PURCHASE OF ADDITIONAL COLLATERAL LOANS | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of Collateral Loans | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of Additional Collateral Loans | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substitution and Transfer of Loans | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions Applicable to All Sale, Substitution and Purchase Transactions | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Equity Contributions | 123 |
| ARTICLE XI | ADMINISTRATION AND SERVICING OF CONTRACTS | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designation of the Servicer | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duties of the Servicer | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Liability of the Servicer | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorization of the Servicer | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collection Efforts; Modification of Collateral | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing Compensation | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.07. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Servicer Not to Resign | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.08. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicer Termination Notice; Appointment of Successor Servicer | 129 |
| ARTICLE XII | THE AGENTS | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorization and Action | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delegation of Duties | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent's Reliance, Etc | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successor Agents | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.07. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erroneous Payments | 135 |

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| ARTICLE XIII | THE CUSTODIAN | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designation of Custodian | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duties of Custodian | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger or Consolidation | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian Compensation | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian Removal | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Liability | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.07. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resignation of the Custodian | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.08. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access to Certain Documentation and Information Regarding the Collateral; Audits | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.09. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of the Custodian | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.10. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covenants of the Custodian | 144 |
| ARTICLE XIV | THE Document CUSTODIAN | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designation of Document Custodian | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duties of Document Custodian | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger or Consolidation | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Document Custodian Compensation | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Document Custodian Removal | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Liability | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.07. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resignation of the Document Custodian | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.08. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Release of Related Documents | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.09. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Related Documents | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.10. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access to Certain Documentation and Information Regarding the Collateral; Audits | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.11. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of the Document Custodian | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.12. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covenants of the Document Custodian | 152 |
| ARTICLE XV | THE COLLATERAL ADMINISTRATOR | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powers and Duties of Collateral Administrator | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitation of Responsibility of the Collateral Administrator; Indemnification | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination of Collateral Administrator | 156 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of the Collateral Administrator | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successors and Assigns | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.07. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint Venture | 158 |
| ARTICLE XVI | MISCELLANEOUS | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Waiver; Modifications in Writing | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices, Etc. | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs and Expenses; Indemnification | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution in Counterparts | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignability | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.07. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing Law | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.08. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severability of Provisions | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.09. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.10. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.11. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Survival | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.12. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submission to Jurisdiction; Waivers; Service of Process; Etc | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.13. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Jury Trial | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.14. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of Setoff; Payments Pro Rata | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.15. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Setoff | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.16. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PATRIOT Act Notice | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.17. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Holidays | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.18. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Petition | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.19. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.20. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement Regarding Any Supported QFCs | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.21. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rating Agency Cooperation And Ratings | 178 |

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SCHEDULES

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| | |
|:---|:---|
| Schedule 1 | Initial Commitments and Percentages |
| Schedule 2 | Form of Monthly Report |
| Schedule 3 | Initial Collateral Loans |
| Schedule 4 | S&P Industry Classifications |
| Schedule 5 | Notice Information |
| Schedule 6 | Covered Account Details |
| Schedule 7 | Authorized Signatories |
| Schedule 8 | Approved Advisors |

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EXHIBITS

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| | |
|:---|:---|
| Exhibit A | Form of Notice of Borrowing (with attached form of Borrowing Base Calculation) |
| Exhibit B | Form of Notice of Prepayment |
| Exhibit C | Form of Assignment and Acceptance |
| Exhibit D | Form of Account Control Agreement |
| Exhibit E | Form of Release of Related Documents |
| Exhibit F-1 | Form of Facility Amount Increase Request |
| Exhibit F-2 | Form of Facility Amount Increase Agreement |
| Exhibit F-3 | Form of Lender Joinder Agreement |
| Exhibit G | Form of Loan Checklist |

---

vi

**REVOLVING CREDIT AND SECURITY AGREEMENT**

This Revolving Credit and Security Agreement, dated as of September 5, 2025, is made by and among RCC SPV, LLC, a Delaware limited liability company (the *"Borrower"*), as the borrower; Remora Capital Corporation ("*R emora*"), a Maryland corporation, as the Servicer (the *"Servicer"*), each of the Conduit Lenders and Institutional Lenders from time to time party hereto; each of the Managing Agents from time to time party hereto; ATLAS Securitized Products Administration, L.P. (*"ATLAS"*), as administrative agent for the Secured Parties (as hereinafter defined) (the *"Administrative Agent"*), Atlas Securitized Products, L.P., as lead arranger (the "*Lead Arranger*"), U.S. Bank Trust Company, National Association, as collateral agent for the Secured Parties (the *"Collateral Agent"*) and as collateral administrator (the *"Collateral Administrator"*) and U.S. Bank National Association, as custodian (the "Custodian") and as document custodian (the "*Document Custodian*").

**Recitals:**

**WHEREAS**, the Borrower desires that the Lenders make advances on a revolving basis to the Borrower on the terms and subject to the conditions set forth in this Agreement; and

**WHEREAS**, each Lender is willing to make such advances to the Borrower on the terms and subject to the conditions set forth in this Agreement.

**NOW, THEREFORE**, in consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows:

**ARTICLE I<br>DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS**

 

*Section 1.01. Definitions*. As used in this Agreement, the following terms shall have the meanings indicated:

 

*"Account Control Agreement"* means the agreement in substantially the form of <u>Exhibit D</u>.

 

*"Administrative Agent"* has the meaning assigned to such term in the introduction to this Agreement.

 

*"Administrative Expense Cap"* means, for any rolling twelve (12) month period, Administrative Expenses in an amount equal to $300,000.

 

*"Administrative Expenses"* means, for any Interest Accrual Period, the fees and expenses (including indemnities) and other amounts payable by the Borrower due or accrued with respect to the related Payment Date and payable by the Borrower in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to the Collateral Agent, the Document Custodian, the Custodian and the Collateral Administrator, any amounts and indemnities payable to such Persons pursuant to the Facility Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, on a *pro rata* basis, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Independent Accountants, agents (other than the Servicer) and counsel of the Borrower for fees and
expenses related to the Collateral and the Facility Documents, to any subcontractor of the Servicer and to the Independent Manager of
the Borrower for its fees and expenses incurred in acting in such capacity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to any rating agency for fees and expenses in connection with the rating of (or provision of credit estimates
in respect of) any Collateral Loans.

 

*"Advance"* means each loan advanced by the Lenders to the Borrower on a Borrowing Date pursuant to <u>Article II</u>.

 

*"Advance Rate"* means, with respect to any Collateral Loan, the corresponding percentage for the loan type set forth below:

---

| | |
|:---|:---|
| Loan Type | Advance Rate |
| First Lien Loan | 80.0% |
| Split First Lien Loan | 80.0% |
| Split Lien Loan | 62.75% |
| Second Lien Loan | 40.00% |

---

The Advance Rate with respect to any Stretch Senior Loan shall be determined pursuant to the definition of "Stretch Senior Loan".

 

*"Affected Financial Institution"* means (a) any EEA Financial Institution or (b) any UK Financial Institution*.*

 

*"Affected Person"* means (i) the Administrative Agent, each Managing Agent, each Lender and each of their respective Affiliates and (ii) any assignee or participant of any Lender.

 

*"Affiliate"* means, in respect of a referenced Person, another Person Controlling, Controlled by or under common Control with such referenced Person; *provided* that a Person shall not be deemed to be an *"Affiliate"* of an Obligor solely because it is under the common ownership or control of the same financial sponsor or affiliate thereof as such Obligor (except if any such Person or Obligor provides collateral for, guarantees or otherwise supports the obligations of the other such Person or Obligor).

 

*"Agents"* means, collectively, the Administrative Agent and the Collateral Agent.

 

*"Aggregate Collateral Balance"* means, at any time, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Principal Balance of all Eligible Collateral Loans (other than Defaulted Collateral Loans, Credit Improved Loans, Discount Collateral Loans, Haircut Collateral Loans and Low EBITDA Loans), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Defaulted Collateral Loan Balance, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the aggregate purchase price (i.e., the purchase price as a percentage of par multiplied by the current Principal Balance) of all Discount Collateral Loans that are Eligible Collateral Loans and not Defaulted Collateral Loans, Haircut Collateral Loans or Credit Improved Loans, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the aggregate unfunded commitments of all Delayed Drawdown Collateral Loans and Revolving Collateral Loans that are Eligible Collateral Loans, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Credit Improved Loan Collateral Loan Balance, *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Haircut Collateral Loan Balance, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) for each Low EBITDA Loan, an amount equal to the lower of (i) its outstanding Principal Balance and (ii) its Market Value;

 

*provided*, that the contribution of each Collateral Loan to the Aggregate Collateral Balance shall be the lowest valuation of such Collateral Loan included in the Aggregate Collateral Balance pursuant to the foregoing <u>clauses (a)</u> through <u>(g)</u> above.

 

*"Aggregate Funded Spread"* means, as of any date, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of each Floating Rate Loan (excluding any Floor Loan) that bears interest at a spread over an index (including any SOFR rate based index), (i) the excess of the sum of such spread and such index *over* the Benchmark as then in effect (which spread or excess may be expressed as a negative percentage) *multiplied by* (ii) the Principal Balance of such Collateral Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of each Floor Loan, (i) the excess of the interest rate on such Floor Loan (including any interest rate spread) as of such date *over* the Benchmark as then in effect (which spread or excess may be expressed as a negative percentage) *multiplied by* (ii) the Principal Balance of each such Collateral Loan.

 

*"Aggregate Principal Balance"* means, when used with respect to all or a portion of the Collateral Loans, the sum of the Principal Balances of all or of such portion of such Collateral Loans.

 

*"Aggregate Unfunded Spread"* means, as of any date, the sum of the products obtained by *multiplying* (a) for each Delayed Drawdown Collateral Loan and Revolving Collateral Loan, the related commitment fee or other analogous fees (expressed at a *per annum* rate) then in effect as of such date and (b) the undrawn commitments of each such Delayed Drawdown Collateral Loan and Revolving Collateral Loan as of such date.

 

*"Agreement"* means this Revolving Credit and Security Agreement.

 

*"Anti-Corruption Laws"* means, with respect to any Person, all laws, rules, and regulations of any jurisdiction applicable to such Person or its subsidiaries from time to time concerning or relating to bribery or corruption.

 

*"Applicable Law"* means any Law of any Governmental Authority, including all Federal and state banking or securities laws, to which the Person in question is subject or by which it or any of its assets or properties are bound. For the avoidance of doubt, for purposes of <u>Section 16.03</u>, "Applicable Law" shall include FATCA.

 

*"Applicable Margin"* has the meaning assigned to such term in the Lender Fee Letter.

 

 

*"Appraisal"* means, with respect to any Collateral Loan, an appraisal of such Collateral Loan that is conducted by an Approved Appraisal Firm, which may be in the form of an update or reaffirmation by an Approved Appraisal Firm of an appraisal of such Collateral Loan previously performed by such Approved Appraisal Firm or another Approved Appraisal Firm.

"*Approved Advisor*" means a person that is listed on Schedule 8 hereto, or such other person as the Administrative Agent may agree in its sole discretion.

 

*"Approved Appraisal Firm"* means any independent appraisal firm or independent financial advisor recognized as being experienced in conducting valuations of secured loans retained by the Borrower, the Servicer or the agent or lenders under any Collateral Loan and consented to by the Administrative Agent.

 

*"Approved Fund*" means any Person (other than a natural person) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business, that is administered, advised, serviced or managed by (a) a Lender, (b) a Lender Affiliate or (c) an entity or a Lender Affiliate of an entity that administers, advises, sub-advises, services or manages a Lender or a Lender Affiliate. Without limiting the foregoing, it is understood that any entity administered, advised, sub-advised, serviced or managed by Atlas or any of its subsidiaries or affiliates shall be an "Approved Fund" with respect to Atlas or any of its Lender Affiliates or any Lender within its Lender Group or any of their Lender Affiliates.

 

*"Assignment and Acceptance"* means an Assignment and Acceptance in substantially the form of <u>Exhibit C</u>, entered into by a Lender, an assignee, the Administrative Agent and, if applicable, the Borrower.

 

*"ATLAS"* has the meaning assigned to such term in the introduction to this Agreement.

 

*"ATLAS Increase"* has the meaning assigned to such term in <u>Section 2.18(a)</u>.

 

*"Available Tenor"* means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to this Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Accrual Period" pursuant to <u>Section 2.11(e)</u>.

 

 

*"Bail-In Action"* 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.

 

*"Bail-In Legislation"* 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).

 

*"Bankruptcy Code"* means the United States Bankruptcy Code, Title 11, United States Code §§101 <u>et seq</u>.

 

*"Base Rate"* means, for any day, a rate per annum equal to the highest of (a) the Prime Rate, (b) the Federal Funds Rate, as in effect from time to time, <u>plus</u> 0.50%, (c) Term SOFR for a one-month tenor in effect on such day <u>plus</u> 1.00% and (d) zero percent (0%). The Administrative Agent's prime lending rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. The Administrative Agent and the Lenders may make commercial loans or other loans at rates of interest at, above, or below the Administrative Agent's prime lending rate. Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Rate, or Term SOFR will be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Rate, or Term SOFR, respectively. Interest calculated pursuant to <u>clause (a)</u> above will be determined based on a year of 365 or 366 days, as applicable, and actual days elapsed. Interest calculated pursuant to <u>clauses (b)</u> and <u>(c)</u> above will be determined based on a year of 360 days and actual days elapsed.

 

*"Base Rate Term SOFR Determination Day"* shall have the meaning set forth in the definition of "Term SOFR".

 

*"Benchmark"* means, initially, the Term SOFR Reference Rate; *provided* that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 2.11(b)</u>.

 

*"Benchmark Replacement"* means with respect to any Benchmark Transition Event, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;(b) the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment.

If the Benchmark Replacement as determined pursuant to <u>clause (a)</u> or <u>(b)</u> above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Facility Documents.

 

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

 

*"Benchmark Replacement Date"* means the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of <u>clause (a)</u> or <u>(b)</u> of the definition of "Benchmark Transition Event", the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of <u>clause (c)</u> of the definition of "Benchmark Transition Event", the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; *provided* that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such <u>clause (c)</u> and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of <u>clause (a)</u> or <u>(b)</u> above 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).

 

*"Benchmark Transition Event"* means the occurrence of one or more of the following events with respect to the then-current Benchmark:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

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).

 

*"Benchmark Unavailability Period"* means, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Facility Document in accordance with <u>Section 2.11</u> and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Facility Document in accordance with <u>Section 2.11</u>.

 

*"Beneficial Ownership Certificate"* means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.

 

*"Beneficial Ownership Regulation"* means 31 C.F.R. §1010.230.

 

*"Borrower"* has the meaning assigned to such term in the introduction to this Agreement.

 

*"Borrowing"* has the meaning assigned to such term in <u>Section 2.01</u>.

 

*"Borrowing Base"* means, at any time, an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Collateral Balance (excluding unfunded commitments pursuant to <u>clause (d)</u> of the definition thereof) of all Eligible Collateral Loans, *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) during the Reinvestment Period or after the Reinvestment Period if the End of Life Option is exercised, any Excess Concentration Amounts, or (ii) after the Reinvestment Period if the End of Life Option is not exercised, any Excess Concentration Amounts in existence on the last day of the Reinvestment Period.

 

*"Borrowing Base Calculation Statement"* means a statement in substantially the form attached to the form of Notice of Borrowing attached hereto as <u>Exhibit A</u>, as such form of Borrowing Base Calculation Statement may be modified by the Administrative Agent from time to time to the extent such form does not, in the good faith opinion of the Administrative Agent, accurately reflect the calculation of the Borrowing Base required hereunder.

 

*"Borrowing Date"* means the date of a Borrowing.

 

*"Business Day"* means any day other than a Saturday or Sunday; *provided* that days on which banks are authorized or required to close in New York, New York, Chicago, Illinois, Houston, Texas, Boston, Massachusetts or Charlotte, North Carolina, in each case, shall not constitute Business Days.

 

*"Cash"* means Dollars immediately available on the day in question.

 

*"Certificated Security"* has the meaning assigned to such term in Section 8-102(a)(4) of the UCC.

 

*"Change in Law"* means (a) the adoption of any Law after the Closing Date, (b) any change in any Law or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender (or, for purposes of <u>Section 2.09(b)</u>, by any lending office of such Lender or by such Lender's holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date; *provided* that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in implementation thereof and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a *"Change in Law"* hereunder regardless of the date of effectiveness.

 

*"Change of Control"* means, at any time, the occurrence of one of the following events: (1) Fund fails to own, directly or indirectly, 100% of the equity interests of Borrower free and clear of all Liens other than Permitted Liens at any time; or (2) the Servicer ceases to directly or indirectly manage the assets of the Borrower.

 

 

*"Clearing Agency"* means an organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act.

 

*"Clearing Corporation"* means each entity included within the meaning of "clearing corporation" under Section 8-102(a)(5) of the UCC.

 

*"Clearing Corporation Security"* means securities which are in the custody of or maintained on the books of a Clearing Corporation or a nominee subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly endorsed to or registered in the name of the Clearing Corporation or such nominee.

 

*"Closing Date"* means September 5, 2025.

 

*"Code"* means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute.

 

*"Collateral"* has the meaning assigned to such term in <u>Section 7.01(a)</u>.

 

*"Collateral Administrator"* has the meaning assigned to such term in the introduction to this Agreement.

 

*"Collateral Agent"* has the meaning assigned to such term in the introduction to this Agreement.

 

*"Collateral Default Ratio"* means, as of any date of determination, the percentage equivalent of a fraction (i) the numerator of which is equal to the sum, for each Collateral Loan that became a Defaulted Collateral Loan or was sold or substituted by the Borrower (in each case, to the Fund or an Affiliate of the Borrower) due to the Obligor's impending default or financial distress (which shall be understood to mean (i) communication received from the Obligor or applicable administrative agent that such Collateral Loan is expected to constitute a Defaulted Collateral Loan within the next thirty (30) days, (ii) payment defaults for which any applicable grace period has not yet run, and (iii) a material adverse change in the financial condition of the Obligor, in the reasonable determination of the Servicer), during the immediately prior 12-month period (or such shorter period as shall have elapsed since the Closing Date) of the product of (a) the Principal Balance of such Collateral Loan multiplied by (b) 1 *minus* the applicable Recovery Rate for each such Collateral Loan, and (ii) the denominator of which is equal to (a) the sum of the Principal Balances of all Eligible Collateral Loans as of the first day of each month during the immediately preceding 12 months (or such shorter period as shall have elapsed since the Closing Date), *divided by* (b) 12; provided that, for purposes of calculating the Collateral Default Ratio, (x) for any date of determination during the Ramp-Up Period, the denominator in the preceding clause (ii) shall be deemed to equal the Facility Limit, and (y) for any date of determination after the Ramp-Up Period, if the immediately prior 12-month period includes dates occurring during the Ramp-Up Period, the calculation solely with respect to the denominator shall be equal to the average Aggregate Principal Balances of all Eligible Collateral Loans as of the first day of each calendar month occurring after the Ramp-Up Period.

 

 

*"Collateral Interest Amount"* means, as of any date of determination, without duplication, (a) the aggregate amount of Interest Proceeds that has been received or that is expected to be received according to the Related Documents (other than Interest Proceeds expected to be received from Defaulted Collateral Loans, Ineligible Collateral Loans or Interest Proceeds the Servicer does not expect to be received on schedule), in each case during the Collection Period (and, if such Collection Period does not end on a Business Day, the next succeeding Business Day) in which such date of determination occurs, <u>plus</u> (b) the aggregate amount of Interest Proceeds that has been received during any Collection Period prior to the Collection Period in which such date of determination occurs, so long as such Interest Proceeds remain on deposit in the Interest Collection Account as of such date of determination.

 

*"Collateral Loan"* means a loan, debt obligation or debt security acquired by the Borrower.

 

*"Collateral Quality Test"* means a test that is satisfied if, as of any date of determination after the end of the Ramp-Up Period, in the aggregate, the Collateral Loans owned (or, in relation to a proposed purchase of a Collateral Loan, both owned and proposed to be owned) by the Borrower satisfy, or if not satisfy, maintain or improve, each of the tests set forth below, calculated, in each case, in accordance with <u>Section 1.04</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Weighted Average Spread Test;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Weighted Average Coupon Test; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Weighted Average Remaining Term Test.

For the avoidance of doubt, the Collateral Quality Tests shall be deemed inapplicable during the Ramp-Up Period.

 

*"Collection Account"* has the meaning assigned to such term in <u>Section 8.02</u> and includes the Principal Collection Account and the Interest Collection Account.

 

*"Collection Date"* means the date on which the aggregate outstanding principal amount of the Advances have been repaid in full and all Interest and fees and all other Obligations (other than contingent indemnification and reimbursement obligations which are unknown, unmatured and/or for which no claim giving rise thereto has been asserted) have been paid in full, and the Borrower shall not have any further right to request any additional Advances.

 

*"Collection Period"* means, with respect to any Payment Date, the period commencing the day immediately following the prior Collection Period (or on the Closing Date, in the case of the Collection Period relating to the first Payment Date) and ending eight (8) Business Days after the last day of the month immediately preceding the month on which such Payment Date is scheduled to occur or, in the case of the Collection Period immediately preceding the Final Maturity Date or the Collection Period immediately preceding an optional prepayment in whole of the Advances, ending on the day preceding the Final Maturity Date or the date of such prepayment, respectively.

 

*"Collections"* means all cash collections, distributions, payments and other amounts received, and to be received, by the Borrower from any Person in respect of any Collateral Loans constituting Collateral, including all principal, interest, fees, distributions and redemption and withdrawal proceeds payable to the Borrower under or in connection with any such Collateral Loans and all Proceeds from any sale or disposition of any such Collateral Loans.

"*Commercial Paper Notes*" means any short-term promissory notes of any Conduit Lender issued by such Conduit Lender in the commercial paper market.

 

*"Commitment"* means, as to each Lender, the obligation of such Lender to make, on and subject to the terms and conditions hereof, Advances to the Borrower pursuant to <u>Section 2.01</u> in an aggregate principal amount at any one time outstanding for such Lender up to but not exceeding the amount set forth opposite the name of such Lender on <u>Schedule 1</u> or in the Assignment and Acceptance or Lender Joinder Agreement pursuant to which such Lender shall have assumed its Commitment, as applicable, as such amount may be reduced from time to time pursuant to <u>Section 2.06</u>, increased from time to time pursuant to <u>Section 2.18</u> or increased or reduced from time to time pursuant to assignments effected in accordance with <u>Section 16.06</u>.

 

*"Commitment Fees"* has the meaning assigned to such term in the Lender Fee Letter.

 

*"Commitment Termination Date"* means the last day of the Reinvestment Period.

"*Communication Portal*" has the meaning assigned to such term in <u>Section 16.21</u>.

 

*"Concentration Limitations"* means, as of any date of determination, the following limitations (calculated without duplication) as applied to the Aggregate Collateral Balance of the Eligible Collateral Loans (including, for Delayed Drawdown Collateral Loans and Revolving Collateral Loans, the unfunded commitments thereunder) owned (or, in relation to a proposed purchase of an Eligible Collateral Loan, proposed to be owned) by the Borrower, calculated as a percentage of (i) during the Ramp-Up Period, the Facility Limit and (ii) thereafter, the Aggregate Principal Balance of all Eligible Collateral Loans (including, for Delayed Drawdown Collateral Loans and Revolving Collateral Loans, the unfunded commitments thereunder) owned by the Borrower (after giving effect to any proposed purchase of Eligible Collateral Loans):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not more than 5.00% may consist of Collateral Loans that are issued by a single Obligor and its Affiliates, except that up to 7.50% may consist of Collateral Loans issued by each of the three largest single Obligors and their respective Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not more than 10.00% may consist of Collateral Loans that are issued by Obligors and their Affiliates that belong to any single S&P Industry Classification, except that up to 25.00% may consist of Collateral Loans with Obligors and their Affiliates in the largest S&P Industry Classification and up to 15.00% may consist of Collateral Loans with Obligors and their Affiliates in the second and third largest S&P Industry Classifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not more than 20.00% may consist of Second Lien Loans and Split Lien Loans, collectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not more than 5.00% may consist of DIP Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not more than 10.00% may consist of Collateral Loans whose Obligors are domiciled in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not more than 10.00% may consist of Partial PIK Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) not more than 30.00% may consist of Revolving Collateral Loans and Delayed Drawdown Collateral Loans, collectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) not more than 10.00% may consist of Discount Collateral Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not more than 25.00% may consist of Credit Improved Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) not more than 10.00% may consist of Collateral Loans that provide for payment of interest less frequently than quarterly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) not more than 10.00% may consist of Second Lien Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) not more than 10.00% may consist of Collateral Loans managed by any single Non-Approved Advisor on behalf of the Borrower; provided that no Collateral Loan for which an Approved Advisor is the administrative agent shall be subject to the limitations of this clause (l);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) excluding Haircut Collateral Loans, not more than 20.00% may consist of Collateral Loans that exceed one or more of the following limits: (i) the Obligor on such Collateral Loan is a Tier 1 Obligor and has (x) with respect to a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio greater than 5.00x, or (B) a Total Leverage Ratio greater than 7.00x, or (y) with respect to a Stretch Senior Loan, a Total Leverage Ratio greater than 6.00x; (ii) the Obligor on such Collateral Loan is a Tier 2 Obligor and has (x) with respect to a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio greater than 4.25x, or (B) a Total Leverage Ratio greater than 6.00x, or (y) with respect to a Stretch Senior Loan, a Total Leverage Ratio greater than 5.25x; or (iii) the Obligor on such Collateral Loan is a Tier 3 Obligor and has (x) with respect to a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio greater than 3.75x, or (B) a Total Leverage Ratio greater than 5.00x, or (y) with respect to a Stretch Senior Loan, a Total Leverage Ratio greater than 4.50x; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) not more than 10.00% may consist of Fixed Rate Loans.

 

*"Conduit Lender*" means each commercial paper conduit as may from time to time become a Lender hereunder by executing and delivering a Lender Joinder Agreement to the Administrative Agent and the Borrower or an Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment (and in each such case, identified as a Conduit Lender).

 

*"Conforming Changes"* means, with respect to the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Base Rate", the definition of "Business Day", the definition of "U.S. Government Securities Business Day", the definition of "Interest Accrual Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of <u>Section 2.09</u> and other technical, administrative or operational matters) that the Administrative Agent decides (in consultation with the Borrower) may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides (in consultation with the Borrower) is reasonably necessary in connection with the administration of this Agreement and the other Facility Documents).

 

*"Connection Income Taxes"* means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

 

*"Constituent Documents"* means in respect of any Person, the certificate or articles of formation or organization, the limited liability company agreement, operating agreement, partnership agreement, joint venture agreement or other applicable agreement of formation or organization (or equivalent or comparable constituent documents) and other organizational documents and by-laws and any certificate of incorporation, certificate of formation, certificate of limited partnership and other agreement or similar instrument filed or made in connection with its formation or organization.

 

*"Contribution Notice"* has the meaning assigned to such term in <u>Section 10.05</u>.

 

*"Control"* means the direct or indirect possession of the power to direct or cause the direction of the management or policies of a Person, whether through ownership, by contract, arrangement or understanding, or otherwise. *"Controlled"* and *"Controlling"* have the meaning correlative thereto.

 

*"Covenant Lite Loan"* means a Collateral Loan that does not require the Obligor to comply with at least one of the following financial covenants during each financial covenant reporting period applicable to such Collateral Loan, whether or not any action by, or event relating to, the Obligor has occurred: maximum leverage, maximum senior leverage, maximum first lien leverage, minimum fixed charge coverage, minimum tangible net worth, minimum net worth, minimum debt service coverage, minimum interest coverage, maximum capital expenditures, minimum EBITDA, minimum liquidity or other customary financial covenants.

 

*"Coverage Test"* means each of (i) the Maximum Advance Rate Test and (ii) the Interest Coverage Ratio Test.

 

*"Covered Account"* means each of the Collection Accounts, the Payment Account, the Revolving Reserve Account and the Custodial Account.

 

*"Credit and Collection Policies"* means the Senior Loan Credit and Collections Policy Manual in effect as of the date hereof, as amended subject to the terms hereof; *provided however* that, with respect to any Successor Servicer, *"Credit and Collection Policies"* means the written credit and collection policies and procedures of such Person at the time such Person becomes the Successor Servicer.

 

*"Credit Improved Loan"* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to any Defaulted Collateral Loan, after the date on which such loan became a Defaulted Collateral Loan (other than as a result of a Material Modification), (i) it is current on all required payments for a period of three months (if such loan pays monthly), two quarters (if such loan pays quarterly) or one year (if such loan pays semiannually) and (ii) it would satisfy the definition of Eligible Collateral Loan (other than <u>clause (k)</u> or <u>clause (dd)</u> thereof) if purchased at such time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any Collateral Loan which has been the subject of a Material Modification, either (i) after the date on which such loan became a Collateral Loan which is the subject of a Material Modification, (A) it is current on all required payments for a period of three months (if such loan pays monthly), two quarters (if such loan pays quarterly) or one year (if such loan pays semiannually) and (B) it would satisfy the definition of Eligible Collateral Loan (other than <u>clause (k)</u> thereof as a result of such Collateral Loan being subject to a Material Modification) if purchased at such time, or (ii) the Administrative Agent has consented in writing to such Collateral Loan no longer constituting a loan which has been the subject of a Material Modification hereunder.

 

*"Credit Improved Loan Collateral Loan Balance"* means, for each Credit Improved Loan constituting an Eligible Collateral Loan, at any time, the lesser of (a) such Credit Improved Loan's Principal Balance and (b) such Credit Improved Loan's Market Value.

 

*"Current Modified Loan"* means a Collateral Loan that as of the date such Collateral Loan is modified (A) has been current on all required payments for a period of three months (if such Collateral Loan pays monthly), two quarters (if such Collateral Loan pays quarterly) or one year (if such Collateral Loan pays semiannually) and (B) would satisfy the definition of Eligible Collateral Loan (other than <u>clause (dd)</u> thereof) if purchased on such modification date.

 

*"Custodial Account"* means each custodial account established pursuant to <u>Section 8.03(b)</u>.

 

*"Custodian"* has the meaning assigned to such term in the introduction to this Agreement.

 

*"Custodian Termination Notice"* is defined in <u>Section 13.05</u>.

 

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

 

*"Data File"* has the meaning assigned to such term in <u>Section 8.06(a)</u>.

 

*"Debt to Capitalization Ratio"* means, with respect to any Collateral Loan, the ratio of total indebtedness to total capitalization of the related Obligor as calculated by the Servicer in good faith using information from and calculations consistent with the relevant financial models, *pro forma* financial statements, compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Related Documents.

 

 

*"Debtor Relief Laws"* means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect.

 

*"Default"* means any event or circumstance which, with the giving of notice, lapse of time, or both, would (if not cured or otherwise remedied during such time) constitute an Event of Default.

 

*"Defaulted Collateral Loan"* means any Collateral Loan as to which any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a default as to all or any portion of one or more payments of principal, interest or commitment fees has occurred (giving effect to any grace period applicable thereto but in no event exceeding five (5) Business Days past the applicable due date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a default (other than a payment default described in <u>clause (a)</u> above) has occurred under the applicable Related Documents and for which the Borrower (or the administrative agent or required lenders pursuant to the Related Documents, as applicable) has elected to exercise any of its rights and remedies under such Related Documents (including acceleration, foreclosing on collateral, or the imposition of default pricing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) except in the case of a DIP Loan, the related Obligor of such Collateral Loan is subject of an Insolvency Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any portion of principal and/or interest payable thereunder has been waived or forgiven by the holders of such obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Servicer has reasonably determined in accordance with the Servicing Standard and the Credit and Collection Policies that such Collateral Loan is not collectible or should be placed on "non-accrual" status; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a Material Modification (subject to <u>clause (i)</u> of the proviso contained in the definition thereof);

 

*provided* that a Collateral Loan that meets the criteria for a Credit Improved Loan shall no longer be characterized as a Defaulted Collateral Loan hereunder.

 

*"Defaulted Collateral Loan Balance"* means, for each Defaulted Collateral Loan, at any time, the lesser of (a) the current Market Value of such Defaulted Collateral Loan and (b) the product of (i) the Recovery Rate of such Defaulted Collateral Loan and (ii) the Principal Balance of such Defaulted Collateral Loan; *provided* that the Defaulted Collateral Loan Balance shall be zero if such loan (x) is a Defaulted Collateral Loan pursuant to the definition thereof for six (6) consecutive months or (y) is a Defaulted Collateral Loan pursuant to <u>clause (d)</u> of the definition thereof or pursuant to <u>clauses (b)</u> or <u>(e)</u> of the definition of "Material Modification"; *provided further* that the Market Value of any Defaulted Collateral Loan determined under <u>clause (a)</u> shall be subject to the Administrative Agent's right to challenge such value in its sole discretion; *provided further* that the Servicer shall have the right to dispute such challenge by providing the Administrative Agent with an Appraisal (at the expense of the Borrower).

 

*"Defaulting Lender"* means, subject to <u>Section 2.16</u>, any Lender that (a) has failed to (i) fund all or any portion of its Advances within two (2) Business Days of the date such Advances were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender's good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender's obligation to fund an Advance hereunder and states that such position is based on such Lender's determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (*provided* that such Lender shall cease to be a Defaulting Lender pursuant to this <u>clause (c)</u> upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, at any time after the Closing Date (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; *provided* that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of <u>clauses (a)</u> through <u>(d)</u> above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to <u>Section 2.16(b)</u>) upon delivery of written notice of such determination to the Borrower and each Lender.

 

*"Delayed Drawdown Collateral Loan"* means a Collateral Loan that (a) requires (whether or not subject to satisfaction of certain conditions precedent in the applicable Related Documents) the Borrower to make one or more future advances to the Obligor under the Related Documents, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the Obligor thereunder, *provided* that any such Collateral Loan will be a Delayed Drawdown Collateral Loan only to the extent of undrawn commitments and solely until all commitments by the Borrower to make advances on such Collateral Loan to the Obligor under the Related Documents expire or are terminated or are reduced to zero.

 

 

*"Deliver"* or *"Delivered"* or *"Delivery"* means the taking of the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of each Instrument, causing the Custodian to maintain continuous possession of such Instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of each Certificated Security (other than a Clearing Corporation Security):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) causing the delivery of such Certificated Security to the Custodian by registering the same in the name
of the Custodian or its affiliated nominee or by endorsing the same to the Custodian or in blank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) causing the Custodian to indicate continuously on its books and records that such Certificated Security
is credited to the applicable Covered Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) causing the Custodian to maintain continuous possession of such Certificated Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of each Uncertificated Security (other than a Clearing Corporation Security):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) causing such Uncertificated Security to be continuously registered on the books of the issuer thereof
to the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) causing the Custodian to indicate continuously on its books and records that such Uncertificated Security
is credited to the applicable Covered Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of each Clearing Corporation Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) causing the relevant Clearing Corporation to credit such Clearing Corporation Security to the securities
account of the Custodian, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) causing the Custodian to indicate continuously on its books and records that such Clearing Corporation
Security is credited to the applicable Covered Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of each security issued or guaranteed by the United States of America or agency or instrumentality thereof and that is maintained in book-entry records of a Federal Reserve Bank (*"FRB"*) (each such security, a *"Government Security"*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) causing the creation of a Security Entitlement to such Government Security by the credit of such Government
Security to the securities account of the Custodian at such FRB, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) causing the Custodian to indicate continuously on its books and records that such Government Security
is credited to the applicable Covered Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the case of each Security Entitlement not governed by <u>clauses (a)</u> through <u>(e)</u> above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) causing a Securities Intermediary (x) to indicate on its books and records that the underlying Financial
Asset has been credited to the appropriate Covered Account, (y) to receive a Financial Asset from a Securities Intermediary or to acquire
the underlying Financial Asset from a Securities Intermediary, and in either case, accepting it for credit to the appropriate Covered
Account or (z) to become obligated under any other Law to credit the underlying Financial Asset to a Securities Intermediary's securities
account,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) causing such Securities Intermediary to make entries on its books and records continuously identifying
such Security Entitlement as belonging to the Custodian and continuously indicating on its books and records that such Security Entitlement
is credited to one of the Covered Accounts, which shall at all times be a securities account, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) causing the Custodian to indicate continuously on its books and records that such Security Entitlement
(or all rights and property of the Custodian representing such Security Entitlement) is credited to the applicable Covered Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in the case of Cash or Money:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) causing the delivery of such Cash or Money to the Custodian,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) causing the Custodian to credit such Cash or Money to a "securities account" (as defined in
Section 8-501(a) of the UCC), which may be a subaccount of the applicable Covered Account, in accordance with Article 9 of the UCC, pursuant
to agreement by the Custodian to treat such Cash or Money as a Financial Asset, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) causing the Custodian to indicate continuously on its books and records that such Cash or Money is credited
to the applicable Covered Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) with respect to such of the Collateral as constitutes an account or general intangible or is not otherwise described in the foregoing <u>clauses (a)</u> through <u>(g)</u>, causing to be filed with the Delaware Secretary of State a properly completed UCC financing statement that names the Borrower as debtor and the Collateral Agent as secured party and that describes such Collateral (which financing statement may have been previously filed) or any equivalent filing in any applicable jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of each of <u>clauses (a)</u> through <u>(h)</u> above, such additional or alternative procedures as may hereafter become appropriate to perfect the security interest granted to the Collateral Agent hereunder in such items of the Collateral, consistent with Applicable Law.

In addition, the Servicer on behalf of the Borrower will obtain any and all consents required by the Related Documents relating to any Instruments, accounts or general intangibles for the transfer of ownership and/or pledge hereunder (except to the extent that the requirement for such consent is rendered ineffective under Section 9-406 of the UCC).

 

*"Designation Date"* means, with respect to each Collateral Loan, the first date on which the Collateral Loan is included in the Borrowing Base, as referenced in a Borrowing Base Calculation Statement.

 

*"Determination Date"* means the last day of each Collection Period.

 

*"DIP Loan"* means an obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtained or incurred after the entry of an order of relief in a case pending under Chapter 11 of the Bankruptcy Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to a debtor in possession as described in Chapter 11 of the Bankruptcy Code or a trustee (if appointment of such trustee has been ordered pursuant to Section 1104 of the Bankruptcy Code),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on which the related Obligor is required to pay interest and/or principal on a current basis, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) approved by a Final Order or Interim Order of the bankruptcy court so long as such obligation is (i) fully secured by a lien on the debtor's otherwise unencumbered assets pursuant to Section 364(c)(2) of the Bankruptcy Code, (ii) fully secured by a lien of equal or senior priority on property of the debtor estate that is otherwise subject to a lien pursuant to Section 364(d) of the Bankruptcy Code or (iii) is secured by a junior lien on the debtor's encumbered assets (so long as such loan is fully secured based on the most recent current valuation or appraisal report, if any, of the debtor).

 

*"Discount Collateral Loan"* means any Collateral Loan having a purchase price of less than 95% of par.

 

*"Document Custodian"* has the meaning assigned to such term in the introduction to this Agreement.

 

*"Document Custodian Termination Notice"* is defined in <u>Section 14.05</u>.

 

*"Dollars"* and *"$"* mean lawful money of the United States of America.

 

*"Due Date"* means each date on which any payment is due on a Collateral Loan in accordance with its terms.

 

 

*"EBITDA"* means, with respect to any Relevant Test Period and any Collateral Loan, the meaning of the term "Adjusted EBITDA", the term "EBITDA" or any comparable definition in the Related Documents for such period and Collateral Loan (or, in the case of a Collateral Loan for which the Related Documents have not been executed, as set forth in the relevant marketing materials or financial model in respect of such Collateral Loan) as determined in the good faith discretion of the Servicer, and, in any case that the term "Adjusted EBITDA", the term "EBITDA" or such comparable definition is not defined in such Related Documents, an amount, for the principal Obligor thereunder and any of its parents or subsidiaries that are obligated as guarantor pursuant to the Related Documents for such Collateral Loan (determined on a consolidated basis without duplication in accordance with GAAP (and also on a *pro forma* basis as determined in good faith by the Servicer in case of any acquisitions)) equal to earnings from continuing operations for such period *plus* interest expense, income taxes, unallocated depreciation and amortization for such period (to the extent deducted in determining earnings from continuing operations for such period), amortization of intangibles (including goodwill, financing fees and other capitalized costs), other non-cash charges and organization costs, extraordinary, one-time and/or non-recurring losses or charges, and any other item the Servicer and the Administrative Agent deem to be appropriate. Notwithstanding the foregoing, in no event shall the EBITDA of an Obligor be based solely on prospective or modeled performance as opposed to historical performance (including pro forma calculations).

 

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

 

*"EEA Member Country"* means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

*"EEA Resolution Authority"* 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.

 

*"Eligible Collateral Loan"* means a Collateral Loan that meets each of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is a First Lien Loan (including, for the avoidance of doubt, a Stretch Senior Loan), Split First Lien Loan, Split Lien Loan or Second Lien Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the time of acquisition thereof by the Borrower, was acquired for a purchase price of more than 90% of par;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Collateral Loan is eligible under its Related Documents (giving effect to the provisions of Sections 9-406 and 9-408 of the UCC) to be sold to the Borrower and to have a security interest therein granted to the Collateral Agent, for the benefit of the Secured Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is denominated and payable solely in Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the primary Obligor thereon (i.e., the Obligor under which the loan was principally underwritten) is domiciled in the United States (or any state, territory or possession thereof) or Canada (or any province thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no portion thereof (including any conversion option, exchange option, warrant or other component thereof) is exchangeable or convertible into an Equity Security at the option of the related Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) is not an Equity Security or a component of an Equity Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) at the time of acquisition thereof by the Borrower, is not the subject of an offer or call for redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) does not constitute Margin Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) does not subject the Borrower to withholding tax unless the related Obligor is required to make "gross-up" payments that ensure that the net amount actually received by the Borrower (after payment of all taxes, whether imposed on such Obligor or the Borrower) will equal the full amount that the Borrower would have received had no such taxes been imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) at the time of acquisition thereof by the Borrower, is not a Defaulted Collateral Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) is not a Non-Cash Paying PIK Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) is not a Zero Coupon Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) is not a Covenant Lite Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) is not a Structured Finance Obligation, a bond, a synthetic security, a finance lease or chattel paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) provides for the full principal balance to be payable at or prior to its maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) is not a participation interest, except Collateral Loans that are participation interests transferred or assigned pursuant to the Master Participation Agreement, and which are elevated to full assignments within 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) has a remaining term to maturity of not more than seven (7) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) provides for payment of interest at least semi-annually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) at the time of acquisition thereof by the Borrower, the obligation of the related Obligor to pay principal and interest is not contingent on any material non-credit related risk (such as the occurrence of a catastrophe), as determined by the Servicer in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) is not an obligation (other than a Revolving Collateral Loan or a Delayed Drawdown Collateral Loan) pursuant to which any future advances or payments to the Obligor may be required to be made by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) will not cause the Borrower or the pool of Collateral to be required to be registered as an investment company under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) was underwritten based on the enterprise value of the applicable Obligor and not primarily the value of any real estate securing such Collateral Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) is not an interest only obligation (meaning, for the avoidance of doubt, that the obligations thereunder constitute only interest payments (e.g., an I/O strip and not an obligation with a bullet or balloon principal payment));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) is not a letter of credit (other than a Revolving Collateral Loan that includes a letter of credit sub-facility as long as the Borrower is not the letter of credit issuer with respect thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) is in "registered" form for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) any applicable assignment or transfer agreement and, if evidenced by a note or other instrument, such note or other instrument, has been delivered to the Document Custodian in accordance with the provisions of <u>Article XIV</u> (or will be delivered within five Business Days, as set forth in this Agreement);

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) at the time of the Designation Date for such Collateral Loan, has an Obligor with an EBITDA of greater than $0; *provided* that any such Collateral Loan that does not meet the criteria in this clause (cc) (but, for the avoidance of doubt, otherwise constitutes an Eligible Collateral Loan) at any time after such Designation Date shall not be considered an Ineligible Collateral Loan, but shall be considered a Haircut Collateral Loan, hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) at the time of acquisition thereof by the Borrower, has not been more than thirty (30) days past due with respect to payments of either interest or principal on such Collateral Loan within the past twelve (12) months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) the Related Documents for such Collateral Loan are governed by the Laws of the United States (or any state thereof) or Canada (or any province thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) is not an obligation of an Obligor (or guarantor) engaged in (i) assault weapons or firearms manufacturing, (ii) payday lending or adult entertainment, (iii) the gaming industry (other than hospitality and/or resorts development, or the management thereof) or (iv) the growth and sale of marijuana;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) does not include an equity kicker owned by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) is not to an entity in which Remora has a controlling interest (via equity investment or otherwise) and is not to an entity or an Affiliate thereof for which Remora has provided advisory or other services within two years of the date such Collateral Loan is acquired by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) was not adversely selected by the Borrower or Servicer for purchase by the Borrower in comparison to other commercial loan funding facilities of Subsidiaries of the Fund (it being understood that a Collateral Loan's failure to comply with Concentration Limitations or eligibility criteria shall not constitute adverse selection);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) such Collateral Loan, together with the Related Documents related thereto, (i) is in full force and effect and constitutes the legal, valid and binding obligation of the related Obligor (including any applicable guarantor) enforceable against such Obligor (including any applicable guarantor) in accordance with its terms subject to customary bankruptcy, insolvency and equity limitations, (ii) is not subject to (or, at the time the Borrower first acquires any interest in such Collateral Loan, to the knowledge of the Fund, the subject of any assertions or threats of) any litigation, dispute or offset, and (iii) contains provisions substantially to the effect that the Obligor's payment obligations thereunder are absolute and unconditional without any right of rescission, setoff, counterclaim or defense for any reason against the holder thereof or any assignee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) all consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority or any other Person required to be obtained, effected or given in connection with the making of such Collateral Loan or the acquisition or transfer of such Collateral Loan to the Borrower have been duly obtained, effected or given and are in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) (i) the Borrower has (or upon acquisition of the Collateral Loan, will have) good and marketable title to, and is (or upon acquisition of the Collateral Loan, will be) the sole owner of, such Collateral Loan and (ii) the Borrower has granted to the Collateral Agent (or upon acquisition of the Collateral Loan, will grant) a valid and perfected first priority security interest in such Collateral Loan (subject to permitted liens), for the benefit of the Secured Parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) the Related Documents of such Collateral Loan, solely to the extent such Collateral Loan is a DIP Loan, include the Required Lender Sacred Rights.

 

*"Eligible Investments"* means any Dollar investment that, at the time it is Delivered (directly or through an intermediary or bailee), is Cash or one or more of the following obligations or securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) direct interest bearing obligations of, and interest bearing obligations guaranteed as to timely payment of principal and interest by, the United States or any agency or instrumentality of the United States, the obligations of which are backed by the full faith and credit of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) demand or time deposits in, certificates of deposit of, bank deposit products, demand notes of, or bankers' acceptances issued by any depository institution or trust company organized under the Laws of the United States or any State thereof (including any federal or state branch or agency of a foreign depository institution or trust company) and subject to supervision and examination by federal and/or state banking authorities (including, if applicable, the Collateral Agent, the Custodian, the Collateral Administrator or the Administrative Agent or any agent thereof acting in its commercial capacity); *provided* that the short-term unsecured debt obligations of such depository institution or trust company at the time of such investment, or contractual commitment providing for such investment, are rated at least "A-1" by S&P and "P-1" by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) commercial paper that (i) is payable in Dollars and (ii) is rated at least "A-1" by S&P and "P-1" by Moody's; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) units of money market funds having a rating of the Highest Required Investment Category from each of S&P and Moody's.

No Eligible Investment shall have an "f," "r," "p," "pi," "q," "sf" or "t" subscript affixed to its S&P rating. Any such investment may be made or acquired from or through the Collateral Agent or the Administrative Agent or any of their respective Affiliates, or any Person for whom the Collateral Agent, the Administrative Agent, the Custodian, the Collateral Administrator or any of their respective Affiliates provides services and receives compensation (so long as such investment otherwise meets the applicable requirements of the foregoing definition of Eligible Investment at the time of acquisition) or acts as offeror of; *provided* that, notwithstanding the foregoing <u>clauses (a)</u> through <u>(d)</u>, Eligible Investments may only include obligations or securities that constitute cash equivalents for purposes of the rights and assets in paragraph (c)(8)(i)(B) of the exclusions from the definition of "covered fund" for purposes of the Volcker Rule. The Collateral Agent, the Collateral Administrator and Custodian shall have no obligation to determine or oversee compliance with the foregoing.

 

*"End of Life Option*" means an option that will be exercised upon the mutual agreement of the Administrative Agent and the Borrower, pursuant to which, following the Reinvestment Period, a percentage of Principal Proceeds set forth in clauses (a) and (b) below (such percentage, the "*End of Life Option Percentage*") will be released to the Borrower, and the Borrower may distribute such Principal Proceeds to the Fund, with the remainder used to repay outstanding amounts under this Agreement in accordance with the Priority of Payments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Years 1 and 2: 20% principal share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Years 3 and 4: 15.0% principal share.

 

*"Equity Security"* means any stock or similar security, certificate of interest or participation in any profit sharing agreement, reorganization certificate or subscription, transferable share, voting trust certificate or certificate of deposit for an equity security, limited partnership interest, interest in a joint venture, or certificate of interest in a business trust; any security future on any such security; or any security convertible, with or without consideration into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right.

 

*"ERISA"* means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder.

 

*"ERISA Event"* means (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the thirty day notice requirement is waived); (b) the failure with respect to any Plan to satisfy the "minimum funding standard" (as defined in Section 412 of the Code or Section 302 of ERISA); (c) the filing pursuant to Section 412(c) of the Code or Section 302 of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in "at risk" status (as defined in Section 430 of the Code or Section 303 of ERISA); (e) the incurrence by the Borrower or any member of its ERISA Group of any material liability under Title IV of ERISA with respect to the termination of any Plan; (f) (i) the receipt by the Borrower or any member of its ERISA Group from the PBGC of a notice of determination that the PBGC intends to seek termination of any Plan or to have a trustee appointed for any Plan under Section 4041(c) of ERISA, or (ii) the filing by the Borrower or any member of its ERISA Group of a notice of intent to terminate any Plan; (g) the incurrence by the Borrower or any member of its ERISA Group of any material liability (i) with respect to a Plan pursuant to Sections 4063 and 4064 of ERISA, (ii) with respect to a facility closing pursuant to Section 4062(e) of ERISA, or (iii) with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (h) the receipt by the Borrower or any member of its ERISA Group of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, in endangered status or critical status, within the meaning of Section 432 of the Code or Section 305 of ERISA or is or is expected to be insolvent, within the meaning of Title IV of ERISA; or (i) the failure of the Borrower or any member of its ERISA Group to make any required contribution to a Multiemployer Plan.

 

*"ERISA Group"* means, with respect to any Person, each controlled group of corporations or trades or businesses (whether or not incorporated) under common control that is treated as a single employer under Section 414(b) or (c) of ERISA or, for purposes of Section 302 of ERISA or Section 412(m) or (o) of the Code, with such Person.

 

*"Erroneous Payment"* has the meaning assigned to it in <u>Section 12.07(a)</u>.

 

*"Erroneous Payment Deficiency Assignment"* has the meaning assigned to it in <u>Section 12.07(d)</u>.

 

*"Erroneous Payment Impacted Class"* has the meaning assigned to it in <u>Section 12.07(d)</u>.

 

*"Erroneous Payment Return Deficiency"* has the meaning assigned to it in <u>Section 12.07(d)</u>.

 

*"Erroneous Payment Subrogation Rights"* has the meaning assigned to it in <u>Section 12.07(d)</u>.

 

*"EU Bail-In Legislation Schedule"* means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

 

*"Event of Default"* means the occurrence of any of the events, acts or circumstances set forth in <u>Section 6.01</u>.

 

*"Excess Concentration Amount"* means, at any time in respect of which any one or more of the Concentration Limitations are exceeded, the portions (calculated by the Servicer without duplication) of the Aggregate Collateral Balance of each Eligible Collateral Loan that cause such Concentration Limitations to be exceeded; *provided* that any Excess Concentration Amount related to clause (m) of the definition of Concentration Limitation shall be calculated as the product of (a) the portions (calculated without duplication) of the Aggregate Collateral Balance of each Eligible Collateral Loan that causes such Concentration Limitation to be exceeded, *times* (b) 1 *minus* 90%.

 

*"Exchange Act"* means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory provision.

 

*"Excluded Taxes"* 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 a Secured Party's net income (however denominated), franchise Taxes imposed on a Secured Party, and branch profits Taxes imposed on a Secured Party, in each case, (i) by the jurisdiction (or any political subdivision thereof) under the Laws of which such Secured Party is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located or (ii) that are Other Connection Taxes, (b) in the case of any Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender, with respect to any applicable interest in Advances or Commitments, pursuant to a Law in effect on the date on which (i) such Lender becomes a party hereto (other than pursuant to an assignment requested by the Borrower under <u>Section 2.17</u>) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to <u>Section 16.03(h)</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 16.03(g)</u>, and (d) U.S. federal withholding Taxes imposed under FATCA.

 

*"Facility"* has the meaning assigned to such term in <u>Section 16.09</u>.

 

*"Facility Amount"* means (a) on or prior to the Commitment Termination Date, $150,000,000 (as such amount may be (i) reduced from time to time pursuant to <u>Section 2.06</u> or (ii) increased in accordance with <u>Section 2.18</u>) and (b) following the Commitment Termination Date, the outstanding principal balance of all the Advances.

 

*"Facility Amount Increase"* means an increase in the Facility Amount pursuant to <u>Section 2.18</u>.

 

*"Facility Amount Increase Agreement"* has the meaning assigned to such term in <u>Section 2.18</u>.

 

*"Facility Amount Increase Request"* has the meaning assigned to such term in <u>Section 2.18</u>.

 

*"Facility Documents"* means this Agreement, the Purchase and Contribution Agreement, Master Participation Agreement, the Account Control Agreement, the Fee Letters, the Pledge Agreement and any other security agreements and other instruments entered into or delivered by or on behalf of the Borrower pursuant to <u>Section 5.01(c)</u> to create, perfect or otherwise evidence the Collateral Agent's security interest in the Collateral.

"*Facility Increase Date*" means the earlier to occur of (i) a date determined by the Borrower in its sole discretion; *provided* that the Borrower has provided the Administrative Agent with at least fifteen (15) Business Days' notice of such date or (ii) the one-year anniversary of the Closing Date.

"*Facility Limit*" means (i) on or prior to the Facility Increase Date, $250,000,000 and (ii) after the Facility Increase Date, the Facility Amount.

 

*"FATCA"* 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, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of the foregoing.

 

*"Federal Funds Rate"* means, for any period, a fluctuating interest rate *per annum* equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it; *provided* that, if at any time a Lender is borrowing overnight funds from a Federal Reserve Bank that day, the Federal Funds Rate for such Lender for such day shall be the average rate *per annum* at which such overnight borrowings are made on that day as promptly reported by such Lender to the Borrower, the Collateral Administrator and the Agents in writing. Each determination of the Federal Funds Rate by a Lender pursuant to the foregoing proviso shall be conclusive and binding except in the case of manifest error. Notwithstanding anything herein to the contrary, in no event shall the Federal Funds Rate be less than 0.00%.

 

*"Fee Letters"* means the Lender Fee Letter and the USB Fee Letter.

 

*"Final Maturity Date"* means the earlier of (a)(i) if the End of Life Option is not exercised, the second anniversary of the Scheduled Reinvestment Period End Date (or such later date as may be agreed by the Borrower and each of the Lenders and notified in writing to the Administrative Agent) or (ii) if the End of Life Option is exercised, the fourth anniversary of the Scheduled Reinvestment Period End Date (or such later date as may be agreed by the Borrower and each of the Lenders and notified in writing to the Administrative Agent) or (b) the date of the termination of the Commitments and acceleration of the Obligations pursuant to <u>Section 6.01</u>.

 

*"Final Order"* means an order, judgment, decree or ruling the operation or effect of which has not been stayed, reversed or amended and as to which order, judgment, decree or ruling (or any revision, modification or amendment thereof) the time to appeal or to seek review or rehearing has expired and as to which no appeal or petition for review or rehearing was filed or, if filed, remains pending.

 

*"Financial Asset"* has the meaning assigned to such term in Section 8-102(a)(9) of the UCC.

 

*"First Lien/Last Out Loan"* means a Collateral Loan (other than a Split First Lien Loan or a Split Lien Loan) that would constitute a First Lien Loan (other than by operation of the proviso in the definition of such term) but that, in the case of an event of default under the applicable Related Document, will be paid after one or more tranches of first lien loans issued by the same Obligor have been paid in full in accordance with a specified waterfall of payments.

 

*"First Lien Loan"* means any Collateral Loan (for purposes of this definition, a *"loan"*) that meets the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is not (and is not expressly permitted by its terms to become) subordinate in right of payment to any other obligation for borrowed money of the Obligor of such loan (other than trade claims, capitalized leases or similar obligations), unless such loan is a Split First Lien Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is secured by a valid first priority perfected Lien in, to or on specified collateral securing the Obligor's obligations under such loan (whether or not such loan is also secured by any lower priority Lien on other collateral), but subject to purchase money Liens and customary Liens for taxes or regulatory charges not then due and payable and other permitted Liens under the Related Documents; *provided* that such permitted Liens do not directly secure indebtedness for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is secured, pursuant to such first priority perfected Lien, by collateral having a value (determined as set forth below) that is adequate (in the commercially reasonable judgment of the Servicer) to repay such Collateral Loan in accordance with its terms *plus* the aggregate Principal Balances of all other loans of equal seniority secured by a first Lien in the same collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is not a loan which is secured solely or primarily by the common stock of its Obligor or any of its Affiliates;

 

*provided* that (i) neither a First Lien/Last Out Loan nor a Split Lien Loan shall constitute a First Lien Loan and (ii) a Split First Lien Loan and Stretch Senior Loan shall constitute a First Lien Loan; *provided*, *however*, that, for purposes of determining the applicable Advance Rate for a Stretch Senior Loan (or portion thereof), such Advance Rate shall be determined in accordance with the definition of Stretch Senior Loan.

The determination as to whether <u>clause (c)</u> of this definition is satisfied shall be based on both (a) an analysis of the enterprise value (including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) of the related Obligor by the Servicer or an Appraisal or other valuation (which may be an internal Appraisal or valuation performed by the Servicer) performed on or about the date of acquisition by the Borrower or of the most recent restructuring of such Collateral Loan, and (b) the Servicer's judgment at the time such Collateral Loan is acquired by the Borrower.

 

*"Fixed Charge Coverage Ratio"* means, with respect to any Collateral Loan for any Relevant Test Period, the meaning of "Fixed Charge Coverage Ratio" or any comparable term relating to the ratio of fixed charges to EBITDA defined in the Related Documents for such Collateral Loan, and in any case that "Fixed Charge Coverage Ratio" or such comparable term is not defined in such Related Documents, the ratio of (a) fixed charges to (b) EBITDA as calculated by the Servicer in good faith using information from and calculations consistent with the relevant financial models, *pro forma* financial statements, compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Related Documents.

 

*"Fixed Rate Loan"* means any Collateral Loan that bears a fixed rate of interest.

 

*"Floating Rate Loan"* means any Collateral Loan that bears a floating rate of interest.

 

*"Floor"* means a rate of interest equal to 0.00%.

 

*"Floor Loan"* means, as of any date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Floating Rate Loan (1) for which the Related Documents provide for a SOFR rate option (or other applicable benchmark rate) and that such SOFR rate is calculated as the greater of a specified "floor" rate *per annum* and the SOFR rate (or other applicable benchmark rate) for the applicable interest period and (2) that, as of such date, bears interest based on such SOFR rate option (or other applicable benchmark rate), but only if as of such date the SOFR rate (or other applicable benchmark rate) for the applicable interest period is less than such floor rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Floating Rate Loan (1) for which the Related Documents provide for a base or prime rate option and such base or prime rate is calculated as the greater of a specified "floor" rate *per annum* and the base or prime rate for the applicable interest period and (2) that, as of such date, bears interest based on such base or prime rate option, but only if as of such date the base or prime rate for the applicable interest period is less than such floor rate.

 

*"FRB"* has the meaning assigned to such term in the definition of Deliver.

"*Fund*" means Remora Capital Corporation, a Maryland corporation.

 

*"Fundamental Amendment"* means any amendment, modification, waiver or supplement of or to this Agreement that would (a) increase or extend the term of the Commitments or change the Final Maturity Date (other than an increase of the Commitment of a particular Lender or the addition of a new Lender agreed to by the relevant Lender), (b) extend the date fixed for the payment of principal of or interest on any Advance or any fee hereunder, (c) reduce the amount of any such payment of principal, (d) reduce the rate at which Interest is payable thereon or any fee is payable hereunder, (e) release any material portion of the Collateral, except in connection with dispositions permitted hereunder, (f) alter the terms of <u>Section 9.01</u> or <u>Section 16.01(b)</u>, (g) modify the definition of the terms "Majority Lenders", "Required Lenders", "Maximum Available Amount", "Borrowing Base", "Maximum Advance Rate Test", "Maximum Advance Rate Default Test" or "Minimum Equity Amount"; (h) modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof or (i) extend the Reinvestment Period.

 

*"GAAP"* means generally accepted accounting principles in effect from time to time in the United States.

 

 

*"Government Security"* has the meaning assigned to such term in the definition of Deliver.

 

*"Governmental Authority"* means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, administrative tribunal, central bank, public office, court, arbitration or mediation panel, or other Person exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, including the Securities and Exchange Commission, the stock exchanges, any Federal, state, territorial, county, municipal or other government or governmental agency, arbitrator, board, body, branch, bureau, commission, court, department, instrumentality, master, mediator, panel, referee, system or other political unit or subdivision or other Person of any of the foregoing, whether domestic or foreign.

 

*"Governmental Authorizations"* means all franchises, permits, licenses, approvals, consents and other authorizations of all Governmental Authorities.

 

*"Governmental Filings"* means all filings, including franchise and similar tax filings, and the payment of all fees, assessments, interests and penalties associated with such filings with all Governmental Authorities.

 

*"Haircut Collateral Loan"* means, at any time without duplication, (x) any Collateral Loan that had satisfied <u>clause (cc)</u> of the definition of Eligible Collateral Loan on the related Designation Date, but at any such time after the related Designation Date is no longer satisfying <u>clause (cc)</u> of the definition of Eligible Collateral Loan or (y) any Collateral Loan the Obligor of which has an elevated Senior Leverage Ratio or Total Leverage Ratio or a low interest coverage ratio, as defined in "Haircut Level 1 Collateral Loan", "Haircut Level 2 Collateral Loan", "Haircut Level 3 Collateral Loan" and "Haircut Level 4 Collateral Loan".

*"Haircut Collateral Loan Balance"* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for each First Lien Loan, Split First Lien Loan or Stretch Senior Loan that constitutes a Haircut Collateral Loan solely as a result of the failure to satisfy <u>clause (y)</u> of the definition of Haircut Collateral Loan, at any time, the lesser of (i) the current Market Value of such Haircut Collateral Loan, and (ii) the product of (x) the Principal Balance of such Haircut Collateral Loan and (y) 1 *minus* (I) for a Haircut Level 1 Collateral Loan, 10%, (II) for a Haircut Level 2 Collateral Loan, 20%, (III) for a Haircut Level 3 Collateral Loan, 35% and (IV) for a Haircut Level 4 Collateral Loan, 50%; *provided* that for each Split Lien Loan and Second Lien Loan that constitutes a Haircut Collateral Loan, at any time, the lesser of (i) the current Market Value of such Collateral Loan and (ii) the product of (x) the Principal Balance of such Haircut Collateral Loan and (y) (I) for a Haircut Level 1 Collateral Loan and a Haircut Level 2 Collateral Loan, 1 *minus* 50% and (II) for a Haircut Level 3 Collateral Loan and a Haircut Level 4 Collateral Loan, the Recovery Rate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Collateral Loan constitutes a Haircut Collateral Loan solely as a result of the failure to satisfy <u>clause (cc)</u> of the definition of Eligible Collateral Loan, at any time, the lesser of (i) the current Market Value of such Haircut Collateral Loan, and (ii) the product of (x) the Principal Balance of such Haircut Collateral Loan and (y) the Recovery Rate for such Collateral Loan.

Any Collateral Loan that constitutes a Haircut Collateral Loan as a result of the failure to satisfy both <u>clause (y)</u> of the definition of Haircut Collateral Loan and <u>clause (cc)</u> of the definition of Eligible Collateral Loan shall have its Haircut Collateral Loan Balance calculated in accordance with <u>clause (b)</u> above.

 

*"Haircut Level 1 Collateral Loan"* means a Haircut Collateral Loan that is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Tier 1 Obligor with (x) in respect of a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio of greater than 5.75x but less than or equal to 6.50x or (B) a Total Leverage Ratio of greater than 7.75x but less than or equal to 8.50x, (y) in respect of a Stretch Senior Loan, a Total Leverage Ratio of greater than 6.75x but less than or equal to 7.50x, or (z) an interest coverage ratio of less than 1.10x but greater than or equal to 1.05x;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Tier 2 Obligor with (x) in respect of a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio of greater than 5.00x but less than or equal to 5.75x or (B) a Total Leverage Ratio of greater than 6.75x but less than or equal to 7.50x, (y) in respect of a Stretch Senior Loan, a Total Leverage Ratio of greater than 6.00x but less than or equal to 6.75x or (z) an interest coverage ratio of less than 1.10x but greater than or equal to 1.05x; 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;(iii) a Tier 3 Obligor with (x) in respect of a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio of greater than 4.50x but less than or equal to 5.25x or (B) a Total Leverage Ratio of greater than 5.75x but less than or equal to 6.50x, (y) in respect of a Stretch Senior Loan, a Total Leverage Ratio of greater than 5.25x but less than or equal to 6.00x or (z) an interest coverage ratio of less than 1.10x but greater than or equal to 1.05x.

 

*"Haircut Level 2 Collateral Loan"* means a Haircut Collateral Loan that is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Tier 1 Obligor with (x) in respect of a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio of greater than 6.50x but less than or equal to 7.25x or (B) a Total Leverage Ratio of greater than 8.50x but less than or equal to 9.25x, or (y) in respect of a Stretch Senior Loan, a Total Leverage Ratio of greater than 7.50x but less than or equal to 8.25x;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Tier 2 Obligor with (x) in respect of a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio of greater than 5.75x but less than or equal to 6.50x or (B) a Total Leverage Ratio of greater than 7.50x but less than or equal to 8.25x, or (y) in respect of a Stretch Senior Loan, a Total Leverage Ratio of greater than 6.75x but less than or equal to 7.50x; 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;(iii) a Tier 3 Obligor with (x) in respect of a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio of greater than 5.25x but less than or equal to 6.00x or (B) a Total Leverage Ratio of greater than 6.50x but less than or equal to 7.25x, or (y) in respect of a Stretch Senior Loan, a Total Leverage Ratio of greater than 6.00x but less than or equal to 6.75x.

 

*"Haircut Level 3 Collateral Loan"* means a Haircut Collateral Loan that is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Tier 1 Obligor with (x) in respect of a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio of greater than 7.25x but less than or equal to 8.00x or (B) a Total Leverage Ratio of greater than 9.25x but less than or equal to 10.00x, (y) in respect of a Stretch Senior Loan, a Total Leverage Ratio of greater than 8.25x but less than or equal to 9.00x or (z) an interest coverage ratio of less than 1.05x but greater than or equal to 1.00x;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Tier 2 Obligor with (x) in respect of a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio of greater than 6.50x but less than or equal to 7.25x or (B) a Total Leverage Ratio of greater than 8.25x but less than or equal to 9.00x, (y) in respect of a Stretch Senior Loan, a Total Leverage Ratio of greater than 7.50x but less than or equal to 8.25x or (z) an interest coverage ratio of less than 1.05x but greater than or equal to 1.00x; 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;(iii) a Tier 3 Obligor with (x) in respect of a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio of greater than 6.00x but less than or equal to 6.75x or (B) a Total Leverage Ratio of greater than 7.25x but less than or equal to 8.00x, (y) in respect of a Stretch Senior Loan, a Total Leverage Ratio of greater than 6.75x but less than or equal to 7.50x or (z) an interest coverage ratio of less than 1.05x but greater than or equal to 1.00x.

 

*"Haircut Level 4 Collateral Loan"* means a Haircut Collateral Loan that is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Tier 1 Obligor with (x) in respect of a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio of greater than 8.00x or (B) a Total Leverage Ratio of greater than 10.00x, (y) in respect of a Stretch Senior Loan, a Total Leverage Ratio of greater than 9.00x or (z) an interest coverage ratio of less than 1.00x;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Tier 2 Obligor with (x) in respect of a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio of greater than 7.25x or (B) a Total Leverage Ratio of greater than 9.00x, (y) in respect of a Stretch Senior Loan, a Total Leverage Ratio of greater than 8.25x or (z) an interest coverage ratio of less than 1.00x; 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;(iii) a Tier 3 Obligor with (x) in respect of a Collateral Loan other than a Stretch Senior Loan, (A) a Senior Leverage Ratio of greater than 6.75x or (B) a Total Leverage Ratio of greater than 8.00x (y) in respect of a Stretch Senior Loan, a Total Leverage Ratio of greater than 7.50x or (z) an interest coverage ratio of less than 1.00x.

 

*"Highest Required Investment Category"* means (a) with respect to ratings assigned by Moody's, "Aa2" or "P-1" for one month instruments, "Aa2" and "P-1" for three month instruments, "Aa3", "P-1" for six month instruments and "Aa2" and "P-1" for instruments with a term in excess of six months and (b) with respect to rating assigned by S&P, "A-1" for short-term instruments and "A" for long-term instruments.

*"Indemnified Party"* has the meaning assigned to such term in <u>Section 16.04(b)</u>.

 

 

*"Indemnified Taxes"* 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 Borrower under any Facility Document and (b) to the extent not otherwise described in <u>clause (a)</u>, Other Taxes.

 

*"Independent Accountants"* has the meaning assigned to such term in <u>Section 8.08</u>.

 

*"Independent Manager"* means a natural Person who, (A) for the five-year period prior to his or her appointment as Independent Manager, has not been, and during the continuation of his or her service as Independent Manager is not: (i) an employee, director, stockholder, member, manager, partner or officer of the Borrower, the Fund or any of their respective Affiliates (other than his or her service as an Independent Manager of the Borrower, the Fund or other Affiliates that are structured to be "bankruptcy remote"); (ii) a customer or supplier of the Borrower, the Fund or any of their respective Affiliates (other than his or her service as an Independent Manager of the Borrower, the Fund or any such Affiliate); (iii) a Person controlling or under common control with any partner, shareholder, member, manager, Affiliate or supplier of the Borrower, the Fund or any Affiliate thereof or (iv) any member of the immediate family of a Person described in <u>clauses (i)</u>, <u>(ii)</u> or <u>(iii)</u>; *provided* that an independent manager may serve in similar capacities for other special purpose entities established from time to time by Affiliates of the Borrower or the Fund and (B) has, (i) prior experience as an Independent Manager for a corporation or limited liability company whose charter documents required the unanimous consent of all Independent Managers thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any Applicable Law relating to bankruptcy and (ii) at least three years of employment experience with one or more Persons that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities.

 

*"Ineligible Collateral Loan"* means, at any time, a Collateral Loan or any portion thereof, that fails to satisfy any criteria of the definition of Eligible Collateral Loan as of the date when such criteria are applicable; it being understood that such criteria in the definition of Eligible Collateral Loan that are specified to be applicable only as of the date of acquisition of such Collateral Loan shall not be applicable after the date of acquisition of such Collateral Loan.

 

*"Initial AUP Date"* has the meaning assigned to such term in <u>Section 8.08</u>.

 

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

 

 

*"Institutional Lender*" means (i) AGF WHCO 2-A2 LP and (ii) each financial institution other than a Conduit Lender which may from time to time become a Lender hereunder by executing and delivering a Lender Joinder Agreement to the Administrative Agent and the Borrower or an Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment.

 

*"Instrument"* has the meaning assigned to such term in Section 9-102(a)(47) of the UCC.

 

*"Interest"* means, for each day during an Interest Accrual Period, the sum of the products (for each day during such Interest Accrual Period) of:

![](ex10-8_001.jpg)

where:

IR = the Interest Rate for such Interest Accrual Period;

P = the principal amount of the Advances outstanding on such day; and

D = 360.

 

*"Interest Accrual Period"* means (a) with respect to the first Payment Date, the period from and including the Closing Date to and including the last day of the calendar month preceding the first Payment Date and (b) with respect to any subsequent Payment Date, the period commencing on the first day of the calendar month in which the preceding Payment Date occurred and ending on the last day of the calendar month immediately preceding the month in which such Payment Date occurs; *provided*, that the final Interest Accrual Period hereunder shall end on and include the day prior to the payment in full of the Advances hereunder.

 

*"Interest Collection Account"* has the meaning assigned to such term in <u>Section 8.02(a)</u>.

 

*"Interest Coverage Ratio"* means, on any Determination Date, the percentage equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to the Collateral Interest Amount at such time; *divided by*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount payable on the Payment Date immediately following such date of determination, in each case pursuant to <u>Section 9.01(a)(i)(A)</u> through <u>(E)</u>.

 

*"Interest Coverage Ratio Test"* means a test that will be satisfied on any Determination Date if the Interest Coverage Ratio is greater than or equal to 125%; *provided* that the Interest Coverage Ratio Test shall be deemed to be satisfied on any day prior to the initial Advance hereunder.

 

 

*"Interest Proceeds"* means, with respect to any Collection Period or the related Determination Date, without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all payments of interest and other income received in cash by the Borrower during such Collection Period on the Collateral Loans (including interest and other income received in cash on Ineligible Collateral Loans and accrued interest received in cash in connection with a sale thereof during such Collection Period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all principal and interest payments received by the Borrower during such Collection Period on Eligible Investments purchased with Interest Proceeds and all interest payments received by the Borrower during such Collection Period on Eligible Investments purchased with amounts credited to the Revolving Reserve Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all amendment and waiver fees, late payment fees (including compensation for delayed settlement or trades), and all protection fees and other fees and commissions received by the Borrower during such Collection Period, unless the Servicer notifies the Agents before such Determination Date that the Servicer in its sole discretion has determined that such payments are to be treated as Principal Proceeds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) commitment fees, facility fees, anniversary fees, ticking fees and other similar fees received by the Borrower during such Collection Period unless the Servicer notifies the Agents before such Determination Date that the Servicer in its sole discretion has determined that such payments are to be treated as Principal Proceeds;

 

*provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) as to any Defaulted Collateral Loan (and only so long as it remains a Defaulted Collateral Loan), any amounts received in respect thereof will constitute Principal Proceeds (and not Interest Proceeds) until the aggregate of all Collections in respect thereof since it became a Defaulted Collateral Loan equals the Principal Balance of such Defaulted Collateral Loan at the time as of which it became a Defaulted Collateral Loan and all amounts received in excess thereof will constitute Interest Proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) any amounts received in respect of any Equity Security that was received in exchange for a Defaulted Collateral Loan will constitute Principal Proceeds (and not Interest Proceeds) until the aggregate of all collections in respect of such Equity Security equals the outstanding Principal Balance of the related Collateral Loan, at the time it became a Defaulted Collateral Loan, for which such Equity Security was received in exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all Cash received as equity contributions from the Fund will constitute Principal Proceeds unless specified by the Servicer pursuant to <u>Section 10.05</u>.

 

*"Interest Rate"* means, for any Interest Accrual Period, an interest rate *per annum* equal to (a) at the election of the Administrative Agent or Required Lenders, at any time an Event of Default has occurred and is continuing (and has not otherwise been waived by the Lenders pursuant to the terms hereof), the Base Rate *plus* the Applicable Margin, or (b) in all other cases, subject to <u>Section 2.11</u>, Term SOFR (or, if a Benchmark Replacement has occurred, the then-applicable Benchmark) *plus* the Applicable Margin.

 

 

*"Interim Order"* means an order, judgment, decree or ruling entered after notice and a hearing conducted in accordance with Bankruptcy Rule 4001(c) granting interim authorization, the operation or effect of which has not been stayed, reversed or amended.

 

*"Investment Company Act"* means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.

 

*"Law"* means any action, code, consent decree, constitution, decree, directive, enactment, finding, guideline, law, injunction, interpretation, judgment, order, ordinance, policy statement, proclamation, promulgation, regulation, requirement, rule, rule of law, treaty, rule of public policy, settlement agreement, statute, or writ, of any Governmental Authority, or any particular section, part or provision thereof.

 

*"Lender"* means each Institutional Lender or Conduit Lender listed on <u>Schedule 1</u> and any other Person that shall have become a party hereto in accordance with the terms hereof pursuant to an Assignment and Acceptance or Lender Joinder Agreement, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance.

"*Lender Affiliate*" means, as applied to any Lender or Administrative Agent, any Approved Fund or Person (other than a natural person) directly or indirectly controlling, controlled by, or under common control with, such Lender or Administrative Agent. For the purposes of this definition, "control" (including, with correlative meanings, the terms "controlling," "controlled by" and "under common control with"), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise.

 

*"Lender Fee Letter"* means that certain fee letter, dated as of the Closing Date, by and among the Lenders and the Borrower.

"*Lender Group*" means, with respect to a Lender, the other Lenders that are (i) its Lender Affiliates and (ii) share a single Commitment hereunder.

 

*"Lender Joinder Agreement"* has the meaning assigned to such term in <u>Section 2.18</u>.

 

*"Liabilities"* means all liabilities, obligations, losses, claims, damages, penalties, actions, judgments, suits, costs, expenses (including reasonable and documented out-of-pocket attorneys' fees and expenses) and disbursements of any kind or nature whatsoever*.*

 

*"Lien"* means any mortgage, pledge, hypothecation, assignment, encumbrance, lien or security interest (statutory or other), or preference, priority or other security agreement, charge or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing authorized by the Borrower of any financing statement under the UCC or comparable Law of any jurisdiction).

 

 

*"Listed Collateral Loan"* means a Collateral Loan for which three or more bids are quoted and available from Loan Pricing Corporation, Mark-it Partners (formerly known as Loan X), Interactive Data Corporation or another nationally recognized broker-dealer or nationally recognized quotation service requested by the Servicer and approved from time to time by the Administrative Agent and the Required Lenders.

 

*"Listed Value"* means, for any Listed Collateral Loan, the bid price for such Collateral Loan most recently quoted by Loan Pricing Corporation, Mark-it Partners (formerly known as Loan X) or Interactive Data Corporation and obtained by the Servicer, or quoted by another nationally recognized broker-dealer or nationally recognized quotation service as may be approved from time to time by the Administrative Agent if so requested by the Borrower; *provided* that, if the Servicer reasonably believes that the price quoted by any such source is based on less than three bona fide bids, then the Servicer, by notice to the Administrative Agent, may determine the Listed Value in accordance with <u>clause (b)</u> of the definition of Market Value.

 

*"Loan Checklist"* means an electronic or hard copy, as applicable, checklist in the form of <u>Exhibit G</u>, delivered by the Servicer on behalf of the Borrower to the Document Custodian, for each Collateral Loan, of all Related Documents to be included within the respective loan file, which, unless otherwise specified as an original, shall be a copy.

 

*"Loan Unfunded Commitment"* means, with respect to any Collateral Loan that constitutes a Revolving Collateral Loan or a Delayed Drawdown Collateral Loan, as of any date of determination, the unfunded commitment of the Borrower with respect to such Collateral Loan as of such date.

"*Low EBITDA Loans*" means a Collateral Loan with an Obligor with an EBITDA of less than $5,000,000 but at least $0; provided that if a Low EBITDA Loan also qualifies as a Haircut Collateral Loan then the value of the Collateral Loan within the Aggregate Collateral Balance will be determined by whichever method results in a lower value.

 

*"Majority Lenders"* means, as of any date of determination, one or more Lenders having aggregate Percentages greater than 50%. To the extent provided in <u>Section 16.01(d)</u>, the Percentage of any Defaulting Lender shall be disregarded in determining Majority Lenders at any time.

"*Managing Agent*" means, with respect to (i) any Lender Affiliates of ATLAS (including, without limitation, AGF WHCO 2-A2 LP), ATLAS; (ii) each Conduit Lender and Lender Group which may from time to time become a party hereto, the Person designated as the "Managing Agent" with respect to such Conduit Lender or Lender Group in the applicable Lender Joinder Agreement or Assignment and Acceptance, and (iii) each Institutional Lender which may from time to time become a party hereto, each shall be deemed to be its own Managing Agent.

 

*"Margin Stock"* has the meaning assigned to such term in Regulation U.

 

*"Market Value"* means, as of any date, for any Collateral Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Collateral Loan is a Listed Collateral Loan as at such date, the Listed Value of such Collateral Loan as at such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Collateral Loan is not a Listed Collateral Loan as of such date, the lower of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the fair market value of such Collateral Loan as reasonably determined by the Servicer in accordance with
the Servicing Standard; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the purchase price in respect of such Collateral Loan expressed as an effective percentage of par *less* any loss reserves maintained by the Borrower in respect of such Collateral Loan in accordance with GAAP.

 

*"Master Participation Agreement"* means that certain Master Participation and Assignment Agreement, dated as of the Closing Date, between the Fund, as transferor, and the Borrower, as transferee.

 

*"Material Adverse Effect"* means a material adverse effect on (a) the business, assets, financial condition or operations of the Borrower or the Servicer, either individually or taken as a whole (excluding a decline in the asset value of the Borrower or a change in general market conditions or values of the loans and investments held by the Borrower), (b) the validity, enforceability or collectability of this Agreement or any other Facility Document or the validity, enforceability or collectability of the Collateral Loans or the Related Documents generally or any material portion of the Collateral Loans or the Related Documents, (c) the rights and remedies of the Administrative Agent, the Managing Agents, the Lenders and the other Secured Parties with respect to matters arising under this Agreement or any other Facility Document, (d) the ability of either of the Borrower or the Servicer to perform its obligations under any Facility Document to which it is a party, or (e) the status, existence, perfection, priority or enforceability of the Collateral Agent's Lien on the Collateral; *provided* that if a material adverse effect described in <u>clause (b)</u> or <u>(d)</u> affects or impairs the rights and remedies of the Borrower with respect to the validity, enforceability, legality or collectability of only a portion of the Collateral (and not as a whole), such effects shall not constitute a Material Adverse Effect at any time that such affected Collateral Loans are excluded from the Borrowing Base.

 

*"Material Modification"* means, with respect to any Collateral Loan, any amendment, waiver, consent or modification of a Related Document with respect thereto (it being understood that a release document or similar instrument executed or delivered in connection with a disposition that is otherwise permitted under the applicable Related Documents shall not constitute an amendment or modification to such Related Document) executed or effected after the date on which such Collateral Loan is acquired by the Borrower, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reduces or waives one or more interest payments or permits any interest due with respect to such Collateral Loan in cash (other than a waiver of interest accruing at the default rate) or permits any interest due in cash to be deferred or capitalized and added to the principal amount of such Collateral Loan (other than any deferral or capitalization already expressly permitted by the terms of its Related Documents or pursuant to the application of a pricing grid, in each case, as of the date such Collateral Loan was acquired by the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) contractually or structurally subordinates such Collateral Loan by operation of a priority of payments, turnover provisions or the transfer of assets in order to limit recourse to the related Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) substitutes or releases the underlying assets securing such Collateral Loan (other than as expressly permitted by the Related Documents as of the date such Collateral Loan was acquired by the Borrower), and each such substitution or release materially and adversely affects the value of such Collateral Loan (as determined by the Administrative Agent in a commercially reasonable manner);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) waives, extends or postpones any date fixed for any scheduled payment (including at maturity) of principal on such Collateral Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reduces or forgives any principal amount of such Collateral Loan;

 

*provided* that (i) any Collateral Loan subject to a Material Modification which subsequently becomes a Credit Improved Loan shall no longer be considered to have been subject to a Material Modification hereunder unless such Collateral Loan is subject to a subsequent Material Modification; and (ii) the Servicer shall be permitted, in accordance with the Servicing Standard (and not with the intention of increasing availability or circumventing any event or condition set forth in this Agreement), to reduce one or more interest payments, extend, waive or postpone any date fixed for any scheduled payment of principal (including at maturity) or waive, extend or reduce any mandatory prepayment of principal on a Collateral Loan, in each case, in connection with a re-pricing, refinancing or other request reflecting market terms then existing at such time (as determined by the Servicer) or otherwise at the Obligor's request and not in connection with financial or operational difficulties affecting, or the credit deterioration of, the related Obligor, in each case, without such modification constituting a Material Modification hereunder so long as (x) after giving effect to such modification, each Collateral Quality Test is satisfied (or if not satisfied, the level of compliance with such Collateral Quality Test is maintained or improved), (y) on the date of such modification, such Collateral Loan constitutes a Current Modified Loan (whether or not <u>clause (dd)</u> of the definition of Eligible Collateral Loan is satisfied) and (z) such modification is not made to avoid (or does not have the effect of avoiding) classification of such Collateral Loan as a Defaulted Collateral Loan.

 

*"Maximum Advance Rate Default Test"* means a test that will be satisfied at any time if (a) the aggregate outstanding principal balance of the Advances at such time is less than or equal to (b) the Maximum Available Amount at such time *multiplied by* 105%.

 

*"Maximum Advance Rate Test"* means a test that will be satisfied at any time if (a) the aggregate outstanding principal balance of the Advances at such time is less than or equal to (b) the Maximum Available Amount at such time.

 

*"Maximum Available Amount"* means, on any date of determination, without duplication, an amount equal to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Facility Amount, *minus* the Revolving Exposure, *plus* the aggregate amount on deposit in the Revolving Reserve Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrowing Base *multiplied by* the Weighted Average Advance Rate, *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Net Revolving Exposure Amount, *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount on deposit in the Principal Collection Account, *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the aggregate amount on deposit in the Revolving Reserve Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Aggregate Collateral Balance (excluding unfunded commitments pursuant to <u>clause (d)</u> of the
definition thereof), *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Minimum Equity Amount, *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount on deposit in the Principal Collection Account, *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the aggregate amount on deposit in the Revolving Reserve Account.

 

*"Measurement Date"* means, (i) the Closing Date, (ii) each Borrowing Date, and (iii) each Monthly Report Determination Date.

 

*"Minimum Equity Amount"* means, at any time, the greater of (a) the lesser of (i) $30,000,000 and (ii) 30% of the Facility Amount and (b) the Aggregate Collateral Balance of the Collateral Loans for the three largest Obligors (determined by Aggregate Collateral Balance) (it being understood that multiple Collateral Loans from the same Obligor and its Affiliates shall be treated as a single exposure); *provided* that, following the exercise of the End of Life Option, the Aggregate Collateral Balance of the Collateral Loans pursuant to <u>clause (b)</u> above shall be for the five largest Obligors (determined by Aggregate Collateral Balance) (it being understood that multiple Collateral Loans from the same Obligor and its Affiliates shall be treated as a single exposure).

*"Money"* has the meaning assigned to such term in Section 1-201(24) of the UCC.

 

*"Monthly Asset Amount"* means, for any Payment Date, an amount equal to the Aggregate Principal Balance of all Collateral Loans calculated as the arithmetic average of the amounts of the items described in such clauses on the first day and last day of such Collection Period.

 

*"Monthly Report"* has the meaning assigned to such term in <u>Section 8.06(a)</u>.

 

*"Monthly Report Determination Date"* has the meaning assigned to such term in <u>Section 8.06(a)</u>.

 

*"Monthly Reporting Date"* has the meaning assigned to such term in <u>Section 8.06(a)</u>.

 

*"Moody's"* means Moody's Investors Service, Inc., together with its successors.

 

*"Multiemployer Plan"* means an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA that is sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any liability.

 

 

*"Net Revolving Exposure Amount"* means, at any time, the sum of (a) the product of (i) the Loan Unfunded Commitment of each Eligible Collateral Loan (other than Defaulted Collateral Loans and Haircut Collateral Loans) and (ii) 1 *minus* the Advance Rate related to such Collateral Loan, *plus* (b) the product of (i) the aggregate Loan Unfunded Commitment of each Haircut Collateral Loan (other than Defaulted Collateral Loans) and (ii) 1 *minus* the Recovery Rate related to such Haircut Collateral Loan, *plus* (c) the aggregate Loan Unfunded Commitment of each Ineligible Collateral Loan and Defaulted Collateral Loan.

"*Non-Approved Advisor*" means a person that is not an Approved Advisor.

 

*"Non-Cash Paying PIK Loan"* means any Collateral Loan that requires the Obligor to pay either (i) none of the accrued and unpaid interest in Cash on a current basis, or (ii) only a portion of the accrued and unpaid interest in Cash on a current basis such that the interest required to be paid in Cash pursuant to the terms of the applicable Related Documents carries a current Cash pay interest rate paid (x) at a floating rate of less than 2.50% per annum over the then-current benchmark rate (or applicable replacement index therefor) or (y) at a fixed rate of less than SOFR + 2.50%.

 

*"Non-U.S. Lender"* has the meaning assigned to such term in <u>Section 16.03(g)</u>.

 

*"Notice of Borrowing"* has the meaning assigned to such term in <u>Section 2.02</u>.

 

*"Notice of Prepayment"* has the meaning assigned to such term in <u>Section 2.05</u>.

 

*"Obligations"* means all indebtedness, whether absolute, fixed or contingent, at any time or from time to time owing by the Borrower to any Secured Party or any Affected Person under or in connection with this Agreement, any Fee Letter or any other Facility Document, including obligations pursuant to the Collateral Agent's and the Administrative Agent's Erroneous Payment Subrogation Rights, all amounts payable by the Borrower in respect of the Advances, with interest thereon, and all other amounts payable hereunder or thereunder by the Borrower.

 

*"Obligor"* means, in respect of any Collateral Loan, each Person obligated to pay Collections in respect of such Collateral Loan, including any applicable guarantors; *provided* that for purposes of determining the domicile of an Obligor for purposes of the definitions of Concentration Limitation and Eligible Collateral Loan, the term "Obligor" shall only include the Person in respect of which the Collateral Loan was principally underwritten.

 

*"OFAC"* means the U.S. Office of Foreign Assets Control.

 

*"Other Connection Taxes"* means, in the case of any Secured Party, any Taxes imposed as a result of a present or former connection between such Secured Party and the jurisdiction imposing such Tax (other than a connection arising solely from such Secured Party having executed, delivered, become a party to, performed obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced this Agreement or any other Facility Document).

 

 

*"Other Taxes"* 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 Facility Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <u>Section 16.03(h)</u> or <u>Section 2.17</u>).

"*Outbound Investment Rules*" means the regulations codified at 31 C.F.R. § 850.101 et seq. and any related public guidance issued, as of the date of this Agreement, by the United States Treasury Department.

 

*"Partial PIK Loan"* means a Collateral Loan that requires the Obligor to pay only a portion of the accrued and unpaid interest in Cash on a current basis, the remainder of which is or can be deferred and paid later; *provided* that the portion of such interest required to be paid in Cash pursuant to the terms of the applicable Related Documents carries a current Cash pay interest rate paid (x) at a floating rate of not less than 2.50% and not equal to or greater than 4.50% per annum over the then-current benchmark rate (or applicable replacement index therefor), or (y) at a fixed rate of not less than SOFR + 2.50% and not equal to or greater than SOFR + 4.50% per annum.

 

*"Participant"* means any Person to whom a participation is sold as permitted by <u>Section 16.06(d)</u>.

 

*"Participant Register"* has the meaning assigned to such term in <u>Section 16.06(d)</u>.

 

*"Past Due Rate"* has the meaning assigned to such term in the Lender Fee Letter.

 

*"PATRIOT Act"* has the meaning assigned to such term in <u>Section 16.16</u>.

 

*"Payment Account"* means the payment account of the Collateral Agent established pursuant to <u>Section 8.03(a)</u>.

 

*"Payment Date"* means the 24th day of each calendar month commencing October 2025; *provided* that, if any such day is not a Business Day, then such Payment Date shall be the next succeeding Business Day.

 

*"PBGC"* means the Pension Benefit Guaranty Corporation, or any successor agency or Person performing substantially the same functions.

 

*"Percentage"* of any Lender means, (a) with respect to any Lender party hereto on the Closing Date, the percentage set forth opposite such Lender's name on <u>Schedule 1</u>, as such amount is reduced by a Lender Joinder Agreement entered into with a new Lender or by any Assignment and Acceptance entered into by such Lender with an assignee or increased by any Assignment and Acceptance entered into by such Lender with an assignor, or (b) with respect to a Lender that has become a party hereto pursuant to an Assignment and Acceptance or a Lender Joinder Agreement, the percentage set forth therein as such Lender's Percentage, as such amount is reduced by an Assignment and Acceptance or a Lender Joinder Agreement entered into between such Lender and an assignee or increased by any Assignment and Acceptance or Lender Joinder Agreement entered into by such Lender with an assignor.

 

 

*"Periodic Term SOFR Determination Day"* shall have the meaning set forth in the definition of "Term SOFR".

 

*"Permitted Assignee"* means (a) a Lender or any Affiliated Lender or (b) any Person managed by a Lender or any of its Affiliates.

"*Permitted Disclosure*" has the meaning assigned to such term in <u>Section 16.06(d)</u>.

 

*"Permitted Liens"* means: (a) Liens created in favor of the Collateral Agent hereunder or under the other Facility Documents for the benefit of the Secured Parties; (b) Liens imposed by any Governmental Authority for taxes, assessments or charges not yet delinquent or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance with GAAP; (c) with respect to the underlying collateral for any Collateral Loan, Liens imposed by Law, such as materialmen's, warehousemen's, mechanics', carriers', workmen's and repairmen's Liens and other similar Liens upon such underlying assets, arising by operation of law in the ordinary course of business for sums that are not overdue or are being contested in good faith; (d) with respect to any Collateral Loan, Liens on the underlying collateral for such Collateral Loan permitted under the Related Documents that are customary for similar Collateral Loans and consistent with Servicing Standard; and (e) customary restrictions on transfer of such Collateral Loans set forth in the applicable Related Documents.

"*Permitted Sub-Advisory Agreement*" means any investment management agreement, sub-manager agreement, loan sourcing and other services agreement, or similar agreement whereby the Fund or its investment manager have engaged an investment manager, sub-manager, or sub-adviser to source and/or manage loans and other investments owned by the Fund or its Affiliates.

 

*"Person"* means an individual or a corporation (including a business trust), partnership, trust, incorporated or unincorporated association, joint stock company, limited liability company, government (or an agency or political subdivision thereof) or other entity of any kind.

 

*"Plan"* means an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code that is sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any liability.

 

*"Plan Asset Rule"* has the meaning assigned to such term in <u>Section 4.01(n)</u>.

"*Pledge Agreement*" means that certain Pledge Agreement, dated as of the date hereof, made by Fund in favor of the Administrative Agent.

 

*"Potential Servicer Termination Event"* means any event which, with the passage of time, the giving of notice, or both, would constitute a Servicer Termination Event.

 

*"Potential Terminated Lender"* has the meaning assigned to such term in <u>Section 2.17(a)</u>.

 

*"Prime Rate"* means the rate announced by ATLAS from time to time as its prime rate in the United States, such rate to change as and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by ATLAS in connection with extensions of credit to debtors. ATLAS may make commercial loans or other loans at rates of interest at, above or below the Prime Rate. Notwithstanding anything herein to the contrary, in no event shall the Prime Rate be less than 0.00%.

 

 

*"Principal Balance"* means, with respect to any Collateral Loan, as of any date of determination, the outstanding principal amount of such Collateral Loan (excluding any capitalized interest).

 

*"Principal Collection Account"* has the meaning assigned to such term in <u>Section 8.02(a)</u>.

 

*"Principal Proceeds"* means, with respect to any Collection Period or the related Determination Date, all amounts received by the Borrower during such Collection Period that do not constitute Interest Proceeds, including unapplied proceeds of the Advances and any Cash equity contributions (unless specified by the Servicer to constitute Interest Proceeds in accordance with <u>Section 10.05</u>).

 

*"Priority of Payments"* has the meaning assigned to such term in <u>Section 9.01(a)</u>.

 

*"Private Authorizations"* means all franchises, permits, licenses, approvals, consents and other authorizations of all Persons (other than Governmental Authorities).

 

*"Proceeds"* has, with reference to any asset or property, the meaning assigned to it under Section 9-102(a)(64) of the UCC and, in any event, shall include any and all amounts from time to time paid or payable under or in connection with such asset or property.

 

*"Purchase and Contribution Agreement"* means that certain Purchase and Contribution Agreement dated as of the Closing Date between the Fund, as seller, and the Borrower, as buyer.

 

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

 

*"Ramp-Up Period"* means the period beginning on the Closing Date and ending upon the earliest of: (a) the date on which the Aggregate Collateral Balance first meets or exceeds the Facility Limit; (b) the date that is the six-month anniversary of the Closing Date; and (c) the date on which the Borrower provides written notice to the Administrative Agent that the Ramp-Up Period has ended.

"*Recipient*" means the Administrative Agent, each Managing Agent, each Lender and each Secured Party.

 

 

*"Recovery Rate"* means, with respect to any Collateral Loan, the "Recovery Rate" for such Collateral Loan as set forth opposite such asset type below:

 

First Lien Loans – 50%

Split First Lien Loans – 50%

Split Lien Loans – 30%

Second Lien Loans – 30%

 

*"Register"* has the meaning assigned to such term in <u>Section 16.06(c)</u>.

 

*"Regulation T"*, *"Regulation U"* and *"Regulation X"* mean Regulation T, U and X, respectively, of the Board of Governors of the Federal Reserve System, as in effect from time to time.

 

*"Reinvestment Period"* means the period from and including the Closing Date to and including the earlier of (a) the Scheduled Reinvestment Period End Date (including any extension pursuant to the definition thereof) and (b) the date of the termination of the Commitments pursuant to <u>Section 6.01</u>.

 

*"Related Documents"* means, with respect to any Collateral Loan, (a) the loan or credit agreement evidencing such Collateral Loan, (b) the principal security agreement, and (c) if the same can be obtained without undue expense or effort, all other material documents evidencing, guaranteeing, securing, governing or giving rise to such Collateral Loan (including those identified on the Loan Checklist).

 

*"Relevant Governmental Body"* means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York, or any successor thereto.

 

*"Relevant Test Period"* means, with respect to any Collateral Loan, the relevant test period for the calculation of EBITDA, Fixed Charge Coverage Ratio, Senior Leverage Ratio or Total Leverage Ratio, as applicable, for such Collateral Loan in the applicable Related Documents or, if no such period is provided for therein, for Obligors delivering monthly financial statements, each period of the last twelve consecutive reported calendar months, and for Obligors delivering quarterly financial statements, each period of the last four consecutive reported fiscal quarters of the principal Obligor on such Collateral Loan; *provided* that, with respect to any Collateral Loan for which the relevant test period is not provided for in the applicable Related Documents, if an Obligor is a newly-formed entity as to which twelve consecutive calendar months have not yet elapsed, "Relevant Test Period" shall initially include the period from the date of formation of such Obligor or closing date of the applicable Collateral Loan to the end of the twelfth calendar month or fourth fiscal quarter (as the case may be) from the date of formation or closing, as applicable, and shall subsequently include each period of the last twelve consecutive reported calendar months or four consecutive reported fiscal quarters (as the case may be) of such Obligor.

 

*"Remora"* has the meaning assigned to such term in the introduction to this Agreement.

 

*"Replacement Lender"* has the meaning assigned to such term in <u>Section 2.17(a)</u>.

 

 

*"Requested Amount"* has the meaning assigned to such term in <u>Section 2.02</u>.

 

*"Required Lender Sacred Rights*" means, with respect to DIP Loans only, the inclusion in the Related Documents of such Collateral Loan of all of the following, which shall require a vote of all lenders under the Related Document to waive, amend, or otherwise modify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the extension or increase of any commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) principal balance and interest reductions and/or modifications and changes to any mandatory prepayments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the priority of payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the collateral and related security interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) releases of the borrower or any guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) voting rights.

*"Required Lenders"* means, as of any date of determination, (a) Atlas, for so long as it is the Administrative Agent and a Lender Affiliate of Atlas has a Commitment hereunder and (b) one or more Lenders having aggregate Percentages greater than or equal to 50%; *provided* that if there are two (2) or more Lenders party hereto that are not Affiliates as of the applicable date of determination, then at least two such Lenders shall be required to constitute the Required Lenders. To the extent provided in <u>Section 16.01(d)</u>, the Percentage of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

 

*"Resolution Authority"* means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

*"Responsible Officer"* means (a) in the case of (i) a corporation or (ii) a partnership or (iii) a limited liability company that, in each case, pursuant to its Constituent Documents, has officers, any chief executive officer, chief financial officer, chief administrative officer, managing director, president, senior vice president, vice president, assistant vice president, treasurer, director or manager, and, in any case where two Responsible Officers are acting on behalf of such entity, the second such Responsible Officer may be a secretary or assistant secretary (*provided* that a director or manager of the Borrower shall be a Responsible Officer of the Borrower regardless of whether its Constituent Documents provide for officers), (b) without limitation of <u>clause (a)(ii)</u>, in the case of a limited partnership, the Responsible Officer of the general partner, acting on behalf of such general partner in its capacity as general partner, (c) without limitation of <u>clause (a)(iii)</u>, in the case of a limited liability company, any Responsible Officer of the sole member or managing member or manager, acting on behalf of the sole member, managing member or manager in its capacity as sole member, managing member or manager, (d) in the case of a trust, the Responsible Officer of the trustee, acting on behalf of such trustee in its capacity as trustee, (e) an "authorized signatory" or "authorized officer" that has been so authorized pursuant to customary corporate proceedings, limited partnership proceedings, limited liability company proceedings or trust proceedings, as the case may be, and that has responsibilities commensurate with the matter for which it is acting as a Responsible Officer: the initial "authorized signatories" of the Borrower, the Fund and the Servicer are set forth on <u>Schedule 7</u> hereto (as such <u>Schedule 7</u> may be modified from time to time by written notice), (f) in the case of the Administrative Agent, an officer of the Administrative Agent having direct responsibility for the administration of this Agreement and (g) in the case of the Collateral Administrator, the Collateral Agent, the Custodian or the Document Custodian, any director, vice president, assistant vice president or associate or other officer of the Collateral Administrator, the Collateral Agent, the Document Custodian or the Custodian having direct responsibility for the administration of this Agreement or the Account Control Agreement, as applicable.

 

 

*"Restricted Payments"* means the declaration of any distribution or dividends or the payment of any other amount (including in respect of redemptions permitted by the Constituent Documents of the Borrower) to any shareholder, partner, member or other equity investor in the Borrower on account of any share, membership interest, partnership interest or other equity interest in respect of the Borrower, or the payment on account of, or the setting apart of assets for a sinking or other analogous fund for, or the purchase or other acquisition of any class of stock of or other equity interest in the Borrower or of any warrants, options or other rights to acquire the same (or to make any "phantom stock" or other similar payments in the nature of distributions or dividends in respect of equity to any Person), whether now or hereafter outstanding, either directly or indirectly, whether in cash, property (including marketable securities), or any payment or setting apart of assets for the redemption, withdrawal, retirement, acquisition, cancellation or termination of any share, membership interest, partnership interest or other equity interest in respect of the Borrower. For the avoidance of doubt, (x) payments and reimbursements due to the Servicer in accordance with this Agreement or any other Facility Document do not constitute Restricted Payments, (y) distributions by the Borrower to holders of its membership interests of Collateral Loans or of cash or other proceeds relating thereto which have been sold to, repurchased or substituted by, the Borrower in accordance with this Agreement shall not constitute Restricted Payments, and (z) subject to <u>Section 5.02(g)</u>, any distribution by the Borrower to its equityholders which is otherwise permitted to be paid pursuant to <u>Section 5.01(f)(iv)</u> shall not constitute a Restricted Payment.

 

*"Retransfer Date"* has the meaning assigned to such term in <u>Section 10.03(b)(vi)</u>.

 

*"Review Criteria"* is defined in <u>Section 14.02(b)(i)</u>.

 

*"Revolving Collateral Loan"* means any Collateral Loan (other than a Delayed Drawdown Collateral Loan) that is a loan (including revolving loans, funded and unfunded portions of revolving credit lines and letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments) that by its terms may require one or more future advances to be made to the related Obligor by the Borrower and which provides that such borrowed money may be repaid and re-borrowed from time to time; *provided* that any such Collateral Loan will be a Revolving Collateral Loan only until all commitments to make advances to the Obligor expire or are terminated or irrevocably reduced to zero.

 

*"Revolving Exposure"* means, at any time, the sum of the aggregate Loan Unfunded Commitments of each Collateral Loan (including each Ineligible Collateral Loan and each Defaulted Collateral Loan) at such time.

 

*"Revolving Reserve Account"* means the account established pursuant to <u>Section 8.04</u>.

 

 

*"Revolving Reserve Required Amount"* has the meaning assigned to such term in <u>Section 8.04</u>.

 

*"RIC"* means a Person qualifying for treatment as a "regulated investment company" under the Code.

"*S&P*" means S&P Global Ratings, and any successor or successors thereto.

 

*"S&P Industry Classification"* means each "S&P Industry Classification" set forth in <u>Schedule 4</u>, as such industry classifications shall be updated at the option of the Servicer if S&P publishes revised industry classifications and the Administrative Agent consents thereto. The determination of which S&P Industry Classification to which an Obligor belongs shall be made in good faith by the Servicer.

 

*"Sanctions"* means economic or financial sanctions or trade embargoes administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, (b) the United Nations Security Council, the European Union or His Majesty's Treasury of the United Kingdom or (c) the Government of Canada, including those administered by Global Affairs Canada, Public Safety Canada, and the Department of Justice.

 

*"Scheduled Distribution"* means, with respect to any Collateral Loan, for each Due Date, the scheduled payment of principal and/or interest and/or fees due on such Due Date with respect to such Collateral Loan.

 

*"Scheduled Reinvestment Period End Date"* means September 5, 2028 (or such later date as may be agreed by the Borrower, the Administrative Agent and each Lender).

 

*"Second Lien Loan"* means any Collateral Loan (for purposes of this definition, a *"loan"*) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is a First Lien/Last Out Loan; 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;(b) meets the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) is not (and is not expressly permitted by its terms to become) subordinate in right of payment to any other obligation for borrowed money of the Obligor of such loan (excluding customary terms applicable to a second lien lender under customary intercreditor provisions, such as after an event of default in connection with a first priority perfected Lien or with respect to the liquidation of the Obligor or of specified collateral);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is secured by a valid second priority perfected Lien in, to or on specified collateral securing the Obligor's obligations under such loan (whether or not such loan is also secured by any higher or lower priority Lien on other collateral), but subject to purchase money Liens and customary Liens for taxes or regulatory charges not then due and payable and other Permitted Liens under the Related Documents; *provided* that such Permitted Liens do not directly secure indebtedness for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) is secured, pursuant to such second priority perfected Lien, by collateral having a value (determined as set forth below) that is adequate (in the commercially reasonable judgment of the Servicer) to repay such Collateral Loan in accordance with its terms *plus* the aggregate Principal Balances of all other loans of equal or higher seniority secured by a first or second Lien in the same collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is not a loan which is secured solely or primarily by the common stock of its Obligor or any of its Affiliates; <u>provided</u> that the limitation set forth in this subclause (iv) shall not apply with respect to a Collateral Loan made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that either (1) in the Servicer's reasonable judgment, the applicable Related Documents of such Collateral Loan limit the activities of such Obligor or such subsidiary, as applicable, in such a manner so as to provide a reasonable expectation that (x) cash flows from such Obligor or from such subsidiary and such Obligor, as applicable, are sufficient to provide debt service on such Collateral Loan and (y) the assets of such Obligor or of such subsidiary and such Obligor, as applicable, would be available to repay principal of and interest on such Collateral Loan in the event of the enforcement of such Related Documents or (2) the granting by any such subsidiary of a Lien on its own property would violate law or regulations applicable to such subsidiary (whether the obligation secured is such Collateral Loan or any other similar type of indebtedness owing to third parties).

The determination as to whether <u>clause (b)(iii)</u> of this definition is satisfied shall be based on both (a) an analysis of the enterprise value (including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) of the related Obligor by the Servicer or an Appraisal or other valuation (which may be an internal Appraisal or valuation performed by the Servicer) performed on or about the date of acquisition by the Borrower or of the most recent restructuring of such Collateral Loan, and (b) the Servicer's judgment at the time such Collateral Loan is acquired by the Borrower.

 

*"Secured Parties"* means the Administrative Agent, the Collateral Agent, the Collateral Administrator, the Document Custodian, the Custodian (including USBNA in its capacity as securities intermediary under the Account Control Agreement), each Lender, the Servicer (to the extent the Servicer has not been removed), and, if applicable, the Successor Servicer.

 

*"Securities Act"* means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, all as from time to time in effect.

 

*"Securities Intermediary"* has the meaning assigned to it in Section 8-102(a)(14) of the UCC.

 

*"Security Entitlement"* has the meaning assigned to such term in Section 8-102(a)(17) of the UCC.

 

 

*"Senior Leverage Ratio"* means, with respect to any Collateral Loan for any Relevant Test Period, the meaning of "Senior Leverage Ratio", "Senior Net Leverage Ratio", "First Lien Leverage Ratio", "First Lien Net Leverage Ratio" or any comparable term relating to first lien senior secured (or such applicable lien or applicable level within the capital structure) indebtedness defined in the Related Documents for such Collateral Loan, or the ratio of (a) first lien senior secured (or such applicable lien or applicable level within the capital structure) indebtedness *minus* Unrestricted Cash to (b) EBITDA as calculated by the Servicer in good faith using information from and calculations consistent with the relevant financial models, *pro forma* financial statements, compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Related Documents.

 

*"Senior Servicer Fee"* means, for any Collection Period, an amount equal to the product of (a) 0.50% *per annum, multiplied by* (b) the Monthly Asset Amount (calculated on the basis of a 360 day year and the actual number of days elapsed in the related Collection Period).

 

*"Servicer"* has the meaning assigned to such term in the introduction to this Agreement.

 

*"Servicer Expense Cap"* means, for any rolling twelve (12) month period, Servicer Expenses in an amount equal to $100,000.

 

*"Servicer Expenses"* means, for any Interest Accrual Period, the out-of-pocket expenses incurred by the Servicer in connection with the Facility Documents.

 

*"Servicer Fees"* means, collectively, Senior Servicer Fees and Subordinated Servicer Fees.

 

*"Servicer Termination Event"* means the occurrence of any of the events, acts or circumstances set forth in <u>Section 6.02</u>.

 

*"Servicer Termination Notice"* has the meaning assigned to such term in <u>Section 6.02</u>.

 

*"Servicing Standard"* means, with respect to any Collateral Loans included in the Collateral, to service and administer such Collateral Loans in accordance with the Related Documents and all customary and usual servicing practices (a) which are consistent with the higher of: (i) the customary and usual servicing practices that a prudent loan investor or lender would use in servicing loans like the Collateral Loans for its own account, and (ii) the same care, skill, prudence and diligence with which the Servicer services and administers loans for its own account or for the account of others with similar investment objectives and strategies; and (b) without regard to: (i) any relationship that the Servicer or any Affiliate of the Servicer may have with any Obligor or any Affiliate of any Obligor, (ii) the Servicer's obligations to incur servicing and administrative expenses with respect to a Collateral Loan, (iii) the Servicer's right to receive compensation for its services hereunder or with respect to any particular transaction, (iv) the ownership by the Servicer or any Affiliate thereof of any retained interest or one or more loans of the same class as any Collateral Loans, (v) the ownership, servicing or management for others by the Servicer of any other loans or property by the Servicer, or (vi) any relationship that the Servicer or any Affiliate of the Servicer may have with any holder of other loans of the Obligor with respect to such Collateral Loans.

 

*"Signature Law"* has the meaning assigned to such term in <u>Section 16.05</u>.

 

 

*"SOFR"* means a rate per annum equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

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

 

*"SOFR Borrowing"* shall mean a Borrowing that bears interest at a rate based on Term SOFR, other than pursuant to <u>clause (c)</u> of the definition of "Base Rate".

 

*"Solvent"* means, as to any Person, such Person is not "insolvent" within the meaning of Section 101(32) of the Bankruptcy Code or Section 271 of the Debtor and Creditor Law of the State of New York.

 

*"Specified Eligible Investment"* means an Eligible Investment that is available to the Collateral Agent, specified by the Servicer to the Collateral Agent (with a copy to the Administrative Agent) on or prior to the initial Borrowing Date; *provided* that, so long as no Default or Event of Default shall have occurred and then be continuing, at any time with not less than five Business Days' notice to the Collateral Agent (with a copy to the Administrative Agent) the Servicer may (and, if the-then Specified Eligible Investment is no longer available to the Collateral Agent, shall) designate another Eligible Investment that is available to the Collateral Agent to be the Specified Eligible Investment for purposes hereof. After the occurrence of a Default or Event of Default, a Specified Eligible Investment shall mean an Eligible Investment which has been selected by the Administrative Agent and specified to the Collateral Agent.

 

*"Split First Lien Loan"* means a Collateral Loan that (a) would be characterized as a First Lien Loan but which has been structured with a credit facility that is senior in right of payment thereto and (b) satisfies the following criteria: (i) the aggregate commitment of the senior credit facility is less than or equal to 25.0% of the total first lien debt (including the Split First Lien Loan and the senior credit facility as measured by aggregate first lien loans and commitments), and (ii) the senior credit facility portion (as measured by commitment) has a trailing twelve-month senior debt to EBITDA ratio of less than or equal to 0.5x. Collateral Loans that do not meet the requirements of this definition may be categorized as (subject to satisfying the applicable criteria) either (a) Split Lien Loans or (b) Second Lien Loans.

 

*"Split Lien Loan"* means a Collateral Loan that (a) would be characterized as a First Lien Loan but which has been structured with a credit facility that is senior in right of payment with respect to current assets and (b) satisfies the following criteria: (i) the aggregate commitment of the senior credit facility is less than or equal to 25.0% of the total first lien debt (including the Split Lien Loan and the senior credit facility as measured by aggregate first lien loans and commitments), and (ii) the senior credit facility portion (as measured by commitment) has a trailing twelve-month senior debt to EBITDA ratio of less than or equal to 1.0x. Collateral Loans that do not meet the requirements of this definition shall be deemed Second Lien Loans.

 

 

*"Stretch Senior Loan"* means any Collateral Loan (a) that is secured by a valid and perfected first priority Lien on substantially all of the Obligor's assets constituting the underlying collateral for such Collateral Loan, subject to Permitted Liens, (b) for which no other secured indebtedness of the Obligor secured by a lien on substantially all of the Obligor's assets exists or is outstanding (subject to Permitted Liens), and (c) for which the payment obligation of the Obligor on such Collateral Loan is either senior to, or *pari passu* with, all other indebtedness of such Obligor. For purposes of determining the Advance Rate for a Stretch Senior Loan, it will be equal to the sum of (x) (i) if the Obligor of such Stretch Senior Loan is a Tier 1 Obligor at the time of the Designation Date, then (a) that portion of such Stretch Senior Loan which, when included in the total indebtedness of such Obligor, results in a Total Leverage Ratio of 5.75x or less at the time of the Designation Date will receive a 70.0% Advance Rate and (b) that portion of such Stretch Senior Loan which, when included in the total indebtedness of such Obligor, results in a Total Leverage Ratio greater than 5.75x (but less than or equal to 6.75x) at the time of the Designation Date will receive a 35.0% Advance Rate; (ii) if the Obligor of such Stretch Senior Loan is a Tier 2 Obligor at the time of the Designation Date, then (a) that portion of such Stretch Senior Loan which, when included in the total indebtedness of such Obligor, results in a Total Leverage Ratio of 5.00x or less at the time of the Designation Date will receive a 70.0% Advance Rate and (b) that portion of such Stretch Senior Loan which, when included in the total indebtedness of such Obligor, results in a Total Leverage Ratio greater than 5.00x (but less than or equal to 6.00x) at the time of the Designation Date will receive a 35.0% Advance Rate; and (iii) if the Obligor of such Stretch Senior Loan is a Tier 3 Obligor at the time of the Designation Date, then (a) that portion of such Stretch Senior Loan which, when included in the total indebtedness of such Obligor, results in a Total Leverage Ratio of 4.50x or less at the time of the Designation Date will receive a 70.0% Advance Rate and (b) that portion of such Stretch Senior Loan which, when included in the total indebtedness of such Obligor, results in a Total Leverage Ratio greater than 4.50x (but less than or equal to 5.25x) at the time of the Designation Date will receive a 35.0% Advance Rate and (y) 10.0%. For all other purposes, a Stretch Senior Loan shall be considered a First Lien Loan.

 

*"Structured Finance Obligation"* means any debt obligation owing by a finance vehicle that is secured directly and primarily by, primarily referenced to, and/or primarily representing ownership of, a pool of receivables or a pool of other assets, including collateralized debt obligations, residential mortgage-backed securities, commercial mortgage-backed securities, other asset-backed securities, "future flow" receivable transactions and other similar obligations; *provided* that loans to financial service companies, factoring businesses, health care providers and other genuine operating businesses do not constitute Structured Finance Obligations.

 

*"Subordinated Servicer Fee"* means, for any Collection Period, an amount equal to the product of (a) 0.50% *per annum, multiplied by* (b) the Monthly Asset Amount (calculated on the basis of a 360-day year and the actual number of days elapsed in the related Collection Period).

"*Subsidiary*" means any Person, means any corporation, association, partnership, or other business entity of which more than 50.0% of the total voting power of shares of Equity Security or other equity interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly by (i) such Person or (ii) one or more Subsidiaries of such Person.

 

*"Substitute Loan"* has the meaning assigned to such term in <u>Section 10.03</u>.

 

*"Successor Servicer"* has the meaning assigned to such term in <u>Section 11.08(b)</u>.

"*Support Facility*" means any agreement entered into in connection with this Agreement pursuant to which a Support Party agrees to make purchases from or advances to, or purchase assets from, any Conduit Lender in order to provide liquidity support for such Conduit Lender's Advances hereunder.

"*Support Party*" means the Person or Persons who provide liquidity support to any Conduit Lender pursuant to a Support Facility in connection with the issuance by such Conduit Lender of Commercial Paper Notes.

 

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

 

*"Term SOFR"* means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any calculation with respect to a SOFR Borrowing, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Accrual Period on the day (such day, the "*Periodic Term SOFR Determination Day*") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Accrual Period, as such rate is published by the Term SOFR Administrator; *provided*, that if as of 5:00 p.m. on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any calculation with respect to any Borrowing other than a SOFR Borrowing on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the "*Base Rate Term SOFR Determination Day*") that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator; *provided* that if as of 5:00 p.m. on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate Term SOFR Determination Day;

 

 

*provided*, that if Term SOFR determined as provided above (including pursuant to the proviso under <u>clause (a)</u> or <u>(b)</u> above) is less than the Floor, then Term SOFR shall be deemed to be the Floor.

 

*"Term SOFR Administrator"* means the CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

 

*"Term SOFR Reference Rate"* means the rate per annum determined by the Administrative Agent, based on the rate published by the Term SOFR Administrator, as the forward-looking term rate based on SOFR.

 

*"Tier 1 Obligor"* means an Obligor of any Collateral Loan with EBITDA greater than or equal to $50,000,000, determined at the most recent to occur of (i) the date such Collateral Loan is acquired by the Borrower and (ii) the date of any subsequent increase or modification to such Collateral Loan resulting from a material acquisition by the associated Obligor.

 

*"Tier 2 Obligor"* means an Obligor of any Collateral Loan with either (a) EBITDA greater than or equal to $20,000,000 but less than $50,000,000 or (b) (i) EBITDA greater than $5,000,000 but less than $20,000,000 and (ii) a Fixed Charge Coverage Ratio of greater than or equal to 1.25x and a Debt to Capitalization Ratio of no more than 65.0% (in each case, determined at the most recent to occur of (i) the date such Collateral Loan is acquired by the Borrower and (ii) the date of any subsequent increase or modification to such Collateral Loan resulting from a material acquisition by the associated Obligor).

 

*"Tier 3 Obligor"* means an Obligor that does not meet the criteria of either a Tier 1 Obligor or a Tier 2 Obligor.

 

*"Total Leverage Ratio"* means, with respect to any Collateral Loan for any Relevant Test Period, the meaning of "Total Leverage Ratio", "Total Net Leverage Ratio" or any comparable term relating to total indebtedness defined in the Related Documents for such Collateral Loan or the ratio of (a) total indebtedness *minus* Unrestricted Cash to (b) EBITDA as calculated by the Servicer in good faith using information from and calculations consistent with the relevant financial models, pro forma financial statements, compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Related Documents.

 

*"UCC"* means the New York Uniform Commercial Code; *provided* that if, by reason of any mandatory provisions of Law, the perfection, the effect of perfection or non-perfection or priority of the security interests granted to the Collateral Agent pursuant to this Agreement are governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States of America other than the State of New York, then "<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of such perfection, effect of perfection or non-perfection or priority.

 

*"UK Financial Institution"* 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.

 

 

*"UK Resolution Authority"* means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

 

*"Unadjusted Benchmark Replacement"* means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

*"Uncertificated Security"* has the meaning assigned to such term in Section 8-102(a)(18) of the UCC.

 

*"Unrestricted Cash"* has the meaning assigned to the term "Unrestricted Cash" or any comparable term defined in the Related Documents for each Collateral Loan, and in any case that "Unrestricted Cash" or such comparable term is not defined in such Related Documents, all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular purposes or subject to any lien (other than blanket liens permitted under or granted in accordance with such Related Documents).

 

*"U.S. Government Securities Business Day"* 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.S. Person"* means any Person that is a "United States person" as defined in Section 7701(a)(30) of the Code.

 

*"U.S. Tax Compliance Certificate"* has the meaning assigned to such term in <u>Section 16.03(g)(iii)</u>.

"*USBNA*" means U.S. Bank National Association.

 

*"USBTC"* means U.S. Bank Trust Company, National Association.

 

*"USB Fee Letter"* means the fee schedule, dated as of July 24, 2025 and acknowledged by the Borrower, setting forth the fees and other amounts payable by the Borrower to each of USBNA and USBTC (for any of their capacities) in connection with the transactions contemplated by this Agreement and other Facility Documents.

 

*"Volcker Rule"* means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.

 

*"Weighted Average Advance Rate"* means, as of any date of determination, the weighted average of the Advance Rates applicable to the Eligible Collateral Loans on such day, weighted according to the proportion of the Borrowing Base that each such Eligible Collateral Loan included in the Collateral represents.

 

 

*"Weighted Average Coupon"* means, as of any date, an amount equal to the number, expressed as a percentage, obtained by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *summing* the products of (i) the stated interest coupon on each Fixed Rate Loan *multiplied by* (ii) the Principal Balance of such Fixed Rate Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *dividing* such sum by the Aggregate Principal Balance of all Fixed Rate Loans as of such date.

 

*"Weighted Average Coupon Test"* means a test that will be satisfied on any date of determination if the Weighted Average Coupon equals or exceeds Term SOFR *plus* 4.50%.

*"Weighted Average Floating Spread"* means, as of any date, the number obtained by *dividing*:

&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 amount equal to (i) the Aggregate Funded Spread (with respect to all Floating Rate Loans) *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;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Aggregate Principal Balance of all Floating Rate Loans as of such date.

 

*"Weighted Average Remaining Term"* means, as of any date of determination with respect to all Eligible Collateral Loans, 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) *summing* the products of the following for each Eligible Collateral Loan: (i) the number of years (rounded to the nearest one hundredth thereof) from such date of determination to the final maturity date of such Collateral Loan *multiplied by* (ii)(A) the Principal Balance of such Collateral Loan *plus* (B) the Loan Unfunded Commitment of such Collateral Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *dividing* such sum by the sum of the Aggregate Principal Balance *plus* the Loan Unfunded Commitments of all Eligible Collateral Loans as of such date.

 

*"Weighted Average Remaining Term Test"* means a test that will be satisfied on any date of determination if the Weighted Average Remaining Term of the Collateral Loans as of such date is less than or equal to 6.0 years.

 

*"Weighted Average Spread Test"* means a test that will be satisfied on any date of determination if the Weighted Average Floating Spread equals or exceeds 4.50%.

*"Withdrawal Liability"* means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

*"Write-Down and Conversion Powers"* 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.

 

 

*"Zero Coupon Obligation"* means a Collateral Loan that does not provide for periodic payments of interest in Cash or that pays interest only at its stated maturity.

 

*Section 1.02. Rules of Construction.* For all purposes of this Agreement and the other Facility Documents, except as otherwise expressly provided or unless the context otherwise requires (i) singular words shall connote the plural as well as the singular and vice versa (except as indicated), as may be appropriate, (ii) the words "herein," "hereof" and "hereunder" and other words of similar import used in any Facility Document refer to such Facility Document as a whole and not to any particular article, schedule, section, paragraph, clause, exhibit or other subdivision thereof, (iii) the headings, subheadings and table of contents set forth in any Facility Document are solely for convenience of reference and shall not constitute a part of such Facility Document nor shall they affect the meaning, construction or effect of any provision thereof, (iv) references in any Facility Document to "include" or "including" shall mean include or including, as applicable, without limiting the generality of any description preceding such term, and for purposes thereof the rule of ejusdem generis shall not be applicable to limit a general statement, followed by or referable to an enumeration of specific matters, to matters similar to those specifically mentioned, (v) each of the parties to this Agreement and its counsel have reviewed and revised, or requested revisions to, this Agreement, and the rule of construction that any ambiguities are to be resolved against the drafting party shall be inapplicable in the construction and interpretation of this Agreement, (vi) any definition of or reference to any Facility Document, agreement, instrument or other document shall be construed as referring to such Facility Document, agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein or therein), (vii) any reference in any Facility Document, including the introduction and recitals to such Facility Document, to any Person shall be construed to include such Person's successors and assigns (subject to any restrictions set forth herein or in any other applicable agreement), (viii) any reference to any Law herein shall refer to such Law as amended, modified, replaced or supplemented from time to time, (ix) any Event of Default or Servicer Termination Event shall be continuing until expressly waived in writing by the requisite Lenders (or their respective Managing Agents on their behalf), (x) unless otherwise provided in any Facility Document, all references to time of day refer to Eastern standard time or Eastern daylight savings time, as in effect in New York City on such day, (xi) when the performance of any covenant, duty or obligation under any Facility Document is required to be performed on a day which is not a Business Day, the date of such performance shall extend to the next succeeding Business Day and (xii) if any payment required by any Facility Document becomes due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day.

 

*Section 1.03. Computation of Time Periods*. Unless otherwise stated in the applicable Facility Document, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including", the word "through" means "to and including" and the words "to" and "until" both mean "to but excluding". Periods of days referred to in any Facility Document shall be counted in calendar days unless Business Days are expressly prescribed.

 

 

*Section 1.04. Collateral Value Calculation Procedures*. In connection with all calculations required to be made pursuant to this Agreement with respect to Scheduled Distributions on any Collateral Loans, or any payments on any other assets included in the Collateral, with respect to the sale of and reinvestment in Collateral Loans, and with respect to the income that can be earned on Scheduled Distributions on such Collateral Loans and on any other amounts that may be received for deposit in each Collection Account, the provisions set forth in this <u>Section 1.04</u> shall be applied. The provisions of this <u>Section 1.04</u> shall be applicable to any determination or calculation that is covered by this <u>Section 1.04</u>, whether or not reference is specifically made to <u>Section 1.04</u>, unless some other method of calculation or determination is expressly specified in the particular provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All calculations with respect to Scheduled Distributions on the Collateral Loans shall be made on the basis of information as to the terms of each such Collateral Loan and upon reports of payments, if any, received on such Collateral Loans that are furnished by or on behalf of the Obligor of such Collateral Loans and, to the extent they are not manifestly in error, such information or reports may be conclusively relied upon in making such calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of calculating the Coverage Tests and the Maximum Advance Rate Default Test, except as otherwise specified in the Coverage Tests or the Maximum Advance Rate Default Test, such calculations will not include (i) scheduled interest and principal payments on Defaulted Collateral Loans and Ineligible Collateral Loans unless or until such payments are actually made and (ii) ticking fees and other similar fees in respect of Collateral Loans, unless or until such fees are actually paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For each Collection Period and as of any date of determination, the Scheduled Distribution on any Collateral Loans (other than Defaulted Collateral Loans and Ineligible Collateral Loans, which, except as otherwise provided herein, shall be assumed to have Scheduled Distributions of zero) shall be the total amount of (i) payments and collections to be received during such Collection Period in respect of such Collateral Loans, (ii) proceeds of the sale of such Collateral Loans received and, in the case of sales which have not yet settled, to be received during such Collection Period that are not reinvested in additional Collateral Loans or retained in a Collection Account for subsequent reinvestment pursuant to <u>Article X</u>, which proceeds, if received as scheduled, will be available in such Collection Account and available for distribution at the end of such Collection Period and (iii) amounts referred to in <u>clause (i)</u> or <u>(ii)</u> above that were received in prior Collection Periods but were not disbursed on a previous Payment Date or retained in a Collection Account for subsequent reinvestment pursuant to <u>Article X</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Scheduled Distribution received with respect to a Collateral Loan shall be assumed to be received on the applicable Due Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) References in the Priority of Payments to calculations made on a "*pro forma* basis" shall mean such calculations after giving effect to all payments, in accordance with the Priority of Payments, that precede (in priority of payment) or include the clause in which such calculation is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For purposes of calculating all Concentration Limitations, in both the numerator and the denominator of any component of the Concentration Limitations, Ineligible Collateral Loans will be treated as having a Principal Balance equal to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Determinations of the Collateral Loans, or portions thereof, that constitute Excess Concentration Amounts will be determined in the way that produces the highest Borrowing Base at the time of determination, it being understood that a Collateral Loan (or portion thereof) that falls into more than one category of Collateral Loans will be deemed, solely for purposes of such determinations, to fall only into the category that produces the highest such Borrowing Base at such time (without duplication).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except as otherwise provided herein, the Defaulted Collateral Loan Balance for Defaulted Collateral Loans will be included in the calculation of the Collateral Quality Tests and Ineligible Collateral Loans will not be included in the calculation of the Collateral Quality Tests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of determining the Weighted Average Spread Test and the Weighted Average Coupon Test (and related computations of stated interest coupons and Aggregate Funded Spread), capitalized or deferred interest (and any other interest that is not paid in cash or can be deferred and paid later) will be excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) References in this Agreement to the Borrower's "purchase" or "acquisition" of a Collateral Loan include references to the Borrower's acquisition of such Collateral Loan by way of a sale and/or contribution from the Fund's and the Borrower's making or origination of such Collateral Loan. Portions of the same Collateral Loan acquired by the Borrower on different dates (whether through purchase, receipt by contribution or the making or origination thereof, but excluding subsequent draws under Revolving Collateral Loans or Delayed Drawdown Collateral Loans) will, for purposes of determining the purchase price of such Collateral Loan, be treated as separate purchases on separate dates (and not a weighted average purchase price for any particular Collateral Loan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) For the purposes of calculating compliance with each of the Concentration Limitations all calculations will be rounded to the nearest 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Notwithstanding any other provision of this Agreement to the contrary, all monetary calculations under this Agreement shall be in Dollars. For purposes of this Agreement, calculations with respect to all amounts received or required to be paid in a currency other than Dollars shall be valued at zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For purposes of calculating compliance with any test under this Agreement in connection with the acquisition or disposition of a Collateral Loan or Eligible Investment, the trade date (and not the settlement date) with respect to any such Collateral Loan or Eligible Investment under consideration for acquisition or disposition shall be used to determine whether such acquisition or disposition is permitted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Collateral Agent and the Collateral Administrator shall have no responsibility or liability for (i) the selection, calculation or determination of (or any failure by the Administrative Agent to select, calculate or determine) the Base Rate, the Term SOFR Reference Rate, Term SOFR, or any Conforming Changes, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement) or (ii) any failure or delay in performing their duties under this Agreement as a result of any inability, delay, error or inaccuracy on the part of any other party, including without limitation the Administrative Agent or the Servicer, in providing any notice, direction, instruction or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties. With respect to each of the Collateral Agent, the Document Custodian, the Custodian and the Collateral Administrator, in case any reasonable question arises as to the interpretation of a calculation hereunder or the other Facility Documents, each of Collateral Agent, the Document Custodian, the Custodian and the Collateral Administrator may request instructions from the Administrative Agent and shall be entitled at all times to (i) refrain from taking any actions unless it has received written instruction from the Administrative Agent and (ii) act in accordance with written instructions received from the Administrative Agent.

 

*Section 1.05. Divisions.* For all purposes under the Facility Documents, in connection with any division or plan of division under Delaware Law (or any comparable event under a different jurisdiction's Laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity interests at such time.

 

*Section 1.06. Rates*. The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability (except as provided herein) with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Base Rate, the Term SOFR Reference Rate, or Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, Base Rate, the Term SOFR Reference Rate, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of Base Rate, the Term SOFR Reference Rate, Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain Base Rate, the Term SOFR Reference Rate, Term SOFR, or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender, any Managing Agent 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<br>ADVANCES**

 

*Section 2.01. Revolving Credit Facility*. On the terms and subject to the conditions hereinafter set forth, including <u>Article III</u>, each Lender severally agrees to make Advances from time to time on any Business Day during the Reinvestment Period (or immediately thereafter pursuant to <u>Section 8.04</u>), on a *pro rata* basis in each case in an aggregate principal amount at any one time outstanding up to but not exceeding such Lender's Commitment and, as to all Lenders, in an aggregate principal amount up to but not exceeding the Maximum Available Amount as then in effect. Each such borrowing of an Advance on any single day is referred to herein as a *"Borrowing"*. Within such limits and subject to the other terms and conditions of this Agreement, the Borrower may borrow (and re-borrow) Advances under this <u>Section 2.01</u> and prepay Advances under <u>Section 2.05</u>.

 

*Section 2.02. Making of the Advances*. (a) If the Borrower desires to make a Borrowing under this Agreement, the Borrower shall give each Lender, each Managing Agent, the Administrative Agent, the Servicer and the Collateral Agent a written notice (each, a *"Notice of Borrowing"*) for such Borrowing (which notice shall be irrevocable and effective upon receipt) not later than 12:00 p.m. at least one (1) Business Day prior to the day of the requested Borrowing. Each Notice of Borrowing shall be substantially in the form of <u>Exhibit A</u>, dated the date the request for the related Borrowing is being made, signed by a Responsible Officer of the Borrower, shall attach a Borrowing Base Calculation Statement (which Borrowing Base Calculation Statement shall give *pro forma* effect to any Collateral Loans being acquired with the proceeds of such Borrowing on such date or the following Business Day) and shall otherwise be appropriately completed. The proposed Borrowing Date specified in each Notice of Borrowing shall be a Business Day falling on or prior to the Commitment Termination Date, and the amount of the Borrowing requested in such Notice of Borrowing (the *"Requested Amount"*) shall be equal to at least $250,000 in the aggregate for all Borrowings on such Borrowing Date or an integral multiple of $50,000 in excess thereof in the aggregate for all Borrowings on such Borrowing Date (or, if less, the remaining unfunded Commitments hereunder or, in the case of Revolving Collateral Loans and Delayed Drawdown Collateral Loans, such lesser amount required to be funded by the Borrower in respect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender or Managing Agent on behalf of its Lender Group shall, not later than 2:00 p.m. on each Borrowing Date in respect of Advances, make its Percentage of the applicable Requested Amount available to the Borrower by disbursing such funds in Dollars to the related Principal Collection Account (or in accordance with the wire instructions delivered in connection with the Notice of Borrowing).

 

*Section 2.03. Evidence of Indebtedness*. Each Lender or Managing Agent on behalf of its Lender Group shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to it and resulting from the Advances made by such Lender or Managing Agent to the Borrower, from time to time, including the amounts of principal and interest thereon and paid to it, from time to time hereunder, *provided* that the failure of any Lender or Managing Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Advances in accordance with the terms of this Agreement.

 

 

*Section 2.04. Payment of Principal and Interest*. The Borrower shall pay principal and Interest on the Advances as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the outstanding principal amount of each Advance, together with all accrued and unpaid Interest thereon, shall be payable on the Final Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest shall accrue on the unpaid principal amount of each Advance from the date of such Advance until such principal amount is paid in full. The Administrative Agent shall determine the unpaid Interest and Commitment Fees payable thereto prior to each Payment Date using the applicable Interest Rate for the related Interest Accrual Period to be paid by the Borrower on each Payment Date for the related Interest Accrual Period and shall advise each Lender, each Managing Agent, the Collateral Agent, the Servicer and the Collateral Administrator thereof on the sixth Business Day prior to such Payment Date and shall send a consolidated invoice of all such Interest and Commitment Fees to the Borrower on the third (3<sup>rd</sup>) Business Day prior to such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Accrued Interest shall be payable in arrears (x) on each Payment Date, and (y) in connection with any prepayment of the Advances pursuant to <u>Section 2.05(a)</u>; *provided* that (i) with respect to any prepayment in full of the Advances outstanding, accrued Interest on such amount through the date of prepayment may be payable on such date or as otherwise agreed to between the Lenders, the Managing Agent and the Borrower and (ii) with respect to any partial prepayment of the Advances outstanding, accrued Interest on such amount through the date of prepayment shall be payable on the Payment Date following such prepayment (or on such date of prepayment if requested by the Administrative Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject in all cases to <u>Section 2.04(f)</u>, the obligation of the Borrower to pay the Obligations, including the obligation of the Borrower to pay the Lenders or the Managing Agents of the Lender Group the outstanding principal amount of the Advances and accrued interest thereon, shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms hereof (including <u>Section 2.14</u>), under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower or any other Person may have or have had against any Secured Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As a condition to the payment of principal of and Interest on any Advance without the imposition of withholding tax, the Borrower or any Agent may require certification acceptable to it to enable the Borrower and the Agents to determine their duties and liabilities with respect to any taxes or other charges that they may be required to deduct or withhold from payments in respect of such Advance under any present or future Law of the United States and any other applicable jurisdiction, or any present or future Law of any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision of this Agreement, the obligations of the Borrower under this Agreement are limited recourse obligations of the Borrower payable solely from the Collateral in accordance with the Priority of Payments and, following realization of the Collateral, and application of the proceeds thereof in accordance with the Priority of Payments and, subject to <u>Section 2.12</u>, all obligations of and any claims against the Borrower hereunder or in connection herewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer, director, employee, shareholder, Affiliate, member, manager, agent, partner, principal or incorporator of the Borrower or their respective successors or assigns for any amounts payable under this Agreement. It is understood that the foregoing provisions of this <u>clause (f)</u> shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Agreement until such Collateral has been realized. It is further understood that the foregoing provisions of this <u>clause (f)</u> shall not limit the right of any Person to name the Borrower as a party defendant in any proceeding or in the exercise of any other remedy under this Agreement, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In connection with the use or administration of any Benchmark Replacement, the Administrative Agent (in consultation with the Borrower) will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Facility Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Facility Document. The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of any Benchmark Replacement.

 

*Section 2.05. Prepayment of Advances*. (a) *Optional Prepayments.* The Borrower may, from time to time on any Business Day, voluntarily prepay Advances (together, if requested by the Administrative Agent, with the accrued and unpaid interest thereon and any breakage costs) in whole or in part, without penalty or premium; *provided* that the Borrower shall have delivered to the Collateral Agent, the Lenders, the Managing Agents and the Administrative Agent written notice of such prepayment (such notice, a *"Notice of Prepayment"*) in the form of <u>Exhibit B</u> not later than 12:00 p.m. one (1) Business Day prior to the date of such prepayment (*provided* that same day notice may be given to cure any noncompliance with the Maximum Advance Rate Test or the Maximum Advance Rate Default Test). The Borrower may also apply Principal Proceeds on deposit in the related Principal Collection Account to prepay the Advances in accordance with <u>Section 8.02(b)</u>. Each such Notice of Prepayment shall be irrevocable and effective upon receipt and shall be dated the date such notice is being given, signed by a Responsible Officer of the Borrower and otherwise appropriately completed. Each prepayment of any Advance by the Borrower pursuant to this <u>Section 2.05(a)</u> (other than a prepayment made in order to cure any non-compliance with the Maximum Advance Rate Test or the Maximum Advance Rate Default Test) shall in each case be in a principal amount of at least $250,000 in the aggregate for all prepayments on such date or, if less, the entire outstanding principal amount of the Advances of the Borrower. If a Notice of Prepayment is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Mandatory Prepayments.* The Borrower shall prepay the Advances on each Payment Date in the manner and to the extent provided in the Priority of Payments. The Borrower shall provide, in each Monthly Report, notice of the aggregate amounts of Advances that are to be prepaid on the related Payment Date in accordance with the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Additional Prepayment Provisions.* Each prepayment pursuant to this <u>Section 2.05</u> shall be subject to <u>Sections 2.04(c)</u> and <u>2.10</u> and applied to the Advances in accordance with the Lenders' respective Percentages.

 

*Section 2.06. Changes of Commitments*. (a) *Automatic Reduction and Termination.* Subject to the provisions of <u>Section 8.04</u>, the Commitments of all Lenders shall be automatically reduced to zero at 5:00 p.m. on the Commitment Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Optional Reductions.* Prior to the Commitment Termination Date, the Borrower shall have the right to terminate or reduce the unused amount of the Facility Amount at any time or from time to time upon not less than two (2) Business Days' prior notice to the Collateral Agent, the Lenders, the Managing Agents and the Administrative Agent of each such termination or reduction, which notice shall specify the effective date of such termination or reduction and the amount of any such termination or reduction; *provided* that (i) the amount of any such reduction of the Facility Amount shall be equal to at least $250,000 or an integral multiple of $100,000 in excess thereof or, if less, the remaining unused portion thereof, and (ii) no such reduction will reduce the Facility Amount below the sum of (x) aggregate principal amount of Advances outstanding at such time and (y) the Loan Unfunded Commitment at such time. Such notice of termination or reduction shall be irrevocable and effective only upon receipt and shall be applied *pro rata* to reduce the respective Commitments of each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Effect of Termination or Reduction.* The Commitments of the Lenders once terminated or reduced may not be reinstated. Each reduction of the Facility Amount pursuant to this <u>Section 2.06</u> shall be applied ratably among the Lenders in accordance with their respective Commitments.

 

*Section 2.07. Maximum Lawful Rate*. It is the intention of the parties hereto that the interest on the Advances shall not exceed the maximum rate permissible under Applicable Law. Accordingly, anything herein to the contrary notwithstanding, in the event any interest is charged to, collected from or received from or on behalf of the Borrower by the Lenders pursuant hereto or thereto in excess of such maximum lawful rate, then the excess of such payment over that maximum shall be applied first to the payment of amounts then due and owing by the Borrower to the Secured Parties under this Agreement (other than in respect of principal of and interest on the Advances) and then to the reduction of the outstanding principal amount of the Advances of the Borrower.

 

*Section 2.08. Several Obligations*. The failure of any Lender to make any Advance to be made by it on the date specified therefor shall not relieve any other Lender of its obligation to make its Advance on such date. No Agent shall be responsible for the failure of any Lender to make any Advance, and no Lender shall be responsible for the failure of any other Lender to make an Advance required to be made by such other Lender.

 

 

*Section 2.09. Increased Costs*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Increased Costs Generally*. If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impose, modify or deem applicable any reserve (including pursuant to regulations issued from time to time
by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency, special, supplemental or other
marginal reserve requirement) with respect to eurocurrency funding (currently referred to as "Eurocurrency liabilities" in
Regulation D)), special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the
account of, or credit extended or participated in by, any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject any Affected Person to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in <u>clauses (b)</u> through <u>(d)</u> of the definition of Excluded Taxes and (C) 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; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) impose on any Affected Person any other condition, cost or expense (other than Taxes) affecting this Agreement
or Advances made by such Affected Person;

and the result of any of the foregoing shall be to increase the cost to such Affected Person of making, continuing, converting into or maintaining any SOFR Borrowing (or maintaining its obligation to make any such SOFR Borrowing) or to reduce the amount of any sum received or receivable by such Affected Person hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will compensate such Affected Person for such additional costs incurred or reduction suffered as specified in a certificate delivered to the Borrower pursuant to <u>clause (c)</u> of this <u>Section 2.09</u>; *provided* that the Borrower shall only be obligated to reimburse for such additional amount or amounts under this <u>clause (a)</u> to the extent such amounts being requested are consistent with amounts that such Affected Person is generally charging similarly situated borrowers under similar credit facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Capital Requirements*. If any Affected Person 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 Affected Person's capital or on the capital of such Affected Person's holding company, if any, as a consequence of this Agreement or the Advances made by such Affected Person to a level below that which such Affected Person or such Affected Person's holding company could have achieved but for such Change in Law (taking into consideration such Affected Person's policies and the policies of such Affected Person's holding company with respect to capital adequacy and liquidity coverage), by an amount deemed to be material by such Affected Person, then from time to time the Borrower will pay to such Affected Person in Dollars, such additional amount or amounts as will compensate such Affected Person or such Affected Person's holding company for any such reduction suffered or charge imposed; *provided* that (x) the amounts payable under this <u>Section 2.09</u> shall be without duplication of amounts payable under <u>Section 16.03</u> and shall not include any Excluded Taxes; and (y) the Borrower shall only be obligated to reimburse for such amounts under this <u>clause (b)</u> to the extent such amounts are consistent with amounts that such Affected Person is generally charging similarly situated borrowers under similar credit facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Certificates from Lenders*. A certificate of an Affected Person setting forth in reasonable detail the basis for such demand and the amount or amounts, in Dollars, necessary to compensate such Affected Person or its holding company as specified in <u>clause (a)</u> or <u>(b)</u> of this <u>Section 2.09</u> shall be promptly delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such amount shown as due on any such certificate on the next Payment Date after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Delay in Requests*. Failure or delay on the part of any Affected Person to demand compensation pursuant to this <u>Section 2.09</u> shall not constitute a waiver of such Affected Person's right to demand such compensation; *provided* that the Borrower shall not be required to compensate an Affected Person pursuant to this <u>Section 2.09</u> for any increased costs, reductions, penalties or interest incurred more than six months prior to the date that such Affected Person notifies the Borrower of the Change in Law giving rise to any increased costs or reductions and of such Affected Person'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 six-month period referred to above shall be extended to include the period of retroactive effect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Lending Office*. Upon the occurrence of any event giving rise to the Borrower's obligation to pay additional amounts to a Lender pursuant to <u>clauses (a)</u> or <u>(b)</u> of this <u>Section 2.09</u>, such Lender will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate a different lending office if such designation would reduce or obviate the obligations of the Borrower to make future payments of such additional amounts; *provided* that such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost or material legal or regulatory disadvantage (as reasonably determined by such Lender), with the object of avoiding future consequence of the event giving rise to the operation of any such provision.

 

*Section 2.10. Compensation; Breakage Payments*. The Borrower agrees to compensate each Affected Person from time to time, on the Payment Date (or on the applicable date of prepayment), following such Affected Person's written request (which request shall set forth the basis for requesting such amounts), in accordance with the Priority of Payments for all reasonable losses, expenses and liabilities (including any interest paid by such Affected Person to lenders of funds borrowed to make or carry an Advance computed by reference to the then-current Benchmark and any loss sustained by such Affected Person in connection with the re-employment of such funds but excluding loss of anticipated profits), which such Affected Person may sustain: (i) if for any reason (including any failure of a condition precedent set forth in <u>Article III</u> but excluding a default by the applicable Lender) a Borrowing of any Advance computed by reference to the then-current Benchmark by the Borrower does not occur on the Borrowing Date specified therefor in the applicable Notice of Borrowing delivered by the Borrower, (ii) if any payment, prepayment or conversion of any of the Borrower's Advances occurs on a date that is not the last day of the relevant Interest Accrual Period, (iii) if any payment or prepayment of any Advance computed by reference to the then-current Benchmark is not made on a Payment Date or pursuant to a Notice of Prepayment given by the Borrower or (iv) as a consequence of any other default by the Borrower to repay its Advances when required by the terms of this Agreement. A certificate as to any amounts payable pursuant to this <u>Section 2.10</u> submitted to the Borrower by any Lender (with a copy to the Agents, and accompanied by a reasonably detailed calculation of such amounts and a description of the basis for requesting such amounts) shall be conclusive in the absence of manifest error.

 

 

*Section 2.11. Illegality; Inability to Determine Rates; Benchmark Replacement Setting*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Inability to Determine SOFR*. Subject to <u>paragraphs (b)</u> through and <u>(f)</u> below, if, prior to the commencement of any Interest Accrual Period for any SOFR Borrowing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent shall have determined (which determination shall be conclusive absent manifest
error) that "Term SOFR" cannot be determined pursuant to the definition thereof, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administrative Agent shall have received notice from the Required Lenders that SOFR for such Interest
Accrual Period will not adequately and fairly reflect the cost to such Lenders of making, funding or maintaining their SOFR Borrowings
for such Interest Accrual Period,

then the Administrative Agent shall give written notice thereof (or telephonic notice, promptly confirmed in writing) to the Borrower and to the Lenders as soon as practicable thereafter.

Upon notice thereof by the Administrative Agent to the Borrower, any obligation of the Lenders to make SOFR Borrowings, and any right of the Borrower to continue SOFR Borrowings or to convert Advances computed by reference to the Base Rate to SOFR Borrowings, shall be suspended (to the extent of the affected SOFR Borrowings or affected Interest Accrual Periods) until the Administrative Agent revokes such notice. Upon receipt of such notice, (i) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Borrowings (to the extent of the affected SOFR Borrowings or affected Interest Accrual Periods) or, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to an Advance computed by reference to the Base Rate in the amount specified therein and (ii) any outstanding affected SOFR Borrowings will be deemed to have been converted into an Advance computed by reference to the Base Rate at the end of the applicable Interest Accrual Period. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted, together with any additional amounts required pursuant to <u>Section 2.09</u>. Subject to <u>paragraphs (b)</u> through <u>(f)</u> below, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that "Term SOFR" cannot be determined pursuant to the definition thereof on any given day, the interest rate on Advances computed by reference to the Base Rate shall be determined by the Administrative Agent without reference to <u>clause (c)</u> of the definition of "Base Rate" until the Administrative Agent revokes such determination. If the Benchmark Replacement is Daily Simple SOFR, all Interest payments will be payable on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Benchmark Replacement*. Notwithstanding anything to the contrary herein or in any other Facility Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with <u>clause (a)</u> 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 Facility 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 Facility Document and (y) if a Benchmark Replacement is determined in accordance with <u>clause (b)</u> 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 Facility Document in respect of any Benchmark setting at or after 5:00 p.m. 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 Facility 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;(c) *Benchmark Replacement Conforming Changes*. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent (in consultation with the Borrower) will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Facility Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Facility Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Notices; Standards for Decisions and Determinations*. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to <u>Section 2.11(e)</u> and (y) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this <u>Section 2.11</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 Facility Document, except, in each case, as expressly required pursuant to this <u>Section 2.11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Unavailability of Tenor of Benchmark*. Notwithstanding anything to the contrary herein or in any other Facility Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference 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 not or will not be representative, then the Administrative Agent may modify the definition of "Interest Accrual Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to <u>clause (i)</u> 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 not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Accrual Period" (or any similar or analogous definition) 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;(f) *Benchmark Unavailability Period*. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a SOFR Borrowing of, conversion to or continuation of SOFR Borrowings to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Advances computed by reference to the Base Rate. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Illegality.* If any Change in Law shall make it unlawful or impossible for any Lender to perform any of its obligations hereunder, to make, maintain or fund any SOFR Borrowing or to determine or charge interest rates based upon SOFR, the Term SOFR Reference Rate, or Term SOFR and such Lender shall so notify the Administrative Agent, the Administrative Agent shall promptly give notice thereof to the Borrower and the other Lenders, whereupon until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such suspension no longer exist, the obligation of such Lender to make SOFR Borrowings, or to continue or convert outstanding Advances as or into SOFR Borrowings, shall be suspended. In the case of the making of a SOFR Borrowing, such Lender's Advance shall be made as an Advance computed by reference to the Base Rate as part of the same Borrowing for the same Interest Accrual Period and, if the affected SOFR Borrowing is then outstanding, such Advance shall be converted to an Advance computed by reference to the Base Rate either (i) on the last day of the then current Interest Accrual Period applicable to such SOFR Borrowing if such Lender may lawfully continue to maintain such Advance to such date or (ii) immediately if such Lender shall determine that it may not lawfully continue to maintain such SOFR Borrowing to such date. Notwithstanding the foregoing, the affected Lender shall, prior to giving such notice to the Administrative Agent, use reasonable efforts to designate a different lending office if such designation would avoid the need for giving such notice and if such designation would not otherwise be disadvantageous to such Lender in the good faith exercise of its discretion. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to <u>Section 2.09</u>.

 

*Section 2.12. Rescission or Return of Payment*. The Borrower agrees that, if at any time (including after the occurrence of the Final Maturity Date) all or any part of any payment theretofore made by it to any Secured Party or any designee of a Secured Party is or must be rescinded or returned for any reason whatsoever (including the insolvency, bankruptcy or reorganization of the Borrower or any of its Affiliates), the obligation of the Borrower to make such payment to such Secured Party shall, for the purposes of this Agreement, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence and this Agreement and any other applicable Facility Document shall continue to be effective or be reinstated, as the case may be, as to such obligations, all as though such payment had not been made.

 

 

*Section 2.13. Past Due Interest*. The Borrower shall pay interest on all Obligations (other than principal and interest on the Advances, where the default rate is reflected in the Applicable Margin) that are not paid when due for the period from the due date thereof (which shall be the earlier of (a) the first Payment Date and (b) any prepayment by the Borrower pursuant to <u>Section 2.05(a)</u>, on which such Obligation is due and owing and would have been paid pursuant to the Priority of Payments or any payment of Advances pursuant to <u>Section 2.05(a</u>), as applicable, had sufficient funds been applied in accordance with the Priority of Payments or <u>Section 2.05(a</u>), as applicable) until the date the same is paid in full at the Past Due Rate. Interest payable at the Past Due Rate shall be payable on each Payment Date in accordance with the Priority of Payments.

 

*Section 2.14. Payments Generally*. (a) All amounts owing and payable to any Secured Party, any Affected Person or any Indemnified Party, in respect of the Advances and other Obligations, including the principal thereof, interest, fees, indemnities, expenses or other amounts payable under this Agreement or any other Facility Document, shall be paid by the Borrower to the applicable recipient in Dollars, in immediately available funds, in accordance with the Priority of Payments, and all without counterclaim, setoff, deduction, defense, abatement, suspension or deferment. Each Lender (or Managing Agent on behalf of its Lender Group) shall provide wire instructions to the Borrower, the Administrative Agent and the Collateral Agent. All payments made by the Collateral Agent pursuant to a Monthly Report on any Payment Date shall be wired by the Collateral Agent by 12:00 p.m. on such Payment Date. Prepayments to be made pursuant to <u>Section 2.05</u> for which the Collateral Agent has received a Notice of Prepayment one (1) Business Day prior to the scheduled date of prepayment shall be wired by the Collateral Agent by 12:00 p.m. on such date. All other payments by the Borrower must be received by the Collateral Agent on or prior to 3:00 p.m. on a Business Day (the Collateral Agent shall then wire such funds to the Lenders by 5:00 p.m. on such Business Day); *provided* that, payments received by the Collateral Agent after 3:00 p.m. or payments received by the Lenders after 5:00 p.m. on a Business Day will be deemed to have been paid on the next following Business Day. For the avoidance of doubt, for purposes of <u>Section 6.01</u>, amounts paid by the Borrower shall be deemed received upon payment by the Borrower to the Collateral Agent. At no time will the Collateral Agent have any duty (express or implied) to fund (or front or advance) any amount owing by the Borrower hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise expressly provided herein, all computations of interest, fees and other Obligations shall be made on the basis of a year of 360 days for the actual number of days elapsed in computing interest on any Advance, the date of the making of the Advance shall be included and the date of payment shall be excluded; *provided* that, if an Advance is repaid on the same day on which it is made, one day's Interest shall be paid on such Advance. All computations made by a Lender, the Collateral Agent, the Collateral Administrator or the Administrative Agent under this Agreement or any other Facility Document shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall make all applicable payments to or at the direction of the applicable Managing Agent on behalf of each Lender. Each Lender shall have the right to notify the Managing Agent that it waives receipt of any payment due to it, and upon such waiver, the Managing Agent shall allocate the amount of such payment pro rata to the other members of its Lender Group.

 

 

*Section 2.15. [Reserved].*

 

*Section 2.16. Defaulting Lenders*.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in <u>Section 16.01(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Defaulting Lender Waterfall*. Any payment of principal, interest, fees or other amounts received
by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VI</u> 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 Agents hereunder; *second*, as the Borrower may request (so
long as no Default or Event of Default exists), to the funding of any Advance in respect of which such Defaulting Lender has failed to
fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; *third*, if so determined by the
Administrative Agent and the Borrower, to be held as cash collateral for future funding obligations of such Defaulting Lender to fund
Advances under this Agreement; *fourth*, to the payment of any amounts owing to the Lenders as a result of any judgment of a court
of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of
its obligations under this Agreement; *fifth*, so long as no Default or Event of Default exists, to the payment of any amounts owing
to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender
as a result of such Defaulting Lender's breach of its obligations under this Agreement; and *sixth*, to such Defaulting Lender
or as otherwise directed by a court of competent jurisdiction. Any payments, prepayments or other amounts paid or payable to a Defaulting
Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this <u>Section 2.16(a)(ii)</u> shall be deemed paid to and redirected by such Defaulting Lender, each Managing Agent and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Reserved.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For any period during which such Lender is a Defaulting Lender, such Lender shall not be entitled to receive
any Commitment Fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such
fee that otherwise would have been required to have been paid to that Defaulting Lender).

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

*Section 2.17. Replacement of Lenders.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary contained herein, in the event that (x) any Affected Person shall request reimbursement for amounts owing pursuant to <u>Section 2.09</u> or <u>16.03</u>, (y) a Lender is a Defaulting Lender or (z) any Lender does not give or approve any consent, waiver or amendment that requires the approval of all Lenders or all affected Lenders in accordance with the terms hereof and has been approved by the Required Lenders (any such Lender in <u>clauses (x)</u>, <u>(y)</u> and <u>(z)</u>, a *"Potential Terminated Lender"*), the Borrower, at its sole expense and effort, shall be permitted, upon no less than ten (10) days' written notice to the Administrative Agent and such Potential Terminated Lender, to require such Potential Terminated Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, <u>Section 16.06</u>), all of its interests, rights (other than its existing rights to payments pursuant to <u>Sections 2.09</u> and <u>16.03</u>) and obligations under this Agreement and the related Facility Documents to an assignee permitted pursuant to <u>Section 16.06</u> (a *"Replacement Lender"*) that shall assume such obligations (which assignee may be another Lender, if such Lender accepts such assignment); *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Potential Terminated 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 and under the other Facility Documents
(including any amounts under <u>Section 2.10</u>) from the Replacement Lender (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any such assignment resulting from a claim for compensation under <u>Section 2.09</u> or
payments required to be made pursuant to <u>Section 16.03</u>, such assignment will result in a reduction in such compensation or payments
thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such assignment does not conflict with Applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of an assignment based on <u>clause (z)</u> above, the Replacement Lender shall have consented
to the applicable amendment, waiver or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Potential Terminated Lender hereby agrees to take all actions reasonably necessary, at the sole expense of the Borrower, to permit a Replacement Lender to succeed to its rights and obligations hereunder. Upon the effectiveness of any such assignment to a Replacement Lender, (i) such Replacement Lender shall become a "Lender" hereunder for all purposes of this Agreement and the other Facility Documents, (ii) such Replacement Lender shall have a Commitment in the amount not less than the Potential Terminated Lender's Commitment assumed by it and (iii) the Commitment of the Potential Terminated Lender shall be terminated in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Lender shall be required to make any assignment or delegation pursuant to <u>Section 2.17(a)</u> if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

*Section 2.18. Increase in Facility Amount.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower may at any time prior to the first anniversary of the Closing Date, request to increase the Facility Amount to $250,000,000 on the Facility Increase Date (and, for the avoidance of doubt, prior to the Commitment Termination Date); *provided* if the Borrower does not request such increase to the Facility Amount prior to the first anniversary of the Closing Date, then the Facility Amount shall increase to $250,000,000 on the first anniversary of the Closing Date, subject to the conditions precedent listed below. Such increase shall be effected by increasing the Commitment of AGF WHCO 2-A2 LP (or such other ATLAS Lender Affiliate that shall have become a party hereto in accordance with the terms hereof pursuant to an Assignment and Acceptance or Lender Joinder Agreement) by $100,000,000 (the "*ATLAS Increase*"). Any increase pursuant to this <u>Section 2.18(a)</u> shall be subject to satisfaction of the following conditions precedent, upon which such ATLAS Increase shall automatically take effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Facility Increase Date is prior to the first anniversary of the Closing Date, the Borrower shall
have delivered a Facility Amount Increase Request (as defined in <u>Section 2.18(b)</u>) to the Administrative Agent not less than fifteen
(15) Business Days prior to the Facility Increase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Event of Default shall have occurred and be continuing on the date of such Facility Increase Request
or the Facility Increase Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the representations and warranties of the Borrower and the Fund set forth herein and in the other Facility
Documents are true and correct in all material respects on and as of the Facility Increase Date, with the same force and effect as if
made on and as of such date (except to the extent that such representations and warranties expressly relate to an earlier date); provided
that if a representation and warranty is qualified as to materiality, with respect to such representation and warranty, the materiality
qualifier set forth above shall be disregarded for the purposes of this condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower may at any time, and from time to time, following the Facility Increase Date and prior to the Commitment Termination Date, increase the Facility Amount, either through an increase in the Commitment of a particular Lender or addition of a new Lender, by delivering a request substantially in the form attached hereto as <u>Exhibit F-1</u> (each, a *"Facility Amount Increase Request")* or in such other form acceptable to the Administrative Agent at least 30 days (or such lesser number of days as is acceptable to the Administrative Agent) before the desired effective date of such increase (the *"Facility Amount Increase"*) identifying an additional Lender that is a Permitted Assignee or, with the written consent of the Administrative Agent, identifying any other Person as an additional Lender (or additional Commitments for existing Lender(s) which have consented to such increase), and the amount of its Commitment (or additional amount of its Commitment(s)); *provided*, *however*, that (i) any increase of the aggregate amount of the Facility Amount shall be in an amount not less than $25,000,000, (ii) no Default or Event of Default shall have occurred and be continuing at the time of the request or the effective date of the Facility Amount Increase, (iii) all representations and warranties contained in <u>Article IV</u> hereof (as the same may be amended from time to time) shall be true and correct in all material respects at the time of such request and on the effective date of such Facility Amount Increase, (iv) the Administrative Agent shall have provided its written consent to such increase, (v) each existing Lender that has agreed to increase its Commitment shall deliver to the Borrower a Facility Amount Increase Agreement substantially in the form attached hereto as <u>Exhibit F-2</u> (each, a *"Facility Amount Increase Agreement"*), (vi) each new Lender shall satisfy the conditions set forth in <u>Section 2.18(c)</u>, and (vii) any increase of the Facility Amount to an amount in excess of $500,000,000 will require the approval of the Required Lenders. The effective date of the Facility Amount Increase shall be agreed upon by the Borrower and the Administrative Agent. Upon the effectiveness thereof, the new Lender(s) (or, if applicable, existing Lender(s)) shall make Advances in an amount sufficient such that after giving effect to its advance each Lender shall have outstanding its Percentage of Advances. It shall also be a condition to such effectiveness that the Borrower shall not have terminated any portion of the Facility Amount pursuant to <u>Section 2.06</u> hereof. The Borrower agrees to pay any reasonable and documented expenses of the Administrative Agent relating to any Facility Amount Increase. Notwithstanding anything herein to the contrary, no Lender shall have any obligation to increase its Commitment and no Lender's Commitment shall be increased without its consent thereto, and each Lender may in its sole and absolute discretion, unconditionally and without cause, decline to increase its Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any Facility Amount Increase other than in connection with a Facility Amount Increase Agreement, at the request of the Borrower, a Permitted Assignee or, with the written consent of the Administrative Agent, any other Person may join this Agreement as a Lender and assume all rights and obligations of a Lender under this Agreement and the other Facility Documents, subject to the following conditions: (i) the Commitment of the new Lender shall be in addition to the Commitment of the existing Lenders in effect on the date of such new Lender's entry into this Agreement and the Facility Amount shall be increased in a corresponding amount; (ii) such new Lender shall deliver to the Borrower the applicable tax forms required by <u>Section 16.03(g)</u>; and (iii) the new Lender and the Borrower shall execute and deliver to the Administrative Agent a Lender Joinder Agreement substantially in the form of <u>Exhibit F-3</u> (each, a *"Lender Joinder Agreement"*).

**ARTICLE III<br>CONDITIONS PRECEDENT**

 

*Section 3.01. Conditions Precedent to Initial Advances*. The obligation of each Lender to make its initial Advance hereunder shall be subject to the conditions precedent that the Administrative Agent shall have received on or before the Closing Date the following, each in form and substance reasonably satisfactory to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the Facility Documents (other than the USB Fee Letter, which shall be delivered directly to USBNA and USBTC) duly executed and delivered by the parties thereto, which shall each be in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) true and complete copies of the Constituent Documents of the Borrower, the Servicer and the Fund as in effect on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) true and complete copies certified by a Responsible Officer of the Borrower of all Governmental Authorizations, Private Authorizations and Governmental Filings, if any, required in connection with the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate of a Responsible Officer of the Borrower certifying (i) as to its Constituent Documents, (ii) as to its resolutions or other action of its board of directors or members or other governing body approving this Agreement and the other Facility Documents to which it is a party and the transactions contemplated hereby and thereby, (iii) that its representations and warranties set forth in the Facility Documents to which it is a party are true and correct in all material respects as of the Closing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date), (iv) no Default or Event of Default has occurred and is continuing, and (v) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute the Facility Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a certificate of a Responsible Officer of the Servicer certifying (i) as to its Constituent Documents, (ii) as to its resolutions or other action of its general partner, board of directors or members approving this Agreement and the other Facility Documents to which it is a party and the transactions contemplated hereby and thereby, (iii) that its representations and warranties set forth in the Facility Documents to which it is a party are true and correct in all material respects as of the Closing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date), (iv) to the knowledge of the Servicer, no Servicer Termination Event or Potential Servicer Termination Event (other than with respect to the existence of an Event of Default) has occurred and is continuing, and (v) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute the Facility Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a certificate of a Responsible Officer of the Fund certifying (i) as to its Constituent Documents, (ii) as to its resolutions or other action of its general partner, board of directors, partners or members approving this Agreement and the other Facility Documents to which it is a party and the transactions contemplated hereby and thereby, (iii) that its representations and warranties set forth in the Facility Documents to which it is a party are true and correct in all material respects as of the Closing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date), (iv) to the knowledge of the Fund, no Default or Event of Default has occurred and is continuing with respect to its Purchase and Contribution Agreement, and (v) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute the Facility Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) financing statements (or the equivalent thereof in any applicable foreign jurisdiction, as applicable) in proper form for filing on the Closing Date, under the UCC with the Delaware Secretary of State and any other applicable filing office in any applicable jurisdiction that the Administrative Agent deems necessary or desirable in order to perfect the interests in the Collateral contemplated by this Agreement, the Master Purchase Agreement and the Purchase and Contribution Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) copies of proper financing statement amendments (or the equivalent thereof in any applicable foreign jurisdiction, as applicable), if any, necessary to release all security interests and other rights of any Person in the Collateral previously granted by the Borrower, the Fund or any transferor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) legal opinions (addressed to each of the Secured Parties) of Evershed Sutherland, counsel to the Borrower and the Fund, Evershed Sutherland, counsel to the Servicer and Seward & Kissel LLP, counsel to the Collateral Agent, the Collateral Administrator, the Custodian and the Document Custodian, covering such matters as the Administrative Agent and its counsel shall reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) evidence reasonably satisfactory to it that all of the Covered Accounts shall have been established and the Account Control Agreement shall have been executed and delivered by the Borrower, the Collateral Agent and the Custodian, and shall be in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) evidence that (x) all fees and expenses due and owing to the Administrative Agent, each Lender, USBNA and USBTC in their respective capacities under the Facility Documents, on or prior to the Closing Date have been received or will be received contemporaneous with closing; (y) the reasonable and documented fees and expenses of Mayer Brown LLP, counsel to the Administrative Agent and Seward & Kissel LLP, counsel to the Collateral Agent and the Collateral Administrator, and Eversheds Sutherland, counsel to the Servicer in connection with the transactions contemplated hereby (to the extent invoiced prior to the Closing Date); and (z) all other reasonable and documented up-front expenses and fees (including legal fees of outside counsel and any fees required under the USB Fee Letter that are invoiced at least one Business Day prior to the Closing Date), shall have been paid by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) delivery of such Collateral (including any promissory note, executed assignment agreements and word or pdf copies of the principal credit agreement for each initial Collateral Loan, to the extent received by the Borrower) in accordance with the provisions of <u>Article XIV</u> shall have been effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a certificate of a Responsible Officer of the Borrower, dated as of the Closing Date, certifying to the effect that, in the case of each item of Collateral pledged to the Collateral Agent, on the Closing Date and, in the case of <u>clauses (i)</u> through <u>(iii)</u> below, immediately prior to the delivery thereof on the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower is the owner of such Collateral free and clear of any Liens except for (A) those which are
being released on the Closing Date and (B) Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower has acquired its ownership in such Collateral in good faith without notice of any adverse
claim, except as described in <u>clause (i)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Borrower has not assigned, pledged or otherwise encumbered any interest in such Collateral (or, if
any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than Permitted Liens or interests granted
pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Borrower has full right to grant a security interest in and assign and pledge such Collateral to the
Collateral Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) upon grant by the Borrower, the Collateral Agent has a first priority perfected security interest in the
Collateral, except Permitted Liens or as permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) all documentation and other information requested by any such Lender and its Managing Agent required by bank regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the PATRIOT Act, and the Administrative Agent shall have received a fully executed Internal Revenue Service Form W-9 (or its equivalent) for the Borrower, the Servicer and the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) such other opinions, instruments, certificates and documents from the Borrower, the Servicer and the Fund as the Agents or any Lender shall have reasonably requested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) evidence that the Fund has received funding commitments in an aggregate amount equal to or exceeding $100,000,000 as of the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the Servicer has elected to be regulated as a "business development company" within the meaning of the Investment Company Act and qualifies as a RIC under the Code.

 

 

*Section 3.02. Conditions Precedent to Each Borrowing*. The obligation of each Lender to make each Advance to be made by it on each Borrowing Date shall be subject to the fulfillment of the following conditions; *provided* that the conditions described in <u>clauses (c)</u> and <u>(d)</u> (other than a Default or Event of Default described in <u>Section 6.01(f)</u>) below need not be satisfied if the proceeds of the Borrowing are used to fund Revolving Collateral Loans or Delayed Drawdown Collateral Loans then owned by the Borrower or to fund the Revolving Reserve Account to the extent required under <u>Section 8.04</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Administrative Agent shall have received a Notice of Borrowing with respect to such Advance (including the Borrowing Base Calculation Statement attached thereto, all duly completed) delivered in accordance with <u>Section 2.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately after the making of such Advance on the applicable Borrowing Date and any substantially concurrent transactions made in connection therewith (including the purchase of Collateral Loans; *provided* such purchase of Collateral Loans settles on a date not to exceed five (5) Business Days from the date of such Advance), each Coverage Test shall be satisfied (as demonstrated on the Borrowing Base Calculation Statement attached to such Notice of Borrowing) or, in the case of the Interest Coverage Ratio Test, was satisfied as of the most recent Monthly Report Determination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each of the representations and warranties of the Borrower, the Fund and the Servicer contained in the Facility Documents shall be true and correct in all material respects as of such Borrowing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date as if made on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Default, Event of Default, Servicer Termination Event, or Potential Servicer Termination Event shall have occurred and be continuing at the time of the making of such Advance or shall result upon the making of such Advance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Reinvestment Period shall not have terminated.

**ARTICLE IV<br>REPRESENTATIONS AND WARRANTIES**

 

*Section 4.01. Representations and Warranties of the Borrower*. The Borrower represents and warrants to each of the Secured Parties on and as of each Measurement Date (and, in respect of <u>clause (i)</u> below, each date such information is provided by or on behalf of it), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Due Organization*. The Borrower is a limited liability company duly organized and validly existing under the Laws of the State of Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Due Qualification and Good Standing*. The Borrower is in good standing in the State of Delaware. The Borrower is duly qualified to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business, assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents to which it is a party and its Constituent Documents, requires such qualification, except where the failure to be so qualified or in good standing could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Due Authorization*; *Execution and Delivery; Legal, Valid and Binding; Enforceability*. The execution and delivery by the Borrower of, and the performance of its obligations under the Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby are within its powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors' rights generally or 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) *Non-Contravention*. None of the execution and delivery by the Borrower of this Agreement or the other Facility Documents to which it is a party, the Borrowings or the pledge of the Collateral hereunder, the consummation of the transactions herein or therein contemplated, or compliance by it with the terms, conditions and provisions hereof or thereof, will (i) conflict with, or result in a breach or violation of, or constitute a default under its Constituent Documents, (ii) conflict with or contravene (A) any Applicable Law, (B) any indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, including any Related Document, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result in a breach or violation of, or constitute a default under, or permit the acceleration of any obligation or liability in, or but for any requirement of the giving of notice or the passage of time (or both) would constitute such a conflict with, breach or violation of, or default under, or permit any such acceleration in, any contractual obligation or any agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation, agreement or document relates), except in the case of <u>clauses (ii)</u> and <u>(iii)</u> above, where such conflicts, breaches, violations or defaults could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Governmental Authorizations; Private Authorizations; Governmental Filings*. The Borrower has obtained, maintained and kept in full force and effect all Governmental Authorizations and Private Authorizations which are necessary for it to properly carry out its business, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect, and made all material Governmental Filings necessary for the execution and delivery by it of the Facility Documents to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge of the Collateral by the Borrower under this Agreement and the performance by the Borrower of its obligations under this Agreement, the other Facility Documents, and no material Governmental Authorization, Private Authorization or Governmental Filing which has not been obtained or made, is required to be obtained or made by it in connection with the execution and delivery by it of any Facility Document to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge of the Collateral by the Borrower under this Agreement or the performance of its obligations under this Agreement and the other Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Compliance with Agreements, Laws, Etc*. The Borrower has duly observed and complied in all material respects with all Applicable Laws relating to the conduct of its business and its assets. The Borrower has preserved and kept in full force and effect its legal existence. The Borrower has preserved and kept in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Location*. The Borrower's office in which the Borrower maintains its limited liability company books and records is located at the addresses set forth on <u>Schedule 5</u>. The Borrower's registered office and jurisdiction of organization is the jurisdiction referred to in <u>Section 4.01(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Investment Company Act*. Assuming compliance by each of the Lenders and any participant with <u>Section 16.06</u>, neither the Borrower nor the pool of Collateral is required to register as an "investment company" under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Information and Reports*. Other than any of the following information containing information provided or prepared by an Obligor, the certifications of the Borrower contained in each Notice of Borrowing, each Monthly Report, and all other written information, reports, certificates and statements (other than projections and forward-looking statements) furnished by or on behalf of the Borrower to any Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby are true, complete and correct in all material respects as of the date such information is stated or certified. All projections and forward-looking statements furnished by or on behalf of the Borrower were prepared reasonably and in good faith as of the date on which they were provided. All written information, reports, certificates and statements (other than projections and forward-looking statements) provided or prepared by an Obligor or any other third party (or derived therefrom) and furnished by or on behalf of the Borrower to any Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby are, to the actual knowledge of the Borrower, true, complete and correct in all material respects as of the date such information is stated or certified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *ERISA*. Neither the Borrower nor any member of its ERISA Group has, or during the past five years had, any liability or obligation with respect to any Plan or Multiemployer Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Taxes*. The Borrower has filed all U.S. federal income tax returns, information statements, reports and all other material tax returns which are required to be filed by it, if any, and has paid all U.S. federal income Taxes and all other material Taxes (including mortgage recording Taxes) shown to be due and payable on such returns, if any, or pursuant to any assessment received by any such Person, other than any such Taxes that are being contested in good faith by appropriate proceedings and for which appropriate reserves in accordance with GAAP have been established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Tax Status*. For U.S. Federal income tax purposes, the Borrower is treated as an entity that is disregarded as separate from its owner (as defined in Treasury Regulation Section 301.7701-2(a)). The entity from which the Borrower is disregarded as a separate entity is a U.S. Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Collections*. The Borrower (or the Servicer on behalf of the Borrower) has directed any agent or administrative agent for any Collateral Loan to remit all payments and collections with respect to such Collateral Loan and, if applicable, has directed the Obligor with respect to such Collateral Loan to remit all such payments and collections with respect to such Collateral Loan directly to the applicable Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Plan Assets*. The assets of the Borrower are not treated as "plan assets" for purposes of 29 C.F.R. Section 2510.3-101 and Section 3(42) of ERISA (together, the *"Plan Asset Rule"*) and the Collateral is not deemed to be "plan assets" for purposes of the Plan Asset Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Solvency*. After giving effect to each Advance hereunder, and the disbursement of the proceeds of such Advance, the Borrower is and will be Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Representations Relating to the Collateral*. The Borrower hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it owns and has legal and beneficial title to all Collateral Loans and other Collateral free and clear
of any Lien, claim or encumbrance of any Person, other than Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) other than Permitted Liens, the Borrower has not pledged, assigned, sold, granted a security interest
in, or otherwise conveyed any of the Collateral. The Borrower has not authorized the filing of and is not aware of any financing statements
or any equivalent filing in any applicable jurisdiction against the Borrower that include a description of collateral covering the Collateral
other than any financing statement or any equivalent filing in any applicable jurisdiction relating to the security interest granted to
the Collateral Agent hereunder or that has been terminated, and the Borrower is not aware of any judgment, PBGC liens or tax lien filings
against the Borrower or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Collateral constitutes Money, Cash, accounts (as defined in Section 9-102(a)(2) of the UCC), Instruments,
general intangibles (as defined in Section 9-102(a)(42) of the UCC), Uncertificated Securities, Certificated Securities or Security Entitlements
to Financial Assets resulting from the crediting of Financial Assets to a "securities account" (as defined in Section 8-501(a)
of the UCC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all Covered Accounts constitute "securities accounts" under Section 8-501(a) of the UCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) this Agreement creates a valid, continuing and, upon Delivery of Collateral, filing of the financing statements
referred to in <u>clause (viii)</u> below and execution of the Account Control Agreements, perfected security interest (as defined in
Section 1-201(b)(35) of the UCC) in the Collateral in favor of the Collateral Agent, for the benefit and security of the Secured Parties,
which security interest is prior to all other Liens (other than Permitted Liens), and is enforceable as such against creditors of and
purchasers from the Borrower, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other similar Laws affecting creditors' rights generally or 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;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Borrower has received all consents and approvals required by the terms of the Related Documents in
respect of such Collateral to the pledge hereunder to the Collateral Agent of its interest and rights in such Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) with respect to the Collateral that constitutes Security Entitlements, all such Collateral has been and
will have been credited to the applicable Covered Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) with respect to the Collateral that constitutes accounts or general intangibles (as defined in Section
9-102(a)(42) of the UCC), the Borrower has caused or will have caused, on or prior to the Closing Date, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security
interest in the Collateral granted to the Collateral Agent, for the benefit and security of the Secured Parties, hereunder (which the
Borrower hereby agrees may be an "all assets" filing), which security interest may be perfected by the filing of a financing
statement under Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Eligibility*. Each Collateral Loan included in a Monthly Report or a Borrowing Base Calculation Statement required to be delivered by the Borrower under this Agreement as an Eligible Collateral Loan was, in fact, an Eligible Collateral Loan at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *Sanctions*. None of the Borrower, any of their Subsidiaries or director, officer, employee, agent, or affiliate of the Borrower or any of its Subsidiaries is an individual or entity ("person") that is, or is owned or controlled by persons that are: (i) the target of any Sanctions or (ii) located, organized or resident in a country or territory that is the subject of Sanctions (including Crimea, the so-called Luhansk People's Republic, the so-called Donetsk People's Republic, Cuba, Iran, North Korea and Syria).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *Anti-Corruption.* The Borrower, its Subsidiaries and their respective directors, officers and employees and, to the knowledge of the Borrower, the agents of the Borrower and its Subsidiaries, are in compliance with all applicable Sanctions and with the FCPA and any other applicable Anti-Corruption Law, in all material respects. The Borrower and its Subsidiaries have instituted and maintain policies and procedures designed to ensure continued compliance with applicable Sanctions, the FCPA and any other applicable Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *Value Given.* The Borrower has given fair consideration and reasonably equivalent value to the Fund in exchange for the purchase of the Collateral Loans (or any number of them) from the Fund pursuant to the Purchase and Contribution Agreement and the Master Participation Agreement. No such transfer has been made for or on account of an antecedent debt owed by the Borrower to the Fund and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) *Beneficial Ownership Certificate*. As of (a) the Closing Date, the Borrower has delivered to the Administrative Agent a Beneficial Ownership Certificate and the information included in such Beneficial Ownership Certificate is true and correct in all respects and (b) as of the date delivered, the information included in each Beneficial Ownership Certificate delivered pursuant to <u>Section 5.02(u)</u> is true and correct in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Affected Financial Institutions*. Neither the Borrower nor any subsidiary is an Affected Financial Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) *Outbound Investment Rules*. Neither the Borrower nor any of its subsidiaries is a "covered foreign person" as that term is used in the Outbound Investment Rules. Neither the Borrower nor any of its subsidiaries currently engages, or has any present intention to engage in the future, directly or indirectly, in (i) a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, (ii) any activity or transaction that would constitute a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, if the Borrower were a U.S. Person or (iii) any other activity that would cause the Administrative Agent or the Lenders to be in violation of the Outbound Investment Rules or cause the Administrative Agent or the Lenders to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.

 

*Section 4.02. Representations and Warranties of the Servicer*. The Servicer represents and warrants to each of the Secured Parties on and as of each Measurement Date (and in respect of <u>clause (i)</u> below, each date such information is provided by or on behalf of it), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Due Organization*. The Servicer is a corporation duly organized and validly existing under the Laws of the State of Maryland, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Due Qualification and Good Standing*. The Servicer is in good standing in the State of Maryland. The Servicer is duly qualified to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business, assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents to which it is a party and its Constituent Documents to which it is a party, requires such qualification, except where the failure to be so qualified or in good standing could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Due Authorization; Execution and Delivery; Legal, Valid and Binding; Enforceability*. The execution and delivery by the Servicer of, and the performance of its obligations under the Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby are within its powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors' rights generally or 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) *Non-Contravention*. None of the execution and delivery by the Servicer of this Agreement or the other Facility Documents to which it is a party, the consummation of the transactions herein or therein contemplated, or compliance by it with the terms, conditions and provisions hereof or thereof, will (i) conflict with, or result in a breach or violation of, or constitute a default under its Constituent Documents, (ii) conflict with or contravene (A) any Applicable Law, (B) any indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, including any Related Document, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties, or (iii) result in a breach or violation of, or constitute a default under, or permit the acceleration of any obligation or liability in, or but for any requirement of the giving of notice or the passage of time (or both) would constitute such a conflict with, breach or violation of, or default under, or permit any such acceleration of, any contractual obligation or any agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation, agreement or document relates), except in the case of <u>clauses (ii)</u> and <u>(iii)</u> above, where such conflicts, breaches, violations or defaults could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Governmental Authorizations; Private Authorizations; Governmental Filings*. The Servicer has obtained, maintained and kept in full force and effect all Governmental Authorizations and Private Authorizations which are necessary for it to properly carry out its business, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect, and made all material Governmental Filings necessary for the execution and delivery by it of the Facility Documents to which it is a party, and the performance by the Servicer of its obligations under this Agreement, the other Facility Documents, and no material Governmental Authorization, Private Authorization or Governmental Filing which has not been obtained or made, is required to be obtained or made by it in connection with the execution and delivery by it of any Facility Document to which it is a party or the performance of its obligations under this Agreement and the other Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Compliance with Agreements, Laws, Etc.* The Servicer has duly observed and complied in all material respects with all Applicable Laws, including the Securities Act and the Investment Company Act, relating to the conduct of its business and its assets. The Servicer has preserved and kept in full force and effect its legal existence. The Servicer has preserved and kept in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Location of Records*. The Servicer's office in which it maintains its books and records is located at the addresses set forth on <u>Schedule 5</u>. The Servicer's registered office and jurisdiction of organization is the jurisdiction referred to in <u>Section 4.02(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *[Reserved].*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Information and Reports*. Other than any of the following information containing information provided or prepared by an Obligor, the certifications of the Servicer contained in each Notice of Borrowing, the information contained in each Monthly Report, and all other written information, reports, certificates and statements (other than projections and forward-looking statements) furnished by the Servicer to any Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby are true, complete and correct in all material respects as of the date such information is stated or certified. All projections and forward-looking statements furnished by the Servicer were prepared reasonably and in good faith as of the date on which they were provided. All written information, reports, certificates and statements (other than projections and forward-looking statements) provided or prepared by an Obligor or any other third party (or derived therefrom) and furnished by the Servicer to any Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby are, to the actual knowledge of the Servicer, true, complete and correct in all material respects as of the date such information is stated or certified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Status as Business Development Company.* The Servicer has elected to be regulated as a "business development company" within the meaning of the Investment Company Act and qualifies as a RIC under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Eligibility*. Each Collateral Loan included in a Monthly Report or a Borrowing Base Calculation Statement required to be delivered by it under this Agreement as an Eligible Collateral Loan was, in fact, an Eligible Collateral Loan at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Sanctions.* None of it, any of its Subsidiaries or director, officer, employee, agent, or affiliate of the Borrower or any of its Subsidiaries is an individual or entity ("person") that is, or is owned or controlled by persons that are: (i) the target of any Sanctions or (ii) located, organized or resident in a country or territory that is the subject of Sanctions (including Crimea, the so-called Luhansk People's Republic, the so-called Donetsk People's Republic, Cuba, Iran, North Korea and Syria).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Anti-Corruption.* It, its Subsidiaries and their respective directors, officers and employees and, to the knowledge of the Servicer, the agents of the Servicer and its Subsidiaries, are in compliance with all applicable Sanctions and with the FCPA and any other applicable Anti-Corruption Law, in all material respects. The Servicer and its Subsidiaries have instituted and maintain policies and procedures designed to ensure continued compliance with applicable Sanctions, the FCPA and any other applicable Anti-Corruption Laws*.*

**ARTICLE V<br>COVENANTS**

 

*Section 5.01. Affirmative Covenants of the Borrower*. The Borrower covenants and agrees that, until the Collection Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Compliance with Agreements, Laws, Etc*. It shall (i) duly observe and comply in all material respects with all Applicable Laws relative to the conduct of its business or to its assets, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights, privileges, qualifications and franchises, (iv) comply with the terms and conditions of its Constituent Documents and comply in all material respects with its obligations under each Related Document to which it is a party and (v) obtain, maintain and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary or appropriate to properly carry out its business and the transactions contemplated to be performed by it under the Facility Documents, its Constituent Documents and the Related Documents to which it is a party, except, in the case of <u>clause (iii)</u>, where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Enforcement*. It shall not take any action, and will use commercially reasonable efforts not to permit any action to be taken by others, that would release any Obligor from any of such Obligor's material covenants or obligations under any instrument or agreement included in the Collateral, except in the case of (A) repayment of Collateral Loans, (B) subject to the terms of this Agreement, (i) amendments to Related Documents that govern Defaulted Collateral Loans or Ineligible Collateral Loans, (ii) amendments to Collateral Loans in accordance with the Credit and Collection Policies and the Servicing Standard, and (iii) actions taken in connection with the work-out or restructuring of any Collateral Loan in accordance with the provisions hereof, and (C) other actions by the Servicer to the extent not prohibited by this Agreement or as otherwise required hereby. It will perform, and use commercially reasonable efforts to cause the Servicer to perform, all of their obligations and agreements contained in this Agreement or any other Facility Document to which such Person is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Further Assurances*. It shall promptly upon the reasonable request of any Agent or the Required Lenders (through the Administrative Agent), at the Borrower's expense, execute and deliver such further instruments and take such further action in order to maintain and protect the Collateral Agent's first-priority perfected security interest in the Collateral pledged by the Borrower for the benefit of the Secured Parties free and clear of any Liens (other than Permitted Liens). At the reasonable request of any Agent or the Required Lenders (through the Administrative Agent), the Borrower shall promptly take, at the Borrower's expense, such further action in order to establish and protect the rights, interests and remedies created or intended to be created under this Agreement in favor of the Secured Parties in the Collateral, including all actions which are necessary to (x) enable the Secured Parties to enforce their rights and remedies under this Agreement and the other Facility Documents, and (y) effectuate the intent and purpose of, and to carry out the terms of, the Facility Documents. The Borrower will take such reasonable action from time to time as shall be necessary to ensure that all assets (including all Covered Accounts) of the Borrower constitute "Collateral" hereunder. Subject to the foregoing, the Borrower will, and, upon the reasonable request of any Agent shall, at the Borrower's expense, take such other action (including executing and delivering or authorizing for filing any required UCC financing statements) as shall be necessary to create and perfect a valid and enforceable first-priority security interest on all Collateral acquired by the Borrower as collateral security for the Obligations and will in connection therewith deliver such proof of corporate action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by the Borrower pursuant to <u>Section 3.01</u> on the Closing Date or any Agent or the Required Lenders (through the Administrative Agent) shall have reasonably requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Financial Statements; Other Information*. It shall provide to the Administrative Agent or cause to be provided to the Administrative Agent (with additional copies for each Lender and Managing Agent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within 120 days after the end of each fiscal year of the Fund, each of its audited consolidated balance
sheet and related statement of operations, statement of assets and liabilities, schedule of investments, statement of changes in net assets
and statement of changes in cash flows as of the end of and for such year, setting forth in each case in comparative form the figures
for the previous fiscal year, all reported on by independent public accountants of recognized national standing (without a "going
concern" or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect
that such consolidated financial statements present fairly in all material respects the financial condition and results of operations
of the Fund and each of its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied; <u>provided</u> that the Borrower shall be deemed to have satisfied the requirements of this clause (i) if the information required thereby is publicly
available when filed on EDGAR at the www.sec.gov website or any successor service provided by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) within 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Fund,
its unaudited consolidated balance sheet and related statements of operations and stockholders' equity as of the end of and for
such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the
corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by
a Responsible Officer as presenting fairly in all material respects the financial condition and results of operations of the Fund and
its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments
and the absence of footnotes; <u>provided</u> that the Borrower shall be deemed to have satisfied the requirements of this clause (i)
if the information required thereby is publicly available when filed on EDGAR at the www.sec.gov website or any successor service provided
by the SEC;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) within two Business Days after a Responsible Officer of the Borrower obtains actual knowledge of the occurrence
and continuance of any (w) Default or (x) Event of Default, a certificate of a Responsible Officer of the Borrower setting forth the details
thereof and the action which the Borrower is taking or proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) from time to time such additional information regarding the Borrower's financial position or business
and the Collateral (including reasonably detailed calculations of each Coverage Test, the Maximum Advance Rate Default Test and each Collateral
Quality Test) as the Administrative Agent or the Required Lenders (through the Administrative Agent) may request if reasonably available
to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) promptly after the incurrence of any obligation to a Plan or Multiemployer Plan or the occurrence of any
ERISA Event, notice of the incurrence of such obligation or of such ERISA Event and copies of any communications with all Governmental
Authorities or any Multiemployer Plan with respect to such ERISA Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) promptly following any reasonable request by the Administrative Agent or any Lender, all documentation
and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable
"know your customer", anti-money laundering and sanctions Laws, including the PATRIOT Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Access to Records and Documents*. It shall permit the Administrative Agent (or any Person designated by the Administrative Agent, subject to delivery of standard confidentiality agreements or an agreement by such Person to comply with the provisions of <u>Section 16.09</u>) to, upon reasonable advance notice and during normal business hours, visit and inspect and make copies thereof at reasonable intervals (i) its books, records and accounts relating to its business, financial condition, operations, assets and its performance under the Facility Documents and the Related Documents and to discuss the foregoing with its and such Person's officers, partners, employees and accountants, and (ii) all of its Related Documents, in each case all as often as the Administrative Agent may reasonably request; *provided* that so long as no Event of Default has occurred and is continuing, each Person entitled to so visit and inspect the Borrower's records under this <u>clause (e)</u> may only exercise its rights under this <u>clause (e)</u> twice during any fiscal year of the Borrower (it being understood that the Borrower shall be responsible for all costs and expenses for only one such visit per fiscal year). The Administrative Agent shall provide reasonable notice to the Lenders and Managing Agents of any such visit or inspection shall provide each Lender and its Managing Agents the opportunity to accompany the Administrative Agent on any such visit or inspection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Use of Proceeds*. It shall use the proceeds of each Advance made hereunder solely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to fund or pay the purchase price of Collateral Loans or Eligible Investments acquired by the Borrower
in accordance with the terms and conditions set forth herein (it being understood that the Borrower may request a Borrowing to (A) with
respect to the initial Advance, make a distribution to the Fund and to pay fees and expenses in connection with this Agreement and the
other Facility Documents and (B) fund the applicable Advance Rate of one or more Collateral Loans either on the date of acquisition or
at a later time during the Reinvestment Period pursuant to Article II) or for general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to fund additional extensions of credit under Revolving Collateral Loans and Delayed Drawdown Collateral
Loans purchased in accordance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to fund the Revolving Reserve Accounts pursuant to <u>Section 8.04</u> or <u>9.01</u> hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) so long as no Default or Event of Default shall have occurred and be continuing, and provided that any
amounts required to be funded or paid by the Borrower pursuant to clauses (i), (ii) and (iii) of this subsection (f) have been made, then
to distribute funds to its equityholder.

Without limiting the foregoing, it shall use the proceeds of each Advance in a manner that does not, directly or indirectly, violate any provision of its Constituent Documents or any Applicable Law, including Regulation T, Regulation U and Regulation X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Information and Reports*. The certifications of the Borrower in each Notice of Borrowing, each Monthly Report and all other written information, reports, certificates and statements furnished by or on behalf of it to any Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby shall be true, complete and correct in all material respects as of the date such information is stated or certified; *provided* that solely with respect to information furnished by the Borrower which was provided to the Borrower from an Obligor or any other third party (or is derived therefrom) with respect to a Collateral Loan, such information shall only need to be true, complete and correct in all material respects to the actual knowledge of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Opinions as to Collateral*. On or before each five-year anniversary of the Closing Date, at the request of the Administrative Agent, it shall furnish to the Agents an opinion of counsel addressed to the Agents and the Borrower relating to the continued perfection of the security interest granted by the Borrower to the Collateral Agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *No Other Business*. The Borrower shall not engage in any business or activity other than borrowing Advances pursuant to this Agreement, funding, acquiring, owning, holding, administering, selling, enforcing, lending, exchanging, redeeming, pledging, contracting for the management of and otherwise dealing with Collateral Loans, Eligible Investments and the other Collateral in connection therewith and entering into and performing its obligations under the Facility Documents, any applicable Related Documents and any other agreements contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Tax Matters.* The Borrower shall (and each Lender hereby agrees to) treat the Advances as debt for U.S. Federal income tax purposes and will take no contrary position, unless otherwise required pursuant to a closing agreement with the U.S. Internal Revenue Service or a non-appealable judgment of a court of competent jurisdiction. Notwithstanding any contrary agreement or understanding, the Servicer, the Borrower, the Agents and the Lenders (and each of their respective 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 transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to them relating to such tax treatment and tax structure. The foregoing provision shall apply from the beginning of discussions between the parties. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. tax treatment of the transaction under applicable U.S. Federal, state or local Law, and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. tax treatment of the transaction under applicable U.S. Federal, state or local Law. The Borrower shall at all times be treated as an entity that is disregarded as separate from its owner (as defined in Treasury Regulation Section 301.7701-2(a)) for U.S. federal income tax purposes and shall take all steps necessary to ensure that the entity from which it is disregarded as separate is a U.S. Person. The Borrower shall pay and discharge all Taxes, assessments, and governmental charges or levies imposed upon it, its income or profits, or any property belonging to it, before any such obligation becomes delinquent; *provided* that the Borrower shall not be required to pay any Tax, assessment, charge or levy, if any, so long as the amount, applicability or validity thereof shall currently be contested in good faith by adequate proceedings and adequate reserves therefor have been established in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Collections*. The Borrower (or the Servicer on behalf of the Borrower) shall direct any agent or administrative agent for any Collateral Loan to remit all payments and collections with respect to such Collateral Loan and, if applicable, to direct the Obligor with respect to such Collateral Loan to remit all such payments and collections with respect to such Collateral Loan directly to the applicable Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *[Reserved].*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Compliance with Legal Opinions*. The Borrower shall take all other actions necessary to maintain the accuracy of the factual assumptions set forth in the legal opinions of Eversheds Sutherland, as special counsel to the Borrower, issued in connection with the Purchase and Contribution Agreement, the Master Participation Agreement and relating to the issues of substantive consolidation and true sale of certain Collateral Loans.

 

*Section 5.02. Negative Covenants of the Borrower*. The Borrower covenants and agrees that until the Collection Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Restrictive Agreements*. It shall not enter into or suffer to exist or permit to become effective any agreement that prohibits, limits or imposes any condition upon its ability to create, incur, assume or suffer to exist any Lien (other than Permitted Liens) upon any of its property or revenues constituting Collateral, whether now owned or hereafter acquired, to secure its obligations under the Facility Documents other than this Agreement and the other Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Liquidation; Merger; Sale of Collateral*. It shall not consummate any plan of liquidation, dissolution, partial liquidation, merger or consolidation (or suffer any liquidation, dissolution or partial liquidation) nor sell, transfer, exchange or otherwise dispose of any of its assets, or enter into an agreement or commitment to do so or enter into or engage in any business with respect to any part of its assets, except as expressly permitted by this Agreement and the other Facility Documents (including in connection with the repayment in full of the Obligations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Amendments to Constituent Documents, etc*. Without the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) (i) it shall not amend, modify or take any action inconsistent in any material respect with its Constituent Documents and (ii) it will not amend, modify or waive any term or provision in any Facility Document (other than in accordance with its terms, including any provision thereof requiring the consent of the Administrative Agent or all or a specified percentage of the Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *ERISA*. Neither it nor any member of its ERISA Group shall establish, contribute to, or have any liability to any Plan or Multiemployer Plan. It shall not take any action, or omit to take any action, that results in its underlying assets to constitute "plan assets" for purposes of the Plan Asset Rule or the Collateral being deemed to be "plan assets" for purposes of the Plan Asset Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Liens*. It shall not create, assume or suffer to exist any Lien on any of its assets now owned or hereafter acquired by it at any time, except for Permitted Liens or as otherwise expressly permitted by this Agreement and the other Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Margin Requirements*. It shall not (i) extend credit to others for the purpose of buying or carrying any Margin Stock in such a manner as to violate Regulation T or Regulation U or (ii) use all or any part of the proceeds of any Advance, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that violates the provisions of the Regulations of the Board of Governors, including, to the extent applicable, Regulation U and Regulation X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Restricted Payments*. It shall not make, directly or indirectly, any Restricted Payment (whether in the form of cash or other assets) or incur any obligation (contingent or otherwise) to do so; *provided, however*, that the Borrower shall be permitted to make Restricted Payments from (i) funds distributed to it pursuant to the Priority of Payments or (ii) funds from an Advance pursuant to the use of proceeds in <u>Section 5.01(f)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Changes to Filing Information*. It shall not change its name, its chief place of business, its chief executive office, the office in which the Borrower maintains its limited liability company books and records or its jurisdiction of organization from that referred to in <u>Section 4.01(a)</u> or <u>Schedule 5</u>, as applicable, unless it gives ten days' prior written notice to the Agents and takes all actions that the Administrative Agent or the Required Lenders (through the Administrative Agent) reasonably request and determine to be necessary to protect and perfect the Collateral Agent's perfected security interest in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Transactions with Affiliates*. It shall not sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates (including sales of Defaulted Collateral Loans and other Collateral Loans), except as permitted or required under the Facility Documents, unless such transaction is upon terms no less favorable to the Borrower than it would obtain in a comparable arm's length transaction with a Person that is not an Affiliate (it being agreed that any purchase or sale at par shall be deemed to comply with this provision). For the avoidance of doubt, (i) nothing in this <u>clause (i)</u> shall prohibit the Borrower from transferring or distributing the Collateral Loans to the Fund or an Affiliate, as applicable, in accordance with <u>Article X</u> and (ii) the Borrower may make dividends or distributions to the Fund from amounts released to the Borrower pursuant to the Priority of Payments at any time in accordance with its Constituent Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Investment Company Restriction*. It shall not become required to register as an "investment company" under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Anti-Corruption Laws and Sanctions*. It will not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, (i) 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 the FCPA or any other applicable Anti-Corruption Law, or (ii) (A) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions, or (B) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Advances, whether as administrative agent, arranger, issuing bank, lender, underwriter, advisor, investor, or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *No Claims Against Advances*. Subject to Applicable Law, it shall not claim any credit on, make any deduction from, or dispute the enforceability of payment of the principal or interest payable (or any other amount) in respect of the Advances or assert any claim against any present or future Lender, by reason of the payment of any taxes levied or assessed upon any part of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Indebtedness; Guarantees; Securities; Other Assets*. It shall not incur or assume or guarantee any indebtedness, obligations (including contingent obligations) or other liabilities, or issue any additional securities, whether debt or equity, in each case other than (i) pursuant to or as expressly permitted by this Agreement and the other Facility Documents, (ii) obligations under its Constituent Documents or (iii) pursuant to customary indemnification, expense reimbursement and similar provisions under the Related Documents. The Borrower shall not acquire any Collateral Loans or other property other than as expressly permitted under the Facility Documents; it being understood and agreed that the Borrower shall be permitted to acquire Collateral Loans from its Affiliates and from unaffiliated third parties pursuant to <u>Article X</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Validity of this Agreement*. It shall not (i) take any action or omit to take any action, the result of which would permit the validity or effectiveness of any Facility Document or any grant of Collateral hereunder to be impaired, or permit the Lien of this Agreement to be amended, hypothecated, subordinated, terminated or discharged, or take any action or omit to take any action, the result of which would permit any Person to be released from any covenant or obligation with respect to this Agreement (except in accordance with its terms) and (ii) except as permitted by any Facility Document, take any action that would permit the Lien of this Agreement not to constitute a valid first priority perfected security interest in the Collateral (subject to Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Priority of Payments.* It shall not pay any distributions from amounts on deposit in the Collection Account other than in accordance with the Priority of Payments (it being understood that any amounts paid to the Borrower pursuant to the Priority of Payments may be distributed to the Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Subsidiaries*. It shall not have or permit the formation of any subsidiaries, except in connection with the receipt of equity securities pursuant to an exercise of remedies with respect to a Collateral Loan or any work-out or restructuring of a Collateral Loan or to hold foreclosed property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Name*. It shall not conduct business under any name other than its own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *Employees*. It shall not have any employees (other than officers and directors to the extent they are employees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *Non-Petition*. The Borrower shall not be party to any agreements under which it has any material obligations or liability (direct or contingent) without using commercially reasonable efforts to include customary "non-petition" and "limited recourse" provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party), except for loan agreements, related loan documents, bond indentures and related bond documents, any agreements related to the purchase and sale of any Collateral Loans which contain customary (as determined by the Servicer) purchase or sale terms or which are documented using customary (as determined by the Servicer) loan trading documentation, in connection with the Collateral Loans and any agreement that does not impose a material obligation on the Borrower and that is of a type that customarily does not include "non-petition" or "limited recourse" provisions (including customary service contracts and engagement letters entered into with third party service providers (including independent accountants and providers of independent managers)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *Certificated Securities*. The Borrower shall not acquire or hold any Certificated Securities in bearer form in a manner that does not satisfy the requirements of United States Treasury Regulations section 1.165-12(c) (as determined by the Servicer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) *Beneficial Ownership Certificate*. Promptly following any change in the information included in a Beneficial Ownership Certificate that would result in a change to the list of beneficial owners identified in such Beneficial Ownership Certificate, or a change in the address of any beneficial owners, the Borrower shall (x) notify the Administrative Agent, the Managing Agents and the Lenders and (y) execute and deliver to the Administrative Agent an updated Beneficial Ownership Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *No Divisions*. The Borrower shall not enter into any plan of division or other statutory division under Delaware law (or any comparable event under a different jurisdiction's laws) without the prior written consent of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) *Outbound Investment Rules*. The Borrower will not, and will not permit any of its subsidiaries to, (a) be or become a "covered foreign person", as that term is defined in the Outbound Investment Rules, or (b) engage, directly or indirectly, in (i) a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, (ii) any activity or transaction that would constitute a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, if the Borrower were a U.S. Person or (iii) any other activity that would cause the Administrative Agent or the Lenders to be in violation of the Outbound Investment Rules or cause the Agent or the Lenders to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.

 

*Section 5.03. Affirmative Covenants of the Servicer*. The Servicer covenants and agrees that until the Collection Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Compliance with Agreements, Laws, Etc*. It shall (i) duly observe and comply in all material respects with all Applicable Laws relative to the conduct of its business or to its assets, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, (iv) comply in all material respects with the terms and conditions of each of its Constituent Documents and each Related Document to which it is a party, and (v) obtain, maintain and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary or appropriate to properly carry out its business and the transactions contemplated to be performed by it under the Facility Documents, its Constituent Documents and the Related Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Enforcement*. It shall not take any action, and will use commercially reasonable efforts not to permit any action to be taken by others within its control, that would release any Obligor from any of such Obligor's material covenants or obligations under any instrument or agreement included in the Collateral, except in the case of (A) repayment of Collateral Loans, (B) subject to the terms of this Agreement, (1) amendments to Related Documents that govern Defaulted Collateral Loans or Ineligible Collateral Loans, (2) amendments to Collateral Loans in accordance with the Credit and Collection Policies and the Servicing Standard, and (3) actions taken in connection with the work-out or restructuring of any Collateral Loan in accordance with the provisions hereof, and (C) other actions by the Servicer to the extent not prohibited by this Agreement or as otherwise required hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Further Assurances*. It shall promptly at the Borrower's expense, execute and deliver such further instruments and take such further action in order to maintain and protect the Collateral Agent's first-priority perfected security interest in the Collateral pledged by the Borrower for the benefit of the Secured Parties free and clear of any Liens (subject to Permitted Liens). The Servicer shall promptly take, at the Borrower's expense, such further action in order to establish and protect the rights, interests and remedies created or intended to be created under this Agreement in favor of the Secured Parties in the Collateral, including all actions which are necessary to (x) enable the Secured Parties to enforce their rights and remedies under this Agreement and the other Facility Documents, and (y) effectuate the intent and purpose of, and to carry out the terms of, the Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Access to Records and Documents*. It shall permit the Administrative Agent (or any Person designated by the Administrative Agent) to, upon reasonable advance notice and during normal business hours, visit and inspect and make copies thereof at reasonable intervals (i) its books, records and accounts relating to its business, financial condition, operations, assets and its performance under the Facility Documents and the Related Documents and to discuss the foregoing with its and such Person's officers, partners, employees and accountants, and (ii) all of its Related Documents, in each case all as often as the Administrative Agent may reasonably request; *provided* that so long as no Event of Default has occurred, each Person entitled to so visit and inspect the Servicer's records under this <u>paragraph (d)</u> may only exercise its rights under this <u>paragraph (d)</u> twice during any fiscal year of the Servicer (it being understood that the Borrower shall be responsible for all costs and expenses for only one such visit per fiscal year). The Administrative Agent shall provide reasonable notice to the Lenders of any such visit or inspection shall provide each Lender the opportunity to accompany the Administrative Agent on any such visit or inspection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Other Information.* The Servicer shall provide to the Agents or cause to be provided to the Agents (with additional copies for each Lender and each Managing Agent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within two Business Days after a Responsible Officer of the Servicer obtains actual knowledge of the occurrence
and continuance of any (A) Default, (B) Event of Default, (C) Potential Servicer Termination Event, (D) Servicer Termination Event or
(E) any material breach by the Borrower or the Fund of any representations, warranties, agreements or covenants hereunder or under the
Purchase and Contribution Agreement or the Master Participation Agreement, a certificate of a Responsible Officer setting forth the details
thereof (if known) and the action which the Servicer is taking or proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from time to time such additional information regarding the Collateral (including reasonably detailed
calculations of each Coverage Test, the Collateral Quality Test and the Maximum Advance Rate Default Test) as the Administrative Agent,
the Managing Agents or the Required Lenders (through the Administrative Agent) may reasonably request if reasonably available without
undue burden or expense and able to be disclosed by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Borrowing Base Calculation Statement on (A) each date on which the Borrower sells or substitutes (or
commits to sell or substitute, as the case may be) any Collateral Loan, (B) the date on which the Servicer obtains knowledge of any Material
Modification to a Collateral Loan or that a Collateral Loan has become a Defaulted Collateral Loan to the extent that the Borrowing Base
has changed as a result of such Material Modification or as a result of such Collateral Loan becoming a Defaulted Collateral Loan and
(C) each other date reasonably requested by the Administrative Agent upon at least two (2) Business Days' notice to the Servicer;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly following any reasonable request by the Administrative Agent or any Lender, and if reasonably
available without undue burden or expense and able to be disclosed by the Servicer, all documentation and other information that the Administrative
Agent or such Lender requests in order to comply with its ongoing obligations under applicable "know your customer", anti-money
laundering and sanctions Laws, including the PATRIOT Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Information and Reports.* The certifications of the Servicer contained in each Notice of Borrowing, the information contained in each Monthly Report and all other written information, reports, certificates and statements furnished by or on behalf of the Servicer to any other Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby shall be true, complete and correct in all material respects as of the date such information is stated or certified; *provided* that solely with respect to information furnished by the Servicer which was provided to the Servicer from an Obligor or any other third party (or is derived therefrom) with respect to a Collateral Loan, such information shall only need to be true, complete and correct in all material respects to the actual knowledge of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Collections.* The Servicer shall direct any agent or administrative agent for any Collateral Loan to remit all payments and collections with respect to such Collateral Loan and, if applicable, to direct the Obligor with respect to such Collateral Loan to remit all such payments and collections with respect to such Collateral Loan directly to the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Priority of Payments.* The Servicer shall instruct the Collateral Agent to apply all Interest Proceeds and Principal Proceeds solely in accordance with the Priority of Payments and the other provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Taxable Mortgage Pool.* The Servicer shall not permit the sum of the outstanding principal balances of all Collateral Loans owned by the Borrower and that are principally secured by an interest in real property (within the meaning of Treasury Regulation Section 301.7701(i)-1(d)(3)) to exceed 40% of the Principal Balance of all Collateral Loans owned by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Status of RIC and BDC*. The Servicer shall at all times maintain its status as a RIC under the Code, and as a "business development company" under the Investment Company Act.

 

*Section 5.04. Negative Covenants of the Servicer*. The Servicer covenants and agrees that until the Collection Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Restrictive Agreements*. It shall not enter into or suffer to exist or permit to become effective any agreement that prohibits, limits or imposes any condition upon its ability to perform its obligations under the Facility Documents; <u>provided</u> that the foregoing shall not restrict the Fund or its investment manager from entering into any Permitted Sub-Advisory Agreement; <u>provided further</u> that no Permitted Sub-Advisory Agreement shall limit the obligations of the Borrower or the Fund under this Agreement or the other Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Validity of this Agreement*. It shall not (i) take any action or omit to take any action, the result of which would permit the validity or effectiveness of any Facility Document or any grant of Collateral hereunder to be impaired, or permit the Lien of this Agreement to be amended, hypothecated, subordinated, terminated or discharged, or take any action or omit to take any action, the result of which would permit any Person to be released from any covenant or obligation with respect to this Agreement (except in accordance with its terms) and (ii) except as permitted by any Facility Document, take any action that would permit the Lien of this Agreement not to constitute a valid first priority perfected security interest in the Collateral (subject to Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Liquidation; Merger; Disposition of Assets.* It shall not consummate any plan of liquidation, dissolution, partial liquidation, merger or consolidation (or suffer any liquidation, dissolution or partial liquidation) nor sell, transfer, exchange or otherwise dispose of all or substantially all of its assets unless the Servicer or an Affiliate thereof is the surviving Person and no Servicer Termination Event results therefrom.

 

 

*Section 5.05. Certain Undertakings Relating to Separateness*. (a) Without limiting any, and subject to all, other covenants of the Borrower and the Servicer contained in this Agreement, the Borrower shall conduct its business and operations separate and apart from that of any other Person (including the Servicer, the Fund and their respective Affiliates) and in furtherance of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower shall maintain its accounts, financial statements, books, accounting and other records, and
other documents separate from those of any other Person, *provided* that the Borrower may be consolidated into the Fund solely for
tax and accounting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrower shall not commingle or pool any of its funds or assets with those of any Affiliate or any
other Person, and it shall hold all of its assets in its own name, except as otherwise permitted or required under the Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Borrower shall conduct its own business in its own name and, for all purposes, shall not operate,
or purport to operate, collectively as a single or consolidated business entity with respect to any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Borrower shall pay its own debts, liabilities and expenses (including overhead expenses, if any) only
out of its own assets as the same shall become due; provided, however, that Servicer may advance expenses of the Borrower for which the
Servicer is later reimbursed pursuant to the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Borrower has observed, and shall observe all (A) limited liability company formalities and (B) other
organizational formalities, in each case to the extent necessary or advisable to preserve its separate existence, and shall preserve its
existence, and it shall not, nor shall it permit any Affiliate or any other Person to, amend, modify or otherwise change its limited liability
company agreement in a manner that would adversely affect the existence of the Borrower as a bankruptcy-remote special purpose entity.
The Borrower shall have at least one Independent Manager at all times (subject to the time periods for replacement of Independent Managers
that have resigned or have been removed set forth in the Borrower's Constituent Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Borrower shall not (A) guarantee, become obligated for, or hold itself or its credit out to be responsible
for or available to satisfy, the debts or obligations of any other Person or (B) control the decisions or actions respecting the daily
business or affairs of any other Person except as permitted by or pursuant to the Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Borrower shall, at all times, hold itself out to the public as a legal entity separate and distinct
from any other Person; *provided* that the assets of the Borrower may be consolidated for accounting purposes and included in consolidated
financial statements of the Fund as required by GAAP or Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Borrower shall not identify itself as a division of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Borrower shall maintain its assets in such a manner that it will not be costly or difficult to segregate,
ascertain or identify its individual assets from those of any Affiliate or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Borrower shall not use its separate existence to perpetrate a fraud in violation of Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The Borrower shall not, in connection with the Facility Documents, act with an intent to hinder, delay
or defraud any of its creditors in violation of Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Any transaction between the Borrower and its Affiliates shall be on arm's length terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Except as permitted by or pursuant to the Facility Documents, the Borrower shall not grant a security
interest or otherwise pledge its assets for the benefit of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) The Borrower shall not acquire any securities or debt instruments of the Servicer, the Fund, any Affiliates
of the foregoing or any other Person (except for equity interests in Obligors in connection with the exercise of any remedies with respect
to a Collateral Loan or any exchange offer, work-out or restructuring of a Collateral Loan subject to the provisions of <u>Section 5.02(p)</u> in the case of any subsidiary formed in connection therewith).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) The Borrower shall not make loans or advances to any Person, except for the Collateral Loans and as permitted
by or pursuant to the Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) The Borrower shall make no transfer of its Collateral Loans except as permitted by or pursuant to the
Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) The Borrower shall file its own tax returns separate from those of any other Person, except to the extent
that the Borrower is not required to file tax returns under Applicable Law or is not permitted to file its own tax returns separate from
those of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) The Borrower shall not acquire obligations or securities of its members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) The Borrower shall, to the extent used in its business, use separate stationery, invoices and checks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) The Borrower shall correct any known misunderstanding regarding its separate identity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) The Borrower shall maintain adequate capital in light of its contemplated business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) The Borrower shall at all times be organized as a single-purpose entity with Constituent Documents substantially
similar to those in effect on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) The Borrower shall at all times conduct its business so that any assumptions made with respect to the
Borrower in any "substantive non-consolidation" opinion delivered in connection with the Facility Documents will continue
to be true and correct in all respects.

**ARTICLE VI<br>EVENTS OF DEFAULT**

 

*Section 6.01. Events of Default*. *"Event of Default"*, wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any Law of any Governmental Authority):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a default in the payment, when due and payable, of (i) any interest, Commitment Fee or principal in respect of the Advances and (other than a default on the Final Maturity Date) such default has not been cured within two (2) Business Days after the due date of such payment, or (ii) any other payment required to be made pursuant to any Facility Document and such default has not been cured within three (3) Business Days after the due date of such payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the failure to reduce the Advances to $0 on the Final Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower or the pool of Collateral becomes an investment company required to be registered under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except as otherwise provided in this <u>Section 6.01</u>, a default in any material respect in the performance, or breach in any material respect, of any covenant or agreement of the Borrower under this Agreement or the other Facility Documents to which it is a party (it being understood, without limiting the generality of the foregoing, that any failure to meet any Concentration Limitation, Collateral Quality Test, Coverage Test or the Maximum Advance Rate Default Test is not an Event of Default under this <u>clause (d)</u>), or the failure of any representation or warranty of the Borrower or the Fund made in this Agreement or in any other Facility Document to which it is a party to be correct, in each case, in all material respects when the same shall have been made, and the continuation of such default, breach or failure for a period of thirty (30) days (*provided* that breaches of <u>Sections 5.01(a)(ii)</u>, <u>5.01(d)</u>, <u>5.01(e)</u>, <u>5.01(f)</u> and <u>5.02</u> shall not have any cure period) after the earlier of (x) written notice to the Borrower and the Servicer (which may be by e-mail) by any Agent, and (y) a Responsible Officer of the Borrower, the Fund or the Servicer has acquired actual knowledge thereof (for the avoidance of doubt, to the extent the Fund purchases or substitutes (in accordance with the provisions of the Purchase and Contribution Agreement) an Eligible Collateral Loan for a Collateral Loan for which the representation in <u>Section 4.01(q)</u> was breached, such breach shall be deemed cured hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment of money in excess individually or in the aggregate of $10,000,000 against the Fund, or $500,000 against the Borrower (in each case net of amounts covered by insurance), and the aforementioned Persons shall not have either (x) discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms or (y) perfected a timely appeal of such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal, in each case, within sixty (60) days from the date of entry thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an Insolvency Event relating to the Borrower occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Servicer Termination Event occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (1) any material provision of a Facility Document shall (except in accordance with its terms) terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower, the Fund or the Servicer, (2) the Borrower or the Servicer shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Facility Document or any Lien purported to be created thereunder, or (3) any Lien securing any obligation under any Facility Document shall, in whole or in part, cease to be a first priority perfected security interest of the Collateral Agent except Permitted Liens and as otherwise expressly permitted in accordance with the applicable Facility Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the occurrence of a Change of Control described in clause (1) of the definition thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Borrower ceases to have a valid ownership interest in the Collateral (subject to Permitted Liens);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Borrower shall assign or attempt to assign any of its rights, obligations, or duties under the Facility Documents without the prior written consent of each Lender and Managing Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) on any Monthly Report Determination Date, the Interest Coverage Ratio Test is not satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Maximum Advance Rate Default Test shall not be satisfied and such failure shall continue for two (2) Business Days; *provided* that if the Servicer furnishes written evidence to the Administrative Agent within such two (2) Business Day period that a demand for a capital contribution has been made to the shareholders of the Fund in accordance with the terms of the Fund's subscription agreements in an amount (together with any Eligible Collateral Loans proposed to be transferred to the Borrower in connection therewith) sufficient to cure such failure, then the grace period hereunder shall be extended to twelve (12) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Borrower fails to have at least one Independent Manager; *provided* that the resignation of an Independent Manager or the removal of an Independent Manager for "cause" shall not affect this <u>clause (n)</u> unless the Borrower fails to appoint a new Independent Manager within ten (10) Business Days of the effective date of such removal or resignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any report required under this Agreement shall fail to be delivered by the Servicer or the Borrower when due and such failure shall continue for two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) on any Monthly Report Determination Date, the Collateral Default Ratio shall exceed 10.00%; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (i) the Internal Revenue Service shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any asset of the Borrower and such Lien shall not have been released within five (5) Business Days or (ii) the PBGC shall file notice of a Lien pursuant to Section 4068 of ERISA or Section 303(k) of ERISA with regard to any asset of the Borrower and such Lien shall not have been released within five (5) Business Days, unless, in each case, a reserve has been established therefor in accordance with GAAP and such action is being diligently contested in good faith by appropriate proceedings.

Upon a Responsible Officer of the Borrower obtaining knowledge of the occurrence of an Event of Default, the Borrower shall promptly (and in any event within two (2) Business Days) notify the Servicer and the Agents, specifying each specific Event(s) of Default that has occurred as well as all other Events of Default that are then known to be continuing. Upon the occurrence of an Event of Default known to a Responsible Officer of the Collateral Agent or the Administrative Agent, the Collateral Agent or the Administrative Agent shall promptly notify the other Agent (and the Administrative Agent will notify the Lenders and Managing Agents promptly) of such Event of Default in writing.

Upon the occurrence and during the continuance of any Event of Default, in addition to all rights and remedies specified in this Agreement and the other Facility Documents, including <u>Article VII</u>, and the rights and remedies of a secured party under Applicable Law, including the UCC (which rights shall be cumulative), the Administrative Agent may, in its sole discretion, and shall, at the request of the Majority Lenders or their respective Managing Agents, as applicable, by notice to the Borrower (with a copy to the Collateral Agent), do any one or more of the following: (1) declare the Commitments to be terminated, whereupon the Commitments shall be terminated, and/or (2) declare the principal of and the accrued Interest on the Advances and all other Obligations whatsoever payable by the Borrower hereunder to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby waived by the Borrower; *provided* that, upon the occurrence of any Event of Default described in <u>clause (f)</u> of <u>Section 6.01</u>, the Commitments shall automatically terminate and the Advances and all such other amounts shall automatically become due and payable, without any further action by any Person.

In addition, upon the occurrence and during the continuation of an Event of Default (and with respect to the remedy provided in <u>clause (w)</u> below, upon the occurrence and during the continuation of an Event of Default described in <u>clause (g)</u> above), following written notice by the Administrative Agent (provided in its sole discretion or at the direction of the Majority Lenders or their respective Managing Agents, as applicable) to the Servicer of the exercise of control rights with respect to the Collateral, the Administrative Agent may, in its sole discretion, and shall, at the request of the Majority Lenders or their respective Managing Agents, as applicable, exercise such rights, including: (v) the exercise of the Servicer's rights and obligations under the Facility Documents, including its unilateral power to (A) consent to modifications to Collateral Loans, (B) take any discretionary action with respect to Collateral Loans and (C) direct the acquisition, sales and other dispositions of Collateral Loans; (w) subject to delivery of a Servicer Termination Notice and the occurrence of a Servicer Termination Event, remove the Servicer and transfer the Servicer's rights and obligations under the Facility Documents to a Successor Servicer; (x) if the Servicer is not terminated or otherwise replaced, to require the Servicer to obtain the consent of the Administrative Agent before agreeing to any modification of any Collateral Loan, taking any discretionary action with respect to any Collateral Loan or causing the Borrower to sell or otherwise dispose of any Collateral Loan; (y) if the Servicer is not terminated or otherwise replaced, to require the Servicer to cause the Borrower to sell or otherwise dispose of any Collateral Loan as directed by the Administrative Agent pursuant to <u>Section 7.03</u>, and (z) with respect to any specific Collateral Loan, to require the Servicer to take such discretionary action with respect to such Collateral Loan as directed by the Administrative Agent. In connection with any sale or proposed sale of the Collateral during the continuance of an Event of Default (whether pursuant to the Facility Documents or Applicable Law), the Borrower or the Fund (or any Affiliate or designee thereof) shall have the exclusive right to purchase all Collateral Loans (but not in part) so long as (1) the Borrower or the Fund (or any Affiliate or designee thereof) provides notice to the Administrative Agent of its intent to acquire and/or refinance the entire Collateral portfolio by 4:00 p.m. on the tenth (10<sup>th</sup>) Business Day following receipt of notice of the Administrative Agent's intent to liquidate the Collateral, (2) the Proceeds of such acquisition and/or refinancing are sufficient to extinguish all Obligations under the Facility Documents (other than unasserted contingent obligations) and (3) such acquisition and/or refinancing is completed within sixty (60) days of the date of the Administrative Agent's notice of intent to liquidate the Collateral; *provided* that, if more than one Person has proposed to exercise its exclusive right to purchase all Collateral Loans in accordance with this sentence, the first Person to provide notice to the Administrative Agent of its intent to acquire and/or refinance the entire Collateral portfolio shall be given the ability to exercise such right; *provided further* that in no circumstance shall the Servicer be given the ability to exercise such right if the Borrower or the Fund (or any Affiliate or designee thereof) also proposes to exercise its exclusive right to purchase all Collateral Loans in accordance with this sentence.

 

*Section 6.02. Servicer Termination Events*. *"Servicer Termination Event"*, wherever used herein, means any one of the following events (whatever the reason for such Servicer Termination Event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any Law of any Governmental Authority):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Servicer breaches in any material respect any covenant or agreement applicable to it under this Agreement or any other Facility Document to which it is a party (it being understood that failure to meet any Coverage Test, Concentration Limitation, Collateral Quality Test or the Maximum Advance Rate Default Test is not a breach under this <u>subclause (a)</u>), and, if capable of being cured, is not cured within 30 days (provided that breaches of <u>Sections 5.03(e)</u> and <u>5.04</u> shall not have any cure period) of the earlier of (i) a Responsible Officer of the Servicer acquiring actual knowledge of such breach or (ii) its receiving written notice from any Agent of such breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the failure of any representation, warranty, or certification made or delivered by the Servicer in or pursuant to this Agreement or any other Facility Document to be correct in any material respect when made and, if capable of being cured, is not cured within 30 days of the earlier of (i) a Responsible Officer of the Servicer acquiring actual knowledge of such breach or (ii) its receiving written notice from any Agent of such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment of money in excess individually or in the aggregate of $10,000,000 against the Servicer (net of amounts covered by insurance), and the Servicer shall not have either (x) discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms or (y) perfected a timely appeal of such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal, in each case, within sixty (60) days from the date of entry thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the failure of the Servicer to make any payment when due (after giving effect to any related grace period set forth in the related agreements) under one or more agreements for borrowed money to which it is a party as obligor or guarantor in an aggregate amount in excess of $5,000,000, whether or not waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Remora shall fail to maintain assets under management of at least 50.0% of the Facility Limit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a Change of Control in respect of the Servicer occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an Insolvency Event relating to the Servicer occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) any material provision of a Facility Document shall (except in accordance with its terms) terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Servicer, (ii) the Servicer shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Facility Document or any Lien purported to be created thereunder, or (iii) any lien securing any obligation under any Facility Document shall, in whole or in part, cease to be a first priority perfected security interest of the Collateral Agent, except as otherwise expressly permitted in accordance with the applicable Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any change of the Servicer's credit and collection policy that has a material adverse effect on the Lenders, unless previously consented to in writing by each of the Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) the occurrence of an act by the Servicer that constitutes fraud or criminal activity in the performance of its obligations under the Facility Documents (as determined pursuant to a final adjudication by a court of competent jurisdiction) or the Servicer being indicted for a criminal offense materially related to its business of providing asset management services and such indictment remains undismissed for at least 90 days or (ii) any Responsible Officer of the Servicer primarily responsible for the performance by the Servicer of its obligations under the Facility Documents (in the performance of his or her investment management duties) is indicted for a criminal offense materially related to the business of the Servicer providing asset management services and continues to have responsibility for the performance by the Servicer hereunder for a period of ten (10) days after such indictment.

Upon the occurrence of a Servicer Termination Event actually known to a Responsible Officer of the Collateral Agent or the Administrative Agent, the Collateral Agent or the Administrative Agent shall promptly notify the other Agent (and the Administrative Agent will notify the Lenders promptly) of such Servicer Termination Event in writing. Upon the occurrence and during the continuance of a Servicer Termination Event, the Administrative Agent, by written notice to the Servicer (with a copy to the Document Custodian, the Custodian, the Collateral Administrator and the Collateral Agent) (a *"Servicer Termination Notice"*), may terminate all of the rights and obligations of the Servicer as Servicer under this Agreement in accordance with <u>Section 11.08</u>.

**ARTICLE VII<br>PLEDGE OF COLLATERAL; RIGHTS OF THE COLLATERAL AGENT**

 

*Section 7.01. Grant of Security*. (a) The Borrower hereby grants, pledges, transfers and collaterally assigns to the Collateral Agent, for the benefit of the Secured Parties, as collateral security for all Obligations, a continuing security interest in, and a Lien upon, all of the Borrower's right, title and interest in, to and under, the following property, in each case whether tangible or intangible, wheresoever located, and whether now owned by the Borrower or hereafter acquired and whether now existing or hereafter coming into existence (all of the property described in this <u>Section 7.01(a)</u> being collectively referred to herein as the *"Collateral"*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Collateral Loans and Related Documents (including those listed, as of the Closing Date, in <u>Schedule 3</u> (for the avoidance of doubt, as of the Closing Date the Borrower holds a participation interest in such Collateral Loans)), both
now and hereafter owned, including all Collections and other Proceeds thereon or with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Covered Account and all Money and all investment property (including all securities, all security
entitlements with respect to such Covered Account and all financial assets carried in such Covered Account) from time to time on deposit
in or credited to each Covered Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all interest, dividends, stock dividends, stock splits, distributions and other Money or property of any
kind distributed in respect of the Collateral Loans of the Borrower, which the Borrower is entitled to receive, including all Collections
in respect of its Collateral Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each Facility Document and all rights, remedies, powers, privileges and claims under or in respect thereto
(whether arising pursuant to the terms thereof or otherwise available to the Borrower at law or equity), including the right to enforce
each such Facility Document and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers
under or with respect thereto, to the same extent as the Borrower could but for the assignment and security interest granted to the Collateral
Agent under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all Cash or Money in possession of the Borrower or delivered to the Collateral Agent (or its bailee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all securities, loans, investments, accounts, chattel paper, deposit accounts, financial assets, general
intangibles, instruments, investment property, letter-of-credit rights and supporting obligations of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all other property of any type or nature in which the Borrower has an interest (including the equity interests
of each subsidiary of the Borrower) and all property of the Borrower which is delivered to the Collateral Agent (or the Custodian or the
Document Custodian on its behalf) by or on behalf of the Borrower (whether or not constituting Collateral Loans or Eligible Investments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all Liens, collateral, property, guaranties, supporting obligations, insurance and other agreements or
arrangements of whatever character from time to time supporting or securing payment of the assets, investments and properties described
above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all Proceeds of any and all of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All terms used in this <u>Section 7.01</u> that are defined in the UCC but are not defined in <u>Section 1.01</u> shall have the respective meanings assigned to such terms in the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower confirms that, upon the occurrence and during the continuance of an Event of Default and until the Collection Date, the Collateral Agent (at the direction of the Administrative Agent a copy of which direction shall also be provided to the Borrower to the extent delivery thereof to the Borrower is not prohibited by Applicable Law) on behalf of the Secured Parties shall have the sole right to enforce the Borrower's rights and remedies under the Purchase and Contribution Agreement, the Master Participation Agreement and any UCC financing statements filed under or in connection therewith for the benefit of the Secured Parties.

 

*Section 7.02. Release of Security Interest*. Upon the Collection Date or pursuant to <u>Section 8.07</u>, the Collateral Agent, on behalf of the Secured Parties, shall, at the expense and direction of the Borrower, promptly execute, deliver and file or authorize for filing such instruments as the Borrower shall reasonably request (which request constitute a certification that the transaction is in compliance with the applicable terms of this Agreement and the Collateral Agent may conclusively rely on such certification) in order to reassign, release or terminate the Secured Parties' security interest in the Collateral. The Secured Parties acknowledge and agree that upon the sale or disposition of any Collateral by the Borrower in compliance with the terms and conditions of this Agreement, the security interest of the Secured Parties in such Collateral shall immediately terminate and the Collateral Agent, on behalf of the Secured Parties, shall, at the expense and direction of the Borrower (which request constitute a certification that the transaction is in compliance with the applicable terms of this Agreement and the Collateral Agent may conclusively rely on such certification), execute, deliver and file or authorize for filing such instrument as the Borrower shall reasonably request to reflect or evidence such termination. Any and all actions under this <u>Article VII</u> in respect of the Collateral shall be without any recourse to, or representation or warranty by any Secured Party and shall be at the sole cost and expense of the Borrower (or the Fund on behalf of the Borrower).

 

 

*Section 7.03. Rights and Remedies*. The Collateral Agent (for itself and on behalf of the other Secured Parties) shall have all of the rights and remedies of a secured party under the UCC and other Applicable Law. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent or its designees shall, at and in accordance with the written direction of the Administrative Agent or the Required Lenders or their respective Managing Agents, as applicable, (i) instruct the Borrower to deliver any or all of the Collateral, the Related Documents and any other documents relating to the Collateral to the Collateral Agent or its designees and otherwise give all instructions for the Borrower regarding the Collateral; (ii) sell or otherwise dispose of the Collateral in a commercially reasonable manner, all without judicial process or proceedings; (iii) take control of the Proceeds of any such Collateral; (iv) subject to the provisions of the applicable Related Documents, exercise any consensual or voting rights in respect of the Collateral; (v) release, make extensions, discharges, exchanges or substitutions for, or surrender all or any part of the Collateral; (vi) enforce the Borrower's rights and remedies with respect to the Collateral; (vii) institute and prosecute legal and equitable proceedings to enforce collection of, or realize upon, any of the Collateral; (viii) require that the Borrower immediately take all actions necessary to cause the liquidation of the Collateral in order to pay all amounts due and payable in respect of the Obligations, in accordance with the terms of the Related Documents; (ix) to redeem or withdraw or cause the Borrower to redeem or withdraw any asset of the Borrower to pay amounts due and payable in respect of the Obligations; (x) make copies of or, if necessary, remove from the Borrower's, the Servicer's and their respective agents' place of business all books, records and documents relating to the Collateral; and (xi) endorse the name of the Borrower upon any items of payment relating to the Collateral or upon any proof of claim in bankruptcy against an account debtor.

The Borrower hereby agrees that, upon the occurrence and during the continuance of an Event of Default, at the request of any Agent or the Required Lenders or their respective Managing Agents, as applicable (acting through the Collateral Agent), it shall execute all documents and agreements which are necessary or appropriate to have the Collateral to be assigned to the Collateral Agent or its designee. For purposes of taking the actions described in <u>clauses (i)</u> through <u>(xi)</u> of this <u>Section 7.03</u> the Borrower hereby irrevocably appoints the Collateral Agent as its attorney-in-fact (which appointment being coupled with an interest and is irrevocable while any of the Obligations remain unpaid, with power of substitution), in the name of the Collateral Agent or in the name of the Borrower or otherwise, for the use and benefit of the Collateral Agent (for the benefit of the Secured Parties), but at the cost and expense of the Borrower and, except as expressly required by Applicable Law, without notice to the Borrower.

Notwithstanding anything in this <u>Section 7.03</u> to the contrary, the Collateral Agent shall be under no duty or obligation to take any affirmative action to exercise or enforce any power, right or remedy available to it under this Agreement unless and to the extent expressly so directed in writing (which may take the form of an e-mail) by the Administrative Agent, the Required Lenders or the Majority Lenders (or their respective Managing Agents acting on their behalf), as applicable; *provided* that the Collateral Agent shall not be required to take any action hereunder at the direction of the Administrative Agent or any Secured Party if such action would, in the reasonable determination of the Collateral Agent (x) be in violation of or contrary to Applicable Law or any provisions of this Agreement or other Facility Document or (y) expose the Collateral Agent to liability unless it has received indemnity reasonably satisfactory to it with respect thereto.

All sums paid or advanced by the Collateral Agent in connection with the foregoing and all out-of-pocket costs and expenses (including reasonable and documented attorneys' fees and expenses) incurred in connection therewith shall be paid by the Borrower to the Collateral Agent from time to time on demand in accordance with the Priority of Payments and shall constitute and become a part of the Obligations secured hereby.

 

*Section 7.04. Remedies Cumulative*. Each right, power, and remedy of the Agents and the other Secured Parties, or any of them, as provided for in this Agreement or in the other Facility Documents or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this Agreement or in the other Facility Documents or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by either of the Agents or any other Secured Party of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by such Persons of any or all such other rights, powers, or remedies.

 

*Section 7.05. Related Documents*. (a) Each of the Borrower and the Servicer hereby agrees that, to the extent not expressly prohibited by the terms of the Related Documents, after the occurrence and during the continuance of an Event of Default, it shall (i) upon the written request of any Agent, promptly forward to such Person all material information and notices which it receives under or in connection with the Related Documents relating to the Collateral, (ii) upon the written request of the Administrative Agent, promptly forward to the Administrative Agent any reasonably requested information relating to the specified Collateral Loans and (iii) act and refrain from acting in respect of any request, act, decision or vote under or in connection with the Related Documents relating to the Collateral only in accordance with the direction of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower agrees that, to the extent the same shall be in the Borrower's possession, it will hold all Related Documents relating to the Collateral in trust for the Collateral Agent on behalf of the Secured Parties, and upon request of any Agent following the occurrence and during the continuance of an Event of Default or as otherwise provided herein, promptly deliver the same to the Collateral Agent or its designee (including the Custodian). In addition, in accordance with <u>Article XIV</u>, promptly (and in any event, within five (5) Business Days) following its acquisition of any Collateral Loan the Borrower shall deliver to the Document Custodian copies of the Related Documents.

 

*Section 7.06. Borrower Remains Liable*. (a) Notwithstanding anything herein to the contrary, (i) the Borrower shall remain liable under the contracts and agreements included in and relating to the Collateral (including the Related Documents) to the extent set forth therein, and shall perform all of its duties and obligations under such contracts and agreements to the same extent as if this Agreement had not been executed, and (ii) the exercise by any Secured Party of any of its rights hereunder shall not release the Borrower from any of its duties or obligations under any such contracts or agreements included in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No obligation or liability of the Borrower is intended to be assumed by the Administrative Agent, the Collateral Agent or any other Secured Party under or as a result of this Agreement or the other Facility Documents, or the transactions contemplated hereby or thereby, including under any Related Document or any other agreement or document that relates to Collateral and, to the maximum extent permitted under provisions of Law, the Administrative Agent, the Collateral Agent and the other Secured Parties expressly disclaim any such assumption.

 

*Section 7.07. Protection of Collateral*. The Borrower shall from time to time execute and deliver all such supplements and amendments hereto and file or authorize the filing of all such UCC-1 financing statements and continuation statements and the equivalent thereof in any applicable foreign jurisdiction, if applicable, instruments of further assurance and other instruments, and shall take such other action as may be necessary or advisable or desirable to secure the rights and remedies of the Secured Parties hereunder and to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) grant security more effectively on all or any portion of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) maintain, preserve and perfect any grant of security made or to be made by this Agreement including the first priority nature of the Lien granted hereunder or to carry out more effectively the purposes hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) perfect, publish notice of or protect the validity of any grant made or to be made by this Agreement (including any and all actions necessary or desirable as a result of changes in Law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enforce any of the Collateral or other instruments or property included in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) preserve and defend title to the Collateral and the rights therein of the Collateral Agent and the Secured Parties in the Collateral against the claims of all third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) pay or cause to be paid any and all Taxes levied or assessed upon all or any part of the Collateral.

The Borrower hereby designates the Administrative Agent as its agent and attorney in fact to prepare and file any UCC-1 financing statement and continuation statement and the equivalent thereof in any applicable foreign jurisdiction, if applicable, and all other instruments, and take all other actions, required pursuant to this <u>Section 7.07</u>. Such designation shall not impose upon the Administrative Agent or any other Secured Party, or release or diminish, the Borrower's obligations under this <u>Section 7.07</u> or <u>Section 5.01(c)</u>. The Borrower further authorizes the Administrative Agent to file, without the Borrower's signature, UCC-1 financing statements or the equivalent thereof in any foreign jurisdiction, if applicable, that name the Borrower as debtor and the Collateral Agent as secured party and that describes "all assets in which the debtor now or hereafter has rights" as the Collateral in which the Collateral Agent has a grant of security hereunder and any amendments or continuation statements that may be necessary or desirable.

**ARTICLE VIII<br>ACCOUNTS, ACCOUNTINGS AND RELEASES**

 

*Section 8.01. Collection of Money*. Except as otherwise expressly provided herein, the Collateral Agent may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all Money and other property payable to or receivable by the Collateral Agent pursuant to this Agreement, including all payments due on the Collateral, in accordance with the terms and conditions of such Collateral. The Collateral Agent shall segregate and hold all such Money and property received by it in trust for the Secured Parties and shall apply it as provided in this Agreement. Each Covered Account shall be established and maintained under an Account Control Agreement with a Qualified Institution. Any Covered Account may contain any number of additional accounts for the convenience of the Collateral Agent or as required by the Servicer for convenience in administering the Covered Account or the Collateral.

 

 

*Section 8.02. Collection Account*. (a) In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the Closing Date, establish at the Custodian the following segregated, non-interest bearing accounts in the name of the Borrower, which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and each of which shall be subject to the Lien of the Collateral Agent: (i) the "*RCC SPV, LLC Interest Collection Account*" (the "*Interest Collection Account*") and (ii) the "*RCC SPV, LLC Principal Collection Account*" (the "*Principal Collection Account*"). The Interest Collection Account and the Principal Collection Account are each designated as a *"Collection Account"* and together, the *"Collection Accounts"*. The Collateral Agent shall from time to time deposit into the Interest Collection Account, in addition to the deposits required pursuant to <u>Section 8.05(a)</u>, promptly upon receipt thereof all Interest Proceeds received by the Collateral Agent. The Collateral Agent shall deposit promptly upon receipt thereof all other amounts remitted to the Collection Accounts into the Principal Collection Account, as directed in writing by the Servicer, including, in addition to the deposits required pursuant to <u>Section 8.05(a)</u>, all Principal Proceeds (unless simultaneously reinvested in additional Collateral Loans in accordance with <u>Article X</u> or in Eligible Investments or required to be deposited in the Revolving Reserve Account pursuant to <u>Section 8.04</u>) received by the Collateral Agent. All Monies deposited from time to time in the Collection Account pursuant to this Agreement shall be held by the Collateral Agent as part of the Collateral and shall be applied to the purposes herein provided. Subject to <u>Section 8.02(c)</u>, amounts in each Collection Account shall be reinvested pursuant to <u>Section 8.05(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time when reinvestment is permitted pursuant to <u>Article X</u>, the Servicer on behalf of the Borrower may, by delivery of a certificate or an email instruction of a Responsible Officer of the Servicer or a trade ticket, direct the Collateral Agent to, and upon receipt of such certificate, email or trade ticket, as applicable (which such certificate, trade ticket or email shall be deemed to be a certification of the Servicer that the applicable reinvestment is authorized and permitted by the Facility Documents and all conditions precedent to such reinvestment have been satisfied), the Collateral Agent shall, withdraw funds on deposit in the Principal Collection Account representing Principal Proceeds (together with accrued interest received with regard to any Collateral Loan and Interest Proceeds but only to the extent used to pay for accrued interest on an additional Collateral Loan), and reinvest such funds in additional Collateral Loans in accordance with the requirements of <u>Article X</u> and such certificate, email or trade ticket. At any time as of which sufficient funds are not on deposit in the Revolving Reserve Account, the Servicer on behalf of the Borrower may, by delivery of a certificate of a Responsible Officer of the Servicer, direct the Collateral Agent to, and upon receipt of such certificate the Collateral Agent shall, withdraw funds on deposit in the Principal Collection Account representing Principal Proceeds and remit such funds as so directed by the Servicer to meet the Borrower's funding obligations in respect of Delayed Drawdown Collateral Loans or Revolving Collateral Loans. In addition, in connection with any prepayment of Advances under <u>Section 2.05(a)</u>, the Servicer on behalf of the Borrower may, by delivery of a certificate of a Responsible Officer of the Servicer, direct the Collateral Agent to, and upon receipt of such certificate the Collateral Agent shall, withdraw funds on deposit in the Principal Collection Account representing Principal Proceeds and remit such funds to the Lenders in connection with such prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Collateral Agent shall transfer to the Payment Account, from the Collection Accounts for application pursuant to <u>Section 9.01(a)</u>, on the Business Day prior to each Payment Date, the amount set forth to be so transferred in the Monthly Report for such Payment Date.

 

*Section 8.03. Transaction Accounts*. (a) *Payment Account*. In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the Closing Date, establish at the Custodian a segregated non-interest bearing account in the name of the Borrower, subject to the lien of the Collateral Agent, which shall be designated as the *"Payment Account"*, and shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent. Except as provided in <u>Section 9.01</u>, the only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Payment Account shall be to pay amounts due and payable under the Priority of Payments on the Payment Dates in accordance with their terms and the provisions of this Agreement. The Borrower shall not have any legal, equitable or beneficial interest in the Payment Account other than in accordance with this Agreement and the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Custodial Accounts*. In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the Closing Date, establish at the Custodian a segregated non-interest bearing account in the name "*RCC SPV, LLC* Custodial Account, subject to the lien of the Collateral Agent" which shall be designated as the *"Custodial Account"*, which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent. All Collateral Loans shall be credited to the Custodial Account.

 

*Section 8.04. The Revolving Reserve Accounts; Fundings*. In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the Closing Date, establish at the Custodian a segregated non-interest bearing account in the name of the Borrower, subject to the lien of the Collateral Agent, which shall be designated as the *"Revolving Reserve Account",* which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent. The only permitted deposits to or withdrawals from the Revolving Reserve Account shall be in accordance with the provisions of this Agreement. The Borrower shall not have any legal, equitable or beneficial interest in the Revolving Reserve Account other than in accordance with this Agreement and the Priority of Payments.

On the Commitment Termination Date and at all times thereafter, the Borrower shall maintain an amount (the "*Revolving Reserve Required Amount*") in the Revolving Reserve Account at least equal to the sum of (x) the Revolving Exposure, *plus* (y) the aggregate amount of funds needed to settle purchases of Collateral Loans which the Borrower committed, prior to the end of the Reinvestment Period, to acquire after the Commitment Termination Date. Prior to or immediately after the occurrence of the Commitment Termination Date (other than a Commitment Termination Date following the occurrence of an Insolvency Event with respect to the Borrower, the Fund or the Servicer), the Borrower shall request a final Borrowing in an amount sufficient to fund the Revolving Reserve Required Amount.

During the Reinvestment Period, fundings of Delayed Drawdown Collateral Loans and Revolving Collateral Loans shall be made using, first, amounts on deposit in the Revolving Reserve Account, then available Principal Proceeds on deposit in the Principal Collection Account and finally, available Borrowings. After the Commitment Termination Date, fundings of Delayed Drawdown Collateral Loans and Revolving Collateral Loans shall be made using, first, amounts on deposit in the Revolving Reserve Account, then available Principal Proceeds on deposit in the Principal Collection Account. In addition, after the Commitment Termination Date, all Principal Proceeds received with respect to Revolving Collateral Loans shall be deposited into the Revolving Reserve Account to the extent such proceeds may be reborrowed by the related Obligors.

Amounts on deposit in the Revolving Reserve Account will be invested in overnight funds that are Eligible Investments selected by the Servicer pursuant to <u>Section 8.05</u> and earnings from all such investments will be deposited in the Interest Collection Account as Interest Proceeds. Funds in the Revolving Reserve Account (other than earnings from Eligible Investments therein) will be available solely to cover drawdowns on the Delayed Drawdown Collateral Loans and Revolving Collateral Loans and settle purchases of Collateral Loans committed to be acquired by the Borrower prior to the end of the Reinvestment Period; *provided* that, to the extent that the aggregate amount of funds on deposit therein at any time exceeds the Revolving Reserve Required Amount, the Borrower shall direct the Collateral Agent to and the Collateral Agent shall remit such excess to the Principal Collection Account. In addition, following the occurrence of an Event of Default, funds in the Revolving Reserve Account may be withdrawn by the Collateral Agent and deposited into the Principal Collection Account pursuant to and at the direction of the Administrative Agent.

 

*Section 8.05. Reinvestment of Funds in Covered Accounts; Reports by Collateral Agent*. (a) By delivery of a certificate of a Responsible Officer (which may be in the form of standing instructions), the Borrower (or the Servicer on behalf of the Borrower) shall at all times direct the Collateral Agent to, and, upon receipt of such certificate, the Collateral Agent shall, invest all funds on deposit in the Collection Account (including the Principal Collection Account and the Interest Collection Account) and the Revolving Reserve Account as so directed in Eligible Investments having stated maturities no later than the Business Day preceding the next Payment Date (or such shorter maturities expressly provided herein). If, prior to the occurrence of an Event of Default, the Servicer shall not have given any such written investment directions, such funds shall remain uninvested. After the occurrence and during the continuation of an Event of Default, the Collateral Agent (as directed in writing by the Administrative Agent) shall invest and reinvest such Monies as fully as practicable in Specified Eligible Investments selected by the Administrative Agent in accordance with the definition of Specified Eligible Investment (and if no Specified Eligible Investment has been specified, such funds shall be invested in the Specified Eligible Investment selected by the Servicer or held uninvested if none has been selected). Except to the extent expressly provided otherwise herein, all interest, gain, loss and other income from such investments shall be deposited, credited or charged (as applicable) in and to each Interest Collection Account. Absent its timely receipt of such written instruction from the Servicer in accordance with the foregoing, the Collateral Agent shall not be under an obligation to invest funds held hereunder. The Collateral Agent shall in no way be liable for any insufficiency in a Covered Account resulting from any loss relating to any such investment. The Collateral Agent and the Custodian and their respective Affiliates shall be permitted to receive additional compensation that could be deemed to be in the Collateral Agent's or the Custodian's economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or sub-custodian with respect to certain of the Eligible Investments, (ii) using affiliates to effect transactions in certain Eligible Investments, and (iii) effecting transactions in certain investments. Such compensation shall not be considered an amount that is reimbursable or payable pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Collateral Agent agrees to give the Borrower prompt notice if a Responsible Officer of the Collateral Agent has actual knowledge that any Covered Account or any funds on deposit in any Covered Account, or otherwise to the credit of a Covered Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. All Covered Accounts shall remain at all times with the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Collateral Agent shall supply, in a timely fashion, to the Borrower and the Servicer any information regularly maintained by the Collateral Agent that the Borrower or the Servicer may from time to time reasonably request with respect to the Collateral, the Covered Accounts and the other Collateral and provide any other requested information reasonably available to the Collateral Agent and required to be provided by <u>Section 8.06</u> or to permit the Borrower and the Servicer to perform its obligations hereunder or the Borrower's obligations hereunder that have been expressly delegated to the Servicer. The Collateral Agent shall promptly forward to the Servicer copies of notices and other writings received by it from the Obligor of any Collateral Loan or from any Clearing Agency with respect to any Collateral Loan which notices or writings advise the holders of such Collateral Loan of any rights that the holders might have with respect thereto (including requests to vote with respect to amendments or waivers and notices of prepayments and redemptions) as well as all periodic financial reports received from such Obligor and Clearing Agency with respect to such Obligor.

 

*Section 8.06. Accountings*. (a) *Monthly*. Not later than two (2) Business Days prior to the 24th calendar day of each calendar month, beginning with October 2025 (such date, the *"Monthly Reporting Date"*), the Servicer shall compile and provide to the Agents and the Lenders, a monthly report (each, a *"Monthly Report"*) in accordance with this <u>Section 8.06</u>. The Servicer shall compile and provide to the Collateral Administrator and the Administrative Agent a loan data file (the *"Data File"*) for the previous monthly period ending on the Monthly Report Determination Date (containing such information agreed upon by the Borrower, the Servicer, the Collateral Administrator and the Administrative Agent). The Servicer shall provide (or cause to be provided) the Data File to the Borrower, the Collateral Administrator and the Administrative Agent at least six (6) Business Days prior to the Monthly Reporting Date. The Collateral Administrator shall use commercially reasonable efforts to review and, based solely on the Data File provided by the Servicer, confirm the calculations in <u>clauses (i)</u> through <u>(x)</u> below made by the Servicer in any such Monthly Report for such calendar month, within two (2) Business Days of the receipt thereof. The Collateral Agent shall review and verify the Monthly Report to ensure that it is complete on its face and, based solely on the information provided on the related Data File, that the following items in such Monthly Report have been accurately calculated, if applicable, and reported: (i) Aggregate Collateral Balance, (ii) Borrowing Base, (iii) Excess Concentration Amount, (iv) Maximum Available Amount, (v) Net Revolving Exposure Amount, (vi) each Collateral Quality Test, (vii) each Coverage Test, (viii) the Maximum Advance Rate Default Test, (ix) Collateral Default Ratio, (x) completion of Priority of Payments pursuant to <u>Section 9.01(a)</u>, (xi) Interest Collection Account, Principal Collection Account and Revolving Reserve Account balances, and (xii) other information as may be mutually agreed upon by the Collateral Administrator, the Borrower, the Servicer and the Administrative Agent. Notwithstanding the foregoing, the Collateral Agent shall not be responsible for calculating any amounts payable to the Fund pursuant to <u>Section 9.01(a)(i)(D)(1)</u>, <u>Section 9.01(a)(i)(J)</u>, <u>Section 9.01(a)(iii)(C)(1)</u> or <u>Section 9.01(a)(iii)(G)(1)</u> or amounts payable to the Borrower pursuant to <u>Section 9.01(a)(i)(K)</u>, <u>Section 9.01(a)(ii)(B)</u>, <u>Section 9.01(a)(ii)(E)</u> or <u>Section 9.01(a)(iii)(H)</u>, it being understood and agreed that the Servicer shall be providing the allocation of such amounts payable to the Fund and the Borrower in each Monthly Report on which the Collateral Administrator and the Collateral Agent may conclusively rely. Upon receipt of such confirmation (or report showing discrepancies) by the Borrower, Servicer and the Administrative Agent from the Collateral Administrator, and in any event by no later than the Monthly Reporting Date, the Servicer shall compile and provide (or cause to be compiled and provided) to the Agents and the Lenders the Monthly Report. As used herein, the *"Monthly Report Determination Date"* with respect to any calendar month will be the 5<sup>th</sup> Business Day of such calendar month. The Monthly Report for a calendar month shall contain the information with respect to the Collateral Loans and Eligible Investments included in the Collateral set forth in <u>Schedule 2</u>, and shall be determined as of the Monthly Report Determination Date for such calendar month.

In addition, the Borrower shall provide (or cause to be provided) in each Monthly Report a statement setting forth in reasonable detail each amendment, modification or waiver under any Related Document for each Collateral Loan that constitutes a Material Modification that became effective since the immediately preceding Monthly Report (or, in respect of the first Monthly Report, from the Closing Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Failure to Provide Accounting*. If the Collateral Administrator shall not have received any accounting provided for in this <u>Section 8.06</u> on the first Business Day after the date on which such accounting is due to the Collateral Administrator, the Collateral Administrator shall notify the Servicer who shall use all reasonable efforts to obtain such accounting by the applicable Monthly Reporting Date.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms of this Agreement, the Collateral Agent, the Document Custodian or Custodian, as applicable, shall, upon the receipt of a certificate of a Responsible Officer of the Servicer or of the Borrower, at the sole expense of the Borrower, deliver any Collateral as instructed in such certificate, and execute such documents or instruments as are presented by the Borrower or the Servicer and are reasonably necessary to release or cause to be released such loan from the Lien of this Agreement, which is set for any mandatory call or redemption or payment in full to the appropriate paying agent on or before the date set for such call, redemption or payment, in each case against receipt of the call or redemption price or payment in full thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As provided in <u>Section 8.02(a)</u>, the Collateral Agent shall deposit any proceeds received by it from the disposition of any Collateral in the Interest Collection Account or the Principal Collection Account, as applicable, as directed by the Servicer to the Collateral Agent in writing, unless simultaneously applied to the purchase of additional Collateral Loans or Eligible Investments as permitted under and in accordance with the requirements of this <u>Article VIII</u> and <u>Article X</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Collateral Agent shall, upon receipt of a certificate of a Responsible Officer of the Borrower (or the Servicer on its behalf), certifying that there are no Commitments outstanding and all Obligations of the Borrower hereunder and under the other Facility Documents have been satisfied, release any remaining Collateral from the Lien of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Collateral Loan or amounts that are released pursuant to <u>Section 8.07(a)</u> or <u>(b)</u> shall automatically be released from the Lien of this Agreement.

 

*Section 8.08. Reports by Independent Accountants*. The Borrower will cause a firm of nationally recognized independent public accountants reasonably acceptable to the Administrative Agent ((who may also render other services to the Fund) and the firm of RSM US LLP is reasonably acceptable to the Administrative Agent) (together with its successors, the *"Independent Accountants"*) to furnish to the Administrative Agent, each Managing Agent and each Lender (a) by the one-year anniversary of the Closing Date (the "*Initial AUP Date*") and (b) annually thereafter, by each anniversary of the Initial AUP Date, in each case, a report relating to such calendar year to the effect that (i) such firm has applied certain agreed-upon procedures, and (ii) based on such examination, such firm is of the opinion that the Monthly Reports for such year (or, such period of time since the Closing Date, as applicable) were prepared in compliance with this Agreement, except for such exceptions as it believes to be immaterial and such other exceptions as shall be set forth in such firm's report (including with respect to any such exceptions, an explanation of how each such exception arose and reflecting the input/explanation of the Borrower and/or Servicer thereto). The fees of such Independent Accountants and any successor shall be payable by the Borrower.

 

*Section 8.09. Covered Account Details*. The account number of each Covered Account is set forth on <u>Schedule 6</u>.

 

*Section 8.10. Delivery of Report, Notices, Etc.* Documents and notices required to be delivered by the Borrower or the Servicer pursuant this Agreement may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which the Borrower or the Servicer posts such documents or notices, or provides a link thereto on the Servicer's website or otherwise delivers such documents or notices via email in accordance with <u>Section 16.02</u>.

**ARTICLE IX<br>APPLICATION OF MONIES**

 

*Section 9.01. Disbursements of Monies from Payment Account*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision in this Agreement, but subject to the other subsections of this <u>Section 9.01</u>, on each Payment Date, the Collateral Agent shall disburse amounts transferred from each Collection Account to the Payment Account pursuant to <u>Section 8.02</u> in accordance with the Monthly Report and the following priorities (the *"Priority of Payments"*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Payment Date prior to the occurrence and continuance of an Event of Default, Interest Proceeds
on deposit in the Interest Collection Account, to the extent received on or before the related Determination Date (or, if such Determination
Date is not a Business Day, the next succeeding Business Day) will be transferred into the Payment Account, to 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;A. to pay registration, registered office and filing fees, if any, of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. (1) first, to pay all out-of-pocket costs and expenses of the Collateral Agent incurred in connection
with any sale of Collateral or exercise of other remedial rights pursuant to Section 7.03; (2) second, to pay Administrative Expenses;
provided that the amounts payable in this clause (2) and clause (C) below shall not exceed the Administrative Expense Cap; and (3) third,
to pay the Collateral Agent all amounts owed pursuant to Erroneous Payment Subrogation Rights without regard to the Administrative Expense
Cap;

&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. to the Administrative Agent to pay all fees and expenses of the Administrative Agent under the Facility
Documents and all amounts owed pursuant to Erroneous Payment Subrogation Rights; provided that the amounts payable in this clause (C)
and clause (B)(2) above shall not exceed the Administrative Expense Cap;

&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. (1) first, to the Servicer to pay the Senior Servicer Fee, plus any Senior Servicer Fee that remains due
and unpaid in respect of any prior Payment Dates as a result of insufficient funds (such due and unpaid Senior Servicer Fee may, for the
avoidance of doubt, be waived by the Servicer); and (2) second, to pay Servicer Expenses, provided that the amounts payable under this
clause (2) shall not exceed the Servicer Expense Cap;

&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. to each Lender or Managing Agent (on behalf of its Lender Group), pro rata, based on amounts owed, to
pay accrued and unpaid Interest on the Advances and Commitment Fees due to each 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;F. if any of the Coverage Tests are not satisfied as of the related Determination Date, to pay the principal
of the Advances of each Lender or Managing Agent (on behalf of its Lender Group) (pro rata, based on each Lender's Percentage) until
the Coverage Tests are satisfied (on a pro forma basis as at such Determination 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;G. (i) during the Reinvestment Period, at the discretion of the Servicer, for deposit into the Revolving
Reserve Account and (ii) after the Reinvestment Period, for deposit into the Revolving Reserve Account until the amount on deposit therein
equals the Revolving Reserve Required Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. to pay, on a pro rata basis, accrued and unpaid amounts owing to Affected Persons (if any) under Sections
2.09, 2.10 and 16.04, all other fees, expenses or indemnities owed to the Secured Parties or Indemnified 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;I. (1) first, to the payment or application of amounts referred to in clause (B) above (in the same order
of priority specified therein), to the extent not paid in full pursuant to applications under such clause, (2) second, to the payment
or application of amounts referred to in clause (C) above to the extent not paid in full pursuant to such clause, and (3) third, to the
payment or application of amounts referred to in clause (D) above to the extent not paid in full pursuant to such clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. to the Servicer to pay the accrued and unpaid Subordinated Servicer Fee that remains due and payable,
and any Subordinated Servicer Fee that remains due and unpaid in respect of any prior Payment Dates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. any remaining amounts shall be released to the Borrower or its designees (including, for the avoidance
of doubt, the Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date prior to the occurrence and continuance of an Event of Default, except for any Principal
Proceeds that will be used to settle binding commitments entered into prior to the related Determination Date for the purchase of Collateral
Loans, Principal Proceeds on deposit in each Principal Collection Account that are received on or before the related Determination Date
(or, if such Determination Date is not a Business Day, the next succeeding Business Day) will be transferred to the Payment Account to
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;A. to the payment of unpaid amounts under <u>clauses (A)</u> through <u>(F)</u> in <u>clause (i)</u> above
(in the same order of priority specified therein), to the extent not paid in full 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;B. at the discretion of the Servicer (acting at the direction of the Borrower), all remaining amounts shall
be allocated to any one or more of the following payments: (1) during the Reinvestment Period, to the Principal Collection Account for
the purchase of additional Collateral Loans (including funding Revolving Collateral Loans and Delayed Drawdown Collateral Loans), (2)
during the Reinvestment Period, to prepay the Advances, (3) for deposit into the Revolving Reserve Account until the amount on deposit
therein equals the Revolving Reserve Required Amount, and/or (4) during the Reinvestment Period, if each Collateral Quality Test and Coverage
Test is satisfied and no Event of Default or Default has occurred and is continuing, any remaining amounts shall be released, based on
the Principal Proceeds on deposit in the Payment Account as of such Payment Date to the Borrower or its designees (including, for the
avoidance of doubt, the Fund);

&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. after the Reinvestment Period (i) if the End of Life Option is not exercised, to pay the Advances of each
Lender or Managing Agent (on behalf of its Lender Group) (*pro rata*, based on each Lender's Percentage) until the Advances
are paid in full or (ii) if the End of Life Option is exercised, (A) the applicable End of Life Option Percentage of Principal Proceeds
shall be released to the Borrower or its designees (including, for the avoidance of doubt, the Fund) and (B) the remaining percentage
of Principal Proceeds shall be used to pay the Advances of each Lender or Managing Agent (on behalf of its Lender Group) (*pro rata*,
based on each Lender's or Lender Group's Percentage, as applicable), 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;&nbsp;&nbsp;&nbsp;&nbsp;D. to the payment of amounts referred to in <u>clauses (H)</u>, <u>(I)</u> and <u>(J)</u> of <u>clause (i)</u> above (in the same order of priority specified therein), to the extent not paid in full thereunder; *provided*, that if the amount
on deposit in the Revolving Reserve Account equals or exceeds the amount of the outstanding Advances, the Borrower (or the Servicer on
its behalf) may elect to withdraw such amounts from the Revolving Reserve Account and repay the Advances in full; 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;E. any remaining amounts shall be released to the Borrower or its designees (including, for the avoidance
of doubt, the Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On each Payment Date following the occurrence and continuance of an Event of Default, all Interest Proceeds
in each Interest Collection Account and all Principal Proceeds in each Principal Collection Account, except for any Principal Proceeds
that will be used to settle binding commitments entered into prior to the related Determination Date for the purchase of Collateral Loans,
in each case, to the extent received on or before the related Determination Date (or, if such Determination Date is not a Business Day,
the next succeeding Business Day) will be transferred to the Payment Account to be applied, *pro rata*, 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;A. to pay registration, registered office and filing fees, if any, of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. (1) *first*, to pay all out-of-pocket costs and expenses of the Collateral Agent incurred in connection
with any sale of Collateral or exercise of other remedial rights pursuant to <u>Section 7.03</u> (including the appointment of a Successor
Servicer) and all amounts owed pursuant to Erroneous Payment Subrogation Rights; (2) *second*, to pay Administrative Expenses as
provided in <u>Section 9.01(a)(i)(B)</u> and without regard to the Administrative Expense Cap and (3) *third*, to the Administrative
Agent to pay all fees and expenses of the Administrative Agent under the Facility Documents and all amounts owed pursuant to Erroneous
Payment Subrogation Rights;

&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. (1) *first*, to pay Servicer Expenses in accordance with the priorities specified in the definition
thereof, *provided* that the amounts payable under this <u>clause (1)</u> shall not exceed the Servicer Expense Cap; and (2) *second*,
to the Servicer to pay the Senior Servicer Fee, *plus* any Senior Servicer Fee that remains due and unpaid in respect of any prior
Payment Dates as a result of insufficient funds, *provided* that the Servicer may waive any amounts payable under this <u>clause (2)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. to each Lender or Managing Agent (on behalf of its Lender Group), *pro rata*, based on amounts owed,
to pay accrued and unpaid Interest on the Advances and Commitment Fees due to each 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;E. to pay the principal of the Advances of each Lender or Managing Agent (on behalf of its Lender Group)
(*pro rata*, based on each Lender's Percentage) until paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. to pay, on a *pro rata* basis, accrued and unpaid amounts owing to Affected Persons (if any) under <u>Sections 2.09</u>, <u>2.10</u>, and <u>16.04</u>, all other fees, expenses or indemnities owed to the Secured Parties or Indemnified
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;G. (1) *first*, to the Servicer to pay the accrued and unpaid Subordinated Servicer Fees that remain
due and unpaid and any Subordinated Servicer Fees that remain due and unpaid in respect of any prior Payment Dates; and (2) *second*,
to the payment of amounts referred to in <u>clause (C)(1)</u> above to the extent not paid in full pursuant to such clause; 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;H. any remaining amounts shall be released to the Borrower or its designees (including, for the avoidance
of doubt, the Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If on any Payment Date the amount available in the Payment Account is insufficient to make the full amount of the disbursements required by the Monthly Report, the Collateral Agent shall make the disbursements called for in the order and according to the priority set forth under <u>Section 9.01(a)</u> to the extent funds are available therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Servicer may, in its sole discretion, elect to irrevocably waive payment of any or all of any Servicer Fees otherwise due on any Payment Date by notice to the Borrower and the Collateral Agent no later than one (1) Business Day prior to such Payment Date. Any such Servicer Fee, once waived, shall not thereafter become due and payable and any claim of the Servicer therein shall be extinguished.

**ARTICLE X<br>SALE OF COLLATERAL LOANS; PURCHASE OF<br> ADDITIONAL COLLATERAL LOANS**

 

*Section 10.01. Sales of Collateral Loans*. (a) *Discretionary Sales of Collateral Loans*. Subject to the satisfaction of the conditions specified in <u>Section 10.04</u>, the Servicer on behalf of the Borrower may, but will not be required to, direct (which direction may be via a certificate or an email instruction of a Responsible Officer of the Servicer or a trade ticket) the Collateral Agent to sell (and the Collateral Agent shall sell in the manner directed by the Servicer) any Collateral Loan if such sale meets the requirements set forth below (as shown in the Borrowing Base Calculation Statement delivered with respect thereto in accordance with <u>Section 5.03(e)(iii)</u>) and after giving effect to such sale and all other sales or purchases previously or simultaneously committed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default or Event of Default is continuing or would result upon giving effect thereto (unless, if a
Default exists at the time of sale (but no Event of Default exists), such Default will be cured upon giving effect to such sale and all
other sales or purchases previously or simultaneously committed to and the application of the proceeds thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon giving effect thereto and the application of the proceeds thereof, the Maximum Advance Rate Test
is satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon giving effect thereto and the application of the proceeds thereof, each other Coverage Test is satisfied
and each Collateral Quality Test is satisfied or, if such Collateral Quality Test or Coverage Test is not satisfied, either the compliance
with any such test is maintained or improved or the Administrative Agent has consented to such sale in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such sale is made for Cash and such proceeds are deposited into the Principal Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the reasonable judgment of the Servicer, there is no material adverse selection of such Collateral
Loans (as evidenced by a *pro forma* compliance, maintenance or improvement of the Borrowing Base); *provided* that the restriction
in this <u>clause (v)</u> shall not apply to sales of Defaulted Collateral Loans or Ineligible Collateral Loans.

Notwithstanding anything above that would otherwise prohibit the sale of a Collateral Loan after the occurrence or during the continuance of a Default or an Event of Default, if the Borrower entered into an agreement to sell any such Collateral Loan prior to the occurrence of such Default or an Event of Default, but such sale did not settle prior to the occurrence of such Default or an Event of Default, then the Borrower shall be permitted to consummate such sale notwithstanding the occurrence of such Default or an Event of Default, *provided* that such sale was not entered into in contemplation of the occurrence of such Default or Event of Default and such settlement occurs within the customary settlement period for similar trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Sales of Equity Securities.* The Borrower may sell any Equity Security at any time without restriction, and shall use its commercially reasonable efforts to effect the sale of any Equity Security, regardless of price within forty-five days of receipt if such Equity Security constitutes Margin Stock, unless such sale is prohibited by Applicable Law or contract, in which case such Equity Security should be sold as soon as such sale is permitted by Applicable Law or contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Repurchase or Substitution of Ineligible Collateral Loans.* Notwithstanding <u>Section 10.01(a)</u>, if on any day a Collateral Loan is required to be repurchased (or a replacement Collateral Loan is to be substituted for such ineligible Collateral Loan pursuant to Section 6.1 of the Purchase and Contribution Agreement), the Borrower shall either make a deposit of the funds received by the Borrower from the Fund pursuant to the Purchase and Contribution Agreement or accept the replacement Collateral Loan from the Fund in substitution for such ineligible Collateral Loan in accordance with <u>Section 10.03</u>. Upon confirmation of the deposit of the amount described above into the Principal Collection Account or the delivery to the Borrower of the replacement Collateral Loan, such ineligible Collateral Loan shall be removed from the Collateral and the Collateral Agent, for the benefit of the Secured Parties, shall automatically and without further action be deemed to release to the Borrower, without recourse, representation or warranty, all the right, title and interest and any Lien of the Collateral Agent, for the benefit of the Secured Parties in, to and under such ineligible Collateral Loan.

 

*Section 10.02. Purchase of Additional Collateral Loans*. On any date during the Reinvestment Period, if no Event of Default has occurred and is continuing, the Servicer on behalf of the Borrower may, if each of the conditions specified in this <u>Section 10.02</u> and <u>Section 10.04</u> are met, invest Principal Proceeds (and accrued interest received with respect to any Collateral Loan to the extent used to pay for accrued interest on additional Collateral Loans) in additional Collateral Loans, *provided*, that no Collateral Loan may be purchased unless each of the following conditions are satisfied as of the date the Servicer commits on behalf of the Borrower to make such purchase and after giving effect to such purchase and all other sales or purchases previously or simultaneously committed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such obligation is an Eligible Collateral Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Collateral Quality Test is satisfied (or, if not satisfied immediately prior to such investment, compliance with such Collateral Quality Test is maintained or improved); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Coverage Test is satisfied (or, in the case of the Interest Coverage Ratio Test, was satisfied as of the most recent Monthly Report Determination Date).

 

*Section 10.03. Substitution and Transfer of Loans*. (a) *Substitutions.* The Borrower may (including in connection with any retransfer of a Collateral Loan to the Fund under the applicable Purchase and Contribution Agreement) replace any Collateral Loan with another Collateral Loan (a *"Substitute Loan"*), at the direction of the Servicer and subject to the satisfaction of the conditions set forth in <u>clause (b)</u> below and in <u>Section 10.04</u>; *provided* that, at any time after the Reinvestment Period, such substitution will require the consent of the Administrative Agent in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Conditions to Substitution.* No substitution of a Collateral Loan with a Substitute Loan shall occur unless each of the following conditions is satisfied as of the date of such substitution (as certified to the Agents by the Borrower (or the Servicer on behalf of the Borrower)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Substitute Loan is an Eligible Collateral Loan on the date of substitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after giving effect to any such substitution, each Collateral Quality Test and the Interest Coverage Ratio
Test is satisfied (or, in the case of the Interest Coverage Ratio Test, was satisfied as of the most recent Monthly Report Determination
Date) (or, if not satisfied immediately prior to such investment, compliance with such Collateral Quality Test and Interest Coverage Ratio
Test is maintained or improved), and the Maximum Advance Rate Test is satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the sum of the Principal Balances of such Substitute Loans in the aggregate shall be equal to or greater
than the sum of the Principal Balances of the Collateral Loans in the aggregate being substituted for;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no Default or Event of Default has occurred and is continuing (before or after giving effect to such substitution
unless, in the case of such a Default, such Default will be cured upon giving effect to such sale and the application of the proceeds
thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Servicer acting on behalf of the Borrower shall notify the Administrative Agent of any amount to be
deposited into any Collection Account in connection with any such substitution and shall deliver to the Document Custodian the Related
Documents for any Substitute Loan in accordance with <u>Article XIV</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) upon confirmation of the delivery of a Substitute Loan for each applicable Collateral Loan being substituted
for (the date of such confirmation or delivery, the *"Retransfer Date"*), each applicable Collateral Loan being substituted
for shall be removed from the Collateral and the applicable Substitute Loan(s) shall be included in the Collateral. On the Retransfer
Date of a Collateral Loan, the Collateral Agent, for the benefit of the Secured Parties, shall automatically and without further action
be deemed to release and transfer to the Borrower, without recourse, representation or warranty, all the right, title and interest of
the Collateral Agent, for the benefit of the Secured Parties, in, to and under such Collateral Loan being substituted for. The Collateral
Agent, for the benefit of the Secured Parties, shall, at the sole expense of the Borrower, execute such documents and instruments of transfer
as may be prepared by the Servicer, on behalf of the Borrower, and take other such actions as shall reasonably be requested by the Borrower
to effect the release and transfer of such Collateral Loan pursuant to this <u>Section 10.03</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Borrower shall deliver to the Administrative Agent on the date of such substitution a certificate
of a Responsible Officer certifying that each of the foregoing is true and correct as of such date.

 

*Section 10.04. Conditions Applicable to All Sale, Substitution and Purchase Transactions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any transaction effected under this <u>Article X</u> (other than sales or substitutions required by <u>Section 10.01(c)</u>) or in connection with the acquisition of additional Collateral Loans shall be for fair market value and, if effected with the Servicer or a Person that is an Affiliate of the Servicer (or with an account or portfolio for which the Servicer or any of its Affiliates serves as investment adviser), shall be (i) on terms no less favorable to the Borrower than would be the case if such Person were not such an Affiliate or as otherwise expressly permitted in this Agreement, (ii) effected in accordance with all Applicable Laws, (iii) during the 12-month period most recently ended prior to the relevant date of determination (or such lesser number of months as shall have elapsed since the Closing Date), and after giving *pro forma* effect to such transaction, the value of Collateral Loans substituted or sold by the Borrower to the Fund or Affiliates of the Fund may not exceed 20% of the highest Aggregate Principal Balance of Collateral Loans of the Borrower during such 12-month period (or such higher percentage as agreed to by the Administrative Agent), and (iv) during the 12-month period most recently ended prior to the relevant date of determination (or such lesser number of months as shall have elapsed since the Closing Date), and after giving *pro forma* effect to such transaction, the value of Defaulted Collateral Loans substituted or sold by the Borrower to the Fund or Affiliates of the Fund may not exceed 10% of the highest Aggregate Principal Balance of Collateral Loans of the Borrower during such 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon each acquisition by the Borrower of a Collateral Loan (i) all of the Borrower's right, title and interest to such Collateral Loan shall be subject to the Lien granted to the Collateral Agent pursuant to this Agreement and (ii) such Collateral Loan shall be Delivered to the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Servicer direction in respect of any sale, purchase or substitution of Collateral Loans delivered to the Collateral Agent (including via a certificate or an email instruction of a Responsible Officer of the Servicer or a trade ticket) shall constitute the Servicer's certification that the transaction is in compliance with the applicable prerequisites of this Agreement and the Collateral Agent may conclusively rely on such certification.

 

*Section 10.05. Additional Equity Contributions*. The Fund may, but shall have no obligation to, at any time or from time to time make a capital contribution to the Borrower for any purpose, including for the purpose of curing any Default, satisfying any Coverage Test or the Maximum Advance Rate Default Test, enabling the acquisition or sale of any Collateral Loan or satisfying any conditions under <u>Section 3.02</u>. Each contribution shall either be made (i) in Cash (in which event such contributions shall be made by deposit into the Collection Account), (ii) by assignment and contribution of an Eligible Investment and/or (iii) by assignment of a Collateral Loan that is an Eligible Collateral Loan. In connection with any contribution described in this <u>Section 10.05</u> (other than a contribution of a portion of the purchase price of a Collateral Loan acquired in accordance with the Purchase and Contribution Agreement), the Fund shall provide written instruction to the Collateral Agent (with a copy to the Servicer) identifying (a) the subclause under which such contribution is being made (the *"Contribution Notice"*) and (b)(x) in the case of contributions made in Cash, (A) the timing of such contribution and (B) the amount of such contribution and (y) in the case of contributions made by assignment and contribution of an Eligible Investment and/or by assignment of a Collateral Loan that is an Eligible Collateral Loan, (A) the name of such Eligible Investment and/or Collateral Loan and (B) attaching the accompanying assignment forms. All Cash contributed to the Borrower shall be treated as Principal Proceeds, except to the extent that the Servicer specifies in the Contribution Notice that such Cash shall constitute Interest Proceeds and shall be deposited into each Collection Account in accordance with <u>Section 8.02</u> as designated by the Servicer.

**ARTICLE XI<br>ADMINISTRATION AND SERVICING OF CONTRACTS**

 

*Section 11.01. Designation of the Servicer*. (a) *Initial Servicer*. The servicing, administering and collection of the Collateral shall be conducted in accordance with this <u>Section 11.01</u> by the Person designated as the Servicer hereunder. Remora is hereby appointed as, and hereby accepts such appointment and (until the Administrative Agent gives Remora a Servicer Termination Notice) agrees to perform the duties and responsibilities, of Servicer pursuant to the terms hereof. The Servicer and the Borrower hereby acknowledge that each of the Secured Parties are third party beneficiaries of the obligations taken by the Servicer hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Subcontracts*. The Servicer may, with the prior written consent of the Administrative Agent, subcontract with any other Person for back office, servicing and administrative functions or collecting the Collateral; *provided* that (i) the Servicer shall select any such Person with reasonable care and shall be solely responsible for the fees and expenses payable to such Person, (ii) the Servicer shall not be relieved of, and shall remain liable for, the performance of the duties and obligations of the Servicer pursuant to the terms hereof without regard to any subcontracting arrangement, and (iii) any such subcontract shall be terminable upon the occurrence of a Servicer Termination Event and shall be subject to the provisions hereof. Remora, as initial Servicer (or its investment manager) may enter into any Permitted Sub-Advisory Agreement; <u>provided</u> that notwithstanding any Permitted Sub-Advisory Agreement, the Servicer shall not be relieved of, and shall remain liable for, the performance of the duties and obligations of the Servicer pursuant to the terms hereof without regard to any subcontracting arrangement.

 

 

*Section 11.02. Duties of the Servicer*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer shall take or cause to be taken all such actions as may be necessary or advisable to service, administer and collect on the Collateral from time to time, all in accordance with Applicable Law and the Servicing Standard. Without limiting the foregoing, the duties of the Servicer shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sole and exclusive authority to make any and all decisions with respect to the Collateral and take
or refrain from taking any and all actions with respect to the Collateral, supervising the Collateral, including communicating with Obligors,
executing amendments, providing consents and waivers, exercising voting rights, enforcing and collecting on the Collateral and otherwise
managing the Collateral on behalf of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) preparing and submitting claims to Obligors on each Collateral Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintaining all necessary servicing records with respect to the Collateral and providing such reports
to the Administrative Agent, each Managing Agent and each Lender (with copies to the Collateral Agent, the Custodian and the Collateral
Administrator) in respect of the servicing of the Collateral (including information relating to its performance under this Agreement)
as may be required hereunder or as the Administrative Agent, any Managing Agent or any Lender may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) maintaining and implementing administrative and operating procedures (including an ability to recreate
servicing records evidencing the Collateral in the event of the destruction of the originals thereof) and keeping and maintaining all
documents, books, records and other information reasonably necessary or advisable for the collection of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) promptly delivering to the Administrative Agent, each Managing Agent, each Lender, the Collateral Administrator,
the Document Custodian, the Custodian or the Collateral Agent, from time to time, such information and servicing records (including information
relating to its performance under this Agreement) as the Administrative Agent, each Managing Agent, each Lender, the Collateral Administrator,
the Document Custodian, the Custodian or the Collateral Agent may from time to time reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) identifying each Collateral Loan clearly and unambiguously in its servicing records to reflect that such
Collateral Loan is owned by the Borrower and that the Borrower is pledging a security interest therein to the Collateral Agent (for the
benefit of the Secured Parties) pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) notifying the Administrative Agent, each Managing Agent and each Lender of any material action, suit,
proceeding, dispute, offset, deduction, defense or counterclaim (1) that is or is threatened to be asserted by an Obligor with respect
to any Collateral Loan (or portion thereof) of which it has actual knowledge or has received notice; or (2) that could 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;(viii) maintaining the perfected security interest of the Collateral Agent, for the benefit of the Secured Parties,
in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) with respect to each Collateral Loan included as part of the Collateral, making copies of the Related
Documents available for inspection by the Administrative Agent, upon reasonable notice, at the offices of the Servicer during normal business
hours in accordance with Section 5.03(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) directing the Collateral Agent to make payments pursuant to the terms of the Monthly Report in accordance
with the Priority of Payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) directing the acquisition, sale or substitution of Collateral in accordance with Article X;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) providing assistance to the Borrower with respect to the purchase and sale of the Collateral Loans and
Eligible Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) instructing the Obligors and the administrative agents on the Collateral Loans to make payments directly
into the Collection Account and identifying proceeds delivered to the Collateral Agent as Interest Proceeds or Principal Proceeds and
specifying the Collection Account for deposit thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) preparing the Monthly Reports and cooperating with the Collateral Administrator, the Document Custodian
and the Custodian in their duties hereunder in the manner and at the times required hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) delivering assignments and promissory notes to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) executing as agent on behalf of the Borrower all necessary ownership certificates required by the Code
or the United States Treasury Regulations or under the laws of any State now or hereafter in effect, inserting the Borrower's name
on such certificates as the owner of the securities covered thereby, to the extent it may lawfully do so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) complying with such other duties and responsibilities as required of the Servicer by this Agreement.

It is acknowledged and agreed that (x) in circumstances in which a Person other than the Servicer acts as lead agent with respect to any Collateral Loan, the Servicer shall perform its administrative and management duties hereunder only to the extent a lender under the applicable Related Documents has the right to do so, and (y) Remora, as initial Servicer (or its investment manager) may delegate certain of its rights and obligations under the applicable Related Documents pursuant to any Permitted Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary contained herein, the exercise by the Administrative Agent, the Collateral Agent, the Collateral Administrator, each Lender, each Managing Agent and the Secured Parties of their rights hereunder or any other Facility Document shall not release the Servicer (unless replaced by a Successor Servicer) or the Borrower from any of their duties or responsibilities with respect to the Collateral. The Secured Parties, the Administrative Agent, each Managing Agent, each Lender, the Collateral Administrator, the Document Custodian, the Custodian and the Collateral Agent shall not have any obligation or liability with respect to any Collateral, nor shall any of them be obligated to perform any of the obligations of the Servicer hereunder, unless one of them becomes a Successor Servicer hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any payment by an Obligor in respect of any indebtedness owed by it to the Borrower shall, except as otherwise specified by such Obligor or otherwise required by contract or Law and unless otherwise instructed by the Administrative Agent, be applied as a collection of a payment by such Obligor (starting with the oldest such outstanding payment due, *provided* such obligation is not on non-accrual) to the extent of any amounts then due and payable thereunder before being applied to any other receivable or other obligation of such Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Servicer agrees to supervise and assist in the investment and reinvestment of the Collateral, and shall perform on behalf of the Borrower the duties that have been expressly delegated to the Servicer in this Agreement and any other Facility Document (and the Servicer shall have no obligation to perform any other duties hereunder or otherwise) and, to the extent necessary or appropriate to perform such duties, the Servicer shall have the power to execute and deliver all necessary and appropriate documents and instruments on behalf of the Borrower with respect thereto. The Servicer shall comply with the terms and conditions hereof and any other Facility Document expressly applicable to it, in its capacity as the Servicer, or otherwise affecting the duties and functions that have been delegated to it thereunder and hereunder as the Servicer and shall perform its obligations hereunder and thereunder in accordance with the Servicing Standard.

 

*Section 11.03. Limited Liability of the Servicer.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer and any of its Affiliates, employees, shareholders, members, partners, assigns, representatives or agents (each such individual or entity, a "*Servicer Person"*) shall not be liable to the Borrower, any Lender, the Administrative Agent, the Collateral Agent, the Collateral Administrator, the Custodian or any other Person for any liability, loss (including amounts paid in settlement), damages, judgments, costs, expenses (including reasonable attorneys' fees and expenses and accountant's fees and expenses), demands, charges or claim (collectively, the "*Damages*") incurred by reason of any act or omission or alleged act or omission performed or omitted by such Servicer Person, or for any decrease in the value of the Collateral or any other losses suffered by any party; *provided*, *however*, that a Servicer Person shall be liable for any Damages that arise (i) by reason of any act or omission constituting bad faith, willful misconduct, or gross negligence by any Servicer Person in the performance of or reckless disregard of the Servicer's duties hereunder or (ii) by any breach of the representations and warranties of the Servicer expressly set forth in this Agreement (each such breach, a "*Servicer Breach*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer may rely in good faith upon, and will incur no Damages for relying upon, (i) any authoritative source customarily used by firms performing services similar to those services provided by the Servicer under this Agreement, and (ii) the advice of nationally recognized counsel, accountants or other advisors as the Servicer determines reasonably appropriate in connection with the services provided by the Servicer under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event shall the Servicer (i) be liable for special, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits) even if the Servicer has been advised of the likelihood of such damages and regardless of the form of such action or for any failure of the Borrower to provide any information to the Servicer required to be provided hereunder or (ii) be liable to the Borrower for any action taken at the direction of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Servicer Person shall be held harmless and be indemnified by the Borrower for any Damages suffered by virtue of any acts or omissions or alleged acts or omissions arising out of the activities of such Servicer Person in the performance of the obligations of the Servicer under this Agreement or as a result of this Agreement, or the Borrower's ownership interest in any portion of the Collateral, except to the extent any such Damage arises as a result of a Servicer Breach. All amounts payable pursuant to this <u>Section 11.03</u> shall be payable in accordance with the Priority of Payments.

 

*Section 11.04. Authorization of the Servicer*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Borrower, the Administrative Agent, each Managing Agent and each Lender hereby authorizes the Servicer (including any successor thereto) to take any and all reasonable steps in its name and on its behalf necessary or desirable in the determination of the Servicer and not inconsistent with the sale of the Collateral Loans by the Fund to the Borrower under the Purchase and Contribution Agreement and, thereafter, the grant by the Borrower to the Collateral Agent, on behalf of the Secured Parties, hereunder, to collect all amounts due under any and all Collateral, including endorsing any of their names on checks and other instruments representing Collections, executing and delivering any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Collateral and, after the delinquency of any Collateral and to the extent permitted under and in compliance with Applicable Law, to commence proceedings with respect to enforcing payment thereof, to the same extent as the Servicer could have done if it owned such Collateral. The Borrower shall furnish the Servicer (and any successors thereto) with any powers of attorney and provide such information, direction and other documents necessary or appropriate to enable the Servicer to prepare any reports and otherwise carry out its servicing and administrative duties hereunder, and shall cooperate with the Servicer to the fullest extent in order to carry out its obligations hereunder. In case any reasonable question arises as to its duties hereunder, the Collateral Agent may request instructions from the Administrative Agent and shall be entitled at all times to refrain from taking any actions unless it has received instruction from the Administrative Agent. In no event shall the Servicer be entitled to make any Secured Party a party to any litigation without such Person's express prior written consent, or to make the Borrower a party to any litigation (other than any routine foreclosure or similar collection procedure) without the Administrative Agent's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent may, at any time that an Event of Default has occurred and is continuing, notify any Obligor with respect to any Collateral of the assignment of such Collateral to the Collateral Agent on behalf of the Secured Parties and direct that payments of all amounts due or to become due be made directly to the Administrative Agent or any servicer, collection agent or account designated by the Administrative Agent and, upon such notification and at the expense of the Borrower, the Administrative Agent may enforce collection of any such Collateral, and adjust, settle or compromise the amount or payment thereof.

 

*Section 11.05. Collection Efforts; Modification of Collateral*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer will use commercially reasonable efforts to collect, or cause to be collected, all payments called for under the terms and provisions of the Collateral Loans included in the Collateral as and when the same become due, all in accordance with the Servicing Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the performance of its obligations hereunder, the Borrower (or the Servicer on its behalf) may enter into any amendment or waiver of or supplement to any Related Document; *provided* that the prior written consent of the Required Lenders shall be required if an Event of Default has occurred and is continuing or would result from such amendment, waiver or supplement. For the avoidance of doubt, any Collateral Loan that, as a result of any amendment or supplement thereto, ceases to qualify as an Eligible Collateral Loan shall not be included in the Borrowing Base.

 

*Section 11.06. Servicing Compensation*. As compensation for its servicing activities hereunder and reimbursement for its expenses, the Servicer shall be entitled to be paid the Servicer Fees and reimbursed its expenses as provided in the Priority of Payments (subject to <u>Section 9.01(c)</u>).

 

*Section 11.07. The Servicer Not to Resign*. The Servicer shall not resign from the obligations and duties hereby imposed on it except upon the Servicer's determination that (a) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (b) there is no reasonable action that the Servicer could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Servicer shall be evidenced as to <u>clause (a)</u> above by an opinion of counsel to such effect delivered to the Administrative Agent, each Managing Agent and each Lender. No such resignation shall become effective until a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with <u>Section 11.08</u> below.

 

 

*Section 11.08. Servicer Termination Notice; Appointment of Successor Servicer*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower, the Servicer, each Lender, each Managing Agent and the Administrative Agent hereby agree that, upon the occurrence and during the continuance of a Servicer Termination Event, the Administrative Agent may (1) provide at least ten (10) Business Days' prior written notice to the Servicer of its intent to remove the Servicer, and (2) following the expiration of such ten (10) Business Day period, provide a Servicer Termination Notice to the Servicer (with a copy to the Collateral Agent) and terminate all of the rights, obligations, power and authority of the Servicer under this Agreement. On and after the receipt by the Servicer of a Servicer Termination Notice pursuant to this <u>Section 11.08(a)</u>, the Servicer shall continue to perform all servicing and administrative functions under this Agreement until the date specified in the Servicer Termination Notice or otherwise specified by the Administrative Agent in writing or, if no such date is specified in such Servicer Termination Notice or otherwise specified by the Administrative Agent, until a date mutually agreed upon by the Servicer and the Administrative Agent and shall be entitled to receive the Servicer Fees therefor accrued until such date. After such date, the Servicer agrees that it will terminate its activities as Servicer hereunder in a manner that the Administrative Agent believes will facilitate the transition of the performance of such activities to the Successor Servicer, and except as provided herein the Successor Servicer shall assume each and all of the Servicer's obligations to service and administer the Collateral, on the terms and subject to the conditions herein set forth, and the Servicer shall use its best efforts to assist the Successor Servicer in assuming such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time following the delivery of a Servicer Termination Notice and after the occurrence of a Servicer Termination Event, the Administrative Agent may appoint a successor servicer (the *"Successor Servicer"*), which appointment shall take effect upon the Successor Servicer accepting such appointment by a written assumption in a form satisfactory to the Administrative Agent in its sole discretion. Upon the appointment of a Successor Servicer, the initial Servicer shall have no liability with respect to any action performed by the Successor Servicer on or after the date that the Successor Servicer assumes the servicing and administrative duties of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon its appointment, the Successor Servicer shall be the successor in all respects to the Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to the Successor Servicer; *provided* that the Successor Servicer shall have (i) no liability with respect to any action performed by the terminated Servicer prior to the date that the Successor Servicer becomes the successor to the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer, (ii) no obligation to perform any advancing or any repurchase or substitution obligations, if any, of the Servicer unless it elects to do so in its sole discretion, (iii) no obligation to pay any Taxes required to be paid by the Servicer (*provided* that the Successor Servicer shall pay any income Taxes for which it is liable), (iv) no obligation to pay any of the fees and expenses of any other party to the transactions contemplated hereby, and (v) no liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer, including the original Servicer. The indemnification obligations of the Successor Servicer, upon becoming a Successor Servicer, are expressly limited to those arising on account of its failure to act in good faith and with reasonable care under the circumstances. In addition, the Successor Servicer shall have no liability relating to the representations and warranties of the Servicer contained in <u>Section 4.02</u>. Any other provision in this Agreement notwithstanding, if a Successor Servicer is appointed, it shall perform its obligations hereunder in good faith and with reasonable care, exercising a degree of skill and attention no less than what it exercises to service similar assets for itself and for others, such standard of care to be the *"Servicing Standard"* applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower acknowledges that, after delivery of a Servicer Termination Notice and after the occurrence of a Servicer Termination Event, the Administrative Agent or any of its Affiliates may act as the Successor Servicer, and the Borrower waives any and all claims against the Administrative Agent, each Lender, each Managing Agent or any of their respective Affiliates, the Collateral Agent, the Document Custodian, the Custodian, the Collateral Administrator and any of their Affiliates and the Servicer (other than claims relating to such Person's gross negligence or willful misconduct) relating in any way to the custodial or collateral administration functions having been performed by the Administrative Agent or any of its Affiliates in any capacity hereunder in accordance with the terms and provisions (including the standard of care) set forth in the Facility Documents.

**ARTICLE XII<br>THE AGENTS**

 

*Section 12.01. Authorization and Action*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender and Managing Agent hereby irrevocably appoints and authorizes the Administrative Agent, each Managing Agent (other than a Managing Agent for a different Lender Group) and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents, or any fiduciary relationship with any Secured Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Majority Lenders or their respective Managing Agents, as applicable (or, with respect to the Collateral Agent, the Administrative Agent); *provided* that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender and Managing Agent agrees that in any instance in which the Facility Documents provide that an Agent's consent may not be unreasonably withheld, provide for the exercise of such Agent's reasonable discretion, or provide to a similar effect, it shall not in its instructions (or, by refusing to provide instruction) to such Agent withhold its consent or exercise its discretion in an unreasonable manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Collateral Agent has been requested or directed by the Majority Lenders or the Required Lenders or their respective Managing Agents, as applicable (or by the Administrative Agent acting at the direction of the Majority Lenders or the Required Lenders or their respective Managing Agents, as applicable), to take any action pursuant to any provision of this Agreement or any other Facility Document, the Collateral Agent shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement or such Facility Document in the manner so requested unless it shall have been provided indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred by it in compliance with or in performing such request or direction. No provision of this Agreement or any other Facility Document shall otherwise be construed to require the Collateral Agent to expend or risk its own funds or to take any action that could in its judgment cause it to incur any cost, expenses or liability, unless it is provided indemnity acceptable to it against any such expenditure, risk, costs, expense or liability. For the avoidance of doubt, the Collateral Agent shall not have any duty or obligation to take any action to exercise or enforce any power, right or remedy available to it under this Agreement or any other Facility Document or any Related Document unless and until directed in writing by the Majority Lenders, the Required Lenders or their respective Managing Agents, as applicable (or the Administrative Agent on their behalf) and the Collateral Agent shall have been provided indemnity acceptable to it against any expenditure, risk, costs, expense or liability in acting on such direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Collateral Agent nor any officer, agent or representative thereof shall be personally liable for any action taken by any such Person in accordance with any notice given by the Majority Lenders, the Required Lenders or their respective Managing Agents, as applicable (or by the Administrative Agent acting at the direction of the Majority Lenders, the Required Lenders or their respective Managing Agents), pursuant to the terms of this Agreement or any other Facility Document even if, at the time such action is taken by any such Person, the Majority Lenders, the Required Lenders or their respective Managing Agents, as applicable, or Persons purporting to be the Majority Lenders, the Required Lenders or their respective Managing Agents, as applicable, are not entitled to give such notice, except where the Responsible Officer of the Collateral Agent has actual knowledge (without any duty of inquiry or investigation on its part) that the Majority Lenders, the Required Lenders or their respective Managing Agents, as applicable, or Persons purporting to be the Majority Lenders, the Required Lenders or their respective Managing Agents, as applicable, are not entitled to give such notice. If any dispute or disagreement shall arise as to the allocation of any sum of money received by the Collateral Agent hereunder or under any Facility Document, the Collateral Agent shall have the right to deliver such sum to a court of competent jurisdiction and therein commence an action for interpleader.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, it may request written instructions from the Administrative Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions within five Business Days after it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions received after such five-Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Lender hereby accepts the appointment of and authorize its related Managing Agent to take such action as agent on its behalf and to exercise such powers as are delegated to such Managing Agent by the terms hereof, together with such powers as are reasonably incidental thereto.

 

 

*Section 12.02. Delegation of Duties*. Each Agent may execute any of its duties under this Agreement and each other Facility Document by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with due care.

 

*Section 12.03. Agent's Reliance, Etc.* (a) No Agents nor any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or any of the other Facility Documents, except for its or their own gross negligence or willful misconduct. Without limiting the generality of the foregoing, each Agent: (i) may consult with legal counsel (including counsel for the Borrower or the Servicer or any of their Affiliates) and independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation to any Secured Party or any other Person and shall not be responsible to any Secured Party or any Person for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement or the other Facility Documents; (iii) shall not have any duty to monitor, ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement, the other Facility Documents or any Related Documents on the part of the Borrower or the Servicer or any other Person or to inspect the property (including the books and records) of the Borrower or the Servicer; (iv) shall not be responsible to any Secured Party or any other Person for the due execution, legality, validity, enforceability, perfection, genuineness, sufficiency or value of any Collateral, this Agreement, the other Facility Documents, any Related Document or any other instrument or document furnished pursuant hereto or thereto or for the validity, perfection, priority or enforceability of the Liens on the Collateral (including monitoring, maintaining or filing of any financing or continuation statements); and (v) shall incur no liability under or in respect of this Agreement or any other Facility Document by relying on or acting upon (or by refraining from action in reliance on) any notice, consent, certificate (including for the avoidance of doubt, the Borrowing Base Calculation Statement), instruction or waiver, report, statement, opinion, direction or other instrument or writing (which may be delivered by telecopier, email, cable or telex, if acceptable to it) believed by it to be genuine and believed by it to be signed or sent by the proper Person. No Agent shall have any liability to the Borrower or any Lender or any other Person for the Borrower's, the Servicer's, any Lender's or any other Person's, as the case may be, performance of, or failure to perform, any of their respective obligations and duties under this Agreement or any other Facility Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Agent shall be liable for the actions or omissions of any other Agent (including, without limitation, concerning the application of funds), or under any duty to monitor or investigate compliance on the part of any other Agent with the terms or requirements of this Agreement, any Facility Documents or any Related Documents, or their duties hereunder or thereunder. Each Agent shall be entitled to assume the due authority of any signatory and genuineness of any signature appearing on any instrument or document it may receive (including, without limitation, each Notice of Borrowing received hereunder). No Agent shall be liable for any action taken in good faith and reasonably believed by it to be within the powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action (including, without limitation, for refusing to exercise discretion or for withholding its consent in the absence of its receipt of, or resulting from a failure, delay or refusal on the part of the Required Lenders or their respective Managing Agents to provide, written instruction to exercise such discretion or grant such consent from the Required Lenders or their respective Managing Agents, as applicable). No Agent shall be liable for any error of judgment made in good faith unless it shall be proven by a court of competent jurisdiction that such Agent was grossly negligent in ascertaining the relevant facts. Nothing herein or in any Facility Documents or Related Documents shall obligate any Agent to advance, expend or risk its own funds, or to take any action which in its reasonable judgment may cause it to incur any expense or financial or other liability for which it is not adequately indemnified. No Agent shall be liable for any indirect, special, punitive or consequential damages (including but not limited to lost profits) whatsoever, even if it has been informed of the likelihood thereof and regardless of the form of action. No Agent shall be charged with knowledge or notice of any matter (including any Default or Event of Default) unless actually known to a Responsible Officer of such Agent, or unless and to the extent written notice of such matter is received by such Agent at its address in accordance with <u>Section 16.02</u>. Any permissive grant of power to an Agent hereunder shall not be construed to be a duty to act. Each Agent shall have only the duties and responsibilities as are specifically set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against any Agent. Before acting hereunder, an Agent shall be entitled to request, receive and rely upon such certificates and opinions as it may reasonably determine appropriate with respect to the satisfaction of any specified circumstances or conditions precedent to such action. No Agent shall be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, entitlement order, approval or other paper or document. No Agent shall be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of its willful misconduct or grossly negligent performance or omission of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Agent shall be responsible or liable for delays or failures in performance resulting from acts beyond its control, including but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, diseases, pandemics, quarantines, governmental regulations imposed after the fact, fire, communication line failures, computer viruses, power failures, loss or malfunction of utilities, communications or computer (software and hardware) services, earthquakes or other disasters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The delivery of reports and other documents and information to the Collateral Agent hereunder or under any other Facility Document is for informational purposes only and the Collateral Agent's receipt of such documents and information shall not constitute constructive notice of any information contained therein or determinable from information contained therein. The Collateral Agent is hereby authorized and directed to execute and deliver the other Facility Documents to which it is a party. Whether or not expressly stated in such Facility Documents, in performing (or refraining from acting) thereunder, the Collateral Agent shall have all of the rights, benefits, protections and indemnities that are afforded to it in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Lender acknowledges that except as expressly set forth in this Agreement, no Agent has made any representation or warranty to it, and that no act by any Agent hereafter taken, including any consent and acceptance of any assignment or review of the affairs of the Borrower, shall be deemed to constitute any representation or warranty by such Agent to any Secured Party as to any matter. Each Lender represents to the Agents that it has, independently and without reliance upon such Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower and the Servicer, and made its own decision to enter into this Agreement and the other Facility Documents to which it is a party. Each Lender also represents that it will, independently and without reliance upon the Agents or any other Secured Party and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the Facility Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower and the Servicer. No Agent shall have any duty or responsibility to provide any Secured Party with any credit or other information concerning the business, prospects, operations, property, financial or other condition or creditworthiness of the Borrower or Servicer which may come into the possession of such Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The rights, privileges, protections, immunities and benefits given to the Collateral Agent hereunder, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by the entity serving as the Collateral Agent and each of its affiliates in each of their capacities hereunder and in each of their capacities as under any Facility Document whether or not specifically set forth therein and each agent, custodian and other Person employed to act hereunder and thereunder, as the case may be, including, without limitation, the Collateral Administrator, the Custodian and the Document Custodian.

 

*Section 12.04. Indemnification*. Each of the Lenders agrees to indemnify and hold the Agents, the Collateral Administrator, the Custodian, the Document Custodian (including USBNA, as "Securities Intermediary" under the Account Control Agreement (acting at the direction of the Collateral Agent (acting at the direction of the Secured Parties, following the delivery of notice of exclusive control under the applicable Account Control Agreement))), harmless (to the extent not reimbursed by or on behalf of the Borrower pursuant to <u>Section 16.04</u> or otherwise) from and against any and all Liabilities which may be imposed on, incurred by, or asserted against the Agents in any way relating to or arising out of this Agreement or any other Facility Document or any Related Document or any action taken or omitted by the Agents under this Agreement or any other Facility Document or any Related Document; *provided* that no Lender shall be liable to any Agent for any portion of such Liabilities resulting from such Agent's gross negligence or willful misconduct; and *provided, further*, that no Lender shall be liable to the Collateral Agent for any portion of such Liabilities unless such Liabilities are imposed on, incurred by, or asserted against the Collateral Agent as a result of any action taken, or not taken, by the Collateral Agent by the express terms of this Agreement or at the direction of the Administrative Agent or such Lender or Lenders, as the case may be (it being understood and agreed that the Collateral Agent shall be under no obligation to exercise or to honor any of the rights or powers vested in it by this Agreement at the request or direction of the Administrative Agent or any of the Lenders (or other Persons authorized or permitted under the terms hereof to make such request or give such direction) pursuant to this Agreement or any of the other Facility Document, unless the Administrative Agent or such Lenders shall have provided to the Collateral Agent security or indemnity reasonably satisfactory to it against the costs, expenses (including reasonable and documented attorney's fees and expenses) and Liabilities which might reasonably be incurred by it in compliance with such request or direction, whether such indemnity is provided under this <u>Section 12.04</u> or otherwise). The rights of the Agents and obligations of the Lenders under or pursuant to this <u>Section 12.04</u> shall survive the termination of this Agreement, and the earlier removal or resignation of any Agent hereunder.

 

 

*Section 12.05. Successor Agents*. Subject to the terms of this <u>Section 12.05</u>, each Agent may, upon thirty days' notice to the Lenders and the Borrower, resign as Administrative Agent or Collateral Agent, as applicable. If an Agent shall resign then the Required Lenders shall appoint a successor agent. If for any reason a successor agent is not so appointed and does not accept such appointment within thirty days of notice of resignation such Agent may appoint, or petition a court of competent jurisdiction to appoint, a successor agent. The appointment of any successor Agent shall be subject to the prior written consent of the Borrower (which consent shall not be unreasonably withheld or delayed); *provided* that the consent of the Borrower to any such appointment shall not be required if (i) a Default or Event of Default shall have occurred and is continuing or (ii) if such successor agent is a Lender or an Affiliate of such Agent or any Lender. Any resignation of an Agent shall be effective upon the appointment of a successor agent pursuant to this <u>Section 12.05</u>. After the effectiveness of any retiring Agent's resignation hereunder as Agent, the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Facility Documents and the provisions of this <u>Article XII</u> shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by it while it was Agent under this Agreement and under the other Facility Documents. Any Person (i) into which the Collateral Agent may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral Agent shall be a party, or (iii) that may succeed to the corporate trust properties and assets of the Collateral Agent substantially as a whole, shall be the successor to the Collateral Agent under this Agreement without further act of any of the parties to this Agreement. If no successor Collateral Agent shall have been appointed and an instrument of acceptance by a successor Collateral Agent shall not have been delivered to the Collateral Agent within sixty days after giving of notice of resignation by the Collateral Agent, the resigning Collateral Agent may petition any court of competent jurisdiction for the appointment of a successor Collateral Agent.

 

*Section 12.06. Compensation*. The Borrower agrees to pay, and the Collateral Agent shall be entitled to receive, compensation for, and reimbursement for expenses in connection with, the Collateral Agent's performance of the duties called for herein as provided in the USB Fee Letter.

 

*Section 12.07. Erroneous Payments*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Administrative Agent or the Collateral Agent notifies a Lender, Managing Agent or Secured Party, or any Person who has received funds on behalf of a Lender or Secured Party (any such Lender, Managing Agent, Secured Party or other recipient, a "*Payment Recipient*"), that the Administrative Agent or the Collateral Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding <u>clause (b)</u>) that any funds received by such Payment Recipient from the Administrative Agent, the Collateral Agent, on behalf of the Administrative Agent, or any of their Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Managing Agent, Secured Party or other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "*Erroneous Payment*") and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent or the Collateral Agent, on behalf of the Administrative Agent, and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent or the Collateral Agent, on behalf of the Administrative Agent, and such Lender, Managing Agent or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent or the Collateral Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent or the Collateral Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent or the Collateral Agent to any Payment Recipient under this <u>clause (a)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting immediately preceding <u>clause (a)</u>, each Lender, Managing Agent or Secured Party, or any Person who has received funds on behalf of a Lender, Managing Agent or Secured Party, hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent or the Collateral Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent or the Collateral Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent or the Collateral Agent (or any of its Affiliates), or (z) that such Lender, Managing Agent or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made
(absent written confirmation from the Administrative Agent or the Collateral Agent to the contrary) or (B) an error has been made (in
the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Lender, Managing Agent or Secured Party shall (and shall cause any other recipient that receives
funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative
Agent or the Collateral Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and
that it is so notifying the Administrative Agent or the Collateral Agent pursuant to this <u>Section 12.07(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender, Managing Agent or Secured Party hereby authorizes the Administrative Agent and the Collateral Agent to set off, net and apply any and all amounts at any time owing to such Lender, Managing Agent or Secured Party under any Facility Document, or otherwise payable or distributable by the Administrative Agent or the Collateral Agent to such Lender, Managing Agent or Secured Party from any source, against any amount due to the Administrative Agent or the Collateral Agent under immediately preceding <u>clause (a)</u> or under the indemnification provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent or the Collateral Agent for any reason, after demand therefor by the Administrative Agent or the Collateral Agent in accordance with immediately preceding <u>clause (a)</u>, from any Lender or Managing Agent that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "*Erroneous Payment Return Deficiency*"), upon the Administrative Agent's or the Collateral Agent's notice to such Lender or Managing Agent at any time, (i) such Lender or Managing Agent shall be deemed to have assigned its Advances (but not its Commitments) to the Administrative Agent with respect to which such Erroneous Payment was made (the "*Erroneous Payment Impacted Class*") in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Advances (but not Commitments) of the Erroneous Payment Impacted Class, the "*Erroneous Payment Deficiency Assignment*") at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Acceptance (or, to the extent applicable, an agreement incorporating an Assignment and Acceptance by reference pursuant to an electronic transmission system as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender or Managing Agent shall deliver any promissory notes evidencing such Advances to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender, and (iv) the Administrative Agent and Managing Agent may reflect in the Register its ownership interest in the Advances subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Advances acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender or Managing Agent shall be reduced by the net proceeds of the sale of such Advance (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender or Managing Agent (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender or Managing Agent and such Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold an Advance (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender, Managing Agent or Secured Party under the Facility Documents with respect to each Erroneous Payment Return Deficiency (the "*Erroneous Payment Subrogation Rights*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Collateral Agent or the Administrative Agent from the Borrower for the purpose of making such Erroneous Payment (including from amounts disbursed from each Collection Account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent and the Collateral Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each party's obligations, agreements and waivers under this <u>Section 12.07</u> shall survive the resignation or replacement of the Administrative Agent or the Collateral Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Facility Document.

**ARTICLE XIII<br>THE CUSTODIAN**

 

*Section 13.01. Designation of Custodian.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Initial Custodian*. The role of Custodian with respect to the Collateral Loans shall be conducted by the Person designated as Custodian hereunder from time to time in accordance with this <u>Section 13.01</u>. Until the Administrative Agent shall give to U.S. Bank National Association a Custodian Termination Notice, U.S. Bank National Association is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and obligations of, Custodian pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Successor Custodian*. Upon the Custodian's receipt of a Custodian Termination Notice from the Administrative Agent of the designation of a successor Custodian pursuant to the provisions of <u>Section 13.05</u>, the Custodian agrees that it will terminate its activities as Custodian hereunder. Upon the resignation of the Custodian, the Administrative Agent shall appoint a successor Custodian and if it does not do so within thirty days of the Custodian's resignation, the Custodian may petition a court of competent jurisdiction for the appointment of a successor.

 

*Section 13.02. Duties of Custodian*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Appointment*. Each of the Borrower and the Administrative Agent hereby designate and appoint the Custodian to act as its agent and hereby authorizes the Custodian to take such actions on its behalf and to exercise such powers and perform such duties as are expressly granted to the Custodian by this Agreement. The Custodian hereby accepts such agency appointment to act as Custodian pursuant to the terms of this Agreement, until its resignation or removal as Custodian pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Until its resignation pursuant to Section 13.07 or removal pursuant to Section 13.05, the Custodian shall perform the following duties and obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless and until the Custodian receives an instruction from the Borrower (or the Servicer on its behalf)
to the contrary prior to taking by the Custodian of any related action, the Custodian shall: (1) present for payment all coupons and other
income items held by it for the account of the Borrower which call for payment upon presentation and hold the cash received by it upon
such payment for the account of the Borrower subject to the terms of this Agreement; (2) collect interest and cash dividends received
in respect of the Collateral, with notice to the Borrower, to the account of the Borrower subject to the terms of this Agreement; and
(3) hold for the account of the Borrower hereunder all stock dividends, rights and similar securities issued with respect to any securities
held by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Neither the Custodian nor any nominee of the Custodian shall vote any of the securities held hereunder
by or for the account of the Borrower, except in accordance with the instructions contained in an instruction from the Borrower (or the
Servicer on its behalf). The Custodian shall promptly deliver, or cause to be executed and delivered, to the Borrower all notices, proxies
and proxy soliciting materials with relation to such securities, such proxies to be executed by the registered holder of such securities
(if registered otherwise than in the name of the Borrower), but without indicating the manner in which such proxies are to be voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Custodian shall transmit promptly to the Borrower all written information (including, without limitation,
pendency of calls and maturities of securities and expirations of rights in connection therewith) received by the Custodian from issuers
of the securities being held for the Borrower. With respect to tender or exchange offers, the Custodian shall transmit promptly to the
Borrower all written information received by the Custodian from issuers of the securities whose tender or exchange is sought and from
the party (or his agents) making the tender or exchange offer.

 

*Section 13.03. Merger or Consolidation*. Any Person (i) into which the Custodian may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Custodian shall be a party, or (iii) that may succeed to the properties and assets of the Custodian substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Custodian hereunder, shall be the successor to the Custodian under this Agreement without further act of any of the parties to this Agreement.

 

 

*Section 13.04. Custodian Compensation*. As compensation for its Custodian activities hereunder, the Custodian shall be entitled to fees pursuant to the USB Fee Letter. The Custodian's entitlement to receive the fees under the USB Fee Letter shall cease on the earlier to occur of: (i) its removal as Custodian pursuant to <u>Section 13.05</u> or the resignation pursuant to <u>Section 13.07</u> or (ii) the termination of this Agreement (it being understood that the Custodian shall be entitled to all accrued fees under the USB Fee Letter until (i) its removal as Custodian pursuant to <u>Section 13.05</u> or the resignation pursuant to <u>Section 13.07</u> or (ii) the termination of this Agreement. Upon termination of this Agreement or earlier resignation or removal of the Custodian, the Borrower 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, resignation or removal, as the case may be. All indemnifications in favor of the Custodian under this Agreement shall survive the termination of this Agreement, or any resignation or removal of the Custodian. The Borrower agrees to pay or reimburse to the Custodian upon its request from time to time all costs, disbursements, advances, and expenses (including reasonable fees and expenses of legal counsel) incurred, in connection with the preparation or execution of this Agreement, or in connection with the transactions contemplated hereby or performance by the Custodian of its duties and services under this Agreement (including costs and expenses of any action deemed necessary by the Custodian to collect any amounts owing to it under this Agreement) in accordance with the Priority of Payments.

 

*Section 13.05. Custodian Removal*. The Custodian may be removed, with or without cause, by the Administrative Agent by at least 60 days' notice given in writing to the Custodian (the *"Custodian Termination Notice"*); *provided* that notwithstanding its receipt of a Custodian Termination Notice, the Custodian shall continue to act in such capacity (and shall continue to be entitled to receive fees) until a successor Custodian has been appointed, has agreed to act as Custodian hereunder, and has received all Related Documents held by the previous Custodian. If a successor Custodian is not appointed within sixty days of the Custodian's receipt of notice of removal, the Custodian may petition a court of competent jurisdiction for the appointment of a successor.

 

*Section 13.06. Limitation on Liability*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been signed by the proper Person. The Custodian may rely conclusively on and shall be fully protected in acting upon (a) the written instructions of any designated officer of the Administrative Agent or (b) the verbal instructions of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Custodian nor any of its respective directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or any of the other Facility Documents, except for its or their own gross negligence or willful misconduct. The Document Custodian shall not be liable for any error of judgment made in good faith by an officer or officers of the Document Custodian, unless it shall be conclusively determined by a court of competent jurisdiction that the Document Custodian was grossly negligent in ascertaining the pertinent facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian makes no warranty or representation and shall have no responsibility (except as expressly set forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, perfection, priority, ownership, title or transferability of the Collateral, and will not be required to and will not make any representations as to the validity or value of any of the Collateral. The Custodian shall not be obligated to take any legal action hereunder that might in its judgment involve any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall have no duties or responsibilities except such duties and responsibilities as are specifically set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Custodian shall not be required to expend or risk its own funds in the performance of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It is expressly agreed and acknowledged that the Custodian is not guaranteeing performance of or assuming any liability for the obligations of the other parties hereto or any parties to the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Without prejudice to the generality of the foregoing, the Custodian shall be without liability to the Borrower, Servicer, the Administrative Agent, the Lenders or any other Person for any damage or loss resulting from or caused by events or circumstances beyond the Custodian's control, including but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, diseases, pandemics, quarantines, governmental regulations imposed after the fact, fire, communication line failures, computer viruses, power failures, loss or malfunction of utilities, communications or computer (software and hardware) services, earthquakes or other disasters; errors by the Borrower, the Servicer, Collateral Administrator or the Administrative Agent (including any Responsible Officer of any thereof) in its instructions to the Custodian; or changes in Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event that (i) the Borrower, Collateral Agent, the Collateral Administrator, the Servicer, the Administrative Agent, Lenders or Custodian shall be served by a third party with any type of levy, attachment, writ or court order with respect to any Collateral Loan or Related Documents or (ii) a third party shall institute any court proceeding by which any Collateral Loan or Related Document shall be required to be delivered otherwise than in accordance with the provisions of this Agreement, the Person receiving such service shall promptly deliver or cause to be delivered to the other parties to this Agreement copies of all court papers, orders, documents and other materials concerning such proceedings. The Custodian shall, to the extent permitted by Law, continue to hold and maintain all the Related Documents that are the subject of such proceedings pending a final, non-appealable order of a court of competent jurisdiction permitting or directing disposition thereof. Upon final determination of such court, the Custodian shall dispose of such Related Documents as directed by the Collateral Agent or Administrative Agent, which shall give a direction consistent with such determination. Expenses of the Custodian incurred as a result of such proceedings shall be borne by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In addition to, and without limiting, the rights, protections, indemnities and immunities afforded to the Custodian herein, the Custodian shall have the same rights, protections, indemnities and immunities as are offered the Collateral Agent under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In no event shall the Custodian be liable for special, indirect, punitive or consequential losses or damages of any kind whatsoever (including but not limited to lost profits) even if the Custodian has been advised of the likelihood of such damages and regardless of the form of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Notwithstanding any provision to the contrary elsewhere in the Facility Documents, the Custodian shall not have any fiduciary relationship with any party hereto or any Secured Party in its capacity as such, and no implied covenants, functions, obligations or responsibilities shall be read into this Agreement, the other Facility Documents or otherwise exist against the Custodian. Without limiting the generality of the foregoing, it is hereby expressly agreed and stipulated by the other parties hereto that the Custodian shall not be required to exercise any discretion hereunder and shall have no investment or management responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) In case any reasonable question arises as to its duties hereunder, the Custodian may, except during the continuance of an Event of Default or after the Final Maturity Date, request instructions from the Servicer and may, during the continuance of an Event of Default or after the Final Maturity Date, request instructions from the Administrative Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions from the Servicer or the Administrative Agent, as applicable. The Custodian shall in all events have no liability, risk or cost for any action taken pursuant to and in compliance with the instruction of the Administrative Agent, the Servicer or the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Custodian shall have no responsibility and shall have no liability for (i) preparing, recording, filing, re-recording or re-filing any financing statement, continuation statement, document, instrument or other notice in any public office at any time or times, (ii) the correctness of any such financing statement, continuation statement, document or instrument or other such notice, (iii) taking any action to perfect or maintain the perfection of any security interest granted to it hereunder or otherwise or (iv) the validity or perfection of any such lien or security interest.

 

*Section 13.07. Resignation of the Custodian*. The Custodian shall not resign from the obligations and duties hereby imposed on it except upon (a) at least 90 days' written notice to the Borrower, the Servicer, the Administrative Agent and each Lender, or (b) the Custodian's determination that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that the Custodian could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Custodian shall be evidenced as to <u>clause (i)</u> above by an opinion of counsel to such effect delivered to the Administrative Agent. No such resignation shall become effective until a successor Custodian shall have assumed the responsibilities and obligations of the Custodian hereunder subject to <u>Section 13.01(b)</u>. Upon the resignation of the Custodian, the Administrative Agent shall appoint a successor Custodian and if it does not do so within sixty days of the Custodian's resignation, the Custodian may petition a court of competent jurisdiction for the appointment of a successor.

 

 

*Section 13.08. Access to Certain Documentation and Information Regarding the Collateral; Audits*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer and the Custodian shall provide to the Administrative Agent access to the Related Documents and all other documentation regarding the Collateral including in such cases where the Administrative Agent is required in connection with the enforcement of the rights or interests of the Secured Parties, or by Applicable Law, to review such documentation, such access being afforded without charge (but, with respect to the Custodian, at the expense of the Borrower) but only (i) upon two Business Days' prior written request, (ii) during normal business hours and (iii) subject to the Servicer's and Custodian's normal security and confidentiality procedures; *provided* that the Administrative Agent may, and shall upon request of any Lender, permit each Lender to be included on any such review, and shall use reasonably commercial efforts to schedule any review on a day when Lenders desiring to participate in such review may be included. From time to time at the discretion of the Administrative Agent, the Administrative Agent may review the Servicer's collection and administration of the Collateral in order to assess compliance by the Servicer with <u>Article XI</u> and may conduct an audit of the Collateral, and Related Documents in conjunction with such a review. Such review shall be reasonable in scope and shall be completed in a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing provisions of <u>Section 13.08(a)</u>, from time to time on request of the Administrative Agent, the Custodian shall permit certified public accountants or other independent auditors acceptable to the Administrative Agent to conduct a review of the Related Documents and all other documentation regarding the Collateral. Up to two such reviews per fiscal year shall be at the expense of the Borrower and additional reviews in a fiscal year shall be at the expense of the requesting Lender(s); *provided* that, after the occurrence and during the continuance of an Event of Default, any such reviews, regardless of frequency, shall be at the expense of the Borrower.

 

*Section 13.09. Representations and Warranties of the Custodian*. The Custodian in its individual capacity and as Custodian represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization; Power and Authority.* It is a duly organized and validly existing national banking association in good standing under the Laws of the United States. It has full corporate power, authority and legal right to execute, deliver and perform its obligations as Custodian under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Due Authorization.* The execution and delivery of this Agreement and the consummation of the transactions provided for herein have been duly authorized by all necessary association action on its part, either in its individual capacity or as Custodian, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Conflict.* The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment of the terms hereof will not conflict with, result in any breach of its articles of incorporation or bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *No Violation.* The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment of the terms hereof, to the Custodian's actual knowledge, will not conflict with or violate, in any material respect, any Applicable Law as to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *All Consents Required.* All approvals, authorizations, consents, orders or other actions of any Governmental Authority applicable to the Custodian, required in connection with the execution and delivery of this Agreement, the performance by the Custodian of the transactions contemplated hereby and the fulfillment by the Custodian of the terms hereof have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Validity.* The Agreement constitutes the legal, valid and binding obligation of the Custodian, enforceable against the Custodian in accordance with its terms, except as such enforceability may be limited by applicable Bankruptcy Code and general principles of equity (whether considered in a suit at law or in equity).

 

*Section 13.10. Covenants of the Custodian*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Affirmative Covenants of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Compliance with Law.* The Custodian will comply in all material respects with all Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Preservation of Existence*. The Custodian will preserve and maintain its existence, rights, franchises
and privileges in the jurisdiction of its formation and remain qualified in good standing in such jurisdiction if failure to preserve
and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material
Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Negative Covenants of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Related Documents.* The Custodian will not dispose of any documents constituting the Related Documents
in any manner that is inconsistent with the performance of its obligations as the Custodian pursuant to this Agreement.

**ARTICLE XIV<br>THE Document CUSTODIAN**

 

*Section 14.01. Designation of Document Custodian.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Initial Document Custodian*. The role of Document Custodian with respect to the Collateral Loans shall be conducted by the Person designated as Document Custodian hereunder from time to time in accordance with this <u>Section 14.01</u>. Until the Administrative Agent shall give to USBNA a Document Custodian Termination Notice, USBNA is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and obligations of, Document Custodian pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Successor Document Custodian*. Upon the Document Custodian's receipt of a Document Custodian Termination Notice from the Administrative Agent of the designation of a successor Document Custodian pursuant to the provisions of <u>Section 14.05</u>, the Document Custodian agrees that it will terminate its activities as Document Custodian hereunder. Upon the resignation of the Document Custodian, the Administrative Agent shall appoint a successor Document Custodian and if it does not do so within thirty days of the Document Custodian's resignation, the Document Custodian may petition a court of competent jurisdiction for the appointment of a successor.

 

*Section 14.02. Duties of Document Custodian*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Appointment*. Each of the Borrower and the Administrative Agent hereby designate and appoint the Document Custodian to act as its agent and hereby authorizes the Document Custodian to take such actions on its behalf and to exercise such powers and perform such duties as are expressly granted to the Document Custodian by this Agreement. The Document Custodian hereby accepts such agency appointment to act as Document Custodian pursuant to the terms of this Agreement, until its resignation or removal as Document Custodian pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before the Closing Date, and until its resignation pursuant to <u>Section 14.07</u> or removal pursuant to <u>Section 14.05</u>, the Document Custodian shall perform, on behalf of the Administrative Agent and the other Secured Parties, the following duties and obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Document Custodian shall take and retain custody of the Related Documents delivered to it by the Borrower
pursuant to <u>Section 7.05</u> in accordance with the terms and conditions of this Agreement, all for the benefit of the Secured Parties
and subject to the Lien thereon in favor of the Collateral Agent, for the benefit of the Secured Parties. Within five Business Days of
its receipt of the Related Documents and a hard copy of the Loan Checklist (*provided*, *however*, that if more than one hundred
(100) Related Documents are delivered at one time to the Document Custodian, the Document Custodian shall have additional time as mutually
agreed to by the Document Custodian, the Servicer and the Administrative Agent), the Document Custodian shall review the Related Documents
delivered to it to confirm that, based on a review of the applicable loan agreement or credit agreement and or note, the related initial
principal loan balance when entered into or obtained by the Borrower, loan identification number and Obligor name with respect to such
Collateral Loan matches such information specified on the related Loan Checklist (such criteria, the *"Review Criteria"*).
In order to facilitate the foregoing review by the Document Custodian, in connection with each delivery of Related Documents hereunder
to the Document Custodian, the Servicer shall provide to the Document Custodian an electronic file (in EXCEL or a comparable format acceptable
to the Document Custodian) or the related Loan Checklist that contains a list of all Related Documents, the loan identification number
and the name of the Obligor and the initial principal loan balance when entered into or obtained by the Borrower with respect to each
related Collateral Loan. Notwithstanding anything herein to the contrary, the parties agree that all Related Documents shall be delivered
in electronic format to the Document Custodian and the Document Custodian's obligation to review the Related Documents shall be
limited to reviewing such Related Documents based on the information provided in the electronic file or on the Loan Checklist, as applicable
and the Document Custodian shall be under no duty or obligation to inspect, review or examine any such documents, instruments or certificates
to independently determine that they are genuine, enforceable, duly authorized or appropriate for the represented purpose, any assignment
or endorsement is in proper form, or any document is other than what it purports to be on its face. The Document Custodian shall not be
deemed to have notice or knowledge of any matter hereunder, including an Event of Default, unless a Responsible Officer of the Document
Custodian has actual knowledge of such matter or written notice thereof if received by the Document Custodian. If, at the conclusion of
such review, the Document Custodian shall determine that any Review Criteria is not satisfied, the Document Custodian shall notify the
Servicer and provide a list of the non-complying Collateral Loans and the applicable Review Criteria that they fail to satisfy shall be
included in the Monthly Report. The Servicer shall have ten Business Days to correct any non-compliance with any Review Criteria. In addition,
if requested in writing in the form of <u>Exhibit E</u> by the Servicer and approved by the Administrative Agent, the Document Custodian
shall return the Related Documents for any Collateral Loan which fails to satisfy any Review Criteria to the Borrower. Other than the
foregoing, the Document Custodian shall not have any responsibility for reviewing any Related Documents. Notwithstanding anything to the
contrary contained herein, the Document Custodian shall have no duty or obligation with respect to any Loan Checklist delivered to it
in electronic form. The parties to this Agreement hereby agree that the sole purpose of the Document Custodian's review of certain
Related Documents pursuant to this <u>Section 14.02</u> is to confirm receipt of electronic copies thereof by confirming certain information
contained in such documents as set forth therein. The Document Custodian's review of such documents shall not be deemed to constitute
"due diligence services" or a "third party due diligence report" as such terms are defined in Rules 17g-10 and
15Ga-2, respectively, as promulgated by the Securities and Exchange Commission pursuant to the Exchange Act. Any recipient of any list
of non-complying Collateral Loans or a copy thereof by its receipt thereof is deemed to agree, and each party to this Agreement hereby
agrees, that it shall not share such list of non-complying Collateral Loans, directly or indirectly, with any rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In taking and retaining custody of the Related Documents, the Document Custodian shall be deemed to be
acting as the agent of the Secured Parties; *provided* that the Document Custodian makes no representations as to the existence,
perfection or priority of any Lien on the Related Documents or the instruments therein; and *provided, further,* that the Document
Custodian's duties as agent shall be limited to those expressly contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything herein to the contrary, the parties agree that all Related Documents shall be
delivered in electronic format to the Document Custodian. All such Related Documents that are delivered to the Document Custodian in electronic
format shall be saved onto disks and/or onto the Document Custodian's secure computer system, and maintained in a manner so as to
permit retrieval and access as provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Document Custodian shall maintain a register (in book entry form or in such other form as it shall
deem necessary or desirable) of the Collateral Loans for which it holds Related Documents under this Agreement containing such information
as the Borrower and the Document Custodian may reasonably agree; *provided* that, with respect to such Collateral Loans, all Related
Documents shall be held in safekeeping by the Document Custodian, individually segregated from the securities and investments of any other
Person and marked so as to clearly identify such Related Documents as the property of the Borrower as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each Monthly Report shall identify each Collateral Loan held by the Document Custodian, the non-complying
Collateral Loans and the applicable Review Criteria that any non-complying Collateral Loan fails to satisfy to the extent such information
is timely provided by the Document Custodian to the Servicer for inclusion in such Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) In performing its duties, the Document Custodian shall use a similar degree of care and attention as it
employs with respect to similar collateral that it holds as Document Custodian for business development companies regulated under the
Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Document Custodian may assume the genuineness of any Related Document it may receive and the genuineness
and due authority of any signatures appearing thereon, and shall be entitled to assume that each such Related Document it may receive
is what it purports to be. If an original "security" or "instrument" as defined in Section 8-102 and Section 9-102(a)(47)
of the UCC, respectively, is or shall be or become available with respect to any Collateral Loan to be held by the Document Custodian
under this Agreement, it shall be the sole responsibility of the Borrower to make or cause delivery thereof to the Document Custodian,
and the Document Custodian shall not be under any obligation at any time to determine whether any such original security or instrument
has been or is required to be issued or made available in respect of any Collateral Loan or to compel or cause delivery thereof to the
Document Custodian.

 

 

*Section 14.03. Merger or Consolidation*. Any Person (i) into which the Document Custodian may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Document Custodian shall be a party, or (iii) that may succeed to the properties and assets of the Document Custodian substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Document Custodian hereunder, shall be the successor to the Document Custodian under this Agreement without further act of any of the parties to this Agreement.

 

*Section 14.04. Document Custodian Compensation*. As compensation for its Document Custodian activities hereunder, the Document Custodian shall be entitled to fees pursuant to the USB Fee Letter. The Document Custodian's entitlement to receive the fees under the USB Fee Letter shall cease on the earlier to occur of: (i) its removal as Document Custodian pursuant to <u>Section 14.05</u> or the resignation pursuant to <u>Section 14.07</u> or (ii) the termination of this Agreement (it being understood that the Document Custodian shall be entitled to all accrued fees under the USB Fee Letter until (i) its removal as Document Custodian pursuant to <u>Section 14.05</u> or the resignation pursuant to <u>Section 14.07</u> or (ii) the termination of this Agreement). Upon termination of this Agreement or earlier resignation or removal of the Document Custodian, the Borrower shall pay to the Document Custodian such compensation, and shall likewise reimburse the Document Custodian for its costs, expenses and disbursements, as may be due as of the date of such termination, resignation or removal, as the case may be. All indemnifications in favor of the Document Custodian under this Agreement shall survive the termination of this Agreement, or any resignation or removal of the Document Custodian. The Borrower agrees to pay or reimburse to the Document Custodian upon its request from time to time all costs, disbursements, advances, and expenses (including reasonable fees and expenses of legal counsel) incurred, in connection with the preparation or execution of this Agreement, or in connection with the transactions contemplated hereby or performance by the Document Custodian of its duties and services under this Agreement (including costs and expenses of any action deemed necessary by the Document Custodian to collect any amounts owing to it under this Agreement) in accordance with the Priority of Payments.

 

*Section 14.05. Document Custodian Removal*. The Document Custodian may be removed, with or without cause, by the Administrative Agent by at least 60 days' notice given in writing to the Document Custodian (the *"Document Custodian Termination Notice"*); *provided* that notwithstanding its receipt of a Document Custodian Termination Notice, the Document Custodian shall continue to act in such capacity (and shall continue to be entitled to receive fees) until a successor Document Custodian has been appointed, has agreed to act as Document Custodian hereunder, and has received all Related Documents held by the previous Document Custodian. If a successor Document Custodian is not appointed within sixty days of the Document Custodian's receipt of notice of removal, the Document Custodian may petition a court of competent jurisdiction for the appointment of a successor.

 

*Section 14.06. Limitation on Liability*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Document Custodian may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been signed by the proper Person. The Document Custodian may rely conclusively on and shall be fully protected in acting upon (a) the written instructions of any designated officer of the Administrative Agent or (b) the verbal instructions of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Document Custodian may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Document Custodian nor any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or any of the other Facility Documents, except for its or their own gross negligence or willful misconduct. The Document Custodian shall not be liable for any error of judgment made in good faith by an officer or officers of the Document Custodian, unless it shall be conclusively determined by a court of competent jurisdiction that the Document Custodian was grossly negligent in ascertaining the pertinent facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Document Custodian makes no warranty or representation and shall have no responsibility (except as expressly set forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, perfection, priority, ownership, title or transferability of the Collateral, and will not be required to and will not make any representations as to the validity or value of any of the Collateral. The Document Custodian shall not be obligated to take any legal action hereunder that might in its judgment involve any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Document Custodian shall have no duties or responsibilities except such duties and responsibilities as are specifically set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against the Document Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Document Custodian shall not be required to expend or risk its own funds in the performance of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It is expressly agreed and acknowledged that the Document Custodian is not guaranteeing performance of or assuming any liability for the obligations of the other parties hereto or any parties to the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Without prejudice to the generality of the foregoing, the Document Custodian shall be without liability to the Borrower, Servicer, the Administrative Agent, the Lenders or any other Person for any damage or loss resulting from or caused by events or circumstances beyond the Document Custodian's control, including but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, diseases, pandemics, quarantines, governmental regulations imposed after the fact, fire, communication line failures, computer viruses, power failures, loss or malfunction of utilities, communications or computer (software and hardware) services, earthquakes or other disasters; errors by the Borrower, the Servicer, Collateral Administrator or the Administrative Agent (including any Responsible Officer of any thereof) in its instructions to the Document Custodian; or changes in Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event that (i) the Borrower, Collateral Agent, the Collateral Administrator, the Servicer, the Administrative Agent, Lenders or Document Custodian shall be served by a third party with any type of levy, attachment, writ or court order with respect to any Collateral Loan or Related Documents or (ii) a third party shall institute any court proceeding by which any Collateral Loan or Related Document shall be required to be delivered otherwise than in accordance with the provisions of this Agreement, the Person receiving such service shall promptly deliver or cause to be delivered to the other parties to this Agreement copies of all court papers, orders, documents and other materials concerning such proceedings. The Document Custodian shall, to the extent permitted by Law, continue to hold and maintain all the Related Documents that are the subject of such proceedings pending a final, non-appealable order of a court of competent jurisdiction permitting or directing disposition thereof. Upon final determination of such court, the Document Custodian shall dispose of such Related Documents as directed by the Collateral Agent or Administrative Agent, which shall give a direction consistent with such determination. Expenses of the Document Custodian incurred as a result of such proceedings shall be borne by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In addition to, and without limiting, the rights, protections, indemnities and immunities afforded to the Document Custodian herein, the Document Custodian shall have the same rights, protections, indemnities and immunities as are offered the Collateral Agent under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In no event shall the Document Custodian be liable for special, indirect, punitive or consequential losses or damages of any kind whatsoever (including but not limited to lost profits) even if the Document Custodian has been advised of the likelihood of such damages and regardless of the form of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Notwithstanding any provision to the contrary elsewhere in the Facility Documents, the Document Custodian shall not have any fiduciary relationship with any party hereto or any Secured Party in its capacity as such, and no implied covenants, functions, obligations or responsibilities shall be read into this Agreement, the other Facility Documents or otherwise exist against the Document Custodian. Without limiting the generality of the foregoing, it is hereby expressly agreed and stipulated by the other parties hereto that the Document Custodian shall not be required to exercise any discretion hereunder and shall have no investment or management responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) In case any reasonable question arises as to its duties hereunder, the Document Custodian may, except during the continuance of an Event of Default or after the Final Maturity Date, request instructions from the Servicer and may, during the continuance of an Event of Default or after the Final Maturity Date, request instructions from the Administrative Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions from the Servicer or the Administrative Agent, as applicable. The Document Custodian shall in all events have no liability, risk or cost for any action taken pursuant to and in compliance with the instruction of the Administrative Agent, the Servicer or the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Document Custodian shall have no responsibility and shall have no liability for (i) preparing, recording, filing, re-recording or re-filing any financing statement, continuation statement, document, instrument or other notice in any public office at any time or times, (ii) the correctness of any such financing statement, continuation statement, document or instrument or other such notice, (iii) taking any action to perfect or maintain the perfection of any security interest granted to it hereunder or otherwise or (iv) the validity or perfection of any such lien or security interest.

 

 

*Section 14.07. Resignation of the Document Custodian*. The Document Custodian shall not resign from the obligations and duties hereby imposed on it except upon (a) at least 90 days' written notice to the Borrower, the Servicer, the Administrative Agent and each Lender, or (b) the Document Custodian's determination that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that the Document Custodian could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Document Custodian shall be evidenced as to <u>clause (i)</u> above by an opinion of counsel to such effect delivered to the Administrative Agent. No such resignation shall become effective until a successor Document Custodian shall have assumed the responsibilities and obligations of the Document Custodian hereunder subject to <u>Section 14.01(b)</u>. Upon the resignation of the Document Custodian, the Administrative Agent shall appoint a successor Document Custodian and if it does not do so within sixty days of the Document Custodian's resignation, the Document Custodian may petition a court of competent jurisdiction for the appointment of a successor.

 

*Section 14.08. Release of Related Documents*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Release for Servicing.* From time to time and as appropriate for the enforcement or servicing of any of the Collateral, the Document Custodian is hereby authorized (unless and until such authorization is revoked by the Administrative Agent) to, and shall, upon written receipt from the Servicer of a request for release of documents and receipt in the form annexed hereto as <u>Exhibit E</u>, release to the Servicer within two Business Days of receipt of such request, the applicable Related Documents or the documents set forth in such request and receipt to the Servicer. All documents so released to the Servicer shall be held by the Servicer in trust for the benefit of the Administrative Agent in accordance with the terms of this Agreement. The Servicer shall return to the Document Custodian the Related Documents or other such documents (i) promptly upon the request of the Administrative Agent, or (ii) when the Servicer's need therefor in connection with such enforcement or servicing no longer exists, unless the Collateral Loan shall be liquidated or sold, in which case, upon receipt of an additional request for release of documents and receipt certifying such liquidation or sale from the Servicer to the Document Custodian in the form annexed hereto as <u>Exhibit E</u>, the Servicer's request and receipt submitted pursuant to the first sentence of this subsection shall be released by the Document Custodian to the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Release for Payment.* Upon receipt by the Document Custodian of the Servicer's request for release of documents and receipt in the form annexed hereto as <u>Exhibit E</u> (which certification shall include a statement to the effect that all amounts received in connection with such payment or repurchase have been credited to the Collection Account as provided in this Agreement), the Document Custodian shall promptly release the applicable Related Documents to the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Shipment of Related Documents*. Written instructions as to the method of shipment and shipper(s) the Document Custodian is directed to utilize in connection with the transmission of any Related Document in the performance of the Document Custodian's duties hereunder shall be delivered by the Servicer or the Administrative Agent to the Document Custodian prior to any shipment of any Related Document hereunder. In the event the Servicer or the Administrative Agent fail to timely provide such written instructions, the Document Custodian is authorized to use, and shall be indemnified and have no liability for using, a nationally recognized courier service. The Servicer shall arrange for the provision of such services at the cost and expense of the Borrower (or, at the Document Custodian's option, the Borrower shall reimburse the Document Custodian for all costs and expenses of the Document Custodian consistent with such instructions) and shall maintain such insurance against loss or damage to the Related Documents as the Servicer deems appropriate.

 

 

*Section 14.09. Return of Related Documents*. The Borrower may, with the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld), require that the Document Custodian return each Related Document (as applicable), respectively (a) delivered to the Document Custodian in error, (b) as to which the Lien on the underlying assets securing such related Collateral Loan has been so released pursuant to <u>Section 7.02</u>, (c) that has been the subject of a discretionary sale or any sale of loan pursuant to <u>Section 10.01</u> or substitution pursuant to <u>Section 10.03</u> or (d) that is required to be redelivered to the Borrower in connection with the termination of this Agreement, in each case by submitting to the Document Custodian and the Administrative Agent a written request in the form annexed hereto as <u>Exhibit E</u> (signed by both the Borrower and the Administrative Agent) specifying the Collateral to be so returned and reciting that the conditions to such release have been met (and specifying the Section or Sections of this Agreement being relied upon for such release). The Document Custodian shall upon its receipt of each such request for return executed by the Borrower and the Administrative Agent promptly, but in any event within two Business Days, return the Related Documents so requested to the Borrower.

 

*Section 14.10. Access to Certain Documentation and Information Regarding the Collateral; Audits*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer and the Document Custodian shall provide to the Administrative Agent access to the Related Documents and all other documentation regarding the Collateral including in such cases where the Administrative Agent is required in connection with the enforcement of the rights or interests of the Secured Parties, or by Applicable Law, to review such documentation, such access being afforded without charge (but, with respect to the Document Custodian, at the expense of the Borrower) but only (i) upon two Business Days' prior written request, (ii) during normal business hours and (iii) subject to the Servicer's and Document Custodian's normal security and confidentiality procedures; *provided* that the Administrative Agent may, and shall upon request of any Lender, permit each Lender to be included on any such review, and shall use reasonably commercial efforts to schedule any review on a day when Lenders desiring to participate in such review may be included. From time to time at the discretion of the Administrative Agent, the Administrative Agent may review the Servicer's collection and administration of the Collateral in order to assess compliance by the Servicer with <u>Article XI</u> and may conduct an audit of the Collateral, and Related Documents in conjunction with such a review. Such review shall be reasonable in scope and shall be completed in a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing provisions of <u>Section 14.10(a)</u>, from time to time on request of the Administrative Agent, the Document Custodian shall permit certified public accountants or other independent auditors acceptable to the Administrative Agent to conduct a review of the Related Documents and all other documentation regarding the Collateral. Up to two such reviews per fiscal year shall be at the expense of the Borrower and additional reviews in a fiscal year shall be at the expense of the requesting Lender(s); *provided* that, after the occurrence and during the continuance of an Event of Default, any such reviews, regardless of frequency, shall be at the expense of the Borrower.

 

 

*Section 14.11. Representations and Warranties of the Document Custodian*. The Document Custodian in its individual capacity and as Document Custodian represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization; Power and Authority.* It is a duly organized and validly existing national banking association in good standing under the Laws of the State of United States. It has full corporate power, authority and legal right to execute, deliver and perform its obligations as Document Custodian under this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Due Authorization.* The execution and delivery of this Agreement and the consummation of the transactions provided for herein have been duly authorized by all necessary association action on its part, either in its individual capacity or as Document Custodian, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Conflict.* The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment of the terms hereof will not conflict with, result in any breach of its articles of incorporation or bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *No Violation.* The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment of the terms hereof will not, to the Document Custodian's actual knowledge, conflict with or violate, in any material respect, any Applicable Law as to the Document Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *All Consents Required.* All approvals, authorizations, consents, orders or other actions of any Governmental Authority applicable to the Document Custodian, required in connection with the execution and delivery of this Agreement, the performance by the Document Custodian of the transactions contemplated hereby and the fulfillment by the Document Custodian of the terms hereof have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Validity.* The Agreement constitutes the legal, valid and binding obligation of the Document Custodian, enforceable against the Document Custodian in accordance with its terms, except as such enforceability may be limited by applicable Bankruptcy Code and general principles of equity (whether considered in a suit at law or in equity).

 

*Section 14.12. Covenants of the Document Custodian*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Affirmative Covenants of the Document Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Compliance with Law.* The Document Custodian will comply in all material respects with all Applicable
Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Preservation of Existence*. The Document Custodian will preserve and maintain its existence, rights,
franchises and privileges in the jurisdiction of its formation and remain qualified in good standing in such jurisdiction if failure to
preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have,
a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Negative Covenants of the Document Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Related Documents.* The Document Custodian will not dispose of any documents constituting the Related
Documents in any manner that is inconsistent with the performance of its obligations as the Document Custodian pursuant to this Agreement.

**ARTICLE XV<br>THE COLLATERAL ADMINISTRATOR**

 

*Section 15.01. Powers and Duties of Collateral Administrator*. (a) U.S. Bank Trust Company, National Association shall act as Collateral Administrator pursuant to the terms of this Agreement, until U.S. Bank Trust Company, National Association's resignation or removal as Collateral Administrator pursuant to <u>Section 15.04</u> hereof. In such capacity, the Collateral Administrator shall assist the Borrower and the Servicer by providing to the Borrower and the Servicer (and, where applicable, the Borrower's Independent Accountants) certain reports, calculations and other data (as may be mutually agreed upon by the parties hereto), which reports, calculations and other data the Borrower or the Servicer on its behalf, and/or the Collateral Administrator is required to prepare and deliver (or which are necessary to be performed in order that certain reports and calculations can be performed as required) under <u>Section 8.06</u>. U.S. Bank Trust Company, National Association's duties and authority to act as Collateral Administrator hereunder are limited to the duties and authority specifically set forth in this Agreement. By entering into, or performing its duties under, this Agreement, the Collateral Administrator shall not be deemed to assume any obligations or liabilities of the Borrower or the Servicer under this Agreement, and nothing herein contained shall be deemed to release, terminate, discharge, limit, reduce, diminish, modify, amend or otherwise alter in any respect the duties, obligations or liabilities of the Borrower or the Servicer under or pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer shall cooperate with the Collateral Administrator in connection with the matters described herein, including the confirmation by the Collateral Administrator of the calculations contained in the Monthly Reports. Without limiting the generality of the foregoing, the Servicer shall advise in a timely manner the Collateral Administrator of the results of any determinations required or permitted to be made by it or the Borrower under this Agreement and supply the Collateral Administrator with such other information (in a mutually agreeable format) as is maintained by or on behalf of the Servicer that the Collateral Administrator may from time to time reasonably request with respect to the Collateral and reasonably needed to perform its obligations hereunder or required to permit the Collateral Administrator to perform its obligations hereunder (including the Servicer's determinations of Market Value, Aggregate Collateral Balance, Concentration Limitations and the Borrowing Base, as applicable) and any other information that may be reasonably required under this Agreement with respect to a Collateral Loan (including as to its designation as a Defaulted Collateral Loan, Ineligible Collateral Loan, Equity Security or Credit Improved Loan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, in performing its duties under this Agreement, the Collateral Administrator is required to decide between alternative courses of action, the Collateral Administrator may request written instructions from the Borrower or the Servicer as to the course of action desired by it. If the Collateral Administrator does not receive such instructions within five Business Days after it has requested them, the Collateral Administrator may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Administrator shall act in accordance with instructions received after such five-Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions. The Collateral Administrator shall be entitled to rely on the advice of legal counsel and independent accountants in performing its duties hereunder and shall be deemed to have acted in good faith if it acts in accordance with such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing herein shall prevent the Collateral Administrator or any of its Affiliates from engaging in other businesses or from rendering services of any kind to any Person.

 

*Section 15.02. Compensation*. The Borrower agrees to pay, and the Collateral Administrator shall be entitled to receive, compensation for, and reimbursement for expenses in connection with, the Collateral Administrator's performance of the duties called for herein as provided in the USB Fee Letter.

 

*Section 15.03. Limitation of Responsibility of the Collateral Administrator; Indemnification*. (a) The Collateral Administrator will have no responsibility under this Agreement other than to render the services expressly called for hereunder in good faith and without willful misconduct or gross negligence. The Collateral Administrator shall incur no liability to anyone in acting upon any signature, instrument, statement, notice, resolution, request, direction, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper Person. The Collateral Administrator may exercise any of its rights or powers hereunder or perform any of its duties hereunder either directly or by or through agents or attorneys, and the Collateral Administrator shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed hereunder with due care by it. Neither the Collateral Administrator nor any of its affiliates, directors, officers, shareholders, agents or employees will be liable to the Servicer, the Borrower or any other Person, except by reason of acts or omissions by the Collateral Administrator constituting willful misfeasance or gross negligence. The Collateral Administrator shall in no event have any liability for the actions or omissions of the Borrower, the Servicer or any other Person, and shall have no liability for any inaccuracy or error in any duty performed by it that results from or is caused by inaccurate, untimely or incomplete information or data received by it from the Borrower, the Servicer or another Person except to the extent that such inaccuracies or errors are caused by the Collateral Administrator's own willful misconduct or gross negligence. The Collateral Administrator shall not be liable for failing to perform or delay in performing its specified duties hereunder which results from or is caused by a failure or delay on the part of the Borrower, the Servicer or another Person in furnishing necessary, timely and accurate information to the Collateral Administrator. The duties and obligations of the Collateral Administrator and its employees or agents shall be determined solely by the express provisions of this Agreement and they shall not be under any obligation or duty except for the performance of such duties and obligations as are specifically set forth herein, and no implied covenants shall be read into this Agreement against them. The Collateral Administrator shall not be required to expend or risk its own funds in the performance of its duties hereunder. The Collateral Administrator may consult with counsel and shall be protected in and shall have no liability as a result of any action reasonably taken in good faith in accordance with the advice of such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Collateral Administrator may rely conclusively on any notice, certificate or other document (including telecopier or other electronically transmitted instructions, documents or information) furnished to it hereunder and reasonably believed by it in good faith to be genuine. The Collateral Administrator shall not be liable for any action taken by it in good faith and reasonably believed by it to be within the discretion or 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 Collateral Administrator shall not be bound to make any investigation into the facts or matters stated in any certificate, report or other document; *provided*, *however*, that, if the form thereof is prescribed by this Agreement, the Collateral Administrator shall examine the same to determine whether it conforms on its face to the requirements hereof. The Collateral Administrator shall not be deemed to have knowledge or notice of any matter unless actually known to a Responsible Officer of the Collateral Administrator. Under no circumstances shall the Collateral Administrator be liable for indirect, punitive, special or consequential damages (including but not limited to lost profits) under or pursuant to this Agreement, its duties or obligations hereunder or arising out of or relating to the subject matter hereof, even if it has been informed of the likelihood thereof and regardless of the form of action. In no event shall the Collateral Administrator be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, to acts of God, strikes, lockouts, riots, acts of war, epidemics, diseases, pandemics, quarantines, governmental regulations imposed after the fact, fire, communication line failures, computer viruses, power failures, loss or malfunction of utilities, communications or computer (software and hardware) services, earthquakes or the like that delay, restrict or prohibit the providing of services by the Collateral Administrator as completed by this Agreement. It is expressly acknowledged by the Borrower and the Servicer that application and performance by the Collateral Administrator of its various duties hereunder (including recalculations to be performed in respect of the matters contemplated hereby) shall be based upon, and in reliance upon, data and information provided to it by the Servicer (and/or the Borrower) with respect to the Collateral, and the Collateral Administrator shall have no responsibility for the accuracy or completeness of any such information or data provided to it by such Persons. Nothing herein shall impose or imply any duty or obligation on the part of the Collateral Administrator to verify, investigate or audit any such information or data, or to determine or monitor on an independent basis whether any obligor under the Collateral is in default or in compliance with the underlying documents governing or securing such securities, from time to time, the role of the Collateral Administrator hereunder being solely to perform certain mathematical computations and data comparisons and to provide certain reports and other deliveries, as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall, and hereby agrees to, reimburse, indemnify and hold harmless the Collateral Administrator and its affiliates, directors, officers, shareholders, agents and employees for and from any and all Liabilities in respect of, or arising from any acts or omissions performed or omitted by the Collateral Administrator, its affiliates, directors, officers, shareholders, agents or employees pursuant to or in connection with the terms of this Agreement, or in the performance or observance of its duties or obligations under this Agreement; *provided* the same are in good faith and without willful misconduct or gross negligence on the part of the Collateral Administrator. The obligations of the Borrower under this <u>Section 15.03(c)</u> shall survive the termination of this Agreement and any earlier resignation or removal of the Collateral Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing herein shall obligate the Collateral Administrator to determine independently the correct characterization or categorization of any item of Collateral, or to evaluate or verify the Servicer's characterization of any item of Collateral including whether any item of Collateral is a Defaulted Collateral Loan, Ineligible Collateral Loan, Equity Security or Credit Improved Loan, any such determination being based exclusively upon notification the Collateral Administrator receives from the Servicer and nothing herein shall obligate the Collateral Administrator to review or examine any underlying instrument or contract evidencing, governing or guaranteeing or securing any Collateral Loan in order to verify, confirm, audit or otherwise determine any characteristic thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without limiting the generality of any terms of this <u>Section 15.03</u>, the Collateral Administrator shall have no liability for any failure, inability or unwillingness on the part of the Servicer or the Borrower (or Collateral Agent, if not the same Person as the Collateral Administrator) to provide accurate and complete information on a timely basis to the Collateral Administrator, or otherwise on the part of any such Person to comply with the terms of this Agreement and shall have no liability for any inaccuracy or error in the performance or observance on the Collateral Administrator's part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received by it, or other failure on the part of any such other Person to comply with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In addition to, and without limiting, the rights, protections, indemnities and immunities afforded to the Collateral Administrator herein, the Collateral Administrator shall have the same rights, protections, indemnities and immunities as are offered the Collateral Agent under this Agreement.

 

*Section 15.04. Termination of Collateral Administrator*. (a) At the option of the Borrower (with the prior written consent or at the direction of the Administrative Agent prior to the Collection Date), the Collateral Administrator may be terminated upon at least ten days' written notice of termination from the Borrower to the Collateral Administrator and the Administrative Agent if any of the following events shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Collateral Administrator shall, in violation of its duty of care hereunder, default in the performance
of any of its material duties under this Agreement and shall not cure such default within thirty days (or, if such default cannot be cured
in such time, the Collateral Administrator shall not have given within thirty days such assurance of cure as shall be reasonably satisfactory
to the Borrower and the Administrative Agent and cured such default within the time so assured); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Insolvency Event relating to the Collateral Administrator occurs.

If an event specified in <u>clause (ii)</u> shall occur, the Collateral Administrator shall give prompt (and in any event, within two (2) Business Days') written notice of the occurrence of such event to the Servicer, the Administrative Agent and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except when the Collateral Administrator shall be removed pursuant to <u>subsection (a)</u> of this <u>Section 15.04</u> or shall resign pursuant to <u>subsection (c)</u> of this <u>Section 15.04</u>, no removal or resignation of the Collateral Administrator shall be effective until the date as of which a successor collateral administrator reasonably acceptable to the Administrative Agent, the Borrower and the Servicer shall have agreed in writing to assume all of the Collateral Administrator's duties and obligations pursuant to this Agreement and shall have executed and delivered an agreement in form and content reasonably satisfactory to the Administrative Agent, the Borrower, the Servicer and the Collateral Agent. Upon any resignation or removal of the Collateral Administrator hereunder, the Borrower shall promptly, and in any case within thirty (30) days after the related notice of resignation or removal, appoint a qualified successor to act as collateral administrator hereunder and cause such successor collateral administrator to execute and deliver an agreement accepting such appointment as described in the preceding sentence. If the Borrower fails to appoint such a qualified successor which duly accepts its appointment by properly executing and delivering such an agreement within such time, the retiring Collateral Administrator shall be entitled to petition a court of competent jurisdiction for the appointment of a successor to serve as collateral administrator hereunder and shall be indemnified pursuant to <u>Section 15.03(c)</u> for the reasonable costs and expenses thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, the Collateral Administrator may resign its duties hereunder without any requirement that a successor collateral administrator be obligated hereunder and without any liability for further performance of any duties hereunder (i) immediately upon the termination (whether by resignation or removal) of USBTC as Collateral Agent under this Agreement, (ii) upon at least thirty days' notice to the Servicer and the Administrative Agent upon any reasonable determination by USBTC that the taking of any action, or performance of any duty, on its part as Collateral Administrator pursuant to the terms of this Agreement would be in conflict with or in violation of its duties or obligations as Collateral Agent under this Agreement or (iii) upon at least sixty days' prior written notice of termination to the Servicer, the Administrative Agent and the Borrower upon the occurrence of any of the following events and the failure to cure such event within such sixty day notice period: (i) failure of the Borrower to pay any of the amounts specified in <u>Section 15.02</u> hereof within sixty days after such amount is due pursuant to <u>Section 15.02</u> hereof (to the extent not already paid to Collateral Administrator pursuant to <u>Section 9.01</u>) or (ii) failure of the Borrower to provide any indemnity payment to Collateral Administrator pursuant to the terms of this Agreement, as the case may be, within sixty days of the receipt by the Borrower of the written request for such payment or reimbursement (to the extent not already paid Collateral Administrator pursuant to <u>Section 9.01</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any corporation into which the Collateral Administrator may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Collateral Administrator shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Collateral Administrator, shall be the successor of the Collateral Administrator hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto.

 

 

*Section 15.05. Representations and Warranties of the Collateral Administrator*. The Collateral Administrator hereby represents and warrants to the Servicer and the Borrower as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Collateral Administrator is a national banking association duly organized, validly existing and in good standing under the Laws of the United States and has full corporate power and authority to execute, deliver and perform this Agreement and all obligations required hereunder and has taken all necessary association action to authorize this Agreement on the terms and conditions hereof, the execution, delivery and performance of this Agreement and all obligations required hereunder. No license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any Governmental Authority, except those that have been obtained, is required by the Collateral Administrator in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement and the obligations imposed upon it hereunder. When executed and delivered by the Collateral Administrator and the other parties hereto, this Agreement will constitute the legal, valid and binding obligations of the Collateral Administrator enforceable against the Collateral Administrator in accordance with its terms subject, as to enforcement, (a) to the effect of bankruptcy, insolvency or similar Laws affecting generally the enforcement of creditors' rights as such Laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Collateral Administrator and (b) to general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance of this Agreement and the documents and instruments required hereunder will not (i) to the Collateral Administrator's actual knowledge, violate any provision of Applicable Law, or (ii) violate the articles of association or by-laws, as amended, of the Collateral Administrator.

 

*Section 15.06. Successors and Assigns*. This Agreement shall inure to the benefit of, and be binding upon, the successors and assigns of the Collateral Administrator; *provided, however,* that the Collateral Administrator may not assign its rights and obligations hereunder without the prior written consent of the Servicer, the Administrative Agent and the Borrower, except that U.S. Bank National Association as Collateral Administrator may delegate to, employ as agent, or otherwise cause any duty or obligation hereunder to be performed by, any direct or indirect wholly owned subsidiary of U.S. Bank Trust Company, National Association or its successors without the prior written consent of the Servicer, the Administrative Agent and the Borrower (*provided* that in such event U.S. Bank Trust Company, National Association as Collateral Administrator shall remain responsible for the performance of its duties as Collateral Administrator hereunder). Notwithstanding the foregoing, the Collateral Administrator consents to the pledge of its rights under this Agreement by the Borrower to the Collateral Agent, as provided in the granting language set forth in <u>Section 7.01</u>.

 

*Section 15.07. Joint Venture*. Nothing contained in this Agreement (i) shall constitute the Borrower, the Collateral Administrator, the Agents and the Servicer as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others.

**ARTICLE XVI<br>MISCELLANEOUS**

 

*Section 16.01. No Waiver; Modifications in Writing*. (a) No failure or delay on the part of any Secured Party exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver of any provision of this Agreement or any other Facility Document, and any consent to any departure by any party to this Agreement or such other Facility Document from the terms of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which given. No notice to or demand on the Borrower or the Servicer in any case shall entitle the Borrower or the Servicer to any other or further notice or demand in similar or other circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in this Agreement, including, without limitation, in <u>Section 2.11</u> with respect to the implementation of a Benchmark Replacement or Conforming Changes (as set forth therein), no amendment, modification, supplement or waiver of this Agreement shall be effective unless signed by the Borrower, the Servicer, the Administrative Agent and the Required Lenders or their respective Managing Agents, *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Fundamental Amendment shall require the written consent of all Lenders or their respective Managing
Agents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no such amendment, modification, supplement or waiver shall amend, modify or otherwise affect the rights
or duties of any Agent, the Custodian, the Document Custodian or the Collateral Administrator hereunder without the prior written consent
of such Agent, the Document Custodian, the Custodian or the Collateral Administrator, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein (other than <u>Section 2.18</u>), in connection with the increase of the Commitments hereunder, only the consent of the Lender (or its Managing Agent) increasing its Commitment (or providing a new Commitment) shall be required for any amendment or Facility Amount Increase Agreement that affects such increase in Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders (or their Managing Agents) other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender (or its Managing Agent) and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.

 

 

*Section 16.02. Notices, Etc*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding the foregoing or any other provision of this Agreement, delivery of any notice or report required or permitted under this Agreement (with the exception of any notification of breach or default, whether matured or unmatured, and any notice or report that by its terms requires two or more forms of notice), by or on behalf of the Borrower to any other transaction party shall be, or by or on behalf of any other transaction party to the Borrower or any other transaction party (other than USBNA or USBTC in any capacity under the Facility Documents) may (but shall not be required to) be, transmitted by means of use of the communication portal maintained by or on behalf of the Administrative Agent or its designee (the "<u>Portal Provider</u>"), which shall be initially located at https://access.atlas-sp.com, or at such other internet address as shall be specified by the Administrative Agent from time to time in writing to the Borrower and all other parties (the "<u>Communication Portal</u>"); provided that if the Communication Portal is out of service or otherwise unavailable, notices and reports may be transmitted or provided in accordance with <u>Section 16.02(b)</u>. As a condition of providing access to the Communication Portal, the Portal Provider may require registration and the acceptance of a disclaimer and/or other agreement to the terms and conditions of use, including an agreement to comply with the Portal Provider's instructions for use of the Communication Portal. No such notice or report made by means of the Communication Portal shall be deemed sufficient for any purpose unless uploaded in accordance with the terms and conditions of use and instructions for use of the Communication Portal provided by the Portal Provider from time to time. Notwithstanding the use of the Communication Portal by the Borrower or any other party, neither the Administrative Agent nor (if different) the Portal Provider shall be responsible for any failure of any such notice or report to be delivered, timely or otherwise, to any party. Furthermore, neither the Administrative Agent nor (if different) the Portal Provider shall have any liability to the Borrower or any other party with respect to any information that is not delivered or transmitted to or available for download by any party, because of the failure of that information to be uploaded in accordance with the terms and conditions of the use of the Communication Portal, because that information is not in a form or format that will allow it to be uploaded to or further transmitted by the Communication Portal, or because that information is not actually received by the Communication Portal for any reason. Each of Borrower and any other transaction party that uploads any notice or report to the Communication Portal understands and acknowledges that it has sole responsibility for redacting any confidential information or personally identifiable information from any notice or report before uploading it to the Communication Portal and that, once so uploaded, any such notice or report may be transmitted to or downloaded by any other party as is, in the form received. For the avoidance of doubt, the Portal Provider shall not be responsible for redacting from any uploaded notice or report any confidential information prior to providing that information to any other party. The Portal Provider shall not be required to make available to any party any information that in its sole judgment is confidential, may include any personally identifiable information or could otherwise violate applicable law, or could result in liability to the Administrative Agent or (if different) the Portal Provider, or to any of their respective affiliates. Both the Administrative Agent and (if different) the Portal Provider shall be entitled to rely on but shall not be responsible to any other party for the content or accuracy of any information provided by means of the Communication Portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section 16.02(a)</u>, unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this <u>Section 16.02</u>, notices, demands, instructions and other communications in writing shall be given to or made upon the respective parties hereto at their respective addresses (or to their respective facsimile numbers or email addresses) indicated in <u>Schedule 5</u>, and, in the case of telephonic instructions or notices, by calling the telephone number or numbers indicated for such Person in <u>Schedule 5</u>. All notices delivered by the Administrative Agent or Lender to the Borrower under any Facility Document shall also be simultaneously delivered to the Servicer. All notices, reports, documents or deliverables delivered by the Borrower to the Administrative Agent or the Lenders shall also be simultaneously delivered to both parties for simultaneous review.

 

*Section 16.03. Taxes*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any and all payments by the Borrower to or for the account of any Secured Party under any Facility Document shall be made free and clear of and without deduction or withholding for any and all present or future Taxes with respect thereto, unless required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of the Borrower, the Collateral Agent or the Administrative Agent) requires the deduction or withholding of any Tax from any such payment by the Borrower, the Collateral Agent or the Administrative Agent, then the Borrower, the Collateral Agent or the Administrative Agent 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 Borrower shall be increased as may be necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this <u>Section 16.03</u>) the applicable Secured Party receives an amount equal to the sum it would have received had no deductions or withholding of Indemnified Taxes been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower agrees to 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;(c) The Borrower agrees to indemnify each Secured Party, within 10 days after demand therefor, for (i) the full amount of Indemnified Taxes (including any Indemnified Taxes imposed or asserted by any jurisdiction on or attributable to amounts payable under this <u>Section 16.03</u>) payable or paid by any Secured Party or required to be withheld or deducted from a payment to such Secured Party and (ii) any reasonable liability arising from Indemnified Taxes or with respect thereto, in each case whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant taxing Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Secured Party (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of another Secured Party, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Lender and Managing Agent shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender and Managing Agent (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender's or Managing Agent's failure to comply with the provisions of <u>Section 16.06(d)</u> relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender or Managing Agent, in each case, that are payable or paid by the Administrative Agent in connection with any Facility 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 and Managing Agent by the Administrative Agent shall be conclusive absent manifest error. Each Lender and Managing Agent hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender and Managing Agent under any Facility Document or otherwise payable by the Administrative Agent to the Lender and Managing Agent from any other source against any amount due to the Administrative Agent under this <u>Section 16.03(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As soon as practicable after the date of any payment of Taxes by the Borrower to any Governmental Authority pursuant to this <u>Section 16.03</u>, the Borrower will furnish to the Administrative Agent the original or a certified copy of a receipt issued by the relevant Governmental Authority evidencing payment thereof (or other evidence of payment as may be reasonably satisfactory to the Administrative Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any Secured Party in its sole discretion, but acting in good faith, determines that it has received a refund of any Indemnified Taxes with respect to which it has been indemnified pursuant to this <u>Section 16.03</u> (including by the payment of additional amounts pursuant to <u>Section 16.03(a)</u>), such Secured Party shall reimburse the Borrower (or the Servicer, as applicable) such amount of any refund received (net of all out-of-pocket expenses (including Taxes) incurred and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund)) as such Secured Party shall determine in its sole discretion, but acting in good faith, to be attributable to the relevant Indemnified Taxes; *provided* that in the event that such Secured Party is required to repay such refund (*plus* any penalties, interest, or other charges imposed by the relevant taxing authority) to the relevant taxing authority, the Borrower agrees to return the refund to such Secured Party. Notwithstanding anything to the contrary in this <u>Section 16.03(f)</u>, in no event will any Secured Party be required to pay any amount to an indemnifying party pursuant to this <u>Section 16.03(f)</u> the payment of which would place such Secured Party in a less favorable net after-Tax position than such Secured Party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. Unless required by Applicable Law, at no time shall any Agent have any obligation to file for or otherwise pursue on behalf of a Lender and Managing Agent, or have any obligation to pay to any Lender and Managing Agent, any refund of Taxes withheld or deducted from funds paid for the account of such Lender and Managing Agent, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) Any Lender or Managing Agent that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Facility Document shall deliver to the Borrower, the Collateral Agent and the Administrative Agent, at the time or times reasonably requested by the Borrower, the Collateral Agent or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower, the Collateral Agent 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 or Managing Agent, if reasonably requested by the Borrower, the Collateral Agent or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower, the Collateral Agent or the Administrative Agent as will enable the Borrower, the Collateral Agent or the Administrative Agent to determine whether or not such Lender or Managing Agent 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>Sections 16.03(g)(ii)</u>, <u>(iii)</u> and <u>(v)</u> below) shall not be required if in the Lender's or Managing Agent's reasonable judgment such completion, execution or submission would subject such Lender or Managing Agent to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender or Managing Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of <u>Section 16.03(g)(i)</u>, each Lender that is a U.S. Person shall,
on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or any Agent), deliver to the Borrower and each Agent, two accurate, complete and signed copies of U.S. Internal
Revenue Service Form W-9 or any successor form, certifying that such Lender is entitled to an exemption from U.S. backup withholding tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Without limiting the generality of <u>Section 16.03(g)(i)</u>, each Lender that is not a U.S. Person (a *"Non-U.S. Lender"*) shall, to the extent it is legally entitled to do so, deliver to the Borrower and each Agent, on
or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or any Agent), two accurate, complete and signed copies of 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;A. in the case of a Non-U.S. 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 Facility Document, executed copies of U.S. Internal Revenue Service Form
W-8BEN-E (or W-8BEN, as applicable) 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 Facility Document, U.S. Internal Revenue Service
Form W-8BEN-E (or W-8BEN, as applicable) 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;B. executed copies of U.S. Internal Revenue Service Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. in the case of a Non-U.S. 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 Non-U.S. Lender is not a "bank" within the meaning of Section
881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code,
or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a *"U.S. Tax Compliance Certificate"*)
and (y) executed copies of U.S. Internal Revenue Service Form W-8BEN-E (or W-8BEN, as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. to the extent a Non-U.S. Lender is not the beneficial owner, executed copies of U.S. Internal Revenue
Service Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate,
IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; *provided* that if the Non-U.S. Lender
is a partnership and one or more direct or indirect partners of such Non-U.S. Lender are claiming the portfolio interest exemption, such
Non-U.S. Lender may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Non-U.S. Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and
the Agents (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or any Agent), executed copies
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 Borrower or the Agents
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;(v) If a payment made to a Lender under any Facility Document would be subject to U.S. federal 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 and for purposes of this <u>Section 16.03(g)(v)</u>, any intergovernmental agreement
entered into with the United States in connection with the implementation of such Sections and any legislation, regulations or official
guidance implementing such an intergovernmental agreement), such Lender shall deliver to the Borrower, the Collateral Agent and the Administrative
Agent at the time or times prescribed by Law and at such time or times reasonably requested by the Borrower, the Collateral Agent or the
Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)
and such additional documentation reasonably requested by the Borrower, the Collateral Agent or the Administrative Agent as may be necessary
for the Borrower, the Collateral Agent 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 <u>Section 16.03(g)(v)</u>, "FATCA" shall include any amendments made to FATCA after
the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To the extent legally entitled to do so, each Lender agrees that, from time to time after the Closing
Date, such Lender shall deliver the forms described above, as applicable, as promptly as practicable after (A) receipt of a reasonable
written request therefor from the Borrower, the Collateral Agent or an Agent or (B) when a lapse in time or change in circumstance renders
a previously provided form or certificate obsolete or inaccurate. Notwithstanding any other provision of this <u>Section 16.03</u>, a
Lender shall not be required to deliver any form after the Closing Date pursuant to this <u>Section 16.03(g)</u> that such Lender is not
legally able to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If any Lender requires the Borrower to pay any Indemnified Taxes or additional amount to such Lender or any Governmental Authority for the account of such Lender pursuant to this <u>Section 16.03</u>, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking its Advances hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if such Lender determines, in its sole discretion, that such designation or assignment (i) would eliminate or reduce amounts payable pursuant to this <u>Section 16.03</u> in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Nothing in this <u>Section 16.03</u> shall be construed to require any Secured Party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Without prejudice to the survival of any other agreement hereunder, the agreements and obligations contained in this <u>Section 16.03</u> shall survive the termination of this Agreement.

 

*Section 16.04. Costs and Expenses; Indemnification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower agrees to promptly pay on demand (i) all reasonable and documented out-of-pocket costs and expenses to be paid as described in Section 3.1(k)(y) of this Agreement in connection with the Closing Date (and to be paid on the Closing Date) by the Agents, the Document Custodian, the Custodian, the Servicer, and the Collateral Administrator in connection with the preparation, review, negotiation, reproduction and execution and delivery of this Agreement and the other Facility Documents, including the reasonable and documented out-of-pocket fees and disbursements of (A) one outside counsel for the Administrative Agent and the Lenders, collectively (including, for the avoidance of doubt, out-of-pocket due diligence expenses), (B) outside counsel for the Servicer, and (C) one outside counsel for the Collateral Agent, the Custodian, the Document Custodian and the Collateral Administrator, collectively; provided that (x) the Borrower shall not be obligated to pay, pursuant to this Section 16.04(a)(i), the Administrative Agent and the Lenders for legal fees and due diligence expenses in excess of $175,000, and (y) the Borrower shall not be obligated to pay, pursuant to this Section 16.04(a)(i), the Collateral Agent, the Custodian, the Document Custodian and the Collateral Administrator, collectively, for legal fees in excess of $25,000; (ii) all costs and expenses of creating, perfecting, releasing or enforcing the Collateral Agent's security interests in the Collateral, including filing and recording fees, expenses, search fees, UCC filing fees and the equivalent thereof in any foreign jurisdiction, if applicable, and all other related fees and expenses in connection therewith; and (iii) all reasonable and documented out-of-pocket costs and expenses actually incurred by the Agents, the Document Custodian, the Custodian, the Servicer, and the Collateral Administrator in connection with the performance and administration of their duties under the Facility Documents, and any waiver, consent, modification or amendment or similar agreement in respect of this Agreement or any other Facility Document and advising the Agents, the Servicer, the Custodian, the Document Custodian, the Collateral Administrator and the Lenders as to their respective rights, remedies and responsibilities, including the reasonable and documented out-of-pocket fees and disbursements of outside counsel. Further, the Borrower agrees to promptly pay on demand all reasonable and documented out-of-pocket costs and expenses of each of the Secured Parties in connection with the enforcement of this Agreement or any other Facility Document, including all reasonable and documented out-of-pocket costs and expenses incurred by the Secured Parties in connection with the preservation, collection, foreclosure or enforcement of the Collateral subject to the Facility Documents or any interest, right, power or remedy of the Secured Parties or in connection with the collection or enforcement of any of the Obligations or the proof, protection, administration or resolution of any claim based upon the Obligations in any insolvency proceeding, including all reasonable fees and disbursements of attorneys, accountants, auditors, consultants, appraisers and other professionals engaged by any of the Secured Parties. Without prejudice to its rights hereunder, the expenses and the compensation for the services of the Secured Parties are intended to constitute expenses of administration under any applicable bankruptcy Law. For the avoidance of doubt, this <u>Section 16.04(a)</u> shall not apply to Taxes, other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim, which shall be covered by <u>Section 16.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower agrees to indemnify and hold harmless each Secured Party and each of their Affiliates and the respective officers, directors, employees, agents, managers of, and any Person controlling any of, the foregoing (each, an *"Indemnified Party"*) from and against any and all Liabilities that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of the execution, delivery, enforcement, performance, administration of or otherwise arising out of or incurred in connection with this Agreement, any other Facility Document, any Related Document or any transaction contemplated hereby or thereby (and regardless of whether or not any such transactions are consummated), including any such Liability that is incurred or arises out of or in connection with, or by reason of any one or more of the following: (i) preparation for a defense of any investigation, litigation or proceeding arising out of, related to or in connection with this Agreement, any other Facility Document, any Related Document or any of the transactions contemplated hereby or thereby; (ii) any breach of any covenant by the Borrower, the Fund or the Servicer contained in any Facility Document; (iii) any representation or warranty made or deemed made by the Borrower, the Fund or the Servicer contained in any Facility Document or in any certificate, statement or report delivered in connection therewith is false or incorrect; (iv) any failure by the Borrower, the Fund or the Servicer to comply with any Applicable Law or contractual obligation binding upon it; (v) any failure to vest, or delay in vesting, in the Collateral Agent (for the benefit of the Secured Parties) a perfected security interest in all of the Collateral free and clear of all Liens (other than Permitted Liens); (vi) any action or omission, not expressly authorized by the Facility Documents, by the Borrower, the Fund, or any of their respective Affiliates which has the effect of impairing the validity or enforceability of the Collateral or the rights of the Agents or the other Secured Parties with respect thereto; (vii) the failure to file, or any delay in filing, financing statements, continuation statements or the equivalent thereof in any foreign jurisdiction or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Law with respect to any Collateral, whether at the time of any Advance or at any subsequent time; (viii) any dispute, claim, offset or defense (other than the discharge in bankruptcy of an Obligor) of an Obligor to the payment with respect to any Collateral (including a defense based on any Collateral Loan (or the Related Documents evidencing such Collateral Loan) not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms, except to the extent such unenforceability is due to the bankruptcy of such Obligor), or any other claim resulting from any related property securing such Collateral Loan; (ix) the commingling of Collections on the Collateral at any time with other funds; (x) any failure by the Borrower to give reasonably equivalent value to the applicable seller, in consideration for the transfer by such seller to the Borrower of any item of Collateral or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including any provision of the Bankruptcy Code; (xi) the failure of the Borrower, the Servicer or any of their respective agents or representatives to remit to the Collection Accounts, within two (2) Business Days of receipt, Collections on the Collateral Loans remitted to the Borrower, the Servicer or any such agent or representative as provided in this Agreement; and (xii) any Default or Event of Default; *provided* that the Borrower shall not be liable (A) for any Liability or losses arising due to the deterioration in the credit quality or market value of the Collateral Loans or other Collateral hereunder, or (B) to the extent any such Liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party's gross negligence or willful misconduct. In no case shall the Borrower be responsible for any Indemnified Party's lost revenues or lost profits or for any indirect, special, punitive or consequential damages suffered by such Indemnified Party (but, for the avoidance of doubt, the Borrower shall be responsible for any liability consisting of such amount paid by an Indemnified Party to a third party). This Section <u>16.04(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Servicer agrees to indemnify and hold harmless each Indemnified Party from and against any and all Liabilities that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of any one or more of the following: (i) any breach of any covenant by the Servicer contained in any Facility Document; (ii) any representation or warranty made or deemed made by the Servicer contained in any Facility Document or in any certificate, statement or report delivered by the Servicer in connection therewith is false or misleading; (iii) any failure by the Servicer to comply with any Applicable Law or contractual obligation binding upon it; (iv) any action or inaction of the Servicer which causes the Collateral Agent (for the benefit of the Secured Parties) not to have a perfected security interest in all of the Collateral free and clear of all Liens (other than Permitted Liens); (v) the commingling of Collections on the Collateral at any time with other funds of the Servicer; and (vi) any failure by the Servicer to remit to the Collection Accounts, within two (2) Business Days of receipt, Collections on the Collateral Loans remitted to the Servicer; *provided* the Servicer shall not be liable (A) for any Liability or losses arising due to the deterioration in the credit quality or market value of the Collateral Loans or other Collateral hereunder, (B) to the extent any such Liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party's gross negligence or willful misconduct, or (C) (other than with respect to the Collateral Agent, the Custodian, the Document Custodian, the Collateral Administrator and each of their Affiliates and the respective officers, directors, employees, agents, managers of, and any Person controlling any of, the foregoing) if any such Liability results from a claim brought by the Servicer or its Affiliates against an Indemnified Party for breach in bad faith of such Indemnified Party's obligations hereunder or under any other Facility Document, if the Servicer or such Affiliate has obtained a final and non-appealable judgment in its favor on such claim as determined by a court of competent jurisdiction. The Servicer shall not have any liability hereunder to any Indemnified Party to the extent an Indemnified Party affects any settlement of a matter that is (or could be) subject to indemnification hereunder without the prior written consent of the Servicer (which consent shall not be unreasonably withheld or delayed). In no case shall the Servicer be responsible for any Indemnified Party's lost revenues or lost profits or for any indirect, special or consequential damages suffered by such Indemnified Party (but, for the avoidance of doubt, the Servicer shall be responsible for any liability consisting of such amount paid by an Indemnified Party to a third party). This Section <u>13.04(c)</u> shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

*Section 16.05. Execution in Counterparts*. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature; or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the UCC (collectively, "<u>Signature Law</u>"), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.

 

 

*Section 16.06. Assignability*.

&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 Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any other attempted assignment or transfer by any party hereto shall be null and void), and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (e) of this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section, pledgees and other secured parties to the extent provided in subsection (e) of this Section) 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;(b) <u>Assignments by Lenders</u>. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Advances at the time owing to it); <u>provided</u> that any such assignment shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Minimum Amounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment
or the Advances at the time owing to it or contemporaneous assignments to or by related Approved Funds (determined after giving effect
to such assignments) that equal at least the amount specified in subsection (b)(i)(B) of this Section in the aggregate or in the
case of an assignment to a Lender or a Lender Affiliate, no minimum amount need be assigned; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment
(which for this purpose includes Advances outstanding thereunder) or, if the Commitment is not then in effect, the Principal Balance of
the Advances of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect
to such assignment is delivered to the Administrative Agent or, if " <u>Trade Date</u> " is specified in the Assignment and
Acceptance, as of the Trade Date) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event
of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed);
notwithstanding the forgoing, such minimum amount will not apply to any assignments to a Lender Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Proportionate Amounts</u>. Each partial assignment shall, other than within a Lender Group, be made
as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement with respect
to the Loan or the Commitment assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Required Consents</u>. No consent shall be required for any assignment except to the extent required
by subsection (b)(i)(B) of this Section and, in addition:

&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 consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed) shall
be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment, or (y) such assignment
is by a Lender to one of its Lender Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. the consent of the Administrative Agent (such consent not to be unreasonably withheld, conditioned or
delayed) shall be required for assignments to a Person that is not a Lender or a Lender Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Assignment and Acceptance</u>. The parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Acceptance in the form attached hereto as <u>Exhibit D</u> or otherwise acceptable to the Administrative Agent,
provided that an assignment among members of the same Lender Group may be effected solely by an internal Assignment and Acceptance agreement
and without any processing or recordation fee, together with a processing and recordation fee of $5,000; <u>provided</u> that the Administrative
Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment **.** The assignee,
if it is not a Lender, shall deliver to the Administrative Agent an administrative questionnaire in a form supplied by or otherwise acceptable
to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>No Assignment to Certain Persons</u>. No such assignment shall be made to (A) the Borrower or
any of the Borrower's affiliates or Subsidiaries or (B) any Defaulting Lender, or any Person who, upon becoming a Lender hereunder,
would constitute a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>No Assignment to Natural Persons</u>. No such assignment shall be made to a natural person (or a holding
company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Certain Additional Payments</u>. In connection with any assignment of rights and obligations of any
Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth
herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient,
upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations,
or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata
share of Collateral Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor
hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative
Agent and each Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share
of all Collateral Loans. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of such
interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

Notwithstanding anything to the contrary herein, any Managing Agent may, at any time, at the direction of the applicable Lenders and upon notice as soon as reasonably practicable to the Administrative Agent and the Borrower, but without the consent of, the Borrower and without having to satisfy the conditions in clauses (i)-(iii) or (vii) above (i) replace an existing Lender in such Managing Agent's Lender Group with any of its Lender Affiliates, (ii) add any of its Lender Affiliates as a new Lender in such Managing Agent's Lender Group, (iii) remove a Lender from such Managing Agent's Lender Group or (iv) reallocate or assign commitments or advances among the Lenders in such Managing Agent's Lender Group. Subject to acceptance and recording thereof by the Administrative Agent (or its agent) pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Acceptance, 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 Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of <u>Sections 2.09, 2.10, and 16.03</u> with respect to facts and circumstances occurring prior to the effective date of such assignment; <u>provided</u>, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Register</u>. The Administrative Agent (or an agent of the Administrative Agent), acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in 151 W 42nd Street, 5th Floor, New York, NY 10036 a copy of each Assignment and Acceptance and other notice of assignment delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments (which may be on a Lender Group rather than individual Lender basis) of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent, the Collateral Agent, the Custodian, the Document Custodian, the Collateral Administrator and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower, the Administrative Agent, the Collateral Agent, the Custodian, the Document Custodian, the Collateral Administrator and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Participations</u>. Any Lender may, at any time, without the consent of, or notice to, the Borrower or any other Person, sell participations to any Person (other than a natural person, the Borrower or an affiliate of the Borrower) (each, a "<u>Participant</u>") in all or a portion of its rights and obligations hereunder; provided that following the sale of a participation under this Agreement (i) the obligations of such Lender shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations (iii) the Borrower, the Servicer, the Collateral Agent, the Custodian, the Document Custodian, the Collateral Administrator 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 (iv) each Participant shall have agreed to be bound by this <u>Section 16.06(d)</u> and <u>Section 16.09.</u> Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of <u>Section 2.17</u> with respect to any Participant. 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. The Borrower acknowledges and agrees that any Lender's source of funds may derive in part from its Participants. Accordingly, references in <u>Sections 2.09 and 16.03</u> of this Agreement to additional costs, reserve and capital adequacy requirements, expenses, increased costs and the like as they pertain to the Lenders shall be deemed also to include those of its Participants; provided, however, that (1) such Participant agrees to be subject to the provisions of <u>Section 16.06</u> as if it were an assignee under clause (a) of this <u>Section 16.06</u>, and (2) in no event shall the Borrower be liable to any Participant under <u>Sections 2.09, 2.10, or 16.03</u> for an amount in excess of that which would be payable to the applicable Lender under such Section if the Lender had not participated the applicable portion of the Advances. Any Participant shall be subject to the obligations under Section 16.03. Each Lender that sells a participation shall maintain a register on which it enters the name and address of each Participant and the aggregate principal balance (including stated interest) of each Participant's interest in the Advances (the "<u>Participant Register</u>"); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or other information relating to the Participant's interest in any Advances) except to the extent that such disclosure (x) is necessary to establish that such Advance is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations or (y) is reasonably requested by the Administrative Agent, the Administrative Agent, the Borrower, the Fund or the Manager in connection with any policies and procedures relating to applicable sanctions, anti-bribery, anti-corruption or anti-money laundering laws, regulations or rules (each such disclosure, a "<u>Permitted Disclosure</u>"). If a Lender is required to make a Permitted Disclosure, it shall be made only to the tax team (in the case of clause (x) of the immediately preceding sentence) or the applicable compliance team (in the case of clause (y) of the immediately preceding sentence) of the requesting Person, and such requesting Person shall not share the information provided with any of its other personnel. The entries in the Participant Register shall be conclusive and binding for all purposes, 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 shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Certain Pledges</u>. Any Lender may at any time, without the consent of the Borrower or any other Person, pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including, without limitation, any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

 

*Section 16.07. Governing Law*. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

*Section 16.08. Severability of Provisions*. Any provision of this Agreement or any other Facility Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.

 

*Section 16.09. Confidentiality*. (a) Any nonpublic information furnished or delivered to the Borrower, the Servicer, the Fund or any of their respective affiliates pursuant to or in connection with this Agreement or any other Facility Document, including, without limitation, the Lender Fee Letter, any other pricing information relating to the Facility (defined below) contemplated by the Facility Documents, and the information set forth in any engagement letter, term sheet or proposal prior to the Closing Date is confidential. Each of the Borrower, the Servicer and the Fund agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to keep all such information confidential and to disclose such information only to those of its affiliates,
officers, directors, employees, agents, rating agencies, accountants, auditors, advisors, equity investors (including the Fund and its
direct or indirect equity investors), legal counsel and other representatives (collectively "*Representatives*") who
have a need to know such information for the purpose of assisting in the negotiation, completion and administration of the facility contemplated
hereby (the "*Facility* ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to use such information only in connection with the Facility and not for any other purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to cause its Representatives to comply with these provisions and to be responsible for any failure of
any Representative to so comply. The provisions of this <u>Section 16.09(a)</u> shall not apply to such information that (a) has been
approved for release by written authorization of the Administrative Agent, or (b) is or hereafter becomes (through a source other than
the Borrower, the Fund, the Servicer or either of their respective Affiliates or Representatives) generally available to the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender, Managing Agent and the Administrative Agent agrees to maintain the confidentiality of all nonpublic information with respect to the Parties to this Facility or any other matters furnished or delivered to it pursuant to or in connection with this Agreement or any other Facility Document; provided, that such information may be disclosed (i) to such party's Lender Affiliates or such party's or its Lender Affiliates' members, partners, investors, prospective investors, managed accounts, prospective managed accounts, investment or capital or similar committees, officers, directors, employees, agents, accountants, independent auditors, legal counsel, advisors, consultants and other representatives (collectively "*Lender Representatives*"), in each case, who have a need to know such information for the purpose of assisting in the negotiation, completion and administration of the facility contemplated hereby, (ii) to any assignee of or participant in, or any prospective assignee of or participant in, the Advances or any of its rights or obligations under this Agreement, (iii) to any actual or prospective financing source, hedge counterparty, participant or other similar party in connection with financing or risk management activities related to the Advances, (iv) to any rating agency (including by means of a password protected internet website maintained in connection with Rule 17g-5), (v) to the extent required by Applicable Law or required or requested by such judicial, governmental or regulatory agency (including any self-regulatory organization), (vi) to the extent necessary in connection with the enforcement of any Facility Document and (vii) to any Support Party or actual or potential subordinated investor in, or first loss equity provider to, any Conduit Lender or Support Party.

The provisions of this <u>Section 16.09(a</u>) and <u>(b)</u> shall not apply to any information that (i) is or hereafter becomes generally available to the public (other than through an unauthorized disclosure in violation of this <u>Section 16.09</u>), (ii) was rightfully known to the Recipient prior to the date of its disclosure in connection with the Facility; (iii) becomes available to the Recipient from a third party unless to their knowledge such third party disclosed such information in breach of an obligation of confidentiality (x) with respect to information furnished or delivered by the Borrower, Servicer, Fund or any of their respective affiliates, or any Representatives of the foregoing, to the applicable Lender or the Administrative Agent or any Lender Representative or (y) with respect to information furnished or delivered by a Lender or the Administrative Agent or any Lender Representative, to the Borrower, Servicer, the Fund or any of their respective affiliates; (iv) has been approved for release by written authorization of the Borrower, Fund or Servicer or by written authorization of the party who disclosed such information to the Recipient; or (v) has been independently developed or acquired by the Recipient without violating this Agreement.

The provisions of this <u>Section 16.09</u> shall not prohibit Borrower, Servicer, the Fund, any Lender or the Administrative Agent from filing with or making available to any judicial, governmental or regulatory agency (including any self-regulatory organization) or providing to any Person with standing any information or other documents with respect to the Facility as may be required by Applicable Law or requested by such judicial, governmental or regulatory agency.

 

*Section 16.10. Merger*. This Agreement and the other Facility Documents executed by the Administrative Agent or the Lenders taken as a whole incorporate the entire agreement between the parties hereto and thereto concerning the subject matter hereof and thereof and this Agreement and such other Facility Documents supersede any prior agreements among the parties relating to the subject matter thereof.

 

*Section 16.11. Survival*. All representations and warranties made hereunder, in the other Facility Documents and in any certificate delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery of this Agreement and the making of the Advances hereunder. The agreements in <u>Sections 2.04(f)</u>, <u>2.09</u>, <u>2.10</u>, <u>2.12</u>, <u>12.04</u>, <u>16.03</u>, <u>16.04</u>, <u>16.09</u>, <u>16.16</u>, <u>16.18</u> and <u>16.19</u> and this <u>Section 16.11</u> shall survive the termination of this Agreement in whole or in part and the payment in full of the principal of and interest on the Advances, any foreclosure under, or modification, release or discharge of, any or all of the Facility Documents and the resignation or replacement of any Agent.

 

 

*Section 16.12. Submission to Jurisdiction; Waivers; Service of Process; Etc*. Each party hereto hereby irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submits for itself and its property in any legal action or proceeding relating to this Agreement or the other Facility Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York sitting in New York County, and the appellate courts of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such action or proceeding may be brought in any court described in <u>Section 16.12(a)</u> and waives to the fullest extent permitted by Applicable Law any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process on any party (other than the Collateral Agent, the Collateral Administrator, the Custodian or the Document Custodian) in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address set forth in <u>Schedule 5</u> or at such other address as may be permitted thereunder; *provided* that service of process on the Collateral Agent, the Collateral Administrator, the Document Custodian and the Custodian shall made in accordance with Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right to effect service of process, summons, notices and documents in any other manner permitted by Applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) waives, to the maximum extent not prohibited by Law, any right it may have to claim or recover in any legal action or proceeding against any Secured Party arising out of or relating to this Agreement or any other Facility Document any special, exemplary, punitive or consequential damages.

 

*Section 16.13. Waiver of Jury Trial*. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT OR FOR ANY COUNTERCLAIM HEREIN OR THEREIN OR RELATING HERETO OR THERETO.

 

*Section 16.14. Right of Setoff; Payments Pro Rata.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 9.01(a)</u>, if an Event of Default shall have occurred, each Lender, each Managing Agent and each of their respective branches and Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, Managing Agent or any such branch or Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Facility Document to such Lender, Managing Agent or their respective branches or Affiliates, irrespective of whether or not such Lender, Managing Agent, branch or Affiliate shall have made any demand under this Agreement or any other Facility Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or Managing Agent different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; *provided*, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of <u>Section 2.16</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, Managing Agents and their respective branches and Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, Managing Agent or their respective branches or Affiliates may have. Each Lender and Managing Agent agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application, *provided*, that the failure to give such notice shall not affect the validity of such setoff and application.

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

 

*Section 16.15. Waiver of Setoff.* The Borrower and the Servicer hereby waives any right of setoff it may have or to which it may be entitled under this Agreement from time to time against any Lender, any Managing Agent or its assets.

 

*Section 16.16. PATRIOT Act Notice*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States ("*AML Applicable Laws*"), the Collateral Agent, the Collateral Administrator, the Document Custodian and the Custodian are required to obtain, verify, record and update certain information relating to individuals and entities which maintain business relationships with the Collateral Agent, the Collateral Administrator, the Document Custodian and the Custodian. Accordingly, each of the parties to this Agreement agrees to provide to the Collateral Agent, the Collateral Administrator, the Document Custodian and the Custodian upon request from time to time such identifying information and documentation as may be available to each such party in order to enable the Collateral Agent, the Collateral Administrator, the Document Custodian and the Custodian to comply with AML Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent and each Lender hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law on October 26, 2001)) (the *"PATRIOT Act"*), it is required to obtain, verify, record and update information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Person to identify the Borrower in accordance with the PATRIOT Act. The Borrower shall provide to the extent commercially reasonable, such information and take such actions as are reasonably requested by such Person in order to assist such Person in maintaining compliance with the PATRIOT Act.

 

*Section 16.17. Legal Holidays*. In the event that the date of any Payment Date, date of prepayment of Advances or the Final Maturity Date shall not be a Business Day, then notwithstanding any other provision of this Agreement or any other Facility Document, payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of any such Payment Date, date of prepayment or Final Maturity Date, as the case may be, and interest shall accrue on such payment for the period from and after any such nominal date to but excluding such next succeeding Business Day.

 

*Section 16.18. Non-Petition*. The Servicer and each Secured Party hereby agrees not to institute against, or join, cooperate with or encourage any other Person in instituting against, the Borrower any bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceeding or other proceeding under federal or state bankruptcy or similar Laws until at least one year and one day, or if longer the applicable preference period then in effect *plus* one day, after the payment in full of all outstanding Obligations and the termination of all Commitments. The provisions of this <u>Section 16.18</u> shall survive the termination of this Agreement.

 

*Section 16.19. Acknowledgement and Consent to Bail-In of Affected Financial Institutions.* Notwithstanding anything to the contrary in any Facility Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Facility Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(i) 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;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in
such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on
it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other Facility Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 16.20. Acknowledgement Regarding Any Supported QFCs*. To the extent that the Facility Documents provide support, through a guarantee or otherwise, for any agreement or instrument that is a QFC (such support, "*QFC Credit Support*" and each such QFC a "*Supported QFC*"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "*U.S. Special Resolution Regimes*") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Facility Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event a Covered Entity that is party to a Supported QFC (each, a "*Covered Party*") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Facility Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Facility Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this <u>Section 16.20</u>, the following terms have the following meanings:

"*BHC Act Affiliate*" of a party shall mean an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"*Covered Entity*" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §382.2(b).

"*Default Right*" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§252.81, 47.2 or 382.1, as applicable.

"*QFC*" shall have the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

*Section 16.21. Rating Agency Cooperation And Ratings.*

Each of the Borrower, the Fund and the Servicer agrees to take such action, including but not limited to entering into one or more amendments to this Agreement, responding to, and making personnel available for, due diligence inquiries and furnishing such documents and data as the Administrative Agent or any Lender may reasonably request, in connection with the obtaining or the maintenance of any rating by any rating agency with respect to the Advances, provided that none of the Borrower or any of its affiliates shall be required to engage any rating agency in connection with the Advances or incur any out-of-pocket expenses (or reimburse any other Person for any out-of-pocket expenses) with respect to any rating agency rating the Advances unless the Administrative Agent or any Lender directs the Borrower to undertake such engagement and advances the Borrower for all expenses related thereto.

[Signature Pages to Follow]

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

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| | | |
|:---|:---|:---|
| RCC SPV, LLC, as the Borrower | RCC SPV, LLC, as the Borrower | RCC SPV, LLC, as the Borrower |
| By: | /s/ Daniel Mafrice | /s/ Daniel Mafrice |
|  | Name: | Daniel Mafrice |
|  | Title: | Chief Executive Officer |
| Remora Capital Corporation, as Servicer | Remora Capital Corporation, as Servicer | Remora Capital Corporation, as Servicer |
| By: | /s/ Daniel Mafrice | /s/ Daniel Mafrice |
|  | Name: | Daniel Mafrice |
|  | Title: | Chief Executive Officer |

---

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| | | |
|:---|:---|:---|
| ATLAS Securitized Products Administration, L.P., as Administrative Agent and Managing Agent | ATLAS Securitized Products Administration, L.P., as Administrative Agent and Managing Agent | ATLAS Securitized Products Administration, L.P., as Administrative Agent and Managing Agent |
| By: Atlas Securitized Products Administration BKR GP, LLC, its general partner | By: Atlas Securitized Products Administration BKR GP, LLC, its general partner | By: Atlas Securitized Products Administration BKR GP, LLC, its general partner |
| By: | /s/ Jason Meyer | /s/ Jason Meyer |
|  | Name: | Jason Meyer |
|  | Title: | Managing Director |
| AGF WHCO 2-A2 LP, as Lender | AGF WHCO 2-A2 LP, as Lender | AGF WHCO 2-A2 LP, as Lender |
| By: AASP Management, LP, its investment manager | By: AASP Management, LP, its investment manager | By: AASP Management, LP, its investment manager |
| By: | /s/ William B. Kuesel | /s/ William B. Kuesel |
|  | Name: | William B. Kuesel |
|  | Title: | Vice President and AGM General Counsel, Americas |
| ATLAS Securitized Products, L.P., as Lead Arranger | ATLAS Securitized Products, L.P., as Lead Arranger | ATLAS Securitized Products, L.P., as Lead Arranger |
| By: Atlas Securitized Products GP, LLC, its general partner | By: Atlas Securitized Products GP, LLC, its general partner | By: Atlas Securitized Products GP, LLC, its general partner |
| By: | /s/ Jason Meyer | /s/ Jason Meyer |
|  | Name: | Jason Meyer |
|  | 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 | U.S. Bank Trust Company, National Association, as Collateral Agent |
| By: | /s/ Maria D. Calzado | /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 | U.S. Bank Trust Company, National Association, as Collateral Administrator |
| By: | /s/ Maria D. Calzado | /s/ Maria D. Calzado |
|  | Name: | Maria D. Calzado |
|  | Title: | Senior Vice President |
| U.S. Bank National Association, as Custodian | U.S. Bank National Association, as Custodian | U.S. Bank National Association, as Custodian |
| By: | /s/ Maria D. Calzado | /s/ Maria D. Calzado |
|  | Name: | Maria D. Calzado |
|  | Title: | Senior Vice President |
| U.S. Bank National Association, as Document Custodian | U.S. Bank National Association, as Document Custodian | U.S. Bank National Association, as Document Custodian |
| By: | /s/ Kenneth Brandt | /s/ Kenneth Brandt |
|  | Name: | Kenneth Brandt |
|  | Title: | Vice President |

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